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Franchise Finance Corporation of America (NYSE:FFA) announced December 17 the appointment of Christopher H. Volk as its new president, effective January 1, 2000. Mr. Volk will also continue to serve as chief operating officer of FFCA. Morton H. Fleischer will remain in his role as chairman and chief executive officer.
"Since 1980, FFCA has grown from a five-person company with $100,000 in equity to a company that is listed on the New York Stock Exchange with more than $2 billion in capitalization," stated Mr. Fleischer. "At the same time, we have progressed from a company investing $25 million annually to a company with annual financings approaching the $1.5 billion mark for 1999. Many outstanding individuals have made the company what it is today. Chris is the natural choice to take the helm as president of FFCA. His ingenuity has driven change at FFCA during his 13 years here. He has contributed greatly to the development of new, innovative capital and operational strategies for the company, to the benefit of our shareholders and customers, I look forward to working side by side with Chris as we take FFCA to even higher levels of success."
Based in Scottsdale, Arizona, FFCA is the countryÕs premier single-tenant retail property finance company dedicated to providing real estate financing to multi-unit operators of chain restaurants and other businesses. The companyÕs diverse financing alternatives include long-term real estate leases, construction and acquisition financing, mortgage and equipment loans, and other custom financing solutions. FFCAÕs portfolio is diversified by industry, geographic location, client, and chain. As of September 30, 1999, FFCA had investments in approximately 5,200 properties (including interests in securitized loans) in 48 states and Canada.