KBS Capital Names CFO as Portfolio Grows

NEWPORT BEACH, CA-KBS Capital Advisors has named former Nationwide Health Properties controller David Snyder to the newly created post of chief financial officer to bolster the KBS management team in light of the growing portfolio of nontraded REITs offered by KBS, which is an affiliate of KBS Realty Advisors. According to KBS Capital partner Chuck Schreiber, the firm chose Snyder for the new position because of his experience at Newport Beach-based Nationwide, a healthcare properties REIT, where Snyder was part of a four-member senior management team that helped grow total assets from $1.4 billion to $3.1 billion in four years.

According to Schreiber, the recent increase in REIT activity by KBS prompted it to establish the CFO position so that the new exec can manage the investment firm’s current offerings and help prepare for the formation of future offerings.In his new CFO position with KBS, Snyder will oversee the financial management of KBS REIT I and KBS REIT II, and has been elected chief financial officer of KBS REIT I and KBS REIT II by the respective board of directors of each REIT.

KBS REIT I, the first nontraded REIT sponsored by KBS and advised by KBS Capital Advisors, closed its offering period in May 2008. KBS REIT II is the second nontraded REIT sponsored by KBS and advised by KBS Capital Advisors. Recent acquisitions by KBS REIT II include its $365 million purchase of the 1.1-million-square-foot Park Avenue at Morris County office campus in Florham Park, NJ.

Snyder comes to KBS after more than 10 years at Nationwide Health Properties. Before Nationwide, he was director of financial reporting for Regency Health Services Inc., a publicly traded skilled nursing home operator based in Tustin, CA. Before that, he was a senior accountant in the Irvine, CA office of Arthur Anderson LLP.