2023 Stout Risius Ross Stock Valuation

MARTY O’HEA

BOARD MEMBER

Marty O’Hea served as Chief Financial Officer and Executive Vice President of Bixby Land Company for 14 years before retiring from the company in March 2024. O’Hea directed all accounting, finance and capital markets activities at the company, including debt and equity financings, strategic planning, budgeting and forecasting, insurance and tax planning.

O’Hea was instrumental in positioning the firm’s capital base for new acquisitions through the recapitalization of Bixby’s entire portfolio. O’Hea has a 30-year background in real estate finance and is experienced in all forms of debt and equity structures. O’Hea previously served as Senior Vice President of Finance at Sares-Regis Group, where he financed more than 60 joint venture transactions totaling $1.5 billion. He was also Senior Vice President at Legacy Partners, where he was instrumental in the formation of the $330 million Legacy Partners Realty Fund I. O’Hea has also held financial positions at The Irvine Company, and started his career in public accounting with Ernst & Whinney. He graduated Magna Cum Laude with a Bachelor of Science Degree in Accounting from Boston College and is a Certified Public Accountant.

MIKE SEVERSON

CHIEF INVESTMENT OFFICER

Mike Severson is Chief Investment Officer for Bixby Land Company. Severson directs all investment activity for Bixby drawing upon a 37-year background in real estate acquisitions, portfolio management and development.

Since joining Bixby in 2006, Severson has overseen the acquisition of more than 8 million square feet. Severson previously served as director and portfolio manager for The RREEF Funds, advising a CalPERS’ portfolio in California, Arizona and Texas that grew to 20 million square feet of office and industrial properties during his leadership. He handled $3.5 billion in acquisitions and dispositions in the reshaping of the CalPERS portfolio, including the majority of the $900 million Pacific Gulf Properties portfolio transaction in 2001 and the Southern California portion of the $2.1 billion Cabot Industrial Trust acquisition in 2002. Severson has also negotiated and built several build-to-suit developments and directed speculative developments totaling more than four million square feet.

Severson received his Bachelor of Science Degree in Business from the University of Southern California with an emphasis in real estate. He also received a Certificate in Commercial and Industrial Development Management from the University of California, Irvine. He is a licensed California Real Estate Broker, California General Contractor and a member of the Urban Land Institute (ULI) and the Pension Real Estate Association (PREA).

MATT ELA

CHIEF OPERATING OFFICER

Matt Ela is Chief Operating Officer for Bixby Land Company. Ela is responsible for the operating performance of the portfolio and directs in-house asset management, property management, leasing and construction. Additionally, Ela leads Bixby’s acquisitions team, having spent a significant portion of his 11+ year tenure executing the company’s acquisition strategy. Ela is well-versed in portfolio valuatoin, leasing, management and acquisitions. With 19 years of experience on the principal side of the business he also performs an integral role in developing and maintaining Bixby’s institutional relationships.

Ela is a graduate of the University of Oregon, where he received a Bachelor of Science degree in Business Administration with an emphasis in finance. He is an active member of NAIOP at the local and national levels and a member of their National Forums program. He has also completed
NAIOP’s Young Profesionals Group program.

REGINA SCHAFNITZ

CHIEF FINANCIAL OFFICER

Regina Schafnitz is the Chief Financial Officer for Bixby Land Company. Schafnitz directs all accounting, finance and capital markets activities, including debt and equity financing, strategic planning, budgeting and forecasting, insurance and tax planning.

Schafnitz has a 22-year background in real estate finance and accounting and since joining Bixby in 2009, she has played a key role in the Company’s capital base transformation through the recapitalization of Bixby’s entire portfolio. Schafnitz began her career in the real estate assurance practice for Ernst & Young, moving on to become the Corporate Controller for LBA Realty. She graduated with a Bachelor of Science degree in Economics and Accounting from Claremont McKenna College and is a Certified Public Accountant.

BILL DELANEY

VICE PRESIDENT, OPERATIONS

Bill DeLaney is the Vice President of Operations at Bixby Land Company where he is responsible for the value enhancement of the firm’s balance sheet joint venture and fund investments through asset positioning, leasing, capital improvement, asset management, and property management. DeLaney also assists with the sourcing of acquisitions, oversight of dispositions and investor communications related to the assets in his portfolio.

Prior to joining Bixby in 2014, DeLaney worked in brokerage for Cassidy Turley. DeLaney has a Bachelor of Arts degree with a concentration in economics from Colorado College. He is a member of the Southern California Chapter of NAIOP and has completed NAIOP’s YPG program.

