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RICHMOND, VA-Cornerstone Realty Income Trust Inc. has added an eighth member in the person of Kent W. Colton. Colton is a senior scholar at Harvard University’s Joint Center for Housin, and a former chief executive of the National Association of Home Builders. A Cornerstone spokesman tells GlobeSt.com that the New York Stock Exchange has certain rules about the number of independent directors that need to be on a board. Previously, Cornerstone’s board had only two members from management. But the NYSE gave the REIT until June 2002 to expand its board with another independent member.

Colton, 57, has served at Harvard since mid-1999. From 1984 to 1999 he served as executive vice president, then CEO of NAHB. He is now president of KColton LLC, a consulting and housing research company in McLean, VA.

Cornerstone has operated as a REIT since 1993. The company’s focus is multifamily housing in various markets of Virginia, North Carolina, South Carolina, George and Texas. Cornerstone owns 75 apartment communities with 18,976 units.

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