J. Hogan on real estate supply
From Whitestone REIT CEO on its focus on smaller space tenants and goals for next 12-18 months · · New York Stock Exchange
“There has been very little supply built of product in our markets over the last 10 years, and despite the current environment, I believe the environment's going to stay for a while now.”
On , J. Hogan, Chief Financial Officer at WHITESTONE REIT, spoke about real estate supply 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.