Joseph D. Margolis
Director at INVH
Board
About Joseph D. Margolis
Joseph D. Margolis (age 64) has served as an independent director of Invitation Homes since May 2020. He is Chief Executive Officer and a member of the Board of Directors of Extra Space Storage, Inc. (NYSE: EXR) and brings extensive finance and real estate experience, including prior senior roles in portfolio management, capital markets, and legal counsel within real estate investing . He was previously EVP & Chief Investment Officer at EXR (2015–2016), Senior Managing Director & Partner at Penzance Properties (2011–2015), co-founding partner at Arsenal Real Estate Funds (2004–2011), and held senior positions at Prudential Real Estate Investors (1992–2004) following legal roles at Prudential Insurance Company and Nutter, McClennen & Fish .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Extra Space Storage, Inc. (EXR) | Chief Executive Officer; Director | CEO since Jan 1, 2017; Director (current) | Senior executive leadership in complex management, finance, and governance issues |
| Extra Space Storage, Inc. | EVP & Chief Investment Officer | Jul 2015–Dec 31, 2016 | Investment leadership |
| Penzance Properties | Senior Managing Director & Partner | 2011–Jul 2015 | Vertically integrated owner/operator/developer; strategic growth |
| Arsenal Real Estate Funds | Co-founding Partner | 2004–2011 | Private real estate investment management |
| Prudential Real Estate Investors | Senior positions (portfolio management, capital markets, General Counsel) | 1992–2004 | Real estate investment management and legal oversight |
| The Prudential Insurance Co. of America | In-house real estate counsel | 1988–1992 | Real estate legal counsel |
| Nutter, McClennen & Fish | Real estate associate | 1986–1988 | Real estate legal experience |
External Roles
| Company | Role | Current/Recent Service | Notes |
|---|---|---|---|
| Extra Space Storage, Inc. (NYSE: EXR) | Chief Executive Officer and Director | CEO since Jan 1, 2017; Director (current) | Public company REIT; oversight and strategic leadership |
Board Governance
- Committee assignments: Compensation and Management Development Committee (member) and Investment and Finance Committee (member) .
- 2025 committee composition: Continues as member of Compensation and Investment & Finance committees; board adding Kellyn Smith Kenny to Audit and Compensation committees post-meeting .
- Independence: Board affirmatively determined Margolis is independent under NYSE and company guidelines .
- Attendance and engagement: In 2024 the Board held 6 meetings; Comp Committee 5; Investment & Finance Committee 6. Each director attended at least 75% of board/committee meetings, and all directors attended the 2024 annual meeting .
- Governance practices: Separate Chair and CEO; executive sessions of independent directors held regularly; robust stock ownership requirements; hedging and pledging prohibited .
Fixed Compensation
| Component | FY 2024 | Detail |
|---|---|---|
| Annual Board Cash Retainer | $85,000 | Program terms |
| Committee Membership Fees | $12,500 per committee | Margolis serves on 2 committees (Compensation; Investment & Finance) |
| Cash Fees Earned | $110,000 | Reported cash fees for 2024 |
| Equity Awards (RSUs) – Fair Value | $190,015 | Granted annually at fixed value; granted on date of annual meeting |
| RSUs Granted (Units) | 5,330 unvested as of 12/31/2024 | 2024 annual RSU award |
| RSU Vesting | One-year; vests in full at next annual meeting, subject to service | Time-vested alignment |
| Dividend Equivalents on RSUs | Yes; paid in same form as dividends to stockholders | Cash to date |
| Meeting Fees | None (attendance expected) | No per-meeting compensation |
| Perquisites / Tax Gross-ups | None | No gross-ups |
Performance Compensation
| Metric/Feature | FY 2024 | Notes |
|---|---|---|
| Performance-based equity (PSUs) | Not disclosed for directors | Director awards described as time-vesting RSUs; no director PSUs disclosed |
| Options | Not part of director program (no options referenced for directors) | Company notes no practice of utilizing options in executive comp; director program emphasizes RSUs |
| Performance metrics tied to director pay | Not disclosed | Director compensation emphasized fixed-value RSUs and retainers |
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Conflict Considerations |
|---|---|---|
| Extra Space Storage, Inc. | CEO and Director | INVH Corporate Governance Guidelines limit CEO directors to 2 public boards; Margolis serves at EXR and INVH, consistent with policy . No related-person transactions disclosed for directors; policy mandates Audit Committee review/approval of any such transactions . |
Expertise & Qualifications
- Extensive finance and real estate investment experience; senior executive leadership across complex management, risk assessment, and governance issues .
- Instrumental in developing corporate strategies; provides insights on growth and long-range planning beneficial to INVH .
Equity Ownership
| Item | Value | Notes |
|---|---|---|
| Beneficial Ownership (Shares) | 26,331 | As of record date (Mar 20, 2025) |
| Ownership % of Outstanding | <1% (“*” in table) | Based on 612,883,131 shares outstanding |
| Unvested RSUs Outstanding | 5,330 (2024 annual award) | Scheduled to vest within 60 days of record date |
| Hedging/Pledging Status | Prohibited by company policy | No pledging or margin purchases permitted |
| Director Stock Ownership Guideline | 5x annual Board cash retainer; 50% retention until met; expected within 5 years | Applies to all compensated non-employee directors |
Governance Assessment
- Alignment and independence: Confirmed independent; compensation mix emphasizes equity RSUs with dividend equivalents, plus robust ownership guidelines (5x retainer) and anti-hedging/pledging, supporting investor alignment .
- Board effectiveness: Active service on Compensation and Investment & Finance committees; attendance above policy threshold; participates in a board structure with separate Chair/CEO and regular executive sessions—strengthening oversight .
- Conflicts and red flags: Company has a strict related-person transactions policy overseen by the Audit Committee; no director-specific related-person transactions are discussed in the proxy. External CEO role raises typical overboarding concerns, but company limits (2 boards for CEOs) provide guardrails; Margolis’ current roles appear within policy .
- Compensation signals: No meeting fees or perquisites; director pay reviewed with an independent consultant (Ferguson Partners Consulting), indicating disciplined governance and market benchmarking .