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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pillarstone Capital REIT (CE) | USOTC:PRLE | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.02 | 0.00 | 01:00:00 |
Maryland
|
|
39-6594066
|
(State or Other Jurisdiction of Incorporation or
|
|
(I.R.S. Employer
|
Organization)
|
|
Identification No.)
|
|
|
|
2600 South Gessner, Suite 555, Houston, Texas
|
|
77063
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
•
|
Part I, Item 2. Properties
|
•
|
Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
Part II, Item 9A. Controls and Procedures
|
•
|
Part IV, Item 15. Exhibits and Financial Statement Schedules
|
Page
|
|||
|
|
|
|
|
|
||
|
Item 1.
|
Business
.
|
|
|
Item 1B.
|
||
|
Item 2.
|
||
|
Item 3.
|
||
|
Item 4.
|
|
|
||
|
Item 10.
|
||
|
Item 11.
|
||
|
Item 12.
|
||
|
Item 13.
|
||
|
Item 14.
|
•
|
uncertainties related to the national economy, the real estate industry in general and in our specific markets;
|
•
|
legislative or regulatory changes;
|
•
|
adverse economic conditions in Texas;
|
•
|
adverse changes in governmental rules and fiscal policies;
|
•
|
increases in interest rates and operating costs;
|
•
|
availability and terms of capital and financing, both to fund our operations and to refinance our indebtedness as it matures;
|
•
|
decreases in rental rates or increases in vacancy rates;
|
•
|
litigation risks;
|
•
|
lease-up risks, including leasing risks arising from exclusivity and consent provisions in leases with significant tenants;
|
•
|
our inability to renew tenants or obtain new tenants upon the expiration of existing leases; and
|
•
|
our inability to generate sufficient cash flows due to market conditions, competition, uninsured losses, changes in tax or other applicable laws.
|
•
|
our cash resources are limited;
|
•
|
we have a history of losses;
|
•
|
we have not raised funds through a public equity offering;
|
•
|
our trustees control a significant percentage of our voting shares;
|
•
|
shareholders could experience possible future dilution through the issuance of additional shares;
|
•
|
we are dependent on a small number of key senior professionals who are part-time employees; and
|
•
|
we currently do not plan to distribute dividends to the holders of our shares.
|
Pillarstone Capital REIT
|
||||||||||||||||||||||
Real Estate Assets
|
||||||||||||||||||||||
As of December 31, 2017
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Community Name
|
|
Location
|
|
Year Built/
Renovated
|
|
GLA
|
|
Percent
Occupied at
12/31/2017
|
|
Annualized Base
Rental Revenue
(in thousands)
(1)
|
|
Average
Base Rental
Revenue Per
Sq. Ft.
(2)
|
|
Average Net Effective Annual Base Rent Per Leased Sq. Ft.
(3)
|
||||||||
9101 LBJ Freeway
|
|
Dallas
|
|
1985
|
|
125,874
|
|
|
75
|
%
|
|
$
|
1,311
|
|
|
$
|
13.89
|
|
|
$
|
13.58
|
|
Corporate Park Northwest
|
|
Houston
|
|
1981
|
|
174,359
|
|
|
79
|
%
|
|
1,864
|
|
|
13.53
|
|
|
13.76
|
|
|||
Corporate Park West
|
|
Houston
|
|
1999
|
|
175,665
|
|
|
78
|
%
|
|
1,540
|
|
|
11.24
|
|
|
11.53
|
|
|||
Corporate Park Woodland
|
|
Houston
|
|
2000
|
|
99,937
|
|
|
97
|
%
|
|
1,003
|
|
|
10.35
|
|
|
10.93
|
|
|||
Corporate Park Woodland II
|
|
Houston
|
|
2000
|
|
16,220
|
|
|
88
|
%
|
|
167
|
|
|
11.70
|
|
|
15.83
|
|
|||
Dairy Ashford
|
|
Houston
|
|
1981
|
|
42,902
|
|
|
37
|
%
|
|
110
|
|
|
6.93
|
|
|
7.62
|
|
|||
Holly Hall Industrial Park
|
|
Houston
|
|
1980
|
|
90,000
|
|
|
91
|
%
|
|
642
|
|
|
7.84
|
|
|
7.99
|
|
|||
Holly Knight
|
|
Houston
|
|
1984
|
|
20,015
|
|
|
100
|
%
|
|
375
|
|
|
18.74
|
|
|
19.14
|
|
|||
Interstate 10 Warehouse
|
|
Houston
|
|
1980
|
|
151,000
|
|
|
86
|
%
|
|
579
|
|
|
4.46
|
|
|
4.74
|
|
|||
Main Park
|
|
Houston
|
|
1982
|
|
113,410
|
|
|
79
|
%
|
|
540
|
|
|
6.03
|
|
|
6.91
|
|
|||
Plaza Park
|
|
Houston
|
|
1982
|
|
105,530
|
|
|
64
|
%
|
|
636
|
|
|
9.42
|
|
|
9.70
|
|
|||
Uptown Tower
|
|
Dallas
|
|
1982
|
|
253,981
|
|
|
81
|
%
|
|
4,144
|
|
|
20.14
|
|
|
20.70
|
|
|||
Westbelt Plaza
|
|
Houston
|
|
1978
|
|
65,619
|
|
|
67
|
%
|
|
501
|
|
|
11.40
|
|
|
11.35
|
|
|||
Westgate Service Center
|
|
Houston
|
|
1984
|
|
97,225
|
|
|
99
|
%
|
|
720
|
|
|
7.48
|
|
|
7.73
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total / Weighted Average
|
|
|
|
|
|
1,531,737
|
|
|
81
|
%
|
|
$
|
14,132
|
|
|
$
|
11.39
|
|
|
$
|
11.76
|
|
(1)
|
Calculated as the tenant's actual
December 31, 2017
base rent (defined as cash base rents including abatements) multiplied by 12. Excludes vacant space as of
December 31, 2017
. Because annualized base rental revenue is not derived from historical results that were accounted for in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), historical results differ from the annualized amounts. Total abatements for leases in effect as of
December 31, 2017
equaled approximately $
51,000
for the month ended
December 31, 2017
.
