J. Hogan 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 , J. Hogan, Chief Financial Officer 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 J. Hogan
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.