Gena Cheng
About Gena Cheng
Gena Cheng (age 54) has served on the GIPR Board since October 5, 2021; she is a Managing Director at Prospect Avenue Partners (since August 2019) with 21+ years of real asset experience across investments, portfolio management, fundraising, and IR. She holds a JD/MBA from NYU and an AB in Architecture from Princeton; she is a member of the New York State Bar and a FINRA-registered representative through SPS Securities, LLC . The Board has determined Ms. Cheng is independent under Nasdaq rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| USAA Real Estate Company | Managing Director | Jul 2014 – Feb 2019 | Real estate investing/fund management experience |
| Forum Partners | Managing Director | Mar 2010 – Mar 2014 | Global real estate investment/asset management |
| JT Partners | Managing Director & COO | Oct 2006 – Aug 2009 | Architecture/engineering/project management operations |
| APG Asset Management | Senior Portfolio Manager (North America real estate) | Prior role (date not specified) | Helped invest/manage one of the largest institutional real estate platforms |
| Arthur Andersen; Morgan Stanley | Consulting & Investment Banking (early career) | Early career | Real estate consulting and banking foundation |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| Prospect Avenue Partners | Managing Director | Aug 2019 – Present | Named to PERE’s “30 Capital Raisers Who Can Make a Difference” |
| WX – New York Women Executives in Real Estate | Program & Scholarship Committees | Ongoing | Industry engagement |
| New York State Bar | Member | Ongoing | Legal qualification |
| SPS Securities, LLC | FINRA Registered Rep | Ongoing | Securities licensing |
| Other public company boards | Not disclosed | — | No other public company directorships listed in GIPR proxy bio |
Board Governance
| Dimension | Detail |
|---|---|
| Independence | Board determined Ms. Cheng is independent under Nasdaq Rule 5605(a)(2) |
| Committee assignments (2025 proxy) | Audit Committee member (Chair: S. Eisenberg); Compensation Committee member (Chair: B. Adams); Nominating & Corporate Governance Committee member (Chair: P. Quilty) |
| Committee changes vs. 2024 | 2024 Audit Committee did not include Cheng; by 2025 she is listed as Audit member; Nom/Gov chair changed from B. Peck (2024) to P. Quilty (2025) |
| Board leadership | CEO David Sobelman is also Board Chair; Lead Independent Director is Benjamin Adams |
| Meetings and attendance (2024) | Board met 7 times; Audit met 4x; Comp 1x; Nom/Gov 2x; no director attended less than 75% of Board and applicable committee meetings |
| Executive sessions | Independent directors met in executive session periodically in 2024 |
| Annual meeting attendance (2024) | Only the CEO/Chair attended in person; other directors listened via telephone |
Fixed Compensation
| Component | Amount/Policy |
|---|---|
| Annual cash retainer | $0; “None of our directors has ever been paid any cash compensation.” |
| Committee chair/member fees | $0 (not paid in cash) |
| Meeting fees | $0 (not paid in cash) |
Director compensation is equity-only; 2024 director compensation recorded as $50,000 aggregate fair value for each independent director (no cash), valued using $4.08 per share assumption and 0% forfeiture rate .
Performance Compensation
| Award date | Type | Shares/Units | Vesting | Reported valuation context |
|---|---|---|---|---|
| Mar 1, 2023 | Restricted Stock | 8,803 | Vests over three years (time-based) | Included in 2023 director compensation table; $50,000 stock awards; valuation used $5.68/share, 0% forfeiture |
| Jun 15, 2024 | RSUs | 12,255 | Vests on first anniversary (time-based) | Included in director comp narrative; 2024 director compensation shows $50,000 stock awards; valuation uses $4.08/share for 2024 table |
| Mar 31, 2025 | RSUs | 31,250 | Vests on first anniversary (time-based) | Annual equity to each independent director (time-based) |
Performance metrics tied to director compensation: None disclosed; equity awards are time-based vesting RS/RSUs (no revenue/EBITDA/TSR metrics) .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | Not disclosed in proxy biography (no other boards listed) |
| Prior public company boards | Not disclosed in proxy biography |
| Potential interlocks | None disclosed |
Expertise & Qualifications
- Real assets/real estate investing, portfolio management, fundraising, and investor relations (21+ years); recognized by PERE as a top capital raiser .
