Nancy Lashine
About Nancy Lashine
Independent director at Kimco Realty (KIM) since January 21, 2025; age 68. Founder and Managing Partner of Park Madison Partners, a FINRA-regulated real assets private equity placement firm; over 35 years in real estate capital markets and investment marketing; MBA, Columbia Business School; BFA (cum laude), Case Western Reserve (Dance Theatre). Current committee assignments: Audit Committee and Executive Compensation Committee. The Board has affirmatively determined she is independent under NYSE and company standards.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Park Madison Partners | Founder & Managing Partner | Current | Leads a FINRA-regulated broker-dealer advising institutional real assets managers; strategic capital solutions expertise |
| Strategic consulting (clients included Lehman Brothers, Angelo Gordon, ING Clarion, Sentinel Real Estate, JER Partners) | Strategic consultant | Pre-Park Madison | Product development and institutional marketing initiatives for leading real estate investment managers |
| The O’Connor Group | Early member | 1985–1995 | Early platform experience at a prominent real estate investment firm |
| LF Rothschild, Unterberg, Towbin | Finance professional | 1981–1985 | Began finance career; investment marketing foundation |
External Roles
| Organization | Role | Status/Notes |
|---|---|---|
| Columbia Business School MBA Real Estate Advisory Board | Board member | Ongoing advisory role |
| Pension Real Estate Association (PREA) | Past board member | Prior industry board service |
| Urban Land Institute (ULI) | Global Trustee | Current industry leadership |
| WX (Executive Women in Real Estate) | Member | Professional network participation |
Board Governance
- Independence: Board determined Lashine to be independent.
- Committee assignments: Member, Audit Committee; Member, Executive Compensation Committee.
- Election/tenure: Elected January 21, 2025 (not part of 2024 attendance cohort).
- Board activity context: Board met 6 times in 2024; all then-current directors attended 100% of their Board and committee meetings; directors attended 2024 annual meeting.
- Governance architecture: Independent Chair transition at 2025 annual meeting; executive sessions at all Board/committee meetings; annual self-assessments; limits on other boards (max 4), and audit committee service (max 2).
| Committee | Role | Chair | Meetings (2024) |
|---|---|---|---|
| Audit | Member | Richard B. Saltzman | 6 |
| Executive Compensation | Member | Valerie Richardson | 5 |
Fixed Compensation
Kimco’s standard non-employee director compensation framework (applies to Lashine prospectively; she was appointed in 2025).
| Element | Amount/Terms |
|---|---|
| Annual Board cash retainer | $60,000 |
| Lead Independent Director premium | $50,000 |
| Committee member retainers | Audit $20,000; Executive Compensation $10,000; Nominating & Corporate Governance $6,000 |
| Committee chair retainers | Audit Chair $45,000; Executive Compensation Chair $35,000; Nominating Chair $25,000 |
| Equity grant | ~$175,000 grant-date value in restricted stock or LTIP Units; vests 20% annually over 5 years (or similar for LTIP Units) |
| Stock options | Not used for directors, officers, or employees |
Ownership policy and trading restrictions:
- Stock ownership guideline: 5x annual retainer for non-employee directors; Lashine has until January 21, 2030 to comply; must retain net shares until compliant.
- Hedging/pledging: Prohibited for directors and NEOs.
Performance Compensation
Directors do not receive performance-based cash bonuses; equity awards for directors are time-based. However, as a member of the Executive Compensation Committee, Lashine oversees management’s pay-for-performance plans. 2024 AIP metrics and outcomes (context for her committee oversight):
| Metric | Threshold | Target | Exceed Target | Maximum | 2024 Actual |
|---|---|---|---|---|---|
| Adjusted FFO per diluted share ($) | 1.58 | 1.60 | 1.62 | 1.64 | 1.69 |
| Recurring EBITDA ($M) | 1,417.0 | 1,453.0 | 1,471.0 | 1,489.0 | 1,531.5 |
| Leverage (%) | 37.3 | 36.3 | 35.8 | 35.3 | 35.1 |
Additional committee practices:
- Independent compensation consultant: Pay Governance LLC; no other services provided.
- Say-on-Pay: 96% approval at 2024 meeting.
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None disclosed in Kimco proxy biography for Lashine |
| Committee roles at other public companies | Not disclosed |
| Potential interlocks/conflicts | Kimco’s related-party section discloses certain Cooper family transactions (e.g., Ripco); no transactions involving Lashine or Park Madison Partners are listed. |
| Board service limits | Kimco guidelines: up to 4 other public boards; audit committee members: up to 2 other audit committees. |
Expertise & Qualifications
- 35+ years in real estate capital markets, due diligence, and investment strategy; deep institutional relationships; manages a regulated broker-dealer.
- Financial and analytical acumen suited to Audit Committee service.
- Strategic human capital and incentive design exposure via Executive Compensation Committee; experience guiding institutional product development and capital solutions.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | As-of Date |
|---|---|---|---|
| Nancy Lashine | 1,416 | * (<1%) | March 4, 2025 |
Ownership alignment policies:
- Non-Employee Director guideline: 5x annual retainer; Lashine compliance window through January 21, 2030; retain net shares until compliant.
- Hedging and pledging of Kimco stock: Prohibited.
Governance Assessment
- Oversight strength: Independent director with dual roles on Audit and Executive Compensation—high-impact committees for financial reporting integrity, cyber/compliance, and pay-for-performance alignment.
- Alignment: New appointee with 1,416 shares; five-year path to 5x-retainer ownership and strict retention rule mitigate near-term alignment concerns.
- Pay governance quality: Committee leverages independent consultant; 2024 AIP achieved maximum on key financial metrics, reinforcing results-driven culture; strong 96% Say-on-Pay support.
- Conflicts/related parties: No related-party transactions disclosed involving Lashine or Park Madison Partners; Kimco prohibits hedging/pledging; company-level related-party items relate to Cooper family and Ripco—not attributable to Lashine.
- Board structure: Transition to non-executive independent Chair at 2025 annual meeting strengthens independent oversight; executive sessions at all Board/committee meetings.
Red flags: None disclosed specific to Lashine (no pledging, no related-party transactions, no attendance issues). Monitoring areas: future equity accumulation toward 5x guideline; any potential engagements between Kimco and Park Madison (none disclosed to date).