Chief Financial Officer, Whitestone Reit
Search every verified J. Hogan interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. In a September 2024 interview, Whitestone REIT CEO David Holeman discussed the company’s focus on small-space tenants, noting that 94% of its 1,500 tenants occupy spaces under 10,000 square feet and contribute 75% of revenue. He attributed the strategy to post-pandemic trends, stating that people spend more time near their homes, benefiting neighborhood centers. Holeman described the current environment for the company as “as strong as I’ve ever seen,” citing limited new retail supply over the past decade and locked-in debt in a rising interest rate market. Holeman also addressed a recent proxy contest, saying the company spent significant time engaging with shareholders and that some claims by the dissident were “inaccurate and misleading.” He reported progress on governance changes, balance sheet strengthening, and leverage reduction, evidenced by a total shareholder return of over 40%. Additionally, Holeman mentioned recent litigation wins that he said would enable further debt reduction, and he projected continued momentum over the next two to three years, emphasizing the importance of financial discipline and consistent growth.
“We committed to strengthening our balance sheet, reducing our leverage, and then really exiting and monetizing our joint venture investment that we had. I'm really pleased to report that we've done very well on that over the last couple years and that's evidenced by our over 40% total shareholder return.”
“94% of our 1500 tenants occupy spaces less than 10,000 square feet. Those tenants make up 75% of our revenue and that's very intentional for us. If you compare us to a number of the other public REITs, that percentage would be about 50% for them; it's 75% for us, so very much focused on small spaces.”
“One trend we've seen that came out of the pandemic was today people work virtually much more than ever before, and so for Whitestone as an owner of neighborhood centers, we see people spend more time around their homes and we're benefiting from that trend.”
“Quality of revenue is very important to us. Growing by raising our rental rates over time is strongly tied to the success of thriving businesses that drive traffic and grow. Today's environment for companies like Whitestone is as strong as I've ever seen.”
David Holeman, CEO of Whitestone REIT, joined Judy Shaw on #NYSEFloorTalk at the NYSE Texas Economic Summit to discuss ...
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