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Christenson Advisory Services (“CA”) is pleased to present the 2014 Real Estate Compensation Survey report of results. This report provides competitive compensation levels (both 2013 actual awards and 2014 target opportunities) for 106 key positions within all types of commercial and residential real estate companies. A total of 137 companies participated in the survey. In addition, CA incorporated into the analysis 2013 executive officer and independent director compensation information from 124 publicly traded and nonprofit real estate companies using their Schedule 14A Proxy Statements and Form 990’s, respectively. We extend our sincere appreciation to all survey participants for providing valuable information, which has enabled us to perform an extensive examination of compensation within the real estate industry. We hope this report serves as a valuable benchmarking resource to compare your company's pay practices to the market. Sincerely, Kevin G. Christenson Scott J. Kolb Founder & Managing Principal Principal Christenson Advisory Services, LLC Christenson Advisory Services, LLC [email protected] [email protected]
2
Table of Contents Page
Companies Included in the Study . . . . 7
Company Information . . . . 12
Compensation By Position* . . . . 16
C – Suite Analysis . . . . 551
Trend Analysis – Executive Management . . . . 557
Board of Director Compensation . . . . 561
Appendix – Job Descriptions . . . . 566
* The following pages contain an expanded table of contents for the compensation by position data tables.
3
Executive Management Page
Chairman of the Board . . . . 21
Chief Executive Officer . . . . 26
Chief Operating Officer/President . . . . 31
Chief Financial Officer . . . . 36
Chief Administrative Officer . . . . 41
Chief Accounting Officer . . . . 46
General Counsel . . . . 51
Chief Information Officer . . . . 56
Chief Investment Officer . . . . 61
Chief Credit Officer . . . . 66
Accounting/Finance
Corporate Controller . . . . 71
Corporate Treasurer . . . . 76
Property Controller . . . . 81
Senior Level Property Accountant . . . . 86
Portfolio/Fund Controller . . . . 91
Senior Level Portfolio/Fund Accountant . . . . 96
Accounting Manager . . . . 101
Senior Accountant . . . . 106
Vice President of Finance . . . . 111
Director of Financial Reporting . . . . 116
Senior Corporate Tax Executive . . . . 121
Financial Analyst . . . . 126
Asset Management Page
Head of Asset Management . . . . 131
Senior Level Asset Management Professional . . . . 136
Mid Level Asset Management Professional . . . . 141
Associate - Asset Management . . . . 146
Analyst – Asset Management . . . . 151
Capital Markets Head of Capital Markets . . . . 156
Senior Level Capital Markets Professional . . . . 161
Mid Level Capital Markets Professional . . . . 166
Associate - Capital Markets . . . . 171
Analyst – Capital Markets . . . . 176
Construction/Project Management
Head of Construction . . . . 181
Senior Level Construction Professional . . . . 186
Mid Level Construction Professional . . . . 191
Project Executive . . . . 196
Senior Project Manager . . . . 201
Project Manager . . . . 206
Project Engineer . . . . 211
General Superintendent . . . . 216
Superintendent . . . . 221
4
Development Page
Head of Development . . . . 226
Senior Level Development Professional . . . . 231
Mid Level Development Professional . . . . 236
Associate – Development . . . . 241
Analyst – Development . . . . 246
Due Diligence/Underwriting
Head of Due Diligence/Underwriting . . . . 251
Senior Level Due Diligence/Underwriting Professional . . . . 256
Mid Level Due Diligence/Underwriting Professional . . . . 261
Associate – Due Diligence/Underwriting . . . . 266
Analyst – Due Diligence/Underwriting . . . . 271
Leasing
Head of Leasing . . . . 276
Senior Level Leasing Professional . . . . 281
Mid Level Leasing Professional . . . . 286
Associate – Leasing . . . . 291
Analyst - Leasing . . . . 296
Manager of Lease Administration . . . . 301
Lease Administrator . . . . 306
Originations/Production
Head of Originations/Production . . . . 311
Senior Level Originations/Production Professional . . . . 316
Mid Level Originations/Production Professional . . . . 321
