Whitestone REIT Exposes New Information Revealing that Erez Nominee Bruce Schanzer Colluded with Terminated Whitestone Chairman and CEO James Mastandrea in a Failed Attempt to Acquire Whitestone
06 Mayo 2024 - 7:00AM
Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”) has
received new information revealing that Erez Asset Management
(“Erez”) nominee Bruce Schanzer colluded in late 2023 with
terminated Whitestone Chairman and CEO James Mastandrea in an
attempt to acquire Whitestone.
For context, in January 2022, Whitestone Trustees David Taylor
and Nandita Berry guided the Board in taking the difficult step of
terminating Chairman and CEO, James Mastandrea. They have since
spearheaded an effort, along with Whitestone’s new management team,
to reset the Company on a new trajectory. Our reset strategy has
been successful since its inception on January 18, 2022, with
Whitestone REIT delivering superior total returns to shareholders
under the leadership of CEO David Holeman.
This newly obtained material – an investor “pitch” presentation
that Erez developed in 2023 (depicted below) – puts a clear
spotlight on the ulterior motives of Mr. Schanzer, who it is
revealed “has had a number of meetings with Mr. Mastandrea” and
believes that Mr. Mastandrea “will be cooperative and supportive of
an Erez-led effort to acquire Whitestone”. “The willingness of
…Mastandrea and…Pillarstone to be constructive regarding an Erez
approach” demonstrates that Erez, Mastandrea and Pillarstone are
acting in concert. It also reveals a pattern of lies and deception
by Mr. Schanzer, supported by a track record of conflicted,
self-dealing transactions. Further, Mr. Schanzer lied in his
interviews with our Nominating and Governance Committee and by
extension, to our shareholders, by stating that he had no ties to
Mr. Mastandrea. This directly and flagrantly contradicts Erez’s own
statements in its pitch deck. We urge all shareholders to be wary
and realize that Mr. Schanzer will continue his duplicitous
campaign of double-talk and deception if elected to our
Board.
Mr. Schanzer and Mr. Mastandrea’s collusion could also be an
attempt by Mr. Mastandrea to settle the score with those who held
him accountable and terminated his employment for cause: David
Taylor and Nandita Berry.
We urge shareholders to protect the value
of their investment and NOT to vote for Bruce Schanzer or ANY Erez
nominees. Please vote the WHITE proxy card and support ALL of the
Whitestone nominees.
About Whitestone REIT
Whitestone REIT (NYSE: WSR) is a community-centered real estate
investment trust (REIT) that acquires, owns, operates, and develops
open-air, retail centers located in some of the fastest growing
markets in the country: Phoenix, Austin, Dallas-Fort Worth, Houston
and San Antonio.
Our centers are convenience focused: merchandised with a mix of
service-oriented tenants providing food (restaurants and grocers),
self-care (health and fitness), services (financial and logistics),
education and entertainment to the surrounding communities. The
Company believes its strong community connections and deep tenant
relationships are key to the success of its current centers and its
acquisition strategy. For additional information, please visit
www.whitestonereit.com.
Important Additional Information and Where to Find
It
Whitestone REIT has filed a definitive proxy statement on
Schedule 14A (the “2024 Proxy Statement”) and a WHITE proxy card
with the U.S. Securities and Exchange Commission (the “SEC”) in
connection with the solicitation of proxies for its 2024 Annual
Meeting of Shareholders (the “2024 Annual Meeting”). SHAREHOLDERS
ARE STRONGLY ENCOURAGED TO READ THE 2024 PROXY STATEMENT (INCLUDING
ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE WHITE PROXY CARD, AND
ANY OTHER DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may
obtain a free copy of the 2024 Proxy Statement, any amendments or
supplements to the 2024 Proxy Statement and other documents that
the Company files with the SEC from the SEC’s website at
www.sec.gov or the Company’s website at
https://ir.whitestonereit.com/corporate-profile/default.aspx as
soon as reasonably practicable after such materials are
electronically filed with, or furnished to, the SEC.
Certain Information Regarding Participants in
Solicitation
Whitestone REIT, its trustees and certain of its executive
officers may be deemed to be participants in the solicitation of
proxies from Company shareholders in connection with the matters to
be considered at the 2024 Annual Meeting Information regarding the
direct and indirect interests, by security holdings or otherwise,
of the persons who may, under the rules of the SEC, be considered
participants in the solicitation of shareholders in connection with
the 2024 Annual Meeting is included in the 2024 Proxy Statement of
the, which was filed with the SEC on April 4, 2024. To the extent
securities holdings by the Company’s trustees and executive
officers as reported in the 2024 Proxy Statement have changed, such
changes have been or will be reflected on Statements of Change in
Ownership on Forms 3, 4 or 5 filed with the SEC, which can also be
found through the Company’s website
(https://ir.whitestonereit.com/corporate-profile/default.aspx) in
the section “Investor Relations” or through the SEC’s website.
These documents are available free of charge as described
above.
Investor and Media Contact:
David MordyDirector, Investor RelationsWhitestone REIT(713)
435-2219ir@whitestonereit.com
Images accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/37674f68-6f12-4ff6-8bda-710138e705d0
https://www.globenewswire.com/NewsRoom/AttachmentNg/b0371bff-f2c4-4b5b-a60e-d4c65f3fe5a9
https://www.globenewswire.com/NewsRoom/AttachmentNg/c46665db-704d-4dfe-8082-7181cc55dfe5
https://www.globenewswire.com/NewsRoom/AttachmentNg/43a82b1b-902f-40da-a392-7ad544411b2b
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