Whitestone REIT Secures $300M Credit Facility

TL;DR

Whitestone REIT just inked a new $300M credit line with Wells Fargo, maturing in 2029. Big liquidity boost!

AI Summary

On October 7, 2024, Whitestone REIT entered into a material definitive agreement, specifically a credit agreement with Wells Fargo Bank, National Association, as administrative agent. This agreement establishes a new $300 million senior unsecured revolving credit facility, which matures on October 7, 2029. The facility provides Whitestone REIT with significant financial flexibility and liquidity.

Why It Matters

This new credit facility provides Whitestone REIT with enhanced financial flexibility and liquidity, which can be used for general corporate purposes, including potential acquisitions or development projects.

Risk Assessment

Risk Level: low — The filing details a standard credit facility agreement, which is a common and generally low-risk financial transaction for a REIT.

Key Numbers

• $300M — Credit Facility Amount (Provides significant liquidity for Whitestone REIT.)
• 2029 — Maturity Date (Indicates the term of the new credit facility.)

Key Players & Entities

• Whitestone REIT (company) — Registrant
• Wells Fargo Bank, National Association (company) — Administrative Agent
• $300 million (dollar_amount) — Senior unsecured revolving credit facility amount
• October 7, 2029 (date) — Maturity date of the credit facility
• October 7, 2024 (date) — Date of the credit agreement

FAQ

Key Financial Figures

• $0.001 — ares of Beneficial Interest , par value $0.001 per share WSR New York Stock Exchang
• $20 million — ncremental Term Loan") in the amount of $20 million and has a maturity date of January 31,

Filing Documents

• wstr20241010_8k.htm (8-K) — 29KB
• ex_731516.htm (EX-10.1) — 1572KB
• 0001437749-24-031113.txt ( ) — 1955KB
• wstr-20241007.xsd (EX-101.SCH) — 3KB
• wstr-20241007_def.xml (EX-101.DEF) — 12KB
• wstr-20241007_lab.xml (EX-101.LAB) — 15KB
• wstr-20241007_pre.xml (EX-101.PRE) — 12KB
• wstr20241010_8k_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement On October 7, 2024, Whitestone REIT, operating through its subsidiary Whitestone REIT Operating Partnership, L.P. (the "Borrower"), entered into the First Amendment to Third Amended and Restated Credit Agreement and Incremental Term Loan Joinder (the "Amendment") among the Borrower, certain subsidiaries of the Borrower, as guarantors signatory thereto, Bank of Montreal, as administrative agent for the lenders (in such capacity, the "Agent") and L/C Issuer and Associated Bank, National Association (the "Series One Incremental Term Loan Lender"), which amends that certain Third Amended and Restated Credit Agreement, dated as of September 16, 2022 (as amended by the Amendment, the "Credit Agreement") by and among the Agent, the other lenders party thereto from time to time and the Borrower. The Amendment, among other things, establishes an additional series of term debt (the "Series One Incremental Term Loan") in the amount of $20 million and has a maturity date of January 31, 2028 consistent with the existing Term Loan (as defined in the Credit Agreement). The Series One Incremental Term Loan accrues interest (at the Borrower's option) at a Base Rate (as defined in the Credit Agreement) or Adjusted Term SOFR (as defined in the Credit Agreement) plus an applicable margin based upon the Borrower's then existing leverage and is subject to adjustment as set forth in the Credit Agreement. In addition, the Borrower entered into an interest rate swap to fix the interest rate on the Series One Incremental Term Loan at 3.665% plus bank credit spreads (that are currently 1.5%, through January 31, 2024), or an all-in rate of 5.165%. The proceeds of the Series One Incremental Term Loan will be used to pay down a portion of the Borrower's outstanding Revolving Loan (as defined in the Credit Agreement) borrowings. The foregoing description of the terms of the Amendment does not purport to be complete and is qualified in its

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 First Amendment to Third Amended and Restated Credit Agreement and Incremental Term Loan Agreement dated October 7, 2024, by and among Whitestone REIT Operating Partnership, L.P., as a borrower, the Guarantors signatories thereto, Bank of Montreal, as Administrative Agent and Associated Bank National Association, as the Series One Incremental Term Loan Lender 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: October 11, 2024 By: /s/ John S. Hogan Name: John S. Hogan Title: Chief Financial Officer

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View this 8-K filing on SEC EDGAR