Whitestone REIT Announces 100% Lease Up and Development Completion of The Anthem Marketplace Pad Site in Arizona
September 10 2019 - 7:00AM
Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”) today
announced the recently completed, 6,853 square foot, multi-tenant
pad site at the Anthem Marketplace property in Arizona is now 100%
leased. The new development is expected to generate an annual
unlevered return on total cost of 10.5%, with tenant lease terms
averaging 7.5 years.
Jim Mastandrea, Chairman and Chief Executive Officer, commented,
“This completion demonstrates the value-add component of Whitestone
REIT’s ‘e-commerce resistant’ business strategy. The development of
this residual land that we acquired at little to no cost during the
initial acquisition, enhances the value of the overall community,
and is a key element of our innovative, scalable and sustainable
business model.” Mr. Mastandrea added, “The total cost to acquire
the land, construct and lease the new development was approximately
$2.2 million. Valuing the property at a 6.4% cap rate
(1) creates over $1.3 million of value for our
shareholders.”
Mr. Mastandrea concluded, “Getting the property fully leased
shows our ability to increase cash flow, create value for our
shareholders, and provide long-term benefits to the surrounding
community, the existing tenants, and all of Whitestone’s
stakeholders.”
(1) Source: CoStar, Anthem, AZ Retail
Submarket Report as of Sept 6, 2019.
About Whitestone REIT
Whitestone is a 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 provides daily necessities,
needed services and entertainment to the communities in which they
are located. Whitestone's properties are primarily located in
business-friendly Phoenix, Austin, Dallas-Fort Worth, Houston and
San Antonio, which are among the fastest growing U.S. population
centers with highly educated workforces, high household incomes and
strong job growth. For additional information, visit
www.whitestonereit.com.
Forward-Looking Statements
Certain statements contained in this press release constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (the “Securities Act”) and
Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). The Company intends for all such forward-looking
statements to be covered by the safe-harbor provisions for
forward-looking statements contained in Section 27A of the
Securities Act and Section 21E of the Exchange Act, as applicable.
Such information is subject to certain risks and uncertainties, as
well as known and unknown risks, which could cause actual results
to differ materially from those projected or anticipated.
Therefore, such statements are not intended to be a guarantee of
our performance in future periods. Such forward-looking statements
can generally be identified by the Company's use of forward-looking
terminology, such as “may,” “will,” “plan,” “expect,” “intend,”
“anticipate,” “believe,” “continue,” “goals” or similar words or
phrases that are predictions of future events or trends and which
do not relate solely to historical matters.
The following are some of the factors that could cause the
Company's actual results and its expectations to differ materially
from those described in the Company's forward-looking statements:
the Company's ability to meet its long-term goals, its assumptions
regarding its earnings guidance, including its ability to execute
effectively its acquisition and disposition strategy, to continue
to execute its development pipeline on schedule and at the expected
costs, and its ability to grow its NOI as expected, which could be
impacted by a number of factors, including, among other things, its
ability to continue to renew leases or re-let space on attractive
terms and to otherwise address its leasing rollover; its ability to
successfully identify, finance and consummate suitable
acquisitions, and the impact of such acquisitions, including
financing developments, capitalization rates and internal rates of
return; the Company’s ability to reduce or otherwise effectively
manage its general and administrative expenses; the Company’s
ability to fund from cash flows or otherwise distributions to its
shareholders at current rates or at all; current adverse market and
economic conditions; lease terminations or lease defaults; the
impact of competition on the Company's efforts to renew existing
leases; changes in the economies and other conditions of the
specific markets in which the Company operates; economic,
legislative and regulatory changes, the success of the Company's
real estate strategies and investment objectives; litigation risks;
the Company's ability to continue to qualify as a REIT under the
Internal Revenue Code of 1986, as amended; and other factors
detailed in the Company's most recent Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and other documents the Company
files with the Securities and Exchange Commission from time to
time.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company cannot guarantee the accuracy of any
such forward-looking statements contained in this press release,
and the Company does not intend to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact Whitestone REIT:Kevin ReedDirector of
Investor Relations(713) 435-2219ir@whitestonereit.com
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