Whitestone REIT Declares Third Quarter 2020 Dividends and Provides a Rental Collections Update
June 16 2020 - 7:00AM
Whitestone REIT’s (NYSE:WSR) (“Whitestone” or the “Company”) Board
of Trustees has declared a monthly cash dividend of $0.035
per share on the Company’s common shares and operating partnership
units. The dividend amount of $0.035 per share represents a
quarterly amount of $0.105, and an annualized amount of $0.42 per
share. The third quarter dividend distribution for 2020 will be as
detailed below:
Month |
|
Record Date |
|
Payment Date |
July |
|
7/02/2020 |
|
7/10/2020 |
August |
|
8/04/2020 |
|
8/13/2020 |
September |
|
9/01/2020 |
|
9/10/2020 |
|
|
|
|
|
Jim Mastandrea, Chairman and Chief Executive
Officer, commented, “We are pleased to announce Whitestone’s 119th,
120th, and 121st consecutive monthly dividend distributions. In an
environment where many public companies are having difficulty
collecting rent during the pandemic and are suspending dividends,
Whitestone continues to lead the public shopping center REITs with
89% in rental collections for the month of April, 75% for the month
of May, and 63% to date in June through June 15th.” Mr. Mastandrea
added, “To give further clarity as to the collections trends we are
seeing, May collections are running 5% higher than April and June
collections are running 11% higher than May collections.”
Mr. Mastandrea concluded, “This declaration of
our third quarter dividend exemplifies Whitestone’s confidence in
our operations and our commitment to sustaining monthly cash flow
for our shareholders during these uncertain times.”
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; 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; 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)
435-2219kreed@whitestonereit.com
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