David Spagnolo on proxy contest
From Whitestone REIT CEO on its focus on smaller space tenants and goals for next 12-18 months · · New York Stock Exchange
“We recently went through a rough proxy contest. We spent a tremendous amount of time with all of our shareholders. We believe that a number of the things claimed by the dissident were inaccurate and misleading. We've made a lot of progress over the last couple years and we're going to continue to make progress.”
On , David Spagnolo, Regional Senior Vice President of Dallas & Austin at WHITESTONE REIT, spoke about proxy contest 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."