Whitestone REIT shareholders approve board and plan amendments

Whitestone REIT (NYSE:WSR), a real estate investment trust with a market capitalization of $655 million, announced the results of its annual shareholder meeting held on Thursday. According to InvestingPro data, the company maintains a strong dividend track record with 16 consecutive years of payments and has raised dividends for three straight years. The meeting, detailed in a recent 8-K filing with the SEC, saw the election of trustees and the approval of several key proposals.

Shareholders voted to elect Julia B. Buthman, Amy S. Feng, Kristian M. Gathright, David K. Holeman, Jeffrey A. Jones, and Donald A. Miller to the company’s Board of Trustees until the 2026 annual meeting. The votes for each trustee ranged from 30,085,371 to 30,292,767, with broker non-votes consistently at 10,910,423. The company currently trades at a premium to its InvestingPro Fair Value, with analysts maintaining a bullish consensus and setting price targets between $14 and $16.

The first amendment to the 2018 Long-Term Equity Incentive Plan was ratified, with 23,505,565 votes for and 8,480,619 against. This proposal also had 10,910,423 broker non-votes.

An advisory vote on executive compensation received a favorable outcome, with 29,333,426 votes for and 2,622,879 against. The executive compensation details were previously described in the Proxy Statement filed on April 4, 2025.

Additionally, the appointment of Pannell Kerr Forster of Texas, P.C. as the independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified. The proposal received 40,616,230 votes for and 2,297,809 against.

The meeting’s outcomes reflect shareholders’ support for the company’s governance and compensation practices. Whitestone REIT’s filing confirms the completion of these corporate governance matters as required by the SEC. The company maintains a "GOOD" overall financial health score according to InvestingPro, with particularly strong metrics in liquidity, as current assets exceed short-term obligations with a current ratio of 2.65.

The information in this article is based on a press release statement.

In other recent news, Whitestone REIT reported its first-quarter 2025 earnings, which fell short of analyst expectations. The company announced earnings per share (EPS) of $0.07, significantly below the forecasted $0.315, and reported revenue of $37.4 million, which also missed the anticipated $38.7 million. Despite these setbacks, Whitestone REIT reaffirmed its full-year core funds from operations (FFO) guidance, projecting between $1.03 and $1.07 per share. The company highlighted ongoing redevelopment projects aimed at boosting net operating income (NOI) in the coming years. Additionally, Whitestone achieved a 4.2% year-over-year increase in core FFO per share, reaching $0.25, with same-store NOI growth of 4.8%. Analysts noted that these efforts are expected to contribute to future growth, with a focus on enhancing the property portfolio and tenant mix. Furthermore, Whitestone has a pipeline of potential acquisitions worth $50 million, aimed at improving the quality of its portfolio. Despite the current challenges, the company remains optimistic about its strategic positioning and redevelopment initiatives.

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