Canadian Real Estate Compensation Survey Results · Compensation by Position 2018 REALPAC Canadian Real Estate Compensation Survey 7 Real Estate Positions - Project Management Alternate

Real property. Real leadership.

2018

Canadian Real Estate Compensation Survey Results

112018 REALPAC Canadian Real Estate Compensation Survey

REALPAC (The Real Property Association of Canada) is pleased to present the 2018 REALPAC Canadian Real Estate Compensation Survey.

Sponsored by REALPAC and conducted by FPL Associates L.P., this survey is designed to provide real estate companies with competitive

compensation levels and current information regarding the design, features, and administration of compensation. In addition, this year’s

survey requested information on Board of Directors’ compensation.

In particular, this report provides information for three major facets of compensation for 161 positions commonly found in REALPAC

member organizations:

• Base salary (2018)

• Annual incentive award value (for calendar/fiscal year 2017)

• Long-term incentive award value (for calendar/fiscal year 2017)

We extend our sincere appreciation to all participating organizations for providing valuable information, which has enabled us to perform

a comprehensive examination of compensation within the Canadian real estate industry.

Fifty-three (53) organizations, an all-time record, participated in this year’s survey, which is reflective of a 60% response rate.

Sincerely,

Kristopher Kolenc Jeremy I. Banoff Lindsay Pankratz

Coordinator, Research & Sustainability Senior Managing Director Survey Director

REALPAC FPL Associates L.P. FPL Associates L.P.


2 2018 REALPAC Canadian Real Estate Compensation Survey

Below is a list of all 53 participants in this year’s survey.

Alberta Investment Management Corporation

Altus Group Limited

Amica Mature Lifestyles

Artis REIT

Aspen Properties

Automotive Properties REIT

Bentall Kennedy Group

Boardwalk REIT

Brookfield Office Properties

Cadillac Fairview Corporation Limited, The

Canderel Management, Inc.

CBRE Limited

Choice Properties REIT

Colliers International Inc.

CREIT (Canadian REIT)

Crestpoint Real Estate Investments Ltd.

Crombie REIT

Crown Realty Partners

CT REIT

Cushman & Wakefield

EPIC Investment Services

Fengate Real Asset Investments

Fiera Properties Limited

First Capital Realty Inc.

Granite REIT

Greystone Managed Investments Inc.

Grosvenor Canada Limited

GWL Realty Advisors

Homestead Land Holdings Ltd.

InnVest Hotels

Ivanhoé Cambridge

JLL Real Estate Services Canada Inc.

Killam Apartment REIT

LaSalle Investment Management

Manulife Financial

MCAN Mortgage Corporation

Menkes Development Ltd.

Morguard Corporation

Nicola Crosby Real Estate Asset Management

Northview Apartment REIT

NorthWest Healthcare Properties REIT

Oxford Properties Group Inc.

Partners REIT

Pure Industrial Real Estate Trust (PIRET)

QuadReal Property Group

RBC Capital Markets Real Estate Group

Realstar Group

RioCan REIT

SmartCentres REIT/Penguin Investments, Inc.

Strathallen Capital Corporation

Triovest Inc.

WPT Industrial REIT

Participating Companies


Diversified*/

Combined

52%

Retail

18%

Office and

Industrial

13%

Multi-Family

Residential

9%Other

8%

Participant Demographics

These charts illustrate the composition of this year’s

participants by primary property focus and company size,

defined as number of full-time employees and total revenues.

A wide representation of real estate firms in terms of property

focus and size are included in this survey, allowing for a

comprehensive examination into overall market practices.

Property Sector

Number Of Employees

Total Revenues

*Diversified (3 or more asset types)

