InterRent REIT Announces Changes to Senior Leadership
26 Abril 2022 - 9:00AM
Business Wire
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DISSEMINATION IN THE UNITED STATES
InterRent Real Estate Investment Trust (TSX-IIP.UN)
(“InterRent”) announced today changes to its senior
leadership and Board of Trustees (the “Board”). Effective
May 1, 2022, Mike McGahan will step down from his current role as
CEO and become Executive Chairman of the Board. At the same time,
Brad Cutsey will succeed Mike to become President & CEO of
InterRent REIT and will join the REIT’s Board and the current
Chairman of the Board, Paul Amirault, will become the Lead
Trustee.
Mike McGahan has been CEO of InterRent since 2009 and has
successfully led the company through an initial period of portfolio
rationalization, followed by tremendous growth in the REIT’s core
regions, including its recent entry into the Greater Vancouver Area
in early 2021. Throughout his tenure, Mike has embodied the
entrepreneurial spirit that makes InterRent such a special place,
ensuring that its unique culture remained intact as the company has
grown and continues to mature. Under his leadership, the company
has flourished to nearly 500 Team members and now provides homes to
more than 13,000 households across Canada. In his role as Executive
Chairman, Mike will provide ongoing guidance to the REIT over the
next several years and will continue to be intimately involved with
the strategic planning and capital allocation decisions of the
REIT, while taking a step back from the operational side of the
business.
Brad Cutsey has spent seven years honing his skillset with the
REIT after being both an Equities Analyst and Investment Banker
with prominent financial institutions. During his time with
InterRent, Brad has explored all facets of the business and has
spent a significant amount of time immersed in the operations of
the REIT. Brad is uniquely positioned to hit the ground running and
drive continued success across the company’s strategic priorities.
Brad will work closely with Mike on strategic and growth
initiatives and will focus on further enhancing InterRent’s
operational platform and will continue to develop and nurture the
exceptional Team that serves as its backbone. Brad’s positive
attitude and boundless energy are contagious and matched only by
his unwavering integrity and competitive spirit, a combination that
will propel the REIT and its talented Team forward under his
leadership.
Paul Amirault has been an independent Trustee since 2010 and in
addition to serving as the current Chairman of the Board is a
member of the Audit Committee and Nominations and Governance
Committee. Paul brings extensive knowledge of capital markets and
corporate governance to the role of independent Lead Trustee and
will act as the effective leader of the Board in circumstances
where it is inappropriate for the Executive Chairman of the Board
to carry out the role due to an actual or perceived conflict of
interest.
“I feel very fortunate to have been able to lead such a great
Team for the last 12 years and I will continue to stay connected to
my InterRent family and to be a significant REIT unitholder. I
believe that Brad has the vision, tools, and a very deep bench of
talent to deliver outsized returns and we are extremely lucky to
have this talented individual lead the REIT into its next growth
phase. On a personal note, I am looking forward to spending time
with my sons and daughter in our private family real estate
business, as well as on the development side with a very dynamic
partner and exceptional Team” commented Mike McGahan, CEO.
“We always talk about our culture being our competitive
advantage, and Mike has been the heart and soul of InterRent for
more than a decade. I’ve had the pleasure to work alongside a
wonderful leader and friend, and I could not be happier to see Mike
make this decision to spend more time with his family after such an
illustrious run with InterRent. Like Mike, I am passionate about
the REIT’s role in supporting our communities and I will continue
to be a strong advocate for the need to increase the supply of
housing in Canada. We are clear in our strategic aspirations, and I
am confident in our dedicated and talented Team to execute as we
move forward together,” said Brad Cutsey, President.
"In his 12 years of serving InterRent, Mike has displayed his
passion for providing homes for Canadians and building stronger
communities. In his tenure as CEO, we have all come to appreciate
Mike’s relentless work ethic and commitment to create a
high-performing Team that feels like a family, and I personally
look forward to working together with Mike in his new role as
Executive Chairman. Since joining InterRent seven years ago, Brad
has played an instrumental role in building the company to what it
is today and has created strong personal relationships with the
REIT’s many stakeholders. Under his leadership, we look forward to
a vibrant future for our organization and for the thousands of
families who call an InterRent community home," commented Chairman
of the Board of Trustees Paul Amirault. “Please join me in thanking
Mike for his contributions to the REIT to date and in
congratulating Brad on his new appointment."
About InterRent
InterRent REIT is a growth-oriented real estate investment trust
engaged in increasing Unitholder value and creating a growing and
sustainable distribution through the acquisition and ownership of
multi-residential properties.
InterRent's strategy is to expand its portfolio primarily within
markets that have exhibited stable market vacancies, sufficient
suites available to attain the critical mass necessary to implement
an efficient portfolio management structure, and offer
opportunities for accretive acquisitions.
InterRent's primary objectives are to use the proven industry
experience of the Trustees, Management and Operational Team to: (i)
to grow both funds from operations per Unit and net asset value per
Unit through investments in a diversified portfolio of
multi-residential properties; (ii) to provide Unitholders with
sustainable and growing cash distributions, payable monthly; and
(iii) to maintain a conservative payout ratio and balance
sheet.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20220426005560/en/
For further information: Sandy Rose, CFA Director -
Investor Relations & Sustainability (514) 704-2459
sandy.rose@interrentreit.com www.interrentreit.com
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