WeWork officers hold ownership stakes in buildings that will generate rent payments totaling more than $122 million, according to a report in The Wall Street Journal. WeWork CEO Adam Neumann is said to earn rental income from multiple properties that are leased back to WeWork.
The arrangement has investors wondering about potential conflicts of interest since they note Neumann could benefit on rents or other terms with the company. WeWork Cos. defended its review process for related party transactions. “Those transactions are reviewed and approved by the board, and they are disclosed to investors,” WeWork said.
The WSJ report noted a prospectus related to a debt offering last year revealed leases at properties owned in part by Neumann. That rental income encompassed more than $12 million in rent to buildings “partially owned by officers” of the company between 2016 and 2017. Future rent payments are expected to total more than $110 million over the lease term.
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.
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