BOSTON--(BUSINESS WIRE)--Berkshire Income Realty, Inc. (Amex: BIR.PR.A) (Amex: BIR_PA) (Amex: BIRPRA) (Amex: BIR-A) (Amex: BIR.A) (Amex: BIR/PRA) (the ”Company” or ”BIR”) announced today that David C. Quade has resigned his position of Chief Financial Officer (“CFO”) effective March 15, 2011. Mr. Quade has held the position of President, CFO and Director since the inception of the Company in July of 2002. Mr. Quade will retain his position as President and Director and continue to provide operational oversight of the Company while focusing on the strategic direction of the portfolio.
The Company also announced the appointment of Shereen P. Jones as CFO of the Company effective March 15, 2011. The appointment of Ms. Jones fills the vacancy created by Mr. Quade’s resignation. As CFO, Ms. Jones will be responsible for the Company’s financial strategy and operations while providing oversight of the Company’s capital markets, accounting, legal, and technology and risk management activities. Ms. Jones has extensive financial experience in both the public and private real estate sectors and was most recently CFO of Boykin Lodging Company, a NYSE-listed REIT. Previously Ms. Jones held senior positions with several investment banking firms and specialized in real estate finance and mergers and acquisitions. Ms. Jones extensive knowledge, experience and involvement with real estate operations, capital and equity markets and merger and acquisitions activities are anticipated to contribute significantly to the leadership of the Company and the advancement of its strategic objectives.
The Company is a Real Estate Investment Trust (“REIT”) whose objective is to acquire, own, operate, and rehabilitate multifamily apartment communities. The Company owns interests in twenty-nine such multifamily apartment communities or development projects, of which seven are located in the Baltimore/Washington, D.C. metropolitan area, five are located in Virginia, four are located in Houston, Texas, three are located in Dallas, Texas, two are located in the Chicago, Illinois area and one is located in each of Austin, Texas, Charlotte, North Carolina, Atlanta, Georgia, Sherwood, Oregon, Tampa, Florida, Philadelphia, Pennsylvania, Los Angeles, California and Denver, Colorado.
This press release may contain “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, about the Company. These statements involve a number of risks and uncertainties that could materially affect future results. Among these risk factors are the ones listed in the Company’s periodic reports filed with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009 and Quarterly Report on Form 10-Q for the periods ended March 31, 2010, June 30, 2010 and September 30, 2010.