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Real Estate - REIT - Retail - NYSE - US
$ 13.41
-1.25 %
$ 679 M
Market Cap
32.71
P/E
1. INTRINSIC VALUE

This DCF valuation model was last updated on Jan, 18, 2025.

The intrinsic value of one WSR stock under the worst case scenario is HIDDEN Compared to the current market price of 13.4 USD, Whitestone REIT is HIDDEN

This DCF valuation model was last updated on Jan, 18, 2025.

The intrinsic value of one WSR stock under the base case scenario is HIDDEN Compared to the current market price of 13.4 USD, Whitestone REIT is HIDDEN

This DCF valuation model was last updated on Jan, 18, 2025.

The intrinsic value of one WSR stock under the best case scenario is HIDDEN Compared to the current market price of 13.4 USD, Whitestone REIT is HIDDEN

2. FUNDAMENTAL ANALYSIS
FINANCIALS
148 M REVENUE
5.22%
48.3 M OPERATING INCOME
3.60%
19.2 M NET INCOME
-46.42%
47.6 M OPERATING CASH FLOW
7.13%
-36.3 M INVESTING CASH FLOW
-440.88%
-13 M FINANCING CASH FLOW
72.50%
39 M REVENUE
3.30%
12.7 M OPERATING INCOME
-3.37%
7.62 M NET INCOME
194.14%
16.4 M OPERATING CASH FLOW
29.29%
13.8 M INVESTING CASH FLOW
148.68%
-30.9 M FINANCING CASH FLOW
-234.27%
Balance Sheet Whitestone REIT
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Current Assets 65.5 M
Cash & Short-Term Investments 4.57 M
Receivables 32.1 M
Other Current Assets 28.9 M
Non-Current Assets 1.05 B
Long-Term Investments 31.7 M
PP&E 981 M
Other Non-Current Assets 35.2 M
Current Liabilities 108 M
Accounts Payable 36.4 M
Short-Term Debt 721 K
Other Current Liabilities 70.8 M
Non-Current Liabilities 586 M
Long-Term Debt 576 M
Other Non-Current Liabilities 9.32 M
EFFICIENCY
Earnings Waterfall Whitestone REIT
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Revenue 148 M
Cost Of Revenue 46 M
Gross Profit 102 M
Operating Expenses 102 M
Operating Income 48.3 M
Other Expenses 29.2 M
Net Income 19.2 M
RATIOS
68.93% GROSS MARGIN
68.93%
32.68% OPERATING MARGIN
32.68%
12.97% NET MARGIN
12.97%
4.64% ROE
4.64%
1.72% ROA
1.72%
4.77% ROIC
4.77%
FREE CASH FLOW ANALYSIS
Free Cash Flow Analysis Whitestone REIT
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Net Income 19.2 M
Depreciation & Amortization 33.1 M
Capital Expenditures 0
Stock-Based Compensation 3.73 M
Change in Working Capital -756 K
Others -2.61 M
Free Cash Flow 47.6 M
3. WALL STREET ANALYSTS ESTIMATES
Wall Street Analysts Price Targets Whitestone REIT
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Wall Street analysts predict an average 1-year price target for WSR of $15.7 , with forecasts ranging from a low of $15 to a high of $16 .
