Jean Hoysradt
About Jean Hoysradt
Jean Hoysradt, age 74, is an independent trustee of Net Lease Office Properties (NLOP) since 2023. She chairs the Nominating and Corporate Governance Committee and serves on the Audit and Compensation Committees; the Board has affirmatively determined her independence under NYSE standards. Her background includes senior investment leadership and extensive real estate and governance experience.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Mousse Partners Limited | Chief Investment Officer | 2001–2015 | Led investment strategy at a multi-asset family investment office; brings portfolio construction and governance acumen to NLOP. |
| New York Life Insurance Company | Senior Vice President; Head of Investment and Treasury Departments | 1991–2000 | Oversaw investment and treasury functions; deep fixed income and liquidity management expertise. |
| W. P. Carey Inc. (NYSE: WPC) | Director | 2014–Oct 2023 | Former board member of NLOP’s Advisor; relevant to oversight of external management model. |
| The Swiss Helvetia Fund Inc. | Director | 2017–2018 | Public closed-end fund governance experience. |
| Duke University Management Company (DUMAC) | Director | 2005–2018 | Endowment investment governance and risk oversight. |
External Roles
| Organization | Current Public Company Directorship | Committees/Role |
|---|---|---|
| None | None | N/A |
Board Governance
- Committee assignments: Audit Committee member; Compensation Committee member; Nominating and Corporate Governance Committee Chair.
- Board structure: Independent trustees exclusively populate all standing committees; Lead Independent Trustee is Richard J. Pinola; Audit Committee Chair and financial expert is Pinola; Compensation Committee Chair is Axel K.A. Hansing.
- Attendance: The Board held 4 regular meetings in 2024; each trustee attended at least 75% of Board and applicable committee meetings; committee meetings in 2024—Audit (4), Compensation (2), Nominating & Corporate Governance (2).
- Independence: The Board determined Hoysradt is independent under NLOP’s and NYSE standards; categorical standards mirror NYSE independence requirements.
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer (non-employee trustees) | $200,000 | Applicable to all non-employee trustees. |
| Committee chair fees | $10,000 | Nominating & Corporate Governance Chair. |
| 2024 total cash fees (Hoysradt) | $210,000 | No stock awards recognized in 2024; total equals base retainer + chair fee. |
Performance Compensation
| Award Type | Grant Date | Shares/Units | Grant Date Value | Vesting | Notes |
|---|---|---|---|---|---|
| Initial RSU (independent trustees) | On or about Nov 2, 2023 | 9,551 RSUs | $100,000 | Vested Nov 2, 2024 | Trustees required to hold initial RSU grant (converted shares) until separation; no unvested RSUs outstanding in 2024. |
- Stock ownership guidelines: Independent trustees must hold initial grant of 9,551 RSUs until separation of service; all independent trustees comply.
- Clawback policy: “No-fault” clawback adopted for erroneously awarded incentive-based compensation of NEOs; policy filed as exhibit to Annual Report. (Director awards not specifically cited under clawback.)
Other Directorships & Interlocks
| Type | Detail |
|---|---|
| Current public boards | None. |
| Prior public boards | W. P. Carey Inc. (Director, 2014–Oct 2023); Swiss Helvetia Fund Inc. (Director, 2017–2018). |
| Prior non-profit/academic | Duke University Management Company (Director, 2005–2018). |
| Compensation Committee interlocks | None requiring disclosure; no member was an executive officer; no related-party relationships requiring disclosure. |
- External management context: NLOP is externally managed by affiliates of W. P. Carey pursuant to advisory agreements; Board independence determinations found Hoysradt has no material relationship with NLOP or its Advisor.
Expertise & Qualifications
- Investment expertise and 45 years of international/domestic real estate experience; corporate governance leadership; qualifies as Chair of Nominating & Corporate Governance.
- Experience leading multi-asset portfolios and insurance investment/treasury operations supports risk oversight and capital allocation governance.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Pledged Shares | Vested/Unvested |
|---|---|---|---|---|
| Jean Hoysradt | 11,032 | <1% | None | No unvested RSUs outstanding in 2024; initial RSU grant vested Nov 2, 2024 and must be held until separation per guidelines. |
- As of record date (Apr 14, 2025), NLOP had 14,814,075 shares outstanding.
Governance Assessment
- Strengths:
- Independent, multi-committee service including Chair of Nominating & Corporate Governance; strong investment and real estate background aligned with NLOP’s disposition-focused strategy.
- Documented independence under NYSE standards; Board/committee attendance at or above 75% demonstrates engagement.
- Ownership alignment via mandatory hold of initial RSU grant until separation; no pledging noted.
- Watch items / potential conflicts:
- External management by W. P. Carey creates inherent related-party oversight demands; Hoysradt’s prior WPC directorship elevates need for rigorous independence and related transaction reviews (Board states independence and has robust related-party policies).
- Director pay skew in 2024 toward cash (no new equity awards recognized in 2024) reduces incremental equity-based alignment year-over-year; however, the initial RSU grant and hold requirement mitigate alignment concerns.
- Controls and policies:
- Related-party transaction policy administered by Audit Committee; majority independent approval required; prohibition on loans to trustees; structured advisory agreements disclosed.
- Insider trading policy in place; additional REIT ownership restrictions via Declaration of Trust; clawback policy for NEOs.
Overall signal: Governance structures and independence determinations, combined with committee leadership and mandatory equity holding, support investor confidence; external-advisor model and prior WPC ties warrant continued monitoring of related-party oversight quality and fee arrangements.