Item 1.01. Entry into a Material Definitive Agreement
On February 2, 2022, Glenborough, LLC ("Glenborough") entered into an Assignment
and Assumption Agreement to assign its interest in various Property and Asset
Management Agreements (the "Management Agreements") to PUR SRT Advisors, LLC
("PUR"). Subsidiaries of Strategic Realty Trust, Inc. (the "Company") are
parties to the Management Agreements and consented to the assignment. Since
April 1, 2021, PUR has controlled SRT Advisor, LLC, the Company's external
advisor, and is an affiliate of PUR Management LLC, which is an affiliate of L3
Capital, LLC ("L3 Capital"). Previously, the Company's advisor was an affiliate
of Glenborough.
In all other material respects, the terms of the Management Agreements remain
unchanged.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 2, 2022, Andrew Batinovich notified the Company of his resignation
as Chief Executive Officer, Corporate Secretary, and a director of the Company,
effective immediately. Mr. Batinovich's decision was based upon personal
considerations and is unrelated in any manner to any disagreement over the
Company's operations, policies, or practices.
Effective February 2, 2022, the Board of Directors appointed Matthew Schreiber,
41, to serve as Chief Executive Officer of the Company. Mr. Schreiber was also
elected to serve as a director of the Company to fill the vacancy created by Mr.
Batinovich's resignation. He continues to serve as Assistant Secretary of the
Company, a role he has held since May 2021. As Chief Executive Officer, Mr.
Schreiber will be the Company's principal executive officer and will assume the
responsibilities that were previously performed by Mr. Batinovich, who acted as
principal executive officer of the Company since August 2013.
Prior to his appointment as Chief Executive Officer, Mr. Schreiber served as
Chief Operating Officer and Senior Vice President of the Company, positions he
had held since May 2021. Mr. Schreiber serves as Principal of L3 Capital, a
position he has held since July 2018. Since joining L3 Capital in September
2014, Mr. Schreiber has been responsible for sourcing new investment
opportunities for the firm and originating equity capital for the firm's
investment activities. From August 2010 to August 2014, Mr. Schreiber was a
Director of Acquisitions & Dispositions at Host Hotels & Resorts, Inc. (NYSE:
HST) ("Host"). At Host, Mr. Schreiber identified potential acquisitions in major
markets along the east and west coasts as well as Chicago. From February 2005 to
August 2010, Mr. Schreiber was an Associate Director at CB Richard Ellis (NYSE:
CBG), where he participated in the disposition of over $500 million of assets
across the United States and Europe. From January 2004 to January 2005, Mr.
Schreiber served as an Investment Analyst at Mid-America Real Estate Group,
where he was responsible for underwriting, market research, and the management
of the due diligence process on behalf of clients. Mr. Schreiber earned a BA
degree in Communication from Denison University. Mr. Schreiber is a member of
both the International Council of Shopping Centers and the Urban Land Institute.
Except through his officer position with L3 Capital, Mr. Schreiber has no direct
or indirect material interest in any transaction, or series of similar
transactions, since the beginning of the Company's last fiscal year, nor is he a
party to any currently proposed transaction, or series of similar transactions,
to which the Company or any of its subsidiaries was or is to be a party, in
which the amount involved exceeds $120,000. Mr. Schreiber does not receive any
compensation directly from the Company for his services as Chief Executive
Officer, Assistant Secretary, and director of the Company.
Effective February 2, 2022, the Board of Directors appointed Domenic Lanni, 51,
to serve as Chief Operating Officer. As Chief Operating Officer, Mr. Lanni will
be the Company's principal operating officer and will assume the
responsibilities that were previously performed by Mr. Schreiber, who acted as
the principal operating officer of the Company since May 2021.
Mr. Lanni serves as Co-Founder and Managing Principal at L3 Capital. Mr. Lanni
is responsible for overall strategic direction, sourcing investment
opportunities, and originating capital for the firm's principal investment
activities. Prior to co-founding L3 Capital in 2009, Mr. Lanni was a Vice
President in the Acquisitions group at
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RREEF, a member of the Deutsche Bank Group, which he joined in 2007. At RREEF he
worked as an officer in the Value Add group and oversaw $1.2 billion of
development projects in Illinois, New York and Texas. Mr. Lanni's
responsibilities included the sourcing and execution of value-add projects
throughout the United States on behalf of institutional clients. Prior to
joining RREEF in 2007, Mr. Lanni was a Vice President of Development for JFA
where he was responsible for sourcing and executing mixed-use development
projects throughout the Midwest. During his tenure at JFA, he managed
development projects consisting of residential, retail and hotel components.
Previously, he worked in Jones Lang LaSalle's development group on consulting
and transactional work. Mr. Lanni received his MBA from Kellogg School of
Management at Northwestern University and MS and BS degrees in Civil Engineering
from the University of Massachusetts. He is a licensed real estate broker in
Illinois. He is also an active member of the International Council of Shopping
Centers.
Except through his officer position with L3 Capital, Mr. Lanni has no direct or
indirect material interest in any transaction, or series of similar
transactions, since the beginning of the Company's last fiscal year, nor is he a
party to any currently proposed transaction, or series of similar transactions,
to which the Company or any of its subsidiaries was or is to be a party, in
which the amount involved exceeds $120,000. Mr. Lanni does not receive any
compensation directly from the Company for his services as Chief Operating
Officer of the Company.
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