This company has been acquired
Whitestone REIT Management
Management criteria checks 4/4
Whitestone REIT's CEO is Dave Holeman, appointed in Jan 2022, has a tenure of 4.5 years. total yearly compensation is $2.09M, comprised of 24.8% salary and 75.2% bonuses, including company stock and options. directly owns 1.49% of the company’s shares, worth $14.71M. The average tenure of the management team and the board of directors is 4.5 years and 3.6 years respectively.
Key information
Dave Holeman
Chief executive officer
US$2.1m
Total compensation
| CEO salary percentage | 24.82% |
| CEO tenure | 4.5yrs |
| CEO ownership | 1.5% |
| Management average tenure | 4.5yrs |
| Board average tenure | 3.6yrs |
Recent management updates
Recent updates
WSR: Takeover Price And Downgrade Wave Will Shape Future Return Profile
Whitestone REIT's analyst price target has edged down, with recent cuts from multiple firms leaving the consensus view slightly softer as analysts factor in updated discount rate assumptions and modest tweaks to projected margins and valuation multiples. Analyst Commentary Recent Street research on Whitestone REIT has tilted cautious, with several firms moving to downgrade ratings as they reassess risk, return expectations, and the sensitivity of valuation to updated discount rate assumptions.WSR: Takeover Deal And Downgrades Will Shape Future Fair Value Outcome
Whitestone REIT's analyst price target has been adjusted to $19.00 as analysts react to a cluster of recent downgrades and slightly recalibrated assumptions around growth, margins and future P/E expectations. Analyst Commentary Recent research has come through in a tight window, with several firms shifting to more cautious views on Whitestone REIT on the back of updated assumptions for growth, margins and future P/E expectations.WSR: Takeover Deal And Proxy Disputes Will Shape Future Fair Value Outcome
Whitestone REIT's fair value estimate has been adjusted from $18 to $19.00 as analysts factor in recent price target moves, a higher assumed future P/E, and the mixed signal from both upgrades tied to potential takeover interest and a wave of subsequent downgrades citing limited upside around the $15.20 cash offer and proxy overhang. Analyst Commentary Recent research on Whitestone REIT has shifted quickly from optimism around potential takeover scenarios to caution regarding how much upside remains relative to the current cash bid and ongoing proxy issues.WSR: Takeover Deal And Proxy Disputes Will Shape Fair Outcome
Narrative Update The analyst price target for Whitestone REIT has been revised from $17.25 to $18.00. Analysts attribute this change to updated fair value work that incorporates recent takeover interest and prior Street target moves, while also acknowledging a series of more cautious rating changes across the sector.Whitestone REIT: Acquisition Buzz Keeps It Elevated While Risks Are Rising (Downgrade)
Summary Whitestone REIT (WSR) is downgraded to Hold as shares trade above intrinsic value amid rising macro risks thanks to Blackstone's acquisition offer. WSR delivered solid Core FFO growth, with 2026 guidance implying a 6.67% YoY increase and continued portfolio strength in Sun Belt markets. Acquisition offers from Blackstone/TPG and MCB highlight strategic interest in their shopping centers, but rejection could trigger downside as arbitrage demand would flee. Geopolitical risks, inflationary pressures, and relatively low dividend yield make the risk-reward unattractive at current levels. Read the full article on Seeking AlphaWSR: Takeover Bids And Proxy Fights Will Shape Fair Outlook
Whitestone REIT's analyst price target is updated to $17.25, with analysts pointing to higher published targets from several firms and heightened takeover interest as key factors supporting this revision. Analyst Commentary Bullish Takeaways Bullish analysts are anchoring their targets in the US$17 to US$18 range, which is above the US$15.20 cash takeover offer.WSR: Takeover Interest And Proxy Fights Will Shape Fair Outlook
The analyst fair value estimate for Whitestone REIT has been raised from $15.78 to $17.25. This reflects higher Street price targets around $17 to $18 and analysts' updated assumptions following recent takeover interest and revised revenue and expense forecasts.WSR: Fair Outlook Will Hinge On Activist Pressure And Buyback Execution
Analysts have raised their Whitestone REIT price target by about $0.85 to reflect updated views on fair value, discount rate, revenue growth, profit margins, and a lower future P/E, supported by recent positive coverage and target increases from Wall Street. Analyst Commentary Bullish Takeaways Bullish analysts highlight the recent initiation with a positive view as support for the updated fair value framework, suggesting that the current price target move is aligned with where they see the shares trading on a normalized P/E.Whitestone REIT: Undervalued Gem With Double-Digit Rent Spreads
