Whitestone REIT Board of Trustees Rejects Nomination of Two Erez Candidates

HOUSTON, March 07, 2024 (GLOBE NEWSWIRE) -- Whitestone REIT received notice that Erez Asset Management, LLC ("Erez") has nominated two candidates to stand for election to the Board of Trustees of Whitestone REIT (the “Whitestone Board”) at the 2024 annual meeting. The Whitestone REIT Nominating and Governance Committee (“the Committee”) has conducted a comprehensive review and evaluation of Erez candidates Bruce Schanzer and Catherine Clark. Our review and evaluation process included individual interviews with both candidates (and an additional interview with a third Erez candidate, who has withdrawn his candidacy), a thorough review of the backgrounds and track records of both candidates, and responses to our follow-up questions post interviews.

The interviews took place on February 1, 2024, for Mr. Schanzer and on February 5, 2024, for Mrs. Clark. The Committee had follow-up questions and requested supplemental information on February 9, 2024, which it received on February 13, 2024.

Pursuant to the recommendation of the Committee, the Whitestone Board will not nominate either candidate. During their interviews, neither candidate recommended any changes to the Company’s business or financial strategy, or its corporate governance. Furthermore (and surprisingly), neither displayed more than a cursory understanding of Whitestone’s portfolio, its markets, or its business strategy during their interviews. Both remained fixated on Mr. Schanzer’s original and vague proposal advocating for “a sale of assets or of the company outright” as the only way to generate shareholder value.

The Whitestone Board continuously evaluates all avenues to maximize value for shareholders and is always committed to advancing their best interests. Given the strong total shareholder returns generated for Whitestone shareholders since the new executive team was appointed in January 2022, both Erez candidates ignore the reality of Whitestone’s sector-leading performance and the obligation of board members to properly evaluate all avenues for value creation.

The Whitestone Board has strong retail REIT experience, as well as experience across a full range of disciplines that enhance their oversight capabilities. Details on board member qualifications can be found on Whitestone's investor relations website.

Whitestone’s Board and Management team regularly engages with its shareholders and has received strong support from the majority of the shareholder base related to decisions driving company performance and to governance improvements made over the course of the last two years.