Velarion · Company Intelligence
Compensation Brief
Fiscal year 2024 · Filings through 2026-04-30

Whitestone REIT (WSR)

Fiscal year 2024 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$2,400,145
David Holeman total, FY2024
33rd
CEO pay percentile vs peers
24:1
CEO-to-median pay ratio
91.79%
Say-on-pay support, latest vote
Companies that benchmark against WSR
11 companies name WSR as a compensation peer

Each company listed discloses WSR in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named WSR in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2024

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
David Holeman$493,270$375,000$1,100,000$0$400,000$0$31,875$2,400,145
Chief Executive Officer
Christine Mastandrea410,192240,000675,0030366,563011,8591,703,617
President and Chief Operating Officer
John Hogan323,7690529,9990173,250011,8881,038,906
Chief Financial Officer
Peter Tropoli343,7690500,0020183,75001,027,521
General Counsel & Corporate Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2024 totalFY2023 totalFY2022 totalΔ FY20232024
David Holeman$2,400,145$1,688,205$1,688,205+711,940
Christine Mastandrea1,703,6171,081,7591,081,759+621,858
John Hogan1,038,906797,642797,642+241,264
Peter Tropoli1,027,521827,598+199,923

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2024

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Michelle SivRSU2024-06-307,811$95,997
J. ScottRSU2024-06-3015,094185,505
Peter TropoliPSU2024-06-3010,74821,49542,990325,004
Peter TropoliRSU2024-06-3014,239174,997
Michelle SivPSU2024-06-304,7629,52419,048144,003
David HolemanRSU2024-06-3026,851329,999
David HolemanPSU2024-06-3025,46350,926101,852770,001
J. ScottPSU2024-06-3011,39222,78445,568344,494
Christine MastandreaRSU2024-06-3019,223236,251
Christine MastandreaPSU2024-06-3014,50929,01858,036438,752
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Michelle Siv$95,997$144,003$060.0%
J. Scott185,505344,494065.0%
Peter Tropoli174,997325,004065.0%
David Holeman329,999770,001070.0%
Christine Mastandrea236,251438,752065.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2024

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Peter TropoliRSU8,028$113,757
John HoganRSU4,223
Christine MastandreaRSU4,926
Christine MastandreaRSU19,223
Peter TropoliRSU14,239201,767
Peter TropoliPSU9,524134,955
Peter TropoliPSU12,042170,635
David HolemanPSU50,926
David HolemanRSU26,851
David HolemanRSU29,192
David HolemanPSU43,788
David HolemanRSU9,149
Christine MastandreaPSU29,018
Christine MastandreaRSU17,333
Christine MastandreaPSU25,999
John HoganRSU15,094
John HoganPSU22,784
John HoganRSU12,771
John HoganPSU19,157
Peter TropoliRSU4,22359,840
Peter TropoliRSU12,771180,965
Peter TropoliPSU19,157271,455
Peter TropoliRSU7,811110,682
Peter TropoliRSU2,81639,903
Peter TropoliPSU21,495304,584
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation philosophy is to pay at market median, with the majority of executive pay being aligned with our performance. When our performance and individual performance warrants, we may compensate above the market midpoint in variable pay components.

CEO STI target (% of salary)80%
CEO LTI target (% of salary)
Independent consultantZayla Partners
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-05-1529,333,4262,622,879171,07591.79%Passed
20242024-05-1432,952,2734,267,872531,06888.53%Passed
20232023-05-1227,033,5774,243,217259,68086.43%Passed
20222022-05-2326,517,4842,535,594243,22291.27%Passed
20212021-05-1323,075,1163,299,867372,94587.49%Passed
20202020-05-1417,470,4247,419,793253,05270.19%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20252025-05-1591.79%a
20242024-05-1488.53%b
20232023-05-1286.43%c

a. Approved under the standard stated in the filing — “For purposes of the vote on this proposal, abstentions and broker non-votes will not be counted as votes cast and will have no effect on alidly executed proxy that you submit will be counted.”.