WSR Lowest Price Target Wall Street Target
15 USD 11.86%
WSR Average Price Target Wall Street Target
15.7 USD 16.83%
WSR Highest Price Target Wall Street Target
16 USD 19.31%
4. DIVIDEND ANALYSIS
0.92% DIVIDEND YIELD
0.045 USD DIVIDEND PER SHARE
5. COMPETITION
6. Ownership
Insider Ownership Whitestone REIT
image
Sold
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
0 USD 0
Bought
0 USD 0
0-3 MONTHS
65 K USD 1
3-6 MONTHS
302 K USD 1
6-9 MONTHS
0 USD 0
9-12 MONTHS
Date Value Insider Amount Avg Price
4 months ago
Sep 04, 2024
Bought 65 K USD
Buthman Julia Bruns
Director
+ 5000
12.99 USD
7 months ago
Jun 11, 2024
Bought 223 K USD
Feng Amy Shih-Hua
Director
+ 17000
13.09 USD
7 months ago
Jun 03, 2024
Bought 79.7 K USD
Feng Amy Shih-Hua
Director
+ 6100
13.07 USD
1 year ago
May 05, 2023
Bought 33 K USD
Feng Amy Shih-Hua
Director
+ 3900
8.47 USD
1 year ago
Mar 03, 2023
Bought 35.3 K USD
Feng Amy Shih-Hua
Director
+ 3650
9.67 USD
2 years ago
Sep 30, 2022
Bought 4.28 K USD
Mastandrea Christine J
Chief Operating Officer
+ 500
8.5576 USD
3 years ago
Mar 22, 2021
Bought 59.7 K USD
Jones Jeffrey Alan
Director
+ 6250
9.55 USD
4 years ago
Dec 04, 2020
Bought 8.42 K USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 1000
8.42 USD
4 years ago
Jun 30, 2020
Bought 0 USD
Mastandrea Christine J
EVP CORPORATE STRATEGY
+ 0
0 USD
4 years ago
Jun 30, 2020
Bought 0 USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 0
0 USD
4 years ago
Jun 24, 2020
Bought 13 K USD
Taylor David F.
Director
+ 2000
6.49 USD
4 years ago
May 18, 2020
Bought 104 K USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 18000
5.75 USD
4 years ago
Mar 11, 2020
Bought 55 K USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 5000
11 USD
4 years ago
Mar 11, 2020
Bought 0 USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 0
0 USD
4 years ago
Feb 28, 2020
Bought 75 K USD
Jones Jeffrey Alan
Director
+ 6250
12 USD
4 years ago
Feb 28, 2020
Bought 124 K USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 10000
12.39 USD
4 years ago
Feb 28, 2020
Bought 0 USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 0
0 USD
5 years ago
Sep 06, 2019
Bought 126 K USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 10000
12.64 USD
6 years ago
Mar 05, 2018
Bought 26.6 K USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 2500
10.65 USD
6 years ago
Mar 05, 2018
Bought 26.6 K USD
Mastandrea Christine J
VP CORPORATE STRATEGY
+ 2500
10.65 USD
7 years ago
Aug 29, 2017
Bought 14.7 K USD
LAMBERT PAUL T
Director
+ 1200
12.27 USD
7 years ago
Aug 29, 2017
Bought 22.2 K USD
LAMBERT PAUL T
Director
+ 1800
12.31 USD
7 years ago
Mar 07, 2017
Bought 13.8 K USD
LAMBERT PAUL T
Director
+ 1000
13.83 USD
7 years ago
Mar 07, 2017
Bought 152 USD
LAMBERT PAUL T
Director
+ 11
13.85 USD
7 years ago
Mar 07, 2017
Bought 6.93 K USD
LAMBERT PAUL T
Director
+ 500
13.86 USD
7 years ago
Mar 07, 2017
Bought 12.1 K USD
LAMBERT PAUL T
Director
+ 872
13.93 USD
7 years ago
Mar 07, 2017
Bought 1.63 K USD
LAMBERT PAUL T
Director
+ 117
13.94 USD
8 years ago
Aug 19, 2016
Bought 29.1 K USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 2000
14.56 USD
8 years ago
Aug 19, 2016