Summary Whitestone REIT focuses on high-growth Sunbelt markets and small shops, offering high margins, pricing power, and robust lease spreads. WSR has demonstrated strong fundamentals, including double-digit FFO/share growth, consistent occupancy, and proactive leasing, driving impressive lease spreads and NOI growth. Redevelopment initiatives provide upside potential, while WSR's improving balance sheet and well-covered monthly dividend enhance its attractiveness. With a guided long-term FFO/share growth of 5-7%, WSR is positioned for strong total returns, making it a compelling opportunity for value and growth investors. Read the full article on Seeking AlphaWhitestone REIT: Sunbelt Powerhouse Poised For Potential Market-Beating Returns
Summary Whitestone REIT owns high-quality open-air retail centers in fast-growing Sunbelt markets, achieving strong leasing spreads and consistent NOI growth. WSR's remerchandising and asset recycling initiatives are enhancing portfolio quality, driving robust Core FFO/share growth, and improving financial flexibility. The improved balance sheet, with a declining leverage ratio and well-covered 4% dividend yield, supports further deleveraging and growth. Read the full article on Seeking AlphaWhitestone REIT: Retail Has Finally Right Sized
Summary Whitestone REIT's COO Christine Mastandrea emphasizes the resilience of retail, focusing on smaller format centers that prioritize services and convenience. Geographic trends show a demographic shift towards Southern states, with Whitestone strategically investing in Texas and Arizona due to pro-growth policies and university expansions. Key metrics for Whitestone include sales per square foot, customer stickiness, and net operating income, ensuring profitable growth and value for shareholders. Read the full article on Seeking AlphaCEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Mar 31 2026 | n/a | n/a | US$50m |
| Dec 31 2025 | US$2m | US$518k | US$50m |
| Sep 30 2025 | n/a | n/a | US$44m |
| Jun 30 2025 | n/a | n/a | US$34m |
| Mar 31 2025 | n/a | n/a | US$31m |
| Dec 31 2024 | US$2m | US$493k | US$37m |
| Sep 30 2024 | n/a | n/a | US$21m |
| Jun 30 2024 | n/a | n/a | US$16m |
| Mar 31 2024 | n/a | n/a | US$25m |
| Dec 31 2023 | US$1m | US$467k | US$19m |
| Sep 30 2023 | n/a | n/a | US$38m |
| Jun 30 2023 | n/a | n/a | US$39m |
| Mar 31 2023 | n/a | n/a | US$32m |
| Dec 31 2022 | US$2m | US$434k | US$35m |
| Sep 30 2022 | n/a | n/a | US$18m |
| Jun 30 2022 | n/a | n/a | US$17m |
| Mar 31 2022 | n/a | n/a | US$16m |
| Dec 31 2021 | US$2m | US$405k | US$10m |
| Sep 30 2021 | n/a | n/a | US$11m |
| Jun 30 2021 | n/a | n/a | US$9m |
| Mar 31 2021 | n/a | n/a | US$6m |
| Dec 31 2020 | US$2m | US$375k | US$6m |
| Sep 30 2020 | n/a | n/a | US$19m |
| Jun 30 2020 | n/a | n/a | US$20m |
| Mar 31 2020 | n/a | n/a | US$22m |
| Dec 31 2019 | US$1m | US$375k | US$23m |
Compensation vs Market: Dave's total compensation ($USD2.09M) is below average for companies of similar size in the US market ($USD3.54M).
Compensation vs Earnings: Dave's compensation has been consistent with company performance over the past year.
CEO
Dave Holeman (63 yo)
Mr. David K. Holeman, CPA, also known as Dave, has been the Chief Executive Officer since January 18, 2022 an Director since May 2022 at Whitestone REIT and served as its Chief Financial Officer since Nove...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 4.5yrs | US$2.09m | 1.49% $ 14.7m | |
| President & COO | 4.4yrs | US$1.70m | 0.84% $ 8.3m | |
| Chief Financial Officer | 4.5yrs | US$1.12m | 0.46% $ 4.5m | |
| General Counsel & Corporate Secretary | 6.7yrs | US$1.11m | 0.35% $ 3.5m | |
| Senior Vice President of Human Resources | 12.5yrs | US$652.77k | 0.17% $ 1.7m | |
| Director of Investor Relations | 4.4yrs | no data | no data | |
| Regional Senior Vice President of Arizona | 4.3yrs | no data | no data | |
| Regional Senior Vice President of Dallas & Austin | no data | no data | no data | |
| Controller | 4.4yrs | no data | no data |
Experienced Management: WSR's management team is considered experienced (4.5 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 4.2yrs | US$2.09m | 1.49% $ 14.7m | |
| Independent Trustee | 6.4yrs | US$172.24k | 0.089% $ 879.1k | |
| Independent Chair of the Board | 4yrs | US$209.36k | 0.14% $ 1.3m | |
| Independent Trustee | 1.7yrs | US$168.32k | 0.031% $ 303.5k | |
| Independent Director | 3.2yrs | US$173.44k | 0.061% $ 607.0k | |
| Independent Trustee | 1.7yrs | US$164.21k | 0.066% $ 647.7k |
Experienced Board: WSR's board of directors are considered experienced (3.6 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/13 21:18 |
| End of Day Share Price | 2026/07/13 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Whitestone REIT is covered by 14 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Gaurav Mehta | Alliance Global Partners |
| Richard Milligan | Baird |
| Paul Adornato | BMO Capital Markets Equity Research |