b. Approved under the standard stated in the filing — “For purposes of the vote on this proposal, abstentions and broker non-votes will not be counted as votes cast and will have no effect on tegic and operational goals and the achievement of increased value for shareholders.”.

c. Approved under the standard stated in the filing — “For purposes of the vote on this proposal, abstentions and broker non-votes will not be counted as votes cast and will have no effect on tegic and operational goals and the achievement of increased value for shareholders.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)24 : 1
CEO total compensation$2,400,145
Median employee compensation$98,051
08

Director compensation — fiscal year 2024

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Amy S. FengIndependent · Board Chair · Audit (Chair)$98,383$82,500$0$180,883
Jeffrey A. JonesIndependent · Compensation (Chair) · Audit80,00082,5000162,500
Julia B. ButhmanIndependent · Nominating/Governance (Chair) · Audit70,65582,5000153,155
David F. TaylorIndependent · Nominating · Governance72,92169,6520142,573
Nandita V. BerryIndependent63,75769,6520133,409
Kristian M. GathrightIndependent · Nominating/Governance · Compensation11,72713,074024,801
Donald A. MillerIndependent · Nominating/Governance · Compensation11,09313,074024,167
David HolemanNot independent0000
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$82,500
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 13,000 / 13,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2024
Cash retainers and fees$408,536
Equity awards (grant-date value)$412,952
All other compensation$0
Total cost of the board$821,488

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2024

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Whitestone REIT names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Whitestone REIT.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Urban Edge Properties2025Jeffrey Olson$1,100,000$4,892,465$0$2,091,243$8,106,208
2InvenTrust Properties, Inc2025Daniel Busch950,0004,627,08402,012,8137,597,244
3Acadia Realty Trust2025Kenneth Bernstein850,0003,574,54402,486,8986,922,230
4Retail Opportunity Investments Corp2023Stuart Tanz900,0004,096,63801,575,0006,626,718
5Armada Hoffler Properties, Inc2025Shawn Tibbetts672,3854,411,4280953,2506,091,906
6NETSTREIT Corp.2025Mark Manheimer700,0003,194,41601,253,1755,165,527
7CTO Realty Growth Inc.2025John Albright870,0001,778,42101,239,7503,905,735
8Getty Realty Group2025Christopher Constant643,1251,875,808003,163,755
9Centerspace2025Anne Olson600,0001,391,37801,096,3193,105,197
10Whitestone REIT2024David Holeman493,2701,100,0000400,0002,400,145
11City Office REIT, Inc.2024James Farrar525,0001,054,368002,326,635
12One Liberty Properties, Inc.2025Patrick Callan1,061,330776,200002,009,253
13BRT Apartments Corp.2025Jeffrey Gould1,023,798497,555001,912,560
14Saul Centers, Inc2025B. Francis Saul125,0001,010,22501,262,364

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Whitestone REIT100%PSU 70 · RSU 30NoZayla Partners
Acadia Realty Trust145%LTIP Units 100Yes — Relative TSR vs. Nareit Shopping Center IndexFerguson Partners Consulting (FPC)
Armada Hoffler Properties, Inc123%LTIP Units 100Yes — Relative TSR Performance v. Custom Peer GroupFerguson Partners
BRT Apartments Corp.not disclosedPSU 100Yes — total stockholder return (TSR)not disclosed
Centerspace182.7%RSU 50 · PSU 50Yes — TSR relative to FTSE Nareit Equity IndexFerguson Partners Consulting L.P.
City Office REIT, Inc.125%PRSU 60 · RSU 40Nonot disclosed
CTO Realty Growth Inc.150%PSU 61 · RSU 39Yes — Relative TSRFerguson Partners Consulting
Getty Realty Groupnot disclosedRSU 100not disclosednot disclosed
InvenTrust Properties, Inc212%RSU 100NoFerguson Partners Consulting
NETSTREIT Corp.179.0%PSU 60 · RSU 40Yes — Absolute TSRFPC and Farient
One Liberty Properties, Inc.not disclosedRSU 100Yes — Total Stockholder Return (TSR)Ferguson Partners Consulting L.P.
Retail Opportunity Investments Corpnot disclosednot disclosednot disclosedFTI Consulting Inc.
Saul Centers, Inc20%RSU 50 · PSU 50Nonot disclosed
Urban Edge Properties190%LTIP Units 100Yes — Absolute TSRFarient Advisors

