Whitestone REIT Announces Proposed Offering of Common Shares
April 19 2017 - 4:55PM
Whitestone REIT (NYSE:WSR)
(“Whitestone”),
announced today that it has commenced a public offering of
8,100,000 of its common shares. In connection with the
offering, Whitestone intends to grant the underwriters a 30-day
option to purchase up to an additional 1,215,000 common
shares. SunTrust Robinson Humphrey, Inc. is acting as the
book-running manager of the offering. BMO Capital Markets and JMP
Securities are also acting as book-running managers for the
offering. Wunderlich Securities, J.J.B. Hilliard, W.L. Lyons, LLC,
Janney Montgomery Scott, Ladenburg Thalmann and Maxim Group LLC are
acting as co-managers for the offering.
Whitestone will contribute the net proceeds of the offering to
its operating partnership in exchange for units of limited
partnership interest in the operating partnership. The
operating partnership intends to use the net proceeds from the
offering initially to repay a portion of outstanding indebtedness
under Whitestone’s unsecured revolving credit facility, which
amounts will then become available for future borrowings, including
to fund a portion of the purchase price of two pending acquisitions
of properties, or for general corporate purposes.
The offering will be made pursuant to Whitestone’s existing
effective shelf registration statement, previously filed with the
Securities and Exchange Commission. The offering will be made only
by means of a preliminary prospectus supplement and accompanying
base prospectus, when available. A copy of the preliminary
prospectus supplement and accompanying base prospectus may be
obtained from SunTrust Robinson Humphrey, Inc. at SunTrust Robinson
Humphrey, Inc., 3333 Peachtree Road NE, Atlanta, GA 30326,
Attention: Prospectus Department or
Email: prospectus@rhco.com.
This press release is not an offer to sell, nor a solicitation
of an offer to buy securities, nor shall there be any sale of
securities in any state or jurisdiction in which the offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such state or
jurisdiction.
About Whitestone REIT
Whitestone is a pure-play community-centered retail REIT that
acquires, owns, manages, develops and redevelops high quality
“E-commerce resistant” neighborhood, community and lifestyle retail
centers principally located in the largest, fastest-growing and
most affluent markets in the Sunbelt. Whitestone’s optimal mix of
national, regional and local tenants provide daily necessities,
needed services and entertainment to the community which are not
readily available on the internet. Whitestone’s properties are
primarily located in business-friendly Phoenix, Austin, Dallas-Fort
Worth, Houston and San Antonio, which are among the fastest-growing
US population centers with highly educated workforces, high
household incomes and strong job growth.
Forward-Looking Statements
This press release contains statements that constitute
“forward-looking statements,” including with regard to the
Whitestone’s proposed securities offering and the anticipated use
of the net proceeds. These statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. No assurance can be given that the proposed securities
offering discussed above will be completed on the terms described,
or at all, or that the net proceeds of the proposed offering will
be used as indicated. Completion of the proposed acquisitions or
securities offering on the terms described, and the application of
net proceeds, are subject to numerous conditions, many of which are
beyond the control of Whitestone including, but not limited to, the
status of the economy and the status of capital markets. See
the Risk Factors sections of Whitestone’s preliminary prospectus
supplement and accompanying base prospectus, as well as periodic
reports and other documents filed with the Securities and Exchange
Commission (“SEC”) for a discussion of these factors. Copies are
available on the SEC’s website, www.sec.gov. Except as required by
law, Whitestone undertakes no obligation to update these statements
for revisions or changes after the date of this release.
Whitestone REIT:
David K. Holeman, (713) 435-2227
Chief Financial Officer
dholeman@WhitestoneREIT.com
Whitestone REIT (NYSE:WSR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Whitestone REIT (NYSE:WSR)
Historical Stock Chart
From Apr 2023 to Apr 2024