HOUSTON, Dec. 11, 2018 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR), 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, today announced that the Company’s Board of Trustees intends to unanimously recommend to the Company’s shareholders the elimination of the classified Board structure and transition to the annual election of trustees. This proposal is consistent with the Company’s ongoing commitment to serve the long-term interests of all shareholders.
“The Whitestone Board believes that a good corporate governance program is vital to creating and maintaining long-term shareholder value," stated Whitestone’s Chairman of the Board, James C. Mastandrea. "The recent initiatives to refresh our Board, modify our executive compensation program, and the proposal to declassify the Board reflect our commitment to corporate governance and responsiveness to our shareholders. We remain highly focused on executing our strategic plan and delivering on our financial objectives.”
The Board of Trustees voted unanimously to submit a proposal to the Company's shareholders to declassify the Board by amending its Declaration of Trust at its 2019 annual meeting of shareholders. Whitestone’s Board is currently classified into three classes, with each trustee elected for a three-year term. If shareholders approve the proposal, all trustees elected at or after the 2020 annual meeting of shareholders will serve one-year terms. The full text of the proposal will be included in the Company's proxy statement, which will be filed in advance of its 2019 annual meeting of shareholders and will require the approval of the holders of at least a majority of the outstanding Whitestone REIT common shares.
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 provide 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. Visit www.whitestonereit.com for additional information.
