Julie Swinehart
About Julie M. Swinehart
Julie M. Swinehart (age 49) is Executive Vice President and Chief Financial Officer of Fenway Sports Group (since July 2022). She joined the IVT Board in 2025 and is designated independent under NYSE standards. Her background spans REIT finance and public accounting, including CFO & Treasurer at Retail Properties of America, Inc. prior to its 2021 merger into Kite Realty Group Trust, external reporting at Equity Office Properties Trust, and eight years in audit at Arthur Andersen and Deloitte. She holds a B.S. in Accountancy from the University of Illinois and is a Certified Public Accountant .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Retail Properties of America, Inc. (RPAI) | EVP, CFO & Treasurer; previously Chief Accounting Officer; accounting/reporting roles | CFO from 2018 until merger in 2021; various roles over 13 years | Led finance and reporting of a public retail REIT; transition through merger |
| Equity Office Properties Trust | Manager, External Reporting | ~2 years | Public company reporting in large office REIT |
| Arthur Andersen LLP; Deloitte & Touche LLP | Audit practice (public accounting) | 8 years | Assurance, controls, SEC reporting experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Fenway Sports Group | EVP, Chief Financial Officer | Jul 2022 – Present | Global sports, media, entertainment, real estate; private company (not disclosed as public directorship) |
| Public company boards | — | — | No other public company directorships disclosed in IVT’s proxy |
Board Governance
- Independence: The Board determined Swinehart meets NYSE independence; all Audit, Compensation, and Nominating committees consist solely of independent directors .
- Committees: Effective Feb 19, 2025, she serves on Audit and Compensation Committees .
- Committee meeting cadence (2024): Audit (4), Compensation (4), Nominating & Corporate Governance (4) .
- Board attendance benchmark: In 2024 the Board met 5 times and all then-directors attended ≥75% of Board/committee meetings; all directors at the time attended the May 7, 2024 annual meeting (Swinehart joined in 2025) .
- Hedging/pledging: Directors prohibited from short sales and hedging; pledging/margin use requires prior General Counsel approval .
- Clawback: Mandatory clawback policy aligned with SEC/NYSE applies to incentive-based compensation (primarily executives) .
- Equity retention: Non-employee directors must hold equity equal to 5x annual cash retainer; compliance by later of 5 years from becoming covered person or Dec 31, 2026 .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Director Cash Retainer | $65,000 | No per-meeting fees |
| Independent Chair Retainer | $50,000 | Additional, for Board Chair (currently independent) |
| Audit Committee – Chair | $25,000 | Additional cash retainer |
| Audit Committee – Member | $12,500 | Additional cash retainer |
| Compensation Committee – Chair | $20,000 | Additional cash retainer |
| Compensation Committee – Member | $10,000 | Additional cash retainer |
| Nominating & Corporate Governance – Chair | $20,000 | Additional cash retainer |
| Nominating & Corporate Governance – Member | $10,000 | Additional cash retainer |
| Business expense reimbursement | Reasonable expenses reimbursed | Standard policy |
2024 individual director compensation (pre-Swinehart appointment) averaged $85–$115k cash plus $120k RSUs; see the proxy’s director compensation table for peers (Swinehart joined in 2025) .
Performance Compensation
| Equity Component | Amount/Structure | Vesting | Notes |
|---|---|---|---|
| Annual Director RSU Grant | $120,000 grant-date value | Vests at the earlier of next annual meeting or first anniversary, subject to service; settled in stock | Dividend equivalents paid during vesting |
IVT does not grant stock options or “option-like” awards; awards are timed independent of material non-public information .
As a Compensation Committee member, Swinehart oversees executive pay-for-performance metrics. IVT’s 2024 bonus plan used the following metrics and outcomes:
| Metric | Threshold | Target | Maximum | 2024 Actual | Payout vs Target |
|---|---|---|---|---|---|
| Same Property NOI Growth | 2.3% | 2.8% | 3.3% | 5.0% | 1.50x |
| Core FFO per Diluted Share | $1.65 | $1.68 | $1.71 | $1.73 | 1.50x |
Say-on-pay result: 95.9% approval in 2024, indicating strong shareholder support for the compensation framework .
Other Directorships & Interlocks
| Entity | Type | Role | Potential Interlock/Conflict |
|---|---|---|---|
| Fenway Sports Group | Private | EVP, CFO | No related-party transactions disclosed with IVT |
| Public company boards | — | — | None disclosed in proxy |
Expertise & Qualifications
- REIT, retail, and finance/accounting expertise; public company experience highlighted in Board skills matrix .
- CPA credential and extensive audit/reporting background (Arthur Andersen, Deloitte; Equity Office) .
- C-suite leadership at RPAI and Fenway Sports Group .
- Board mix shows diversity and independence; average Board age 57, tenure 8 years; 88% independent, with balanced gender representation among independent directors .
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial ownership (Julie M. Swinehart) | Not enumerated individually in the March 3, 2025 beneficial ownership table; table covers >5% holders and listed directors/NEOs (Swinehart not listed) . |
| Pledging | Proxy states no shares beneficially owned by any director, nominee, or executive officer have been pledged; hedging/pledging generally prohibited without approval . |
| Ownership guideline | 5x annual cash retainer for non-employee directors; annual compliance checks; sale restrictions if below guideline . |
Governance Assessment
- Positive signals: Independent status; dual committee assignments (Audit and Compensation) leverage her finance/accounting depth; strong pay discipline including clear metrics (Core FFO, Same Property NOI) and robust ERP ownership requirements .
- Alignment: Director equity retainer with annual vesting; equity retention multiples promote “skin-in-the-game”; no options issued, reducing repricing risks .
- Conflicts/related-party: No related person transactions disclosed; audit committee reviews any such items under formal policy .
- Shareholder feedback: 95.9% say-on-pay approval reflects confidence in committee oversight and pay-for-performance design .
- Attendance/engagement: 2024 attendance strong across the Board; committee meeting cadence supports effective oversight (note: Swinehart joined in 2025 so 2024 data predates her service) .
RED FLAGS: None disclosed specific to Swinehart (no hedging/pledging, no related-party transactions, no attendance issues reported) .