Whitestone REIT Adds Bank of America to the Bank Group, Which Includes Bank of Montreal, US Bank and Wells Fargo, Providing Its $175 Million Unsecured Revolving Credit Facility
HOUSTON--(BUSINESS WIRE)-- Whitestone REIT (WSR) Whitestone or the Company, a fully integrated real estate company that owns, operates and re-develops Community Centered PropertiesTM, announced today that Bank of America has joined the bank group providing its recently expanded credit facility. Bank of America joins Bank of Montreal, US Bank and Wells Fargo in the syndicated facility. All other terms of the recently expanded $175 million facility with a $50 million accordion feature, remain the same. As stated in previous announcements, Whitestone plans to use the recently expanded facility primarily for acquisitions, redevelopment of value-add properties in its portfolio, and general corporate purposes.
We are pleased to add Bank of America to Whitestones unsecured credit facility, creating a group of top tier banks to support our value-add growth strategy, said James C. Mastandrea, Chairman and Chief Executive Officer. Mastandrea added, We see Bank of America joining our group of banks as a testament to the creditworthiness of Whitestone, its strong balance sheet and enhanced financial flexibility. Mastandrea continued, Our relationship with these top tier banks, in addition to our creditworthiness, has been built on our track record and focused Community Centered Property business model - owning, managing, leasing, and operating over 4.4 million square feet of space, largely occupied by small, service-based tenants.
About Whitestone REIT
Whitestone REIT is a fully integrated real estate investment trust ("REIT") that owns, operates and redevelops Community Centered PropertiesTM, which are visibly located properties in established or developing culturally diverse neighborhoods. Whitestone focuses on value creation in its community centers, as it markets, leases and manages its centers to match tenants with the shared needs of surrounding neighborhoods. Operations are structured for providing cost-effective service to local service-oriented, smaller space tenants (less than 3,000 square feet). Whitestone has a diversified tenant base concentrated on service offerings including medical, education, casual dining, and convenience services. The largest of its approximately 1,100 tenants comprised less than 1.1% of its annualized base rental revenues as of March 31, 2013. Founded in 1998, the Company is internally managed with a portfolio of commercial properties in Texas, Arizona, and Illinois. For additional information about the Company, please visit www.whitestonereit.com. The Investor Relations section of the Company's website contains filings with the Securities and Exchange Commission, news releases, financial reports and investor newsletters.
Statements included herein that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, which by their nature, involve known and unknown risks and uncertainties. The Company's actual results, performance or achievements could differ materially from those expressed or implied by these statements. Reference is made to the Company's regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company's performance.
David K. Holeman, 713-435 2227
Chief Financial Officer
Source: Whitestone REITCopyright Business Wire 2013