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Executive Leadership Changes Across a Couple of CNL REITs

CNL Financial Group, LLC (“CNL”), in a filing, has recently announced a number of board member changes within its sponsored companies.

Non-traded REITs, Global Income Trust, Inc. (“GIT”) and CNL Growth Properties, Inc. (“CPG”) have elected Thomas K. Sittema as both companies’ CEO and president, succeeding Andrew A. Hyltin.

Hyltin will continue his work within the company through handling direct private equity and alternative investments.

Both changes will be effective September 1, 2014.

Before the promotion, Sittema served as the former vice president of CNL. Additionally, Sittema has served in several roles at Bank of America Corporation including managing director of real estate, gaming, and lodging investment banking.

He has also previously served as chairman of the board of directors and as director of Corporate Capital Trust, Inc. (“CCT”).

Currently, Sittema is a member of the board of directors of Crescent Holdings, LLC.

He has a Bachelor’s degree in business administration from Dordt College and earned his MBA with a concentration in finance from Indiana University.

Other Executive Leadership Changes

Also effective September 1, 2014, Tammy J. Tipton will take on a new role as CNL Growth Properties, Inc.’s chief financial officer and treasurer as Rosemary Q. Mills resigns effective August 31. 2014.

Prior to this role, Tipton served as senior vice president and group chief financial officer of CNL Financial Group Investment Management LLC. She has also served other financial roles in accounting, reporting, and purchasing for CNL and its affiliates.

Tipton has a Bachelors degree in accounting from the University of Central Florida and is a certified public accountant.

Effective August 31, 2014, Mary Lou Fiala will be resigning from CGP and James P. Dietz will assume the role of independent director and member of the Audit Committee.

Before the promotion, Dietz previously served as independent director of Global Income Trust, Inc.

Dietz is a certified public accountant with a Bachelors degree from the University of South Florida in accounting and economics.

CNL Financial Group is a private investment management company. Founded in 1973, the firm has several sponsored affiliates such as CNL Growth Properties, Inc., CNL Lifestyle Properties, Inc., and CNL Commercial Real Estate that focus on providing global real estate and alternative investments.