Anyone here have insight to top level development roles (reporting to EVP or c suite) at places like PLD, Link, Eastgroup, Ares etc)
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Top-level development roles, such as Senior Vice President (SVP) of Development at REITs like Prologis (PLD), Link Logistics, EastGroup, or Ares, typically involve overseeing large-scale real estate development projects, managing teams, and driving strategic initiatives. Here's what you need to know based on the most helpful WSO content:
Key Responsibilities:
Strategic Oversight:
Team Leadership:
Stakeholder Management:
Financial Acumen:
Execution Excellence:
Compensation:
Skills and Experience:
Culture and Work Environment:
Career Path:
If you're targeting these roles, networking within the industry, showcasing a strong track record, and aligning your expertise with the specific focus of the REIT (e.g., industrial, office, mixed-use) will be critical.
Sources: Roles Within REPE, Real Estate Q&A, Development vs. REPE, From Greystar to Top REPE, best way to understand careers in real estate
I'm assuming you're asking about comp? I'm in the multifamily space and am similarly wondering if anybody has comp data points for regional development leads (i.e. my boss). I'm the #2 on my team with one promotion between me and my boss. I'm currently ~$375k all in. After a promotion, I'm guessing I'll be in the $450-$550 range at the next level. Based on that, I'd put him at $650k at the low end in a bad year and over a million in a good year. But this could also be overly conservative. If you told me that his target comp is $800k in a typical year that wouldn't shock me either.
I don't have any insight to VP/SVP pay, but I work for a multi reit as well. Are you in a HCOL city? The comps you're quoting seem higher than what I'd expect.
You’re a whole lot higher than Mill Creek pays for regional lead, as a single datapoint. Absolutely clown show right now over there.
What’s going on there? Find it hard to believe an SMD at Mill Creek is making less than $400k all in…
Yes - HCOL. But I know at my level, my peers in other markets have the same comp structure. What are you currently at and what are your expectations of compensation at the upper levels?
Here's how I got to those numbers. I was hired 4 years ago at $260k all in. I got promoted 2 years ago and am now at $375. If my comp jumped more than $100k during my last promotion (and subsequent raises), I think its reasonable to guess that the next two jumps would be larger.
What are your deal responsibilities in this role/your peers that you reference at this level? This comp seems really strong, are you running site sourcing and handing the deal off to a dev mgmt team during construction? Or is this a full cycle role where you manage the entire life cycle for each of your deals? I'm the same poster with the thread on "experienced dev roles - what do you do?", just curious about what responsibilities look like for you or your boss in a "regional development lead" role. This has always been an obscure topic in the industry imo
The profile of most people in my role is late 30s and an MBA and/or really strong work experience. Had I chosen a different path (REIB, PE) like some of my MBA classmates, I probably would have made more money over the last 10 years.
My responsibility is the full development cycle. I help source deals and then run them through entitlements, design, construction and stabilization. The big difference between my role and an SVP is that the higher ups spend far more time focused on growing the pipeline, where the majority of my time is spent on executing the day-to-day tasks for the deals we already have. Most teams then have one or two people below my level that will also execute tasks but with far more oversight.
I also understand that the cradle-to-grave role is not the most common. At my previous company, we had a separate team responsible for sourcing the land before handing it off to the development team for execution. Other shops I'm familiar with have the developers source and entitle, before handing it over to another team to manage construction. All of these folks are labeled "developers," but the experience can obviously be dramatically different depending on how the shop is set up.
Similar role, but I'm curious when you are stating all in comp, are you including projected share of promote for various deals spread out annually, or is that just all in base plus annual bonuses?
Since I'm at a REIT, we don't participate in promote. As is stated below, a chunk of my comp is in long term incentives. After my bonus is paid, I expect my cash comp to be around $325. The rest is going to be an annual tranche of vesting incentives.
Similar to the other comment regarding reit. This is the difference vs private promote shop. At the REIT, you have MUCH more consistent comp structure. unless there is a macro issue with your company, and if execs are getting paid, you can bank on getting your bonus and annual stock award every year, and it increasing a bit every year. If you are say $400k cash, you could be $100-300k on annual stock awards that vests over either 3 or 4 years. So by that 4th year you are making liquid $600k and can sell your stock. Bigger job, more stock up to 100-130% of cash basis I have seen. Now on private side, you may make similar cash lets say, but your back end will be tied in liquidation event of the deal/fund. So when comparing offers you have got to take into account that added risk Present Value of that pay out in year 4 or 5 or 6. Personally I put a multiplier on what I'd want to see on promote interest vs taking a REIT job for the added risk and waiting. If I am getting $300k a year in stock award I would want a promote payout annualized of 1.5x. This is why hiring higher level REIT guys is impossible. They get paid too good and too consistent to leave unless a crazy opportunity.
I had a big offer from a private group who sent me their comp DCF since they were trying to hire someone from a REIT.
I am going to assume you're asking w.r.t. a public REIT. Total compensation will vary widely based on the size of the REIT and their product type, but let's assume you're inquiring about a blue chip REIT in a major four product type.
Total compensation has three major buckets - salary, short-term incentive (annual bonus / profit sharing), and long-term incentive. As you gain seniority and your compensation increases, the VAST majority of the incremental compensation goes into that third bucket.
At a public REIT, long-term incentive will be via PSUs, RSUs, Grants, or Options. Most likely via RSUs and/or PSUs tied to the standard vesting, performance, and other restrictions.
Why does this matter? A Sr VP of Development at one of these firms may only make $250k - $300k in salary with a target 50% annual bonus for total compensation of $450k / year. But they may have another 50% - 100% in that third bucket, depending.
Another consideration of why this matters. There are blue chip REITs who's stock price is relatively unchanged over 10 years - beyond dividends. A large chunk of your compensation is on paper, but substantively tied up within the company as those restriction periods roll. You really only get paid out when you retire or if there is another clause that vests you immediately, which is less likely.
I know this is personal preference but if you were a junior at one of these companies does it make sense to wait it out for a VP position? Or leave in search of higher pay after a couple years? I have seen a lot of reit VPs make it and never leave due to the cushy work/life balance making it harder for juniors to climb up the ladder.
I think it totally depends on timing and who is ahead of you in the pecking order. It took my boss 15+ years to go from mid-level developer to running the region, but over that period many of his peers left because they knew my boss was "next." I'm following a similar path. I've been told I have a clear path to running a region in the next 5+ years. I just need to be patient. But I wouldn't blame anybody junior to me for leaving for more upside. I'm basically entrenched in the #2 spot.
Did you not just answer your own question?
Yes, these positions are highly coveted given their total compensation, relative position security, and work/life balance. Those that tend to be in these positions i) are tenured employees and ii) stay in these positions a long time.
So junior talent has a decision to make based on personal preferences. I left and went to the private route. I have friends that have stayed and have climbed over the last 15 years. There is no right or wrong answer - it's personal preferences.
Yes I am hearing 400-500 cash and another 200-500 LTIP depending on seniority. All in 800-1..more than that you are executive level
I’m currently at a similar firm.
Our SVPs are typically way higher level and are making sure the pipeline and schedules are meeting goals. Less so in the weeds of the development processes that are normally handled by their teams of VPs and below.
Some SVPs are deal/development junkies and get more involved but overall, they’re more advisory and high-level portfolio-minded.
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