Home News Rich Uncles NNN REIT Shakes Up Board of Directors

Rich Uncles NNN REIT Shakes Up Board of Directors

RW Holdings NNN REIT Inc., a publicly registered non-traded real estate investment trust also known as Rich Uncles NNN REIT Inc., has appointed new independent directors to its board to replace the three independent directors who resigned in connection with an affiliated REIT’s recent decision to pursue strategic alternatives.

RW Holdings NNN REIT Inc., a publicly registered non-traded real estate investment trust also known as Rich Uncles NNN REIT Inc., has appointed new independent directors to its board to replace the three independent directors who resigned in connection with an affiliated REIT’s recent decision to pursue strategic alternatives.

To avoid overlap with the board of Rich Uncles Real Estate Investment Trust I Inc., David Feinleib, Jonathan Platt, and Vipe Desai resigned as members of the Rich Uncles NNN REIT board and were replaced by Adam Markman, Curtis McWilliams, and Thomas Nolan. The company’s remaining independent director, Jeffrey Randolph, resigned from the REIT I board.

Markman serves as executive vice president, chief financial officer and treasurer of publicly-traded REIT, Equity Commonwealth (NYSE: EQC), and was previously a managing director and board member at real estate research firm Green Street Advisors. He currently sits on Mark IV Capital’s board of directors. Markman earned his M.B.A. in finance and real estate from Columbia University and is a member of the National Association of Real Estate Investment Trusts and the Urban Land Institute.

McWilliams served as president and chief executive officer of CNL Real Estate Advisors from 2007 until 2010, and as president and chief executive officer of Trustreet Properties from 1997 to 2007. He is the non-executive chairman of the Ardmore Shipping Corporation board and serves or has served on the boards of Braemar Hotels & Resorts, Campus Crest Communities, and CNL Bank. He holds an M.B.A. with a concentration in finance from the University of Chicago Graduate School of Business and a bachelor’s degree in chemical engineering from Princeton University.

Nolan, currently a director of WashREIT (NYSE: WRE), served as chairman and CEO of Spirit Realty Capital Inc. (NYSE: SRC) from September 2011 until May 2017, and was previously chief operating officer and president of General Growth Properties Inc., as well as a member of its board. During his career, he has also held senior executive positions of Loreto Bay Company and AEW Capital Management L.P. Nolan holds a bachelor’s in business administration from the University of Massachusetts at Amherst.

Rich Uncles NNN REIT said that it may explore buying Rich Uncles REIT I’s real estate portfolio, which it believes would provide “significant” diversification of its portfolio and enhance its presence in California where 18 of the properties are located.

Currently, Rich Uncles NNN REIT does not own any real estate in California other than a 72.7 percent interest in one property located in Santa Clara, California. The company also owns an approximate 4.8 percent interest in Rich Uncles REIT I.

In other news, the company recently updated its estimated net asset value per share to $10.16, as of December 31, 2018.

Rich Uncles NNN REIT invests primarily in single-tenant revenue-producing real estate properties leased to creditworthy tenants under long term net leases. The REIT’s offering was declared effective in June 2016, and the company has raised approximately $129.4 million in investor equity, as of the third quarter of 2018. The company oversees a portfolio of 22 properties valued at approximately $200 million, as of September 30, 2018.

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