Whitestone REIT Continues Board Refreshment with Appointment of Two Independent Trustees
Whitestone REIT (NYSE: WSR) has appointed two new independent trustees to its Board: Kristian M. Gathright and Donald A. Miller, effective immediately. Gathright, former Executive VP and COO of Apple Hospitality REIT, brings extensive operational and strategic experience, including B2C knowledge and Board expertise. Miller, former CEO of Piedmont Office Realty Trust, contributes significant real estate leadership experience and Sun Belt market expertise. These appointments maintain the Board at six trustees, with five being independent, as Nandita V. Berry and David F. Taylor step down.
Whitestone REIT (NYSE: WSR) ha nominato due nuovi fiduciari indipendenti nel suo Consiglio: Kristian M. Gathright e Donald A. Miller, con effetto immediato. Gathright, ex Vicepresidente Esecutivo e COO di Apple Hospitality REIT, porta una vasta esperienza operativa e strategica, inclusa la conoscenza B2C e competenze nel Consiglio. Miller, ex CEO di Piedmont Office Realty Trust, contribuisce con un'importante esperienza nella leadership immobiliare e competenze nel mercato del Sun Belt. Queste nomine mantengono il Consiglio con sei fiduciari, di cui cinque sono indipendenti, poiché Nandita V. Berry e David F. Taylor si dimettono.
Whitestone REIT (NYSE: WSR) ha nombrado a dos nuevos fideicomisarios independientes en su Junta: Kristian M. Gathright y Donald A. Miller, con efecto inmediato. Gathright, ex Vicepresidente Ejecutivo y COO de Apple Hospitality REIT, aporta una amplia experiencia operativa y estratégica, incluyendo conocimientos en B2C y experiencia en la Junta. Miller, ex CEO de Piedmont Office Realty Trust, contribuye con una significativa experiencia en liderazgo inmobiliario y conocimientos sobre el mercado de Sun Belt. Estas designaciones mantienen el Consejo con seis fideicomisarios, de los cuales cinco son independientes, ya que Nandita V. Berry y David F. Taylor dimiten.
Whitestone REIT (NYSE: WSR)는 Kristian M. Gathright와 Donald A. Miller를 이사회에 새로운 독립 이사로 즉시 임명했습니다. Gathright는 Apple Hospitality REIT의 전 부사장 겸 COO로, B2C 지식과 이사회 경험을 포함한 폭넓은 운영 및 전략 경험을 제공합니다. Miller는 Piedmont Office Realty Trust의 전 CEO로, 부동산 리더십 경험이 풍부하고 Sun Belt 시장에 대한 전문 지식을 가지고 있습니다. 이 임명은 이사회를 여섯 명의 이사로 유지하며, 그 중 다섯 명이 독립적입니다. Nandita V. Berry와 David F. Taylor는 사임합니다.
Whitestone REIT (NYSE: WSR) a nommé deux nouveaux administrateurs indépendants au sein de son Conseil : Kristian M. Gathright et Donald A. Miller, avec effet immédiat. Gathright, ancien Vice-Président Exécutif et COO d'Apple Hospitality REIT, apporte une vaste expérience opérationnelle et stratégique, y compris des connaissances en B2C et une expertise au sein des conseils. Miller, ancien CEO de Piedmont Office Realty Trust, contribue avec une expérience significative en leadership immobilier et une expertise du marché du Sun Belt. Ces nominations maintiennent le Conseil à six administrateurs, dont cinq sont indépendants, Nandita V. Berry et David F. Taylor démissionnant.
Whitestone REIT (NYSE: WSR) hat zwei neue unabhängige Treuhänder in seinen Vorstand berufen: Kristian M. Gathright und Donald A. Miller, mit sofortiger Wirkung. Gathright, ehemaliger Executive VP und COO von Apple Hospitality REIT, bringt umfangreiche operative und strategische Erfahrung mit, einschließlich B2C-Kenntnissen und Erfahrung im Vorstand. Miller, ehemaliger CEO von Piedmont Office Realty Trust, trägt bedeutende Erfahrungen in der Immobilienleitung sowie Fachkenntnisse über den Sun Belt-Markt bei. Diese Ernennungen halten den Vorstand bei sechs Treuhändern, von denen fünf unabhängig sind, während Nandita V. Berry und David F. Taylor zurücktreten.
- Board strengthened with experienced real estate executives with proven track records
- Maintains high independent trustee ratio (5 out of 6)
- New trustees bring valuable operational and strategic expertise from successful REIT management
- None.
Veteran Real Estate C-Suite Executives Kristian M. Gathright and Donald A. Miller Bring Deep Industry Expertise and Financial and Operational Acumen
HOUSTON, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) today announced the appointments of Kristian (“Krissy”) M. Gathright and Donald (“Don”) A. Miller, CFA, to the Board of Trustees, effective immediately. These appointments reflect shareholder feedback received over the last several months and conclude an exhaustive search by Whitestone’s Nominating and Governance Committee in combination with pre-eminent executive search firm Spencer Stuart.