|
(2)
|
Calculated as annualized base rent divided by gross leasable area ("GLA") leased as of
December 31, 2017
. Excludes vacant space as of
December 31, 2017
.
|
(3)
|
Represents (i) the contractual base rent for leases in place as of
December 31, 2017
, adjusted to a straight-line basis to reflect changes in rental rates throughout the lease term and amortize free rent periods and abatements, but without regard to tenant improvement allowances and leasing commissions, divided by (ii) square footage under commenced leases of
December 31, 2017
.
|
For the Year Ended December 31, 2017
|
|
High
|
|
Low
|
||||
|
|
|
|
|
||||
First Quarter
|
|
$
|
5.25
|
|
|
$
|
3.00
|
|
Second Quarter
|
|
$
|
3.60
|
|
|
$
|
3.50
|
|
Third Quarter
|
|
$
|
3.50
|
|
|
$
|
3.24
|
|
Fourth Quarter
|
|
$
|
4.05
|
|
|
$
|
2.78
|
|
|
|
|
|
|
||||
For the Year Ended December 31, 2016
|
|
High
|
|
Low
|
||||
|
|
|
|
|
||||
First Quarter
|
|
$
|
3.00
|
|
|
$
|
1.40
|
|
Second Quarter
|
|
$
|
3.00
|
|
|
$
|
1.76
|
|
Third Quarter
|
|
$
|
2.50
|
|
|
$
|
2.00
|
|
Fourth Quarter
|
|
$
|
5.25
|
|
|
$
|
1.75
|
|
•
|
Explanation of changes in the results of operations in the Consolidated Statements of Operations for the year ended
December 31, 2017
compared to the year ended
December 31, 2016
.
|
•
|
Our critical accounting policies and estimates that require our subjective judgment and are important to the presentation of our financial condition and results of operations.
|
•
|
Our primary sources and uses of cash for the year ended
December 31, 2017
, and how we intend to generate cash for long-term capital needs.
|
•
|
Our current income tax status.
|
•
|
borrowings from new loans;
|
•
|
additional equity issuances of our common and preferred shares; and
|
•
|
proceeds from the sales of our real estate, a technology segment, and marketable securities.
|
|
|
|
|
|
|
•
|
pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and disposition of our assets;
|
•
|
provide reasonable assurance that the transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of management and/or members of the board of directors; and
|
•
|
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.
|
Exhibit Number
|
|
Exhibit Description
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
Exhibit Number
|
|
Exhibit Description
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
Exhibit Number
|
|
Exhibit Description
|
|
||
|
||
|
||
|
||
|
||
101.INS*
|
|
XBRL Instance Document
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
(1)
|
Indicates a management contract or compensatory plan or arrangement
|
(2)
|
Filed or furnished herewith
|
|
|
|
|
PILLARSTONE CAPITAL REIT
|
Date:
|
September 18, 2018
|
By:
|
|
/s/ James C. Mastandrea
|
|
|
|
|
James C. Mastandrea, Chairman and CEO
|
|
|
|
|
|
|
|
|
|
PILLARSTONE CAPITAL REIT
|
Date:
|
September 18, 2018
|
By:
|
|
/s/ John J. Dee
|
|
|
|
|
John J. Dee, CFO
|
Signature
|
Title
|
Date
|
|
|
|
/s/ James C. Mastandrea
James C. Mastandrea
|
Trustee, Chief Executive Officer and
President
|
September 18, 2018
|
|
(Principal Executive Officer)
|
|
|
|
|
/s/ John J. Dee
John J. Dee
|
Trustee, Senior Vice President and
Chief Financial Officer
|
September 18, 2018
|
|
(Principal Finance and Principal Accounting Officer)
|
|
|
|
|
/s/ Dennis H. Chookaszian
Dennis H. Chookaszian
|
Trustee
|
September 18, 2018
|
|
|
|
/s/ Daniel G. DeVos
Daniel G. DeVos
|
Trustee
|
September 18, 2018
|
|
|
|
/s/ Kathy M. Jassem
Kathy M. Jassem
|
Trustee
|
September 18, 2018
|
|
|
|
/s/ Paul T. Lambert
Paul T. Lambert
|
Trustee
|
September 18, 2018
|
|
|
|
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
|
||
|
|
|
|
|
Page
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
Pillarstone Capital REIT and Subsidiaries
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(in thousands, except per share data)
|
||||||||
|
|
|
||||||
|
|
December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
|
|
Restated
|
|
|
||||
ASSETS
(1)
|
||||||||
Real estate assets, at cost
|
|
|
|
|
||||
Property
|
|
$
|
83,144
|
|
|
$
|
80,564
|
|
Accumulated depreciation
|
|
(2,934
|
)
|
|
(150
|
)
|
||
Total real estate assets
|
|
80,210
|
|
|
80,414
|
|
||
Cash and cash equivalents
|
|
2,991
|
|
|
1,243
|
|
||
Escrows and acquisition deposits
|
|
2,188
|
|
|
2,274
|
|
||
Accrued rents and accounts receivable, net of allowance for doubtful accounts
|
|
798
|
|
|
213
|
|
||
Receivable due from related party
|
|
1,304
|
|
|
2,818
|
|
||
Unamortized lease commissions and deferred legal costs, net
|
|
1,265
|
|
|
1,150
|
|
||
Prepaid expenses and other assets
|
|
160
|
|
|
149
|
|
||
Total assets
|
|
