Whitestone Reit (WSR)

Yesterday in at 11.92

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. As of December 31, 2018, Whitestone's total shareholder return ranks #2 of 17, #1 of 17, and #2 of 16, of the U.S. public shopping center REITs for the one-year, three-year, and five-year periods, respectively.

 

Kirby McInerney LLP Continues Investigation of Shareholder Claims Against Whitestone REIT

https://uk.finance.yahoo.com/news/investor-alert-kirby-mcinerney-llp-003500114.html

 

HOUSTON, April 01, 2019 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR) (the “Company” or “Whitestone”) and its operating partnership, Whitestone REIT Operating Partnership, L.P., today announced it has entered into a Note Purchase and Guarantee Agreement (the “Note Agreement”) with Prudential Capital Group, the private capital arm of PGIM, the $1 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU). The note agreement provides for the issuance and sale of $100 million of senior unsecured notes of the Operating Partnership, of which:

• $50 million are designated as 5.09% Series A Senior Notes due March 22, 2029
• $50 million are designated as 5.17% Series B Senior Notes due March 22, 2029, (together with the Series A Senior Notes, the “Notes”)

Obligations under the Notes are unconditionally guaranteed by the Company and certain subsidiaries.

Whitestone Chairman and CEO Jim Mastandrea stated, "We are very pleased to announce our inaugural issuance of senior unsecured notes. This transaction represents another successful step in Whitestone's long-term balance sheet strategy. The private placement allows us to further ladder our debt maturities, lock in fixed interest rates on an additional $100 million of our debt, provides additional balance sheet flexibility and represents further institutional validation of our e-commerce resistant model.” Mr. Mastandrea added, “We are excited to partner up with Prudential Capital Group, an elite global financial services institution, and pleased that they recognized our commitment to long term value creation.”

The principal of the Series A Notes will begin to amortize on March 22, 2023 with annual principal payments of approximately $7.1 million. The principal of the Series B Notes will begin to amortize on March 22, 2025 with annual principal payments of $10.0 million. The Notes will pay interest quarterly on the 22nd day of March, June, September and December in each year until maturity.

Net proceeds from the Private Placement were used to pay down existing indebtedness. For additional details, please refer the Form 8-K that was filed with the Securities and Exchange Commission on March 28, 2019.

http://ir.whitestonereit.com/file.aspx?IID=4087483&FID=397316830

 

Law Offices of Howard G. Smith announces an investigation on behalf of Whitestone REIT investors (“Whitestone” or the “Company”) (NYSE: WSR) concerning the Company and its officers’ possible violations of federal securities laws.

On February 27, 2019, after the market closed, the Company revealed that its 2018 financial results for the periods ending March 31, June 30, and September 30 could no longer be relied upon and would be restated, based on a review by auditing committee of Whitestone’s board of trustees.

On this news, shares of Whitestone fell $1.24 per share, or over 8%, to close at $13.01 on February 28, 2019, thereby injuring investors.

https://uk.finance.yahoo.com/news/investor-alert-law-offices-howard-005100050.html

 

Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired Whitestone REIT (“Whitestone” or the “Company”) (NYSE: WSR) securities between May 9, 2018 and February 27, 2019, inclusive (the “Class Period”). Whitestone investors have until June 17, 2019 to file a lead plaintiff motion.

https://uk.finance.yahoo.com/news/glancy-prongay-murray-llp-announces-220000112.html

 

Whitestone Accused of Misleading Investors"

According to the complaint, since May 2018, Whitestone stated that its internal control over financial reporting was effective and attested to the accuracy of the financial statements, effectiveness of internal controls, and that all fraud was disclosed.

The truth was revealed on February 27, 2019, after the market closed, when Whitestone disclosed that its 2018 financial results for the periods ending March 31, June 30, and September 30 could no longer be relied upon and would be restated.

Specifically, Whitestone cited certain accounting errors relating to nonfinancial assets. On this news, over the course of two trading days, Whitestone’s price per common share of beneficial interest declined from a close of $14.25 on February 27, 2019, to a close of $13.01 on February 28, 2019.

The next day, the stock continued to plummet, to close at $12.18 on March 1, 2019, an overall drop of approximately 14.52 percent.

https://uk.finance.yahoo.com/news/robbins-arroyo-llp-whitestone-reit-210100328.html

 

Whitestone investors in what it calls neighborhood "go-to" centers, offering a mix of businesses that go beyond simply serving commercial purposes to let visitors connect to form a true community.
With the goal of offering convenience to its patrons, Whitestone tries to craft its properties to the local needs of the communities where they're located.
The Houston-based real estate investment trust has properties in Texas, Arizona, and Illinois, and it caters to an upscale audience with above-average income that can afford to pay up for services and experiences.

