Today techs Whitestone REIT Amends and Extends $515 Million Credit score

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HOUSTON, Sept. 19, 2022 (GLOBE NEWSWIRE) — Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Firm”) right this moment introduced that by its working partnership, Whitestone REIT Working Partnership, L.P. (the “Working Partnership”), it has amended and prolonged its $515 million credit score facility, comprised of a $250 million revolver and $265 million time period mortgage. The power, which might be elevated to $715 today techs million by an accordion characteristic is scheduled to mature, for the $250 million revolver, on September 16, 2026, with two extra six-month choices to increase the maturity date to September 16, 2027, and for the $265 million time period mortgage on January 31, 2028. Borrowings beneath the power accrue curiosity (on the Working Partnership’s choice) at a Base Charge or an Adjusted Time period SOFR plus an relevant rate of interest margin based mostly upon the Firm’s then present leverage. The revolver has an preliminary rate of interest of SOFR plus 1.60%(1) and a ten foundation level credit score unfold adjustment. As well as, the Firm entered into rate of interest swaps to repair the rates of interest on the $265 million time period mortgage. The time period mortgage has the next charges:

  • 2.16% plus 1.55%(1) by October 28, 2022
  • 2.80% plus 1.55%(1) from October 29, 2022 by January 31, 2024
  • 3.42% plus 1.55%(1) from February 1, 2024 by January 31, 2028

The recast facility additionally options an Environmental, Social and Governance (“ESG”) pricing provision whereby the relevant rate of interest margin might be adjusted based mostly on the Firm’s efficiency on sure sustainability efficiency targets.

“The renewed credit score amenities’ engaging phrases mirror our strengthening stability sheet and offers us extra liquidity and monetary flexibility,” stated Dave Holeman, Whitestone’s CEO. “We respect the assist of our financial institution group, and we’re inspired by the brand new banking relationships that participated within the transaction.”

The co-lead arrangers and joint-book runners for the power have been BMO Capital Markets Corp., Truist Financial institution, Capital One, Nationwide Affiliation, and U.S. Financial institution Nationwide Affiliation. BMO Capital Markets Corp. will proceed to be the executive agent for the credit score facility and Truist Financial institution will proceed to be the syndication agent. Capital One, today techs Nationwide Affiliation and U.S. Financial institution Nationwide Affiliation will function documentation brokers and BMO Capital Markets Corp. will function the sustainability structuring agent. Deutsche Financial institution AG, Related Financial institution, Nationwide Affiliation and S&T Financial institution are additionally contributors within the credit score facility.

(1) Based mostly on the Firm’s present leverage ratio as outlined within the facility. Please see right this moment’s 8Okay for extra element.

About Whitestone REIT

Whitestone REIT (NYSE: WSR) is a community-centered actual property funding belief (REIT) that acquires, owns, operates, and develops open-air, retail facilities positioned in a few of the quickest rising markets within the nation: Phoenix, Austin, Dallas-Fort Value, Houston and San Antonio. 

Our facilities are comfort centered: merchandised with a mixture of service-oriented tenants offering meals (eating places and grocers), self-care (well being and health), providers (monetary and logistics), training and leisure to the encompassing communities. The corporate believes its sturdy neighborhood connections and deep tenant relationships are key to the success of its present facilities and its acquisition technique. For extra info, please go to www.whitestonereit.com.

Ahead Trying Statements
Sure statements contained on this press launch represent forward-looking statements inside the that means of Part 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Part 21E of the Securities Change Act of 1934, as amended (the “Change Act”). The Firm intends for all such forward-looking statements to be coated by the safe-harbor provisions for forward-looking statements contained in Part 27A of the Securities Act and Part 21E of the Change Act, as relevant. Such info is topic to sure dangers and uncertainties, in addition to recognized and unknown dangers, which might trigger precise outcomes to vary materially from these projected or anticipated. Subsequently, such statements are usually not supposed to be a assure of our efficiency in future intervals. Such forward-looking statements embody statements about our earnings steering, future liquidity, efficiency development and expectations and different issues and might typically be recognized by the Firm’s use of forward-looking terminology, corresponding to “might,” “will,” “plan,” “count on,” “intend,” “anticipate,” “consider,” “proceed,” “targets” or comparable phrases or phrases which can be predictions of future occasions or developments and which don’t relate solely to historic issues. The next are extra elements that would trigger the Firm’s precise outcomes and its expectations to vary materially from these described within the Firm’s forward-looking statements: uncertainties associated to the COVID-19 pandemic, together with the unknown length and financial, operational and monetary impacts of the COVID-19 pandemic, and the actions taken or contemplated by U.S. and native governmental authorities or others in response to the pandemic on the Firm’s enterprise, workers and tenants, together with, amongst others, (a) adjustments in tenant demand for today techs the Firm’s properties, (b) monetary challenges confronting main tenants, together with because of decreased prospects’ willingness to frequent, and mandated keep in place orders which have prevented prospects from frequenting, a few of Firm’s tenants’ companies and the impression of those points on the Firm’s capability to gather hire from its tenants; (c) operational adjustments carried out by the Firm, together with distant working preparations, which can put elevated pressure on IT programs and create elevated vulnerability to cybersecurity incidents, (d) vital discount within the Firm’s liquidity as a consequence of a lowered borrowing base beneath its revolving credit score facility and restricted capability to entry the capital markets and different sources of financing on engaging phrases or in any respect, and (e) extended measures to include the unfold of COVID-19 or the fluctuating government-imposed restrictions carried out to include the unfold of COVID-19; antagonistic financial or actual property developments or circumstances in Texas or Arizona, Houston and Phoenix specifically, together with because of any resurgences in COVID-19 circumstances in such areas and the impression on our tenants’ capability to pay their hire, which might lead to unhealthy debt allowances or straight-line hire reserve changes; the imposition of federal earnings taxes if we fail to qualify as an actual property funding belief (“REIT”) in any taxable 12 months or forego a possibility to make sure REIT standing; the Firm’s capability to satisfy its long-term targets, together with its capability to execute successfully its acquisition and disposition today techs technique, to proceed to execute its growth pipeline on schedule and on the anticipated prices, and its capability to develop its NOI as anticipated, which might be impacted by a lot of elements, together with, amongst different issues, its capability to proceed to resume leases or re-let space on engaging phrases and to in any other case handle its leasing rollover; its capability to efficiently determine, finance and consummate appropriate acquisitions, and the impression of such acquisitions, together with financing developments, capitalization charges and inner charges of return; the Firm’s capability to scale back or in any other case successfully handle its common and administrative bills; the Firm’s capability to fund from money flows or in any other case distributions to its shareholders at present charges or in any respect; present antagonistic market and financial circumstances together with, however not restricted to, the numerous volatility and disruption within the world monetary markets attributable to the COVID-19 pandemic; lease terminations or lease defaults; the impression of competitors on the Firm’s efforts to resume present leases; adjustments within the economies and different circumstances of the particular markets by which the Firm operates; financial, legislative and regulatory adjustments, together with adjustments to legal guidelines governing REITs and the impression of the laws generally often known as the Tax Cuts and Jobs Act; the success of the Firm’s actual property methods and funding goals; the Firm’s capability to proceed to qualify as a today techs REIT beneath the Inner Income Code of 1986, as amended; and different elements detailed within the Firm’s most up-to-date Annual Report on Kind 10-Okay, Quarterly Studies on Kind 10-Q and different paperwork the Firm recordsdata with the Securities and Change Fee every so often.

Investor and Media Contact:

David Mordy
Director of Investor Relations
Whitestone REIT
(713) 435-2219
ir@whitestonereit.com

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