Whitestone REIT (WSR) Announces Preliminary Results of 2024 Annual Meeting of Shareholders
Key Summary: In March 7, 2024, Erez Asset Management plans to nominate two Board candidates at Whitestone's 2024 annual meeting. They urge shareholders to question management on underperformance, rejected buyout offers, asset sales, high costs, excessive debt, and lack of board experience. KBS Strategic Opportunity REIT aimed to align interests in mid-2017, increasing stake to 9.36% by December 2017. Despite unsuccessful board nominations, their proposal to declassify the board passed in May 2018. On May 14, 2024, the company announced that based on the preliminary vote count at the Company’s 2024 AGM, all six Whitestone’s nominees have been re-elected to the BoardMarket Cap: $603 million | Whitestone REIT is a community-centered real estate investment trust (REIT) that acquires, owns, operates, and develops open-air, retail centers located in some of the fastest growing markets in the country: Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio.
On March 7, 2024, Erez Asset Management stated its plans to nominate two candidates for the Board at the 2024 annual meeting. They highlighted Whitestone's underperformance and urged shareholders to question management during a conference call, focusing on issues like rejecting a premium buyout offer, value-destructive asset sales, high public company costs, excessive debt levels, and the board's lack of relevant experience. Source
On March 19, 2024, Erez Asset Management nominated two candidates for election to the Board at the 2024 AGM.
On April 2, 2024, Erez Asset Management filed proxy materials seeking support for its nominees.
On April 9, 2024, Erez Asset Management filed proxy materials urging shareholders to vote for their nominees and withhold votes from current trustees Taylor and Berry.
On April 22, 2024, Erez Asset Management issued the Investor Presentation titled “Change is Needed at Whitestone: Erez Offers a Path to Restoring Value for Shareholders.”
On April 26, 2024, Erez Asset Management filed proxy materials urging shareholders to vote for their nominees. It sent a letter to the shareholders highlighting the company's underperformance compared to peers, inefficient operations, and questionable governance practices.
On April 30, 2024, ISS supports Erez's nominees, Bruce Schanzer and Catherine Clark, for the board of directors, while advising shareholders to withhold support from Whitestone's nominees, David Taylor and Nandita Berry. Source
On May 6, 2024, Erez Asset Management reiterated the need for change at Whitestone REIT and rebutted accusations made by Whitestone regarding a potential acquisition offer. Erez clarified it wasn't pursuing an acquisition and criticized Whitestone's misleading allegations. Source
On May 14, 2024, the company announced that based on the preliminary vote count at the Company’s 2024 AGM, all six Whitestone’s nominees have been re-elected to the Board. Source
Past
In mid-2017, KBS Strategic Opportunity REIT disclosed a 7.1% stake and aimed to align management and shareholder interests by discussing changes to compensation. By December 2017, their stake rose to 9.36%, prompting a notice to nominate trustees and propose declassifying the Board. They filed proxy materials in March and April 2018, urging support for their nominees and proposals. Despite ISS's recommendation, their candidates weren't elected at the May 2018 AGM, but the proposal to declassify the Board passed. By December 2018, KBS reduced its stake to 4.99%.