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

Reflects Schanzer’s pattern of lies, deception and self-dealing

Schanzer has been disingenuous and is leading a duplicitous proxy battle

HOUSTON, May 06, 2024 (GLOBE NEWSWIRE) -- 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.