Whitestone REIT (WSR), an equity REIT seeking to own and operate properties in established or developing diverse neighborhoods, filed with the SEC Wednesday to raise up to $50 million in its IPO, making it the third company to file this week. Proceeds will be contributed to Whitestone's operating partnership for the acquisition of new properties and loans and the redevelopment of existing properties.
The Houston, TX-based company, which was founded in 1998 and booked $31 million in sales over the last 12 months, plans to list on the NYSE under the symbol WSR. Wunderlich Securities is the sole bookrunner on the deal. No pricing terms were disclosed.