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Whitestone REIT shareholders vote to declassify board, re-elect trustees

Whitestone REIT shareholders voted for an activist shareholder's nonbinding proposal to declassify the shopping center landlord's board of trustees and voted against the activist's slate of director nominees, in favor of the company's candidates who were standing for re-election.

Shareholders of the real estate investment trust also voted against the company's proposed executive compensation on an advisory basis, according to preliminary results of Whitestone's annual shareholders meeting.

Whitestone has been engaged in a protracted proxy battle with activist investor KBS Strategic Opportunity REIT Inc., which submitted the board declassification proposal and nominated its own trustees to the company's board.

Whitestone said in the release that its management team intends to "carefully consider the feedback received" at the meeting.