Whitestone REIT (NYSE: WSR – “Whitestone”), a fully integrated real estate company that owns, operates and re-develops Community Centered Properties TM , which are visibly located properties in established or developing culturally diverse neighborhoods, provided a recap of the five Community Centered Property TM acquisitions the Company completed during 2012. The acquisitions, totaling approximately $108 million, were funded from proceeds raised from sale of common shares, draws on the Company’s unsecured revolving credit facility, assumption of debt, and cash on hand.
The Shops at Pinnacle Peak -- acquired for $6.4 million (Photo: Business Wire)
“We are pleased to complete 2012 by announcing our 14th acquisition in the greater Phoenix market since September 2010, adding another solid year of Value-Add growth,” said James C. Mastandrea, Whitestone’s Chairman and Chief Executive Officer. “We have purchased properties in individual off-market transactions, where we believe that we have an opportunity to add value in a low inflation environment by increasing net operating income, which occurs as we increase occupancy, rent per square foot, and total square footage through expansion and development of adjacent parcels, and reduce property operating expenses.”
Whitestone’s Community Centered Property TM acquisitions during 2012 include:
· The Shops at Pinnacle Peak (acquired for $6.4 million)· Paradise Valley (acquired for $16.3 million) · Fountain Square (acquired for $15.4 million) · Village Park at Dana Square (acquired for $50.5 million) · The Shops at Pecos Ranch (acquired for $19 million) About Whitestone REIT Whitestone REIT (NYSE:WSR) is a fully integrated real estate company that owns, operates and re-develops Community Centered Properties TM , which are visibly located properties in established or developing culturally diverse neighborhoods. 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 consumer service including medical, education, and casual dining. The Company has nearly 1,100 tenants, the largest of which comprises less than 1.5% of Whitestone’s rental revenues. Headquartered in Houston, Texas and founded in 1998, the Company is internally managed with a portfolio of commercial properties in Texas, Arizona, and Illinois. For additional information about the Company, please visit www.whitestonereit.com . The Investor Relations section of the Company's website has links to Whitestone’s filings with the Securities and Exchange Commission, news releases, financial reports and investor newsletters. Whitestone REIT Acquisitions: Whitestone REIT purchases Community Centered Properties and has worked with banks and financially distressed commercial property owners with pending loan maturities, as well as their tax advisors, estate planners and lenders to close over $190 million in Community Centered Properties in the past 24 months. 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.