This feature presents a weekly rundown of recent significant management and board changes and personnel moves in the North American real estate industry, including U.S. real estate investment trusts and real estate operating companies, homebuilders and gaming operators.
C-suite changes
* Diversified REIT iStar Inc. named former Starwood Capital Group Managing Director Marcos Alvarado chief investment officer and a member of its senior executive team.
Board shuffle
* Business and property management service provider RMR Group Inc. founder, chairman and managing director Barry Portnoy died Feb. 25. Portnoy's son, Adam Portnoy, will continue to lead RMR Group as president, CEO and managing director.
Portnoy was also a managing trustee or managing director of Government Properties Income Trust, Hospitality Properties Trust, Industrial Logistics Properties Trust, Select Income REIT, Senior Housing Properties Trust, Tremont Mortgage Trust, Five Star Senior Living Inc., TravelCenters of America LLC and RMR Real Estate Income Fund.
* Robert Gifford joined Liberty Property Trust's board of trustees, effective Feb. 26, while Frederick Buchholz and Leanne Lachman will step down from the board after the industrial REIT's May 17 annual meeting. Gifford also serves on the boards of shopping center REIT Retail Properties of America Inc. and Lehman Brothers Holdings Inc.
* Mary McBride, former president of CoBank ACB, joined the board of timber REIT CatchMark Timber Trust Inc.
* Apartment Investment and Management Co. plans to add Ann Sperling to its board as an independent director, subject to her election at the multifamily-focused residential REIT's annual meeting May 1. Sperling has served as senior director of Trammell Crow Co. since October 2013.
* Equity LifeStyle Properties Inc. board member William Young will not stand for re-election at the manufactured home-focused residential REIT's 2018 annual stockholder meeting, scheduled for May 1, at which time the board will be downsized to nine members.
* John Allen does not plan to seek re-election as a board member at diversified real estate company Consolidated-Tomoka Land Co.'s annual shareholder meeting in April.