$
|
88,916
|
|
|
$
|
88,261
|
|
LIABILITIES AND EQUITY (DEFICIT)
(2)
|
||||||||
Liabilities:
|
|
|
|
|
||||
Notes payable
|
|
$
|
64,313
|
|
|
$
|
65,474
|
|
Accounts payable and accrued expenses
|
|
3,586
|
|
|
3,509
|
|
||
Payable due to related party
|
|
1,005
|
|
|
265
|
|
||
Convertible notes payable
-
related parties
|
|
198
|
|
|
198
|
|
||
Accrued interest payable
|
|
42
|
|
|
22
|
|
||
Tenants' security deposits
|
|
1,191
|
|
|
996
|
|
||
Total liabilities
|
|
70,335
|
|
|
70,464
|
|
||
Commitments and contingencies
|
|
—
|
|
|
—
|
|
||
Shareholders' Equity (Deficit):
|
|
|
|
|
||||
Preferred A Shares - $0.01 par value, 1,518,000 authorized: 256,636 Class A cumulative convertible shares issued and outstanding at December 31, 2017 and 2016, $10.00 per share liquidation preference
|
|
3
|
|
|
3
|
|
||
Preferred C Shares - $0.01 par value, 300,000 authorized: 244,444 Class C cumulative convertible shares issued and outstanding at December 2017 and 2016, $10.00 per share liquidation preference
|
|
2
|
|
|
2
|
|
||
Common Shares - $0.01 par value, 400,000,000 authorized: 443,299 shares issued and 405,169 outstanding at December 31, 2017 and 2016
|
|
4
|
|
|
4
|
|
||
Additional paid-in capital
|
|
28,147
|
|
|
28,147
|
|
||
Accumulated deficit
|
|
(27,635
|
)
|
|
(27,850
|
)
|
||
Treasury stock, at cost, 38,130 shares
|
|
(801
|
)
|
|
(801
|
)
|
||
Total Pillarstone Capital REIT shareholders' deficit
|
|
(280
|
)
|
|
(495
|
)
|
||
Noncontrolling interest in subsidiary
|
|
18,861
|
|
|
18,292
|
|
||
Total equity
|
|
18,581
|
|
|
17,797
|
|
||
Total liabilities and equity
|
|
$
|
88,916
|
|
|
$
|
88,261
|
|
Pillarstone Capital REIT and Subsidiaries
|
||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||
(in thousands, except share and per share data)
|
||||||||
|
|
|
|
|
||||
|
|
Year Ended December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
|
|
Restated
|
|
|
||||
Property revenues
|
|
|
|
|
||||
Rental revenues
|
|
$
|
14,218
|
|
|
$
|
983
|
|
Other revenues
|
|
2,550
|
|
|
157
|
|
||
Total property revenues
|
|
16,768
|
|
|
1,140
|
|
||
|
|
|
|
|
||||
Property expenses
|
|
|
|
|
||||
Property operation and maintenance
|
|
5,029
|
|
|
397
|
|
||
Real estate taxes
|
|
2,672
|
|
|
174
|
|
||
Total property expenses
|
|
7,701
|
|
|
571
|
|
||
|
|
|
|
|
||||
Other expenses
|
|
|
|
|
||||
General and administrative
|
|
508
|
|
|
492
|
|
||
Depreciation and amortization
|
|
3,268
|
|
|
163
|
|
||
Interest expense
|
|
2,725
|
|
|
176
|
|
||
Total other expense
|
|
6,501
|
|
|
831
|
|
||
|
|
|
|
|
||||
Income (loss) before loss on disposal of assets and income taxes
|
|
2,566
|
|
|
(262
|
)
|
||
|
|
|
|
|
||||
Loss on disposal of assets
|
|
(31
|
)
|
|
—
|
|
||
Provision for income taxes
|
|
(88
|
)
|
|
—
|
|
||
|
|
|
|
|
||||
Net income (loss)
|
|
2,447
|
|
|
(262
|
)
|
||
|
|
|
|
|
||||
Less: noncontrolling interest in subsidiary
|
|
2,232
|
|
|
203
|
|
||
|
|
|
|
|
||||
Net income (loss) attributable to Common Shareholders
|
|
$
|
215
|
|
|
(465
|
)
|
|
|
|
|
|
|
||||
Earnings (Loss) Per Share:
|
|
|
|
|
||||
Basic income (loss) per Common Share:
|
|
|
|
|
||||
Net income (loss) available to Common Shareholders
|
|
$
|
0.53
|
|
|
$
|
(1.15
|
)
|
Diluted income (loss) per Common Share:
|
|
|
|
|
||||
Net income (loss) available to Common Shareholders
|
|
$
|
0.07
|
|
|
$
|
(1.15
|
)
|
|
|
|
|
|
||||
Weighted average number of Common Shares outstanding:
|
|
|
|
|
||||
Basic:
|
|
405,169
|
|
|
405,169
|
|
||
Diluted:
|
|
2,903,219
|
|
|
405,169
|
|
Pillarstone Capital REIT and Subsidiaries
|
||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT)
|
||||||||||||||||||||||||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Class A
|
|
Class C
|
|
|
|
Additional
|
|
|
|
Cost of
|
|
Total
|
|
|
|
Total
|
||||||||||||||||||
|
|
Preferred
|
|
Preferred
|
|
Common
|
|
Paid-in
|
|
Accumulated
|
|
Shares held
|
|
Shareholders'
|
|
Noncontrolling
|
|
Equity
|
||||||||||||||||||
|
|
Shares
|
|
Shares
|
|
Shares
|
|
Capital
|
|
Deficit
|
|
in Treasury
|
|
Deficit
|
|
Interest
|
|
(Deficit)
|
||||||||||||||||||
Balance, December 31, 2015
|
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
4
|
|
|
$
|
28,147
|
|
|
$
|
(27,385
|
)
|
|
$
|
(801
|
)
|
|
$
|
(30
|
)
|
|
$
|
—
|
|
|
$
|
(30
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Contributions in Operating Partnership
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,121
|
|
|
—
|
|
|
—
|
|
|
4,121
|
|
|
18,089
|
|
|
22,210
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Distributions in kind
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,121
|
)
|
|
—
|
|
|
—
|
|
|
(4,121
