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Latham & Watkins Advises Independence Realty Trust on Addition of New Independent Board Member, Craig Macnab

March 1, 2024
Firm’s shareholder activism defense team represented the real estate investment trust in agreement resulting in new board director.

Independence Realty Trust, Inc. (NYSE: IRT) (IRT or the Company) has announced the appointment of Craig Macnab to its Board of Directors, effective February 29, 2024. Mr. Macnab brings over 20 years of experience to IRT’s Board after serving in various executive and Board roles in the REIT industry, including most recently as CEO of National Retail Properties (NYSE: NNN) for 13 years. Mr. Macnab’s appointment increases the size of IRT’s Board to 10 members, including eight independent directors. In connection with the announcement, the Company has entered into a cooperation agreement with Argosy-Lionbridge Management (ALM), an IRT shareholder. ALM has agreed to abide by certain customary standstill and voting commitments, including supporting the Board’s slate of directors, subject to limited exceptions.

Latham & Watkins LLP advised IRT in connection with the agreement with ALM with a shareholder activism defense team led by partners Christopher Drewry, Global Co-Chair of the Shareholder Activism & Takeover Defense Practice, and Julian Kleindorfer, Global Co-Chair of the REITs Industry Group, with associates Henna Jalal and Kennedy Holmes. Partner Scott Westhoff, with associate Theresa (Teddy) Finneran, advised on corporate governance and securities matters.