Company Remains Laser Focused on Key Initiatives: Pursuing Accretive Growth Opportunities in Core Markets, Adding Value to Existing Properties and Delivering Strong Earnings Growth
HOUSTON, Sept. 16, 2019 (GLOBE NEWSWIRE) -- Whitestone REIT (WSR) (“Whitestone” or the “Company”) today announced that on August 8, 2019, the Plaintiff gave voluntary notice of dismissal in the case Canion v. Mastandrea, et al. In addition, on August 14, 2019, the Plaintiff voluntarily dismissed the case Clark, et al. v. Whitestone REIT, et al. Both of these cases – a consolidated class action lawsuit and derivative action lawsuit – were before the U.S. District Court for the Southern District of Texas, Houston Division.
“We are pleased that both of these baseless lawsuits have been dropped by the respective Plaintiffs,” stated Jim Mastandrea, Chairman and Chief Executive Officer of Whitestone REIT. “This outcome validates our position that the claims were entirely without merit and removes any real or perceived market overhang on our stock price.”
Mr. Mastandrea added, “We are continuing to execute on our key strategic initiatives and remain laser focused on creating value for shareholders by operating our e-commerce resistant, service-based business model, pursuing accretive asset acquisitions in our core growth markets, enhancing our existing properties, further scaling our G&A and lowering our cost of capital.”
“We made measurable progress in the second quarter of 2019, during which we signed 92 new, expansion and renewal leases, totaling 283,777 square feet. We also completed construction and leasing at our Anthem Marketplace development property in Phoenix, Arizona, generating additional annual net operating income of $226,000, representing an unlevered 10.5% return on cost. I am excited about our recent accomplishments and look forward to building on our progress and delivering strong earnings growth,” concluded Mr. Mastandrea.
Canion v. Mastandrea, et al. was case number 4:19-cv-02893 in the U.S. District Court for the Southern District of Texas, Houston Division.
Clark, et al. v. Whitestone REIT, et al. was case number 4:19-cv-01379 in the U.S. District Court for the Southern District of Texas, Houston Division.
About Whitestone REIT
Whitestone is a community-centered retail REIT that acquires, owns, manages, develops and redevelops high quality "e-commerce resistant" neighborhood, community and lifestyle retail centers principally located in the largest, fastest-growing and most affluent markets in the Sunbelt. Whitestone's optimal mix of national, regional and local tenants provide daily necessities, needed services and entertainment to the communities in which they are located. Whitestone's properties are primarily located in business-friendly Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio, which are among the fastest growing U.S. population centers with highly educated workforces, high household incomes and strong job growth. Visit www.whitestonereit.com for additional information.
Certain statements contained in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends for all such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such information is subject to certain risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of our performance in future periods. Such forward-looking statements can generally be identified by the Company's use of forward-looking terminology, such as “may,” “will,” “plan,” “expect,” “intend,” “anticipate,” “believe,” “continue,” “goals” or similar words or phrases that are predictions of future events or trends and which do not relate solely to historical matters. The following are some of the factors that could cause the Company's actual results and its expectations to differ materially from those described in the Company's forward-looking statements: the Company's ability to meet its long-term goals, its assumptions regarding its earnings guidance, including its ability to execute effectively its acquisition and disposition strategy, to continue to execute its development pipeline on schedule and at the expected costs, and its ability to grow its NOI as expected, which could be impacted by a number of factors, including, among other things, its ability to continue to renew leases or re-let space on attractive terms and to otherwise address its leasing rollover; its ability to successfully identify, finance and consummate suitable acquisitions, and the impact of such acquisitions, including financing developments, capitalization rates and internal rates of return; the Company’s ability to reduce or otherwise effectively manage its general and administrative expenses; the Company’s ability to fund from cash flows or otherwise distributions to its shareholders at current rates or at all; current adverse market and economic conditions; lease terminations or lease defaults; the impact of competition on the Company's efforts to renew existing leases; changes in the economies and other conditions of the specific markets in which the Company operates; economic, legislative and regulatory changes, the success of the Company's real estate strategies and investment objectives; litigation risks; the Company's ability to continue to qualify as a REIT under the Internal Revenue Code of 1986, as amended; and other factors detailed in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents the Company files with the Securities and Exchange Commission from time to time. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company cannot guarantee the accuracy of any such forward-looking statements contained in this press release, and the Company does not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Whitestone REIT Contact:
Kevin Reed, Director of Investor Relations