PLANO, Texas, June 15, 2016 /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 reached an agreement with Snow Park Capital Partners, LP ("Snow Park"). Under the terms of the agreement, Monogram will appoint R. Scot Sellers to serve as an observer to its Board of Directors (the "Board"), effective immediately. Mr. Sellers will attend Monogram Board meetings as a non-voting observer subject to the terms of the agreement until the earlier of June 30, 2017 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 2016 annual meeting of stockholders, and subject to limited exceptions, abide by certain standstill provisions until June 30, 2017.
"We welcome open dialogue with stockholders, and are pleased to have reached this agreement with Snow Park," said Alan Patton, Chairman of the Board.
Mark Alfieri, Chief Executive Officer, noted, "We look forward to working productively with Mr. Sellers, who has an outstanding track record of value creation in our industry."
In addition, Monogram's Board has agreed to take all action necessary to permanently opt out of provisions of the Maryland Unsolicited Takeover Act ("MUTA"), without stockholder approval. This follows the previously announced proactive governance changes Monogram adopted in 2014 in conjunction with its public listing on the NYSE, including the adoption of a majority voting standard in uncontested elections, limitations on the ability to adopt a stockholder rights plan, and other significant changes.
"Under the leadership of Mr. Patton, the Monogram Board has in recent months added well known shareholder advocates Tammy Jones, Ben Moreland and Tim Pire, and with its legacy directors and the addition of Scot Sellers as an observer, this Board's composition is amongst the best in the industry," said Jeffrey Pierce, Managing Partner of Snow Park.
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.
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. Monogram's portfolio includes investments in 55 multifamily communities in 10 states comprising 15,211 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.