On September 13, 2018, the Board of Directors of Monmouth Real Estate Investment Corporation (NYSE: MNR) increased the number of its directors from twelve to thirteen. To fill the resulting vacancy, the Board elected Mr. Kiernan "KC" Conway as a Class II Director, to serve for the remaining term of Class II Directors, until the Company's 2020 annual meeting of stockholders and when his successor is duly elected and qualifies. The Board has determined that Mr. Conway is an independent director under the listing standards of the New York Stock Exchange.
Mr. Conway is an expert on the U.S. economy, commercial real estate markets, real estate finance, ports and logistics, risk management, and valuation, among several other subjects. A graduate of Emory University and Member of the Appraisal Institute, he has served since 2017 as the Director of Research and Corporate Engagement of the Alabama Center for Real Estate and as the Chief Economist of the CCIM (Certified Commercial Investment Member) Institute. From 2014-2017, he served as Senior Vice President of Credit Risk Management for Sun Trust in Atlanta, GA. From 2010-2014, he served as U.S. Chief Economist for Colliers International in Atlanta, GA. From 2005-2010, he served as Commercial Real Estate Subject Matter Expert for the Federal Reserve in Atlanta, GA. Mr. Conway has addressed more than 750 real estate industry and regulatory organizations and conferences since the 2008 financial crisis, including the Chairman of the Federal Reserve, as well as numerous governmental, academic and corporate organizations. He has also published extensively in real estate and economic journals.
Commenting on the announcement, Eugene W. Landy, Chairman of the Board, said, "KC Conway has extraordinary experience in commercial real estate, real estate finance, economics and logistics. We have followed and benefited from KC's extensive research for over a decade. With his appointment, the Board of Directors recognizes his wide-ranging expertise in market intelligence and valuation, as well as his history of accurately forecasting real estate trends. I am confident that KC will be an excellent addition to our Board for many years to come."
ABOUT MONMOUTH REAL ESTATE INVESTMENT CORPORATION
Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the world. The Company specializes in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants. Monmouth Real Estate Investment Corporation is a fully integrated and self-managed real estate company, whose property portfolio consists of 111 properties containing a total of approximately 21.2 million rentable square feet, geographically diversified across 30 states. In addition, the Company owns a portfolio of REIT securities.
