Isaac Kalish
About Isaac Kalish
Isaac Kalish, age 49, is Senior Vice President and Treasurer at BRT Apartments Corp.; he has been associated with BRT since 2004, served as Assistant Treasurer from 2007–2014, Vice President since 2013, Treasurer since 2014, and Senior Vice President since 2022 . He is a certified public accountant and also serves as Senior Vice President and Chief Financial Officer of One Liberty Properties (since 2023) and Treasurer of Georgetown Partners (since 2013), underscoring deep finance and REIT expertise . At BRT, his responsibilities include internal controls, audit oversight, tax/REIT compliance, banking relationships, and roles on investment and disclosure controls committees—indicative of execution leverage in controls and compliance rather than top-line growth . BRT ties long-term equity incentives to compounded annual growth in TSR and AFFO per share—target CAGRs of 8% (TSR) and 6% (AFFO)—with 2024 awards vesting based on these metrics; in 2024, 26.1% of TSR units and 100% of AFFO units vested across NEO grants, demonstrating metric-driven pay outcomes .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BRT Apartments Corp. | Assistant Treasurer | 2007–2014 | Built treasury/controls foundation supporting REIT compliance and disclosures . |
| BRT Apartments Corp. | Vice President | Since 2013 | Expanded finance leadership; became Treasurer in 2014 . |
| BRT Apartments Corp. | Treasurer | Since 2014 | Oversight of cash, banking, controls; key role in investment and disclosure committees . |
| BRT Apartments Corp. | Senior Vice President | Since 2022 | Broadened executive remit across internal controls, audit, tax/REIT compliance, banking . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| One Liberty Properties, Inc. | Senior Vice President | Since 2022 | Executive leadership at affiliated NYSE-listed REIT (net-leased assets) . |
| One Liberty Properties, Inc. | Chief Financial Officer | Since 2023 | Primary finance leadership; cross-entity insights into REIT operations . |
| Georgetown Partners (Managing GP of Gould Investors) | Treasurer | Since 2013 | Capital and treasury stewardship across affiliated entities . |
Fixed Compensation
| Year | Salary Allocated to BRT ($) | Bonus ($) | All Other Compensation ($) | Notes |
|---|---|---|---|---|
| 2024 | 119,492 | — | 359,350 | Part-time executive; salary allocated via shared services agreement . |
| 2023 | 122,858 | — | 356,360 | Part-time allocation via shared services . |
| 2022 | 127,947 | — | 326,759 | Part-time allocation via shared services . |
Detail of 2024 “All Other Compensation” components:
| Component | Amount ($) |
|---|---|
| Services paid (affiliates) | 330,256 |
| Defined contribution plan (Gould Investors) | 19,478 |
| Perquisites (insurance, auto, education) | 9,619 (Insurance $3,437; Auto $823; Education $5,356) |
Services compensation trend (part-time Services):
| Year | Services Compensation ($) |
|---|---|
| 2023 | 311,561 |
| 2024 | 330,225 |
| 2025 (planned) | 351,028 |
Performance Compensation
| Year | Stock Awards (Grant-Date Fair Value) ($) | Notes |
|---|---|---|
| 2024 | 384,338 | RS, RSU-TSR, RSU-AFFO granted in 2024; RS granted again in Jan-2025 for 2024 performance . |
| 2023 | 375,213 | RS and RSUs granted . |
| 2022 | 416,291 | RS and RSUs granted . |
2024 plan-based equity awards (granted July 16, 2024 unless noted):
| Metric/Award | Grant Date | Threshold (#) | Target (#) | Maximum (#) | Grant-Date FV ($/Total) |
|---|---|---|---|---|---|
| Restricted Stock (RS) | 01/11/2024 | — | — | — | 9,000 shares; $166,950 total ($18.55/sh) . |
| RSU-TSR (CAGR) | 07/16/2024 | 1,938 | 3,875 | 7,750 | $73,315 (per-unit FV $9.46) . |
| RSU-AFFO (CAGR) | 07/16/2024 | 1,938 | 3,875 | 7,750 | $144,073 (per-unit FV $18.59) . |
Performance metric targets:
- TSR CAGR: Threshold 5%, Target 8%, Max 11% .
- AFFO per share CAGR: Threshold 4%, Target 6%, Max 8% .
- RSUs include dividend equivalent rights payable only if/when RSUs vest .
