HOUSTON, Oct. 22, 2019 (GLOBE NEWSWIRE) -- Whitestone REIT’s (NYSE: WSR) (“Whitestone” or the “Company”) expertise in crafting the best tenant mix to meet the needs of the local community providing sustainable cash flow despite the ongoing retail headwinds is reflected by the recent additions of Sprint, The UPS Store, Iora Health (Humana), PAE, and the expansion of Vishala Grocery to Providence Plaza. Jim Mastandrea, Chairman and Chief Executive Officer, commented, “The recent bankruptcy of Forever 21 reminds us that, now more than ever, assembling the right tenant mix and improving the quality of revenues is imperative. Our ‘e-commerce resistant’ business model focusing on local and service-based retail versus the national hard-good retailers continues to prove its value. Our model has greatly reduced our exposure to the headwinds affecting others in our space. Quite frankly, we have barely been affected.” Mr. Mastandrea added, “As local curators, it is our passion to understand the communities we are in and customize our properties to suit the needs of the neighborhood accordingly. We have invested our time and effort carefully and thoughtfully, and in doing so, we have built a portfolio of cash flow stability to reward our shareholders.” http://ir.whitestonereit.com/file/Index?KeyFile=400548695
HOUSTON, Nov. 13, 2019 (GLOBE NEWSWIRE) -- Whitestone REIT (WSR) (“Whitestone” or the “Company”) today announced the completion of its Williams Trace Plaza Redevelopment Investment. The project, designed to upgrade ADA accessibility at the property and to improve the shopping experience for all of our customers, included renovation work on the center. Enhancements added through the Redevelopment Investment include: Enhanced Walkability and Access for all Shoppers Expansion of Outdoor Seating and Gathering Areas “Greening of Space” Through the Addition of Native Plants and Shrubs as part of the Landscaping Improvement “Harvesting of Natural Light” in both the Interior and Exterior Designs Installation of LED Lighting for Energy Conservation Upgraded Irrigation and Drainage Systems for better Natural Water Flood Management Jim Mastandrea, Chairman and Chief Executive Officer, commented, “This completion highlights the different ways in which Whitestone views value creation and our ability to incorporate it into our communities. By investing socially-conscience features into our properties such as, LED lighting, natural vegetation in our landscaping and ADA-compliant accessibility, we show our commitment to sustainability as well as long-term risk management. We feel upgrading the property was not only a good business decision to increase value for our shareholders given its desirable location and growth potential, but also fulfills our obligation to all stakeholders as a responsible corporate citizen.” Whitestone originally acquired Williams Trace Plaza in December of 2014 for $20.1 million and subsequent to acquisition has invested an additional $2.1 million in enhancements to the property. The property is currently 93% occupied and produces annual net operating income of approximately $1.7 million. https://finance.yahoo.com/news/whitestone-completes-redevelopment-investment-williams-120000553.html
WHITESTONE REPORTS THE ACQUISITION OF LAS COLINAS VILLAGE IN DALLAS THE ACQUISITION FOLLOWS MICROSOFT’S RECENTLY ANNOUNCED EXPANSION IN THE NEIGHBORHOOD Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”) acquired Las Colinas Village, a 104,915 square foot center in Las Colinas, Texas, an upwardly mobile, young professional community of Irving, Texas along North Dallas’ “Platinum Corridor.” Las Colinas Village is located on an intersection with a daytime VPD of 187,000 and an average 3-mile radius HHI of $101,000 a year. Jim Mastandrea, Chairman and Chief Executive Officer, commented, “Whitestone’s acquisition of Las Colinas Village is another off-market purchase in the desirable, high growth markets in which employers and employees alike are moving to. A recent ‘Emerging Trends in Real Estate 2020’ report by the Urban Land Institute has Dallas-Fort Worth ranked 6th out of 80 in the ‘Top Markets to Watch for Investor Demand in 2020.