|
)
|
|
—
|
|
|
(4,121
|
)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(465
|
)
|
|
—
|
|
|
(465
|
)
|
|
203
|
|
|
(262
|
)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance, December 31, 2016
|
|
3
|
|
|
2
|
|
|
4
|
|
|
28,147
|
|
|
(27,850
|
)
|
|
(801
|
)
|
|
(495
|
)
|
|
18,292
|
|
|
17,797
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Distributions to operating partnership limited partner (restated)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,663
|
)
|
|
(1,663
|
)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net income (restated)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
215
|
|
|
—
|
|
|
215
|
|
|
2,232
|
|
|
2,447
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance, December 31, 2017 (restated)
|
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
4
|
|
|
$
|
28,147
|
|
|
$
|
(27,635
|
)
|
|
$
|
(801
|
)
|
|
$
|
(280
|
)
|
|
$
|
18,861
|
|
|
$
|
18,581
|
|
Pillarstone Capital REIT and Subsidiaries
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(in thousands)
|
||||||||
|
|
|
|
|
||||
|
|
Year Ended December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
|
|
Restated
|
|
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
2,447
|
|
|
$
|
(262
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
3,268
|
|
|
163
|
|
||
Deferred loan costs
|
|
97
|
|
|
—
|
|
||
Loss on disposal of assets
|
|
31
|
|
|
—
|
|
||
Bad debt expense
|
|
412
|
|
|
127
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Escrows and acquisition deposits
|
|
86
|
|
|
—
|
|
||
Accrued rent and accounts receivable
|
|
(997
|
)
|
|
(340
|
)
|
||
Receivable from related party
|
|
120
|
|
|
(1,542
|
)
|
||
Unamortized lease commissions and deferred legal costs
|
|
(567
|
)
|
|
(7
|
)
|
||
Prepaid expenses and other assets
|
|
(11
|
)
|
|
(8
|
)
|
||
Accounts payable and accrued expenses
|
|
97
|
|
|
1,200
|
|
||
Accounts payable due to related party
|
|
740
|
|
|
265
|
|
||
Tenants' security deposits
|
|
195
|
|
|
61
|
|
||
Net cash provided by (used in) operating activities
|
|
5,918
|
|
|
(343
|
)
|
||
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
||||
Additions to real estate
|
|
(1,249
|
)
|
|
—
|
|
||
Net cash used in investing activities
|
|
(1,249
|
)
|
|
—
|
|
||
|
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
||||
Proceeds from issuance of OP units, net of offering costs
|
|
—
|
|
|
1,412
|
|
||
Distributions paid to noncontrolling interest in Consolidated Partnership
|
|
(1,663
|
)
|
|
—
|
|
||
Repayments of notes payable
|
|
(1,258
|
)
|
|
—
|
|
||
Net cash provided by (used in) financing activities
|
|
(2,921
|
)
|
|
1,412
|
|
||
|
|
|
|
|
||||
Net increase in cash and cash equivalents
|
|
1,748
|
|
|
1,069
|
|
||
Cash and cash equivalents at beginning of period
|
|
1,243
|
|
|
174
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
2,991
|
|
|
$
|
1,243
|
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
||||
Cash paid for interest
|
|
$
|
2,611
|
|
|
$
|
—
|
|
Non cash investing and financing activities:
|
|
|
|
|
||||
Disposal of fully depreciated real estate
|
|
$
|
20
|
|
|
$
|
—
|
|
Investment in Pillarstone Capital REIT Operating Partnership LP
|
|
$
|
—
|
|
|
$
|
4,121
|
|
Distribution in kind from Pillarstone Capital REIT Operating Partnership LP
|
|
$
|
—
|
|
|
$
|
(4,121
|
)
|
Debt assumed with acquisitions of real estate
|
|
$
|
—
|
|
|
$
|
65,937
|
|
Value of OP units exchanged for real estate
|
|
$
|
—
|
|
|
$
|
16,667
|
|
Fair value of assets acquired
|
|
$
|
—
|
|
|
$
|
(82,614
|
)
|
Additions to real estate contributed by related party
|
|
$
|
1,394
|
|
|
$
|
—
|
|
1.
|
ORGANIZATION
|
|
|
December 31, 2017
|
||||||||||
|
|
As Reported
|
|
Effect of Restatement
|
|
As Restated
|
||||||
Real estate assets, at cost
|
|
|
|
|
|
|
||||||
Property
|
|
$
|
3
|
|
|
$
|
83,141
|
|
|
$
|
83,144
|
|
Accumulated depreciation
|
|
—
|
|
|
(2,934
|
)
|
|
(2,934
|
)
|
|||
Total real estate assets
|
|
3
|
|
|
80,207
|
|
|
80,210
|
|
|||
Cash and cash equivalents
|
|
179
|
|
|
2,812
|
|
|
2,991
|
|
|||
Escrows and acquisition deposits
|
|
—
|
|
|
2,188
|
|
|
2,188
|
|
|||
Accrued rents and accounts receivable, net of allowance for doubtful accounts
|
|
—
|
|
|
798
|
|
|
798
|
|
|||
Receivable due from related party
|
|
—
|
|
|
1,304
|
|
|
1,304
|
|
|||
Unamortized lease commissions and deferred legal costs, net
|
|
—
|
|
|
1,265
|
|
|
1,265
|
|
|||
Prepaid expenses and other assets
|
|
10
|
|
|
150
|
|
|
160
|
|
|||
Total assets
|
|
$
|
192
|
|
|
$
|
88,724
|
|
|
$
|
88,916
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017
|
||||||||||
|
|
As Reported
|
|
