Canadian Real Estate Compensation Survey Results · LaSalle Investment Management Manulife Financial Menkes Development Ltd. Minto Group, The Morguard Corporation Nicola Wealth Northview

Real property. Real leadership.

2019

Canadian Real Estate Compensation Survey Results

112019 REALPAC Canadian Real Estate Compensation Survey

REALPAC (the Real Property Association of Canada) is pleased to present the 2019 REALPAC Canadian Real Estate Compensation Survey.

Sponsored by REALPAC and conducted by FPL Associates L.P., this survey is designed to provide real estate companies with competitive

compensation levels and current information regarding the design, features, and administration of compensation and benefits programs.

In addition, this year’s survey includes questions specific to fund managers as well as data with respect to diversity & inclusion.

In particular, this report provides information for three major facets of compensation for 175 positions commonly found in REALPAC

member organizations:

• Base salary (2019)

• Annual incentive award value (for calendar/fiscal year 2018)

• Long-term incentive award value (for calendar/fiscal year 2018)

We extend our sincere appreciation to all participating organizations for providing valuable information, which has enabled us to perform

a comprehensive examination of compensation within the Canadian real estate industry.

Fifty-five organizations participated in this year’s survey, reflective of a 51% response rate.

Sincerely,

Kristopher Kolenc Jeremy I. Banoff Lindsay Pankratz

Manager, Research & Sustainability Vice Chairman Survey Director

REALPAC FPL Associates L.P. FPL Associates L.P.


2 2019 REALPAC Canadian Real Estate Compensation Survey

Below is a list of all 55 participants in this year’s survey.

Alberta Investment Management Corporation (AIMCo)

Altus Group

Amica Senior Lifestyles

Artis REIT

Aspen Properties

Automotive Properties REIT

BentallGreenOak

Brookfield Properties

Cadillac Fairview Corporation Limited, The

Canadian Urban Limited

CanFirst Capital Management

CBRE Ltd.

Choice Properties REIT

Colliers International Inc.

Cominar REIT

Concert Properties Ltd.

CreateTO

Crestpoint Real Estate Investments Ltd.

Crombie REIT

Crown Realty Partners

CT REIT

Cushman & Wakefield

Dorsay Development Corporation

Dream

EPIC Investment Services

Fengate Real Asset Investments

First Capital Realty Inc.

GWL Realty Advisors

Hines Interests LP

Homestead Land Holdings Ltd.

InterRent REIT/CLV Group

Ivanhoé Cambridge

JLL Real Estate Services Canada Inc.

Killam Apartment REIT

LaSalle Investment Management

Manulife Financial

Menkes Development Ltd.

Minto Group, The

Morguard Corporation

Nicola Wealth

Northview Apartment REIT

NorthWest Healthcare Properties REIT

Oxford Properties Group Inc.

Primaris

Pure Industrial Real Estate Trust (PIRET)

QuadReal Property Group

Realstar Group

RioCan REIT

Sienna Senior Living

SmartCentres REIT/Penguin Investments Inc.

Strathallen Capital Corporation

Triovest Realty Advisors Inc.

WPT Industrial REIT

Participating Companies


Diversified/

Combined*

58%

Retail

14%

Office and

Industrial

11%

Multi-Family

Residential

11%Health Care

4%Seniors

Residential

2%

Participant Demographics

These charts illustrate the composition of this year’s

participants by primary property focus and company size,

defined as number of full-time employees and total revenues.

A wide representation of real estate firms in terms of property

focus and size are included in this survey, allowing for a

comprehensive examination into overall market practices.

Property Sector

Number Of Employees

Total Revenues

*Diversified/Combined (three or more asset types)

Less Than

150

Employees

31%

150 - 499

Employees

25%

500 - 1,000

Employees

22%

Greater

Than 1,000

Employees

22%

Participating Companies

Less Than

$250

Mill ion

49%

$250

Mill ion or

Greater

51%


Executive Management PositionsChief Executive Officer/President

Chief Operating Officer

Chief Financial Officer

Chief Accounting Officer

General Counsel

Chief Information Officer

Chief Investment Officer

Senior Management PositionsExecutive/Senior Vice-President

Division or Subsidiary President

Regional/Business Unit Manager

Head of Internal Audit

Head of Human Resources

Corporate Controller

Corporate Treasurer

Head of New Business/Development

Corporate Services Positions - AccountingDivision Controller

Assistant Controller

Accounting Manager

Senior Accountant

Staff Accountant

Accounting Clerk

Accounts Receivable/Accounts Payable Supervisor

Accounts Receivable/Accounts Payable Professional

Junior Accounts Receivable/Accounts Payable Professional

Corporate Services Positions - AdministrationBusiness Process Improvement

Office Manager

Executive Assistant I (C-Suite)

