Whitestone REIT Prices Public Offering Of 4.00 Mln Shares At $13.54/shr

(RTTNews) - Whitestone REIT (WSR) announced Thursday that it has priced its public offering of 4.00 million common shares at a price to the public of $13.54 per share. The underwriters have been granted a 30-day option to purchase up to an additional 600,000 common shares to cover over-allotments, if any.

The company expects the net proceeds to the company, after deducting the underwriting discount and estimated offering expenses, to be approximately $52 million (exclusive of the underwriters' over-allotment option). The offering is expected to close on October 8, 2013, subject to customary closing conditions.

Whitestone stated that it 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 for general corporate purposes, which may include acquisitions of additional properties, the repayment of outstanding indebtedness, capital expenditures (including tenant improvements), the expansion, redevelopment and/or re-tenanting of properties in Whitestone's portfolio, working capital and other general purposes.