Angela M. Aman
About Angela M. Aman
Angela M. Aman, age 45, is an independent trustee of Equity Residential (EQR) since 2020 and currently serves as Chair of the Audit Committee; she is designated an “Audit Committee Financial Expert.” She is Chief Executive Officer and a director of Kilroy Realty Corporation (NYSE: KRC) since January 2024, and previously held senior finance leadership roles at multiple public REITs; she holds a B.S. in Economics from the Wharton School, University of Pennsylvania . The Board has affirmatively determined she is independent under NYSE listing standards .
Past Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Brixmor Property Group (NYSE: BRX) | President, CFO & Treasurer | Sep 2023–Jan 2024 | Prior EVP, CFO & Treasurer May 2016–Sep 2023 |
| Starwood Retail Partners | Chief Financial Officer | 2015–2016 | Private retail real estate platform |
| Retail Properties of America, Inc. | Chief Financial Officer | 2011–2015 | Public REIT; finance leadership |
| RREEF Real Estate Securities | Analyst → Portfolio Manager | 2005–2011 | Buy-side real estate securities team |
| Deutsche Bank Securities Inc. | Real Estate Investment Banking | 2001–2005 | Coverage and execution in real estate I-banking |
External Roles
| Organization | Role | Tenure/Start | Domain/Notes |
|---|---|---|---|
| Kilroy Realty Corporation (NYSE: KRC) | Chief Executive Officer & Director | Jan 2024 | Office/life science REIT leadership |
| Nareit | Audit Committee Chair | Current | Industry governance; audit oversight |
| Zell/Lurie Real Estate Center (Wharton) | Executive Committee Member | Current | Academic-industry advisory |
| UCLA Anderson School of Management | Board of Advisors Member | Current | Academic advisory board |
Board Governance
- Board meetings and attendance: The Board held six meetings in 2024; average attendance was 98%. No trustee nominee attended fewer than 93% of the total meetings of the Board and applicable committees; all trustees attended the 2024 Annual Meeting .
- Executive sessions: Non‑employee trustees held five executive sessions; independent trustees held one executive session in 2024 .
- Independence and composition: 80% of trustees are independent; Board diversity snapshot if all nominees re‑elected: 50% women; 20% racially/ethnically diverse .
| Committee | Role | 2024 Meetings | Key Responsibilities |
|---|---|---|---|
| Audit | Chair (Aman) | 8 | Oversight of financial statements, auditor independence, internal audit, related party transactions, enterprise risk management, and day‑to‑day cybersecurity/data privacy risk oversight; multiple members are designated audit committee financial experts . |
| Compensation | Member (not Aman) | 6 | Oversees compensation philosophy/programs, CEO evaluation, succession/talent management, clawback policy administration . |
| Corporate Governance | Member (not Aman) | 4 | Board composition/refreshment, performance assessments, governance policies, corporate responsibility oversight, political spending review . |
| Executive | Expected appointment (Aman) June 2025 | 0 | Approves certain investments within thresholds; transactions above thresholds require full Board approval . |
Fixed Compensation
| Component | Amount | Period | Notes |
|---|---|---|---|
| Annual Cash Retainer | $90,000 | Jun 2024–Jun 2025 | Standard non‑employee trustee cash retainer . |
| Audit Committee Chair Fee | $35,000 | Jun 2024–Jun 2025 | Chair premium for Audit Committee . |
| Total Cash Fees Paid (2024) | $138,977 | 2024 | Actual cash fees reported for Aman . |
Additional cash fees for other roles (Chairman, Lead Trustee, member fees) exist, but are not applicable to Ms. Aman for 2024; trustees may receive prorated fees for mid‑year appointments .
Performance Compensation
| Equity Type | Grant Date | Amount (Grant Date Fair Value) | Vesting | Options: Exercise Price/Valuation |
|---|---|---|---|---|
| Share Awards (restricted shares/units) | Jun 20, 2024 | $209,995 | Vest in full on the first anniversary of grant date | If options elected: exercise price equals closing price ($67.85); option fair value $12.32 using modified Black‑Scholes; Aman did not receive options in 2024 (Option Awards column blank) . The trustee annual long‑term grant was $210,000 framework; valuation references: shares valued at closing price ($67.85) and units at $62.76 (7.5% discount for unit-specific risks) . |
Trustee equity is time‑based and not tied to operating or TSR performance. Trustees do not participate in EQR’s executive Annual Incentive Plan or Long‑Term Incentive Plan performance metrics (these apply to executives, not directors) .