Executive Assistant II (Non-C-Suite)

Administrative Assistant

Receptionist

Corporate Services Positions - Audit and Tax Internal Auditor

Senior Corporate Tax Executive

Tax Manager

Tax Professional

Director of Financial Reporting

Financial Reporting Manager

Corporate Services Positions - Communications Communications Professional

Designer

Corporate Services Positions - Customer Service Customer Service Manager

Customer Service Supervisor

Customer Service Representative

Corporate Services Positions - FinanceVP, Finance

Mid-Level Finance Professional

Financial Analyst

Corporate Services Positions - Human Resources Human Resources Director

Human Resources Manager

Human Resources Generalist

Human Resources Coordinator

Training & Development Professional

Recruitment Professional

Compensation & Benefits Professional

HRIS Manager

HRIS Analyst

Corporate Services Positions - LegalSenior Legal Counsel

Staff Lawyer

Senior Paralegal

Paralegal

Compensation Table of Contents

Compensation by Position


Corporate Services Positions - MarketingHead of Marketing

Senior-Level Marketing Professional

Mid-Level Marketing Professional

Junior-Level Marketing Professional

Social Media Professional

Market Research Analyst

Corporate Services Positions - Payroll Payroll Manager

Payroll Supervisor

Payroll & Benefits Administrator

Payroll Specialist

Corporate Services Positions - Purchasing Purchaser/Buyer

Corporate Services Positions - ResearchHead of Research

Senior-Level Research Professional

Mid-Level Research Professional

Analyst - Research Professional

Corporate Services Positions - Risk Management Senior-Level Risk Management Professional

Mid-Level Risk Management Professional

Junior-Level Risk Management Professional

Corporate Services Positions - Technology Senior-Level IT Professional

Mid-Level IT Professional

Junior-Level IT Professional

IT Project Manager

Senior-Level Data Management Professional

Infrastructure Development Professional

Mid-Level Applications Development Professional

Web Development Professional

Database Administration Specialist

Help Desk Professional

Corporate Services Positions – Technology (continued) Network Administrator

Information Security Professional

Asset/Property Management Software Manager

Information Technology Director

Mid-Level MIS/IT Professional

Junior-Level MIS/IT Professional

Real Estate Positions – Accounting Portfolio/Fund Senior Accountant – Portfolio/Fund

Staff Accountant – Portfolio/Fund

Real Estate Positions - Architecture, Engineering &

EnvironmentChief Architect/Designer

Chief Engineer

Building Engineer

Architectural Technician/Designer

Environmental Specialist

Corporate & Social Responsibility Leader

Corporate & Social Responsibility Professional

Corporate & Social Responsibility Analyst/Sustainability

Real Estate Positions - Asset ManagementHead of Asset Management

Senior-Level Asset Management Professional

Mid-Level Asset Management Professional

Associate - Asset Management Professional

Analyst - Asset Management Professional

Real Estate Positions - Building Ops/Facilities MgmtTop Facilities Management Professional

Head of Building Ops./Facilities Mgmt.

