canadian real estate compensation survey results · compensation by position 2018 realpac canadian...
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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.
2018 REALPAC Canadian Real Estate Compensation Survey
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
332018 REALPAC Canadian Real Estate Compensation Survey
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
4 2018 REALPAC Canadian Real Estate Compensation Survey
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
Compensation by Position
52018 REALPAC Canadian Real Estate Compensation Survey
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
Compensation by Position
6 2018 REALPAC Canadian Real Estate Compensation Survey
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
Compensation by Position
72018 REALPAC Canadian Real Estate Compensation Survey
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
PercentileMedian Average
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%
Mid-Level Construction/Project Manager
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) -
Calendar/Fiscal Year 2018
Compensation by Position
8 2018 REALPAC Canadian Real Estate Compensation Survey
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
PercentileMedian Average
75th
Percentile
25th
PercentileMedian Average
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 -
Calendar/Fiscal Year 2018
Mid-Level Construction/Project Manager
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