Retail center and parking facility with Houston Galleria skyline behind.
Image source: Whitestone REIT.

The company's most recent community-centered property, BLVD Place, is a good example. On its face, the property seems to offer a typical mix of tenants, including a grocery store, a bank, restaurants, and retail shops.
But with its location in the prestigious Galleria area of Houston, the businesses at BLVD Place are all geared toward the higher-end customer, with sellers of jewelry and fur coats among tenants.


Whitestone has a lot to offer shareholders as well. With a $0.095 per share monthly dividend, the REIT currently has a yield of 9.5%. That payout has been consistent since late 2010, and with shoppers demanding innovative new ideas for retail establishments, Whitestone's focus is in line with shifting consumer trends and holds a lot of promise.

https://uk.finance.yahoo.com/news/2-stocks-cut-check-month-130300004.html

 

HOUSTON, May 01, 2019 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) today announced operating and financial results for the first quarter ended March 31, 2019. 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 provides daily necessities, needed services and entertainment to the communities in which they are located.

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 provides daily necessities, needed services and entertainment to the communities in which they are located.

Highlights*

*All per share amounts presented in this news release are on a diluted per common share and operating partnership (“OP”) unit basis unless stated otherwise.
First Quarter 2019 Compared to First Quarter 2018:

• Net income attributable to Whitestone REIT was $2.8 million, or $0.07 per share, compared to $3.2 million, or $0.08 per share
• Annualized Base Rent (“ABR”) per Leased Squared Foot Grows 5.8% to $19.58
• 2.4% same store NOI growth
• Funds from Operations (“FFO”) reach $9.9 million or $0.24 per share versus $10.1 million or $0.24 per share
• 8.4% increase in rental rates on new and renewal leases on a GAAP basis (trailing twelve months)

Jim Mastandrea, Chairman and Chief Executive Officer of Whitestone REIT commented, “Our team has delivered a positive start to 2019 producing growth in most of our key financial metrics. Our e-commerce resistant model generated a strong increase in same store NOI as we worked to reinvigorate occupancy growth. We also strengthened our capital structure and financial flexibility with the successful closing and upsizing of our credit facility to $515,000,000 and the placement of our first private bond issuance of $100,000,000. While our cycle-tested experience and business model, focusing on high growth markets, may hit some road bumps from time to time, it provides stability and predictability to achieve our long-term goals. We have confidence that our high quality properties in strong growth markets, management team, and business model will continue to produce improving financial results as we move forward to create additional value for all Whitestone shareholders.”

Financial Results
Reconciliations of Net Income to FFO and FFO Core are included herein.
Net Income attributable to Whitestone REIT was $2.8 million, or $0.07 per share, for the first quarter of 2019, compared to $3.2 million, or $0.08 per share, for the same period in 2018. FFO was $9.9 million, or $0.24 per share, for the first quarter of 2019, compared to $10.1 million, or $0.24 per share, for the same period in 2018. FFO Core was $11.8 million, or $0.28 per share, in the first quarter of 2019, compared to $12.7 million, or $0.31 per share, in the same period of 2018.

http://ir.whitestonereit.com/file.aspx?IID=4087483&FID=397757097

 

WSR is not an MLP, would be difficult to purchase for me as an European.

https://whitestonereit.com/

 

HOUSTON, May 16, 2019 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”) today announced that, based on the final vote count at the Company’s 2019 Annual Meeting of Shareholders (the “Annual Meeting”), certified by the inspector of election, that all four of the proposals have been approved by a majority of shareholder votes.

The results include:

• Shareholders voted to approve the re-election of two trustees, Paul Lambert and David Taylor, to serve until our 2022 annual meeting of shareholders.
• Shareholders voted to approve on an advisory (non-binding) basis, the compensation of our named executive officers.
• Shareholders voted to approve an amendment to our Declaration of Trust to declassify our Board.
• Shareholders voted to approve the ratification of the appointment of Pannell Kerr Forster of Texas, P.C. as our independent registered public accounting firm for the fiscal year ending December 31, 2019.

Regarding the results, Chairman and CEO, Jim Mastandrea stated, “We are pleased that our shareholders continue to have confidence in our stewardship of their investment in Whitestone. Our e-commerce resistant strategy has met the test of time and has continued to produce impressive long-term results. The paradigm shift Whitestone made in 2010 away from traditional retail real estate comprising of big boxes, strip centers and hard-good retail tenants, to service-based tenants was ahead of the curve in 2010, and we have remained ahead for the past 8 years.” Mr. Mastandrea added, “That shift became the bedrock of Whitestone’s business model.” Mr. Mastandrea concluded, “Whitestone’s future is bright as we have a supportive Board, a talented and experienced management team, a diverse workforce, and a shareholder base who truly knows the value we are creating for them by their approval of Say-on-Pay and to declassify the Board.”

https://mail.yahoo.com/d/folders/1/messages/1507?.intl=us&.lang=en-US&.partner=none&.src=finance

 

It is a volatile stock ( trading between 11 an 16) and it has an steady dividend, good for dividend collectors and traders.