Senior-Level Building Ops./Facilities Mgmt. Professional

Mid-Level Building Ops./Facilities Mgmt. Professional

Building Operations Supervisor

Senior Building/Maintenance Operator

Building/Maintenance Operator I

Building/Maintenance Operator II



Real Estate Positions - Building Ops/Facilities

Mgmt (continued)Building Superintendent

General Facilities/Maintenance Employee I

General Facilities/Maintenance Employee II

General Facilities/Custodial Employee

Real Estate Positions – Construction/Proj. MgmtHead of Construction

Senior-Level Construction/Project Manager

Mid-Level Construction/Project Manager

Junior-Level Construction/Project Manager

Project Coordinator

Tenant Project Manager

Construction Estimator

Real Estate Positions - DevelopmentHead of Development

Senior-Level Development Professional

Mid-Level Development Professional

Junior-Level Development Professional

Real Estate Positions - InvestmentsSenior-Level Investment Professional

Mid-Level Investment Professional

Junior-Level Investment Professional

Real Estate Positions - Leasing and AdministrationHead of Leasing

Senior-Level Leasing Professional

Mid-Level Leasing Professional

Junior-Level Leasing Professional

Manager of Lease Administration

Specialty Leasing

Lease Administrator

Real Estate Positions - Portfolio ManagementHead of Portfolio Management

Senior-Level Portfolio Management Professional

Mid-Level Portfolio Management Professional

Analyst - Portfolio Management

Real Estate Positions - Promotions Marketing/Promotions Director

Marketing/Promotions Manager

Real Estate Positions - Property AccountingProperty Controller

Property Accounting Manager

Senior-Level Property Accountant

Property Accountant

Junior-Level Property Accountant

Revenue Coordinator

Real Estate Positions - Property Management Head of Property Management

Senior-Level Property Management Professional (Sq. Ft. Over 1.5M)

Mid-Level Property Management Professional (Sq. Ft. 1-1.5M)

Senior Property Manager (Sq. Ft. 500,000-1M)

Property Manager (Sq. Ft. Up to 500,000)

General Manager

Assistant Property Manager

Senior Property Administrator

Property Administrator

Real Estate Positions - Property TaxProperty Tax Professional

Real Estate Positions - SecuritySecurity Director

Security & Life/Safety Manager

Security & Life/Safety Supervisor

Security & Life/Safety Coordinator

Security & Life/Safety Officer

Real Estate Positions - Tenant ServicesTenant Client Services Manager

Tenant Client Services Coordinator

Concierge

Client Services Professional



Real Estate Positions - TransactionsHead of Transactions

Senior-Level Transactions Professional

Mid-Level Transactions Professional

Associate - Transactions Professional

Analyst - Transactions Professional



Real Estate Positions - Construction/Project Management

Alternate

Title(s)

Typical Years of

Experience

Typically

Report To

Portfolio

Description

Relevant Asset

Class(es)

Typical

Education

Project MangerMinimum of

5-10

Hd. of Const.,

Hd. of Dev.Small, Sub

MF, Off., Ind.,

Ret.University

Responses

# of

Companies

25th

PercentileMedian Average

75th

Percentile

25th


75th

Percentile

Aggregate 33 $85,507 $99,531 $98,648 $109,129 $91,400 $111,250 $110,720 $122,812

2019 Nareit Aggregate 51 $129,815 $168,760 $170,039 $201,524 $147,554 $203,424 $201,581 $237,105

Diversified/Combined 21 $86,389 $99,531 $101,646 $109,129 $93,619 $111,911 $113,436 $125,893

Multi-Family Residential 2 ISD ISD ISD ISD ISD ISD ISD ISD

Office and Industrial 3 ISD ISD ISD ISD ISD ISD ISD ISD

Retail 5 $86,438 $101,099 $103,310 $121,288 $93,243 $109,020 $114,749 $139,120

Less than $250 Mil l ion 12 $83,281 $88,884 $96,174 $111,458 $89,886 $96,882 $105,272 $121,631

$250 Mil lion or Greater 21 $86,389 $101,099 $100,062 $109,129 $94,613 $113,776 $113,833 $125,893

Alberta 12 $96,810 $107,968 $110,561 $127,266 $102,839 $117,985 $123,455 $148,578

Atlantic Canada 5 $64,875 $84,574 $80,318 $93,634 $69,089 $88,850 $88,582 $107,942

British Columbia 10 $87,937 $102,750 $104,475 $123,750 $91,341 $109,000 $116,406 $139,506

Manitoba 1 ISD ISD ISD ISD ISD ISD ISD ISD

Ontario 28 $86,273 $98,627 $100,031 $110,462 $92,128 $114,113 $112,607 $124,724

Quebec 12 $82,895 $93,421 $96,633 $112,060 $89,344 $103,077 $109,603 $137,708

Saskatchewan 2 ISD ISD ISD ISD ISD ISD ISD ISD

Less than 150 4 ISD ISD ISD ISD ISD ISD ISD ISD

150 - 499 8 $86,655 $99,903 $104,391 $124,447 $95,327 $110,466 $117,717 $146,421

500 - 1,000 10 $81,036 $104,104 $95,083 $110,975 $81,718 $116,092 $102,688 $121,323

