John J. Park
About John J. Park
John J. Park, age 60, is a Class II trustee of Net Lease Office Properties (NLOP) serving since 2023. He became a non-employee trustee effective March 1, 2025 and previously held senior roles at W. P. Carey Inc. (Advisor to NLOP), including President (2018–September 2024) and Senior Advisor (October 2024–February 2025) . He is not classified as an independent trustee under NLOP’s independence standards given his recent employment with the Advisor; independent trustees named are Axel K.A. Hansing, Jean Hoysradt, and Richard J. Pinola . In 2024, each trustee attended at least 75% of Board meetings, meeting NLOP’s attendance guideline .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| W. P. Carey Inc. (NYSE: WPC) | Senior Advisor | Oct 2024–Feb 2025 | Post-CEO transition advisory; continued capital markets/strategy support |
| W. P. Carey Inc. (NYSE: WPC) | President | 2018–Sep 2024 | Oversaw corporate strategy and capital markets; significant M&A experience cited by NLOP |
| W. P. Carey Inc. | Director of Strategy & Capital Markets | 2016–2017 | Strategy and financing leadership |
| W. P. Carey Inc. | Various roles | 1987–2016 | Long-tenured executive track |
| NLOP | Trustee (Class II) | 2023–present | No committee assignments |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| W. P. Carey Foundation | Trustee | Since 2013 | Philanthropic board role (non-public company) |
| Watermark Lodging Trust, Inc. (formerly Carey Watermark Investors 2) | Director | 2020 | Former public REIT directorship |
| Current public company boards | None | — | NLOP disclosure states no other current public boards |
Board Governance
- Committee memberships: None (Park is not on Audit, Compensation, or Nominating and Corporate Governance) .
- Independence status: Not independent under NYSE/NLOP standards; independent trustees are Hansing, Hoysradt, Pinola . Park was employed by the Advisor until February 28, 2025 .
- Attendance: Each trustee attended at least 75% of Board and applicable committee meetings in 2024 .
- Years of service: On the Board since 2023; Class II term runs to the 2026 meeting under declassification plan .
- Lead Independent Trustee: Richard J. Pinola; Audit Chair and NYSE “financial expert” .
Fixed Compensation
| Component | Amount | Effective/Notes |
|---|---|---|
| Annual cash retainer (non-employee trustees) | $200,000 | Structure in place for 2024; Park began receiving compensation as a non-employee trustee on March 1, 2025 (2025 amounts not itemized in proxy) . |
| Lead Trustee fee | $20,000 | Applicable to Lead Independent Trustee . |
| Audit Committee Chair fee | $15,000 | Committee chair . |
| Compensation Committee Chair fee | $10,000 | Committee chair . |
| Nominating & Corporate Governance Chair fee | $10,000 | Committee chair . |
| Meeting fees | Not disclosed | No per-meeting fees listed . |
Note: 2024 Non-Employee Trustee Compensation Table shows cash paid for Hansing ($210k), Hoysradt ($210k), Pinola ($235k); Park’s compensation began March 1, 2025 and is not included in 2024 figures .
Performance Compensation
| Element | Grant details | Vesting | Applies to Park? |
|---|---|---|---|
| Initial RSU grant (independent trustees) | $100,000 grant-date value under 2023 Plan on/around Nov 2, 2023 | Vested Nov 2, 2024; independent trustees must hold initial 9,551 RSUs until separation of service under Share Ownership Guidelines . | Park is not classified as independent in 2025; no RSUs disclosed for Park . |
| Options/PSUs/performance metrics | None disclosed for directors | — | None disclosed . |
No performance metric framework is disclosed for director compensation; NLOP’s discussion of performance metrics pertains to Advisor-paid NEO compensation and is unrelated to director pay .
Other Directorships & Interlocks
| Relationship/Entity | Description | Interlock/Conflict Note |
|---|---|---|
| W. P. Carey Inc. (Advisor) | NLOP is externally managed by WPC affiliates under Advisory Agreements; $11.4 million paid in 2024 fees (incl. $1.9m recognized in 2023) . | Potential conflict due to fee-bearing related-party arrangements; mitigated by Audit Committee oversight of related-party transactions . |
| Park’s prior employment at Advisor | Senior Advisor through Feb 2025; President until Sep 2024 . | Independence impairment and perceived conflict proximity given recent employment . |
| CEO dual roles | Jason E. Fox is NLOP CEO/Chair and WPC CEO/President/Director . | Governance complexity and information flow interlock at Advisor-client interface . |
| Current public boards | None for Park . | Limits external interlocks among public companies. |
Expertise & Qualifications
- Mergers & acquisitions, capital markets, strategic planning (core credentials cited by NLOP) .
- Long-tenured REIT executive experience at W. P. Carey .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| John J. Park | 32,665 | <1% | Includes 2,196 shares owned by spouse; Park disclaims beneficial ownership of spouse’s shares; adult children’s holdings no longer included after household change . |
| Shares outstanding (record date) | 14,814,075 | — | Common shares entitled to vote as of April 14, 2025 . |
Other ownership practices:
- Share ownership guidelines: independent trustees must hold initial 9,551 RSUs until separation; all independent trustees comply .
- Pledging: Not expressly disclosed for director table; no pledge statement specific to Park is provided .
Governance Assessment
- Independence and conflicts: Park is not independent in 2025 due to employment with NLOP’s Advisor through Feb 2025, and NLOP pays significant advisory fees to WPC; CEO Fox’s dual roles further entrench Advisor interlocks. These factors elevate related-party risk and require strong committee oversight .
- Committee effectiveness: Park holds no committee assignments, limiting his direct role in audit or compensation oversight; independent trustees exclusively staff all standing committees, which review Advisor fees and related-person transactions—an important mitigant .
- Attendance: Board met four times in 2024; trustees met at least the 75% attendance threshold; no individual exceptions disclosed .
- Pay alignment: Director compensation structure is predominantly fixed cash with limited equity for independent trustees; Park began receiving director pay on March 1, 2025 but no 2025 amounts are disclosed. Absence of performance-based director pay is typical; alignment relies on share ownership rather than metrics .
- Say-on-pay context: As an Emerging Growth Company, NLOP is not required to conduct say-on-pay votes, limiting shareholder feedback mechanisms on compensation during EGC status .
RED FLAGS
- Not independent and recent employment by the Advisor (WPC), combined with material advisory fee flows, present elevated conflict-of-interest risk requiring continuous monitoring by independent committees .
- No committee memberships for Park reduces his direct involvement in key oversight domains (Audit, Compensation, Governance) .
- CEO/Chair’s simultaneous leadership at Advisor (WPC) indicates strong interlocks that can challenge arm’s-length oversight without rigorous related-party governance protocols .