BOARD OF TRUSTEES

Milestone Apartments REIT has recruited a seasoned board, with many years of senior executive experience in real estate, public company governance and finance and accounting.

Our Trustees:

Michael D. Young

Michael Young is President of Quadrant Capital Partners, Inc. which he founded in November 2003. From 1994 to October 2003, Mr. Young served as Managing Director and Head of Real Estate Investment Banking for CIBC World Markets. Mr. Young was appointed Global Head of Real Estate for CIBC World Markets in 1997. He has been Trustee of SmartREIT (TSX), formerly Calloway Real Estate Investment Trust, since November 2003 and currently serves as Lead Independent Trustee. Mr. Young has been a Trustee and Chairman of the Board of Milestone Apartments REIT (TSX) since March of 2013. He was a Director of Brookfield Residential Properties Inc. (NYSE/TSX) since March 2011 and a Director of Brookfield Homes since 2007. On March 12, 2015 Brookfield Residential Properties completed a “going private” transaction with Brookfield Asset Management as the purchaser. He serves as a Director of the Board of the American Friends of the Art Gallery of Ontario and is Chairman of the Board of Dignitas International U.S.A. Mr. Young holds a Bachelors degree from the University of Western Ontario. He is also a member of Canada’s Sports Hall of Fame.

William J. Biggar

Mr. Biggar is a Corporate Director who has previously held senior executive positions in the real estate, mining and investment industries. From 2008 to 2012, Mr. Biggar was President and Chief Executive Officer of TSX-listed mining company North American Palladium Ltd. Prior to that, he was Managing Director of private equity investor Richardson Capital Ltd. from 2004 to 2007, President and Chief Executive Officer of Granite Real Estate Inc. (formerly MI Developments Inc., a TSX/NYSE-listed company) from 2003 to 2004, and Executive Vice-President of Magna International Inc. from 2001 to 2003. From 1999 to 2001, Mr. Biggar was Executive Vice-President and Chief Financial Officer of Cambridge Shopping Centres Limited. He has also held senior executive positions with Barrick Gold Corporation and Trizec Canada Inc. (formerly Horsham Corporation), and Managing Director positions at Merrill Lynch Canada and UBS Securities. Mr. Biggar has served on the boards of a number of public and private companies. He is currently a trustee of TSX-listed True North Commercial REIT and is formerly a trustee of TSX-listed Primaris Retail REIT. Mr. Biggar holds a CPA, CA designation and holds Bachelor of Commerce and Master of Business Administration degrees from the University of Toronto.

Janet Graham

Ms. Graham has been a Managing Director of IQ Alliance Incorporated, a Toronto based real estate advisory services firm, since August 2002. Prior to joining IQ Alliance, Ms. Graham was an independent consultant for a number of years delivering real estate related financial advisory services to major corporate clients. Prior to March 1996, Ms. Graham held senior positions at a Canadian chartered bank and its affiliated investment bank for 15 years specializing in corporate finance and corporate lending to real estate and other companies.

Ms. Graham is a member of the Board of Directors and Chair of the Audit Committee of Sienna Senior Living Inc., a publicly-traded owner and operator of long-term care facilities and retirement residences and a member of the Board of Trustees and Chair of the Audit Committee of Automotive Properties Real Estate Investment Trust, a publicly-traded Canadian real estate investment trust. Ms. Graham is a former member of the Board of Directors and Chair of the Audit Committee of Toronto Waterfront Revitalization Corporation, a corporation without share capital and a former member of the Board of Directors and member of the Audit Committee of Altus Group Limited, a publicly-traded Canadian company and a former member of the Board of Trustees and Chair of the Audit and Special Committees of Partners Real Estate Investment Trust (formerly, Charter Real Estate Investment Trust), a publicly traded Canadian real estate investment trust. She is also a former member of the Board of Trustees and member of the Audit Committee of IPC US Real Estate Investment Trust, a publicly-traded Canadian real estate investment trust and a former member of the Board of Directors and member of the Audit Committee of Crystal River Capital, Inc., a public Maryland corporation.

Ms. Graham holds a Bachelor of Applied Science from Guelph University, a Master of Business Administration from York University and holds a CPA, CA designation.

Robert P. Landin

Mr. Landin is Chief Executive Officer and Trustee of the REIT. He is also Co-Managing Partner of The Milestone Group, LLC and Co-Chairman of Milestone’s Investment Committee. Mr. Landin is responsible for establishing the strategic direction of Milestone and the firm's capital markets activities and fundraising. Mr. Landin has over 23 years of real estate acquisition, development, capital markets and investment management experience. Prior to forming Milestone in 2004, Mr. Landin held key roles with Olympus Real Estate Partners and Colony Capital Partners, two leading U.S. real estate private equity firms where he transacted on over $10 billion of investments. Mr. Landin received a B.A. in Managerial Economics from Union College in Schenectady, NY and studied at The London School of Economics. He is a member of The Real Estate Council, Real Property Association of Canada (REALpac) and Young Presidents' Organization (YPO). He also serves as Treasurer and Trustee of the St. Philip’s School and Community Center in Dallas, Texas.

Richard N. Matheson

Mr. Matheson currently serves as Chair of the Independent Review Committee for First National Mortgage Investment Fund and the Related Trust, and is a member of the finance committee for Rosedale Golf Club. Mr. Matheson served as a Director of Regal Lifestyle Communities from the time of its IPO on October 16, 2012 until the time of its sale and privatization on October 26, 2015. Mr. Matheson served as a member of the Audit Committee, Chair of the Investment and Environmental Committee, and was appointed to the Special Committee pertaining to the sale of Regal in 2015.