 

The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Whitestone REIT ("Whitestone" or "the Company") (NYSE: WSR) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

https://finance.yahoo.com/news/shareholder-alert-schall-law-firm-204000170.html

 

$ 12.59

https://uk.finance.yahoo.com/news/equity-alert-rosen-top-ranked-201600839.html

 

Second Quarter 2019 Compared to Second Quarter 2018:">Second Quarter 2019 Compared to Second Quarter 2018:

• Net Income attributable to Whitestone REIT was $3.33 million, or $0.08 per share, compared to $1.95 million, or $0.05 per share
• Annualized Base Rent per leased squared foot grew 4.0% to $19.53
• Funds from Operations (“FFO”) grew to $10.0 million or $0.24 per share, compared to $9.0 million or $0.21 per share
• Grew rental rates 7.5% (on a GAAP basis) on new and renewal leases signed for the trailing twelve month period

Jim Mastandrea, Chairman and Chief Executive Officer of Whitestone REIT commented, “Our team continues to perform on all fronts as evidenced by our quarterly leasing activity, value-add pad development completion, and progress toward our long term goals.” Mr. Mastandrea added, “Looking ahead, we remain focused on building on these results to maximize long term shareholder value.”

https://finance.yahoo.com/news/whitestone-reit-reports-second-quarter-201500808.html

 

$ 13.43

HOUSTON, Sept. 23, 2019 (GLOBE NEWSWIRE) -- Whitestone REIT (WSR) (“Whitestone” or the “Company”) today announced that its Board of Trustees has declared a monthly cash dividend of $0.095 per share on the Company’s common shares and operating partnership units. The dividend amount of $0.095 per share represents a quarterly amount of $0.285, and an annualized amount of $1.14 per share.

https://finance.yahoo.com/news/whitestone-reit-board-trustees-declares-110000924.html

 

HOUSTON, Sept. 30, 2019 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”) announced the 100% lease up completion of a pad site at Fulton Ranch Towne Center property in Chandler, Arizona. Producing attractive financial rewards for Whitestone shareholders, the development results in a stabilized NOI of $263,000, an unlevered return on total cost of 8.8%, and contributes a 16.7% increase of NOI to the center.

About Fulton Ranch Towne Center
Purchased in 2014 at a 7.4% cap rate, the property included vacant land that Whitestone earmarked for development. A four mile drive to Intel’s Ocotillo Campus, it is located in Maricopa County, the fastest growing county in the country for the third consecutive year (1). Situated across the street from Arizona’s largest high school and on an intersection that has an average vehicle per day (VPD) of approximately 35,000 and a 1-mile average household income (HHI) level in excess of $163,000 and is projected to grow to $185,000 by 2024 (2).

About the Pad Site
Joining us at the property are Costa Vida, Jersey Mike’s, and Egg & Joe. Fulton Ranch Towne Center currently offers several regionally and nationally recognized operators, including Verizon Wireless, Old Chicago, Bahama Buck’s, PETCO, Lowes Home Center, and Aqua Tots Swimming School.

Jim Mastandrea, Chairman and Chief Executive Officer, commented, “The Fulton Ranch development pad, acquired with the Fulton Ranch Towne Center, proves innovative, scalable and sustainable and compliments our ‘e-commerce resistant’ business model. Our investment in the development was approximately $3.0 million of added real estate, which capped at a 6.4% cap rate (3) creates over $4.1 million of market value for our shareholders.”

Mr. Mastandrea added, “Given Fulton Ranch Towne Center’s desirable location, developing a pad site that brings additional convenience and service to the growing neighborhood was by design. Providing a place for families to gather and creating communities within our properties is quite honestly what we love to do, and what we do best.”

http://ir.whitestonereit.com/file.aspx?IID=4087483&FID=399977917

 

Whitestone REIT (WSR) (“Whitestone” or the “Company”) continues to execute its strategic plan with the closing on the sale of three Houston non-core properties owned in a joint venture for a total sale price of $39.7 million.

The sale represents a capitalization rate of 6.8% on trailing twelve month net operating income and the company expects to record a gain on sale of approximately $14 million in the fourth quarter, and net proceeds received were $12.3 million, after closing costs and repayment of debt.

Whitestone expects to receive an $11 million cash distribution from its stake in the joint venture as a result of the sale, and will recycle the capital to invest in existing assets including developments and redevelopments.

https://finance.yahoo.com/news/whitestone-announces-non-core-asset-110000276.html