(1)’” Mr. Mastandrea added, “Las Colinas will be immediately accretive to earnings and will add value with the pad site development opportunity, occupancy lease-up potential, and built-in rent escalators.” Mr. Mastandrea commented further, “Whitestone has a Dallas regional team in place, who will manage and lease this new property, along with our other properties, with no additional overhead, leveraging our existing cost structure, providing economies of scale.” About Las Colinas, TX Las Colinas is home to one of the largest corporate parks in the country, hosting the corporate headquarters of Fortune 500 companies ExxonMobil, Fluor, Kimberly-Clark, CMC Commercial Metals, and Celanese. The area continues to see business expansion, highlighted most recently in late October when Texas Governor Abbot announced the expansion of Microsoft’s regional hub. https://gov.texas.gov/news/post/governor-abbott-announces-expansion-of-microsoft-regional-hub-in-irving. Las Colinas is located in the Dallas-Fort Worth-Arlington MSA, the fourth largest metropolitan statistical area in the United States with 2019 projected population of 7.7 million, a 21.6% increase from 2010 US Census population of 6.4 million. Population growth is projected to continue at over 1.0% annual growth rate. The Las Colinas submarket historically has been in the top five best performing submarkets in the DFW MSA. Mr. Mastandrea concluded, “Microsoft’s recent investment in its Las Colinas regional hub is further evidence of the thriving business-friendly climate in the Dallas-Fort Worth market and high quality of life of the surrounding neighborhoods.” About Las Colinas Village Las Colinas Village is Whitestone’s eighth property acquisition in its Dallas-Fort Worth market, bringing its total leasable square feet in the region to approximately 670,000. The property is currently 85.6% occupied, offering significant upside opportunity with the potential for additional pad site developments on land which was included in the original purchase price. Also included are options to acquire three adjacent non-owned single-tenant pads. http://ir.whitestonereit.com/file/Index?KeyFile=401551548
Whitestone REIT’s (WSR) (“Whitestone” or the “Company”) 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. The first quarter dividend distribution for 2020 will be as detailed below: Month Record Date Payment Date January 1/3/2020 1/15/2020 February 2/4/2020 2/13/2020 March 3/3//2020 3/13/2020 Jim Mastandrea, Chairman and Chief Executive Officer, commented, “We are pleased to announce Whitestone’s 113th, 114th, and 115th consecutive monthly dividend distributions. This announcement is a reflection of the Board’s confidence in Whitestone’s ability to produce positive cash flow and increase the intrinsic value of the real estate in our portfolio despite the ongoing headwinds of hard and soft good retailer store closings and bankruptcies that continue to hamper the rest of the retail real estate industry. Our community-centered, service-focused entrepreneurial tenant base business strategy continues to provide a sustainable, predictable cash flow. With over 1,360 tenants, Whitestone provides a diversified, stable, and predictable cash flow stream that continues to reward our long-term shareholders and stakeholders.” https://finance.yahoo.com/news/whitestone-reit-board-trustees-declares-120010565.html
Whitestone Welcomes Two New Restaurant Concepts Oasthouse Kitchen + Bar and Keepers Restaurant to its Parkside Village South Property in Austin, Texas HOUSTON, Dec. 31, 2019 (GLOBE NEWSWIRE) -- Locally famous Austin restaurant concept creators chef Amir Hajimaleki and brother Ali will be bringing two new concepts to Whitestone’s Parkside Village property in Austin, Texas. Adding another 8,043 square feet of occupancy, the brothers will be using an efficient and creative twist… operating two separate restaurant concepts utilizing one kitchen. While the Hajimaleki brothers already have an Oasthouse restaurant in Northwest Austin, Keepers is a new concept. They are experienced entrepreneurs who also have a highly successful restaurant in the neighborhood called District Kitchen, which was opened in 2013. They are very in tune with the unique Austin market, its “Keep Austin Weird” mantra, and the exotic tastes, desires, and diverse palate of the local community. Oasthouse Kitchen + Bar is going to occupy 5,543 square feet as a full-service restaurant, with orders being taken at the table, featuring a menu with an assortment of internationally inspired dishes like carnitas poutine, pimento deviled eggs, and braised pork shoulder with sweet potato spaetzle, and will include a full bar program bar program focusing on local craft beers, beer cocktails, and whiskey. Keepers is a new coastal, family-friendly, seafood concept, occupying the remaining 2,500 square feet and will operate as a separate eatery complete with its own patio. The vision is a collaboration with the chef’s longtime friend and mentor Rene Melendes. The concept is a dream coming to fruition for the entrepreneurs, who had talked about it for years and is named after a Port Aransas pier that Hajimaleki has been fishing on for almost 20 years. The casual eatery will continue the restaurant group’s focus