HOUSTON - Whitestone REIT (NYSE: NYSE:WSR), a community-centered real estate investment trust, has publicly urged its shareholders to vote for the re-election of its six trustees at the upcoming Annual Meeting on May 14, 2024. This appeal comes in response to a challenge from Erez Asset Management, which has nominated two alternative candidates.
In a letter from independent Board Chair David Taylor and Chair of the Nominating and Corporate Governance Committee, Nandita Berry, the pair recount the actions taken to remove former CEO James Mastandrea for cause and implement a "reset strategy" for the company. They credit this approach for the improved shareholder returns since Mastandrea's termination in January 2022.
Taylor and Berry emphasize the governance changes made under their leadership, including the termination of the poison pill, allowing shareholders to amend bylaws, and beginning the process of refreshing the Board with new trustees. They highlight the appointments of Amy Feng in 2022 and Julia Buthman in 2023, noting their skills in capital allocation, debt markets, technology, and investor relations.
The letter also addresses the alleged deceptive tactics of Bruce Schanzer, a candidate nominated by Erez Asset Management, who is accused of having undisclosed ties to the ousted CEO. Taylor and Berry assert their independence and dedication to shareholder interests, distancing themselves from the previous regime and underscoring their roles as agents of change.
Whitestone REIT specializes in acquiring and developing open-air retail centers in rapidly growing markets such as Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio. The company prides itself on strong community connections and tenant relationships.
The information in this article is based on a press release statement from Whitestone REIT.
InvestingPro Insights
As Whitestone REIT (NYSE: WSR) approaches its pivotal Annual Meeting, shareholders are evaluating the company's performance and strategic direction. With a market capitalization of $595.67 million, Whitestone REIT stands as a significant player in the open-air retail center market, especially in high-growth areas. A key metric that shareholders often consider is the company's P/E ratio, which currently stands at 23.54, reflecting market sentiment about the company's earnings potential.
InvestingPro Tips for Whitestone REIT reveal a company that has demonstrated stability and growth potential. Notably, Whitestone has maintained dividend payments for an impressive 15 consecutive years, which could be a reassuring sign for income-focused investors. Additionally, the company's liquid assets exceed its short-term obligations, indicating a solid financial position for meeting immediate liabilities. These factors may contribute to the Board's confidence in advocating for the re-election of its trustees.
Further financial data underscores the company's recent performance. The gross profit margin for the last twelve months as of Q1 2024 stands at a robust 68.53%, suggesting that Whitestone REIT operates with a high level of efficiency. Moreover, the company has seen a revenue growth of 3.13% over the same period, albeit modest, it points to a trajectory of growth that could bolster the Board's case for continuity and stability.
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