J. Hogan on financial performance
From Whitestone REIT CEO on its focus on smaller space tenants and goals for next 12-18 months · · New York Stock Exchange
“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.”
On , J. Hogan, Chief Financial Officer at WHITESTONE REIT, spoke about financial performance 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.