Susan Carras
About Susan Carras
Senior Managing Director at JLL Capital Markets (America); independent trustee of Elme Communities since 2023. Age 70 in 2025; prior co-head of HFF’s Washington, DC office (2011–2019, joined JLL via 2019 acquisition), with responsibility for $22B of capital markets transactions including 9,000 multifamily units. Education: BA, magna cum laude with departmental honors, Lafayette College; Diploma in Real Estate Analysis and Appraisal, NYU. External recognition includes multiple “Women of Influence” awards; resides and works in the DC region for 30+ years, providing strong local market familiarity .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| HFF (Washington, DC) | Co-Head, Washington, DC Office | 2011–2019 | Led regional capital markets; scale of $22B transactions and 9,000 multifamily units . |
| Sonnenblick Goldman | Principal and Managing Director; Operating Committee | Not disclosed | Founded/led Tampa, FL and DC offices; JV established as leading capital markets intermediary from Philadelphia to Atlanta . |
| Cushman & Wakefield (post SG acquisition) | Co-head team executing FDIC ORE disposition contract | Not disclosed | Executed federal disposition program post-acquisition . |
| Chase Manhattan Bank | Real Estate Finance Division (credit training; Florida/Georgia coverage) | Not disclosed | Early career credit and market coverage experience . |
External Roles
| Organization | Role | Tenure | Committees/Notes |
|---|---|---|---|
| Blackstone Real Estate Income Trust (BREIT) | Director | Current | Board service noted (non-traded REIT) . |
| Lafayette College | Trustee Emerita | Past | Chaired Development & Alumni Relations Committee; Executive Committee; co-founded First Women of Lafayette Scholarship Fund; served on presidential search committee . |
| Urban Land Institute | Member | Current | UDMUC Blue Council; Washington Full Member Engagement Committee . |
| Economic Club of Washington, DC | Member | Current | Professional network engagement . |
Board Governance
- Board and committee roles: Member, Compensation Committee and Corporate Governance/Nominating Committee (not a chair) .
- Independence: Board affirmatively determined independence under NYSE standards. Notably, JLL (affiliate of Ms. Carras’s employer) advised Elme on strategic alternatives; the Board concluded she had no material relationship, was not involved in selection/arrangement, and would receive no personal financial benefit .
- Attendance and engagement: Board held 8 meetings in 2024; each incumbent trustee attended at least 75% of Board and committee meetings; all trustees attended the 2024 annual meeting. Non-management executive sessions were held six times, presided over by the Lead Independent Trustee .
- Board composition and leadership: Chairman is CEO Paul McDermott; Lead Independent Trustee is Benjamin S. Butcher .
Fixed Compensation
- Director pay program: Non-employee trustees receive $55,000 annual cash retainer; Lead Independent Trustee receives an additional $50,000; additional retainers apply for committee chairs and members; no meeting fees. Annual equity grant is $100,000 in common shares, split 50% on Dec 15 and 50% on earlier of annual meeting or May 15; grants are fully vested on grant date .
Director compensation (reported fiscal years):
| Year | Fees Earned (Cash) ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| 2023 (partial year, appointed Sept 8, 2023) | 21,778 | 22,865 | 44,643 |
| 2024 | 70,000 | 99,974 | 169,974 |
- Mix (2024): ~41% cash and ~59% equity, aligning director incentives with shareholder returns via share grants .
Performance Compensation
- Directors do not receive performance-based equity at Elme; annual share grants are fully vested upon grant .
- Governance context (Compensation Committee oversight): As a Compensation Committee member, Carras helps oversee executive pay tied to quantified metrics. Elme’s 2024 STIP metrics and results:
| Metric | Threshold | Target | High | Weighting | 2024 Actual |
|---|---|---|---|---|---|
| Core FFO per share | $0.90 | $0.93 | $0.96 | 30% | $0.93 |
| Multifamily NOI Growth | 3.3% | 5.3% | 7.3% | 20% | 4.3% |
| Net Debt to Adjusted EBITDA | 6.0x | 5.5x | 5.0x | 15% | 5.7x |
| 2024 Initiatives (Customer Service Excellence; Innovation) | 5/7/9 points | 5/7/9 points | 5/7/9 points | 10% | 8.75 points |
| Individual Objectives | Assessed 1–3 scale | Assessed 1–3 scale | Assessed 1–3 scale | 25% | Determined by committee |
- Say-on-Pay outcomes (indicator of investor confidence in pay oversight): Approval exceeded 95% in 2024; prior years 96% in 2023 and 94–96% range historically .
Other Directorships & Interlocks
| Company/Entity | Relationship to Elme | Potential Interlock/Conflict | Board’s Independence Determination |
|---|---|---|---|
| JLL (affiliate of Carras’s employer) | Advised Elme on strategic alternatives | Potential advisory conflict | Determined independent; Carras not involved in selection/arrangement; no personal benefit . |
| BREIT | Unrelated to Elme capital structure in proxies | None noted in Elme filings | External directorship disclosure only . |
Expertise & Qualifications
- REIT industry and multifamily capital markets expertise; strategic leadership experience at JLL/HFF; DC regional real estate familiarity over 30+ years .
- Prior managing director and operating committee roles; federal ORE disposition execution experience; early bank credit training .
- Recognitions: Women of Influence (Real Estate Forum, Bisnow), Connect Media Women in Real Estate; industry memberships (ULI, Economic Club) .
Equity Ownership
- Beneficial ownership:
| As-of Date | Common Shares Owned | Notes |
|---|---|---|
| March 27, 2024 | 1,578 | <1% of outstanding . |
| April 11, 2025 | 7,949 | <1% of outstanding; includes 6,371 common shares issuable pursuant to vested RSUs (aggregate table footnote) . |
- Ownership guidelines: Trustees must hold shares equal to at least 5x annual cash retainer, achieved within five years of initial election; compensation shares are transfer-restricted until guideline met . Given appointment in September 2023, compliance window extends to 2028 .
- Hedging/pledging: Company prohibits hedging and pledging by trustees; robust clawback policy in place .
Governance Assessment
-
Strengths:
- Clear independence determination despite JLL engagement; Board documented no material relationship, no selection involvement, no personal benefit .
- Active service on Compensation and Corporate Governance/Nominating Committees; oversight of quantified pay metrics and ESG/human capital governance .
- High Say-on-Pay support (>95%) signals investor confidence in compensation oversight .
- Director equity grants and ownership policy align interests with shareholders; anti-hedging/pledging and clawback policies mitigate misalignment risk .
-
Watch items / potential RED FLAGS:
- Advisory relationship with JLL (affiliate of employer) presents perceived conflict risk despite Board independence determination; continued monitoring of engagements advisable .
- Current personal share ownership is modest (<1% by design for trustees), with reliance on RSUs; time remains to meet 5x retainer guideline—track progress to 2028 .
- Compensation Committee membership implies influence over executive pay; ensure continued adherence to multi-metric, capped, TSR-linked LTIP structure and risk mitigation factors .