Ms. Gathright currently serves as a Board member of Apple Hospitality REIT (NYSE: APLE) that owns one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States. During a span of over 20 years, she served in various roles at the company, including operations, strategic decision-making, raising capital and investor relations. In addition to her extensive operational and strategic contributions at Apple REIT, Ms. Gathright was instrumental in the company’s 2015 listing on the NYSE and its ownership transition from retail to institutional shareholders. She was serving as Apple REIT’s Executive Vice President and Chief Operating Officer prior to her retirement in 2020. Ms. Gathright has also served on the Board of Trustees for Spirit Realty (NYSE: SRC), a net lease REIT. Prior to its acquisition in January 2024, Spirit Realty had an approximate
Mr. Miller served as President and Chief Executive Officer for Piedmont Office Realty Trust (NYSE: PDM) for over a decade, including overseeing its initial public offering in 2010. Under his leadership, Piedmont recycled approximately
Ms. Gathright will serve as a member of the Audit and Nominating and Corporate Governance Committees and Mr. Miller will serve as a member of the Compensation and Nominating and Corporate Governance Committees.
In connection with these two appointments and as previously announced, Nandita V. Berry and David F. Taylor will step down from the Board effective immediately. The Whitestone Board will continue to comprise six trustees, five of whom are independent.
“We are excited to welcome Krissy and Don to the Board,” said Amy S. Feng, Chair of the Board of Trustees. “With their collective real estate industry expertise and track record of value creation, I am confident that they will be significantly additive to the Board as we oversee the management team’s continued success in executing Whitestone’s growth strategy and driving enhanced shareholder returns.”
Ms. Feng added, “On behalf of the Board, I also want to acknowledge David’s and Nandita’s contributions, which were instrumental in launching the Company’s reset strategy. We thank them for their years of service to Whitestone.”
“Whitestone is poised to capture the substantial benefits of its turnaround strategy,” said Ms. Gathright. “I am honored to be a part of the Company’s Board and look forward to utilizing my REIT operational experience and B2C background as I work closely with my fellow Trustees and the management team to ensure Whitestone’s continued growth and value creation.”
“Whitestone combines high-quality assets with best-in-class operating performance, as evidenced by their performance over the last three years under CEO Dave Holeman,” said Mr. Miller. “I look forward to leveraging my expertise in the industry to support the Company’s continued momentum and create significant shareholder value.”
About 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 the Company's investor relations website.
Forward-Looking Statements
This Report contains forward-looking statements within the meaning of the federal securities laws, including discussion and analysis of our financial condition and results of operations, statements related to our expectations regarding the performance of our business, and other matters. These forward-looking statements are not historical facts but are the intent, belief or current expectations of our management based on its knowledge and understanding of our business and industry. Forward looking statements are typically identified by the use of terms such as “may,” “will,” “should,” “potential,” “predicts,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates” or the negative of such terms and variations of these words and similar expressions, although not all forward-looking statements include these words. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.
Factors that could cause actual results to differ materially from any forward-looking statements made in this Report include: the imposition of federal income taxes if we fail to qualify as a real estate investment trust (“REIT”) in any taxable year or forego an opportunity to ensure REIT status; uncertainties related to the national economy and the real estate industry, both in general and in our specific markets; legislative or regulatory changes, including changes to laws governing REITs; adverse economic or real estate developments or conditions in Texas or Arizona, Houston, Dallas, and Phoenix in particular, including the potential impact of public health emergencies, on our tenants’ ability to pay their rent, which could result in bad debt allowances or straight-line rent reserve adjustments; increases in interest rates, including as a result of inflation, which may increase our operating costs or general and administrative expenses; our current geographic concentration in the Houston, Dallas, and Phoenix metropolitan area markets makes us susceptible to potential local economic downturns; natural disasters, such as floods and hurricanes, which may increase as a result of climate change may adversely affect our returns and adversely impact our existing and prospective tenants; increasing focus by stakeholders on environmental, social, and governance matters; financial institution disruptions; availability and terms of capital and financing, both to fund our operations and to refinance our indebtedness as it matures; decreases in rental rates or increases in vacancy rates; harm to our reputation, ability to do business and results of operations as a result of improper conduct by our employees, agents or business partners; litigation risks; lease-up risks, including leasing risks arising from exclusivity and consent provisions in leases with significant tenants; our inability to renew tenant leases or obtain new tenant leases upon the expiration of existing leases; risks related to generative artificial intelligence tools and language models, along with the potential interpretations and conclusions they might make regarding our business and prospects, particularly concerning the spread of misinformation; our inability to generate sufficient cash flows due to market conditions, competition, uninsured losses, changes in tax or other applicable laws; geopolitical conflicts, such as the ongoing conflict between Russia and Ukraine, the conflict in the Gaza Strip and unrest in the Middle East; the need to fund tenant improvements or other capital expenditures out of our operating cash flow; and the risk that we are unable to raise capital for working capital, acquisitions or other uses on attractive terms or at all: the ultimate amount we will collect in connection with the redemption of our equity investment in Pillarstone Capital REIT Operating Partnership LP (“Pillarstone” or “Pillarstone OP.”); and other factors detailed in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents the Company files with the Securities and Exchange Commission from time to time.
Investor and Media Contacts:
David Mordy
Director of Investor Relations
Whitestone REIT
(713) 435-2219
ir@whitestonereit.com
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