Mr. Matheson served as Managing Director, Co-Head of the Real Estate Group, and served as a member of the Real Estate Industry Operating Committee and the RBC Capital Markets Real Estate Loan Committee at RBC Capital Markets (“RBC”). Mr. Matheson retired from RBC in July 2012 after a 27-year investment banking career. While at RBC, Mr. Matheson’s clients included public real estate companies and real estate investment trusts. Mr. Matheson completed numerous capital market transactions for his clients including initial public offerings, follow-on and secondary offerings of equity and convertible debentures, and mergers and acquisitions, acting on either the buy-side or sell-side. Other areas of activity for both public and private entities in the commercial real estate sector included individual and portfolio asset sales, mortgage brokerage, lending as principal on behalf of RBC, and strategic advisory services. M&A transactions included seniors housing, hospitality, U.S. office, self storage and golf courses. Individual and portfolio asset sales included multifamily residential, seniors housing, hotels, office, industrial, retail, self-storage and land. From 1978 to 1985, Mr. Matheson was employed by Grant Thornton (originally Pannell Kerr Forster) with a focus on audit and taxation. Mr. Matheson holds a CPA, CA designation, a Bachelor of Commerce from McMaster University, and he has successfully completed the Canadian Securities Course and the Canadian Institute of Chartered Accountants in-depth tax course.

Graham Senst

Mr. Senst served as President of the Institute of Canadian Real Estate Investment Managers until its sale in August 2012. Prior to this role, Mr. Senst served as Managing Director of KingSett Capital Real Estate Income Fund and as an Executive Vice President of Bentall Capital and Penreal Capital Management. Mr. Senst served as an Executive Vice President of Bentall Investment Management. Prior to joining Bentall in April 2003, Mr. Senst served as Vice President of Real Estate for the OMERS Administration Corp. (also known as Ontario Municipal Employees Retirement System). Mr. Senst has many years of senior real estate investment experience as a principal with a major Ontario pension fund and other Canadian financial institutions. Prior to joining OMERS, Mr. Senst served as Vice President of Real Estate at a subsidiary of Mackenzie Financial Corporation, where he developed debt and equity investment products for various Mackenzie equity funds. Mr. Senst served as the Vice President of Corporate Real Estate at Canada Trust. He served as a Member of Advisory Board at KingSett Capital Income Fund. He served as trustee of Residential Equities Real Estate Investment Trust (ResREIT). He served as a Director of Oxford Properties Group, Inc., Morgan Stanley Real Estate Fund IV and Soros Real Estate Investors, C.V. Mr. Senst holds an Honours Business Administration and a Masters Business Administration from the Ivey School of Business at the University of Western Ontario in London, Ontario and is a graduate of the Institute of Corporate Directors 2011.



COMMITTEES AND MEMBERSHIP

 

Audit Committee

Janet Graham, Chair

William J. Biggar

Richard N. Matheson

 

Investment Committee

Graham Senst, Chair

Janet Graham

Robert P. Landin

Richard N. Matheson

Michael D. Young

 

Compensation, Governance and Nominating Committee

William J. Biggar, Chair

Janet Graham

Graham Senst

 

 

Audit Committee

The Audit Committee assists the Board of Trustees in fulfilling its financial oversight responsibilities. The Audit Committee reviews the financial statements, the adequacy and effectiveness of the system of internal controls, the financial reporting process and management of financial risks, the nature and scope of the audit process as proposed by the auditor and the Corporation’s disclosure controls and procedures. The roles and responsibilities of the Audit Committee are specifically defined so as to provide appropriate guidance to committee members as to their duties. The Committee provides and facilitates communication between the Corporation’s internal and external auditors and the Board to discuss and review specific issues as appropriate. The committee is also responsible for the insurance, enterprise risk management and environmental management programs of the Trust. The Audit Committee is composed entirely of independent directors.

Investment Committee

The Investment Committee will be comprised of at least three Trustees, a majority of whom will be persons determined by the REIT to be Independent Trustees and residents of Canada and each of whom must have at least five years of substantial experience in the real estate industry, and will be charged with assessing particular acquisition opportunities based on a variety of factors, including the expected risk-adjusted returns, credit fundamentals, liquidity, availability of adequate financing, borrowing costs and macroeconomic conditions. The Investment Committee will be comprised of Graham Senst, who will act as chair of this committee, Janet Graham, Richard N. Matheson, Robert P. Landin and Michael D. Young, a majority of whom have been determined by the REIT to be independent.

The Board will adopt a written charter for the Investment Committee setting out its responsibilities and duties which may include, at the Board’s discretion, the grant of authority to the Investment Committee to authorize, without board approval, proposed acquisitions, dispositions or borrowings where the value of such transaction is within a pre-determined threshold and such further delegation of authority to management in certain circumstances as determined by the Investment Committee in accordance with its charter.

Compensation, Governance and Nominating Committee

The purpose of the Corporate Governance and Nominating Committee is to provide a focus on governance that will enhance the Trust’s performance. The Committee is also responsible for advising and assisting the Board of Trustees in applying governance principles and practices; monitoring developments in corporate governance and adapting best practices to the needs and circumstances of the Trust; and reviewing shareholder proposals and recommending to the Board responses to these proposals.

The Committee has the responsibility of developing a long-term plan for Board composition and proposing nominees that take into consideration the current strengths, skills and experience on the Board, retirement dates, and the strategic direction of the Trust; monitoring and making recommendations regarding the orientation, education and ongoing development of directors; and reviewing the Trust’s structures and procedures to ensure the directors function independently of management.

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