HOUSTON, March 07, 2016 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”) today announced that it continues to execute its strategy towards becoming a pure play owner of neighborhood and community retail properties by completing the sale of Brookhill, a non-core office/flex legacy property located in Houston, Texas. The Company sold Brookhill for $3.1 million and expects to recognize a gain in the first quarter of approximately $1.9 million on the sale.
Brookhill is the fourth legacy property the company has sold and currently has another three properties listed for sale. All seven properties were part of the original portfolio that was in place when the current management team took over the Company in late 2006.
Whitestone expects to continue its disposition of non-core assets throughout 2016 and anticipates that it will recycle the proceeds into properties located in fast growing cities where it currently owns real estate and other similar markets in business friendly states. Whitestone will continue to reinvest proceeds into neighborhood retail centers with a tenant mix serving daily necessities conveniently to their communities. Whitestone’s portfolio of properties are located in neighborhoods with an overall median household income in excess of $75,000 and has generated compound annual growth over the past three years of 28%, 29%, 40% and 12% for Revenues, Net Operating Income, Funds From Operations Core and Funds From Operation Core per share, respectively.
CEO Comments
Jim Mastandrea, Chairman and Chief Executive Officer, commented, “We are pleased to have completed the fourth sale of our non-core legacy properties. Our plan is to transition Whitestone into a pure play owner of neighborhood retail centers with a tenant mix that is highly internet resistant. Today, Whitestone’s portfolio generates approximately $70 million of annual net operating income and retail community centered properties make up 90% of our invested capital.”
About Whitestone REIT
Whitestone REIT (NYSE:WSR) is a fully integrated real estate investment trust ("REIT") that acquires, owns, leases and manages a quality portfolio of properties that offer significant growth potential meeting the daily necessities of fast-growing communities. Whitestone’s proven and differentiated approach to building the optimal mix of tenants that provide convenience and high-demand services reduces risk and generates superior financial results for both customers and Whitestone investors. Founded in 1998, the Company is internally managed with a portfolio of 69 commercial properties in Texas, Arizona and Illinois. For additional information about the Company, please visit www.whitestonereit.com.