Effect of Restatement
|
|
As Restated
|
||||||
Notes payable
|
|
$
|
—
|
|
|
$
|
64,313
|
|
|
$
|
64,313
|
|
Accounts payable and accrued expenses
|
|
92
|
|
|
3,494
|
|
|
3,586
|
|
|||
Accounts payable - related party
|
|
316
|
|
|
689
|
|
|
1,005
|
|
|||
Convertible notes payable - related parties
|
|
198
|
|
|
—
|
|
|
198
|
|
|||
Accrued interest payable
|
|
42
|
|
|
—
|
|
|
42
|
|
|||
Tenants' security deposits
|
|
—
|
|
|
1,191
|
|
|
1,191
|
|
|||
Negative equity investment in Pillarstone Capital REIT LP
|
|
88
|
|
|
(88
|
)
|
|
—
|
|
|||
Total liabilities
|
|
736
|
|
|
69,599
|
|
|
70,335
|
|
|||
|
|
|
|
|
|
|
||||||
Commitments and contingencies
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Shareholders' Equity (Deficit):
|
|
|
|
|
|
|
||||||
Preferred A Shares - $0.01 par value, 1,518,000 authorized: 256,636 Class A cumulative convertible shares issued and outstanding at December 31, 2017 and 2016, $10.00 per share liquidation preference
|
|
3
|
|
|
—
|
|
|
3
|
|
|||
Preferred C Shares - $0.01 par value, 300,000 authorized: 244,444 Class C cumulative convertible shares issued and outstanding at December 31, 2017 and 2016, $10.00 per share liquidation preference
|
|
2
|
|
|
—
|
|
|
2
|
|
|||
Common Shares - $0.01 par value, 400,000,000 authorized: 443,299 shares issued and 405,169 outstanding at December 31, 2017 and 2016
|
|
4
|
|
|
—
|
|
|
4
|
|
|||
Additional paid-in capital
|
|
28,147
|
|
|
—
|
|
|
28,147
|
|
|||
Accumulated deficit
|
|
(27,899
|
)
|
|
264
|
|
|
(27,635
|
)
|
|||
Treasury stock, at cost, 38,130 shares
|
|
(801
|
)
|
|
—
|
|
|
(801
|
)
|
|||
Total Pillarstone Capital REIT shareholders' deficit
|
|
(544
|
)
|
|
264
|
|
|
(280
|
)
|
|||
Noncontrolling interest in subsidiary
|
|
—
|
|
|
18,861
|
|
|
18,861
|
|
|||
Total equity (deficit)
|
|
(544
|
)
|
|
19,125
|
|
|
18,581
|
|
|||
Total liabilities and equity
|
|
$
|
192
|
|
|
$
|
88,724
|
|
|
$
|
88,916
|
|
|
|
Year Ended December 31, 2017
|
||||||||||
|
|
As Reported
|
|
Effect of Restatement
|
|
As Restated
|
||||||
Property revenues
|
|
|
|
|
|
|
||||||
Rental revenues
|
|
$
|
—
|
|
|
$
|
14,218
|
|
|
$
|
14,218
|
|
Other revenues
|
|
—
|
|
|
2,550
|
|
|
2,550
|
|
|||
Total property revenues
|
|
—
|
|
|
16,768
|
|
|
16,768
|
|
|||
|
|
|
|
|
|
|
||||||
Property expenses
|
|
|
|
|
|
|
||||||
Property operation and maintenance
|
|
—
|
|
|
5,029
|
|
|
5,029
|
|
|||
Real estate taxes
|
|
—
|
|
|
2,672
|
|
|
2,672
|
|
|||
Total property expenses
|
|
—
|
|
|
7,701
|
|
|
7,701
|
|
|||
|
|
|
|
|
|
|
||||||
Other expenses
|
|
|
|
|
|
|
||||||
General and administrative
|
|
273
|
|
|
235
|
|
|
508
|
|
|||
Depreciation and amortization
|
|
—
|
|
|
3,268
|
|
|
3,268
|
|
|||
Interest expense
|
|
19
|
|
|
2,706
|
|
|
2,725
|
|
|||
Total other expense
|
|
292
|
|
|
6,209
|
|
|
6,501
|
|
|||
|
|
|
|
|
|
|
||||||
Income (loss) before loss on disposal of assets and income taxes
|
|
(292
|
)
|
|
2,858
|
|
|
2,566
|
|
|||
|
|
|
|
|
|
|
||||||
Loss on disposal of assets
|
|
—
|
|
|
(31
|
)
|
|
(31
|
)
|
|||
Equity in income of Pillarstone Capital REIT Operating Partnership LP
|
|
275
|
|
|
(275
|
)
|
|
—
|
|
|||
Provision for income taxes
|
|
—
|
|
|
(88
|
)
|
|
(88
|
)
|
|||
|
|
|
|
|
|
|
||||||
Net income (loss)
|
|
(17
|
)
|
|
2,464
|
|
|
2,447
|
|
|||
|
|
|
|
|
|
|
||||||
Less: non-controlling interest in subsidiary
|
|
—
|
|
|
2,232
|
|
|
2,232
|
|
|||
|
|
|
|
|
|
|
||||||
Net income (loss) attributable to Common Shareholders
|
|
$
|
(17
|
)
|
|
$
|
232
|
|
|
$
|
215
|
|
|
|
|
|
|
|
|
||||||
Net income (loss) attributable to Common Shareholders per Common Share:
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
(0.04
|
)
|
|
$
|
0.57
|
|
|
$
|
0.53
|
|
|
|
|
|
|
|
|
||||||
Diluted
|
|
$
|
(0.04
|
)
|
|
$
|
0.11
|
|
|
$
|
0.07
|
|
|
|
December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
Real estate assets, at cost
|
|
|
|
|
||||
Property
|
|
$
|
83,141
|
|
|
$
|
80,564
|
|
Accumulated depreciation
|
|
(2,934
|
)
|
|
(150
|
)
|
||
Total real estate assets
|
|
80,207
|
|
|
80,414
|
|
||
Cash and cash equivalents
|
|
2,812
|
|
|
1,236
|
|
||
Escrows and acquisition deposits
|
|
2,188
|
|
|
2,274
|
|
||
Accrued rents and accounts receivable, net of allowance for doubtful accounts
(1)
|
|
798
|
|
|
213
|
|
||
Receivable due from related party
|
|
1,304
|
|
|
2,818
|
|
||
Unamortized lease commissions and deferred legal costs, net
|
|
1,265
|
|
|
1,150
|
|
||
Prepaid expenses and other assets
|
|
150
|
|
|
134
|
|
||
Total assets
|
|
$
|
88,724
|
|
|
$
|
88,239
|
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
||||
Notes payable
|
|
64,313
|
|
|
65,474
|
|
||
