Key Developments: Whitestone REIT (WSR.N)

WSR.N on New York Stock Exchange

15.92USD
1 Aug 2013
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Latest Key Developments (Source: Significant Developments)

Whitestone REIT Acquires Anthem Marketplace For $23.3 Million
Monday, 1 Jul 2013 07:00am EDT 

Whitestone REIT announced that it has completed the off-market purchase of Anthem Marketplace, located in Phoenix, Arizona at the intersection of Anthem Parkway and Gavilan Peak Parkway, across the street from the Anthem Community Park. Anthem Marketplace serves the Anthem and adjacent Tramonto family-oriented master-planned communities in North Phoenix. The 113,293 square foot center is anchored by Safeway and includes a broad tenant mix of dining establishments and personal care services and retailers. Whitestone purchased Anthem Marketplace with $23.3 million of cash drawn on Whitestone`s unsecured revolving credit facility.  Full Article

Whitestone REIT Acquires Mercado
Monday, 24 Jun 2013 07:00am EDT 

Whitestone REIT announced the acquisition of Mercado at Scottsdale Ranch, located at the intersection of East Via Linda & Mountain View Road in Scottsdale, Arizona. The 118,730 square foot center has a broad, diverse tenant mix including AJ's Fine Foods and Walgreens. The $21.3 million purchase of Mercado includes an $11.1 million debt assumption and a $10.2 million equity requirement which is funded by Whitestone's unsecured revolving credit facility. The 11 acre center has in-place cash flow of approximately $1.7 million, or 8% of the purchase price, and is expected to add approximately $0.06 per share in annual Funds From Operations after debt interest expense, based on current shares outstanding.  Full Article

Whitestone REIT Announces Third Quarter 2013 Dividend
Tuesday, 4 Jun 2013 07:00am EDT 

Whitestone REIT announced that it has authorized its quarterly cash dividend of $0.285 per common share and Operating Partnership and declared a quarterly distributions to holders of its common shares and OP units, which are payable monthly in three installments of $0.095 per common share and OP unit. The record date is July 1, 2013 and payment date is on September 7, 2013 for the month of July; record date is August 1, 2013, and payment date is September 8, 2013, for the month of August; and record date is September 1, 2013, and payment date is November 9, 2013, for the month of September.  Full Article

Whitestone REIT Acquires Headquarters Village On Preston Road For $25.7 Million
Monday, 1 Apr 2013 05:00am EDT 

Whitestone REIT announced that it has closed on the off-market purchase of Headquarters Village, a 89,134 square foot (sf) Community Center located within the Preston Road retail corridor in Plano, Texas, for $25.7 million in an all-cash transaction. The purchase of the 9.6 acre Center, which is 97% leased, includes an adjacent parking expansion area and has in-place cash flow of approximately $2 million, or 8% of the purchase price. The purchase was funded through an unsecured revolving credit facility, which has a borrowing cost of approximately 2.5%.  Full Article

Whitestone REIT Announced Quarterly Cash Dividends
Monday, 11 Mar 2013 06:00am EDT 

Whitestone REIT announced that it has authorized its quarterly cash dividend of $0.285 per common share and Operating Partnership (OP) unit. The Company also declared quarterly distributions to holders of its common shares and OP units, which are payable monthly in three installments of $0.095 per common share and OP unit. The record date is March 31, 2013 and payment date is on April 9, 2013 for the month of April; record date is April 30, 2013, and payment date is May 9, 2013, for the month of May; and record date is May 31, 2013, and payment date is June 10, 2012, for the month of June.  Full Article

Whitestone REIT Acquires Shops At Pecos Ranch In Short Sale For $19 Million
Thursday, 27 Dec 2012 07:18pm EST 

Whitestone REIT announced that it has closed on the off-market purchase of The Shops at Pecos Ranch, a 78,767 square foot 100% leased Community Center in Chandler, Arizona, for $18.95 million in an all-cash transaction. The Center has in-place cash flow of approximately $1.6 million, or 8.4% of the purchase price.  Full Article

Whitestone REIT Declared A Quarterly Cash Dividend
Wednesday, 7 Nov 2012 04:02pm EST 

Whitestone REIT announced that it has declared a quarterly cash dividend of $0.285 per common share and OP unit, paid or payable in three equal installments of $0.095 in October, November and December 2012. Based on the closing price on November 6, 2012 of $13.22 per share, the dividend represents an annual yield of approximately 8.6%.  Full Article

Whitestone REIT Acquires Village Square At Dana Park for $50.5 Million
Tuesday, 25 Sep 2012 05:00am EDT 

Whitestone REIT announced that it has closed on the off market purchase of Village Square at Dana Park, a 310,979 square foot Community Center located in the Mesa submarket of Phoenix, plus six developed pads (total of 2.9 acres) and the adjacent 4.7 acre parcel of development land to add another 200,000 square feet of leasable space, for $50.5 million, or $162 per square foot. The purchase price for the Center, which has in-place cash flow, was an all-cash, all-inclusive transaction, and represents a 45% discount to estimated replacement cost.  Full Article

Whitestone REIT Announces Full Exercise Of Underwriters’ Over-Allotment Option To Purchase Additional Shares
Tuesday, 4 Sep 2012 05:00am EDT 

Whitestone REIT announced the exercise of the underwriters’ over-allotment option to purchase 630,000 of the Company’s common shares. The over-allotment option was exercised in connection with Whitestone’s public offering, which priced on August 23, 2012. Including the over-allotment shares, a total of 4,830,000 common shares were sold at a price to the public of $12.80 per share. Total net proceeds to Whitestone from the offering, including the over-allotment shares and after deducting the underwriting discount and estimated offering expenses, were approximately $58.59 million. The sale of the over-allotment shares closed on August 31, 2012. Robert W. Baird & Co. Incorporated and JMP Securities LLC are joint book-running managers of the offering. Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. , and Wunderlich Securities, Inc. are co-lead managers for the offering. Maxim Group LLC, J.J.B. Hilliard, W.L. Lyons, LLC and Southwest Securities, Inc. are co-managers for the offering  Full Article

Whitestone REIT Announces Pricing Of Public Offering
Thursday, 23 Aug 2012 09:21am EDT 

Whitestone REIT announced the pricing of its public offering of 4,200,000 common shares at a price to the public of $12.80 per share. The offering was increased in size from the originally contemplated 4,000,000 common shares. The underwriters have been granted a 30-day option to purchase up to an additional 630,000 common shares at the public offering price, less the underwriting discount and commissions, to cover over-allotments, if any. The net proceeds to Whitestone, after deducting the underwriting discount and estimated offering expenses, are expected to be approximately $50.91 million (exclusive of the underwriters’ over-allotment option). The offering is expected to close on August 28, 2012, subject to customary closing conditions. Whitestone expects to use the net proceeds from this offering for general corporate purposes, which may include acquisitions of additional properties, the repayment of outstanding indebtedness, capital expenditures, the expansion, redevelopment and/or re-tenanting of properties in its portfolio, working capital and other general purposes. Robert W. Baird & Co. Incorporated and JMP Securities LLC are acting as joint book-running managers of the offering. Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc., and Wunderlich Securities, Inc. are acting as co-lead managers for the offering. Maxim Group LLC, J.J.B. Hilliard, W.L. Lyons, LLC and Southwest Securities, Inc. are co-managers for the offering.  Full Article

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