on supporting local purveyors and sourcing sustainably. The menu will include a king crab roll, grilled whole fish, ceviche, boiled shrimp tossed in Vietnamese nuoc cham butter, and fried slathered in shrimp étouffée and pimento cheese. Whitestone Chairman and CEO Jim Mastandrea commented, “We are pleased to have the Hajimaleki brothers join us at Parkside Village South. We are always humbled when locally successful entrepreneurs recognize our properties as the go-to destinations.” He added, “Bringing these two restaurant concepts to Parkside Village South is a win/win for both the local community and Whitestone stakeholders. As a firm, it is our goal to help provide the ‘American Dream’ opportunities to diverse, culturally-distinctive entrepreneurs who know their neighborhoods well and want to serve accordingly.” Mr. Mastandrea added, “In utilizing the unique ‘two-restaurant-one-kitchen’ concept, it helps both Whitestone and our new entrepreneurs mitigate risk and control costs. The chefs are able to focus more efficiently on the execution of their new dining creations out of one shared kitchen and Whitestone as the landlord is able to save on common area building improvements and other expenses.” https://mail.yahoo.com/d/folders/1/messages/3032?.lang=nl-BE
Whitestone REIT (WSR) (“Whitestone” or the “Company”) announced today that its Board of Trustees (the “Board”) has approved a short-term shareholder rights plan (the “Plan”) to protect the long-term interests of the Company and its shareholders. The Board has adopted the Plan at this time due to the substantial volatility in the market generally, and in trading of the Company’s common shares of beneficial interest (the “Common Shares”), that has resulted from the ongoing COVID-19 pandemic. The adoption of the Plan by the Board is intended to allow the Company to realize the long-term value of the Company’s assets by protecting the Company from actions of third parties that the Board determines are not in the best interest of the Company and its shareholders. Given the current unprecedented environment caused by the COVID-19 pandemic, as well as the importance of maintaining focus on the strength of the Company’s business, the Board believes that adopting the Plan is in the best interests of the Company and its shareholders and will contribute to the preservation of the Company’s long-term value for its shareholders. The Plan is similar to plans adopted by other public companies, and is intended to promote the fair and equal treatment of all shareholders by guarding against opportunistic efforts to capitalize on recent macroeconomic conditions, including open market accumulations or other tactics, aimed at gaining control of the Company without paying an appropriate control premium to deliver sufficient value for all Company shareholders. Similar to plans adopted recently by other public companies, the Plan is designed to reduce the likelihood that any person or group would gain control of the Company through open market accumulation of shares by imposing significant penalties upon any person or group that acquires 5% or more of the outstanding Common Shares (20% or more with respect to certain passive institutional investors). The Plan is not intended to prevent or interfere with any action that the Board determines to be in the best interest of the Company and is designed to position the Board to fulfill its duties on behalf of all shareholders by ensuring that the Board has sufficient time to make informed judgments about any takeover attempts and to encourage anyone seeking to gain a controlling interest in the Company to negotiate prior to attempting a takeover. The Plan has not been adopted in response to any specific takeover bid or other proposal to acquire control of the Company. By the terms of the Plan, the rights will initially trade with the Common Shares and will generally only become exercisable on the 10th business day after a person or entity has become the owner of 5% or more of the Common Shares (20% or more with respect to certain passive institutional investors) or the commencement of a tender or exchange offer which would result in any person becoming an owner of 5% or more of the Common Shares. The Plan will expire on the earliest of (i) the close of business on May 13, 2021, (ii) the time at which the Rights are redeemed pursuant to the Rights Agreement, (iii) the closing of any merger or other acquisition transaction involving the Company that has been approved by the Board, at which time the Rights are terminated, and (iv) the time at which the Rights are exchanged pursuant to the Rights Agreement. https://finance.yahoo.com/news/whitestone-reit-adopts-short-term-105510747.html
