Robin Zeigler
About Robin Zeigler
Independent director since July 2020; age 52 as of March 18, 2025. Founder and CEO of MURAL Real Estate Partners (since May 2022), with two decades of REIT operating experience (Federal Realty, Penzance, Cedar Realty) and board roles at RLJ Lodging Trust and JLL Income Property Trust. Education: MBA (Real Estate), Georgia State University; BS (Accounting), Florida A&M University. Core credentials: REIT operations, real estate investing, capital markets, strategy; Chair of NTST’s Nominating & Corporate Governance Committee and member, Investment Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cedar Realty Trust (NYSE: CDR) | COO, EVP | Mar 2016 – May 2022 | Senior operating leader of equity REIT platform |
| Penzance | EVP – Head of Operations | 2015 – 2016 | Operations leadership at commercial RE investment co. |
| Federal Realty Investment Trust (NYSE: FRT) | COO, Mid-Atlantic Region | 2004 – 2015 | Regional P&L leadership at large retail REIT |
| KeyBank Real Estate Capital; Lendlease RE Investments; Ernst & Young LLP | Various roles | Earlier career | Finance, investing, and advisory foundation |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| RLJ Lodging Trust (NYSE: RLJ) | Trustee | Since Jan 2022 | Lodging REIT board service |
| JLL Income Property Trust (Nasdaq: ZIPTMX, non-traded REIT) | Director | Since Jul 2021 | Non-traded REIT board service |
| MURAL Real Estate Partners | Founder & CEO | Since May 2022 | Commercial real estate services firm |
Board Governance
- Committee assignments: Chair, Nominating & Corporate Governance Committee; Member, Investment Committee .
- Independence: Board has affirmatively determined Ms. Zeigler is independent under NYSE rules .
- Attendance and engagement: Board met 7 times in 2024; each nominee (including Zeigler) attended at least 75% of Board and committee meetings when serving. Standard 2024 committee meetings: Audit (9), Compensation (6), Nominating (9), Investment (1) .
- Board process quality: Annual Board/committee self-evaluations run by an independent third party; 2024 conclusion—Board and committees operating effectively .
- Governance structure: Independent Chair; regular executive sessions of non-employee directors; six of seven directors independent .
Fixed Compensation (Director)
| Component (FY2024) | Amount |
|---|---|
| Cash fees (Zeigler) | $83,511 |
| Stock awards (grant-date fair value) | $90,000 (5,193 RSUs) |
| Total | $173,511 |
Director fee framework (2024): Annual cash retainer $60,000; Chair fees—Board $25,000; Committee Chairs: Audit $20,000, Compensation $15,000, Nominating $15,000, Investment $10,000; Committee member fees: Audit $10,000, Compensation $7,500, Nominating $7,500, Investment $5,000; Equity—RSUs ≈$90,000, vesting after one year .
Director fee framework (effective 2025): Annual cash retainer $70,000; Board Chair $50,000; Committee Chairs: Audit $20,000, Compensation $15,000, Nominating $15,000, Investment $15,000; Committee member fees: Audit $10,000, Compensation $7,500, Nominating $7,500, Investment $7,500; Equity—RSUs ≈$105,000, one-year vest .
Performance Compensation (Director)
| Element | Design | Metrics | Vesting/Terms |
|---|---|---|---|
| Annual RSU grant (non-employee directors) | Time-based RSUs | None (service-based) | Vests on first anniversary of grant; 2024 grant size ≈$90k; 2025 ≈$105k |
Note: Director equity is not performance-conditioned; alignment is reinforced via stock ownership guidelines and retention requirements .
Other Directorships & Interlocks
| Company | Overlap/Interlock with NTST | Potential Conflict |
|---|---|---|
| RLJ Lodging Trust | None disclosed with NTST directors/executives | Different REIT subsector (lodging) |
| JLL Income Property Trust | None disclosed with NTST directors/executives | Non-traded REIT; no disclosed overlaps |
The proxy’s “Certain Relationships and Related Party Transactions” section outlines policy and approval mechanics; no specific related-party transactions involving Ms. Zeigler are discussed in the document section referenced .
Expertise & Qualifications
- Skills matrix: Real Estate, REIT, Executive Management, Capital Markets, Strategic Planning/M&A, Internal/External Risk Oversight, Human Capital, Legal/Regulatory, Technology, ESG, Marketing—all indicated for Ms. Zeigler .
- Governance leadership: Chair of Nominating & Corporate Governance; oversight of succession planning, independence determinations, ESG policies, board evaluations .
- Education: MBA (Real Estate), Georgia State University; BS (Accounting), Florida A&M University .
Equity Ownership
| Item | Value |
|---|---|
| Beneficial ownership (common shares) | 18,344 shares (less than 1% of outstanding) |
| Unvested RSUs | 7,192 (excluded from beneficial ownership figure) |
| Shares outstanding (record date) | 81,698,942 |
| Pledged shares | None (no shares of any director/executive pledged) |
| Director ownership guideline | Increased in Feb 2025 to 4x annual cash retainer; must retain 50% of net after-tax shares until in compliance |
| Compliance status (as of 12/31/2024) | All non-employee directors in compliance with guidelines |
Governance Assessment
-
Strengths
- Independent director with deep operating experience across retail and lodging REIT subsectors; brings portfolio operations and asset management rigor .
- Governance leadership as Nominating Committee Chair (succession, board refreshment, ESG oversight); independent third-party board evaluations indicate effective committee operations in 2024 .
- Strong alignment policies: enhanced director ownership guideline (4x retainer), post-vest holding/retention, formal prohibition on hedging and pledging, and clawback program for executives; non-employee directors receive equity annually .
- Board independence and structure (independent Chair; majority independent; executive sessions) support robust oversight .
-
Watch items / potential red flags
- Director pay upward drift: 2025 increases to cash retainer, committee fees, and equity grant value; board also seeking to raise non-employee director annual compensation limit in the omnibus plan from $600,000 to $750,000 (first-year cap $1,000,000), which could signal future flexibility for higher director pay—monitor say-on-pay and director comp benchmarking disclosures for alignment with peers .
- Multiple concurrent roles (public REIT trustee and CEO of a private firm) can create time-commitment risk; however, the proxy reports ≥75% attendance for 2024, and standard committee meeting cadence was manageable (Nominating held 9 meetings; Investment 1) .
- Related-party oversight relies on policy and Audit Committee approval; no specific transactions involving Ms. Zeigler are described in the referenced section—continue to review future proxies for any disclosed transactions .
-
Investor sentiment signal
- Advisory say-on-pay support improved to ~91% in 2024 after outreach and program changes—constructive backdrop for board oversight of compensation and governance .