David Spagnolo 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.”
On , David Spagnolo, Regional Senior Vice President of Dallas & Austin 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 Spagnolo
David Spagnolo, Regional Senior Vice President of Dallas & Austin at Whitestone REIT, has been active in the company's public communications. In September 2024, 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, accounting for 75% of revenue. Holeman stated that the company has been "focused on continuing to improve our financial and operating performance" and has committed to "strengthening our balance sheet, reducing our leverage" and exiting joint venture investments. He also said the company has "won a couple litigation matters" and expects to collect on them, which he said would enable further balance sheet improvement. Holeman described the current environment for Whitestone as "as strong as I've ever seen," citing low supply of new retail space in its Sun Belt markets and strong tenant demand. He noted that the company's occupancy was up 20 basis points year-over-year and that it had grown rent levels by over 5% annually. Holeman acknowledged that higher interest rates have been a headwind, leading to an adjusted guidance, but said the company's long-term debt is mostly fixed-rate. He expressed confidence in the company's momentum, stating, "I believe that momentum as well as the macro environment is going to position us for a nice two or three years ahead."