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Nearly 40 million Americans invest in REITs

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07/08/2014 | By Sarah Borchersen-Keto

Published July/August 2014

FORMER NAREIT PRESIDENT ARTHUR VINER DIES AT AGE 92

Former NAREIT Board of Governors President Arthur Viner, who founded REIT sponsor Investors Central Management Corp. , died June 19 at the age of 92. Viner’s tenure at Investors Central Management Corp., which sponsored three REITs that were listed on the New York Stock Exchange, ran from 1958 to 1991. He held the positions of president and CEO of the company during that period. Viner served as president of the NAREIT Board of Governors from 1975 to 1976. In 1993 he became the second recipient of NAREIT’s Industry Leadership Award, which honors NAREIT members who have displayed excellence in their contributions to the real estate industry and to the programs of the association. From 1983 to 1984, Viner served as president of the Pension Real Estate Association, and he acted as chairman of the association from 1984 to 1985.


Diana M. Laing has been named CFO of American Homes 4 Rent (NYSE: AMH). She previously served as CFO and secretary of Thomas Properties Group, Inc.

In a letter to shareholders, Nicholas Schorsch, chairman and CEO of American Realty Capital Properties, Inc. (NASDAQ: ARCP), said he will hand over the CEO mantle to ARCP president David Kay on Oct. 1, in order to focus on “long-term and strategic initiatives.” ARCP also noted that William Kahane and Edward Weil, Jr. are resigning from the board of directors.

Ashford Hospitality Trust, Inc. (NYSE: AHT) said Deric Eubanks will succeed David Kimichik as CFO and treasurer. Kimichik retired after 32 years with the company and its predecessor. Eubanks previously served as the company’s senior vice president of finance.

Berkshire Income Realty Inc. has named Chuck Leitner, president of affiliate The Berkshire Group, as its new president and board chairman. He will replace David Quade as president and Douglas Krupp as board chairman. Quade will remain as an executive vice president.

British Property Federation Chief Executive Liz Peace announced plans to retire. Peace has held the post since 2002.

CCA (NYSE: CXW) announced that David Garfinkle has been selected to succeed Todd Mullenger as the company’s CFO. Mullenger will remain with the company for a twoyear period to assist in the transition and to aid in other projects.

Nicholas Retsinas, senior lecturer in real estate at Harvard Business School, has been named chairman of The Community Development Trust. In addition, Brian Dowling has been promoted to senior vice president for community investments, while Christopher Blair was promoted to senior vice president for finance and treasurer.

Digital Realty Trust, Inc. (NYSE: DLR) named Scott Peterson as chief investment officer. Peterson previously served as the company’s chief acquisitions officer.

EdR (NYSE: EDR) said Randall Brown, executive vice president and CFO, has resigned to pursue other business opportunities.

Inland Real Estate Income Trust, Inc. named Mitchell Sabshon as the company’s CEO and Catherine Lynch as CFO. Both hold similar positions at Inland Real Estate Investment Corp., Inland Real Estate Income Trust’s sponsor.

Invesco Mortgage Capital Inc. (NYSE: IVR) named Richard Lee Phegley, Jr. CFO. Phegley also serves as the global head of real estate investment accounting for Invesco Real Estate, a position he has held since 2006. Phegley replaces former CFO Donald Ramon.

Robert Milkovich has been appointed executive vice president and COO of First Potomac Realty Trust (NYSE: FPO). Previously, Milkovich served as president of Spaulding & Slye Investments, a wholly-owned subsidiary of JLL.

Eugene Landy, founder and chairman of Monmouth Real Estate Investment Corp. (NYSE: MNR) and UMH Properties, Inc. (NYSE: UMH), has been named by Yale Law School as the 2014 recipient of the Simeon Baldwin award, which recognizes distinguished achievement in law and business.

Physicians Realty Trust (NYSE: DOC) has named Jeff Theiler to the newly created position of executive vice president and CFO. Theiler was most recently with Green Street Advisors, where he served as an equity research analyst covering the health care and laboratory sector.

Rayonier (NYSE: RYN) said H. Edwin Kiker will replace Hans Vanden Noort as senior vice president and CFO. Vanden Noort is retiring from the company. The company also announced the appointment of David Nunes as COO. Upon Rayonier’s mid-year separation of its performance fibers business, Nunes will assume the role of president and CEO of Rayonier. Richard Kincaid, a director at the company, will become chairman. Paul Boynton, Rayonier’s current chairman, president and CEO, will become chairman, president and CEO of Rayonier Advanced Materials.

Resource Capital Corp. (NYSE: RSO) appointed Eldron Blackwell vice president and chief accounting officer. Previously, Blackwell was the assistant controller for New Penn Financial LLC.

Saul Centers Inc. (NYSE: BFS) named J. Page Lansdale president and COO, replacing Thomas McCormick, who stepped down in order to pursue other interests.

Simon Property Group, Inc. (NYSE: SPG) announced that Andrew Juster will become CFO in early 2015, succeeding retiring CFO Stephen Sterrett. Juster has served as Simon’s treasurer since 2000.

Mona Benisi has been appointed director of sustainability for Simon Property Group. Benisi previously served as a consultant in the corporate sustainability office of Siemens Corp. in Munich, Germany.

STAG Industrial Inc. (NYSE: STAG) CFO Gregory Sullivan has left the company. A replacement has not yet been named.

Starwood Property Trust, Inc. (NYSE: STWD) said Rina Paniry, who currently serves as the CFO of subsidiary LNR Property LLC, has been promoted to CFO. Paniry will succeed Stew Ward.

Summit Hotel Properties, Inc. (NYSE: INN) appointed Paul Ruiz vice president and chief accounting officer, succeeding Troy Hester following his retirement. Prior to joining the company, Ruiz served in senior executive roles for companies in a variety of industries, including real estate and technology.

Trade Street Residential, Inc., (NASDAQ: TSRE) has appointed Richard Ross to the permanent position of CEO. Ross had served as interim CEO and CFO since February 2014.

Ventas, Inc. (NYSE: VTR) promoted Kristen Benson to senior vice president, associate general counsel and corporate secretary. She was previously vice president, associate general counsel and corporate secretary. Joseph Lambert was also promoted to senior vice president and associate general counsel. Previously, he was vice president and associate general counsel. Philip Kayden was promoted to senior investment officer from investment officer.

Thomas Bakke was named executive vice president and COO of Washington Real Estate Investment Trust (NYSE: WRE). Prior to joining the company, he served as a senior managing director at Cushman & Wakefield.

Weyerhaeuser Co. (NYSE: WY) named Devin Stockfish senior vice president, general counsel and corporate secretary, succeeding Sandy McDade, who is retiring. Kristen Sawin has been appointed vice president for government relations, environment, health and safety. Sara Kendall, vice president for corporate affairs and sustainability, has retired.

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