Bought 29.1 K USD
Mastandrea Christine J
VP CORPORATE STRATEGY
+ 2000
14.56 USD
8 years ago
Aug 19, 2016
Bought 4.36 K USD
Holeman David K
CHIEF FINANCIAL OFFICER
+ 300
14.55 USD
8 years ago
Aug 19, 2016
Bought 5.24 K USD
Holeman David K
CHIEF FINANCIAL OFFICER
+ 360
14.56 USD
9 years ago
Nov 13, 2015
Bought 8.17 K USD
LAMBERT PAUL T
Director
+ 700
11.67 USD
9 years ago
Nov 12, 2015
Bought 11.8 K USD
LAMBERT PAUL T
Director
+ 1000
11.78 USD
9 years ago
Nov 12, 2015
Bought 15.3 K USD
LAMBERT PAUL T
Director
+ 1300
11.77 USD
9 years ago
Aug 25, 2015
Bought 10.8 K USD
DEE JOHN J
COO & SECRETARY
+ 1000
10.839 USD
9 years ago
Aug 07, 2015
Bought 13 K USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 1000
12.9948 USD
9 years ago
Aug 07, 2015
Bought 12.9 K USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 1000
12.912 USD
9 years ago
Aug 07, 2015
Bought 13 K USD
Mastandrea Christine J
VP CORPORATE STRATEGY
+ 1000
12.9948 USD
9 years ago
Aug 07, 2015
Bought 12.9 K USD
Mastandrea Christine J
VP CORPORATE STRATEGY
+ 1000
12.912 USD
9 years ago
May 28, 2015
Bought 31 K USD
LAMBERT PAUL T
Director
+ 2200
14.08 USD
9 years ago
May 12, 2015
Bought 14.3 K USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 1000
14.32 USD
9 years ago
May 12, 2015
Bought 14.3 K USD
Mastandrea Christine J
VP Corporate Strategy
+ 1000
14.32 USD
9 years ago
May 12, 2015
Bought 7.05 K USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 500
14.1 USD
9 years ago
May 12, 2015
Bought 14.2 K USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 1000
14.2 USD
9 years ago
May 12, 2015
Bought 401 USD
Holeman David K
CHIEF FINANCIAL OFFICER
+ 28
14.33 USD
9 years ago
May 12, 2015
Bought 1.78 K USD
Holeman David K
CHIEF FINANCIAL OFFICER
+ 124
14.32 USD
9 years ago
May 12, 2015
Bought 2.29 K USD
Holeman David K
CHIEF FINANCIAL OFFICER
+ 160
14.3 USD
9 years ago
May 12, 2015
Bought 7.05 K USD
Mastandrea Christine J
VP STRATEGY & MARKET RESEARCH
+ 500
14.1 USD
9 years ago
May 12, 2015
Bought 14.2 K USD
Mastandrea Christine J
VP STRATEGY & MARKET RESEARCH
+ 1000
14.2 USD
9 years ago
May 07, 2015
Bought 28.1 K USD
LAMBERT PAUL T
Director
+ 2000
14.03 USD
10 years ago
Dec 09, 2014
Bought 9.62 K USD
Holeman David K
CHIEF FINANCIAL OFFICER
+ 655
14.68 USD
10 years ago
Nov 13, 2014
Bought 15.1 K USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 1000
15.09 USD
10 years ago
Nov 13, 2014
Bought 15.1 K USD
Mastandrea Christine J
VP STRATEGY & MARKET RESEARCH
+ 1000
15.09 USD
11 years ago
Dec 09, 2013
Bought 37.3 K USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 2800
13.32 USD
11 years ago
Nov 08, 2013
Bought 13.4 K USD
MASTANDREA JAMES C
Chairman & CEO
+ 1000
13.44 USD
11 years ago
Oct 08, 2013
Bought 6.77 K USD
DEE JOHN J
COO & SECRETARY
+ 500
13.54 USD
11 years ago
Aug 21, 2013
Bought 13.8 K USD
Holeman David K
CHIEF FINANCIAL OFFICER
+ 923
14.97 USD
11 years ago
Aug 16, 2013
Bought 15 K USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 1000
14.98 USD
11 years ago
May 08, 2013
Bought 103 K USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 6250
16.49 USD
12 years ago
Nov 09, 2012
Bought 25.4 K USD
Rollnick Richard D.
