Independence Realty Trust Appoints Craig Macnab to Board

Independence Realty Trust, Inc. (NYSE: IRT) has appointed Craig Macnab to its board of directors, effective February 29, 2024. With over 20 years of experience in the REIT industry, including serving as CEO of National Retail Properties, Inc. (NYSE: NNN) for 13 years, Macnab's appointment increases the size of IRT's board to 10 members, including 8 independent directors.

In connection with this appointment, IRT has entered into a cooperation agreement with Argosy-Lionbridge Management, LLC (ALM), an IRT stockholder. Additionally, the company has reaffirmed its commitment to leadership in corporate governance practices by waiving the option to classify its board under provisions of the Maryland Unsolicited Takeover Act (MUTA), unless first approved by the stockholders of the company by a majority of the votes cast on the matter.

Greg Morillo, CIO & Managing Partner of ALM, expressed satisfaction with the actions taken by the company to opt out of MUTA and highlighted the significant opportunity for value creation at IRT. ALM has agreed to abide by certain customary standstill and voting commitments, including supporting the board’s slate of directors, subject to limited exceptions.

Craig Macnab has also served on the board of Vici Properties Inc. (NYSE: VICI) and American Tower Corporation (NYSE: AMT) and has a strong background in various executive and board roles in the REIT industry.

Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities across non-gateway U.S. markets. The company's investment strategy is focused on gaining scale near major employment centers within key amenity-rich submarkets. The company aims to provide stockholders attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation.

The market has reacted to these announcements by moving the company's shares 3.7% to a price of $15.18. If you want to know more, read the company's complete 8-K report here.

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