Johnson Development Corp. Promotes Doug Goff, Michael Smith to Co-President; Larry Johnson to Remain Chairman and CEO

Johnson Development Corp. today announced the promotion of Doug Goff and Michael J. Smith to Co-Presidents of the Company, a milestone achievement for two key members of the management team who have helped establish Johnson as the nation’s preminent residential and commercial company.

Mr. Goff, 21 years with Johnson, most recently served as the Company’s Chief Operating Officer while Smith. 17 years with Johnson, served as its Senior Vice President and Director of Land Development. In their new roles, Mr. Goff will be responsible for the company’s overall residential sales and marketing strategy and will oversee commercial development initiatives, while Mr. Smith will lead general land development and corporate operations. Together, both Mr. Goff and Mr. Smith will be responsible for relationship management and negotiations with Johnson’s strong stable of homebuilder partners. Larry D. Johnson, formerly President and Chief Executive Officer (CEO) of the Company, will continue to serve as CEO and will hold the new position of Chairman.

“We have a tremendously talented team here at Johnson and both Doug and Michael have been key members leading our expansion as one of the country’s largest and foremost developers of highly amenitized master-planned communities over many years. These promotions serve as evidence of their valuable contributions to the Company and I know they will continue to push forward the Johnson vision by creating innovative, mixed-use master-planned communities across the country,” said Mr. Johnson who founded the Company in 1975.

Gary Berman, President and CEO of Tricon Captial Group Inc., who purchased a strategic ownership interest in Johnson in 2014, furthered the statement in saying “We at Tricon would like to congratulate Doug and Michael on this tremendous accomplishment and are excited about the seamless transition of leadership that Larry’s succession planning has established. We would also like to congratulate Larry on his many years of success and thank him for retaining his continuing role in developing and mentoring Doug and Michael as the future leaders of the Company. Johnson is at the forefront of Tricon’s growth strategy in the U.S. land and housing business and we look forward to many years of successful growth ahead.”

Under the team’s leadership, Johnson has become one of the nation’s leading land developers with a portfolio of 17 active master-planned communities today in Houston, Dallas and Atlanta. Collectively, these communities span over 44,000 acres with entitlements for 74,000 residential units and more than 16 million square feet of commercial space. Over the past 20 years, Johnson communities have created an impressive $25+ billion in new taxable value for the communities in which they reside.

The Company’s award-winning roster of master-planned communities includes four of the top 30 selling master plans in the country as ranked by new home sales in 2016, including Riverstone (#20), Cross Creek Ranch (#23), Woodforest (#27) and Sienna Plantation (#30).

Johnson is also pleased to announce the recent launch of new home sales activity at Houston communities Grand Central Park, Jordan Ranch and Veranda. These new launches, combined with recent Dallas-area acquisitions of Viridian and Trinity Falls, will ensure that Johnson continues to be at the forefront of master-planned community design and sales activity for many years to come.

As evidenced by its ongoing recent activity, Johnson remains an active buyer of both new and existing developments in the market and welcomes new deal inquiries. The Company also continues to provide development and construction services for third-party property owners who lack the management resources or in-house development team to maximize the potential of their land positions.

“As we look ahead in 2017, we are excited about the continued opportunity to expand the Johnson platform on a more national basis and will take advantage of new opportunities as they arise,” Mr. Johnson said.