Whitestone REIT Wins Dismissal of Plaintiffs Class Action and Derivative Action Cases
September 16 2019 - 7:00AM
Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) today
announced that on August 8, 2019, the Plaintiff gave voluntary
notice of dismissal in the case Canion v. Mastandrea, et al. In
addition, on August 14, 2019, the Plaintiff voluntarily dismissed
the case Clark, et al. v. Whitestone REIT, et al. Both of these
cases – a consolidated class action lawsuit and derivative action
lawsuit – were before the U.S. District Court for the Southern
District of Texas, Houston Division.
“We are pleased that both of these baseless lawsuits have been
dropped by the respective Plaintiffs,” stated Jim Mastandrea,
Chairman and Chief Executive Officer of Whitestone REIT. “This
outcome validates our position that the claims were entirely
without merit and removes any real or perceived market overhang on
our stock price.”
Mr. Mastandrea added, “We are continuing to execute on our key
strategic initiatives and remain laser focused on creating value
for shareholders by operating our e-commerce resistant,
service-based business model, pursuing accretive asset acquisitions
in our core growth markets, enhancing our existing properties,
further scaling our G&A and lowering our cost of
capital.”
“We made measurable progress in the second quarter of 2019,
during which we signed 92 new, expansion and renewal leases,
totaling 283,777 square feet. We also completed construction and
leasing at our Anthem Marketplace development property in Phoenix,
Arizona, generating additional annual net operating income of
$226,000, representing an unlevered 10.5% return on cost. I am
excited about our recent accomplishments and look forward to
building on our progress and delivering strong earnings growth,”
concluded Mr. Mastandrea.
Canion v. Mastandrea, et al. was case number 4:19-cv-02893 in
the U.S. District Court for the Southern District of Texas, Houston
Division.
Clark, et al. v. Whitestone REIT, et al. was case number
4:19-cv-01379 in the U.S. District Court for the Southern District
of Texas, Houston Division.
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 provide 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. Visit www.whitestonereit.com for additional
information.
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.
Whitestone REIT Contact:
Kevin Reed, Director of Investor RelationsWhitestone REIT(713)
435-2219ir@whitestonereit.com
Whitestone REIT (NYSE:WSR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Whitestone REIT (NYSE:WSR)
Historical Stock Chart
From Sep 2023 to Sep 2024