HOUSTON, May 16 TX-Whitestone-div
HOUSTON, May 16 /PRNewswire/ -- Whitestone REIT, which owns and manages 37
commercial properties in Texas and Arizona, announced today that the Board of
Trustees has approved a dividend of $0.15 per common share for the second
quarter of 2008.
The dividend is payable in three monthly payments of $.05 per share.
Dividend payments will be made on or about the first day of July, August, and
September.
Chairman and Chief Executive Officer James C. Mastandrea expressed
cautious optimism that Whitestone could continue to pay the dividend at its
current quarterly rate of $0.15 per share and said, "We are working diligently
to repair the deferred maintenance at our properties and prudently to allocate
cash for those needed repairs and for tenant improvement costs for new leases
so that we can continue to grow the occupancy of our portfolio." He further
stated that he expects the legal expenses relating to the differences between
Whitestone's shareholders and Mr. Hartman to significantly decrease after the
second quarter and for both parties to go their separate ways. He concluded,
"The resolution of the lawsuits between our shareholders and Mr. Hartman
should result in improved cash flow by year end."
Whitestone intends to hold its annual meeting of shareholders on July 29th
because a verdict from the court concerning the litigation should be known
before that date, and the proxy statement will be mailed to shareholders on
June 29th.
ABOUT WHITESTONE REIT
Whitestone REIT owns and operates retail, office and office warehouse
properties, 33 of which are in the Houston area, two office buildings in
Dallas, a retail plaza in San Antonio and an office complex in a Carefree, AZ.
For more information go to http://www.whitestonereit.com
Forward-Looking Statement:
This report includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934. The information in this news release includes
certain forward-looking statements that are based upon assumptions that in the
future may prove not to have been accurate and are subject to significant
risks and uncertainties, including statements as to the future performance of
the company. Although the company believes that the expectations reflected in
its forward-looking statements are reasonable, it can give no assurance that
such expectations or any of its forward-looking statements will prove to be
correct. Factors that could cause results to differ include, but are not
limited to, successful performance of internal plans, product development
acceptance, and the impact of competitive services and pricing and general
economic risks and uncertainties.
SOURCE Whitestone REIT