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at Whitestone REIT in fiscal 2024?
As disclosed, the highest-paid executive at Whitestone REIT in fiscal 2024 was David Holeman, Chief Executive Officer, with total compensation of $2,400,145.
How does Whitestone REIT's chief executive pay compare to its disclosed peer group?
The filing shows that David Holeman's pay placed him at the 33rd percentile of the disclosed peer group.
What is Whitestone REIT's CEO-to-median employee pay ratio?
The company reported a CEO-to-median employee pay ratio of 24:1.
How did shareholders vote on Whitestone REIT's executive compensation?
Shareholders approved the executive compensation plan with 91.79% support in the latest vote.
How much does Whitestone REIT spend in total on board compensation for fiscal 2024?
The total board compensation for fiscal 2024 was $821,488.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, David HolemanDEF 14A2025-04-040001437749-25-011049Section “Summary Compensation Table” · page 63. As printed: 2,400,145. Filing ↗machine: span 932008–932017
2Section 01, Christine MastandreaDEF 14A2025-04-040001437749-25-011049Section “Summary Compensation Table” · page 63. As printed: 1,703,617. Filing ↗machine: span 945284–945293
3Section 01, John HoganDEF 14A2025-04-040001437749-25-011049Section “Summary Compensation Table” · page 63. As printed: 1,038,906. Filing ↗machine: span 958557–958566
4Section 01, Peter TropoliDEF 14A2025-04-040001437749-25-011049Section “Summary Compensation Table” · page 63. As printed: 1,027,521. Filing ↗machine: r11 · c23 · span 971877–971886
5Section 03, Michelle Siv RSUDEF 14A2025-04-040001437749-25-011049Section “Grants of Plan Based Awards” · grants of plan-based awards table. Filing ↗machine: t187 · r6 · c7 · span 768403–768409
6Section 03, J. Scott RSUDEF 14A2025-04-040001437749-25-011049Section “Grants of Plan Based Awards” · grants of plan-based awards table. Filing ↗machine: t187 · r4 · c3 · span 760088–760094
7Section 03, Peter Tropoli PSUDEF 14A2025-04-040001437749-25-011049Section “Grants of Plan Based Awards” · grants of plan-based awards table. Filing ↗machine: t187 · r5 · c11 · span 765269–765275
8Section 03, Peter Tropoli RSUDEF 14A2025-04-040001437749-25-011049Section “Grants of Plan Based Awards” · grants of plan-based awards table. Filing ↗machine: t187 · r5 · c3 · span 763894–763900
9Section 03, Michelle Siv PSUDEF 14A2025-04-040001437749-25-011049Section “Grants of Plan Based Awards” · grants of plan-based awards table. Filing ↗machine: t217 · r16 · c25 · span 1108375–1108381
10Section 03, David Holeman RSUDEF 14A2025-04-040001437749-25-011049Section “Grants of Plan Based Awards” · grants of plan-based awards table. Filing ↗machine: t187 · r2 · c3 · span 752469–752475
11Section 03, David Holeman PSUDEF 14A2025-04-040001437749-25-011049Section “Grants of Plan Based Awards” · grants of plan-based awards table. Filing ↗machine: t187 · r2 · c11 · span 753844–753850
12Section 03, J. Scott PSUDEF 14A2025-04-040001437749-25-011049Section “Grants of Plan Based Awards” · grants of plan-based awards table. Filing ↗machine: t187 · r4 · c11 · span 761463–761469
13Section 03, Christine Mastandrea RSUDEF 14A2025-04-040001437749-25-011049Section “Grants of Plan Based Awards” · grants of plan-based awards table. Filing ↗machine: t187 · r3 · c3 · span 756284–756290
14Section 03, Christine Mastandrea PSUDEF 14A2025-04-040001437749-25-011049Section “Grants of Plan Based Awards” · grants of plan-based awards table. Filing ↗machine: t187 · r3 · c11 · span 757659–757665