SEE REMARKS
+ 2000
12.71 USD
12 years ago
Aug 28, 2012
Bought 3.84 K USD
DEE JOHN J
COO & SECRETARY
+ 300
12.8 USD
12 years ago
Aug 28, 2012
Bought 12.8 K USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 1000
12.8 USD
12 years ago
Aug 28, 2012
Bought 12.8 K USD
Keating Donald F
Director
+ 1000
12.8 USD
12 years ago
Jun 12, 2012
Sell 0 USD
DEE JOHN J
COO & SECRETARY
- 2046
0 USD
12 years ago
Jun 12, 2012
Sell 0 USD
Nixon Daniel E Jr
SVP - REGIONAL DIRECTOR
- 626
0 USD
12 years ago
Jun 12, 2012
Sell 0 USD
Keating Donald F
Director
- 618
0 USD
12 years ago
Jun 12, 2012
Sell 0 USD
Keating Donald F
Director
- 2707
0 USD
12 years ago
Jun 12, 2012
Sell 0 USD
MAHAFFEY JACK L
Director
- 699
0 USD
12 years ago
Jun 12, 2012
Sell 0 USD
DEVOS DANIEL G
Director
- 618
0 USD
13 years ago
Jan 18, 2012
Sell 0 USD
Holeman David K
CHIEF FINANCIAL OFFICER
- 3121
0 USD
13 years ago
Jan 18, 2012
Sell 0 USD
DEVOS DANIEL G
Director
- 454
0 USD
13 years ago
Jan 18, 2012
Sell 0 USD
DEE JOHN J
COO & SECRETARY
- 4923
0 USD
13 years ago
Jan 18, 2012
Sell 0 USD
MAHAFFEY JACK L
Director
- 1032
0 USD
13 years ago
Jan 18, 2012
Sell 0 USD
Keating Donald F
Director
- 454
0 USD
13 years ago
Jan 18, 2012
Sell 0 USD
MASTANDREA JAMES C
CHAIRMAN & CEO
- 3016
0 USD
13 years ago
Jan 18, 2012
Sell 0 USD
Nixon Daniel E Jr
SVP - REGIONAL DIRECTOR
- 1346
0 USD
13 years ago
Nov 16, 2011
Bought 17.8 K USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 1500
11.8573 USD
13 years ago
Nov 16, 2011
Bought 11.9 K USD
Nixon Daniel E Jr
SVP - REGIONAL DIRECTOR
+ 1000
11.91 USD
13 years ago
Nov 16, 2011
Bought 11.9 K USD
Holeman David K
CHIEF FINANCIAL OFFICER
+ 1000
11.94 USD
13 years ago
Oct 06, 2011
Sell 0 USD
MASTANDREA JAMES C
CHAIRMAN & CEO
- 4052
0 USD
13 years ago
Oct 06, 2011
Sell 0 USD
MAHAFFEY JACK L
Director
- 1346
0 USD
13 years ago
Oct 06, 2011
Sell 0 USD
Keating Donald F
Director
- 594
0 USD
13 years ago
Oct 06, 2011
Sell 0 USD
Keating Donald F
Director
- 5339
0 USD
13 years ago
Oct 06, 2011
Sell 0 USD
DEVOS DANIEL G
Director
- 594
0 USD
13 years ago
Oct 06, 2011
Sell 0 USD
DEE JOHN J
COO & SECRETARY
- 6423
0 USD
13 years ago
Oct 06, 2011
Sell 0 USD
Nixon Daniel E Jr
SVP - REGIONAL DIRECTOR
- 1756
0 USD
13 years ago
May 10, 2011
Bought 138 K USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 11500
12 USD
13 years ago
May 10, 2011
Bought 199 K USD
DEVOS DANIEL G
Director
+ 16600
12 USD
14 years ago
Aug 31, 2010
Bought 199 K USD
DEVOS DANIEL G
Director
+ 16600
12 USD
14 years ago
Aug 31, 2010
Bought 125 K USD
MASTANDREA JAMES C
CHAIRMAN & CEO
+ 10400
12 USD
14 years ago
Aug 31, 2010
Bought 18 K USD
Nixon Daniel E Jr
SVP of Redevelopment & Leasing
+ 1500
12 USD
14 years ago
Aug 31, 2010
Bought 60 K USD
Holeman David K
CHIEF FINANCIAL OFFICER
+ 5000
12 USD
14 years ago
Aug 31, 2010
Bought 12 K USD
DEE JOHN J
CHIEF OPERATING OFFICER
+ 1000
12 USD
14 years ago
Aug 31, 2010
Bought 24 K USD
Keating Donald F
Director
+ 2000
12 USD
18 years ago
Sep 02, 2006
Bought 150 K USD
HARTMAN ALLEN R
President -Secretary
+ 30989.498
4.84 USD
18 years ago
Aug 16, 2006
Bought 7.07 K USD
HARTMAN ALLEN R
President -Secretary
+ 1000
7.068 USD
19 years ago
May 03, 2005
Bought 38.9 K USD
HATHORN SAMUEL C
Director
+ 4294
9.05 USD
19 years ago
May 03, 2005
Bought 30 K USD
MINTON CHRIS A
Director
+ 3315
9.05 USD
19 years ago
May 03, 2005
Bought 38.3 K USD
MAHAFFEY JACK L
Director
+ 4231
9.05 USD
20 years ago
Sep 30, 2004
Bought 0 USD