Associate - Originations/Production . . . . 326
Analyst - Originations/Production . . . . 331
Portfolio Management Page
Head of Portfolio Management . . . . 336
Senior Level Portfolio Management Professional . . . . 341
Mid Level Portfolio Management Professional . . . . 346
Associate – Portfolio Management . . . . 351
Analyst – Portfolio Management . . . . 356
Property Management Head of Property Management . . . . 361
Senior Level Property Management Professional . . . . 366
Mid Level Property Management Professional . . . . 371
Associate – Property Management . . . . 376
Analyst – Property Management . . . . 381
Structured Finance Head of Structured Finance . . . . 386
Senior Level Structured Finance Professional . . . . 391
Mid Level Structured Finance Professional . . . . 396
Associate – Structured Finance . . . . 401
Analyst – Structured Finance . . . . 406
Transactions Head of Transactions . . . . 411
Senior Level Transactions Professional . . . . 416
Mid Level Transactions Professional . . . . 421
Associate – Transactions . . . . 426
Analyst – Transactions . . . . 431
5
Other Senior Positions/Function Heads Page
Regional President . . . . 436
Chief Architect/Designer . . . . 441
Chief Engineer . . . . 446
Head of Brokerage/Investment Sales . . . . 451
Head of Building Operations/Facilities Management . . . . 456
Head of Client Marketing/Investor Relations . . . . 461
Head of Clinical Wellness . . . . 466
Head of Closing . . . . 471
Head of Corporate Marketing/Communications . . . . 476
Head of Corporate Services . . . . 481
Head of Dining and Food/Beverage . . . . 486
Head of Human Resources . . . . 491
Head of Internal Audit . . . . 496
Head of Tax-Credit Equity/Affordable Housing . . . . 501
Head of MIS/IT . . . . 506
Head of Nursing Services . . . . 511
Head of Research . . . . 516
Head of Resident/Quality Services . . . . 521
Head of Risk Management . . . . 526
Head of Sales . . . . 531
Head of Security/Safety . . . . 536
Head of Servicing . . . . 541
Director of Occupancy . . . . 546
2014 Real Estate Compensation Survey
6
Companies Included in the Study
Study Participants
Below and on the following pages is a list of the companies included in the study. This list does not include all 137 survey participants, as some companies prefer to remain anonymous. The companies marked with an asterisk represent the 124 publicly traded and nonprofit companies included in the analysis using their Schedule 14A Proxy Statement or Form 990.
Acadia Realty Trust
Adelante Capital Management LLC
Adler Kawa
AEW Capital Management, L.P.
Agree Realty, LLC *
Aimco *
Alexandria Real Estate Equities, Inc. *
Allegro Senior Living
American Assets Trust, Inc. *
American Campus Communities *
American Homes 4 Rent *
American Realty Advisors
American Realty Capital Properties, Inc. *
American Residential Properties *
American Tower Corporation *
AmREIT *
Arbor Realty Trust Inc. *
Armada Hoffler *
Ashford Hospitality Trust *
Associated Estates Realty Corporation *
AV Homes, Inc. *
AvalonBay Communities, Inc. *
Aviv REIT *
Aviva Investors
Beazer Homes *
Bellwether Enterprise
Belmont Village, L.P.
Berkshire Group
Billingsley Company
BioMed Realty Trust *
Blue Vista Capital Management, LLC
Boston Properties, Inc.
Brandywine Realty Trust *
Brixmor Property Group Inc. *
Broadreach Capital Partners
Broadstone Real Estate LLC
Camden Property Trust *
Campus Crest *
Capstead Mortgage Corporation *
Carmel Partners
CatchMark Timber Trust, Inc. *
CBL & Associates Properties, Inc. *
CBRE Global Investors
CBRE, Inc.
Cedar Realty Trust, Inc.
Chambers Street Properties *
Chatham Lodging Trust *
Chesapeake Lodging Trust *
Clarion Partners, LLC
Columbia Property Trust *
Combined Properties, Inc.
2014 Real Estate Compensation Survey
7
Companies Included in the Study
CommonWealth Partners
ConAm Management Corporation
Conifer Realty LLC
CoreSite *
Cornerstone Real Estate Advisers LLC
Corporate Office Properties Trust *
Corrections Corporation of America *
Cousins Properties *
CubeSmart *
CyrusOne, LLC
CYS Investments, Inc. *
D.R. Horton, Inc. *
DCT Industrial Trust Inc. *
DDR Corp. *
DiamondRock Hospitality Company *
Digital Realty *
Dominium
Donahue Schriber
Duke Realty
DuPont Fabros Technology, Inc.
Dynex Capital, Inc. *
EastGroup Properties, Inc.