15Section 07, pay ratioDEF 14A2025-04-040001437749-25-011049Section “CEO Pay Ratio”. As printed: 24 : 1. Filing ↗machine: span 907389–907391
16Section 08, Amy S. FengDEF 14A2025-04-040001437749-25-011049Section “Director Compensation”. As printed: 180,883. Filing ↗machine: t150 · r3 · c11 · span 495541–495548
17Section 08, Jeffrey A. JonesDEF 14A2025-04-040001437749-25-011049Section “Director Compensation”. As printed: 162,500. Filing ↗machine: t150 · r5 · c11 · span 500715–500722
18Section 08, Julia B. ButhmanDEF 14A2025-04-040001437749-25-011049Section “Director Compensation”. As printed: 153,155. Filing ↗machine: t150 · r2 · c11 · span 493062–493069
19Section 08, David F. TaylorDEF 14A2025-04-040001437749-25-011049Section “Director Compensation”. As printed: 142,573. Filing ↗machine: t150 · r7 · c11 · span 505681–505688
20Section 08, Nandita V. BerryDEF 14A2025-04-040001437749-25-011049Section “Director Compensation”. As printed: 133,409. Filing ↗machine: t150 · r1 · c11 · span 490578–490585
21Section 08, Kristian M. GathrightDEF 14A2025-04-040001437749-25-011049Section “Director Compensation”. As printed: 24,801. Filing ↗machine: t150 · r4 · c11 · span 498216–498222
22Section 08, Donald A. MillerDEF 14A2025-04-040001437749-25-011049Section “Director Compensation”. As printed: 24,167. Filing ↗machine: t150 · r6 · c11 · span 503199–503205
23Section 08, David HolemanDEF 14A2025-04-040001437749-25-011049Section “Director Compensation”. As printed: 0. Filing ↗
24Section 06, 2025 voteForm 8-K2025-05-160001437749-25-017432Item 5.07 · say-on-pay result. As reported: 91.79% (votes for as printed: 29,333,426). Filing ↗
25Section 06, 2024 voteForm 8-K2024-05-170001437749-24-017498Item 5.07 · say-on-pay result. As reported: 88.53% (votes for as printed: 32,952,273). Filing ↗
26Section 06, 2023 voteForm 8-K2023-05-170001437749-23-014961Item 5.07 · say-on-pay result. As reported: 86.43% (votes for as printed: 27,033,577). Filing ↗
27Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
28Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
29Section 09b board cost (computed)ComputedcomputedCash 408,536 + equity 412,952 + all other 0 = 821,488, summed across the director compensation table rows.machine: formula: Σ = 821,488
30Urban Edge Properties, Section 10b CEO totalDEF 14A2026-03-240001140361-26-010899CEO total compensation as printed in Urban Edge Properties's own proxy. As printed: 8,106,208. Filing ↗machine: r2 · c21 · span 876925–876934
31InvenTrust Properties, Inc, Section 10b CEO totalDEF 14A2026-03-190001307748-26-000097CEO total compensation as printed in InvenTrust Properties, Inc's own proxy. As printed: 7,597,244. Filing ↗machine: t86 · r3 · c7 · span 1486834–1486843
32Acadia Realty Trust, Section 10b CEO totalDEF 14A2026-03-310001193125-26-134606CEO total compensation as printed in Acadia Realty Trust's own proxy. As printed: 6,922,230. Filing ↗machine: span 777495–777504
33Retail Opportunity Investments Corp, Section 10b CEO totalDEF 14A2024-03-220001407623-24-000062CEO total compensation as printed in Retail Opportunity Investments Corp's own proxy. As printed: 6,626,718. Filing ↗machine: r2 · c42 · span 607173–607182
34Armada Hoffler Properties, Inc, Section 10b CEO totalDEF 14A2026-04-300001569187-26-000061CEO total compensation as printed in Armada Hoffler Properties, Inc's own proxy. As printed: 6,091,906. Filing ↗machine: span 682444–682453