LINDSEY ENSIGN OLSON

DIRECTOR, INVESTOR RELATIONS AND ESG

Lindsey Ensign Olson is Director of Investor Relations and ESG for Bixby Land Company. Lindsey is focused on developing and managing relationships of Bixby’s current and prospective investors. Channeling her knowledge and expertise, Lindsey will also direct capital management growth opportunities within existing and future funds. Olson is also the company’s designated ESG Lead where she identifies appropriate benchmarking criteria in addition to developing and planning enhanced environmental standards for the real estate portfolio.

Olson has 10 years of diverse experience in the commercial real estate industry. Prior to joining the Bixby team, Lindsey was the Vice President of Business Development at Ten-X and held positions with KBS and Xebec Industrial Development where she successfully completed $375 million in real estate transactions and managed the acquisition of $100 million of Class A industrial development projects.

Olson is a graduate of Princeton University, where she received a Bachelor of Arts Degree in History. She is a member of the Southern California Chapter of NAIOP and has completed NAIOP’s YPG program.

TANIA CHAVEZ

DIRECTOR, PROPERTY MANAGEMENT

Tania Chavez is Director of Property Management for Bixby Land Company. Chavez is responsible for all operational activities associated with Bixby’s 8 million square foot office and industrial portfolio.

LEXI GEIGER

DIRECTOR, ACQUISITIONS

Lexi Geiger is Director of Acquisitions for Bixby Land Company. Geiger coordinates Bixby’s acquisitions efforts and is responsible for sourcing, analyzing, and executing acquisitions in the Western U.S., Texas and the Southeastern U.S.

Since joining Bixby as an Acquisitions Associate in 2017, Geiger has been instrumental in Bixby’s acquisitions strategies and has been involved in growing the Company’s portfolio through the acquisition of $500 million in properties throughout the West, South and Southeast regions. Geiger has over ten years of experience in the real estate industry with an emphasis on core-plus, value-add and opportunistic strategies. Prior to joining the Company, Geiger worked for Mark IV Capital, a private real estate firm based in Newport Beach where she was responsible for leasing, underwriting and valuing investment performance in select markets in the Western United States.

Geiger received her Bachelor of Science degree in Business Administration from University of Southern California, with an emphasis in Finance. She is an active member of NAIOP at the local and national levels, completed the NAIOP’s YPG program, and is a member of their National Forums program.

NICK MILLER

CONTROLLER

Nick Miller is the Controller for Bixby Land Company. Miller is responsible for overseeing the day-to-day accounting and treasury functions for the company. He also manages and coordinates with all external service providers including the facilitation of annual audits and tax initiatives.

Prior to joining Bixby in 2022, Miller served as the Vice President of Accounting at The Abbey Company and as the Controller at Shopoff Realty Investments. He began his career in the audit assurance practice for Deloitte with a focus on investment funds. He graduated with a Bachelor of Science in Accounting and a Master of Professional Accountancy, both from Brigham Young University.

ANGIE MENENDEZ

DIRECTOR, HUMAN RESOURCES AND CORPORATE WELLNESS

Angie Menendez is Director of Human Resources and Corporate Wellness Manager for Bixby Land Company. Menendez oversees all Human Resources functions including employee relations, benefits, payroll, leadership development, and compliance. Menendez is responsible for the development and execution of the corporate wellness strategy and oversees the Diversity, Equity, and Inclusion committee. Prior to joining Bixby, she worked over 20 years in various Human Resources roles for Ernst & Young, Edwards Lifesciences, and Leisure Sports Hospitality.

Menendez graduated with a degree in Communications from Arizona State University and has a Masters of Science in Health and Wellness Management from the University of Wisconsin, Green Bay. She is an active member of the Southern California chapter of Professionals in Human Resources Association (PIHRA).

DAVID C. KIBBEE

CHAIRMAN OF THE BOARD

David Kibbee serves as Chairman of the Board of Bixby Land Company and is Chairman of the Audit Committee. Kibbee has served on the Board for over 33 years.

Kibbee is the managing member of several family real estate limited liability companies that operate commercial properties in Arizona. From 1998 to 2023 he has created enhanced value from several agricultural land holdings by entitling and repositioning them into a portfolio of commercial real estate in Arizona. These projects included the 240-acre Riverview multi-use center in Mesa, Arizona.