HARTMAN ALLEN R
President - Secretary
+ 3992.836
0 USD
20 years ago
Jun 17, 2004
Bought 14.9 K USD
HARTMAN ALLEN R
President and Secretary
+ 2128.224
6.99 USD
20 years ago
Apr 13, 2004
Bought 12.5 K USD
HARTMAN ALLEN R
President & Secretary
+ 1250.093
10 USD
20 years ago
Jan 30, 2004
Bought 205 K USD
HARTMAN ALLEN R
President & Secretary
+ 20400
10.05 USD
7. News
Top 3 REITs For 2025 Most REITs have surged due to interest rate cuts. But many REITs missed out on this rally and remain undervalued. I present 3 of my Top Picks for 2025. seekingalpha.com - 1 week ago
REITs, Interest Rates And Why Retail Isn't Dead The interest rate conversation as it pertains to REITs. Christine Mastandrea, COO of Whitestone REIT, on diversifying risk and why retail isn't dead. seekingalpha.com - 4 weeks ago
Whitestone REIT CEO Letter to Shareholders: 2024 Wrap-Up HOUSTON, Dec. 17, 2024 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) is pleased to share the following CEO letter with shareholders: globenewswire.com - 1 month ago
Whitestone REIT Signs Lease with EoS Fitness to Reenergize Windsor Park Center in San Antonio Marks second agreement Whitestone has executed with the rapidly growing, High Value. Low Price. (HVLP) ® fitness brand globenewswire.com - 1 month ago
Whitestone Rewards Investors With 9% Dividend Hike: Is it Sustainable? WSR raises cash dividend by 9% for the first quarter of 2025 to reward its shareholders. zacks.com - 1 month ago
Whitestone REIT Grows Dividend 9% HOUSTON, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) today announced that its Board of Trustees has declared a monthly cash dividend of $0.045 per share on the Company's common shares and operating partnership units for the first quarter of 2025. The quarterly dividend amount of $0.135 per share represents a 9% increase from the previous quarterly dividend amount. globenewswire.com - 1 month ago
MCB Withdraws Proposal to Acquire Whitestone Due to Whitestone Board's Entrenchment and Refusal to Engage Calls on Independent Trustees of Whitestone to Initiate Strategic Review Process to Maximize Value for Whitestone Shareholders Reminds Trustees of the Whitestone Board's Fiduciary Duties BALTIMORE , Nov. 18, 2024 /PRNewswire/ -- MCB Real Estate ("MCB"), a leading commercial real estate developer and investment management firm with a diverse nationwide portfolio and approximately $3 billion in AUM, today sent a letter to the Board of Trustees of Whitestone REIT (NYSE: WSR) ("Whitestone") withdrawing MCB's previously announced proposal to acquire the company. MCB sent the following letter to the Whitestone Board: November 18, 2024 Board of TrusteesC/O David K. prnewswire.com - 2 months ago
How Whitestone REIT is Transforming Sunbelt Retail Growth Whitestone REIT NYSE: WSR is a real estate investment trust (REIT) with a unique community-centered approach. REITs offer investors a streamlined way to participate in the real estate market without the burdens of direct property ownership, providing potential for dividend income and portfolio diversification. marketbeat.com - 2 months ago
Whitestone REIT: Weighing Potential Amid Risks Whitestone REIT has delivered over 35% total returns since November 2023, with a current forward yield of 3.44% and a low P/FFO multiple of 14.62x. Looking at WSR stock, I can see a compelling entry point in terms of the valuations relative to other peers such as KIM, REG and FRT. However, diving deeper a bit more, I will also identify some reasons why the discount could be justified. seekingalpha.com - 2 months ago