35NETSTREIT Corp., Section 10b CEO totalDEF 14A2026-04-010001628280-26-022557CEO total compensation as printed in NETSTREIT Corp.'s own proxy. As printed: 5,165,527. Filing ↗machine: r2 · c13 · span 1458631–1458640
36CTO Realty Growth Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-050405CEO total compensation as printed in CTO Realty Growth Inc.'s own proxy. As printed: 3,905,735. Filing ↗machine: t23 · r1 · c35 · span 620653–620662
37Getty Realty Group, Section 10b CEO totalDEF 14A2026-03-120001140361-26-009218CEO total compensation as printed in Getty Realty Group's own proxy. As printed: 3,163,755. Filing ↗machine: r2 · c28 · span 750236–750245
38Centerspace, Section 10b CEO totalDEF 14A2026-04-030000798359-26-000029CEO total compensation as printed in Centerspace's own proxy. As printed: 3,105,197. Filing ↗machine: t47 · r7 · c7 · span 589259–589268
39Whitestone REIT (subject), Section 10b CEO totalDEF 14A2025-04-040001437749-25-011049CEO total compensation as printed in Whitestone REIT's own proxy. As printed: 2,400,145. Filing ↗machine: span 932008–932017
40City Office REIT, Inc., Section 10b CEO totalDEF 14A2025-03-120001193125-25-052437CEO total compensation as printed in City Office REIT, Inc.'s own proxy. As printed: 2,326,635. Filing ↗machine: r2 · c22 · span 458462–458471
41One Liberty Properties, Inc., Section 10b CEO totalDEF 14A2026-04-200001140361-26-015499CEO total compensation as printed in One Liberty Properties, Inc.'s own proxy. As printed: 2,009,253. Filing ↗machine: r2 · c18 · span 461230–461239
42BRT Apartments Corp., Section 10b CEO totalDEF 14A2026-04-200001140361-26-015498CEO total compensation as printed in BRT Apartments Corp.'s own proxy. As printed: 1,912,560. Filing ↗machine: r8 · c18 · span 468941–468950
43Saul Centers, Inc, Section 10b CEO totalDEF 14A2026-03-230000907254-26-000025CEO total compensation as printed in Saul Centers, Inc's own proxy. As printed: 1,262,364. Filing ↗machine: span 314877–314886
44Section 10a, Armada Hoffler Properties, Inc reciprocityDEF 14A0001569187-26-000061Armada Hoffler Properties, Inc names Whitestone REIT in its own disclosed peer group (read from its most recent proxy). Filing ↗
45Section 10a, Acadia Realty Trust reciprocityDEF 14A0001193125-26-134606Acadia Realty Trust's most recent proxy was read; its disclosed peer group does not include Whitestone REIT. Filing ↗
46Section 10a, One Liberty Properties, Inc. reciprocityDEF 14A0001140361-26-015499One Liberty Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Whitestone REIT. Filing ↗
47Section 10a, Retail Opportunity Investments Corp reciprocityDEF 14A0001407623-24-000062Retail Opportunity Investments Corp's most recent proxy was read; its disclosed peer group does not include Whitestone REIT. Filing ↗
48Section 10a, Urban Edge Properties reciprocityDEF 14A0001140361-26-010899Urban Edge Properties's most recent proxy was read; its disclosed peer group does not include Whitestone REIT. Filing ↗
49Section 10a, NETSTREIT Corp. reciprocityDEF 14A0001628280-26-022557NETSTREIT Corp.'s most recent proxy was read; its disclosed peer group does not include Whitestone REIT. Filing ↗
50Section 10a, Getty Realty Group reciprocityDEF 14A0001140361-26-009218Getty Realty Group's most recent proxy was read; its disclosed peer group does not include Whitestone REIT. Filing ↗
51Section 10a, CTO Realty Growth Inc. reciprocityDEF 14A0001104659-26-050405CTO Realty Growth Inc. names Whitestone REIT in its own disclosed peer group (read from its most recent proxy). Filing ↗