Whitestone REIT Deal To Add $0.10 Per Share To FY15 FFO

Whitestone REIT

acquired two shopping centers in suburban Houston for $40.7 million and said the deal will add $0.10 a share to funds from operations in 2015. Houston-based Whitestone said the two recent acquisitions are in Sugar land, Tex., about 20 miles from Houston, and include the Williams Trace Plaza, acquired for $20.1 million and Shops at Williams Trace acquired for $20.6 million. The properties have a combined occupancy of 91 percent and current annual net operating income of $3.1 million, or 7.2 percent of the purchase price. The deal was funded from Whitestone's unsecured $500 million credit facility with nine major banks, which is currently priced at 1.86 percent. The facility, announced last month, is earmarked for acquisitions, redevelopment of properties in its portfolio, and general corporate purposes. Whitestone, which owns office and retail properties in Texas, Arizona and Illinois, traded recently at $15.25, up about 0.5 percent. In the year to date, Whitestone is up about 13 percent.