Whitestone REIT Announces Final Results of 2019 Annual Meeting of Shareholders
May 16 2019 - 7:00AM
Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”) today
announced that, based on the final vote count at the Company’s 2019
Annual Meeting of Shareholders (the “Annual Meeting”), certified by
the inspector of election, that all four of the proposals have been
approved by a majority of shareholder votes.
The results include:
- Shareholders voted to approve the re-election of two trustees,
Paul Lambert and David Taylor, to serve until our 2022 annual
meeting of shareholders.
- Shareholders voted to approve on an advisory (non-binding)
basis, the compensation of our named executive officers.
- Shareholders voted to approve an amendment to our Declaration
of Trust to declassify our Board.
- Shareholders voted to approve the ratification of the
appointment of Pannell Kerr Forster of Texas, P.C. as our
independent registered public accounting firm for the fiscal year
ending December 31, 2019.
Regarding the results, Chairman and CEO, Jim Mastandrea stated,
“We are pleased that our shareholders continue to have confidence
in our stewardship of their investment in Whitestone. Our
e-commerce resistant strategy has met the test of time and has
continued to produce impressive long-term results. The paradigm
shift Whitestone made in 2010 away from traditional retail real
estate comprising of big boxes, strip centers and hard-good retail
tenants, to service-based tenants was ahead of the curve in 2010,
and we have remained ahead for the past 8 years.” Mr. Mastandrea
added, “That shift became the bedrock of Whitestone’s business
model.” Mr. Mastandrea concluded, “Whitestone’s future is bright as
we have a supportive Board, a talented and experienced management
team, a diverse workforce, and a shareholder base who truly knows
the value we are creating for them by their approval of Say-on-Pay
and to declassify the Board.”
About Whitestone REIT
Whitestone is a community-centered retail REIT that acquires,
owns, manages, develops and redevelops high quality "e-commerce
resistant" neighborhood, community and lifestyle retail centers
principally located in the largest, fastest-growing and most
affluent markets in the Sunbelt. Whitestone’s optimal mix of
national, regional and local tenants provides daily necessities,
needed services and entertainment to the communities in which they
are located. Whitestone's properties are primarily located in
business-friendly Phoenix, Austin, Dallas-Fort Worth, Houston and
San Antonio, which are among the fastest growing U.S. population
centers with highly educated workforces, high household incomes and
strong job growth.
Whitestone’s forward-thinking business model has produced
industry leading compound annual growth rates in excess of 15% in
revenues, property net operating income, funds from operations and
net income since its IPO in 2010. For additional information, visit
www.whitestonereit.com.
Forward-Looking Statements
Certain statements contained in this press release constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (the “Securities Act”) and
Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). The Company intends for all such forward-looking
statements to be covered by the safe-harbor provisions for
forward-looking statements contained in Section 27A of the
Securities Act and Section 21E of the Exchange Act, as applicable.
Such information is subject to certain risks and uncertainties, as
well as known and unknown risks, which could cause actual results
to differ materially from those projected or anticipated.
Therefore, such statements are not intended to be a guarantee of
our performance in future periods. Such forward-looking statements
can generally be identified by the Company's use of forward-looking
terminology, such as “may,” “will,” “plan,” “expect,” “intend,”
“anticipate,” “believe,” “continue,” “goals” or similar words or
phrases that are predictions of future events or trends and which
do not relate solely to historical matters.
The following are some of the factors that could cause the
Company's actual results and its expectations to differ materially
from those described in the Company's forward-looking statements:
the Company's ability to meet its long-term goals, its assumptions
regarding its earnings guidance, including its ability to execute
effectively its acquisition and disposition strategy, to continue
to execute its development pipeline on schedule and at the expected
costs, and its ability to grow its NOI as expected, which could be
impacted by a number of factors, including, among other things, its
ability to continue to renew leases or re-let space on attractive
terms and to otherwise address its leasing rollover; its ability to
successfully identify, finance and consummate suitable
acquisitions, and the impact of such acquisitions, including
financing developments, capitalization rates and internal rates of
return; the Company’s ability to reduce or otherwise effectively
manage its general and administrative expenses; the Company’s
ability to fund from cash flows or otherwise distributions to its
shareholders at current rates or at all; current adverse market and
economic conditions; lease terminations or lease defaults; the
impact of competition on the Company's efforts to renew existing
leases; changes in the economies and other conditions of the
specific markets in which the Company operates; economic,
legislative and regulatory changes; the success of the Company's
real estate strategies and investment objectives; the Company's
ability to continue to qualify as a REIT under the Internal Revenue
Code of 1986, as amended; and other factors detailed in the
Company's most recent Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q and other documents the Company files with the
Securities and Exchange Commission from time to time.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company cannot guarantee the accuracy of any
such forward-looking statements contained in this press release,
and the Company does not intend to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact Whitestone REIT:Kevin
ReedDirector of Investor Relations(713)
435-2219kreed@whitestonereit.com
Whitestone REIT (NYSE:WSR)
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