In an overwhelming majority, the shareholders of Evergreen Realty REIT Inc. voted to re-elect its existing board of directors rather than elect new directors proposed by Everest Properties Inc., and to change the company’s name to American Spectrum REIT I Inc.
Earlier this year, Evergreen sold all 74 of its property-management contracts to real estate investment company American Spectrum Realty Inc., including those for self-storage, office, industrial, multi-family, assisted-living and retail properties. The company’s re-elected officers are William J. Carden, chairman and CEO of American Spectrum Realty, Jonathan T. Brohard, president of subsidiary American Spectrum Realty Management LLC (ASRM), and Morris S. Cohen.
ASRM and its affiliates provide management and leasing services for 120 properties consisting of 12,098 self-storage units (1.8 million square feet), 2,934 multi-family units, 3,206 student housing units (9,107 beds), nine assisted-living facilities (776 beds), and nearly 9 million square feet of industrial, office and retail space. The company’s management portfolio spans 22 states.
American Spectrum Realty Advisors LLC, another subsidiary, provides real estate advisory services to the REIT and ASRM.
American Spectrum Realty has been publicly traded since 2001. Its properties are in Arizona, California, Texas and the Midwest, and are managed by American Spectrum Management Group Inc., yet another subsidiary of the company's operating partnership.