On May 10, 2024, Whitestone REIT announced that it issued a letter to its shareholders in anticipation of the Annual Meeting on May 14, 2024, urging them to vote the white proxy card for all of the Company's trustees. The Company highlighted its strong performance as the best-performing shopping center REIT since January 18, 2022, with a total return of +36% by May 8, 2024, as evidence of its successful turnaround strategy. The Company warned shareholders to be cautious of an individual with a history of strategic missteps and value destruction, referencing the poor record of this individual at Cedar.

The Company stated that Erez Asset Management is challenging the Company's strategy by nominating two candidates who, according to the Company, lack relevant skills and have a history of poor performance. Additionally, Leading proxy advisory firms, Glass Lewis and Egan Jones, recommended that shareholders support the Company?s nominees, citing the company's improved operating performance, financial condition, and corporate governance. Glass Lewis commended the Company's business strategy execution and transparency, while Egan Jones praised recent governance improvements and the positive impact of David Holeman?s appointment.

ISS highlighted concerns about Erez?s nominees' focus on a potential sale process, which may be disruptive to the Company?s ongoing strategies to maximize shareholder value.