Executive Watch

Perspective

REIT CEO and CFO checkbooks are brimming this year. That's the upshot of a study of 117 REITs we conducted recently in collaboration with executive-compensation consultant Steven Hall & Partners. The study revealed that total pay for REIT CEOs and CFOs increased at a rate of double the general industry. CEO pay rose 24%, compared with 10% for the general industry, and CFO’s total compensation increased by 32%, compared with 9.7% for the industry as a whole. Along with these increases, many REIT comp committees are restructuring long-term incentives and providing for increasingly bigger handcuffs to retain key executives and focus their efforts on the creation of corporate and shareholder value. The study highlighted that, in 2005, long-term incentives represented 64% of the CEO pay package, versus 52% in 2004. For CFOs, long-term incentives grew to 54% from 44% of total remuneration. These increases are on top of double-digit increases the prior year and clearly reflect the REIT sector's performance in the midst of a Bull market. Stay tuned for the next round of reporting. I expect that the trend will continue, albeit not at the same rate.

Tony LoPinto is CEO of Equinox Partners, an executive search firm specializing in the real estate industry, and parent company of SelectLeaders.The views expressed in this article are the author’s own.

Job Opportunities

SELECTLEADERS
(MIDWEST) EVP, Finance & Investments The person hired will work closely with the CEO to design and implement the company’s financial and investment strategy, assist in crafting corporate strategy, direct the execution of the company’s major financial and investment transactions, and lead and direct investor relations activities.

SELECTLEADERS
(ALBUQUERQUE, NM) Project Manager The Project Manager will be involved in all phases of the company’s work including: marketing to prospective clients; the feasibility-analysis process; participation during project development, design, financing and construction; and delivery of the completed homes and other facilities.

JONES LANG LASALLE
(MEXICO CITY) Latin American Research Strategist We are currently seeking a Latin American Research Strategist to join our 22-person LaSalle Investment Management Strategy and Research Group located in Mexico City. Responsibilities will include development of customized strategies for clients, overseeing forecasting and target market models and presenting findings to clients and to the investment committee.

WELLS FARGO BANK
(SAN DIEGO) Property Manager The successful candidate will be responsible for the operational continuity and asset-preservation of a portfolio of company owned and managed retail stores and larger administrative facilities. That person will act as building liaison between internal customers, landlords and external tenants with minimal management support. He or she will also interpret and apply lease terms and conditions.

AVALONBAY COMMUNITIES
(ALEXANDRIA, VA) Development Manager The position is responsible for managing all phases of the development of multifamily rental communities. This includes market analyses; financial analyses; site selection; and budgeting, design, management of the entitlement process including presentation before municipal and other regulatory boards, and participation in the construction/lease-up process.

URBAN LAND CONSERVANCY
(DENVER) President and CEO We are seeking an entrepreneurial, goal-oriented, flexible, financially savvy, energetic leader with a clear commitment to mitigating the loss of neighborhood real estate assets and building an inventory for the future of the Denver community.

HOLLIDAY FENOGLIO FOWLER LP
(WASHINGTON, DC) Real Estate Analyst Successful candidates would be responsible for executing real estate capital markets transactions for clients in a team environment. These transactions include sales, financings, joint ventures and equity raises for commercial real estate properties.

Promotions

ACKMAN-ZIFF REAL ESTATE GROUP
(NEW YORK CITY) Russell Schildkraut and Patrick Hanlon are now principals, the firm's first executives to be accorded the honor in 10 years. The award-winning duo has a combined tenure of more than 15 years at the 80-year-old company.

KTGY GROUP INC.
(OAKLAND, CA) KTGY principal Jill Williams will lead the firm's new full-service office, which will focus on urban infill designs. The 22-year professional joined the firm in 1991.

New Hires

GVA WILLIAMS
(NEW YORK CITY) Joining the Manhattan office is P.J. Sala as managing director. He previously was managing director at Studley and a management consultant for KPMG LLP and Kurt Salmon Associates. Eric LaCoursiere, a former associate with Studley, starts as associate director. Cory Albrycht, previously a senior account executive for Ziff Davis Media, begins as an associate as will Andrew Connally, who most recently was a partner in a construction firm. Ward Bitter joins as an investment analyst after a stint at the Concord Group.

MAGELLAN DEVELOPMENT GROUP
(CHICAGO) Leila Zammatta, president and managing broker of Magellan Realty LLC, is named senior vice president of sales for Magellan Development Group.EQUASTONE
(HOUSTON) Kirt Rimpela joins as the Texas portfolio manager after spending eight years with Transwestern Commercial Services.

BARTON MALOW CO.
(PHOENIX) Charles Brooks comes on board as project superintendent and Michael Kase as project engineer 1.

MEREDITH & GREW
(BOSTON) Jacquelynn E. Henke and Christopher G. Zanni begin as assistant vice presidents. Henke formerly was a project engineer for Turner Construction Co. Zanni previously was project manager for CBT Architects Inc.

TRAMMELL CROW CO.
(PHOENIX) Bryan Moreno becomes the firm's first dedicated land broker in the local office. He will set up and oversee a brokerage group for land sales of all types. He most recently was a residential land broker for the KAX Group.

QUINLAN PRIVATE GOLUB
(WARSAW) Mariusz Frackiewicz is named associate director, specializing in investment acquisitions and property financing. He previously was an executive for ING Lease.

JONES LANG LASALLE
(NEW YORK CITY) Jere Lucey starts as executive vice president for the real estate investment banking team, focusing on the hospitality sector. Lucey most recently was with Capmark Finance Inc.

TRAMMELL CROW CO.
(BOSTON) Gretchen McGill has returned to the firm as vice president of project management for the New England region after a six-year hiatus. She had worked for TCC from 1993 until 2000, then joined Boston Properties and subsequently the Procaccianti Group in Rhode Island as its vice president of development. The firm also hired Michael O'Leary and Greg Tanner as senior associate and associate, respectively. They will focus on the Suburban Route 495 and Route 128 submarkets. O'Leary previously was with Grubb & Ellis Co. and Tanner worked for Merrill Lynch.

CAPMARK FINANCE
(AUSTIN) In opening the new office, Michael Levell is hired as vice president and Scott Bryant as vice president and branch manager. Levell previously was an office broker for Jones Lang LaSalle and investment and development professional for First Southwest Properties. Bryant most recently was vice president for Live Oak Capital in Houston.

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Tony LoPinto is the Global Sector Leader of Korn Ferry’s Real Estate Practice and founder of SelectLeaders. For the past 18 years LoPinto has been serving his clients with deep knowledge and perspective on talent needs and organizational challenges to public and private companies – knowledge gained from a 25-year career in real estate. Prior to his current position, he founded and served as chief executive officer of a boutique real estate executive search firm, where he oversaw offices in New York, Chicago, Washington, DC, San Francisco and Los Angeles. He has successfully led several high profile search engagements for chief executive officers, directors and a wide-range of executive level positions across all industries and sectors. He earned a Bachelor of Arts degree in European history from Loyola University in Chicago.