Mack-Cali appoints independent director
Mack-Cali Realty Corporation has appointed Jonathan Litt to its board of directors, effective immediately, to serve as a Class I director with a term expiring at the company’s annual meeting of stockholders in 2016.
Litt (pictured) is the founder and chief investment officer of Land & Buildings Investment Management, a registered investment advisor specialising in publicly traded real estate and real estate related securities.
With the addition of Litt, Mack-Cali’s board of directors now comprises 11 directors, eight of whom are independent.
“We are pleased to welcome Jonathan to our board of directors and look forward to his contributions,” says William L. Mack, chairman of the Mack-Cali board. “Our board includes highly qualified professionals with expertise in a range of disciplines, and we believe Jonathan’s experience as a sell-side real estate analyst, buy-side investor, and Mack-Cali stockholder will be valuable. Mack-Cali remains focused on executing its strategic repositioning to diversify the Company and increase its focus on the multi-family apartment sector.”
“I am pleased to join the Mack-Cali board of directors,” says Litt. “Mack-Cali has a unique portfolio of superior properties and I look forward to working constructively with the other board members to maximise shareholder value and close the meaningful discount to underlying net asset value.”
In connection with the announcement, Land & Buildings has entered into an agreement with Mack-Cali that includes customary standstill and voting covenants by Land & Buildings and its affiliates. The complete agreement will be included as an exhibit to Mack-Cali’s annual report on Form 10-K for the year ended 31 December 2013, which will be filed with the Securities and Exchange Commission.
Greenberg Traurig is serving as legal advisor to the company.
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