| Performance Metric | Applicability to Directors | Details |
|---|---|---|
| Annual Incentive Plan metrics (e.g., Same Store NOI growth, Normalized FFO/share, Corporate Responsibility) | Not applicable | Director pay consists of cash retainer and time‑vested equity; performance metrics are used for executives only . |
| LTI Plan metrics (TSR vs Nareit indices, Net Debt/Normalized EBITDAre, Normalized FFO/share) | Not applicable | Trustees do not receive LTI Awards; executive LTI awards are performance‑based . |
Other: Trustees are eligible to purchase up to $100,000/year in the Employee Share Purchase Plan at a discounted price; no pension benefits, no 401(k) participation or matching; travel expense reimbursement only .
Other Directorships & Interlocks
| Company/Entity | Role | Sector | Potential Interlock/Conflict Considerations |
|---|---|---|---|
| Kilroy Realty (NYSE: KRC) | CEO & Director | Office/Life Science REIT | Different property type vs EQR’s multifamily focus; no related‑party transactions disclosed; Board assesses time commitments and independence annually . |
| Nareit | Audit Committee Chair | Industry Association | Governance role; no EQR related‑party transaction disclosed; Audit Committee at EQR reviews/approves related party transactions . |
| Wharton Zell/Lurie Center | Executive Committee | Academic | Advisory role; no conflicts disclosed . |
| UCLA Anderson | Board of Advisors | Academic | Advisory role; no conflicts disclosed . |
The proxy’s independence review found no relationships requiring disclosure under Item 404(a) affecting independence for identified independent trustees, including Ms. Aman . The Audit Committee explicitly reviews and approves all related party transactions .
Expertise & Qualifications
- Extensive real estate and public company finance leadership (former CFO across multiple REITs; equity investor background) .
- Audit Committee Financial Expert designation; deep governance, IT, and strategic experience relevant to large real estate companies .
- Active industry governance (Nareit Audit Committee Chair) and academic advisory roles extending network and domain insight .
Equity Ownership
| Metric | Value | As‑of Date | Notes |
|---|---|---|---|
| Total Beneficial Ownership (Common Share Equivalents) | 12,902 | Mar 31, 2025 | Includes common shares, OP Units, and restricted units; sole voting and investment power unless indicated . |
| Options Exercisable in 60 Days | — | Mar 31, 2025 | No options reported for Aman . |
| Unvested Share Awards (Trustee) | 3,346 | Dec 31, 2024 | Outstanding unvested share awards held by Aman . |
| Ownership as % of Shares Outstanding | <1% | Mar 31, 2025 | Individual holdings are less than 1% of outstanding shares; total common share equivalents outstanding 390,796,284 . |
| Pledged Shares | 0 | Mar 31, 2025 | Company policy prohibits pledging; trustees and executives had zero pledged shares . |
| Stock Ownership Guideline | 5x cash retainer | Policy | Trustees must hold at least 5x annual cash retainer; 5‑year compliance window; all trustees met or are within permitted time frame . |
| Trading Policy | Prohibits hedging/pledging | Policy | Moratoriums around earnings; restrictions on hedging, short sales, margin/pledging for trustees and executives . |
Governance Assessment
- Strengths: Independent trustee with deep REIT finance background; Audit Chair and audit financial expert enhance financial reporting and cybersecurity oversight quality; strong attendance expectations and executive sessions; meaningful ownership guidelines; explicit prohibition of hedging/pledging; robust related‑party review by Audit Committee .
- Compensation alignment for directors: Simple, transparent mix of fixed cash retainer + time‑vested equity; no performance‑linked director pay that could distort oversight incentives; 2024 actual director compensation for Aman was $348,972 (cash $138,977; equity $209,995) .
- Potential watch items: Dual role as CEO/director at KRC increases external time commitments; Board’s annual performance assessment explicitly evaluates time availability and includes third‑party interviews of trustees and management feedback, mitigating risk; independence affirmed in 2025 proxy . No related‑party transactions disclosed involving Aman; Audit Committee retains authority to review/approve any such items .
- Shareholder confidence signals: High Say‑on‑Pay support historically (2023 program approved by ~90% of votes cast; average 93% since 2015), indicating investor support for governance and pay structures; while this pertains to executive pay, it reflects overall governance quality under the Board’s oversight .