EDENS
EdR *
Empire State Realty Trust *
Equinix, Inc. *
Equity One, Inc. *
Equity Residential *
Equus Capital Partners, Ltd.
Essex Property Trust, Inc. *
Excel Trust, Inc.
Extra Space Storage Inc.
Federal Realty Investment Trust
FelCor Lodging Trust *
First Industrial Realty Trust, Inc. *
First Potomac Realty Trust *
Franklin Street Properties Corp. *
Gables Residential
General Growth Properties, Inc.
Getty Realty Corp. *
Glimcher Realty Trust *
Gorman & Company
Gramercy Property Trust Inc. *
Griffin Capital Corporation
Hackman Capital
Hampshire Real Estate Companies
Harbor Retirement Associates
Hart Realty Advisers, Inc.
HCI Management, Inc.
HCP *
Health Care REIT, Inc.
Healthcare Realty Trust *
Healthcare Trust of America, Inc. *
Hersha Hospitality Trust *
HFF, L.P.
Highwoods Properties *
Home Properties Inc.
Host Hotels & Resorts, L.P. *
Hudson Pacific Properties *
Hunt Companies
Inland Real Estate Corporation
Intercontinental Real Estate Corporation
IRET Apartments
2014 Real Estate Compensation Survey
8
Companies Included in the Study
iStar Financial
Janko Group
Jones Lang LaSalle
K. Hovnanian Companies, LLC.
KB Home *
Kilroy Realty Corporation *
Kimco Realty Corporation *
Kite Realty Group
Klingbeil Capital Management
LaSalle Hotel Properties *
LCS
Legacy Partners
Lennar Corporation
Liberty Property Trust
Lowe Enterprises Investors
LTC Properties, Inc. *
M.A. Mortenson Company
M.D.C. Holdings, Inc. *
M/I Homes, Inc. *
MAA
Macerich *
Mack-Cali Realty Corporation
Massey Knakal Realty Services
Mather LifeWays
MBK Senior Living
Medical Properties Trust, Inc. *
Mercy Housing
Meritage Homes Corp. *
Mesa West Capital
MFA Financial, Inc. *
Millbrook Real Estate Company
Monmouth Real Estate Investment Corporation
National Church Residences *
National Community Renaissance *
National Health Investors, Inc. *
National Retail Properties, Inc.
Nationwide Realty Investors
New Boston Fund, Inc.
Newcastle Limited
NorthStar Realty Finance Corp. *
NVR, Inc. *
NXT Capital, LLC
Omega Healthcare Investors, Inc. *
One Liberty Properties, Inc *
Parkway Properties *
PCCP, LLC
Pearlmark Real Estate Partners, L.L.C.
Pebblebrook Hotel Trust *
Pennrose
Pennsylvania Real Estate Investment Trust *
Piedmont Office Realty Trust, Inc. *
Pillar Properties
Plum Creek Timber Company, Inc. *
Post Properties, Inc. *
Potlatch Corporation *
Preservation of Affordable Housing, Inc. *
Principal Real Estate Investors
Prologis, Inc.
Prometheus Real Estate Group
PS Business Parks *
Public Storage *
PulteGroup, Inc. *
RAIT Financial Trust *
2014 Real Estate Compensation Survey
9
Companies Included in the Study
Ram Realty Services
Ramco-Gershenson Properties Trust *
Rayonier, Inc. *
Realty Income Corporation *
Regency Centers *
Retail Opportunity Investments Corporation *
Retail Properties of America, Inc.
Retirement Housing Foundation *
RLJ Lodging Trust *
Rouse Properties *
Ryman Hospitality Properties, Inc. *
Sabra Health Care REIT, Inc. *
Saul Centers, Inc. *
Sealy & Company
Senior Star
Shea Properties
Simon Property Group, L.P. *
SL Green Realty Corp. *
SoTHERLY Hotels Inc. *
Sovran Self Storage, Inc. *
Spirit Realty Capital *
STAG Industrial, Inc. *
Standard Pacific Corp. *
Strategic Hotels & Resorts, Inc.
Summit Hotel Properties, Inc. *
Sun Communities *
Sunstone Hotel Investors, Inc. *
Tanger Factory Outlet Centers, Inc.
Terreno Realty Corporation *
The Davis Companies
The GEO Group, Inc. *
The Howard Hughes Corporation *
The Opus Group
The Ryland Group
The Sembler Company
The Shelter Group
The Taubman Company LLC *
TIER REIT *
Toll Brothers, Inc.
