| IN THE
July 23,
2009 ISSUE |
Real Estate Execs Stung By Big Compensation
Declines
When it comes to executive pay, corporate compensation
committees have become downright stingy after publicly traded real
estate firms racked up anemic earnings and stock appreciation in
2008.
According to a new research study, real estate executives saw their
total compensation — which includes base salary, annual incentive/cash
bonus and the long-term value of stock awards — decrease for the first
time in the past seven years. And not by a little, but by
19%.
Has the Market Overly Penalized CMBS?
Editor’s Note: A new column, “Capital
Trends,” makes its debut this month. Written by David Lynn, an
institutional real estate investor, strategist and portfolio manager,
the column will analyze trends and issues with a heavy emphasis on
research. Lynn serves as managing director and head of the research and
investment strategy group at ING Clarion Partners. Look for his column
to appear monthly.
The credit crunch effectively ended a period characterized by the
availability of abundant, inexpensive commercial real estate debt.
Anxiety regarding residential mortgage-backed securities (RMBS), which
spiked in the wake of growing subprime foreclosures, spilled over to
affect commercial lending.
Khourie Becomes President of CB Richard Ellis
Investors
CB Richard Ellis Investors has chosen Matt Khourie as its
new president in charge of day-to-day management, reporting to CEO Vance
Maddocks.
Khourie joins CBRE Investors from Trammell Crow Co. (TCC), CB Richard
Ellis Group’s development subsidiary, where he was part of the
leadership team that set the firm’s investment and development
strategies. He joined TCC in 1980 and recently was president of
development and investment for the Southeast United
States.
Stahlke Leaves Retirement to Guide Lane
Acquisitions
Multifamily real estate firm Lane Co., based in Atlanta,
has named Bill Stahlke president of investments at Lane Strategic
Investment, LLC. His responsibilities include developing Lane’s
acquisition strategy and overseeing its acquisitions.
Lane Co.’s primary equity partner is Lubert-Adler Partners, L.P. The
firms announced earlier this year that Lubert-Adler will provide $250
million for the acquisition, rehabilitation and repositioning of
distressed properties, or properties held by distressed sellers.
Initially the firm will focus on opportunities in the Southeast and
Southwest, a spokesman said.
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