Whitestone - WSR STOCK NEWS

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.

Erez Asset Management criticizes Whitestone REIT's Board for lack of candor and failure to address underperformance, governance issues, and capital allocation. Erez urges shareholders to vote for new candidates. Whitestone's stock trades at a significant discount to NAV, underperforms peers, and has missed financial targets. The Board is accused of distorting facts and concealing failures. Erez highlights inefficiencies, high leverage, poor capital allocation, and questionable governance practices at Whitestone.

Whitestone REIT published an investor presentation showcasing their successful strategy execution aimed at driving long-term sustainable value creation. The presentation highlights the CEO's appointment in 2022, achieving 21% total shareholder returns, significant SS NOI growth, and 11% year-over-year Core FFO per share growth in 2024. The Board's commitment to driving sustainable shareholder value creation through governance enhancements and operational goals is emphasized. Whitestone opposes Erez's campaign, citing concerns over their proposed sale or liquidation strategy and lack of substantive operational ideas. Erez's nominees are criticized as unqualified, with the Board recommending shareholders to vote for their nominees on the WHITE proxy card.

Erez Asset Management, releases a presentation criticizing Whitestone REIT's Board of Trustees' performance and governance failures. They advocate for change by nominating Catherine Clark and Bruce Schanzer to restore shareholder value. The presentation highlights the current Board's shortcomings and urges shareholders to vote 'FOR' Clark and Schanzer using the BLUE Proxy Card. Erez emphasizes the need for experienced, aligned trustees to improve Whitestone's performance.

Whitestone REIT (WSR) acquires Scottsdale Commons for $22.2 million, a 69,000 square foot center with high occupancy and strong tenant mix. The acquisition aims to leverage Whitestone's leasing and operations skills to enhance performance and add value. The funding comes from Whitestone's capital recycling program, totaling over $100 million in acquisitions with a focus on improving portfolio quality.

Erez Asset Management, has nominated two candidates to the Board of Whitestone REIT, citing poor governance, conflicts of interest, underperformance, and misallocation of capital. The company has diluted shareholders with equity offerings and trades at a discount to NAV. The nominees aim to enhance shareholder value and improve performance.

Whitestone REIT (WSR) urges shareholders to vote for its highly qualified trustees on the WHITE proxy card for the 2024 Annual Meeting. Since the CEO change in 2022, Whitestone has excelled in stock performance, achieving high Same Store NOI growth, strong Core FFO outlook, and outperforming peers. Erez Asset Management's proxy contest is criticized for lacking value-adding ideas and risking disruption of Whitestone's progress.

Whitestone REIT (WSR) to Release Q1 2024 Financial Results on May 1, 2024