- Legal and financial training: JD/MBA (NYU), AB in Architecture (Princeton); New York State Bar; FINRA registered representative via SPS Securities, LLC .
- Institutional investment perspective from APG Asset Management covering North America; experience at USAA Real Estate, Forum Partners, JT Partners; early career at Arthur Andersen and Morgan Stanley .
Equity Ownership
| Date | Beneficial ownership (shares) | % of shares outstanding | Composition/notes |
|---|---|---|---|
| Oct 11, 2024 | 15,946 | ~0.29% (15,946 / 5,423,188) | 15,946 restricted common; 10,077 vested at that time |
| Oct 22, 2025 | 28,201 | ~0.52% (28,201 / 5,447,772) | Footnote shows 15,946 restricted common (10,077 vested); RSU grants include 12,255 (6/15/24, vested 6/15/25) and 31,250 (3/31/25, unvested until 3/31/26) |
Insider transactions (Form 4):
- 06/15/2024: 12,255 RSUs granted under the 2020 Omnibus Incentive Plan; will vest 06/15/2025; post-transaction beneficial ownership 28,201 shares .
Hedging/pledging:
- Company policy prohibits hedging transactions, short sales, and public options trading by directors; no pledging policy is specified in the excerpt; no pledging by Ms. Cheng is disclosed .
Director Election Support (Shareholder Voting – 2024)
| Director | For | Against | Abstain | Broker Non-Vote |
|---|---|---|---|---|
| Gena Cheng | 1,527,205 | 147,887 | 28,759 | 1,493,740 |
Related-Party Transactions (Conflict Scan)
- The proxy details several related-party financings and transactions (e.g., loans with Brown Family Enterprises; CEO loans/guaranty fees) but none are identified as involving Ms. Cheng .
- Governance process: related-person transactions reviewed/approved by the full Board per written policy .
Compensation Committee Analysis
- Members: Benjamin Adams (Chair), Gena Cheng, Patrick Quilty; independence affirmed under Nasdaq rules .
- 2024 activity: met once; responsibilities include approving executive compensation, incentive plans, employment/severance/CoC protections; CEO attends except executive sessions .
- Use of independent compensation consultant: Not disclosed in proxy excerpts .
Governance Assessment
-
Strengths:
- Independent director with deep institutional real estate and capital raising expertise; legal/FINRA credentials enhance oversight of financing and governance .
- Equity-only director pay (no cash retainers/fees) aligns with shareholder outcomes; anti-hedging policy in place .
- Expanding committee scope (added to Audit by 2025) increases oversight breadth; board/committee attendance ≥75% in 2024 .
-
Watch items:
- Combined CEO/Chair structure persists; a Lead Independent Director (Adams) is designated but combined roles can concentrate power .
- Compensation Committee met only once in 2024; monitor cadence given company’s financing needs and executive pay decisions .
- Company-level related-party financing activity (not tied to Cheng) warrants continued independent scrutiny at Audit and Nom/Gov .
No red flags identified specific to Ms. Cheng (no related-party dealings, no attendance shortfalls, independence affirmed) .
Sources
- 2025 DEF 14A: director biography, independence, committees, director comp, related-party transactions, governance structure/meetings .
- 2024 DEF 14A: prior committee composition, director comp assumptions, beneficial ownership baseline .
- 8-K Item 5.07 (11/26/2024): director election vote results .
- Form 4 (06/18/2024; transaction 06/15/2024): 12,255 RSUs awarded; 28,201 beneficial post-transaction .