Michael DeMarco
About Michael J. DeMarco
Independent director of Lightstone Value Plus REIT IV (LTSV) since 2021; age 66. Former CEO of Mack-Cali Realty (2017–2020), previously President/COO (2015–2017) and CIO at CCRE (2013–2015). Earlier senior roles at Vornado Realty Trust, Fortress Investment Group, Lehman Brothers, Credit Suisse First Boston, and Arthur Andersen. BBA in Accounting (Pace University), MBA in Finance (University of Chicago), CPA. He serves as Audit Committee Chair and has been determined independent under NYSE standards and as an Audit Committee Financial Expert.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Mack-Cali Realty Corporation | Chief Executive Officer | 2017–2020 | Led public REIT; CEO oversight of strategy and operations |
| Mack-Cali Realty Corporation | President & Chief Operating Officer | 2015–2017 | Operational leadership |
| CCRE (non-bank finance co.) | Chief Investment Officer | 2013–2015 | Originated CMBS; investment oversight |
| Vornado Realty Trust | Executive Vice President | 2010–2013 | Senior executive experience at major REIT |
| Fortress Investment Group | Managing Director | 2007–2010 | Private investment leadership |
| Lehman Brothers | Senior Managing Director | 1993–2007 | Capital markets and real estate finance |
| Credit Suisse First Boston; Arthur Andersen | Senior roles | Various | Accounting and finance foundations |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Pennsylvania Real Estate Investment Trust (PEI) | Trustee (public REIT) | Since 2015 | Public company board service |
| Saint Peter’s Preparatory School | Board of Trustees | Ongoing | Non-profit governance |
| Urban Land Institute (ULI); ICSC | Member | Ongoing | Industry organizations |
Board Governance
- Committee assignments: Audit Committee (Chair); committee composed solely of independent directors. Both DeMarco and Spinola designated Audit Committee Financial Experts. During 2024 the Audit Committee met 4 times; all members attended all meetings.
- Independence: Board affirmed DeMarco is independent per NYSE standards and LTSV’s charter criteria.
- Executive sessions: DeMarco serves as the presiding director at executive sessions of independent directors.
- Attendance and engagement: Board held 4 meetings in 2024; the entire Board was present at all. Audit Committee attendance was 100%.
Fixed Compensation
| Component | Annual Amount | Notes |
|---|---|---|
| Independent director annual fee (cash, quarterly) | $40,000 | Paid to independent directors; expenses reimbursed |
| Audit Committee Chair fee (cash, quarterly) | $10,000 | Additional fee for chair role |
Performance Compensation
- No equity awards or performance-based director compensation disclosed for LTSV independent directors.
Other Directorships & Interlocks
| Company | Type | Role | Potential Interlock |
|---|---|---|---|
| Pennsylvania Real Estate Investment Trust (PEI) | Public REIT | Trustee | No disclosed transactions between LTSV and PEI |
Expertise & Qualifications
- Deep REIT leadership and capital markets background (CEO/COO/CIO roles; EVP at Vornado; senior at Fortress & Lehman). CPA with accounting rigor; designated Audit Committee Financial Expert. Education from Pace (BBA) and University of Chicago (MBA).
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding |
|---|---|---|
| Michael J. DeMarco | 0 | 0% |
- LTSV reports no share ownership by DeMarco; independent directors appear to receive cash fees without equity grants, limiting direct “skin-in-the-game.”
Governance Assessment
- Strengths:
- Independence affirmed; chairs a fully independent Audit Committee; designated financial expert.
- Full attendance and active role as presiding director in executive sessions supports robust oversight.
- No related-party transactions or family relationships reported for DeMarco at appointment (Item 5.02 8‑K).
- Watch items/RED FLAGS (structural):
- Significant related-party dependencies at LTSV (Advisor/Sponsor majority-owned by CEO) and numerous affiliate transactions; demands vigilant Audit Committee oversight.
- No disclosed director equity ownership or stock ownership guidelines for directors; alignment relies on duty of care rather than economic stake.
Overall: DeMarco’s audit leadership, independence and financial expertise are positives for board effectiveness amid a structurally conflict-prone external management model. Continued focus on affiliate transaction scrutiny and disclosure is essential.