In The News
Sarasota REIT names Wal-Mart, MillerCoors veterans as board members
By Margie Manning
Tampa Bay Business Journal
A former CEO of MillerCoors LLC and a former president and CEO for Wal-Mart Stores Division are joining the board of directors of HC Government Realty Trust Inc.
They are two of the four newly appointed independent directors who will join several members of management on the board of the Sarasota-based real estate investment trust.
HC Government Realty Trust owns the building leased to the Social Security Administration… more
It’s one of at least three Tampa Bay area REITS, public companies that own and manage real estate and pay out all of their taxable income to shareholders as dividends. Other local REITS are Carter Validus Mission Critical REIT I and II, which own properties nationwide, and Generation Income Properties Inc., which unveiled a $20 million offering last year.
HC Government Realty Trust was formed in 2016 to buy and operate properties that are leased by the U.S. General Services Administration. HC Government Realty Trust currently has 11 buildings in its portfolio with tenants such as the Social Security Administration, the FBI and the Drug Enforcement Agency, according to a map on its website.
The company launched a $30 million stock offering in November and has raised about $3.8 million during the first half of 2017. It has about $18.5 million in total equity to date, including contributed and preferred equity raised last year, a press release said. It’s selling 3 million shares at $10 each.
HC Government Realty Trust intends to apply to the OTC Markets Group to quote its stock on the OTCQX Marketplace.
The new board members will make up a major of the board of directors and provide guidance and oversight as the company grows, the release said.
William Robert Fields, who was president and CEO of Wal-Mart Stores Division and executive vice president of Wal-Mart Stores (NYSE: WMT) when he left that company in 1996. He has more than 30 years' experience in retail and consumer goods and currently is chairman of Fields Texas Limited LLC, a private investment firm in Austin.
Leo Kiely, former CEO at MillerCoors. He retired from the beer company in 2011. He’s currently a director at Coors Brewing and at Altria Group (NYSE: MO), a cigarette company in Richmond, Virginia.
Scott Musil, chief financial officer at First Industrial Realty Trust, also a REIT, in Chicago. He previously worked at Arthur Andersen & Co.
John F. O’Reilly, chairman and CEO of O’Reilly Law Group in Las Vegas. He is a former chairman of the Nevada Gaming Commission.
Three of the new directors will chair key board committees: Musil will chair the audit committee; Fields, the compensation committee; and O’Reilly the nominating and governance committee.
Also on the board of directors are Edwin Stanton, HC Government Realty Trust’s CEO; Robert Kaplan, who is secretary; and Philip Kurlander, who is treasurer.