Exeter Property Group: Management Team

MANAGEMENT TEAM
- Ward Fitzgerald
- Timothy Weber
- Rob Jones
- Kevin Shea
- Ralph Kittrell
- Scott Dougherty
- Henry Steinberg
- Barney Sinclair
- INVESTOR RELATIONS
- Rayenne Chen
- PROPERTY MANAGEMENT
- Jason Borrelli
- Lisa Bianchini
- CONSTRUCTION AND DEVELOPMENT
- Jason Honesty
- FINANCE
- Matthew Brodnik
- John Toukatly
- ACCOUNTING
- Laurel Phillips
- Greg Nicotera
- LEGAL
- Jennifer Matthews

Ward Fitzgerald
Managing Principal, Chief Executive Officer

Mr. Fitzgerald is responsible for providing strategic direction, evaluating investment decisions and utilizing relationships to source transactions. Throughout major market cycles since the late 1980s, he has led the acquisition, development, and management of $2.0 billion of industrial and office real estate, most recently through Exeter Industrial Value Fund, L.P. Through this $357 million value-add, commingled private equity fund raised in 2007, Exeter has invested in nearly $700 million of industrial and business park properties across the United States through property acquisitions, bank real estate owned transactions, and first mortgage loan purchases. In addition, in conjunction with EIVF, L.P., Exeter manages a $35 million co-investment platform on behalf of one of the largest U.S. investment banks. Mr. Fitzgerald was also formerly responsible for a $125 million separate account with Colorado PERA.

Prior to Exeter, Mr. Fitzgerald served as Senior Vice President and Regional Director for the publicly traded REIT, Liberty Property Trust. He was part of the senior management team that took Liberty’s predecessor company public in 1994, where he was instrumental in restructuring Liberty’s finances and securing the initial public offering. Subsequently as Regional Director, he oversaw all aspects of acquisitions, asset management, development, leasing and property management for a $2.5 billion core and value-add suburban office and industrial real estate portfolio. Prior to Liberty, Mr. Fitzgerald worked in the Real Estate Consultancy group at Coopers & Lybrand from 1989 to 1992 with a focus on Resolution Trust Corporation (RTC) workouts and bankruptcy and creditor committee representation. Mr. Fitzgerald graduated from the University of Notre Dame with a BA degree in Business Administration and earned an MBA from Harvard Business School.

Timothy Weber
Managing Principal, Chief Financial Officer

Mr. Weber is responsible for managing and implementing all accounting, financial and investor reporting, budgeting, operations and asset financings. Mr. Weber started his career in 1975 with Price Waterhouse, where he earned his CPA in 1977. In 1984, Mr. Weber joined Terramics Property Company, where he served as Partner and Chief Operating Officer, overseeing all leasing, property management and certain accounting, real estate budgeting, tax preparation and asset financings. In 1997, Prentiss Properties purchased Terramics, and Mr. Weber became Vice President of Operations of the Northeast Region, responsible for overseeing asset management of the region’s portfolio. In 2001, the Northeast Region of Prentiss was purchased by Brandywine Realty Trust, and Mr. Weber and his partners re-formed Terramics Property Company, where he remained until joining Exeter in 2006. Mr. Weber graduated from Muhlenberg College with a BA degree in Economics.

Rob Jones
Senior Principal, National Leasing and Asset Management

Mr. Jones is responsible for managing Exeter’s leasing and asset management activities and for sourcing lease transactions. A 21-year veteran of commercial real estate, Mr. Jones started his career with the developer Terracon Corporation. He then joined Radnor Corporation, an office and industrial development and investment company, where he spent 7 years as Director of Leasing for one of its New Jersey partnerships. In 1997 he joined Prentiss Properties as Director of Leasing for the Northeast Region, responsible for all marketing, leasing, and tenant relation activities in the Region’s Class A office portfolio. Prior to joining Exeter, Mr. Jones worked at Liberty Property Trust for 7 years, where as Vice President of the New Jersey regional office, he was responsible for acquisitions, dispositions, development, and property management for a portfolio consisting of 5+ million square feet of industrial space and 1 million square feet of office space. Mr. Jones managed the ongoing joint venture relationship between Liberty and Colorado Public Employees’ Retirement Association (COPERA) focusing on Southern New Jersey industrial properties. Mr. Jones earned a BA in Economics from Ursinus College, an MBA from Drexel University, and a JD from Temple University.

