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.
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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/monogram-residential-trust-inc-extends-agreement-with-snow-park-capital-partners-lp-300421426.html
SOURCE Monogram Residential Trust, Inc.