PLANO, Texas, March 9, 2017 /PRNewswire/ -- Monogram
Residential Trust, Inc. (NYSE: MORE) ("Monogram" or the "Company"),
an owner, operator and developer of luxury apartment communities
with a significant presence in select coastal markets across
the United States, today announced
that it has extended its agreement with Snow Park Capital Partners,
LP ("Snow Park"). Under the terms of the agreement, Monogram
will reappoint R. Scot Sellers to
serve as an advisor to its Board of Directors (the "Board") upon
the expiration of his current term on June
30, 2017. Mr. Sellers will continue to attend Monogram
Board meetings as a non-voting advisor subject to the terms of the
agreement until the earlier of June 30,
2018 or the appointment to the Board of an independent
director mutually agreed upon by Snow Park and the Company.
In connection with the agreement, Snow Park has agreed, among
other things, to vote its shares in favor of each of the Monogram
Board's nominees at the Company's 2017 annual meeting of
stockholders, and subject to limited exceptions, abide by certain
standstill provisions until June 30,
2018.
About R. Scot Sellers
Mr. Sellers was previously Chief Executive Officer of Archstone,
one of the largest owners of apartment communities in the United States, a position he held from
1997 until 2013. Mr. Sellers had previously served in various
roles at Archstone, including Chief Investment Officer, Senior Vice
President and Managing Director. During Mr. Sellers' over 30-year
career in the apartment business, he has been responsible for the
development, acquisition and operation of over $40 billion of apartment communities in over 50
different cities across the United States. Mr. Sellers served
as the Chairman of the National Association of Real Estate
Investment Trusts from November 2005
to November 2006. Mr. Sellers serves
on the boards of directors of the Howard Hughes Corporation, the
Irvine Company, Inspirato LLC and the international board of
directors of Habitat for Humanity. Mr. Sellers received
his M.B.A. from Stanford University
Graduate School of Business and a B.S. from Lewis and Clark College.
About Monogram
Monogram is a fully integrated self-managed real estate
investment trust that invests in, develops and operates high
quality multifamily communities offering location and lifestyle
amenities. Monogram invests in stabilized operating properties and
properties in various phases of development, with a focus on
communities in select markets across the
United States. As of December 31,
2016, Monogram's portfolio includes investments in 51
multifamily communities in 10 states comprising 14,473 apartment
homes.
About Snow Park
Snow Park Capital Partners, LP ("Snow Park") is an investment
advisor that focuses on publicly traded real estate securities.
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SOURCE Monogram Residential Trust, Inc.