REIT Compensation
Hey guys, I'm interviewing with a large NYC-based REIT ($15b+ gross assets) for a VP role. Not much out there in terms of compensation data, so could you please share your insights across what a reasonable base, bonus, stock package should be?
Curious as well
Speak to recruiters within your network for information.
Acquisition role? Asset class? I'd assume $175-250 base (my data isn't NYC specific so may be a little low?) - bonus tough to pinpoint in this environment but should include stock (RSUs) at VP level.
Asset mgmt. and across various asset classes
I would say 175k-250k base with an all in cash between 350k and 450k. You should probably ask for some sort of equity on top, but if you arent planning on staying might not actually matter to you.
Lol this seems really generous unless it’s SL Green or something. Equity REIT pay seems to suck for some reason
Finance/Capital Markets/investments at a $15B NYC should be higher. Mid- $250+ base, and some combo of stock and bonus to get around $400k+. But the equity will vest over 3 years. Could be as high as $500k all-in depending on experience. If you are acquisitions, it will be on that higher end, with more stock and acquisition bonuses.
Why do you say that? Is SL Green known to pay well?
How many years of experience? I'd definitely think $200k+ for a VP role in NYC is reasonable, if not a bit low. Definitely try to get some additional "equity" comp (I don't know if REITs can do anything other than RSUs, but something in that realm).
I'd echo what the other guy said about the $175k - $250k base.
Based on a few other comps I've seen I'd guess 25% cash bonus target, plus 25-50% time-based units - usually I see these vest ratably over three years.
Very interested in what others think - not a lot of comps for REIT pay out there.
anyone have Nareit comp survey?
I do not have it but I would absolutely be willing to crowdsource it. It's like $3,000 for somebody who is an individual member (I am not) which is insane, but if we got like 30 people to chip in it would be $100 a person which I'd be totally down for
bump ill throw in as well
Does anyone have the Nareit survey? I would throw for it too.
Bumping this. Trying to find REIT comp for Associate/Sr. Assoc. positions in NYC.
150k
What percentage is base/bonus?
$150k first year associate, $160k second year associate in Chicago.
Base plus 25% bonus.
$135K with 20% bonus at a REIT in SF as a 1st year associate. Last year's bonus was 143% of target.
Edited > Managers here make $155-70. VPs probably do 20% on top of that. Assuming bonus is around the 35-50% range. This is for the investing side of the REIT fyi.
Generally, REITs don't pay as well.
in the current environment over the past few years at a VP level, the yearly issuance of RSUs you realize at vesting hasn't been great for a lot of sectors. A typical annual grant may be $100k-$200k over 3-4 years at a VP level, but if the stock has been dropping you're not seeing the upside you could have seen from the past grants. In a 4 year vesting schedule, if you're getting $200k over four years and you've been working there for over four years, you're getting $200k if the stock is flat.
Let's say you worked at Boston Properties (no affiliation, just an example) and got grants from every September from 2019-2023 at prices of 136, 85, 105, and 80 with a 4 year vest. This is an average grant price of 102. Now in 2023, all four grants vest in the one year at the current price of 64. This gives you $125k for this vesting period.
Getting a grant at a stock price low may be great for future years, but the problem is I've heard some REITS skipped giving stock grants for a year when the stock is at a low. Sucks.
Most REITs have corporate title structures, as opposed to the ones that many banks/funds have, so a VP at a REIT is generally a much more senior role than a VP at a fund, etc. I would consider it the equivalent of a Principal or MD at a company that uses the bank title heirarchy. Just something to keep in mind...
So that makes the pay comparison even worse. If it takes longer to make VP at a REIT and they're paying the same or less than a bank/fund like you mentioned.
Not sure if you are responding to my comment, but I didn't weigh in on comp. I'm merely stating that most REITs use a different title structure, which is more in line with your general public company title hierarchy. So if you want to weigh in on a REIT VP comp package, it's important to recognize that this title is usually reserved for people with much more experience than someone at a fund where a VP may only have 5-7 years of experience...
What’s generally the bathroom break policy at REITs. Do you have to piss at your desk or do they let you go to the bathroom to piss? I read somewhere that at Starwood you have to piss at your desk - not sure how true it is
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