Other: health care, hotels/lodging, mortgage/debt, and senior residential

Less Than

150

Employees

35%

150 - 499

Employees

26%500 - 1,000

Employees

17%

Greater

Than 1,000

Employees

22%

Less Than

$250

Mill ion

50%

$250

Mill ion or

Greater

50%

Participating Companies

Compensation by Position


Executive Management PositionsChief Executive Officer/President

Chief Operating Officer

Chief Financial Officer

General Counsel

Chief Information Officer

Chief Investment Officer

Senior Management PositionsExecutive/Senior Vice-President

Division or Subsidiary President

Regional/Business Unit Manager

Head of Internal Audit

Head of Human Resources

Corporate Controller

Corporate Treasurer

Head of New Business/Development

Corporate Services Positions - AccountingDivision Controller

Assistant Controller

Accounting Manager

Senior Accountant

Staff Accountant

Accounting Clerk

Accounts Receivable/Accounts Payable Supervisor

Accounts Receivable/Accounts Payable Professional

Junior Accounts Receivable/Accounts Payable Professional

Corporate Services Positions - AdministrationOffice Manager

Executive Assistant I (C-Suite)

Executive Assistant II (Non-C-Suite)

Administrative Assistant

Receptionist

Corporate Services Positions - Audit and TaxInternal Auditor

Senior Corporate Tax Executive

Tax Professional

Director of Financial Reporting

Financial Reporting Manager

Corporate Services Positions - Communications Head of Investor/Public Relations

Communications Professional

Designer

Corporate Services Positions - Customer ServiceCustomer Service Manager

Customer Service Supervisor

Customer Service Representative

Corporate Services Positions - FinanceVP, Finance

Mid-Level Finance Professional

Financial Analyst

Corporate Services Positions - LegalSenior Legal Counsel

Staff Lawyer

Senior Paralegal

Paralegal

Corporate Services Positions - Human ResourcesHuman Resources Director

Human Resources Manager

Human Resources Generalist

Human Resources Coordinator

Training & Development Professional

Recruitment Professional

Compensation & Benefits Professional

HRIS Analyst

Compensation Table of Contents



Corporate Services Positions - MarketingHead of Marketing

Senior-Level Marketing Professional

Mid-Level Marketing Professional

Junior-Level Marketing Professional

Social Media Professional

Market Research Analyst

Corporate Services Positions - Payroll Payroll Manager

Payroll & Benefits Administrator

Payroll Specialist

Corporate Services Positions - Purchasing Purchaser/Buyer

Corporate Services Positions - ResearchHead of Research

Senior-Level Research Professional

Mid-Level Research Professional

Analyst - Research Professional

Corporate Services Positions - Risk Management Senior-Level Risk Management Professional

Mid-Level Risk Management Professional

Junior-Level Risk Management Professional

Corporate Services Positions - Technology Senior-Level IT Professional

Mid-Level IT Professional

IT Project Manager

Senior-Level Data Management Professional

Database Engineer

Mid-Level Applications Development Professional

Database Administration Specialist

Help Desk Professional

Network Administrator

Information Technology Director

Mid-Level MIS/IT Professional

Junior-Level MIS/IT Professional

Real Estate Positions - Architecture, Engineering &

EnvironmentChief Engineer

Building Engineer

Architectural Technician/Designer

Environmental Specialist

Corporate & Social Responsibility Leader

Corporate & Social Responsibility Professional

Corporate & Social Responsibility Analyst/Sustainability

Real Estate Positions - Asset ManagementHead of Asset Management

Senior-Level Asset Management Professional

Mid-Level Asset Management Professional

Associate - Asset Management Professional

Analyst - Asset Management Professional

Real Estate Positions - Building Ops/Facilities MgmtHead of Building Ops./Facilities Mgmt.

