Judith Fu
About Judith Fu
Judith Fu is Vice President of Administration at Inland Real Estate Income Trust, Inc. (INRE) since December 2021 and Vice President of the Business Manager since January 2022; she joined the Company in 2005 and is currently Senior Vice President, Chief of Staff of The Inland Real Estate Group, LLC (since September 2024). She is 63, holds FINRA Series 24, 63, 65 and 7 licenses, previously was a licensed managing real estate broker in Illinois, and has a B.S. from Loyola University Chicago . Executives, including Ms. Fu, may be terminated at any time; INRE is externally managed and does not separately compensate its executive officers (compensation for most officers is paid by IREIC or affiliates) . There is no established public trading market for INRE’s common stock, limiting TSR analytics for tenure evaluation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| INRE | Vice President, Administration | Dec 2021–present | Administrative leadership; supports executive team and corporate processes |
| Business Manager (affiliate to INRE) | Vice President | Jan 2022–present | Governance and administration coordination between INRE and manager |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Inland Real Estate Group, LLC | Senior Vice President, Chief of Staff | Sep 2024–present | Organizational support to Inland’s executive management team; enterprise-level coordination |
| Inland Real Estate Investment Corporation (IREIC) | Senior Vice President | Aug 2018–Sep 2024 | Executive support and organizational management at sponsor level |
| Inland Mortgage Corporation (RIA subsidiaries) | Chief Compliance Officer | Aug 2008–Aug 2010 | Led compliance for registered investment advisor subsidiaries |
| IREIC | Executive Assistant to CEO | 2010–(role preceding Aug 2018) | Executive office support; cross-functional coordination |
| Inland Institutional Capital Partners | Chief Compliance Officer | Mar 2012–Sep 2014 | Compliance oversight for institutional advisory affiliate |
Fixed Compensation
- INRE discloses that executive officers (other than the CEO under a specific agreement) are compensated by IREIC or affiliates; INRE does not pay or reimburse compensation for these executive officers. No base salary, target bonus, or cash compensation amounts are disclosed for Ms. Fu by INRE .
Performance Compensation
- INRE reports no stock or option awards for its named executive officers as of December 31, 2024; restricted share grants under the RSP are made to independent directors, not to Ms. Fu. No performance metrics, targets, or payouts are disclosed for Ms. Fu by INRE .
Equity Ownership & Alignment
| Metric | 2022 | 2024 | 2025 |
|---|---|---|---|
| Beneficial Ownership (shares) | 642 | 642 | 642 |
| Ownership (% of shares outstanding) | <1% | <1% | <1% |
- No unvested restricted shares are indicated for Ms. Fu in the ownership footnotes; independent directors’ footnotes list unvested restricted shares explicitly, which are not shown for Ms. Fu .
- Anti-hedging: Inland’s insider trading policy prohibits hedging or monetization transactions (e.g., zero-cost collars, forwards) without prior written consent; the Company itself has not separately adopted hedging practices due to no public market for its common stock .
- Pledging: No specific pledging policy or disclosures for Ms. Fu were found in the proxies .
Employment Terms
- Executive officers are elected annually by the board and may be terminated at any time .
- INRE is externally managed; it does not have agreements with executive officers regarding compensation (compensation determined/paid by IREIC or affiliates) .
- Change-in-control: INRE is not obligated to pay cash severance or other benefits upon a change in control; no equity awards are outstanding for NEOs that could accelerate. No severance, non-compete, or consulting arrangements are disclosed for Ms. Fu .
Investment Implications
- Compensation alignment: With no direct INRE-paid salary/bonus/equity disclosed for Ms. Fu and modest share ownership (<1%), pay-for-performance linkage at the Company level is limited; incentive alignment is primarily via her Inland group roles rather than INRE-specific equity .
- Insider selling pressure: Lack of a public trading market and anti-hedging policy suggest minimal near-term monetization or hedging pressure; Section 16(a) filings were timely for 2024, with no delinquent reports noted .
- Retention and transition: Long tenure (joined 2005) and elevation to Chief of Staff at The Inland Real Estate Group, LLC (Sep 2024) indicate continuity of administrative leadership; however, employment terms and retention incentives are determined by IREIC/affiliates and are not disclosed at INRE, limiting visibility into retention risk levers .
- Governance impact: INRE does not provide severance/change-in-control protections for executives and does not compensate officers apart from the CEO’s agreement offset against the Business Manager, reducing cash outflow risk but also limiting transparency into executive incentive structures at the Company level .