Whitestone Announces Multiple Promotions to Advance Leasing Objectives

Rhea-AI Summary

Whitestone REIT (NYSE: WSR) has announced key promotions to enhance its leasing operations. The leadership changes aim to support the company’s community-centered leasing strategy and drive occupancy beyond last year’s record levels. Matthew Okmin has been appointed Regional Senior VP for Arizona, David Spagnolo as Regional VP for Dallas/Austin, and Wendell Nault as Director of Leasing in Houston. These initiatives reflect Whitestone's commitment to leverage talent from within and its growth in key markets like Phoenix, Austin, and Dallas-Fort Worth.

Positive

• Leadership promotions aimed at enhancing leasing operations and occupancy.
• Matthew Okmin oversees leasing for 2.4 million square feet in Arizona with a history of maintaining high occupancy.
• David Spagnolo has increased regional occupancy to over 96% and expanded the portfolio significantly.

Negative

• None.

HOUSTON, April 25, 2022 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) today announced several promotions related to furthering the company’s focus on leasing. These individuals will be instrumental in ensuring that Whitestone maintains its community centered leasing strategy as the company increases its occupancy levels above the record level achieved in 2021.

“The leadership changes we are announcing today underscore Whitestone’s ability to attract and develop outstanding talent with the right skills to build on our progress,” said Whitestone Chief Executive Officer, Dave Holeman. “Several of the individuals below graduated from our Real Estate Executive Development (REED) program and we are thrilled to see them advance their careers within Whitestone.”

Matthew Okmin: Regional Senior Vice President, Arizona

In his new role, Matt is responsible for the overall performance of the team that handles leasing, property management for Whitestone’s nearly 2.4 million square foot Arizona portfolio.

Matt originally joined Whitestone REIT in 2013 as a leasing agent in the Scottsdale office before being tapped in 2015 to create and lead the company’s Austin & San Antonio Division. Matthew oversaw the growth of that portfolio to roughly 850,000 square feet while maintaining occupancy of 97-99%.

Matt began his nearly 30-year career in the real estate field with Heitman Retail Properties, leasing enclosed regional malls around the country. Subsequently, Matt managed over 1.1 million square feet for Retail Properties of America before joining the Whitestone team.

Matt earned his MBA from Rice University’s Jones School of Business and holds a Bachelor of Arts degree from the University of Wisconsin.

David Spagnolo: Regional Vice President, Dallas/Austin

Over the past 7 years, as the Division Director for the Dallas Region, David has grown occupancy for the region to over 96% and nearly tripled the size of the portfolio by way of acquisitions and development. David adds the Austin region to his area of responsibly as the company seeks to maintain high occupancy levels and continue growing the portfolio. Before being named to his current position in 2015, David was the Assistant Vice President of Acquisitions and Asset Management. In that role, he successfully teamed to complete acquisitions and dispositions of 1.3 million square feet for $250 million. He was also Assistant Vice President of Leasing for the Houston Division where he leased 1 million square feet of space throughout the portfolio.

David earned his MBA from Rice University’s Jones School of Business and is also a graduate of Washington and Jefferson College with a bachelor’s degree in Business Administration.

Wendell Nault: Director of Leasing, Houston

Wendell joined Whitestone REIT in Houston as the Senior Leasing Agent in December 2019. In that role he has successfully completed transactions covering over 200,000 square feet. With Whitestone REIT Wendell has been responsible for a diverse portfolio of properties in the Houston area ranging from the affluent mixed used center, Blvd Place to Whitestone’s suburban shopping centers in Sugar Land.

Much of Wendell’s 30-year career was spent with Macerich, a regional mall developer in various roles including Vice President, Leasing. Throughout his career he has managed high-performing, professional leasing teams at the regional and national level.

Wendell holds a Bachelor of Science degree from Texas A&M.

Whitestone REIT

Whitestone REIT (NYSE: WSR) 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. 

Our centers are convenience focused: merchandised with a mix of service-oriented tenants providing food (restaurants and grocers), self-care (health and fitness), services (financial and logistics), education and entertainment to the surrounding communities. The company believes its strong community connections and deep tenant relationships are key to the success of its current centers and its acquisition strategy. For additional information, please visit www.whitestonereit.com.

Safe Harbor Statement

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends for all such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" or similar expressions or their negatives, as well as statements in future tense. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and our actual results could differ materially from those set forth in the forward-looking statements. For a description of certain of such factors, see the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, and the Company's other filings with the Securities and Exchange Commission. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Investor and Media Contact:

David Mordy
Director of Investor Relations
Whitestone REIT
(713) 435-2219
ir@whitestonereit.com