Realty Income Corporation (NYSE: O) today announced that Jeff A. Jacobson will be joining Realty Income's Board of Directors (the "Board"), effective February 21, 2024. Ronald L. Merriman has also announced his intention to retire from the Board and to not stand for reelection at Realty Income's 2024 annual meeting of stockholders.
"On behalf of the Board, I want to recognize Ron for his countless contributions to Realty Income, spanning nearly two decades," said Michael D. McKee, Realty Income's Non-Executive Chairman of the Board. "Realty Income has achieved many significant milestones since Ron joined the Board in 2005, including being added to the S&P 500 Dividend Aristocrats Index®, expanding into Europe, and surpassing $10 billion in dividends paid. These accomplishments were supported by Ron's leadership and guidance throughout a range of economic cycles and evolution for the company. We are deeply grateful for Ron's dedication, his commitment to effective oversight, and his unwavering focus on building value for our stockholders."
"Realty Income owes a debt of gratitude for Ron's impact to the foundation of the company. His extensive knowledge and adaptable approach to our business's development has added immeasurable value," said Sumit Roy, President and Chief Executive Officer. "I am also delighted to welcome Jeff to our Board. Jeff's experience leading premier global real estate asset management firms and his extensive relationships in the industry will be a tremendous asset as we continue our path of thoughtful growth."
Jeff A. Jacobson is a retired Global Chief Executive Officer of LaSalle Investment Management, ("LaSalle"), the real estate investment arm of Jones Lang LaSalle Inc. serving in the role from 2007 to 2021. Prior to this, he served as LaSalle's European Chief Executive Officer from 2000 to 2006. Previously, Mr. Jacobson served in various leadership positions with LaSalle and Security Capital Group, Inc., a real estate holding company. Mr. Jacobson has over 35 years of real estate investment experience. Specifically, during his tenure at LaSalle, he sat on three regional investment committees in North America, Europe and Asia. He has investment expertise in a variety of geographic markets, asset sectors, investment structures, and risk-return strategies. He currently serves as Chairman of the Board of Cadillac Fairview Corporation, which he joined in 2022. Cadillac Fairview is an owner, operator, investor and developer of office, retail, multi-family residential, industrial and mixed-use properties in North America and is wholly-owned by the Ontario Teachers' Pension Plan. Mr. Jacobson is also a Senior Adviser to The Vistria Group, a private investment firm focused on investing in essential industries such as healthcare, financial services and housing. Mr. Jacobson holds both a Bachelor of Arts degree in economics and a Master of Arts degree from the Food Research Institute from Stanford University. Once Mr. Jacobson joins the Board, he is expected to serve as a member of Realty Income's Audit Committee.
"I am excited to announce Jeff's addition to our Board," said Michael D. McKee, Realty Income's Non-Executive Chairman of the Board. "This appointment represents Realty Income's commitment to maintaining a Board with skills that are relevant to our growing business. Jeff's global real estate expertise will be invaluable as Realty Income continues to expand its footprint as a real estate partner to the world's leading companies."
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