Whitestone REIT announced that its Board of Trustees (the “Board”) has appointed Dave Holeman as Chief Executive Officer of the Company, effective immediately. Mr. Holeman's appointment follows the Board's decision to terminate James Mastandrea's employment as the Company's Chief Executive Officer for cause, effective immediately. The Board's decision was made following an independent internal investigation, which found Mr. Mastandrea's conduct to be in violation of his employment agreement and inconsistent with Company standards and the responsibilities of the CEO.

Mr. Mastandrea's termination is not related to Whitestone's operating performance, financial condition or financial reporting.