2024 vesting outcomes (company-wide for 2024 performance awards):
| Metric | Payout Achieved (%) | Shares Acquired on Vesting (#) | Value Realized ($) |
|---|---|---|---|
| TSR (RSUs) | 26.1 | Included within total | Included within total |
| AFFO (RSUs) | 100.0 | Included within total | Included within total |
| Total Stock Awards Vested (Isaac Kalish) | — | 17,697 | 312,631 |
Equity Ownership & Alignment
| Holder | Beneficial Ownership (Shares) | Percent of Class | As of |
|---|---|---|---|
| Isaac Kalish | 454,572 | 2.4% | March 18, 2025 |
Unvested awards (12/31/2024 valuation at $18.03/sh):
| Category | Unvested (#) | Market Value ($) |
|---|---|---|
| Restricted Stock | 56,100 | 1,011,483 |
| RSUs (target basis) | 47,533 | 857,020 |
Scheduled vesting (Restricted Stock – Isaac Kalish):
| Vesting Date | Shares Scheduled |
|---|---|
| Jan 2025 | 8,900 |
| Jan 2026 | 8,900 |
| Jun 2026 | 11,400 |
| Jan 2027 | 8,900 |
| Jan 2028 | 9,000 |
| Jan 2029 | 9,000 |
Scheduled RSU vesting (subject to performance):
| Vesting Date | Maximum RSUs Scheduled |
|---|---|
| Jun 2025 | 14,909 |
| Jun 2026 | 15,188 |
| Jun 2027 | 17,437 |
Policies influencing alignment:
- Anti-hedging policy; prohibits short sales, hedging/monetization transactions, and speculative short-term trading by covered persons, including executives .
- Stock ownership guidelines: Part-time NEOs must hold stock valued at 2x allocated base salary; measurement over five years with favorable price window methodology .
Pledging: No specific pledging prohibition disclosed; anti-hedging policy is explicit; no pledging disclosure for Isaac in proxy .
Employment Terms
| Feature | Terms |
|---|---|
| Employment agreements | None; full-time executives are “at will”; no employment agreements for any officers . |
| Severance | None; no severance arrangements; equity accelerates only upon DDR (death, disability, retirement) or change-of-control . |
| Change-of-control economics (as of 12/31/2024) | Restricted Stock: $1,011,483; RSUs: $203,775 (target basis; assumes no peer adjustment) . |
| DDR economics (as of 12/31/2024) | Restricted Stock: $1,011,483; RSUs: $183,944 (pro rata retirement vesting; target basis) . |
| 280G | “Best-net” cutback: payments may be reduced to avoid excise tax or left unreduced depending on greater after-tax value . |
| Dividends on RSUs | No dividends on unearned RSUs; dividend equivalents paid only if/when RSUs vest . |
Compensation Structure Analysis
- Cash vs. equity: For 2022–2024, Isaac’s BRT-allocated cash salary declined slightly (127,947 → 122,858 → 119,492), while stock awards varied (416,291 → 375,213 → 384,338), keeping a material equity-linked component tied to TSR/AFFO CAGRs .
- Services pay rising: Services compensation increased 6% in 2024 and a further ~6% planned in 2025 (311,561 → 330,225 → 351,028), reflecting continued cross-entity engagement and retention via affiliate payments .
- Metric integrity: RSU awards require TSR and AFFO per share growth with explicit threshold/target/max CAGRs (5/8/11% TSR; 4/6/8% AFFO), and 2024 vesting demonstrated partial TSR and full AFFO attainment—supporting pay-for-performance alignment .
- Governance posture: No employment agreements/severance; no golden parachute tax gross-ups; anti-hedging; ownership guidelines—shareholder-friendly structures reduce misalignment risk .
Related Party Transactions
- Isaac, as a part-time executive, receives compensation for Services from affiliates and participates in shared services and insurance allocations; Services compensation for Isaac was $311,561 (2023), $330,225 (2024), and expected $351,028 (2025) .
- He and other executives receive compensation from Majestic Property and affiliated entities; BRT’s audit committee reviews related party fees and shared services allocations .
Risk Indicators & Red Flags
- Family interlocks: Isaac is the son of David W. Kalish, BRT’s Senior Vice President—Finance; multiple executives hold roles across Gould Investors/One Liberty/Majestic, increasing related-party governance complexity .
- Hedging prohibited; pledging not disclosed—monitor for any future pledging activity or structural changes .
- Say-on-pay support: ~98% approval in June 2023 indicates investor acceptance of compensation practices .
Equity Ownership Guidelines
| Title | Minimum Ownership Requirement |
|---|---|
| Chief Executive Officer | 4x current base salary |
| Full-Time NEO | 2x current base salary |
| Part-Time NEO | 2x allocated base salary |
| Non-Management Directors | 3x annual base retainer |
Investment Implications
- Alignment and retention: Significant unvested restricted stock (56,100) and RSUs (47,533 target) plus scheduled vesting across 2025–2029 create ongoing equity-based retention and potential selling pressure around vest dates; RSUs are performance-tied to TSR and AFFO CAGRs, reinforcing long-term alignment .
- Governance complexity: Extensive cross-entity roles and Services compensation within Gould/One Liberty/Majestic ecosystems merit heightened scrutiny on related-party dynamics, but anti-hedging, no severance, and best-net 280G policy provide shareholder-friendly guardrails .
- Execution profile: Kalish’s remit is control, compliance, and treasury rather than operating P&L growth; performance equity focuses on TSR and AFFO per share—investors should monitor AFFO trajectory and TSR performance vs. targets to anticipate RSU vesting outcomes and potential dilution or insider liquidity events .