11:15 AM EDT, 04/09/2024 (MT Newswires) -- Whitestone REIT ( WSR ) shareholder Erez Asset Management said Tuesday it is proposing changes to the composition of Whitestone's board, replacing two Whitestone REIT ( WSR ) trustees, to address the company's persistent underperformance.

In a letter sent to Whitestone shareholders, Bruce Schanzer nominated himself and Catherine Clark as candidates to replace Nandita Berry and David Taylor, as none of Whitestone's existing trustees has "prior shopping center, public REIT, or real estate capital markets experience".

Schanzer also criticized Whitestone for underperforming relative to its potential and peers, lacking independence and transparency, and supporting poor governance practices. Whitestone's board has allocated capital poorly, he added.

Whitestone shares were down 0.1% in recent Tuesday trading.

Price: 11.75, Change: -0.02, Percent Change: -0.13