Kibbee previously was the Chief Financial Officer, Manager and Shareholder at H.G. Smith Lumber, Co. Inc. During Kibbee’s 22 years at H.G. Smith Lumber he was responsible for repositioning Smith Lumber in the building materials market during the 1990’s. This repositioning included but not limited to developing new product markets, new customer markets and computer automation. Kibbee began his career in the auditing department at Bates, Boss and Gunnerson, CPAs. He graduated from San Diego State University with a Bachelor’s Science Degree in Accounting.

THOMAS H. PURCELL

BOARD MEMBER

Thomas H. Purcell has been actively involved in the real estate development business since 1972.

Since 2007, Mr. Purcell has been Vice Chairman and board member of Bixby Land Company, a private industrial REIT, where he also chairs the investment committee and is a member of the compensation committee.

Since 2009, Mr. Purcell has served as Chairman and Chief Executive Officer of the Curci Companies, a family real estate investment company that owns and manages real estate throughout the western United States. Before that, Mr. Purcell was Co-Founder and President of Spring Creek Investors, LLC, a private equity capital business focused on real estate development. Mr. Purcell also served as President of Diversified Shopping Centers, where he developed and managed neighborhood and community shopping centers. From 1977 to 1996, Mr. Purcell served as president and co-founder of a shopping center development business that developed and renovated over 4 million square feet of retail shopping centers.

Mr. Purcell is a member of the International Council of Shopping Centers, or ICSC. He was Western Division Vice President of ICSC and served on the organization’s Board of Trustees and Executive Committee. He also was a trustee of the ICSC Educational Foundation. Mr. Purcell formerly served as a board member of the California Business Properties Association and as an advisory board member of Buchanan Street Partners and Western National Realty Fund. Mr. Purcell received a Bachelor of Science in Finance from the University of Southern California.

JAMES P. SULLIVAN

BOARD MEMBER

James P. Sullivan spent 26 years at Green Street Advisors, the preeminent independent research and advisory firm concentrating on the commercial real estate industry in North America and Europe. Throughout his career at Green Street, he served as managing director – head of North America REIT research for 20 years, and then for six years as president of the Advisory Group providing strategic advice to commercial real estate owners and investors around the world. Just prior to his retirement in 2020, he took on the role as senior advisor to Green Street’s research team, helping to foster best practices across the firm’s public and private market research groups. Prior to his career at Green Street, Mr. Sullivan worked for ten years as a real estate investment banker and construction lender at Bank of America in Los Angeles and Manufacturers Hanover Trust in New York.

Mr. Sullivan currently serves as an independent director for Bixby Land Company, a private real estate company headquartered in Newport Beach, California. He also serves as an independent director for AIMCO (AIV), a publicly traded apartment REIT. Mr. Sullivan received a bachelor’s degree in economics from Duke University, and an MBA in finance and real estate from Columbia University.

RAYMOND KENNEDY

BOARD MEMBER

Ray Kennedy serves as a portfolio manager on the High Yield bond portfolios.

Prior to joining the firm, Mr. Kennedy was a Managing Director, portfolio manager and senior member of PIMCO’s investment strategy group. At PIMCO, he headed the global high yield business along with managing and overseeing High Yield funds, bank loan trading and collateralized debt obligations. Mr. Kennedy was formerly associated with the Prudential Insurance Company of America as a private placement asset manager where he was responsible for investing and managing a portfolio of investment grade and high yield privately placed fixed income securities. Prior to that, he was a consultant for Andersen Consulting (now Accenture) in Los Angeles and London. Mr. Kennedy, a CFA® charterholder, received his BS from Stanford University and MBA from the Anderson School of Management at the University of California, Los Angeles.

DANIELA GASTNER

BOARD MEMBER

Daniela is the Managing Directory, Real Estate at Penn’s Office of Investments since 2011 and currently manages the real estate investment program for the University’s endowment and pension plans.

Prior to joining Penn, Daniela spent a decade at Crow Holdings in Dallas, a private business that manages the capital of the Trammell Crow family. As head of capital markets, she was responsible for raising debt and equity capital for real estate investments. During her tenure at Crow, she also acquired and managed commercial real estate properties. Previously, Daniela spent two years at Berwind Property Group in Philadelphia, raising the firm’s private real estate funds and managing investor relations. She also spent four years with her family’s real estate business based in Philadelphia, overseeing a portfolio of residential and commercial properties.

Daniela holds a BS from The Wharton School of the University of Pennsylvania and an MBA from Harvard Business School.