Accounts payable and accrued expenses
|
|
3,494
|
|
|
3,481
|
|
||
Payable due to related party
|
|
1,005
|
|
|
265
|
|
||
Tenants' security deposits
|
|
1,191
|
|
|
996
|
|
||
Total liabilities
|
|
$
|
70,003
|
|
|
$
|
70,216
|
|
|
|
Year Ended December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
(in thousands, except per share data)
|
|
(Restated)
|
|
(Unaudited)
|
||||
Total property revenues
|
|
$
|
16,768
|
|
|
$
|
15,323
|
|
Net income
|
|
$
|
2,447
|
|
|
$
|
2,148
|
|
Net income attributable to Common Shareholders
|
|
$
|
215
|
|
|
$
|
(19
|
)
|
|
|
|
|
|
||||
Basic earnings per share:
|
|
$
|
0.53
|
|
|
$
|
(0.05
|
)
|
Diluted earnings per share:
|
|
$
|
0.07
|
|
|
$
|
(0.05
|
)
|
|
|
December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
Tenant receivables
|
|
$
|
680
|
|
|
$
|
293
|
|
Accrued rents and other recoveries
|
|
657
|
|
|
45
|
|
||
Allowance for doubtful accounts
|
|
(539
|
)
|
|
(125
|
)
|
||
Total
|
|
$
|
798
|
|
|
$
|
213
|
|
|
|
December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
Leasing commissions
|
|
$
|
1,577
|
|
|
$
|
1,163
|
|
Deferred legal costs
|
|
47
|
|
|
—
|
|
||
Total cost
|
|
1,624
|
|
|
1,163
|
|
||
Less: leasing commissions accumulated amortization
|
|
(350
|
)
|
|
(13
|
)
|
||
Less: deferred legal costs accumulated amortization
|
|
(9
|
)
|
|
—
|
|
||
Total cost, net of accumulated amortization
|
|
$
|
1,265
|
|
|
$
|
1,150
|
|
Years Ended December 31,
|
|
Leasing Commissions
|
|
Deferred Legal Costs
|
|
Total
|
||||||
2018
|
|
$
|
380
|
|
|
$
|
11
|
|
|
$
|
391
|
|
2019
|
|
272
|
|
|
9
|
|
|
281
|
|
|||
2020
|
|
222
|
|
|
7
|
|
|
229
|
|
|||
2021
|
|
155
|
|
|
5
|
|
|
160
|
|
|||
2022
|
|
100
|
|
|
4
|
|
|
104
|
|
|||
Thereafter
|
|
98
|
|
|
2
|
|
|
100
|
|
|||
Total
|
|
$
|
1,227
|
|
|
$
|
38
|
|
|
$
|
1,265
|
|
Years Ended December 31,
|
|
Minimum Future Rents
|
||
2018
|
|
$
|
11,532
|
|
2019
|
|
8,568
|
|
|
2020
|
|
6,839
|
|
|
2021
|
|
4,429
|
|
|
2022
|
|
2,584
|
|
|
Thereafter
|
|
13,160
|
|
|
Total
|
|
$
|
47,112
|
|
|
|
December 31,
|
||||||
Description
|
|
2017
|
|
2016
|
||||
Fixed rate notes
|
|
|
|
|
||||
$37.0 million 3.76% Note, due December 1, 2020
|
|
$
|
33,148
|
|
|
$
|
34,166
|
|
$16.5 million 4.97% Note, due September 26, 2023
|
|
16,058
|
|
|
16,298
|
|
||
Floating rate notes
|
|
|
|
|
||||
Related party Note, LIBOR plus 1.40% to 1.95%, due December 8, 2018
|
|
15,473
|
|
|
15,473
|
|
||
Total notes payable principal
|
|
64,679
|
|
|
65,937
|
|
||
Less deferred financing costs, net of accumulated amortization
|
|
(366
|
)
|
|
(463
|
)
|
||
Total notes payable
|
|
$
|
64,313
|
|
|
$
|
65,474
|
|
Year
|
|
Amount Due (in thousands)
|
||
2018
|
|
$
|
16,817
|
|
2019
|
|
1,376
|
|
|
2020
|
|
31,286
|
|
|
2021
|
|
308
|
|
|
2022
|
|
323
|
|
|
Thereafter
|
|
14,569
|
|
|
Total
|
|
$
|
64,679
|
|
•
|
the date our gross assets exceed
$50 million
, or
|
•
|
50%
of the restricted shares on March 4, 2004;
25%
of the shares on March 4, 2005 and the remaining
25%
of the shares on March 4, 2006.
|
|
Unvested Restricted Common Shares
|
||
|
|
|
Weighted-Average
|
|
Number of
|
|
Grant-Date
|
|
Shares
|
|
Fair Value
|
|
|
|
|
Unvested at December 31, 2015
|
168,449
|
|
$11.44
|
Vested
|
—
|
|
—
|
Unvested at December 31, 2016
|
168,449
|
|
$11.44
|
Vested
|
—
|
|
—
|
Unvested at December 31, 2017
|
168,449
|
|
$11.44
|
|
Options Outstanding
|
||||||||||||
|
|
|
|
|
Weighted-Average
|
|
|
||||||
|
|
|
Weighted-Average
|
|
Remaining
|
|
|
||||||
|
Number of
|
|
Exercise
|
|
Contractual Term
|
|
Aggregate
|
||||||
|
Shares
|
|
Price
|
|
(in years)
|
|
Intrinsic Value
(1)
|
||||||
|
|
|
|
|
|
|
|
||||||
Balance at December 31, 2015
|
667
|
|
|
$
|
33.75
|
|
|
1.3
|
|
|
$
|
—
|
|
Granted
|
—
|
|
|
—
|
|
|
|
|
|
||||
Exercised
|
—
|
|
|
—
|
|
|
|
|
|
||||
Canceled / forfeited / expired
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|||
Balance at December 31, 2016
|
667
|
|
|
$
|
33.75
|
|
|
1.25
|
|
|
$
|
—
|
|
Granted
|
—
|
|
|
—
|
|
|
|
|
|
||||
Exercised
|
—
|
|
|
—
|
|
|
|
|
|
||||
Canceled / forfeited / expired
|
—
|
|
|
—
|
|
|
|
|
|
||||
Balance at December 31, 2017
|
667
|
|
|
$
|
33.75
|
|
|
1.25
|
|
|
$
|
—
|
|
Vested and exercisable as of December 31, 2017
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
(1)
|
The aggregate intrinsic value is calculated as approximately the difference between the weighted average exercise price of the underlying awards and the Company’s estimated current fair market value at
December 31, 2017
. Because the weighted average exercise price exceeds fair market value at
December 31, 2017
, there is
no
aggregate intrinsic value for the options.
