Highlights the Whitestone Board's Performance and Governance
Failures and Details How Erez's Trustee Nominees Can Help Restore
Value for Shareholders
Erez Urges Whitestone Shareholders to Protect
Their Investment by Voting "FOR" Catherine Clark and Bruce Schanzer and to
"WITHHOLD" from David
Taylor and Nandita Berry Using the
BLUE Proxy Card
View the Presentation at
erezassetmgmt.com
NEW
ROCHELLE, N.Y., April 23,
2024 /PRNewswire/ -- Erez Asset Management, LLC
("Erez"), a shareholder of Whitestone REIT (NYSE: WSR)
("Whitestone" or the "Company"),
today released a presentation outlining the need for change to
Whitestone's Board of Trustees
(the "Board") and detailing how Erez's trustee nominees,
Catherine Clark and Bruce Schanzer, can help to improve the
Company's performance and restore value for shareholders.
Erez's presentation is available online at
erezassetmgmt.com.
Bruce Schanzer, Chairman and
Chief Investment Officer of Erez Asset Management, commented, "We
believe the blame for Whitestone's
significant underperformance and persistent undervaluation lies
squarely with the current Board, which lacks the real estate
experience, shareholder alignment, and fiduciary mindset necessary
to effectively steward the Company in the best interest of
shareholders. By detailing the current Board's numerous capital
allocation, corporate administration and governance failures, our
presentation demonstrates the need for change at Whitestone and highlights how our nominees can
help. We look forward to speaking directly with Whitestone shareholders about these issues in
the coming weeks."
Erez encourages Whitestone REIT shareholders to review the
presentation at erezassetmgmt.com and to vote the BLUE
proxy card "FOR" Catherine Clark
and Bruce Schanzer and "WITHHOLD"
from David Taylor and Nandita Berry.
Shareholders who have any questions or require assistance in
voting their shares may contact Erez' proxy solicitor, Innnisfree
M&A Incorporated, toll-free at (877) 456-3422. Banks and
brokers may call (212) 750-5833.
About Erez Asset Management, LLC
Erez Asset
Management, LLC is an investment management firm focused on
undervalued small market cap REITs. Erez was founded in 2022 by
Bruce Schanzer, former CEO of Cedar
Realty Trust, a shopping center REIT, after the successful
monetization of Cedar. Erez seeks to acquire meaningful stakes in
REITs in which it believes it can work collaboratively with the
management team and the board to help catalyze improved performance
and share price appreciation by pursuing operational initiatives
and strategic alternatives intended to benefit all
stakeholders.
Contacts
Media:
Mark Semer / Iain Hughes
Gasthalter & Co.
(212) 257-4170
erez@gasthalter.com
Investors:
Jonathan Salzberger / Scott Winter
Innisfree M&A Incorporated
212-750-5833
Disclaimer
This material does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein in any state to any person. In addition, the discussions and
opinions in this press release and the material contained herein
are for general information only, and are not intended to provide
investment advice. All statements contained in this press release
that are not clearly historical in nature or that necessarily
depend on future events are "forward-looking statements," which are
not guarantees of future performance or results, and the words
"may," "might," "could," "will," "should," "expect," "plan,"
"anticipate," "believe," "estimate," "predict," "potential" or
"continue," the negative of these terms and other comparable
terminology are generally intended to identify forward-looking
statements. Any such forward-looking statements contained herein
are based on current assumptions, estimates and expectations, but
are subject to a number of known and unknown risks and significant
business, economic and competitive uncertainties that may cause
actual results to differ materially from expectations. Any
forward-looking statements should be considered in light of those
risk factors. The Participants (as defined below) caution readers
not to rely on any such forward-looking statements, which speak
only as of the date they are made. Certain information included in
this press release is based on data obtained from sources
considered to be reliable. No representation is made with respect
to the accuracy or completeness of such data, and any analyses
provided to assist the recipient of this press release in
evaluating the matters described herein may be based on subjective
assessments and assumptions and may use one among alternative
methodologies that produce different results. Accordingly, any
analyses should also not be viewed as factual and also should not
be relied upon as an accurate prediction of future results. Any
figures are unaudited estimates and subject to revision without
notice. The Participants disclaim any intent or obligation to
publicly update or revise any such forward-looking statements to
reflect any change in expectations or future events, conditions or
circumstances on which any such forward-looking statements may be
based, or that may affect the likelihood that actual results may
differ from those set forth in such forward-looking statements.
Certain Information Concerning the Participants
Erez REIT Opportunities LP, Erez Asset Management LLC,
Bruce Schanzer and Catherine Clark (collectively, the
"Participants") are participants in the solicitation of proxies
from the shareholders of the Company for the 2024 Annual Meeting of
Shareholders (the "Annual Meeting"). On April 5, 2024, the Participants filed with the
U.S. Securities and Exchange Commission (the "SEC") their
definitive proxy statement and accompanying BLUE Proxy Card in
connection with their solicitation of proxies from the shareholders
of the Company for the Annual Meeting. ALL SHAREHOLDERS OF THE
COMPANY ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT, THE
ACCOMPANYING BLUE PROXY CARD AND OTHER DOCUMENTS RELATED TO THE
SOLICITATION OF PROXIES BY THE PARTICIPANTS, AS THEY CONTAIN
IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED TO
THE PARTICIPANTS AND THEIR DIRECT OR INDIRECT INTERESTS IN THE
COMPANY, BY SECURITY HOLDINGS OR OTHERWISE.
The definitive proxy statement and an accompanying BLUE proxy
card has been furnished to some or all of the Company's
shareholders and are, along with other relevant documents, publicly
available at no charge on the SEC's website at http://www.sec.gov/.
In addition, the Participants will provide copies of the definitive
proxy statement without charge, when available, upon request.
Requests for copies should be directed to Innisfree M&A
Incorporated at the contact information above.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/erez-asset-management-releases-presentation-outlining-the-case-for-change-at-whitestone-reit-302123927.html
SOURCE Erez Asset Management, LLC