David Mordy on real estate strategy
From Whitestone REIT CEO on its focus on smaller space tenants and goals for next 12-18 months · · New York Stock Exchange
“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 because that's where the demand is today.”
On , David Mordy, Director of Investor Relations at WHITESTONE REIT, spoke about real estate strategy during Whitestone REIT CEO on its focus on smaller space tenants and goals for next 12-18 months on New York Stock Exchange.
About David Mordy
In a September 2024 interview, Whitestone REIT CEO David Holeman discussed the company’s strategy and recent performance. He stated that the company focuses on small-space tenants, with 94% of its 1,500 tenants occupying spaces under 10,000 square feet, and noted that this is intentional because demand is strongest in that segment. Holeman said the company has benefited from a post-pandemic trend of people spending more time near their homes. He described the current environment for Whitestone as “as strong as I’ve ever seen,” citing limited new retail supply in its markets over the past decade. Holeman also addressed a recent proxy contest, saying the company spent significant time with shareholders and that many claims by the dissident were “inaccurate and misleading.” He said the company learned from the experience but hopes not to repeat it. He highlighted progress since he became CEO in early 2022, including governance changes, balance sheet strengthening, and exiting joint venture investments, which he said contributed to a total shareholder return of over 40%. Holeman added that the company recently won litigation matters that will allow it to further reduce debt, and that with its debt locked in and strong organic growth, he expects a favorable two to three years ahead.