Senior-Level Building Ops./Facilities Mgmt. Professional

Mid-Level Building Ops./Facilities Mgmt. Professional

Building Operations Supervisor

Senior Building/Maintenance Operator

Building/Maintenance Operator I

Building/Maintenance Operator II

Building Superintendent

General Facilities/Maintenance Employee I

General Facilities/Maintenance Employee II

General Facilities/Custodial Employee

Real Estate Positions - DevelopmentHead of Development

Senior-Level Development Professional

Mid-Level Development Professional

Junior-Level Development Professional



Real Estate Positions - InvestmentsSenior-Level Investment Professional

Mid-Level Investment Professional

Junior-Level Investment Professional

Real Estate Positions - Leasing and AdministrationHead of Leasing

Senior-Level Leasing Professional

Mid-Level Leasing Professional

Junior-Level Leasing Professional

Manager of Lease Administration

Specialty Leasing

Lease Administrator

Real Estate Positions - Portfolio ManagementHead of Portfolio Management

Senior-Level Portfolio Management Professional

Mid-Level Portfolio Management Professional

Junior-Level Portfolio Management Professional

Real Estate Positions - Project ManagementHead of Construction

Senior-Level Construction/Project Manager

Mid-Level Construction/Project Manager

Project Coordinator

Tenant Project Manager

Real Estate Positions - Promotions Marketing/Promotions Director

Marketing/Promotions Manager

Real Estate Positions - Property AccountingProperty Controller

Property Accounting Manager

Senior-Level Property Accountant

Property Accountant

Junior-Level Property Accountant

Revenue Coordinator

Real Estate Positions - Property ManagementHead of Property Management

Senior-Level Property Management Professional (Sq. Ft. Over 1.5M)

Mid-Level Property Management Professional (Sq. Ft. 1-1.5M)

Senior Property Manager (Sq. Ft. 500,000-1M)

Property Manager (Sq. Ft. Up to 500,000)

General Manager

Assistant Property Manager

Senior Property Administrator

Property Administrator

Real Estate Positions - Property TaxProperty Tax Professional

Real Estate Positions - SecuritySecurity Director

Security & Life/Safety Manager

Security & Life/Safety Supervisor

Security & Life/Safety Coordinator

Security & Life/Safety Officer

Real Estate Positions - Tenant ServicesTenant Client Services Manager

Tenant Client Services Coordinator

Concierge

Client Services Professional

Real Estate Positions - TransactionsHead of Transactions

Senior-Level Transactions Professional

Mid-Level Transactions Professional

Associate - Transactions Professional

Analyst - Transactions Professional



Real Estate Positions - Project Management

Alternate

Title(s)

Typical Years of

Experience

Typically

Report To

Portfolio

Description

Relevant Asset

Class(es)

Typical

Education

Project MangerMinimum of

5-10

Hd. of Const.,

Hd. of Dev.Small, Sub

MF, Off., Ind.,

Ret.University

Responses

# of

Companies

25th

PercentileMedian Average

75th

Percentile

25th


75th

Percentile

Aggregate 33 $80,250 $90,913 $95,217 $108,565 $86,166 $101,376 $106,998 $121,445

2018 Nareit Aggregate 50 $122,477 $154,771 $158,036 $190,468 $143,313 $175,070 $187,260 $227,961

Diversified/Combined 19 $83,999 $90,913 $98,472 $111,820 $89,496 $105,551 $111,737 $132,320

Multi-Family Residential 2 ISD ISD ISD ISD ISD ISD ISD ISD

Office and Industrial 5 $72,750 $83,835 $88,137 $105,675 $76,707 $94,835 $95,511 $114,654

Retail 4 ISD ISD ISD ISD ISD ISD ISD ISD

Less than $250 Mil l ion 14 $80,375 $85,873 $94,142 $106,573 $88,722 $98,677 $105,044 $121,193

$250 Mil lion or Greater 19 $76,214 $93,576 $96,009 $110,426 $82,935 $105,551 $108,438 $124,253

Alberta 11 $91,440 $97,500 $99,945 $104,645 $98,076 $109,420 $113,101 $117,484

Atlantic Canada 6 $62,062 $77,859 $79,650 $97,358 $64,557 $86,425 $84,556 $99,145

British Columbia 10 $83,455 $96,000 $101,918 $123,500 $93,478 $104,358 $113,925 $131,209

Manitoba 1 ISD ISD ISD ISD ISD ISD ISD ISD

Ontario 27 $81,733 $96,420 $99,701 $110,727 $91,340 $108,064 $112,841 $130,835

Quebec 9 $80,970 $98,462 $98,373 $111,203 $85,188 $110,645 $115,131 $140,949

Saskatchewan - ISD ISD ISD ISD ISD ISD ISD ISD

Less than 150 7 $65,000 $97,500 $97,366 $133,250 $67,013 $112,435 $107,795 $150,250

150 - 499 10 $75,713 $95,972 $93,969 $110,774 $82,901 $105,919 $104,447 $126,270

500 - 1,000 5 $80,025 $104,824 $99,924 $117,374 $85,525 $111,452 $111,553 $137,631

Greater than 1,000 11 $83,617 $85,714 $92,844 $102,500 $89,496 $97,211 $106,740 $106,500

25th Percentile Median Average 75th Percentile

10% 11% 12% 15%


Responsible for construction activities on smaller projects or sub-projects within larger projects. Ensures construction meets standards and time frames within cost estimates. Responsible

for project plan, is involved in contract negotiations and has day-to-day on-site responsibility for project progress. Must be famil iar with codes, municipal by-laws, inspection, estimating and

planning typically gained through prior experience or a specific designation.

