Broadstone Net Lease (BNL) has increased the size of the real estate investment trust's board of directors from five to seven members with the election of two new independent directors, David Jacobstein and Mary Beth McCormick.
Jacobstein (pictured) has more than 25 years of real estate experience and since July 2009 has provided consulting services to real estate related businesses. Jacobstein was the senior advisor to Deloitte's real estate industry group from June 2007 to June 2009, where he advised Deloitte's real estate practitioners on strategy, maintained and developed key client relationships and shaped thought leadership that addressed key industry and market trends. From 1999 to 2007, he was president and chief operating officer of Developers Diversified Realty Corporation, now known as DDR Corp., an owner, developer and manager of market-dominant community shopping centers. Jacobstein also served on DDR's board of directors from 2000 to 2004. Prior to DDR, he was Vice chairman and chief operating officer of Wilmorite, a Rochester, New York based developer of regional shopping malls.
Jacobstein began his career as a corporate and securities lawyer. He is a member of the National Association of Corporate Directors (NACD) and the International Council of Shopping Centers (ICSC). Jacobstein serves on the board of Corporate Office Properties Trust, a specialty office REIT, and chairs its audit committee. He also serves on the advisory board of White Oak Partners, a private equity firm concentrating in multi-family real estate based in Columbus, Ohio.
McCormick currently serves as a senior advisor to Almanac Realty Investors and a director of the public REIT EastGroup Properties. From 1989 to 2005, McCormick was with the Ohio Public Employees Retirement System, where she served as assistant investment officer – real estate from 1995 to 2005.
She has served as a director and chair of the Pension Real Estate Association, council vice chair for the Urban Land Institute, chair of the portfolio management committee of the National Council of Real Estate Investment Fiduciaries, and member of the board of governors of the National Association of Real Estate Investment Trusts. She also served as a director for Mid America Apartment Communities from 2006 to 2010.
"These important additions to BNL's board of directors are reflective of the continued growth of the REIT," says BNL's chairman and chief executive Amy Tait. "David and Mary Beth both bring a wealth of public and private real estate and corporate governance experience that will serve BNL well as the REIT continues to grow. Our existing directors have been instrumental in our success to date and we all look forward to working with our expanded group of talented independent directors.”