Leading Proxy Advisory Firm Glass Lewis Recommends That Shareholders Vote FOR ALL of Whitestone REIT’s Board Nominees on the WHITE Proxy Card

Glass Lewis Further Recommends That Shareholders Do Not Vote For Any EREZ Nominees

HOUSTON, May 02, 2024 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”) today announced that leading independent proxy advisory firm Glass Lewis has recommended that shareholders vote FOR ALL of Whitestone's board nominees on the WHITE proxy card at its 2024 Annual Meeting of Shareholders ("Annual Meeting") scheduled to be held on May 14, 2024.

In arriving at their recommendation, Glass Lewis stated that “the board's case proves more persuasive at this time, due in no small part to observable trends in Whitestone's operating performance, financial condition and corporate governance which suggest the Company is credibly executing on its promulgated tack following the ouster of former CEO James Mastandrea.”

Furthermore, Glass Lewis recognized our transparency with shareholders by writing that “Whitestone has responded to speculative transaction commentary by expressing a willingness to consider available alternatives” and acknowledged our significant corporate governance improvements by adding that “the Company has, across the last five years, replaced two-thirds of the sitting board and reshaped the executive team.”

With respect to Erez Asset Management (“Erez” or the “Dissident”), Glass Lewis wrote that “the Dissident’s governance case is largely a miss for a variety of reasons” and added that the “Dissident appears more interested in engaging with a broader analytical framework predating significant changes to management and the board.” In evaluating Erez’s nominees, Glass Lewis concluded that “other than highlighting the professional background of nominees Bruce Schanzer and Catherine Clark, we identify no specific or general plans or strategies Mr. Schanzer or Ms. Clark would pursue, if elected.”

Glass Lewis ultimately questions the motivations of Erez, stating that “Erez’s sole substantive plan submitted to the board was for an “orderly and well-managed corporate unwind scenario” underpinned by a process “similar” to what Mr. Schanzer pursued at Cedar Realty. We see no indication Erez pitched alternate strategic of financial avenues for the Company,” while concluding that “Whitestone has generally offered suitably reasoned and adequately transparent rebuttals to substantially all of Erez’s claims.”