HOUSTON, Jan. 12, 2015 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE:WSR) ("Whitestone"), today provided a recap of its 2014 portfolio activity.
During 2014, Whitestone completed $132.2 million in acquisitions adding six new Community Centered Properties™ with 630,684 square feet to its portfolio, bringing its total portfolio to 5.5 million square feet. At year end 2014, Whitestone's portfolio includes 63 properties, 38 in Texas, 24 in Arizona and one in Illinois.
James C. Mastandrea, Whitestone's Chairman and Chief Executive Officer, said, "We continued to enhance the scale and quality of Whitestone's portfolio of Community Centered Properties™ in 2014 through accretive acquisitions of over $130 million as well as our first dispositions of legacy non-core assets." Mastandrea added, "The proceeds from dispositions of non-core legacy assets and the liquidity provided by our recently expanded $500 million unsecured line of credit supported Whitestone's ability to respond to opportunities in our target markets which advance our financial performance." Mastandrea concluded, "Our unique acquisition strategy continues to be effective and we anticipate further growth and refinement of our portfolio throughout 2015."
2014 Acquisition / Disposition History:
On July 1, 2014, the Company acquired Heritage Trace Plaza located in Fort Worth, Texas, for $20.1 million. The 70,431 square foot property was 98% leased at the time of purchase and generates $1.5 million in annual net operating income.
On September 19, 2014, Whitestone acquired The Strand at Huebner Oaks, located in San Antonio, Texas, for $18.0 million. The 73,920 square foot property was 90% leased at the time of purchase and generates $1.5 million in annual net operating income.
On November 5, 2014, the Company acquired The Promenade at Fulton Ranch in Chandler, Arizona, for $18.6 million. The 98,792 square foot property was 76% leased at the time of purchase and generates $1.3 million in annual net operating income.
On November 5, 2014, Whitestone acquired Fulton Ranch Towne Center in Chandler, Arizona, for $29.3 million. The 113,281 square foot property was 86% leased at the time of purchase and generates $2.4 million in annual net operating income.
On December 24, 2014, Whitestone acquired Williams Trace Plaza in Sugar Land, Texas, for $20.6 million. The 129,222 square foot center is currently 95% occupied and generates $1.6 million in annual net operating income.
Also on December 24, 2014, Whitestone acquired The Shops at Williams Trace, which is adjacent to Williams Trace Plaza for $20.1 million. The 132,991 square foot property was 87% occupied when acquired and generates $1.5 million in annual net operating income.
On December 24, 2014, Whitestone announced the strategic purchase of two hard corners of existing owned properties in the Phoenix, Arizona market for $5.6 million. Purchase of these strategic corner locations enhance the value of currently owned properties: Village Square at Dana Park and Fulton Ranch Towne Center.
On December 31, 2014, Whitestone announced the sale of three non-core suburban office properties in the Clear Lake area of the Houston, Texas market for $10.3 million. The disposition of the three legacy properties, Zeta, Royal Crest and Featherwood, resulted in a GAAP gain of $4.4 million. The Company expects to recognize $1.8 million of the gain in 2014 and the balance of $2.6 million upon receipt of principal payments on the loan provided by Whitestone, which are projected to be approximately $10,000 in 2017, $12,000 in 2018, and $2.6 million in 2019.
Photos of Whitestone REIT 2014 acquisitions may be viewed at http://ir.whitestonereit.com/news.aspx?iid=4087483.
About Whitestone REIT
Whitestone REIT (NYSE:WSR) is a fully integrated real estate investment trust ("REIT") that owns, manages, operates, leases and repositions and redevelops Value-Add Community Centered Properties™. Whitestone focuses on value creation in its community centers, concentrating on local service-oriented tenants that comprise approximately 70% of its tenants. Whitestone's diversified tenant base provides service offerings including medical, education, casual dining, and convenience services. The largest of its 1,272 tenants comprised less than 1.8% of its annualized base rental revenues as of September 30, 2014. Founded in 1998, the Company is internally managed with a portfolio of 63 commercial properties in Texas, Arizona, and Illinois. For additional information about the Company, please visit www.whitestonereit.com.
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.
CONTACT: Whitestone REIT: Suzy Taylor, Director of Investor Relations (713) 435-2219 STaylor@WhitestoneREIT.com Bradford Johnson, Vice President of Acquisitions (713) 435-2208 BJohnson@WhitestoneREIT.com