Whitestone REIT Files 8-K on Material Definitive Agreement
Ticker: WSR · Form: 8-K · Filed: Jun 27, 2024 · CIK: 1175535
| Field | Detail |
|---|---|
| Company | Whitestone Reit (WSR) |
| Form Type | 8-K |
| Filed Date | Jun 27, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.001, $56,340,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financial-obligation
TL;DR
Whitestone REIT just signed a new deal creating a financial obligation. Details TBD.
AI Summary
On June 21, 2024, Whitestone REIT entered into a material definitive agreement related to a financial obligation. The filing indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant. Specific details regarding the agreement, the nature of the obligation, and any associated dollar amounts or terms are not provided in this summary section of the filing.
Why It Matters
This filing signals a new financial commitment or obligation for Whitestone REIT, which could impact its financial structure and future operations.
Risk Assessment
Risk Level: medium — The filing indicates a new material definitive agreement and financial obligation, the specifics of which are not yet disclosed, creating uncertainty.
Key Players & Entities
- Whitestone REIT (company) — Registrant
- June 21, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the material definitive agreement entered into by Whitestone REIT?
The filing states that Whitestone REIT entered into a material definitive agreement, but the specific nature of this agreement is not detailed in the provided text.
What type of financial obligation was created by this agreement?
The filing indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on June 21, 2024.
What is Whitestone REIT's state of incorporation?
Whitestone REIT is incorporated in Maryland.
What is Whitestone REIT's business address?
Whitestone REIT's business address is 2600 South Gessner Street, Suite 500, Houston, Texas 77063.
Filing Stats: 887 words · 4 min read · ~3 pages · Grade level 11.8 · Accepted 2024-06-27 17:25:50
Key Financial Figures
- $0.001 — ares of Beneficial Interest , par value $0.001 per share WSR New York Stock Exchang
- $56,340,000 — ortgage loan in the principal amount of $56,340,000 (the "Loan"). The Loan provides for a
Filing Documents
- wstr20240627_8k.htm (8-K) — 33KB
- ex_693618.htm (EX-10.1) — 473KB
- ex_693619.htm (EX-10.2) — 32KB
- ex_693620.htm (EX-10.3) — 74KB
- ex_693618img001.jpg (GRAPHIC) — 44KB
- 0001437749-24-021442.txt ( ) — 930KB
- wstr-20240621.xsd (EX-101.SCH) — 3KB
- wstr-20240621_def.xml (EX-101.DEF) — 11KB
- wstr-20240621_lab.xml (EX-101.LAB) — 15KB
- wstr-20240621_pre.xml (EX-101.PRE) — 11KB
- wstr20240627_8k_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement On June 21, 2024, Whitestone REIT, operating through its subsidiaries Whitestone Strand LLC, Whitestone Las Colinas Village LLC, and Whitestone Seville, LLC (collectively, the "Borrower"), entered into a loan agreement (the "Loan Agreement") with Nationwide Life Insurance Company (the "Lender") for a mortgage loan in the principal amount of $56,340,000 (the "Loan"). The Loan provides for a fixed interest rate of 6.23% per annum. Payments commence on August 1, 2024, and are due on the first day of each calendar month thereafter through July 1, 2027, with interest-only payments for the first 36 months. Monthly payments consist of principal and interest based on a 30-year amortization schedule beginning on August 1, 2027. The Loan may be prepaid in full but not in part, provided that, as conditions precedent, Borrower: (i) gives Lender not less than fifteen (15) days prior notice of Borrower's intention to prepay the Loan; (ii) pays to Lender the prepayment premium as set forth in the Loan Agreement, if any, then due and payable to Lender; and (iii) pays to Lender all other amounts then due under the loan documents. No prepayment premium is required for prepayments in full made on or after six months prior to the maturity date. The Loan is a non-recourse loan secured by three of the Company's properties including their related equipment, fixtures, personal property, and other assets, and a limited carve-out guarantee by the Company's operating partnership. The loan documents contain customary terms and conditions, including without limitation affirmative and negative covenants such as information reporting and insurance requirements. The loan documents also contain customary events of default, including defaults in the payment of principal or interest, defaults in compliance with the covenants, and bankruptcy or other insolvency events. Upon the occurrence of an event of default, the Lender is entitled to accele
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Loan Agreement dated June 21, 2024, by and among Whitestone Strand LLC, Whitestone Las Colinas Village LLC, Whitestone Seville LLC, and Nationwide Life Insurance Company. 10.2 Fixed Rate Promissory Note by Whitestone Strand LLC, Whitestone Las Colinas Village LLC, Whitestone Seville LLC to Nationwide Life Insurance Company, dated June 21, 2024. 10.3 Carveout Guaranty by Whitestone REIT Operating Partnership, L.P. to Nationwide Life Insurance Company, dated June 21, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Whitestone REIT (Registrant) Date: June 27, 2024 By: /s/ John S. Hogan Name: John S. Hogan Title: Chief Financial Officer