|
|
For the year ended December 31,
|
||||||
(in thousands, except share and per share data)
|
2017
|
|
2016
|
||||
|
(Restated)
|
|
|
||||
Numerator:
|
|
|
|
||||
Net income (loss) available to Common Shareholders
|
$
|
215
|
|
|
$
|
(465
|
)
|
Dilutive effect of interest from convertible notes payable
|
—
|
|
|
—
|
|
||
Net income (loss) available to Common Shareholders with assumed conversion
|
$
|
215
|
|
|
$
|
(465
|
)
|
|
|
|
|
||||
Denominator:
|
|
|
|
||||
Weighted average number of Common Shares - basic
|
405,169
|
|
|
405,169
|
|
||
Effect of dilutive securities:
|
|
|
|
||||
Assumed conversion of Preferred A Shares
|
53,610
|
|
|
—
|
|
||
Assumed conversion of Preferred C Shares
|
2,444,440
|
|
|
—
|
|
||
Assumed conversion of convertible notes payable
|
—
|
|
|
—
|
|
||
Weighted average number of Common Shares - dilutive
|
2,903,219
|
|
|
405,169
|
|
||
|
|
|
|
||||
Earnings (Loss) Per Share:
|
|
|
|
||||
Basic income (loss) per Common Share:
|
|
|
|
||||
Net income (loss) available to Common Shareholders
|
$
|
0.53
|
|
|
$
|
(1.15
|
)
|
Diluted income (loss) per Common Share:
|
|
|
|
||||
Net income (loss) available to Common Shareholders
|
$
|
0.07
|
|
|
$
|
(1.15
|
)
|
|
For the year ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
Net income (loss)
|
$
|
2,447
|
|
|
$
|
(262
|
)
|
Less: noncontrolling interest in subsidiary
|
2,232
|
|
|
203
|
|
||
Net income (loss) attributable to Common Shareholders
|
$
|
215
|
|
|
$
|
(465
|
)
|
|
For the year ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
Federal:
|
|
|
|
||||
Deferred
|
$
|
46
|
|
|
$
|
8
|
|
Change in deferred rate from 34% to 21% for 2017 and 40% to 34% for 2016
|
331
|
|
|
156
|
|
||
Change in valuation allowance
|
(377
|
)
|
|
(164
|
)
|
||
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
||||
State:
|
|
|
|
||||
Current
|
$
|
88
|
|
|
$
|
—
|
|
|
$
|
88
|
|
|
$
|
—
|
|
|
|
|
|
||||
Total tax expense
|
$
|
88
|
|
|
$
|
—
|
|
|
At December 31,
|
||||||
|
2017
|
|
2016
|
||||
Deferred tax assets and liabilities:
|
|
|
|
||||
Net operating loss carry-forwards
|
$
|
164
|
|
|
$
|
250
|
|
Depreciation and amortization
|
209
|
|
|
449
|
|
||
Acquisition and organizational costs
|
72
|
|
|
125
|
|
||
Accruals and others
|
45
|
|
|
43
|
|
||
Total deferred tax assets and liabilities
|
490
|
|
|
867
|
|
||
Valuation allowance
|
(490
|
)
|
|
(867
|
)
|
||
Deferred tax assets and liabilities net of valuation allowance
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
Year Ended December 31,
|
||||||
|
|
Location of Revenue (Expense)
|
|
2017
|
|
2016
|
||||
Rent
|
|
Rental revenues
|
|
$
|
782
|
|
|
$
|
58
|
|
Property management fees
|
|
Property operation and maintenance
|
|
$
|
(732
|
)
|
|
$
|
(57
|
)
|
Asset management fees
|
|
Property operation and maintenance
|
|
$
|
(264
|
)
|
|
$
|
(17
|
)
|
Interest expense
|
|
Interest expense
|
|
$
|
(528
|
)
|
|
$
|
(26
|
)
|
|
|
Year Ended December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
Construction in process
(1)
|
|
$
|
45
|
|
|
$
|
1,439
|
|
Tenant receivables and other receivables
|
|
1,259
|
|
|
1,379
|
|
||
Total
|
|
$
|
1,304
|
|
|
$
|
2,818
|
|
(1)
|
Amount relates to future tenant and building improvement expenditures implicit within the Contribution Agreement to be paid by Whitestone and capitalized by the Company in subsequent periods when placed in service.
|
|
|
Year Ended December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
Payables due to related party
|
|
$
|
1,005
|
|
|
$
|
265
|
|
Total
|
|
$
|
1,005
|
|
|
$
|
265
|
|
|
|
(in thousands)
|
||||||||||||||
|
|
Balance at
|
|
Charged to
|
|
Deductions
|
|
Balance at
|
||||||||
|
|
Beginning
|
|
Costs and
|
|
from
|
|
End of
|
||||||||
Description
|
|
of Year
|
|
Expense
|
|
Reserves
|
|
Year
|
||||||||
Deferred tax asset allowance:
|
|
|
|
|
|
|
|
|
||||||||
Year ended December 31, 2017
|
|
$
|
867
|
|
|
$
|
(377
|
)
|
|
$
|
—
|
|
|
$
|
490
|
|
Year ended December 31, 2016
|
|
1,031
|
|
|
(164
|
)
|
|
—
|
|
|
867
|
|
||||
Year ended December 31, 2015
|
|
1,004
|
|
|
27
|
|
|
—
|
|
|
1,031
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Allowance for doubtful accounts:
|
|
|
|
|
|
|
|
|
||||||||
Year ended December 31, 2017
|
|
$
|
125
|
|
|
412
|
|
|
2
|
|
|
$
|
539
|
|
||
Year ended December 31, 2016
|
|
—
|
|
|
127
|
|
|
(2
|
)
|
|
125
|
|
||||
