In a recent press release, Whitestone REIT has announced its decision to decline an offer from MCB Real Estate to purchase the company. The Board of Trustees has evaluated the offer and believes that the indicated offer price does not represent a fair valuation of the company.
The Board has expressed strong confidence in the current management's strategy and its potential to create long-term shareholder value that exceeds the amount offered by MCB Real Estate. The company remains committed to exploring all avenues for value creation and is looking forward to continued interaction with MCB Real Estate and to generating value for all Whitestone shareholders.
This decision reflects the company's confidence in its current management and strategic direction, as well as its commitment to maximizing long-term shareholder value.
In the previous period, Whitestone REIT reported a net income of $5.7 million, representing a 12% increase from the same period last year. Additionally, the company's funds from operations (FFO) increased by 8% year-over-year, reaching $10.2 million.
Moreover, the company's rental revenue saw a significant uptick, reaching $35.6 million, a 7% increase from the previous period. This growth in rental revenue can be attributed to the successful execution of the company's leasing and property management strategies.
Furthermore, Whitestone REIT reported a strong occupancy rate of 92% across its portfolio, demonstrating the company's ability to effectively manage and lease its properties.
As a result of these announcements, the company's shares have moved -0.8% on the market, and are now trading at a price of $13.05. If you want to know more, read the company's complete 8-K report here.
