Canadian Real Estate Compensation Survey Results

Real property. Real leadership.

Canadian Real Estate Compensation Survey Results

2018

2018 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 Coordinator, Research & Sustainability REALPAC

Jeremy I. Banoff Senior Managing Director FPL Associates L.P.

Lindsay Pankratz Survey Director FPL Associates L.P.

2018 REALPAC Canadian Real Estate Compensation Survey 1

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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 Ivanho? Cambridge JLL Real Estate Services Canada Inc. Killam Apartment REIT LaSalle Investment Management Manulife Financial MCAN Mortgage Corporation

2 2018 REALPAC Canadian Real Estate Compensation Survey

Participating Companies

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

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

Reta i l 18%

Di vers i fi ed*/ Combi ned 52%

Office and I ndus tr i a l

13%

Other 8%

Mul ti -Fa mi l y Res i denti a l

9%

*Diversified (3 or more asset types) Other: health care, hotels/lodging, mortgage/debt, and senior residential

Number Of Employees

150 - 499 Empl oyees

26%

Less Than 150

Empl oyees 35%

Total Revenues

500 - 1,000 Empl oyees

17%

Greater Than 1,000 Empl oyees

22%

Less Than $250

Mi l l i on 50%

$250 Million or

Greater 50%

2018 REALPAC Canadian Real Estate Compensation Survey 3

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Compensation Table of Contents

Executive Management Positions

Chief Executive Officer/President Chief Operating Officer Chief Financial Officer General Counsel Chief Information Officer Chief Investment Officer

Senior Management Positions

Executive/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 - Accounting

Division 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 - Administration

Office Manager Executive Assistant I (C-Suite) Executive Assistant II (Non-C-Suite) Administrative Assistant Receptionist

4 2018 REALPAC Canadian Real Estate Compensation Survey

Compensation by Position

Corporate Services Positions - Audit and Tax

Internal 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 Service

Customer Service Manager Customer Service Supervisor Customer Service Representative

Corporate Services Positions - Finance

VP, Finance Mid-Level Finance Professional Financial Analyst

Corporate Services Positions - Legal

Senior Legal Counsel Staff Lawyer Senior Paralegal Paralegal

Corporate Services Positions - Human Resources

Human Resources Director Human Resources Manager Human Resources Generalist Human Resources Coordinator Training & Development Professional Recruitment Professional Compensation & Benefits Professional HRIS Analyst

Compensation by Position

Corporate Services Positions - Marketing

Head 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 - Research

Head 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 & Environment

Chief 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 Management

Head 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 Mgmt

Head 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 - Development

Head of Development Senior-Level Development Professional Mid-Level Development Professional Junior-Level Development Professional

2018 REALPAC Canadian Real Estate Compensation Survey 5

Real Estate Positions - Investments

Senior-Level Investment Professional Mid-Level Investment Professional Junior-Level Investment Professional

Real Estate Positions - Leasing and Administration

Head 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 Management

Head of Portfolio Management Senior-Level Portfolio Management Professional Mid-Level Portfolio Management Professional Junior-Level Portfolio Management Professional

Real Estate Positions - Project Management

Head 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 Accounting

Property Controller Property Accounting Manager Senior-Level Property Accountant Property Accountant Junior-Level Property Accountant Revenue Coordinator

6 2018 REALPAC Canadian Real Estate Compensation Survey

Compensation by Position

Real Estate Positions - Property Management

Head 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 Tax

Property Tax Professional

Real Estate Positions - Security

Security Director Security & Life/Safety Manager Security & Life/Safety Supervisor Security & Life/Safety Coordinator Security & Life/Safety Officer

Real Estate Positions - Tenant Services

Tenant Client Services Manager Tenant Client Services Coordinator Concierge Client Services Professional

Real Estate Positions - Transactions

Head of Transactions Senior-Level Transactions Professional Mid-Level Transactions Professional Associate - Transactions Professional Analyst - Transactions Professional

Compensation by Position

Real Estate Positions - Project Management

Mid-Level Construction/Project Manager

Al terna te Ti tl e(s )

Typi cal Years of Ex peri ence

Typicall y Report To

Mi nimum of

Project Manger

5-10

Hd. of Const., Hd. of Dev.

Portfol i o Des cri pti on

Small, Sub

Relevant Asset Cl a s s (es )

MF, Off., Ind., Ret.

Typi c a l Educa ti on

Uni ver s i ty

Responsible for construction activi ties on smaller projects or sub-projects within larger projects. Ensures construction meets standards and time frames within cost estimates. Responsible for project plan, is i nvolved in contract negotiations and has day-to-day on-site responsibility for project progress. Must be famil iar with codes, municipal by-l aws, inspection, esti mati ng and planning typically gained through prior experience or a specific designation.

Asset Class

Total Revenues

Aggregate 2018 Nareit Aggregate Di vers i fi ed/Combi ned Mul ti-Family Residential Office and Industri al Reta i l Less than $250 Mil lion

$250 Mil lion or Greater Al berta Atlantic Canada Briti sh Columbia Ma ni toba Onta ri o Quebec Sa s ka tc hewa n Less than 150 150 - 499 500 - 1,000 Greater than 1,000

Responses # of

Compa ni es 33 50 19 2 5 4

14

19 11 6 10 1 27 9 7 10 5 11

25th Percentil e $80,250 $122,477 $83,999

I SD $72,750

I SD

$80,375

$76,214 $91,440 $62,062 $83,455

I SD $81,733 $80,970

I SD $65,000 $75,713 $80,025 $83,617

Base Salary

Medi an $90,913 $154,771 $90,913

ISD $83,835

ISD

Average $95,217 $158,036 $98,472

I SD $88,137

I SD

$85,873

$94,142

$93,576 $97,500 $77,859 $96,000

ISD $96,420 $98,462

ISD $97,500 $95,972 $104,824 $85,714

$96,009 $99,945 $79,650 $101,918

I SD $99,701 $98,373

I SD $97,366 $93,969 $99,924 $92,844

75th Percenti l e $108,565 $190,468 $111,820

ISD $105,675

ISD

$106,573

$110,426 $104,645 $97,358 $123,500

ISD $110,727 $111,203

ISD $133,250 $110,774 $117,374 $102,500

25th Percentil e $86,166 $143,313 $89,496

I SD $76,707

I SD

$88,722

$82,935 $98,076 $64,557 $93,478

I SD $91,340 $85,188

I SD $67,013 $82,901 $85,525 $89,496

Total Annual Cash Compensation

Medi an $101,376 $175,070 $105,551

ISD $94,835

ISD

Average $106,998 $187,260 $111,737

I SD $95,511

I SD

$98,677

$105,044

$105,551 $109,420 $86,425 $104,358

ISD $108,064 $110,645

ISD $112,435 $105,919 $111,452 $97,211

$108,438 $113,101 $84,556 $113,925

I SD $112,841 $115,131

I SD $107,795 $104,447 $111,553 $106,740

75th Percenti l e $121,445 $227,961 $132,320

ISD $114,654

ISD

$121,193

$124,253 $117,484 $99,145 $131,209

ISD $130,835 $140,949

ISD $150,250 $126,270 $137,631 $106,500

Geographic Location

Number of Full-Time Employees

Annual Incentive Award Calendar/Fiscal Year 2017

Average $12,973

Target Annual Incentive (% of Base Salary) Calendar/Fi scal Year 2018

25th Percentile 10%

Medi an 11%

Average 12%

75th Percentil e 15%

2018 REALPAC Canadian Real Estate Compensation Survey 7

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