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EREZ Asset Management questions Whitestone REIT Board's recent conduct and calls for urgent change to improve governance, capital allocation, and management oversight to create long-term shareholder value. EREZ nominates two candidates with relevant REIT experience, urging shareholders to vote for change at the upcoming Annual Meeting.
Whitestone REIT issued a shareholder letter detailing the actions taken to terminate the former CEO, revitalize governance, and create value under new management. The upcoming Annual Meeting on May 14, 2024, will decide on the composition of the Board. Whitestone's reset strategy has led to outperformance in shareholder returns. The Board urges shareholders to vote for the current trustees. Erez Asset Management has nominated 2 candidates, sparking controversy.
Erez Asset Management, a shareholder of Whitestone REIT, responded to false accusations by Whitestone, emphasizing the need for change at Whitestone. Erez refuted claims of pursuing an acquisition and criticized Whitestone's board composition and governance practices. The PR highlights Erez's nomination of two candidates for Whitestone's board and encourages shareholders to vote for change.
Whitestone REIT (NYSE:WSR) exposed new information revealing Erez Asset Management nominee Bruce Schanzer colluded with terminated Chairman and CEO James Mastandrea in an attempt to acquire Whitestone. The company's reset strategy under CEO David Holeman has delivered superior returns. Schanzer's pattern of lies and deception was exposed through a pitch deck developed by Erez in 2023, showing his ulterior motives and self-dealing transactions. Shareholders are urged to reject Schanzer and Erez nominees to protect their investment.
Whitestone REIT reported strong first quarter 2024 results with revenues of $37.2 million, net income of $9.3 million, and Core FFO of $12.3 million. The company saw a 7% increase in portfolio annualized base rent per square foot, occupancy at 93.6%, and a 31% increase in leasing square footage signed. Whitestone reiterates its 2024 full year Core FFO per share guidance with 11% year-over-year growth at the midpoint.
Whitestone REIT (NYSE: WSR) is undergoing a positive transformation with new leadership since 2022, delivering strong results in operational performance and financial growth. The Board highlights proven success in the company's turnaround strategy, overshadowing the challenges posed by activist investor Erez Asset Management. Whitestone's focus on improving operations, balance sheet, governance, and transparency has led to impressive achievements, demonstrating a commitment to maximizing shareholder value. The company's steady growth, superior total shareholder returns, improved corporate governance, successful litigation resolution, and market recognition underline its positive trajectory. Despite Erez's disruptive strategy and misleading claims, Whitestone remains dedicated to delivering long-term value and maintaining momentum for future success.