Base Salary Total Annual Cash Compensation

Ass

et C

lass

To

tal

Reve

nu

es

$12,973

Geo

grap

hic

Lo

cati

on

Nu

mb

er o

f

Full-

Tim

e

Emp

loye

es

Annual Incentive Award

Calendar/Fiscal Year 2017

Average Target Annual Incentive (% of Base Salary) -




Real Estate Positions - Project Management

Average %

Promoted in

2017

Male

Percent

Female

Percent

Average Tenure

in Years

Average Number

of Direct

Reports

7% 62% 38% 7 -

Responses

# of LTI

Receivers

25th


75th

Percentile

25th


75th

Percentile

Aggregate - ISD ISD ISD ISD $86,166 $101,376 $106,998 $121,445

2018 Nareit Aggregate 21 $11,926 $25,238 $26,519 $34,158 $145,959 $183,845 $196,577 $230,862

Diversified/Combined - ISD ISD ISD ISD $89,496 $105,551 $111,737 $132,320

Multi-Family Residential - ISD ISD ISD ISD ISD ISD ISD ISD

Office and Industrial - ISD ISD ISD ISD $76,707 $94,835 $95,511 $114,654

Retail - ISD ISD ISD ISD ISD ISD ISD ISD

Less than $250 Mil l ion - ISD ISD ISD ISD $88,722 $98,677 $105,044 $121,193

$250 Mil lion or Greater - ISD ISD ISD ISD $82,935 $105,551 $108,438 $124,253

Alberta - ISD ISD ISD ISD $98,076 $109,420 $113,101 $117,484

Atlantic Canada - ISD ISD ISD ISD $64,557 $86,425 $84,556 $99,145

British Columbia - ISD ISD ISD ISD $93,478 $104,358 $113,925 $131,209

Manitoba - ISD ISD ISD ISD ISD ISD ISD ISD

Ontario - ISD ISD ISD ISD $91,340 $108,064 $112,841 $130,835

Quebec - ISD ISD ISD ISD $85,188 $110,645 $115,131 $140,949

Saskatchewan - ISD ISD ISD ISD ISD ISD ISD ISD

Less than 150 - ISD ISD ISD ISD $67,013 $112,435 $107,795 $150,250

150 - 499 - ISD ISD ISD ISD $82,901 $105,919 $104,447 $126,270

500 - 1,000 - ISD ISD ISD ISD $85,525 $111,452 $111,553 $137,631

Greater than 1,000 - ISD ISD ISD ISD $89,496 $97,211 $106,740 $106,500

25th Percentile Median Average 75th Percentile

ISD ISD ISD ISD

Average Target Long-Term Incentive -



Responsible for construction activities on smaller projects or sub-projects within larger projects. Ensures construction meets standards and time frames within cost estimates. Responsible

for project plan, is involved in contract negotiations and has day-to-day on-site responsibility for project progress. Must be famil iar with codes, municipal by-laws, inspection, estimating and

planning typically gained through prior experience or a specific designation.

Long-Term Incentive Award Total Remuneration

Ass

et C

lass

To

tal

Reve

nu

es

96%

Geo

grap

hic

Lo

cati

on

Nu

mb

er o

f

Full-

Tim

e

Emp

loye

es

Job Description Degree of Match

77 King St W TD North TowerSuite 4030 PO Box 147Toronto ON M5K 1H1Canada

123 North Wacker DriveSuite 1900Chicago, Illinois 60606USA

t 416.642.2700 tf 1.855.REALPAC (732.5722)w realpac.ca

t 312.368.5088 w fplassociates.com

Documents

Canadian Real Estate Compensation Survey Results · Compensation by Position 2018 REALPAC Canadian Real Estate Compensation Survey 7 Real Estate Positions - Project Management Alternate