UBS Realty Investors LLC
UDR, Inc. *
UMH Properties *
UPMC
Urstadt Biddle Properties Inc. *
Ventas, Inc.
Volunteers of America
Vornado Realty Trust *
Vulcan, Inc.
W. P. Carey Inc.
Washington Real Estate Investment Trust
Watermark Retirement Communities
Watson Land Company
Watt Companies, Inc.
Weingarten Realty Investors *
Weyerhaeuser Company *
WHI Real Estate Partners
Wilkinson Corporation
Willco Companies
Wood Partners
2014 Real Estate Compensation Survey
10
Company Information
What is your company’s ownership status?
Sixty-one percent (61%) of the companies included in the study are public. An additional 35% are private and the remaining 4% are not-for-profit organizations.
What is your company’s property expertise?
Similar to platform type, a variety of asset classes are represented in the study. Retail, office, and multifamily are most common with greater than one-third of the companies having one ore more of these property types in their portfolio.
Operational Information
Which of the following classifications best describes your company?
A variety of platform types are represented in the study with real estate investment trusts (REITs) accounting for just over one-half (53%) of the companies.
Portfolio Information
Other: Student Housing, Data Centers/Data Colocation, Internet Gateway Properties, Single Family Detached & Attached Homes, Parking Structures, Wireless & Broadcast Communications, Timberlands/Forest Products, Correctional, Detention & Re-Entry Facilities, Recreation, Health & Fitness Properties, Military Housing, Manufactured Home Communities/RV Resorts, Master Planned Communities, Education Properties, Special Needs Housing .
0.8%
0.8%
2.3%
3.4%
4.6%
5.0%
5.4%
8.8%
15.7%
53.3%
0% 10% 20% 30% 40% 50% 60%
Real Estate Operating Company (REOC)
Construction/Engineering Company
Real Estate Services/Brokerage Firm
Real Estate Private Equity Firm
Mortgage Finance Company/Lender
Affordable Housing Company
Homebuilder
Real Estate Investment Manager (REIM)
Owner/Operator/Developer
Real Estate Investment Trust (REIT)
19%
4%
16%
17%
29%
37%
38%
41%
0% 10% 20% 30% 40% 50%
Other
Self-Storage
Hotel/Hospitality
Seniors Housing/Healthcare
Industrial
Multifamily
Office
Retail
Compensation By Position 2014 Real Estate Compensation Survey
11
# of
CompaniesStatistics
Base
Salary
Annual
Incentive Award
Total Annual
Cash Compensation
Long-Term
Incentive Award
Total
Compensation
25th %ile $400,000 $400,000 $673,083 $843,139 $900,751
Median $600,000 $880,000 $1,337,633 $1,756,895 $2,565,339
Average $607,426 $1,154,923 $1,582,840 $2,527,413 $3,389,672
75th %ile $772,404 $1,342,500 $2,017,748 $3,162,388 $4,379,250
25th %ile $296,461 $96,875 $341,461 $5,088 $344,761
Median $350,000 $121,530 $374,420 $73,473 $374,420
Average $385,937 $160,760 $473,624 $161,874 $532,487
75th %ile $408,016 $137,515 $596,751 $230,259 $596,751
25th %ile $900,000 $1,800,000 $2,687,500 $1,851,498 $4,094,151
Median $1,000,000 $2,215,280 $3,106,626 $2,703,830 $6,875,305
Average $938,180 $3,825,278 $4,763,458 $2,759,990 $7,311,142
75th %ile $1,000,000 $4,912,645 $5,812,645 $4,374,165 $10,227,145
25th %ile $500,000 $387,500 $850,000 $316,800 $1,125,374
Median $685,000 $1,115,000 $1,497,497 $1,101,050 $2,534,692
Average $686,647 $1,679,948 $2,226,600 $1,825,628 $3,595,820
75th %ile $925,000 $1,374,375 $2,149,688 $1,834,688 $3,520,960
25th %ile $275,000 $225,000 $289,502 $218,452 $289,502
Median $355,000 $338,137 $516,000 $495,000 $568,000
