Credit Facility increases to $175 Million, includes $50 Million
Accordion to allow increase to $225 million.
- Decreases Overall Pricing by approximately 1%
- Eases Financial Covenants
- Extends to Four Year Term (Two Year Extension from Current Maturity
Date)
HOUSTON -- (Business Wire)
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: bjohnson@whitestonereit.com
or phone 713.435.2208
Forward-Looking Statements
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.

Contacts:
Whitestone REIT
David K. Holeman, (713) 435 2227
Chief
Financial Officer
ir@whitestonereit.com
Source: Whitestone REIT
© 2025 Canjex Publishing Ltd. All rights reserved.