Whitestone REIT Rejects $15 per Share Offer

By Bobby Samwell • Thursday, October 31 06:06 • Permanent Link

Whitestone REIT (NYSE: WSR) has responded to an indication of interest from MCB Real Estate, with the board unanimously rejecting the $15 per share indication of interest. The board cited various data points in its review, including net asset value (NAV) and discounted cash flow (DCF) valuation. The company's financial results for Q3 2024 demonstrate significant progress against its strategic objectives, with key highlights including a reiteration of 2024's core FFO per share estimate of $0.98 to $1.04, targeting 11% growth, and an increased same store NOI growth target of 3.75% – 4.75%. Additionally, Whitestone has achieved a Q3 2024 debt/EBITDARE ratio of 7.2x, marking a 0.6x improvement versus one year ago. The company's strong performance has driven total shareholder returns of over 60% since the current management team took over on January 18, 2022, as per S&P Capital IQ data. Whitestone continues to consider MCB an important shareholder and remains committed to maximizing shareholder value. 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 $14.05. For more information, read the company's full 8-K submission here.

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