Average $378,779 $408,435 $604,122 $1,872,319 $1,056,061
75th %ile $500,000 $647,250 $825,000 $1,325,743 $1,134,000
25th %ile $319,070 $269,600 $423,289 $132,675 $458,795
Median $400,000 $540,000 $787,500 $1,000,000 $1,141,485
Average $537,730 $1,014,166 $1,229,722 $1,347,355 $1,903,400
75th %ile $515,000 $971,264 $1,329,505 $2,078,145 $2,792,745
25th %ile $500,000 $580,800 $1,049,050 $1,040,639 $1,884,950
Median $649,671 $923,568 $1,537,068 $1,866,566 $3,210,841
Average $653,778 $1,014,362 $1,608,907 $2,824,424 $4,082,855
75th %ile $800,000 $1,342,500 $2,064,922 $3,326,823 $4,714,908
25th %ile $355,000 $471,000 $876,000 ISD $890,963
Median $500,000 $900,000 $1,500,001 ISD $1,529,926
Average $436,667 $657,309 $1,093,976 ISD $1,813,976
75th %ile $550,000 $964,963 $1,514,964 ISD $2,594,964
Real Estate
Investment Trust (REIT)/
Operating Company (REOC)
138
Real Estate Services/Brokerage 3
Real Estate
Investment Manager (REIM)/
Private Equity
27
Calendar/Fiscal Year 2013
Ch
ief
Exe
cuti
ve O
ffic
er
Aggregate 232
Pla
tfo
rm T
ype
Affordable Housing 11
Homebuilding 13
Mortgage Finance/Lending 11
Owner/Operator/Developer
& Construction/Engineering29
Executive Management
Compensation By Position 2014 Real Estate Compensation Survey
12
# of
CompaniesStatistics
Base
Salary
Annual
Incentive Award
Total Annual
Cash Compensation
Long-Term
Incentive Award
Total
Compensation
25th %ile $400,000 $400,000 $673,083 $843,139 $900,751Median $600,000 $880,000 $1,337,633 $1,756,895 $2,565,339Average $607,426 $1,154,923 $1,582,840 $2,527,413 $3,389,67275th %ile $772,404 $1,342,500 $2,017,748 $3,162,388 $4,379,25025th %ile $415,000 $350,000 $850,000 $979,375 $1,451,736Median $513,174 $867,000 $1,390,000 $1,756,895 $2,857,976Average $592,193 $1,023,131 $1,538,589 $2,035,228 $3,166,77175th %ile $729,408 $1,248,672 $1,898,700 $2,666,667 $4,359,12225th %ile $372,750 $350,000 $607,800 $575,353 $834,325Median $500,000 $765,317 $1,016,216 $1,197,615 $1,529,926Average $554,276 $1,102,145 $1,484,723 $1,675,618 $2,528,55175th %ile $658,750 $1,143,750 $1,725,000 $2,069,998 $3,145,33625th %ile $346,252 $350,000 $482,278 $263,750 $516,354Median $487,500 $638,000 $910,001 $1,000,000 $1,307,813Average $537,685 $1,022,153 $1,279,962 $2,056,821 $2,381,83175th %ile $600,000 $1,115,000 $1,520,232 $3,000,000 $3,084,40625th %ile $350,000 $350,000 $600,000 $455,976 $727,000Median $513,174 $775,004 $1,175,050 $1,197,615 $1,550,000Average $550,364 $1,020,852 $1,408,611 $1,998,260 $2,631,07675th %ile $688,750 $1,143,750 $1,604,041 $2,406,448 $3,210,84125th %ile $369,000 $356,250 $684,624 $694,622 $875,580Median $536,681 $819,104 $1,187,525 $1,426,100 $1,811,434Average $583,781 $1,031,904 $1,465,199 $2,371,703 $2,996,92475th %ile $746,250 $1,204,219 $1,794,531 $2,848,722 $3,632,91425th %ile $477,250 $368,750 $728,374 $760,500 $1,295,355Median $500,000 $796,774 $1,297,363 $1,250,003 $1,837,748Average $591,041 $865,669 $1,456,711 $1,931,788 $2,808,96275th %ile $677,500 $1,126,732 $1,961,372 $2,253,006 $3,155,06025th %ile $294,310 $276,275 $345,150 $313,154 $372,310Median $407,500 $502,500 $751,000 $1,564,583 $881,500Average $478,623 $1,248,201 $1,362,495 $2,274,169 $2,645,35975th %ile $618,750 $1,339,500 $1,562,815 $3,880,778 $3,926,13225th %ile $406,861 $400,000 $666,250 $705,534 $1,553,951Median $685,556 $1,000,000 $1,315,889 $1,881,433 $3,640,496Average $672,199 $1,775,563 $2,177,567 $2,563,030 $4,406,28975th %ile $900,000 $1,900,000 $2,638,617 $3,311,162 $5,361,532
