BofA Extends Reach to Whitestone REIT - Analyst Blog

By
A A A

Texas-based Whitestone REIT ( WSR ) has proved its creditworthiness with Bank of America Corp. ( BAC ) extending its reach and joining the group of top tier banks that provide the former with unsecured revolving credit facility worth $175 million.

Specifically, Bank of America united with Bank of Montreal, U.S. Bancorp ( USB ) and Wells Fargo & Company ( WFC ) in the syndicated facility. However, the stipulations of the recently enhanced $175 million facility with a $50 million accordion element remain unchanged.  

Through improvement in creditworthiness, the company can capitalize on its relationship with these top tier banks and efficiently finance its strategic moves so as to ride high on the growth trajectory.

The expanded credit facility would help Whitestone REIT enhance its financial flexibility. The company has plans for diversifying the funds into a number of strategic moves including buy-outs, renovation of value-add properties in its portfolio, besides meeting its other corporate needs.

Whitestone REIT is focused on community centered property business model through owning, managing, leasing, and operating over 4.4 million square feet of space, largely occupied by small, service-based tenants. The company aims at broadening its footprint by tactically acquiring commercial properties in high-growth markets.

Founded in 1998, Whitestone REIT is a fully-integrated real estate investment trust (REIT) that owns, operates and re-develops community centered properties, which are visibly located properties in established or developing culturally diverse neighborhoods. Its portfolio of commercial properties is located in Texas, Ariz., and Ill.

Whitestone REIT currently has a Zacks Rank #4 (Sell).



BANK OF AMER CP (BAC): Free Stock Analysis Report

US BANCORP (USB): Free Stock Analysis Report

WELLS FARGO-NEW (WFC): Free Stock Analysis Report

WHITESTONE REIT (WSR): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Business , Stocks

Referenced Stocks: BAC , USB , WFC , WSR

Zacks.com

Zacks.com

More from Zacks.com:

Related Videos

Stocks

Referenced

Most Active by Volume

67,310,517
  • $100.53 ▲ 1.38%
50,893,843
  • $8.02 ▲ 2.56%
48,783,882
  • $10.25 ▲ 3.85%
43,859,280
  • $5.39 ▼ 4.09%
41,392,452
    $15.45 unch
31,440,620
  • $8.09 ▲ 3.45%
30,705,588
  • $3.11 ▲ 0.97%
28,829,509
  • $3.87 ▲ 19.44%
As of 8/19/2014, 04:03 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com