PHILADELPHIA - Independence Realty Trust, Inc. (NYSE: NYSE:IRT), a real estate investment trust, has announced the appointment of Craig Macnab to its Board of Directors, effective last Thursday. With over two decades of experience in the REIT sector, Macnab's addition expands the Board to 10 members, 8 of whom are independent directors.
The company also declared its decision to waive the right to classify its Board under the Maryland Unsolicited Takeover Act (MUTA) provisions, emphasizing that any such action would require approval by a majority of the company’s stockholder votes.
Scott Schaeffer, Chairman and CEO of IRT, expressed confidence in Macnab's ability to contribute to the company's success, citing his extensive leadership background in the REIT industry. Macnab himself remarked on IRT's solid real estate platform and his anticipation to aid in the company's continued growth.
IRT's cooperation agreement with stockholder Argosy-Lionbridge Management, LLC (ALM) has been highlighted as a result of constructive dialogue, aiming to enhance the company's financial flexibility. Greg Morillo of ALM recognized the potential for value creation at IRT and supported the company's decision to opt out of MUTA.
The cooperation agreement includes standstill and voting commitments from ALM, supporting the Board's director nominations, with certain exceptions. This agreement will be filed with the U.S. Securities and Exchange Commission (SEC).
IRT focuses on multifamily communities in non-gateway U.S. markets, striving to provide stockholders with attractive returns through portfolio management, operational performance, and capital appreciation.
Citigroup and Latham & Watkins served as financial and legal advisors, respectively, to IRT in the recent developments.
This news is based on a press release statement from Independence Realty Trust, Inc.
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