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Whitestone REIT Responds to MCB Indication of Interest
Metropolitan Bank Metropolitan Bank (US:MCB) GlobeNewswire News Room·2024-10-30 20:30

Core Viewpoint - Whitestone REIT's Board of Trustees has unanimously rejected MCB's indication of interest at $15 per share, stating it does not reflect the intrinsic value of the company based on various valuation metrics [1][2] Company Performance - Whitestone REIT is experiencing growth momentum under new management, with a Core FFO per share estimate for 2024 projected between $0.98 and $1.04, indicating an 11% growth compared to 2023 [2] - The Same Store NOI growth target has been increased to 3.75% – 4.75%, following a year-to-date Same Store NOI growth of 4.9% [2] - The company's Q3 2024 Debt/EBITDAre ratio stands at 7.2x, showing a 0.6x improvement from the previous year [2] - Total shareholder returns have exceeded 60% since the current management team took over on January 18, 2022 [2] Strategic Positioning - Whitestone REIT is focused on accretive asset recycling, with disposition cap rates over 100 basis points below acquisition cap rates, positioning the company for future growth [2] - The company operates community-centered retail centers in rapidly growing markets, including Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio [4][5]