David Holeman 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, and while there was a lot of inaccurate and misleading claims by the dissident, engaging with shareholders was beneficial and we are committed to continuing to perform and improve.”
On , David Holeman, Chief Executive Officer & Director 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 Holeman
David Holeman, CEO of Whitestone REIT, has discussed the company's focus on open-air retail centers in Sun Belt markets, emphasizing that the properties house convenience-oriented tenants such as grocery stores, restaurants, and fitness centers. He stated that Whitestone has seen strong tenant demand, with occupancy up 20 basis points year-over-year and rent growth of over 5% annually. Holeman noted that higher interest rates have been a headwind on the company's results, leading to an adjusted guidance, but added that Whitestone's long-term debt is mostly fixed-rate, limiting exposure to rising rates. He also said the company is benefiting from trends such as remote work and limited new retail supply. Holeman has also commented on the company's governance and financial strategy. He said that after becoming CEO in early 2022, Whitestone implemented governance changes, strengthened its balance sheet, reduced leverage, and exited a joint venture investment, which he said contributed to a total shareholder return of over 40%. Regarding a recent proxy contest, Holeman described it as "rough" but said engaging with shareholders was beneficial. He also stated that Whitestone won litigation matters that will help lower debt levels. In a separate discussion about syndicators, Holeman advised that investors should avoid those who "only or primarily care about money," asserting that such individuals are likely to act unethically.