81
Retail 93
Self-Storage 10
Seniors Housing/Healthcare 39
Calendar/Fiscal Year 2013
Ch
ief
Exe
cuti
ve O
ffic
er
Aggregate 232
Ass
et C
lass
Hotel/Hospitality 38
Industrial
Other 46
59
Multifamily 82
Office
Executive Management
Compensation By Position 2014 Real Estate Compensation Survey
13
# of
CompaniesStatistics
Base
Salary
Annual
Incentive Award
Total Annual
Cash Compensation
Long-Term
Incentive Award
Total
Compensation
25th %ile $400,000 $400,000 $673,083 $843,139 $900,751
Median $600,000 $880,000 $1,337,633 $1,756,895 $2,565,339
Average $607,426 $1,154,923 $1,582,840 $2,527,413 $3,389,672
75th %ile $772,404 $1,342,500 $2,017,748 $3,162,388 $4,379,250
25th %ile $313,997 $144,500 $385,210 $316,800 $482,352
Median $417,200 $375,000 $696,165 $753,770 $1,039,875
Average $457,643 $698,434 $989,286 $1,195,477 $1,720,847
75th %ile $571,875 $853,280 $1,175,025 $1,368,165 $2,275,035
25th %ile $507,500 $664,875 $1,220,774 $1,092,671 $1,528,951
Median $600,000 $911,784 $1,542,034 $1,622,916 $3,005,517
Average $632,736 $1,040,116 $1,605,748 $2,189,776 $3,265,739
75th %ile $789,063 $1,287,500 $1,956,250 $2,317,466 $4,148,597
25th %ile $658,750 $925,067 $1,486,661 $1,889,391 $3,432,082
Median $762,308 $1,294,775 $2,061,711 $3,127,979 $4,716,849
Average $791,219 $1,767,722 $2,451,806 $3,973,586 $6,244,775
75th %ile $981,731 $1,872,674 $2,551,786 $5,939,610 $8,854,102
25th %ile $300,000 $82,609 $315,000 $147,963 $397,718
Median $375,000 $150,000 $500,000 $581,625 $663,250
Average $453,944 $283,603 $674,524 $566,338 $926,230
75th %ile $433,000 $395,000 $723,000 $1,000,000 $1,650,000
25th %ile $412,500 $505,316 $934,698 $56,500 $1,720,375
Median $612,600 $1,697,829 $1,600,000 $2,399,000 $3,203,629
Average $876,800 $2,131,979 $2,366,184 $2,002,192 $3,617,554
75th %ile $1,200,000 $3,753,262 $3,477,745 $3,296,573 $4,721,484
25th %ile $327,042 $663,942 $587,910 $1,120,000 $587,910
Median $410,000 $818,157 $1,039,421 $1,754,105 $1,631,535
Average $426,107 $925,771 $1,074,147 $1,578,804 $1,863,549
75th %ile $511,348 $1,082,379 $1,329,505 $1,757,289 $2,827,707
Calendar/Fiscal Year 2013
Ch
ief
Exe
cuti
ve O
ffic
er
Aggregate 232
Tota
l Cap
ital
izat
ion
/Gro
ss A
sset
s
Under $2 Billion 67
$2 Billion - $4.75 Billion 62
Over $4.75 Billion 66
Ass
ets
Un
der
Man
agem
ent
Under $1.25 Billion 8
$1.25 Billion - $5.5 Billion 9
Over $5.5 Billion 8
Executive Management
Compensation By Position 2014 Real Estate Compensation Survey
14
# of
CompaniesStatistics
Base
Salary
Annual
Incentive Award
Total Annual
Cash Compensation
Long-Term
Incentive Award
Total
Compensation
25th %ile $400,000 $400,000 $673,083 $843,139 $900,751
Median $600,000 $880,000 $1,337,633 $1,756,895 $2,565,339
Average $607,426 $1,154,923 $1,582,840 $2,527,413 $3,389,672
75th %ile $772,404 $1,342,500 $2,017,748 $3,162,388 $4,379,250
25th %ile $358,750 $187,078 $492,278 $422,531 $589,722
Median $505,674 $672,250 $850,000 $1,117,715 $1,578,000
Average $526,534 $738,633 $1,132,592 $1,507,353 $2,137,494
75th %ile $712,000 $1,012,500 $1,584,514 $1,915,675 $3,108,120
25th %ile $403,750 $656,500 $842,364 $844,702 $1,191,192
Median $593,750 $902,000 $1,365,625 $1,689,093 $2,565,339
Average $585,275 $1,185,782 $1,583,529 $2,359,987 $3,405,797
75th %ile $700,000 $1,370,000 $1,993,125 $3,000,000 $4,398,287
25th %ile $481,000 $530,000 $959,850 $1,477,452 $1,523,932
Median $731,804 $1,039,963 $1,539,963 $2,499,685 $3,449,164
