Pillar Income Asset Management Announces Erik Johnson as President and CEO

DALLAS, May 29, 2024–(BUSINESS WIRE)–Pillar Income Asset Management (“Pillar”) is pleased to announce the appointment of Erik Johnson as President and CEO, effective immediately. In addition, Mr. Johnson was also named President and CEO of American Realty Investors, Inc. (NYSE: ARL), Transcontinental Realty Investors, Inc. (NYSE: TCI) and Income Opportunity Realty Investors, Inc. ( NYSE American: IOR), collectively hereinafter referred to as the “Companies”, each of which is managed by Pillar.

Mr. Johnson has served as Acting President of Pillar since April 2023 and Executive Vice President and Chief Financial Officer since June 2020. He also served as Executive Vice President and Chief Financial Officer of American Realty Investors, Inc. and of Transcontinental Realty Investors, Inc. since August 2020 and Income Opportunity Realty Investors, Inc. since December 2021. Prior to joining the company, he served as Vice President of Financial Reporting at Macerich (NYSE: MAC) and served as chief accounting officer of North American Scientific, Inc. He began his career as an auditor at PricewaterhouseCoopers and is a CPA.

Mr. Johnson will work with the companies’ board of directors to execute a long-term plan to expand their portfolio of multifamily apartment developments in the Sunbelt markets. The Companies’ real estate partners control a significant number of sites where the Companies plan to develop additional multifamily apartment communities.

Mr. Johnson expressed his enthusiasm for his new role, saying: “I am honored and excited to lead Pillar and the companies as we begin this next chapter. I look forward to working closely with our talented team to build our real estate portfolio and deliver value for our shareholders. »

About Pillar Income Asset Management, Inc.

Pillar is a national real estate company specializing in the acquisition, development and management of multifamily and commercial real estate in the southern United States. Pillar also develops raw land for single-family home communities and various commercial applications. Through its affiliated client companies, Pillar operates a portfolio of more than 115 properties, which include more than 18,000 units of multifamily properties, more than 1,800,000 square feet of commercial properties and more than 4,500 acres of raw land . Pillar also provides financing and capital management services to its affiliates, including HUD, Fannie Mae, FreddieMac, CMBS Loans and non-convertible bonds.

About American Realty Investors, Inc.

American Realty Investors, Inc., a Dallas-based real estate investment company, owns a diversified portfolio of equity real estate located throughout the United States, including office buildings, apartments, shopping centers and developed land and not built. The Company invests in real estate through direct ownership, leases and partnerships and invests in mortgage loans on real estate. The Company also holds mortgage debt. The Company’s principal asset and source of its operating results is its investment in Transcontinental Realty Investors, Inc. (NYSE: TCI). For more information, visit the Company’s website at www.americanrealtyinvest.com.

About Transcontinental Real Estate Investors Inc.

Transcontinental Realty Investors, Inc., a Dallas-based real estate investment company, owns a diversified portfolio of equity real estate located throughout the United States, including office buildings, apartments, shopping centers and developed land and undeveloped. The Company invests in real estate through direct ownership, leases and partnerships and invests in mortgage loans on real estate. The Company also holds mortgage debt.

About Income Opportunity Realty Investors, Inc.

Income Opportunity Realty Investors, Inc., a Dallas-based real estate investment company, currently holds a portfolio of notes receivable. The Company invests in real estate through direct holdings and partnerships. For more information, visit the company’s website at www. Incomeopp-realty.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240529004028/en/

Contacts

Income Pillar Asset Management, Inc.
Erik Johnson (469) 522-4200
[email protected]