Dave Holeman: Mitch, Dave again. Yes, as you mentioned, really a couple of matters. The ex-CEO termination for cause lawsuit and then our attempt to receive fair value for our equity investment. It’s difficult to give a lot of detailed talk on litigation. What I will say is both of the cases are nearing the end. We feel very good about our position. I think we’ve talked about the legal expense and really the underperforming JV and their effect on this year’s numbers. We feel very good going forward that those are soon going to be out of the story. There is — I’m not going to talk to the details of an appeal process, but we feel very strongly. We’re nearing the end, and we feel like we are in a great position once that is resolved to really remove some of that noise from the story.
The underlying fundamentals of the business are performing really, really well. And there is a bit of a noise from that. But I think we’re in a good spot, and we’re very close to the end, we believe.
Operator: Our next question comes from the line of Michael Diana with Maxim Group.
Michael Diana: Dave, I think I heard you saying in the beginning of your remarks that you’re expecting lower G&A levels. Could you give some more detail on that?
Dave Holeman: Absolutely. Thanks, Michael. In our G&A this year, it’s about $4.2 million basically in legal expenses related to the 2 litigation matters. That will go away. It’s hard to exactly present when, but that alone represents a significant decrease in our G&A. I’ll also remind you that in early ’22 when we made the leadership change, we took a number of steps to take significant costs out of our G&A cost structure at that time, largely resetting executive compensation. So a couple of steps. We reduced our G&A in early ’22, and we expect when we conclude our litigation to have a much lower G&A number as well. We’ve also really worked on efficiencies. I think Christine has talked about the way we’ve executed. We’ve been much more clear with our folks and goals and accountability.
As a result, we run leaner today. I think our headcount today is in the mid-70s and a couple of years ago, that was probably close to 110 people. So we’ve really streamlined the business. We’ve become much more productive in our execution. If you look at the results, we’re laying down a good track record. And frankly, we’re doing that in a more efficient way, and the future is very bright because there’s some noise in the G&A number that’s going to go away.
Operator: As there are no further questions, I would now hand the conference over to Dave Holeman, CEO, for closing comments.
Dave Holeman: Thank you. We thank everyone for joining us today. It’s been — third quarter was a very good quarter for us. We’re excited to conclude the year and we look forward to finishing out very strong, and then we also look forward to giving everyone a look into the future with our guidance with our year-end earnings. With that, we wish everyone a great day. Take care.
Operator: Thank you. The conference of Whitestone REIT has now concluded. Thank you for your participation. You may now disconnect your lines.
