Whitestone REIT (NYSE: WSR - “Whitestone” or the “Company”), a fully integrated real estate company that owns, operates and re-develops Community Centered PropertiesTM, which are visibly located properties in established or developing culturally diverse neighborhoods, announced today it has closed on an amended and restated credit facility that amended its existing $125 million unsecured credit facility. The amended and restated credit facility increases the facility size by $50 million to $175 million, adds an accordion feature that will allow the facility to further increase to $225 million, reduces the overall pricing by approximately 1% (LIBOR plus a margin of 1.75% - 2.50% based on overall corporate leverage), and extends the term by two years to February 3, 2017. Management believes the new pricing reflects the continued strengthening of Whitestone's overall financial position. In addition, the overall financial covenants, including the capitalization rate to value assets, were eased, providing Whitestone greater financial flexibility. The Company plans to use the new facility primarily for acquisitions, redevelopment of value-add properties in its portfolio, and general corporate purposes.
The transaction was led by BMO Capital Markets and Wells Fargo Securities, LLC, as Co-Lead Arrangers and Joint Book Runners. Bank of Montreal is serving as the Administrative Agent. Wells Fargo Bank, National Association served as Syndication Agent, and U.S. Bank National Association served as Documentation Agent.
“We have significantly improved our unsecured credit facility at terms that we believe include us in the most credit worthy of borrowers and provide the Company with a greater degree of financial flexibility,” said James C. Mastandrea, Chairman and CEO. “While opportunistic financing activity remains a strategic focus, the new credit agreement provides us the ability to execute contracts and close quickly on value-add acquisitions as we continue to accelerate our growth. We believe the increased facility, reduced pricing and expanded access to capital exemplifies the progress we have made over the past six years to create shareholder value. We are pleased to have achieved an increased level of credit worthiness, particularly from top tier banks such as Bank of Montreal, Wells Fargo and U.S. Bank, and we are excited about opportunities ahead of us as the intrinsic value of our assets converts into added net asset value, from increased revenue, net operating income (NOI), funds from operations (FFO) and FFO per share.”
About Whitestone REIT
Whitestone REIT (NYSE: WSR) is a fully integrated real estate company that owns, operates and re-develops Community Centered PropertiesTM, which are visibly located properties in established or developing culturally diverse neighborhoods. Headquartered in Houston, Texas and founded in 1998, the Company is internally managed with a portfolio of commercial properties in Texas, Arizona, and Illinois. Whitestone focuses on value-creation in its Centers, as it markets, leases and manages its Centers to match tenants with the shared needs of surrounding neighborhoods. Operations are structured for providing cost-effective service to local service-oriented smaller space tenants (less than 3,000 square feet). Whitestone has a diversified tenant base concentrated on service offerings including medical, education, and casual dining. As of December 31, 2012, the largest of its approximately 1,100 tenants comprises less than 1.5% of its rental revenues. For additional information about the Company, please visit www.whitestonereit.com. The Investor Relations section of the Company's website has links to SEC filings, news releases, financial reports and investor newsletters.
Whitestone REIT Acquisitions: Interested parties should contact Bradford Johnson, Whitestone REIT Director of Acquisitions, via email: firstname.lastname@example.org or phone 713.435.2208
Statements included herein that state Whitestone’s or management's intentions, hopes, beliefs, expectations or predictions of the future are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, which by their nature, involve known and unknown risks and uncertainties. Whitestone’s actual results, performance or achievements could differ materially from those expressed or implied by these statements. Reference is made to Whitestone’s regulatory filings with the Securities and Exchange Commission for information or factors that may impact Whitestone’s performance.
David K. Holeman, (713) 435 2227
Chief Financial Officer
|Significant increase in borrowing base under revolving credit facilities (2013/2/27)|
|W&T Offshore Announces Increase in Borrowing Base Under Revolving Credit Facility (2013/4/29)|
|KB Home Announces Closing of New $200 Million Unsecured Revolving Credit Facility (2013/3/18)|
|Weingarten Realty Investors Closes $500 Million Unsecured Revolving Credit Facility (2013/4/22)|
|Kite Realty Group Trust Amends and Extends Its $200 Million Unsecured Revolving Credit Facility (2013/3/4)|
|BlackRock Kelso Capital Corporation Expands Senior Secured Revolving Credit Facility with Increased Commitments and Lower Pricing (2013/3/13)|
|Healthcare Realty Trust Announces The Repricing And Extension Of Its $700 Million Unsecured Revolving Credit Facility (2013/2/18)|
|Sanchez Energy Announces Significantly Expanded Availability under its Revolving Credit Facility (2013/2/21)|
|Kayne Anderson Energy Development Company Increases Size of Revolving Credit Facility to $95 Million (2013/3/12)|
|Freeport-McMoRan Copper & Gold Inc. Completes Agreements for Acquisition Term Loan & New Revolving Credit Facility (2013/2/19)|
|Start Premium Trial||Register For Free|
|P||F||Fund Financial Data (13,000+ funds)|
|P||F||Stock Financial Data (7,000+ stocks)|
|P||F||Stock and Fund Screeners (basic)|
|P||F||Investing Articles and Market Commentary|
|P||F||Articles Archive (>30 days)|
|P||F||Discuss (dozens of stock, fund, bond, and general bulletin boards)|
|P||F||Portfolio Manager (basic)|
|P||F||Morningstar Investment Classroom|
|P||F||Morningstar Investing Classroom Rewards (earn as you learn and redeem for Morningstar merchandise)|
|P||Morningstar Fund Analyst Reports (full research on 2,000 funds and ETFs)|
|P||Morningstar Stock Analyst Reports (full research on 2,000 stocks)|
|P||Morningstar Stock and Fund Stewardship Grades|
|P||Portfolio Manager (advanced with 10 x-ray analyses, including guidance)|
|P||Portfolio Monitor (monthly and on-demand personalized portfolio statements)|
|P||Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)|
|P||Morningstar Stock and Fund Favorites & Red Flags eNewsletters|
|P||Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)|
|P||Discounts on Morningstar newsletters, books, seminars, and more|
Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.
Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.