Average $710,471 $1,516,320 $2,032,391 $3,677,525 $4,625,517
75th %ile $942,789 $1,654,090 $2,407,172 $4,599,880 $6,768,628
25th %ile $396,250 $322,300 $848,750 $1,092,671 $1,200,000
Median $625,000 $909,117 $1,462,250 $1,659,075 $3,048,102
Average $641,516 $1,259,521 $1,779,929 $2,391,354 $3,573,445
75th %ile $800,000 $1,599,375 $2,165,250 $2,655,021 $4,227,188
25th %ile $417,500 $339,015 $661,541 $416,952 $862,364
Median $600,000 $826,560 $1,156,946 $1,368,165 $1,660,225
Average $609,237 $924,212 $1,379,413 $2,196,170 $3,000,396
75th %ile $750,000 $1,314,157 $1,889,192 $2,201,393 $3,650,972
25th %ile $423,283 $443,939 $750,250 $840,012 $1,500,792
Median $600,000 $902,000 $1,451,187 $1,786,756 $2,838,147
Average $594,660 $1,157,845 $1,642,980 $2,442,693 $3,557,523
75th %ile $741,280 $1,239,961 $1,956,250 $3,283,813 $4,516,992
25th %ile $375,369 $430,000 $603,900 $975,623 $613,315
Median $526,846 $845,313 $1,148,750 $2,464,239 $2,000,000
Average $593,729 $1,214,182 $1,490,974 $3,039,629 $3,305,678
75th %ile $772,404 $1,395,593 $2,012,748 $3,808,385 $4,821,942
West 65
Midwest 42
South 74
Calendar/Fiscal Year 2013
Ch
ief
Exe
cuti
ve O
ffic
er
Aggregate 232
Nu
mb
er o
f Em
plo
yees
Under 85 73
85 - 500 80
Over 500 79
Incu
mb
ent
Loca
tio
n
Northeast 51
Executive Management
Compensation By Position 2014 Real Estate Compensation Survey
15
# of
CompaniesStatistics
Base
Salary
Annual
Incentive Award
Total Annual
Cash Compensation
Long-Term
Incentive Award
Total
Compensation
25th %ile $400,000 $400,000 $673,083 $843,139 $900,751Median $600,000 $880,000 $1,337,633 $1,756,895 $2,565,339Average $607,426 $1,154,923 $1,582,840 $2,527,413 $3,389,67275th %ile $772,404 $1,342,500 $2,017,748 $3,162,388 $4,379,25025th %ile $300,000 $136,000 $333,144 $102,100 $397,289Median $381,608 $284,250 $600,000 $521,000 $725,000Average $445,090 $561,106 $865,920 $765,958 $1,216,98475th %ile $515,094 $635,999 $912,500 $1,000,000 $1,496,80825th %ile $450,000 $634,575 $990,000 $840,650 $1,637,462Median $587,100 $858,326 $1,393,590 $1,370,885 $2,565,339Average $590,557 $1,020,575 $1,491,844 $2,262,695 $3,254,98375th %ile $700,000 $1,126,250 $1,769,000 $2,448,469 $3,623,88625th %ile $670,149 $944,743 $1,517,000 $1,817,339 $3,594,760Median $793,750 $1,342,500 $2,175,556 $2,700,000 $4,552,214Average $790,044 $1,765,541 $2,463,869 $3,629,131 $5,810,21075th %ile $921,154 $1,802,927 $2,587,513 $4,599,880 $8,125,02025th %ile $524,154 $731,775 $1,231,382 $1,079,820 $2,229,450Median $700,000 $1,003,125 $1,650,000 $1,925,000 $3,527,710Average $690,322 $1,354,005 $1,965,707 $2,798,862 $4,475,65575th %ile $844,995 $1,464,738 $2,243,000 $3,327,351 $5,238,62825th %ile $300,000 $150,000 $319,328 $184,938 $350,686Median $400,000 $375,000 $650,000 $674,747 $725,000Average $453,832 $652,840 $895,010 $1,362,156 $1,400,95375th %ile $511,348 $740,760 $1,015,912 $1,756,493 $1,665,03825th %ile $280,846 $110,000 $329,727 $3,576 $334,677Median $333,997 $139,000 $372,310 $6,600 $372,310Average $382,346 $161,721 $463,207 $49,166 $477,95675th %ile $373,365 $191,104 $482,278 $73,473 $482,278
25th %ile $350,000 50% $391,197 4 100%Median $500,000 100% $1,522,021 6 100%Average $549,042 112% $2,208,833 6 100%75th %ile $638,000 150% $2,292,890 8 100%
Aggregate 107
Not-For-Profit 10
60 - 300Calendar/Fiscal Year 2014
Target Long-Term
Incentive Award
Private 66
Incumbent Information
# of
CompaniesStatistics
Base
Salary
Target Annual