Year ended December 31, 2015
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
Costs Capitalized Subsequent
|
|
Gross Amount at which Carried at
|
||||||||||||||||||||
|
|
Initial Cost (in thousands)
|
|
to Acquisition (in thousands)
|
|
End of Period
(in thousands)
(1) (2)
|
||||||||||||||||||||||
|
|
|
|
Building and
|
|
Improvements
|
|
Carrying
|
|
|
|
Building and
|
|
|
||||||||||||||
Property Name
|
|
Land
|
|
Improvements
|
|
(net)
|
|
Costs
|
|
Land
|
|
Improvements
|
|
Total
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Pillarstone OP Properties:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
9101 LBJ Freeway
|
|
$
|
3,590
|
|
|
$
|
2,811
|
|
|
$
|
82
|
|
|
$
|
—
|
|
|
$
|
3,590
|
|
|
$
|
2,893
|
|
|
$
|
6,483
|
|
Corporate Park Northwest
|
|
1,326
|
|
|
5,009
|
|
|
189
|
|
|
—
|
|
|
1,326
|
|
|
5,198
|
|
|
6,524
|
|
|||||||
Corporate Park West
|
|
2,772
|
|
|
10,144
|
|
|
501
|
|
|
—
|
|
|
2,772
|
|
|
10,645
|
|
|
13,417
|
|
|||||||
Corporate Park Woodland
|
|
1,144
|
|
|
4,764
|
|
|
65
|
|
|
—
|
|
|
1,144
|
|
|
4,829
|
|
|
5,973
|
|
|||||||
Corporate Park Woodland II
|
|
2,730
|
|
|
24
|
|
|
—
|
|
|
—
|
|
|
2,730
|
|
|
24
|
|
|
2,754
|
|
|||||||
Dairy Ashford
|
|
325
|
|
|
920
|
|
|
2
|
|
|
—
|
|
|
325
|
|
|
922
|
|
|
1,247
|
|
|||||||
Holly Hall Industrial Park
|
|
2,730
|
|
|
1,768
|
|
|
1
|
|
|
—
|
|
|
2,730
|
|
|
1,769
|
|
|
4,499
|
|
|||||||
Holly Knight
|
|
807
|
|
|
1,231
|
|
|
110
|
|
|
—
|
|
|
807
|
|
|
1,341
|
|
|
2,148
|
|
|||||||
Interstate 10 Warehouse
|
|
2,915
|
|
|
765
|
|
|
110
|
|
|
—
|
|
|
2,915
|
|
|
875
|
|
|
3,790
|
|
|||||||
Main Park
|
|
1,176
|
|
|
1,626
|
|
|
432
|
|
|
—
|
|
|
1,176
|
|
|
2,058
|
|
|
3,234
|
|
|||||||
Plaza Park
|
|
1,527
|
|
|
1,660
|
|
|
50
|
|
|
—
|
|
|
1,527
|
|
|
1,710
|
|
|
3,237
|
|
|||||||
Uptown Tower
|
|
7,304
|
|
|
15,493
|
|
|
690
|
|
|
—
|
|
|
7,304
|
|
|
16,183
|
|
|
23,487
|
|
|||||||
Westbelt Plaza
|
|
1,171
|
|
|
1,393
|
|
|
81
|
|
|
—
|
|
|
1,171
|
|
|
1,474
|
|
|
2,645
|
|
|||||||
Westgate Service Center
|
|
937
|
|
|
2,502
|
|
|
267
|
|
|
—
|
|
|
937
|
|
|
2,769
|
|
|
3,706
|
|
|||||||
Total - Pillarstone OP Properties
|
|
$
|
30,454
|
|
|
$
|
50,110
|
|
|
$
|
2,580
|
|
|
$
|
—
|
|
|
$
|
30,454
|
|
|
$
|
52,690
|
|
|
$
|
83,144
|
|
|
|
|
|
Accumulated Depreciation
|
|
Date
|
|
Depreciation
|
||
Property Name
|
|
Encumbrances
|
|
(in thousands)
|
|
Acquired
|
|
Life
|
||
Pillarstone OP Properties:
|
|
|
|
|
|
|
|
|
||
9101 LBJ Freeway
|
|
|
|
$
|
213
|
|
|
12/8/2016
|
|
5-39 years
|
Corporate Park Northwest
|
|
|
|
416
|
|
|
12/8/2016
|
|
5-39 years
|
|
Corporate Park West
|
|
(3)
|
|
333
|
|
|
12/8/2016
|
|
5-39 years
|
|
Corporate Park Woodland
|
|
(3)
|
|
194
|
|
|
12/8/2016
|
|
5-39 years
|
|
Corporate Park Woodland II
|
|
|
|
3
|
|
|
12/8/2016
|
|
5-39 years
|
|
Dairy Ashford
|
|
(3)
|
|
26
|
|
|
12/8/2016
|
|
5-39 years
|
|
Holly Hall Industrial Park
|
|
(3)
|
|
95
|
|
|
12/8/2016
|
|
5-39 years
|
|
Holly Knight
|
|
|
|
48
|
|
|
12/8/2016
|
|
5-39 years
|
|
Interstate 10 Warehouse
|
|
(3)
|
|
48
|
|
|
12/8/2016
|
|
5-39 years
|
|
Main Park
|
|
(3)
|
|
155
|
|
|
12/8/2016
|
|
5-39 years
|
|
Plaza Park
|
|
(3)
|
|
152
|
|
|
12/8/2016
|
|
5-39 years
|
|
Uptown Tower
|
|
(4)
|
|
913
|
|
|
12/8/2016
|
|
5-39 years
|
|
Westbelt Plaza
|
|
(3)
|
|
163
|
|
|
12/8/2016
|
|
5-39 years
|
|
Westgate Service Center
|
|
(3)
|
|
175
|
|
|
12/8/2016
|
|
5-39 years
|
|
Total - Pillarstone OP Properties
|
|
|
|
$
|
2,934
|
|
|
|
|
|
(1)
|
Reconciliations of total real estate carrying value for the years ended
December 31, 2017
and
2016
follows:
|
|
|
(in thousands)
|
||||||
|
|
2017
|
|
2016
|
||||
Balance at beginning of period
|
|
$
|
80,564
|
|
|
$
|
—
|
|
Additions during the period:
|
|
|
|
|
||||
Acquisitions
|
|
—
|
|
|
80,564
|
|
||
Improvements
|
|
2,641
|
|
|
—
|
|
||
|
|
2,641
|
|
|
80,564
|
|
||
Deductions - cost of real estate sold or retired
|
|
(61
|
)
|
|
—
|
|
||
Balance at close of period
|
|
$
|
83,144
|
|
|
$
|
80,564
|
|
(2)
|
The aggregate cost of real estate (in thousands) for federal income tax purposes is
$84,646
.
|
(3)
|
These properties secure a
$37.0 million
mortgage note.
|
(4)
|
This property secures a
$16.5 million
mortgage note.
|
1 Year Pillarstone Capital REIT (CE) Chart |
1 Month Pillarstone Capital REIT (CE) Chart |
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