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Granite Real Estate Investment Trust (GRT_u.TO)

GRT_u.TO on Toronto Stock Exchange

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Summary

Name Age Since Current Position

Kelly Marshall

53 2017 Independent Chairman of the Board of Trustees

Kevan Gorrie

50 2018 President, Chief Executive Officer, Director

Teresa Neto

51 2019 Chief Financial Officer

Lorne Kumer

2018 Executive Vice President - Head of Global Real Estate

Peter Aghar

51 2017 Independent Trustee

Remco Daal

53 2017 Independent Trustee

Fern Grodner

65 2019 Independent Trustee

Aladin Mawani

67 2017 Independent Trustee

Gerald Miller

63 2011 Independent Trustee

Sheila Murray

63 2019 Independent Trustee

Jennifer Warren

54 2018 Independent Trustee

Biographies

Name Description

Kelly Marshall

Mr. Kelly John Marshall is Independent Chairman of the Board of Trustees of the Company. Since November 1, 2017, Mr. Marshall has been Executive Vice President of Strategic Partnerships at Ontario Municipal Employee Retirement System (“OMERS”) where he leads the growth of the pension fund’s strategic partnerships, including its relationships with third-party organizations, co-investors and other finance partners. Prior to joining OMERS, Mr. Marshall served as Managing Partner, Corporate Finance at Brookfield Asset Management Inc. (“Brookfield Asset Management”) where he was responsible for the global corporate finance activities and oversaw all financings in each core region and business line. Throughout his 16 years with Brookfield Asset Management, he completed in excess of US$100 billion in debt and equity transactions. Those transactions involved corporate and asset level issuances in North and South America, Europe, UK, Australia and India for all of Brookfield Asset Management’s real estate, renewable power and infrastructure businesses. Mr. Marshall has over 25 years of finance experience, which was initially developed working for Olympia and York Developments Ltd. at Canary Wharf. This was followed by periods of employment with Citibank, in its real estate asset management group, and then two prominent U.S.-based real estate finance investment companies, Fortress Investment Group and Lonestar Opportunity Fund. Mr. Marshall graduated from Wilfrid Laurier University with an Honours degree in Business Administration

Kevan Gorrie

Mr. Kevan S. Gorrie is President, Chief Executive Officer, Director of the Company. Mr. Gorrie joined Granite as President and Chief Executive Officer on August 1, 2018 and was appointed Trustee and Director of Granite GP effective August 1, 2018. With over 20 years of corporate real estate experience in Canada, the United States and Germany, Mr. Gorrie most recently served as the President and Chief Executive Officer of Pure Industrial Real Estate Trust (“PIRET”) where he successfully grew and led the business until its strategic sale to Blackstone Property Partners and Ivanhoé Cambridge in May 2018. Prior to joining PIRET, Mr. Gorrie led the industrial business for Oxford Properties Group, the real estate investment arm of a major Canadian pension fund, where he built a platform comprising 13 million square feet of income producing properties and development projects across major Canadian industrial markets, encompassing acquisition, asset management, leasing, operations and development. Mr. Gorrie is a graduate of the civil engineering program at the University of Toronto and a graduate of the Director Education Program (ICD.D) from the Institute of Corporate Directors.

Teresa Neto

Ms. Teresa Neto has been appointed as Chief Financial Officer of the company, Effective July 08, 2019. Ms. Neto has over 13 years of real estate experience and has held previous CFO positions at publicly-traded real estate investment trusts in Canada , most recently at Pure Industrial Real Estate Trust and prior to that at Northwest Healthcare Properties REIT. Ms. Neto has a chartered professional accounting designation (CPA, CA) and is a member of the Institute of Corporate Directors.

Lorne Kumer

Mr. Lorne Kumer is Executive Vice President - Head of Global Real Estate of Granite Real Estate Investment Trust. Mr. Kumer oversees all aspects of Granite property operations related to Granite’s global real estate platform including asset management, acquisitions, dispositions, and development. He is also responsible for the global Magna International relationship. Mr. Kumer has over 25 years of experience in the real estate industry working for both public and private development companies. His experience includes property development, leasing, land planning and construction. For over 15 years, Mr. Kumer has worked for Granite and Magna in various roles including the management of Granite’s North American income-producing properties portfolio. Prior to joining Granite, Mr. Kumer held senior positions in the real estate industry including Vice President at C. Hunter Real Estate Corporation in Toronto and Vice President with Peregrine Hunter Properties Ltd. Mr. Kumer holds a Bachelor of Arts (Honours), business administration, from the Richard Ivey School of Business at the University of Western Ontario.

