Cole Credit Property Trust IV Inc., a publicly registered non-traded real estate investment trust, reported that its board of directors elected T. Patrick Duncan as an independent director and as a member of the audit committee of the board of directors. Duncan replaces J. Marc Myers, who resigned as a director due to personal reasons.
Duncan also served as a board member of Cole Real Estate Income Strategy (Daily NAV) Inc., but resigned to devote more time and attention to other business activities, including his duties as a new member of the board of directors of Cole Credit Property Trust IV Inc.
As a result of his resignation, the Cole Daily NAV board of directors now has four members, three of whom are independent directors.
Cole Credit Property Trust IV Inc. invests in income-producing retail commercial real estate primarily leased to creditworthy tenants under long-term, net leases. The offering closed in February 2014.