VineBrook Homes Trust Appoints New CEO, Announces Other Leadership Changes

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Aug 26, 2024, 08:30 ET

John Good Named CEO and Paul Richards Named CFO, Expanding VineBrook's Leadership Team as Company Prepares for Future Growth

DALLAS, Aug. 26, 2024 /PRNewswire/ -- VineBrook Homes Trust, Inc. ("VineBrook" or the "Company"), a single-family rental ("SFR") real estate investment trust ("REIT"), announced today the appointment of two new executive officers, effective August 26, 2024.

John Good was appointed Chief Executive Officer. The role was previously held by Brian Mitts, who remains President of the Company, as well as a member of the Board of Directors. The appointment of Good as CEO expands the VineBrook executive team, providing additional senior leadership to focus on future growth. Good brings to the CEO role more than three decades of REIT and financial services experience from across a range of leadership and advisory roles at both public and private companies. As a nationally recognized corporate and securities lawyer, Good served as lead counsel on over 200 securities offerings largely within the REIT industry and as outside counsel to more than 10 NYSE-listed REITs. He previously served as chairman and CEO of Jernigan Capital, Inc. ("JCAP"), an NYSE-listed self-storage REIT. After leading JCAP's initial public offering in 2015, Good helped grow the REIT to approximately $1 billion in enterprise value before being acquired by affiliates of NexPoint Advisors, L.P. ("NexPoint") in 2020. Since the acquisition of JCAP, Good has remained CEO and chairman of the board of the JCAP successor entity. Good also serves as an independent director and the audit committee chair of NYSE-listed REIT Farmland Partners, Inc.
Paul Richards was appointed VineBrook's Chief Financial Officer, Assistant Secretary and Treasurer, positions also previously held by Mitts. The appointment further expands VineBrook's leadership team. Richards, who is employed by an affiliate of NexPoint, has been actively involved across VineBrook's business since the REIT formation in 2018, including serving as the Company's Vice President of Asset Management and Financing prior to the CFO appointment. He brings extensive capital markets and financing experience to the role, having served in key leadership positions for multiple public REITs. Richards has executed on more than $4 billion in debt financings across the real estate platform advised by NexPoint and its affiliates and has been instrumental in a range of equity offerings, special situations, and other capital markets initiatives totaling over $3 billion and spanning multiple real estate sectors.

With a portfolio of over 21,000 homes,¹ VineBrook is one of the only large SFR operators in the country specializing in the workforce housing segment, which continues to face a critical lack of supply. The leadership changes support VineBrook's long-term commitment to addressing affordable housing needs in the markets where it operates, while maximizing the Company's value. Under the leadership and strategic direction of the expanded executive team, VineBrook can remain focused on ongoing initiatives to optimize its portfolio, strengthen its balance sheet, and enhance operations to improve resident experience, while also positioning the Company for long-term growth and future opportunities to drive value.

"These executive officer appointments are a key step toward the Company's next phase of growth," said Mitts. "We welcome the addition of John and Paul to the leadership team to support that future growth while the Company continues to optimize and enhance the business and portfolio."

"VineBrook's commitment to affordability uniquely positions us in the SFR sector, where the Company's growth and success can help address a critical need for quality affordable housing in the U.S., while also delivering strong risk-adjusted returns and dividends to its shareholders," said Good. "I am excited to lend my years of experience leading REITs to further VineBrook's mission at this important juncture in the Company's life cycle."

About VineBrook Homes Trust, Inc.

VineBrook Homes Trust, Inc. is a Securities and Exchange Commission (the "Commission")-reporting real estate investment trust that focuses on acquiring, developing, renovating, leasing, and operating single-family rental properties, primarily in the midwestern, heartland, and southern United States markets. VineBrook specializes in affordable single-family homes for lease, with an average monthly rent of approximately $1,280 across its portfolio.² The Company is addressing a critical undersupply of affordable housing in the markets where it operates. It also makes significant investments in its properties through renovations and ongoing maintenance, helping revitalize neighborhoods and drive positive economic impact. VineBrook gives its residents the opportunity to live in a single-family home at an affordable price today, while offering dedicated resident programs that help strengthen their financial future.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as "expect," "anticipate," "estimate," "future," "may," "should," "plan" and similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding the Company's future growth, ongoing initiatives and future opportunities to drive value. Forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement, including those described in greater detail in the Company's filings with the Commission, particularly those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the Company's other filings with the Commission for a more complete discussion of the risks and other factors that could affect any forward-looking statement. Except as required by law, the company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this report.

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CONTACTS

Media Relations
Matthew Beck
Prosek Partners
[email protected]

Investor Relations
Kristen Thomas
[email protected]

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¹ As of June 30, 2024.

² As of June 30, 2024. Represents weighted average monthly stabilized effective rent per occupied home.

SOURCE VineBrook Homes Trust, Inc.