Peter Aghar

Mr. Peter Aghar is Independent Trustee of the Company. Mr. Aghar is the founder and President of Crux Capital Corporation (“Crux”), a value-add real estate investor, developer and venture capital investor active across Canada. Since 2013, Crux and its partners have purchased over three million square feet of commercial property and are participating in over one million square feet of development. Mr. Aghar has a successful 20+ year track record as an opportunistic value investor on an institutional scale, having been responsible for more than 100 real estate transactions totaling over $10 billion in value. Transactions have consisted of investments in Canada, the United States and internationally, including equity investments, developments, joint ventures, structured and mezzanine debt, open and closed end private equity funds as well as the privatization and launch of several public entities. Mr. Aghar was formerly President and Chief Investment Officer of KingSett Capital and a Managing Director of Institutional Accounts at GE Capital Real Estate. Mr. Aghar is a board member of a number of companies and investment funds as well a member of the Young Presidents’ Organization. He is a CPA, a CMA and a graduate of the University of Waterloo with an Honors Mathematics Degree.

Remco Daal

Mr. Remco Daal is Independent Trustee of the Company. Mr. Daal has been President of Canadian Real Estate for QuadReal Property Group since its establishment in June 2016, responsible for QuadReal’s domestic operations, including investment, development, and the management operation of the Canadian property portfolio. QuadReal is a global real estate company owned by the British Columbia Investment Management Corporation (bcIMC), one of Canada’s largest institutional investors, and has managed assets valued at over $18 billion. From 2000 to 2016, Mr. Daal worked at Bentall Kennedy Group, one of North America’s largest real estate investment advisors and Canada’s largest property manager, most recently as President and Chief Operating Officer from 2009 to 2016. Prior to joining Bentall Kennedy, Mr. Daal held senior positions with CIBC Development Corporation and a private Toronto-based development company. Mr. Daal has over 25 years of experience in the real estate sector. Mr. Daal currently serves on the board of Parkbridge Lifestyle Communities Inc. as well as the Faculty Advisory Board of UBC’s Sauder School of Business.

Fern Grodner

Ms. Fern Grodner is Independent Trustee of the Company. With over 25 years of corporate real estate experience, Ms. Grodner joined Amazon.com, Inc. in 2014, where she serves as Senior Manager, Global Real Estate and Facilities, responsible for large, complex real estate transactions in the Americas. To date, Ms. Grodner has managed transactions for Amazon totaling in excess of US$4 billion. Her expertise also extends to strategic planning, design, and construction of corporate space. Prior to joining Amazon, Ms. Grodner spent seven years with JDS Uniphase Corporation overseeing all real estate aspects of an international portfolio of office and manufacturing sites, thereby developing an expertise in global real estate management. From 2002 to 2007, Ms. Grodner served as Vice President, Corporate Real Estate, at Wachovia Corporation, responsible for the growth of Wachovia Securities locations in the Western United States. During the early 2000 tech boom, Ms. Grodner served as Director of Real Estate for Relera, Inc. with a focus on colocation data centers. Ms. Grodner began her career with Bank of America Corporation, Corporate Real Estate, where during her seven-year tenure she was responsible for site selection, transactions, design, and construction for the bank’s portfolio. Ms. Grodner holds a Masters of Corporate Real Estate (MCR) and Senior Leader Corporate Real Estate (SLCR) designations from CoreNet Global, an international non-profit corporate real estate association for executives who manage the real estate assets of large corporations. She also served on the CoreNet Global Bay Area Chapter board for four years. Ms. Grodner graduated from Indiana University with Honors with a degree in Psychology.

Aladin Mawani

Mr. Aladin W. (Al) Mawani is Independent Trustee of the Company. Mr. Mawani is currently a Principal of Exponent Capital Partners Inc., a private equity investor and real estate advisory firm. Mr. Mawani has over 35 years of experience in the commercial real estate industry. His 15-year c-suite experience includes: 11 years as Executive Vice President & Chief Financial Officer of then TSX-listed Oxford Properties Group from 1989 to 2001, President & Chief Executive Officer of TSX-listed Calloway / SmartCentres REIT from 2011 to 2013, and President & Chief Executive Officer of privately-owned Rodenbury Investments in 2015 and 2016. He was an executive at a private equity investment firm from 2002 to 2004. He has served on many TSX-listed boards since 2002, including serving as chair of audit committees and governance and compensation committees. Mr. Mawani is a director of TSX-listed Extendicare Inc. and First Capital Realty Inc. Mr. Mawani is a CPA and CA, and has a Master of Business Administration from University of Toronto and a Masters in Law from York University.

