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Whitestone Reit Executive Compensation (FY24)

WSR · Houston, TX · Executive and director compensation, fiscal 2022 to 2024
Data as of September 7, 2026Latest filing (8-K): May 16, 2025
200 figures on this page: 191 cited to the filing that reported them, 9 calculated from figures it prints. See the citations
Total compensation for David Holeman, Chief Executive Officer, came to $2,400,145 in fiscal 2024, and Holeman's total moved 42.2% higher from the $1,688,205 reported for fiscal 2023. The disclosed chief executive pay ratio for fiscal 2024 is 24:1, against median employee compensation of $98,051. For fiscal 2024, shareholders backed the say-on-pay proposal with 91.8% of votes cast for or against in favor at the meeting held May 15, 2025. Companies named in the disclosed peer group include Acadia Realty Trust, Armada Hoffler Properties, Inc, BRT Apartments Corp., Centerspace and City Office REIT, Inc., among others.
Chief executive, fiscal 2024
◇
David Holeman
Latest say-on-pay support
=
May 15, 2025
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2023 to fiscal 2024
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — David Holeman: $1,688,205 → $2,400,145 (42.2% higher)
Say-on-pay support: 88.5% → 91.8% (3.3 points higher)
CEO pay ratio: 18:1 → 24:1 (33.3% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Whitestone Reit's chief executive and what were they paid?
Total compensation for David Holeman, Chief Executive Officer, came to $2,400,145 in fiscal 2024. Holeman's total moved 42.2% higher from the $1,688,205 reported for fiscal 2023.
What was Whitestone Reit's say-on-pay result?
For fiscal 2024, shareholders backed the say-on-pay proposal with 91.8% of votes cast for or against in favor at the meeting held May 15, 2025.
Which companies are in Whitestone Reit's peer group?
Companies named in the disclosed peer group include Acadia Realty Trust, Armada Hoffler Properties, Inc, BRT Apartments Corp., Centerspace and City Office REIT, Inc., among others.
What is Whitestone Reit's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2024 is 24:1, against median employee compensation of $98,051.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Holeman
Chief Executive Officer
◇—◇—◇—◇◇
Christine Mastandrea
President and Chief Operating Officer
◇—◇—◇—◇◇
John Hogan
Chief Financial Officer
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Holeman
Chief Executive Officer
◇—◇—◇—◇◇
Christine Mastandrea
President and Chief Operating Officer
◇—◇—◇—◇◇
Peter Tropoli
General Counsel & Corporate Secretary
◇—◇—◇——◇
John Hogan
Chief Financial Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Holeman
Chief Executive Officer
◇◇◇—◇—◇◇
Christine Mastandrea
President and Chief Operating Officer
◇◇◇—◇—◇◇
John Hogan
Chief Financial Officer
◇—◇—◇—◇◇
Peter Tropoli
General Counsel & Corporate Secretary
◇—◇—◇——◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2024
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Christine J. MastandreaPSU◇◇◇—◇—◇
Christine J. MastandreaRSU◇——◇——◇
David K. HolemanPSU◇◇◇—◇—◇
David K. HolemanRSU◇——◇——◇
J. ScottPSU◇◇◇—◇—◇
J. ScottRSU◇——◇——◇
Michelle SivRSU◇——◇——◇
Michelle SivPSU◇◇◇—◇—◇
Peter A. TropoliPSU◇◇◇—◇—◇
Peter A. TropoliRSU◇——◇——◇
Fiscal 2022 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2024 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Peter TropoliRSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
J. HoganRSU◇———
RSU◇———
PSU◇———
RSU◇———
PSU◇———
Christine MastandreaRSU◇———
RSU◇———
PSU◇———
RSU◇———
PSU◇———
David HolemanPSU◇———
RSU◇———
RSU◇———
PSU◇———
RSU◇———
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2024
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Amy S. Feng
Board chair
◇◇————◇
Jeffrey A. Jones
◇◇————◇
Julia B. Buthman
◇◇————◇
David F. Taylor
◇◇————◇
Nandita V. Berry
◇◇————◇
Kristian M. Gathright
◇◇————◇
Donald A. Miller
◇◇————◇
David Holeman served on the board in fiscal 2024 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as Stock.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2024
  • Acadia Realty Trust AKR
  • Armada Hoffler Properties, Inc AHRT
  • BRT Apartments Corp. BRT
  • Centerspace CSR
  • City Office REIT, Inc. CIO
  • CTO Realty Growth Inc. CTO
  • Getty Realty Group GTY
  • InvenTrust Properties, Inc IVT
  • NETSTREIT Corp. NTST
  • One Liberty Properties, Inc. OLP
  • Retail Opportunity Investments Corp ROIC
  • RPT Realty symbol not shown
  • Saul Centers, Inc BFS
  • Urban Edge Properties UE

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2024May 15, 2025=◇◇◇
2023May 14, 2024=◇◇◇
2022May 12, 2023=◇◇◇
2021May 23, 2022=◇◇◇
2020May 13, 2021=◇◇◇
2019May 14, 2020=◇◇◇
2018May 14, 2019=◇◇◇
2017May 17, 2018=◇◇◇
2016May 12, 2017=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Whitestone Reit disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Whitestone Reit sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
200 figures on this page: 191 cited to the filing that reported them, 9 calculated from figures it prints.
191 cited to the filing
9 calculated from the filing

Documents cited

  1. 0001437749-25-017432
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001437749-25-011049
    Director Compensation · Grants of Plan Based Awards · Outstanding Equity Awards at Fiscal Year End 2024 · Summary Compensation Table · and 1 more section
  3. 0001437749-24-017498
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001437749-23-014961
    Item 5.07 Submission of Matters to a Vote of Security Holders
  5. 0001437749-23-008872
    Summary Compensation Table
  6. 0001175535-22-000103
    Item 5.07 Submission of Matters to a Vote of Security Holders
  7. 0001175535-21-000080
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001175535-20-000081
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001175535-19-000062
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001175535-18-000054
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001175535-17-000027
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Whitestone Reit executive compensation, FY2022–FY2024.” https://intel.velarion.ai/comp/WSR (accessed 2026).
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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers Whitestone Reit discloses

The companies named in WSR's own disclosed peer group.

Acadia Realty TrustArmada Hoffler Properties, IncBRT Apartments Corp.CenterspaceCTO Realty Growth Inc.Getty Realty GroupInvenTrust Properties, IncNETSTREIT Corp.One Liberty Properties, Inc.Saul Centers, IncUrban Edge Properties

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy