REITs and the Women who serve on their Board of Directors

Women are playing an integral role on REIT corporate boards today as awareness and appreciation of the benefits their presence can make to a company’s overall success continues to gain traction.

In a recent NAREIT report entitled: REIT Boards Enriched by Contributions of Female Directors, the industry will be poised for continued progress in years to come due to the rising number of women in executive and C-suite roles and because of the growing interest among women to hold board seats.

Below are some of these insights and biographies from key women BOD directors for various REITs:

Christie Kelly, who sits on the boards of Kite Realty Group Trust, Park Hotels & Resorts Inc. and who previously served as EVP, CFO and treasurer at Realty Income Corp. "Women have momentum now, and there is a growing awareness that the best representation of the company begins with the benefits of a diverse board." She indicated that women bring these benefits:

* true diversity of thought, skillsets, and experience
* more women on a board attracts a broader talent pool and telegraphs the mindset of its leadership
* women leaders have a particular interest and expertise in issues that fall under governance
* have an ability to find the cultural match of the boardroom
* bring a true passion and respect for the company’s business

Nori Gerardo Lietz – Board Director – Mack-Cali Realty Trust, now Veris Residential, Inc. 

She joined the restructured board in 2020 and is also a lecturer at the Harvard Business School and has been a prominent voice on the slow but steady growth of women in REIT leadership.

Maria Hawthorne - Board Director - Essex Property Trust

She has said in the past: “if you were to ask me ‘when is the best time to be a woman in business?’ Then I would have to say today. Each year, the industry will be able to look more potential board of director opportunities, and that’s not something that would’ve happened 25 years ago.”

Candace K. Beinecke - Independent Trustee – Vornado Realty Trust

Candace Beinecke is Senior Counsel of Hughes Hubbard & Reed LLP. She served as Chair of the firm from 1999 to 2016, and was the first woman to chair a major New York law firm.  In addition to her role as Lead Independent Trustee of Vornado Realty Trust, Candace serves as Chairperson of First Eagle Funds, a public U.S. mutual fund family.  Ms. Beinecke is a practicing attorney in Hughes Hubbard’s Corporate Department, known for her corporate governance and M&A expertise.  

 Valerie Richardson - Director - KIMCO Realty Trust, and CEO of ICSC (International Council of Shopping Centers)

Valerie Richardson has been a Director of this REIT since June 2018. Ms. Richardson is currently the Chair of the Executive Compensation Committee and a member of the Nominating and Corporate Governance Committee. Ms. Richardson is the Chief Operating Officer of the International Council of Shopping Centers (“ICSC”), a position she has held since February 2021 and since January 2023 has served as a member of the board of directors of American Healthcare REIT, Inc. Ms. Richardson previously served as the Vice President of Real Estate for The Container Store, Inc. Ms. Richardson was a Partner in the Shopping Center Division of the Dallas-based developer, Trammell Crow Company. Since 2004, she has been a member of the Board of Trustees of ICSC. She was elected ICSC Chairman for the 2018-2019 term as the first Chairman associated with a retail company.

Beatrice Hamza Bassey - Independent Trustee -  Vornado Realty Trust

Ms. Hamza Bassey currently has served on the board since March 2020 to the present.
Current member of the Board of Directors of regulated financial institutions including a publicly listed bank, chairing the Risk & Compliance Committee and serving as member of Audit, Credit, Remuneration and Nomination Committees of the Board.

Susan Harnett – Director - Extra Space Storage Board

Ms. Harnett served as an independent director on the Extra Space Storage board since July 2023. Prior to that she served on the Life Storage board since 2021.for First Niagara Financial Group from 2015 until its acquisition by KeyCorp in 2016. She has also served on the Boards of QBE Insurance, CitiFinancial, CitiGermany and Visa Canada and is currently on the board of directors of OFG Bancorp. She is also a Board Leadership Fellow from the National Association of Corporate Directors and a member of Private Directors Association.

Tamara wrote this article for her local chapter of Private Director’s Association. The sources used were from the recent NAREIT Industry sustainability report. Below is additional information and metrics on the performance of Real Estate Investment Trust (REIT) boards that have higher percentages of female directors.

The study shows that there is demonstrated better financial performance, including higher share prices and total returns, compared to boards with no or low female representation. This improved performance is attributed to the diverse perspectives and skill sets that female directors bring to the board room: enhanced firm governance, risk management, and leadership of the company into better environmental, social, and governance (ESG) outcomes. 32% of REIT directors are women, and 23% are racially or ethnically diverse.

And though the industry is seeing progress in diversity and executive leadership female representation in REIT boards has increased, it still lags behind the S&P 500 average.

As a quick summary on the business model of REITS, read further:

REIT shareholders value the transparency of the REIT model

Transparency provides REIT stakeholders with an understanding of how REITs are managing external factors such as demographic shifts and technological advances. The report also illustrates how REIT governance provides shareholders confidence in the ability to manage sustainability and social responsibility needs and requirements.

REITs Build Resilience

REITs are stewards of long-term investments in real assets and have a long history of owning and developing sustainable, resilient, and efficient real estate. 

REITs Build Community

REITs are prioritizing people and meeting the needs of their employees, tenants, and the communities in which they operate. Seeking stakeholder and board of directors feedback is critical to driving innovation, creativity, and productivity in REIT workforces, properties, and communities across the nation. REITs are implementing programs that are building the real estate workforce of tomorrow by refining practices to attract and retain top talent.

REITs Build Accountability

The REIT approach to real estate investment is rooted in transparency, liquidity, and accountability and is based on effective capital markets and efficient regulatory principles. REITs have aligned corporate governance to empower shareholders and to provide decision-useful data tied to their real estate portfolio and business operations.

 About NAREIT®

National Association of Real Estate Investment Trusts, serves as the worldwide representative voice for REITs and publicly traded real estate companies with an interest in U.S. real estate. NAREIT’s members are REITs and other real estate companies throughout the world that own, operate, and finance income producing real estate, as well as those firms and individuals who advise, study, and service those businesses. The focus is to broaden and deepen REIT ownership to help a growing set of everyday American investors enjoy the benefits of holding real estate in a well-diversified portfolio, while increasing capital sources that invest in America’s future.