Adventus Announces Changes in Boards of Directors

September 16, 2022

Director Retirement – Mr. Brian Kenning

Adventus Realty Trust (“Adventus”) announces that Mr. Brian Kenning has retired from the Board of Directors of both Adventus Realty Services Inc. and Adventus Capital Partners Ltd., effective September 15, 2022.

This is an ordinary-course retirement by Mr. Kenning after many years of service. Mr. Kenning has served on the Boards since May 2013 with the specific roles of Chair of the Compensation and Governance Committees. Early in 2022, he expressed interest in retiring from the Boards once a suitable replacement was identified. That has now been effected with the appointment of Mr. Happel as described below.

Rod Johnston, CEO and Founder of Adventus commented: “Mr. Kenning’s corporate governance expertise has been highly valued by Adventus. We are very appreciative of Mr. Kenning’s nine years of service as a member of the Adventus Boards of Directors and wish him well with all future endeavours.” Ian MacIntosh, Chair of the Adventus Boards commented: “We wish to thank Mr. Kenning for his many years of service and dedication as well as his keen interest in the business of Adventus.”

Appointment of New Director – Mr. Michael Happel

Adventus announces that Mr. Michael Happel has joined the Board of Directors of Adventus Realty Services Inc. and Adventus Capital Partners Ltd., effective September 15, 2022.

Mr. Happel has over 30 years of experience in US real estate that spans multiple real estate cycles and includes office, retail, multifamily, industrial and hotel properties. His experience has included both the private and public real estate markets. In addition to his investment and capital markets experience, he has significant experience in managing, growing, and monetizing real estate businesses.

Mr. Happel is currently a senior advisor at Rubenstein Partners, a real estate private equity firm focused on acquiring and developing office buildings in the US, with assets under management of US $3.5B (approximately 16M sq ft. of office buildings) which he joined in 2021.

Between 2002 and 2021, Mr. Happel was employed by several significant real estate firms in a variety of key management roles.

From 1988-2002, Mr. Happel worked at Morgan Stanley & Co., specializing in real estate and becoming co-head of acquisitions for The Morgan Stanley Real Estate Funds, or MSREF, in 1994. While at MSREF, he was involved in acquiring over $10 billion of real estate and related assets in MSREF I and MSREF II.

Mr. Happel received a B.A. in economics from Duke University in 1985 and a J.D. from Harvard Law School in 1988. He currently serves on the Trinity Board of Advisors at Duke University and is on the board of the AHRC Foundation, an organization focused on assisting people with learning disabilities. He currently lives in Manhattan, New York with his wife and two children.

Ian MacIntosh, Chair of the Adventus Boards commented: “We are very pleased to welcome Mr. Happel to the Adventus Boards of Directors. The depth of Michael’s US-based business experience and his broad real estate network, coupled with his financial expertise with several major real estate organizations, will provide a valuable addition to our boards.”

About Adventus

Adventus is a Canadian based private Real Estate Investment Trust (REIT) and is focused on US income producing commercial real estate, in the suburban office markets of Chicago, Illinois and Atlanta, Georgia. For more information on Adventus, including our team, corporate strategy, photo gallery, details of our portfolio and press releases, we invite you to visit our website at www.adventusrealty.com.

Cautionary Statements Regarding Forward-Looking Statements

This press release may contain forward-looking statements with respect to the REIT and its operations, strategy, financial performance and financial condition, as well as with respect to the previously disclosed acquisitions and future acquisitions of properties. These statements generally can be identified by the use of forward-looking terminology such as “anticipate”, “believe”, “plan”, “forecast”, “expect”, “intend”, “would”, “could”, “if”, “may” and similar expressions. The actual results and performance of the REIT and the acquisitions discussed herein could differ materially from those expressed or implied by such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, changes in interest rates, competition and changes in securities or other laws or regulations or the application thereof. The cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf.

Unless otherwise stated, all forward-looking statements speak only as of the date of this press release. Except as required by applicable law, the REIT specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

 

ADVENTUS REALTY TRUST   
By its Trustee: ADVENTUS REALTY SERVICES INC.

Per: Rodney B. Johnston, FCPA, FCA   
President and Chief Executive Officer

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