ROCHESTER, N.Y., May 17, 2016 (GLOBE NEWSWIRE) -- Broadstone Real Estate, LLC (BRE) today announced the election and appointment of Laurie Hawkes and Thomas Lydon as Independent Directors to the Boards of Directors for the company’s two private Real Estate Investment Trusts (REITs), Broadstone Net Lease, Inc. (BNL) and Broadtree Homes, Inc. (BTH). Ms. Hawkes and Mr. Lydon were carefully vetted by the BNL and BTH Nominating and Corporate Governance Committees, respectively, prior to nomination as candidates.
Laurie Hawkes previously served as the President and Chief Operating Officer of American Residential Properties, Inc., which recently merged with American Homes 4 Rent. The merged entity is currently the largest publicly traded single-family rental home company. Prior to her time with American Residential Properties, Inc., Ms. Hawkes gained extensive experience in single-tenant real estate investment, asset management, and mortgage finance as a partner and president at U.S. Realty Advisors and as a Wall Street investment banker specializing in real estate.
Thomas Lydon has been President of The City Investment Fund, L.P., a real estate opportunity fund, since 2003. Mr. Lydon served as a Director of Home Properties, Inc., where he was a member of the Compensation and Real Estate Investment Committees, from 2011 through its acquisition by an affiliate of Lone Star Funds in October, 2015.
“I am delighted to welcome Laurie and Tom to our boards, having followed their success in prior roles for several years,” said Amy Tait, Chairman and CEO of Broadstone Real Estate. “We are confident that their experience, real estate expertise, and leadership qualities will prove invaluable as we continue to scale BNL and BTH on behalf of current and future investors.”
Ms. Hawkes and Mr. Lydon were elected to BNL’s Board by a vote of BNL’s Shareholders during the REIT’s Annual Meeting, which took place on Tuesday, May 10, 2016. After three years of dedicated service as an Independent Director, Mary Beth McCormick stepped down from the BNL Board, effective May 10, 2016. The REIT now has eight directors, six of whom are independent.
Geoff Rosenberger, who has served on the BTH Board since inception, has stepped down, effective May 9, 2016, in order to make room for the new directors. Mr. Rosenberger was instrumental to the launch and growth of BTH as a private REIT, and will continue to serve as Lead Independent Director of BNL. Ms. Hawkes and Mr. Lydon were unanimously approved and elected to BTH’s Board at its regular meeting on May 9, 2016. The BTH Board of Directors currently has seven members, five of whom are independent.
About Broadstone Net Lease
Broadstone Net Lease (BNL) invests in freestanding, single-tenant, triple-net leased properties located throughout the United States, primarily via sale and leaseback transactions. With a diversified portfolio of 354 medical, industrial and retail properties in 34 states, the REIT targets individual or portfolio acquisitions within the $10 to $200+ million range.
There are currently nearly 1,700 shareholders in BNL, which is externally managed by Broadstone Real Estate, LLC. BNL remains open for new investment by accredited investors on a monthly basis, with a minimum investment of $500,000. Shares are offered directly by Broadstone via private placement. Accredited investors are invited to download an investor kit from the company’s website, Broadstone.com.
About Broadtree Homes
Broadtree Homes (BTH) is a private residential income REIT that holds a diversified, geographically dispersed portfolio of 506 residential rental units in Western New York; Palm Beach County, Florida; the Atlanta, Georgia area; and the Greater Minneapolis, Minnesota area.
BTH remains open for investment by accredited investors only, with a minimum initial investment of $100,000. Shares are offered via private placement, and investor kits are available for download from the company’s website, Broadstone.com.
Please see certain important disclosures regarding BNL and BTH at Broadstone.com/disclosures.