TORONTO and DALLAS, June 27, 2013 /CNW/ - Milestone Apartments REIT (TSX: MST.UN) ("Milestone" or the "REIT") announced today the appointment of Ryan Newberry, CPA, as Chief Financial Officer, effective August 15, 2013. Mr. Newberry will succeed outgoing CFO, Chris Phillips, who will remain with Milestone until September 30, 2013, to ensure a seamless transition. Mr. Phillips has tendered his resignation for personal reasons.
"Ryan has extensive experience working with public companies, supporting financial and regulatory reporting, audit services, and strategic transactions," said Robert Landin, Chief Executive Officer of Milestone Apartments REIT. "We look forward to Ryan playing a strong leadership role in the financial management of Milestone as we advance our growth strategy." Mr. Newberry was formerly Assistant Vice President, Finance, at The Republic Group, where he managed a team of treasury, accounts payable, financial analysis and reinsurance accounting professionals. He has proven expertise in financial controls, internal audit, risk management, financial reporting, real estate valuation and financial modeling for mergers and acquisitions. Prior to joining The Republic Group, Mr. Newberry spent nine years with KPMG, including a role as senior manager in KPMG's audit division. He holds a Bachelors' degree in Accounting from Texas Tech University and is a Certified Public Accountant.
About Milestone Apartments REIT
Milestone Apartments REIT is an unincorporated, open-ended real estate investment trust that is governed under the laws of Ontario. The REIT's portfolio consists of 53 multifamily garden-style residential properties, comprising 17,290 units that are located in 10 major metropolitan markets throughout the Southeast and Southwest United States. Milestone Apartments REIT is the largest REIT listed on the TSX focused solely on the U.S. multifamily sector. The REIT operates its portfolio through its internal property management company, Milestone Management, with more than 900 employees across the U.S. The Milestone Group, based in Dallas, Texas, is the external asset manager of the REIT. For more information, please visit www.milestonereit.com.
About The Milestone Group
The Milestone Group is a privately-held real estate investment management company with approximately US$2.5 billion of assets under management. The firm has corporate offices in Dallas, TX and New York, NY with regional acquisition and management offices across the United States. Founded in 2004, The Milestone Group has a strong track record of investing in the U.S. multifamily sector, including completion of more than US$4.5 billion in multifamily transactions. For more information, please visit www.milestonegp.com.
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to business of the REIT and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. These statements are based on the REIT's expectations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in the REIT's prospectus dated February 27, 2013 available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The REIT undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.
SOURCE: Milestone Apartments REIT
For further information:
Robert P. Landin, CEO
Milestone Apartments REIT
Tel: 416.447.4740, x 232