Greater than 1,000 11 $84,872 $86,668 $95,696 $108,636 $91,800 $97,526 $111,940 $136,665

25th Percentile Median Average 75th Percentile

10% 12% 13% 15%


Responsible for construction activities on smaller projects or sub-projects within larger projects. Ensures construction meets standards and time frames within cost estimates. Responsible

for project plan, is involved in contract negotiations and has day-to-day on-site responsibility for project progress. Must be famil iar with codes, municipal by-laws, inspection, estimating

and planning typically gained through prior experience or a specific designation.

Base Salary Total Annual Cash Compensation

Target Annual Incentive (% of Base Salary) -

Calendar/Fiscal Year 2019

Ass

et C

lass

Tota

l

Rev

enu

es

$13,906

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Full-

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Annual Incentive Award

Calendar/Fiscal Year 2018

Average



Real Estate Positions - Construction/Project Management

Average %

Promoted in

2018

Male

Percent

Female

Percent

Average Tenure

in Years

Average Number

of Direct

Reports

4% 70% 30% 6 -

Responses

# of LTI

Receivers

25th


75th

Percentile

25th


75th

Percentile

Aggregate 1 ISD ISD ISD ISD $91,400 $111,250 $110,747 $122,812

2019 Nareit Aggregate 22 $19,523 $29,266 $33,270 $45,435 $147,554 $203,424 $213,321 $253,747

Diversified/Combined - ISD ISD ISD ISD $93,619 $111,911 $113,436 $125,893

Multi-Family Residential - ISD ISD ISD ISD ISD ISD ISD ISD

Office and Industrial - ISD ISD ISD ISD ISD ISD ISD ISD

Retail 1 ISD ISD ISD ISD $93,599 $109,184 $114,925 $139,120

Less than $250 Mil l ion - ISD ISD ISD ISD $89,886 $96,882 $105,272 $121,631

$250 Mil lion or Greater 1 ISD ISD ISD ISD $94,613 $113,776 $113,875 $125,893

Alberta - ISD ISD ISD ISD $102,839 $117,985 $123,455 $148,578

Atlantic Canada - ISD ISD ISD ISD $69,089 $88,850 $88,582 $107,942

British Columbia - ISD ISD ISD ISD $91,341 $109,000 $116,406 $139,506

Manitoba - ISD ISD ISD ISD ISD ISD ISD ISD

Ontario 1 ISD ISD ISD ISD $92,128 $114,113 $112,669 $124,724

Quebec - ISD ISD ISD ISD $89,344 $103,077 $109,603 $137,708

Saskatchewan - ISD ISD ISD ISD ISD ISD ISD ISD

Less than 150 - ISD ISD ISD ISD ISD ISD ISD ISD

150 - 499 1 ISD ISD ISD ISD $95,505 $110,547 $117,827 $146,421

500 - 1,000 - ISD ISD ISD ISD $81,718 $116,092 $102,688 $121,323

Greater than 1,000 - ISD ISD ISD ISD $91,800 $97,526 $111,940 $136,665

25th Percentile Median Average 75th Percentile

ISD ISD ISD ISD


Responsible for construction activities on smaller projects or sub-projects within larger projects. Ensures construction meets standards and time frames within cost estimates. Responsible

for project plan, is involved in contract negotiations and has day-to-day on-site responsibility for project progress. Must be famil iar with codes, municipal by-laws, inspection, estimating

and planning typically gained through prior experience or a specific designation.

Job Description Degree of Match

Long-Term Incentive Award Total Remuneration

Ass

et C

lass

Tota

l

Rev

enu

es

Average Target Long-Term Incentive -

Calendar/Fiscal Year 201998%

Geo

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Full-

Tim

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77 King St W TD North TowerSuite 4030 PO Box 147Toronto ON M5K 1H1Canada

123 North Wacker DriveSuite 1900Chicago, Illinois 60606USA

t 416.642.2700 tf 1.855.REALPAC (732.5722)w realpac.ca

t 312.368.5088 w fplassociates.com

Documents

Canadian Real Estate Compensation Survey Results · LaSalle Investment Management Manulife Financial Menkes Development Ltd. Minto Group, The Morguard Corporation Nicola Wealth Northview