ca”)christensonadvisors.com/images/content/pdf/sample... · mid level portfolio management...

1

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.


7


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


8


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 *


9


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


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


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


Ch

ief

Exe

cuti

ve O

ffic

er

Aggregate 232

Ass

et C

lass

Hotel/Hospitality 38

Industrial

Other 46

59

Multifamily 82

Office



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


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



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


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



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


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



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


17

Appendix – Job Descriptions


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



Related Title(s): CEO, President, Head of Real Estate


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



Related Title(s): COO


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



Related Title(s): CFO, EVP-Finance


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.

ca”)christensonadvisors.com/images/content/pdf/sample... · mid level portfolio management...

Documents