IRVINE, Calif., Oct. 1, 2012 – Steadfast Income REIT, Inc. announced today that Ella Shaw Neyland has assumed the role of president for the public, non-traded multifamily REIT, and that the company's board of directors is now comprised of seven members with the appointment of two new independent directors, Kerry D. Vandell and Ned W. Brines.
Ella Shaw Neyland succeeds Rodney F. Emery, who will remain chairman and CEO of the company's board. Neyland will remain a member of the board, but tendered her resignation as chairperson of its Audit Committee, a position required to be held by an independent board member, to assume the new role.
"Ella joined our board last year and became an integral part of the team because of her vast apartment industry experience," stated Rodney F. Emery, CEO and chairman of Steadfast Income REIT. "I believe that her demonstrated entrepreneurship, financial expertise, real estate acumen and public company experience provide her with a unique perspective that is beneficial to our company and its shareholders."
Neyland's distinguished real estate and financial industry experience extends back nearly 30 years and includes three years as executive vice president, treasurer and investor relations officer of the publicly traded UDR, Inc. (NYSE:UDR), where she was responsible for capital market transactions, banking relationships and presentations to investors and Wall Street analysts. While at UDR, Neyland served as a voting member of UDR's Investment Committee that approved the repositioning of over $3 billion of investments.
Additionally, she spent four years as a financial advisor and an owner of a private real estate acquisition and development company where she advised the company in the acquisition of 43 medical properties with over 2 million square feet of space in 13 states and advised the affiliate company in the acquisition of 8,300 apartments in 29 communities.
"Steadfast is an impressive company and I am excited to join their team," said Neyland. "Serving as a member of the board, I have been able to work closely with management and develop an even deeper appreciation and respect for the company's extraordinary culture, leadership and business plan."
Simultaneously, to address the growing needs of the company, Steadfast announced that its five-member board will expand to seven members and that Dr. Kerry D. Vandell and Ned W. Brines have been appointed as independent directors.
Dr. Vandell will succeed Neyland as the Audit Committee chair and is the dean's professor of finance and director for the Center for Real Estate at the Paul Merage School of Business at the University of California, Irvine. Dr. Vandell has researched and consulted widely in the areas of real estate investment, urban/real estate/environmental economics, mortgage finance, housing economics and policy, and valuation theory. Vandell holds a doctorate in Urban Studies and Planning from MIT, a master's from Harvard University and both a bachelor's and master's from Rice University. He also serves on the board of directors of Shopoff Properties Trust, Inc., a public non-traded real estate investment trust specializing in land investments.
Ned Brines is the chief investment officer for the CitizenTrust Wealth Management and Trust division of Citizens Business Bank, as well as the founder and chief investment officer of Montelena Asset Management, LLC, a California-based investment advisor. Over the past 18 years, Brines' roles have included serving as the chief investment officer for a Los Angeles-based registered investment advisor firm and as a senior portfolio manager both for a small cap growth fund with $1.6 billion in assets under management (AUM) and for a mid cap mutual fund and large cap private client business with over $19 billion AUM. Prior to completing his MBA at the University of Southern California, Brines spent six years as an investment banker focused on mergers and acquisitions. He is also on the investment committee for the City of Hope.
"Our board serves an important role for the company and we are fortunate to have added two members with the experience and depth of knowledge that Kerry and Ned bring. Both of these individuals are well respected in the business community and will definitely add value to an already deep board," said Emery.
About Steadfast Income REIT
Steadfast Income REIT is a real estate investment trust that intends to acquire and operate a diverse portfolio of real estate investments focused primarily on the multifamily sector, including stable, income-producing and value-added properties. Steadfast Income REIT is sponsored by Steadfast REIT Investments, LLC, an affiliate of Steadfast Companies, an Orange County, Calif.-based group of affiliated real estate investment companies that acquire, develop and manage real estate in the U.S. and Mexico.
This release contains certain forward-looking statements. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of Steadfast Income REIT, Inc.'s annual report on Form 10-K and other reports filed with the Securities and Exchange Commission. Forward-looking statements in this document speak only as of the date on which such statements were made, and the company undertakes no obligation to update any such statements that may become untrue because of subsequent events. Such forward-looking statements are subject to the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
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