Key Developments: Whitestone REIT (WSR)
17.49USD
21 May 2013
$-0.30 (-1.69%)
$17.68
$17.84
$17.84
$17.40
58,328
82,712
$17.85
$12.07
Latest Key Developments (Source: Significant Developments)
Whitestone REIT Acquires Headquarters Village On Preston Road For $25.7 Million
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
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
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
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
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
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
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
Whitestone REIT Announces Proposed Offering of 4,000,000 Common Shares
Whitestone REIT announced that it intends to sell 4,000,000 of its common shares in an underwritten public offering. In connection with the offering, Whitestone intends to grant the underwriters a 30-day option to purchase up to an additional 600,000 common shares. Robert W. Baird & Co. Incorporated is acting as the sole book-running manager of the offering. 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. Full Article
Whitestone REIT Acquires Paradise Plaza For $16.3 Million
Whitestone REIT announced that it has closed on the purchase of Paradise Plaza, a 125,898 square foot 100% leased Community Center in Paradise Valley, for $16.3 million, or $129 per square foot. The purchase price was a 30% discount to estimated replacement cost and was funded through the assumption of a $9.1 million mortgage loan and the balance in cash. The mortgage loan that was assumed is non-recourse, secured by the property, has five years of term remaining, and bears interest at 3.5% in year one and 4.7% in subsequent years. Full Article
Whitestone REIT Announces Fourth Quarter 2012 Dividend
Whitestone REIT announced that it authorized its quarterly cash dividend of $0.285 per common share and Operating Partnership (OP) unit. Full Article
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