Firm gears up for strategic shifts with new leadership roles
Melcor Real Estate Investment Trust (Melcor REIT) has announced the appointment of two new Trustees, Barry James and Brandon Kot, effective immediately.
Barry James, a seasoned professional in financial management, will also serve as chair of the audit committee.
A chartered accountant since 1983 and a fellow since 2007, James held a partnership at PricewaterhouseCoopers starting in 1989 and led its Edmonton office as managing partner from 2001 to 2011. His extensive board service includes positions as vice-chair and audit committee chair of ATB Financial, as well as audit committee chair roles at Corus Entertainment, AutoCanada Inc., and the University of Alberta Property Trust, among others.
Joining him on the board is Brandon Kot, who has nearly two decades of experience in the commercial real estate finance sector. He is a managing partner at real estate finance group Canada ICI Capital Corporation.
Kot also serves on the Stollery Children's Hospital Foundation board of trustees and is an active member of the Real Estate Council of Alberta and Mortgage Professionals Canada.
“We are grateful to have Mr. James and Mr. Kot accept roles on the board of trustees, and we look forward to their experience and contributions benefitting the REIT’s board of trustees,” Melcor chairman Ralph Young said in the company’s Press release.
In other news, Melcor REIT provided an update on the strategic review of its monthly distribution policy, which began in February. The firm’s independent committee of trustees, led by chair Richard Kirby, oversees the process.
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“In the normal course, the REIT reassesses its distribution policy. In light of the uncertainties surrounding the current capital and property market conditions, management and the board carefully conducted a comprehensive review of the REIT’s capital structure and operations in order to ensure the long-term viability of the REIT’s cash flow and preserve value for its unitholders,” Melcor said. “As a result, the REIT has determined that a suspension of the distribution is warranted at this time.”
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