Kevin Shea
Principal, Investment Officer/Asset Manager -- Mid-South

Mr. Shea is responsible for sourcing acquisition and development opportunities and asset management for the Mid-South region. Mr. Shea started his career at the Deitz organization, where he was responsible for investment brokerage activities. For seven years, Mr. Shea worked as a Vice President and regional officer for Liberty's Michigan region, responsible for acquisitions, development and asset management for a portfolio of industrial, warehouse, flex and office projects valued at over $300 million. Prior to joining Exeter, Mr. Shea worked for two national brokerage firms where he focused on acquisitions, dispositions, and asset management for several institutional clients. Mr. Shea attended Western Michigan University.

Ralph Kittrell
Principal, Investment Officer/Asset Manager -- Southeast

Mr. Kittrell is responsible for sourcing acquisition and development opportunities and asset management for the Southeast region. He began his career as a construction manager for various residential and commercial developers, including the Linpro Company and Whitesell Company. In 1994, he joined Liberty Property Trust as Vice President of Marketing for the Southern New Jersey office where he was responsible for leasing, acquisition and built-to-suit activity. During his tenure, the portfolio grew from 800,000 square feet to over 5,000,000 square feet. In 2001, he became Vice President in Liberty’s Southeast region where he led a team of 15 employees and oversaw leasing, acquisitions, development and asset management of a portfolio valued at over $500 million. Mr. Kittrell graduated from the University of Arizona with a BS degree in Real Estate.

Scott Dougherty
Principal, Investment Officer/Asset Manager -- Mid-Atlantic Region

Mr. Dougherty is responsible for asset management and leasing in the Mid-Atlantic region. He also supports the sourcing of acquisition and development opportunities. He started his leasing career at Trammell Crow Company and subsequently at Rouse & Associates. He then joined South Charles Realty Corp. to manage its disposition of a $40 million office/retail portfolio. In 1996, Mr. Dougherty returned to Rouse and Associates’ successor company, Liberty Property Trust, as Senior Leasing Representative responsible for leasing and construction management of its 2.1 million square foot Maryland portfolio. Mr. Dougherty earned a BA from Emory University in Political Science and an MBA from Emory University.

Henry Steinberg
Principal, Investment Officer/Asset Manger -- Northeast

Mr. Steinberg is responsible for asset management and leasing in the Northeast region. He also supports the sourcing of acquisition and development opportunities. Prior to joining Exeter he worked as a Director of Leasing & Development for Liberty Property Trust, where his responsibilities included leasing and development in 5.5 million square feet of office, flex and warehouse properties throughout Southeastern Pennsylvania and Southern New Jersey, and the marketing and leasing of Comcast Center, a $475 million mixed-use skyscraper in downtown Philadelphia. Mr. Steinberg earned a BA in Economics from The University of Pennsylvania and an MBA from the Stern School of Business of New York University with a concentration in Finance.

Barney Sinclair
Principal, Investment Officer/Asset Manager-- Southwest

Mr. Sinclair is responsible for sourcing acquisition and development opportunities and asset management and leasing for the Southwest region. Prior to joining Exeter he was a Partner at Champion Partners, where he was involved in 2 million square feet of industrial acquisitions and development across Texas. He began his career at the Trammell Crow Company as an Industrial Leasing Associate in Oklahoma City and later as an Associate for the Development & Investment group in Northern California. Mr. Sinclair earned a BA in Business Administration from the University of Oklahoma and an MBA from the Harvard Business School.

INVESTOR RELATIONS

Rayenne Chen
Director of Investor Relations

Ms. Chen is responsible for investor relations and related investor reporting and financial analysis at Exeter. Prior to Exeter, Ms. Chen served as an acquisition analyst for Preferred Real Estate Investments, where she also participated in the disposition of a 5 million square foot office, flex and industrial portfolio. Previously she served as Vice President Finance at PMC Property Group, where she provided financial analysis, participated in over $300 million in asset financings, and managed several million dollars in tax credit sales. She also served as an acquisitions analyst at Lubert-Adler Real Estate Funds and at Liberty Property Trust. Ms. Chen graduated from Harvard University with an AB degree in English and earned an MBA from the Wharton School of the University of Pennsylvania with a concentration in Real Estate.

PROPERTY MANAGEMENT

Jason Borrelli
Vice President, Asset and Property Management

Mr. Borrelli is responsible for managing the annual expense and capital budgets and the physical property conditions and operations of the Exeter portfolio. Mr. Borrelli started his real estate career as a Property Manager with National Properties Incorporated (NPI) and then became a Property Manager with Liberty until 2004. He then returned to NPI in an executive role to oversee property management and tenant improvement construction. He also participated in the acquisition and development of five projects valued at over $100 million and assisted in the disposition of NPI's $315 million suburban portfolio. Mr. Borrelli holds a BS degree in Aerospace Engineering from Pennsylvania State University and an MBA from Pennsylvania State University.