MCB Calls on Whitestone to Maximize Shareholder Value The Whitestone Board Has Summarily Rejected and Refused to Engage Regarding MCB's Improved $15.00 per Share All-Cash Proposal, which would Deliver a 14.5% Premium to Whitestone Shareholders MCB Urges the Whitestone Board and Management Team to Cease their Entrenchment Tactics and Answer Shareholders' Questions MCB Calls on Whitestone Shareholders to Make their Voices Heard; Visit www.MaximizingWhitestoneValue.com for More Information BALTIMORE , Oct. 31, 2024 /PRNewswire/ -- MCB Real Estate ("MCB"), a leading commercial real estate developer and investment management firm with a diverse nationwide portfolio and approximately $3 billion in AUM, today issued the following statement regarding its proposal to acquire Whitestone REIT (NYSE: WSR) ("Whitestone") for $15.00 per share in cash: MCB stands ready to deliver immediate and certain value to Whitestone shareholders. Our proposal is compelling by all reasonable metrics, reflecting a 14.5% premium to Whitestone's share price prior to our initial proposal on June 3, 2024, and a 61.8% premium to Whitestone's unaffected share price prior to the rumored Fortress proposal on October 26, 2023. prnewswire.com - 2 months ago
Whitestone (WSR) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates Although the revenue and EPS for Whitestone (WSR) give a sense of how its business performed in the quarter ended September 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers. zacks.com - 2 months ago
Whitestone (WSR) Lags Q3 FFO Estimates Whitestone (WSR) came out with quarterly funds from operations (FFO) of $0.25 per share, missing the Zacks Consensus Estimate of $0.26 per share. This compares to FFO of $0.23 per share a year ago. zacks.com - 2 months ago
8. Profile Summary

Whitestone REIT WSR

image
COUNTRY US
INDUSTRY REIT - Retail
MARKET CAP $ 679 M
Dividend Yield 0.92%
Description Whitestone is a community-centered shopping center REIT that acquires, owns, manages, develops and redevelops high-quality open-air neighborhood centers primarily in the largest, fastest-growing and most affluent markets in the Sunbelt. Whitestone seeks to create communities that thrive through creating local connections between consumers in the surrounding communities and a well-crafted mix of national, regional and local tenants that provide daily necessities, needed services, entertainment and experiences. Whitestone is a monthly dividend paying stock and has consistently paid dividends for over 15 years. Whitestone's strong, balanced and managed capital structure provides stability and flexibility for growth and positions Whitestone to perform well through economic cycles.
Contact 2600 South Gessner Road, Houston, TX, 77063 https://www.whitestonereit.com
IPO Date Aug. 26, 2010
Employees 73
Officers Mr. Matthew A. Okmin Regional Senior Vice President of Arizona David C. Spagnolo Regional Senior Vice President of Dallas & Austin Mr. Peter A. Tropoli General Counsel & Corporate Secretary Mr. J. Scott Hogan Chief Financial Officer Mr. Michael Ly Controller Mr. David Mordy Director of Investor Relations Mr. David K. Holeman CPA Chief Executive Officer & Director Ms. Christine C. J. Mastandrea Chief Operating Officer Ms. Soklin Siv Vice President of Human Resources