Incentive Award
Number of
Direct Reports
Job Description
Degree of Match
Calendar/Fiscal Year 2013
Ch
ief
Exe
cuti
ve O
ffic
er
Aggregate 232
Rev
enu
e
Under $150 Million 68
$150 Million - $550 Million 79
Over $550 Million 77
Ow
ner
ship
Sta
tus
Public 156
Executive Management
2014 Real Estate Compensation Survey
16
Trend Analysis – Executive Management
Assessing the Trend Analysis Data
The charts below and on the following pages illustrate compensation trends over a multi-year period for executive management positions. In particular, the median and average total compensation levels are shown as reported in the aggregate data cut of the 2012, 2013, and 2014 surveys. It is important to note that because the contributor base differs across these three survey years, direct comparisons of the total compensation values may not be entirely appropriate. Although many of the same companies are included in the study on an annual basis resulting in substantial overlap, the data sets are different, including the number of observations per position.
Total Compensation
$1,535,708
$992,483
$759,720
$1,961,415
$1,702,659
$1,488,505
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
2011 2012 2013
Median
Average
Chairman of the Board
$2,094,114 $2,108,617
$2,565,339
$2,825,354
$3,203,429$3,389,672
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
2011 2012 2013
Median
Average
Chief Executive Officer
2014 Real Estate Compensation Survey
17
Appendix – Job Descriptions
Executive Management
Chairman of the Board
Chief Executive Officer
Chief Operating Officer/President
Chief Financial Officer
Typically Reports To: Not Applicable
Education: Advanced Degree
Experience: 15+ Years
Related Title(s): Not Applicable
Job Attributes Job Description
Acts solely as Chairman of the Board and holds no other executive management position in the company.
Typically Reports To: Chairman of the Board, Board of Directors
Education: Advanced Degree
Experience: 15+ Years
Related Title(s): CEO, President, Head of Real Estate
Job Attributes Job Description
Responsible for directing the overall business operations and activities of the (real estate) company.
Establishes short- and long-term (real estate) company objectives, plans, policies, and standards. Leads
new business development initiatives and major transactions. Liaises with Board of Directors on
corporate matters and focuses on the profitability of the organization. Manages the (real estate)
company's functions at the corporate level.
Typically Reports To: CEO
Education: Advanced Degree
Experience: 15+ Years
Related Title(s): COO
Job Attributes Job Description
Assists the CEO in the overall management of the (real estate) company. Participates and/or leads the
(real estate) company in establishing and implementing operating policies and procedures. Coordinates
the daily operations and activities. Monitors budget preparation and evaluates operating results.
Typically Reports To: CEO
Education: Advanced Degree
Experience: 15+ Years
Related Title(s): CFO, EVP-Finance
Job Attributes Job Description
Formulates financial policy and plans in conjunction with the CEO/COO/President. Provides overall
direction for accounting, financial reporting, tax, and budget activities. Focuses on financial
transactions, policies, and procedures. Meets corporate short- and long-term objectives and regulatory
requirements. May be involved in the capital-raising efforts of the organization.