HOUSTON, April 20, 2017 (GLOBE NEWSWIRE) — Whitestone REIT (NYSE:WSR) (“Whitestoneâ€), announced today that it has priced a public offering of 7,000,000 of its common shares at a public offering price per share of $13.00, for net proceeds of approximately $87.23 million after deducting the underwriting discount and commissions and estimated offering expenses payable by Whitestone.In connection with the offering, Whitestone granted the underwriters a 30-day option to purchase up to an additional 1,050,000 common shares.The offering is subject to customary closing conditions and is expected to close on April 25, 2017.Â
SunTrust Robinson Humphrey, Inc. is acting as book-running manager of the offering.BMO Capital Markets and JMP Securities are also acting as book-running managers for the offering. Wunderlich Securities, J.J.B. Hilliard, W.L. Lyons, LLC, Janney Montgomery Scott, Ladenburg Thalmann and Maxim Group LLC are acting as co-managers for the offering.
Whitestone will contribute the net proceeds of the offering to its operating partnership in exchange for units of limited partnership interest in the operating partnership.The operating partnership intends to use the net proceeds from the offering initially to repay a portion of outstanding indebtedness under Whitestone’s unsecured revolving credit facility, which amounts will then become available for future borrowings, including to fund a portion of the purchase price of two pending acquisitions of properties, or for general corporate purposes.
The offering is being made pursuant to Whitestone’s existing effective shelf registration statement, previously filed with the Securities and Exchange Commission, including a prospectus supplement and accompanying base prospectus. A copy of the prospectus supplement and accompanying base prospectus may be obtained from SunTrust Robinson Humphrey, Inc. at SunTrust Robinson Humphrey, Inc., 3333 Peachtree Road NE, Atlanta, GA 30326, Attention: Prospectus Department or Email: [email protected].