Lisa Bianchini
Associate - Acquisition Due Diligence and Property Manager, Northeast

Ms. Bianchini is responsible for acquisition due diligence and also provides property management for Exeter’s Northeast portfolio. She started with Rouse & Associates in 1988 as an administrative assistant to the development group. Starting in 1998 she supported Liberty’s Northeast region under Mr. Fitzgerald, supporting acquisitions, property management, leasing, and construction transactions and operations.

CONSTRUCTION AND DEVELOPMENT

Jason Honesty
Vice President, Construction and Development

Mr. Honesty is responsible for managing and executing the acquisition, master planning, design, approvals and construction of Exeter's development projects. He has 15 years of commercial real estate experience and has developed 20 office, flex and industrial buildings containing over 3 million square feet at an estimated cost of over $400 million. Prior to joining Exeter, Mr. Honesty served as a Project Manager for Construction and Development at Liberty Property Trust. Previously he served as a property manager at Liberty and at McKesson. Mr. Honesty earned a BS from West Chester University and holds a Certificate in Construction Management from Drexel University. He obtained IREM’s Certified Property Manager designation and the U.S. Green Building Council’s LEED Accreditation.

FINANCE

Matthew Brodnik
Director of Capital Markets

Mr. Brodnik is responsible for debt procurement and lender relations. Prior to joining Exeter, Mr. Brodnik was Director of Finance at Preferred Real Estate Investments, a $1.5 billion privately held firm where he secured over $1 billion in debt and equity financing on value-added industrial, office and land investments. He also oversaw all acquisition, lease and disposition underwriting. Mr. Brodnik began his real estate career with Hammes Company, a healthcare developer, investor and consultancy, where Mr. Brodnik was responsible for portfolio acquisitions as well as asset management consulting with health systems throughout the Midwest. Mr. Brodnik holds a BA from Villanova University and an MBA from the Kellogg School of Management at Northwestern University with a concentration in Finance.

John Toukatly
Associate, Acquisitions and Finance

Mr. Toukatly performs acquisition and financial analysis at Exeter. He has performed Argus modeling and Excel spreadsheet analysis which have contributed to the acquisition of over $500 million in assets. He also is responsible for portfolio return analysis and contributed to the formulation of the Fund I and Exeter Team Historic Track Records. Previously, Mr. Toukatly interned at Liberty Property Trust as a leasing and acquisitions analyst. He graduated from the Wharton School of the University of Pennsylvania with a BS degree in Economics with a concentration in Real Estate.

ACCOUNTING

Laurel Phillips
Chief Accounting Officer

Ms. Phillips is responsible for overseeing property and Fund accounting for Exeter. She started her career in public accounting, and earned her CPA in 1983. In 1987, Ms. Phillips joined the Terramics Property Group as controller, and her responsibilities expanded when Prentiss Properties acquired Terramics. Subsequent to Brandywine Realty Trust’s acquisition of the Northeast Prentiss portfolio, Ms. Phillips became a Regional Controller for Brandywine, overseeing property accounting for the suburban Philadelphia and Delaware portfolio. Prior to joining Exeter, Ms. Phillips was responsible for all accounting and financial reporting at the University City Science Center, a life sciences and biotech incubator and landlord in Philadelphia. Ms. Phillips graduated from Clarion University of Pennsylvania with a BS degree in Business Administration.

Greg Nicotera
Associate - Accounting

Mr. Nicotera performs accounting and financial reporting functions at Exeter. He began his career with Price Waterhouse in 1976, where he earned his CPA in 1979. From 1984 to the present, Mr. Nicotera has worked for privately held and public real estate owners including First Realty Reserve, Terramics Property Company and its affiliates, and Prentiss Properties. His responsibilities have included accounting, budgeting, tax preparation, and financial reporting. Mr. Nicotera earned a BS degree in Accounting from Pennsylvania State University.

LEGAL

Jennifer Matthews
Fund Real Estate Counsel

Ms. Matthews is responsible for managing the legal matters of the Exeter property portfolio, including acquisitions, leasing and disposition transactions. Prior to joining Exeter, she served as General Counsel, Partner and Assistant Secretary of Preferred Real Estate Investments, where she provided legal representation for $1 billion worth of properties located throughout the United States and oversaw all of the company's acquisition, disposition and operational transactions. Prior to joining Preferred, Ms. Matthews was an attorney in the real estate department of Ballard Spahr Andrews & Ingersoll, LLP. Ms. Matthews holds a BA degree from Franklin & Marshall College and J.D. from Temple University School of Law.