Gerald Miller

Mr. Gerald J. (Gerry) Miller is Independent Trustee of Granite Real Estate Investment Trust. Mr. Miller was Executive Vice President, Finance and Chief Financial Officer of West Fraser Timber Co. Ltd. (“West Fraser”) from January 2009 until his retirement in July 2011. Mr. Miller has been a director of West Fraser since April 2012. From February 2007 to December 2008, Mr. Miller’s principal occupation was Executive Vice President, Operations of West Fraser. Prior to that, since 1986, Mr. Miller held several other senior finance, administration and operations offices at West Fraser, including Vice-President, Corporate Controller; Vice-President, Administration; and Executive Vice-President, Pulp and Paper. Mr. Miller is an experienced CPA and CA and has been a member of the Chartered Professional Accountants of British Columbia and the Chartered Professional Accountants of Canada for over 30 years. Prior to joining West Fraser in 1986, he was a Senior Audit and Tax Manager with one of the major Canadian Chartered Professional Accounting firms. Mr. Miller holds a Bachelor of Commerce degree from the University of British Columbia.

Sheila Murray

Ms. Sheila A. Murray is Independent Trustee of the Company. Ms. Murray is the former President of CI Financial Corp., a position she held from 2016-2019. Previously, she had been Executive Vice-President, General Counsel and Secretary since 2008, following a 25-year career at Blake, Cassels & Graydon LLP, where she practised securities law with an emphasis on mergers and acquisitions, corporate finance and corporate reorganizations. Ms. Murray played a key role in directing the operations and setting corporate strategy for CI Financial Corp. and its operating companies, including CI Investments Inc. and Assante Wealth Management. Her role included leading CI’s mentoring program, which fosters the advancement of high-potential female employees. Ms. Murray is Chair of the Dean’s Council at Queen’s University Law School, and has taught Securities Regulation and Corporate Finance at the University of Toronto’s Global Professional LLM in Business Law Program for several years. Ms. Murray is a member of the Board of Directors of Teck Resources Limited, Lendified Holdings Inc., and the SickKids Foundation, a trustee of the Toronto Symphony Foundation, and has been a director of a number of other private and public companies. Ms. Murray received her B.Comm. and LLB degrees from Queen’s University.

Jennifer Warren

Ms. Jennifer Warren is Independent Trustee of the Company. Since December 2018, Ms. Warren serves as the Head of U.S. Issuer Services at Computershare. Previously, Ms. Warren was Managing Director and Head, U.S. Region and President and Chief Executive Officer of CIBC World Markets Corp. for Canadian Imperial Bank of Commerce (CIBC) from 2013 to 2017 responsible for all business and governance functions of CIBC’s operating business in the U.S. Prior to this role, Ms. Warren was Senior Vice-President, General Counsel (Canada) for CIBC from 2006 to 2013, responsible for the Canadian legal team of CIBC, as well as the Privacy and Ombudsman Office and the global documentation team. She managed a 100-person team who provided a comprehensive range of legal services to the bank’s main businesses: CIBC Retail and Business Banking, Wealth Management, and Wholesale Banking. Ms. Warren began her career in 1990 as a corporate/commercial lawyer with Blake, Cassels & Graydon LLP. In 1996, she joined Rogers Communications Inc. (“RCI”), the parent company of the Rogers group of companies. Ms. Warren became Vice-President, Assistant General Counsel of RCI in 2000 and became the senior legal advisor to, and member of, the senior management team, as well as, a key member of the corporate team responsible for acquisitions, divestitures, financings, strategic alliances, outsourcings and private investments. Ms. Warren holds a Bachelor of Laws and a Bachelor of Science from the University of Toronto.

Basic Compensation

Name Fiscal Year Total

Kelly Marshall

143,000

Kevan Gorrie

3,829,170

Teresa Neto

--

Lorne Kumer

1,235,210

Peter Aghar

110,000

Remco Daal

141,000

Fern Grodner

--

Aladin Mawani

144,000

Gerald Miller

137,000

Sheila Murray

--

Jennifer Warren

45,000
As Of  31 Dec 2018