James C. Mastandrea, a significant shareholder of Whitestone REIT, has announced his intention to nominate a new slate of independent trustees to replace the current Board of Trustees at the company’s 2026 annual meeting. Mastandrea’s proposal follows several years of what he describes as Whitestone’s underperformance, including weak share-price returns, modest dividend growth, and a lack of scalable external growth. He has raised concerns about the company's capital allocation practices, including equity issuance below net asset value, increased overhead and executive compensation, and costly litigation campaigns. Mastandrea argues that these issues have eroded investor confidence and constrained Whitestone’s competitiveness. The proposed board nominees are expected to have experience in commercial real estate and capital markets, in line with the SEC’s universal proxy rules.

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