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BRIEF-Whitestone REIT acquires two properties with operating partnership units
October 3, 2016 / 8:22 PM / in a year

BRIEF-Whitestone REIT acquires two properties with operating partnership units

Oct 3 (Reuters) - Whitestone Reit

* Whitestone REIT says two properties were acquired for a total purchase price of $72.5 million

* Purchase was funded using 54% equity and 46% debt from company’s unsecured credit facility

* Op units to be redeemable, on a 1-for-1 basis, for cash at 1 Whitestone common share or, at Whitestone’s election, Whitestone common shares

* La Mirada and Seville will be immediately accretive to earnings, add to cash flow

* Acquires two properties with operating partnership units, valued at $19.00 per unit, combined with cash and debt; The La Mirada And Seville Community Centers in Scottsdale, Arizona are an expansion of the company’s “Internet resistant” business model portfolio

* Two properties were acquired for a total purchase price of $72.5 million

* Equity portion consisted of issuance of 621,053 operating partnership units (“op units”) priced at $19.00 per unit Source text for Eikon: Further company coverage:

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