AFRT CEO Elected to Nareit Board

WASHINGTON, DC-The National Association of Real Estate Investment Trust has wrapped up the election of new members to its Board of Governors for 2005-2006. Among them is Nicholas S. Schorsch of Jenkintown, PA-based American Financial Realty Trust.

Schorsch, who serves as vice chairman, president and CEO of American Financial, begins serving a three-year term along with the 15 other newly elected board members this month. The group joins 31 existing board members.

Schorsch is an industry veteran who has headed up American Financial since its 2002 formation as a REIT. He previously served as president and CEO of American Financial predecessor AFRG, which he founded in 1995. Prior to establishing AFRG, Schorsch was president of his own metal products manufacturing business, Thermal Reduction Co., which he later sold.

“His leadership at American Financial is well recognized, his experience in the financial community is highly valued, and his familiarity with issues of importance to the REIT industry is impressive,” says Nareit president and CEO Steven A. Wechsler. “All of which make him an excellent addition to NAREIT’s board.” Schorsch and fellow board members will spend their terms contributing their expertise and guidance for the organization’s initiatives.