Jeff A. Jacobson
About Jeff A. Jacobson
Independent director at Realty Income (O) since 2024; age 63. Former Global CEO of LaSalle Investment Management (JLL) with 35+ years in global real estate investment. Member of the Audit Committee and designated an Audit Committee Financial Expert; holds a B.A. in Economics and an M.A. from Stanford (Food Research Institute). Independent under NYSE and company standards.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| LaSalle Investment Management (JLL) | Global Chief Executive Officer | 2007–2021 | Sat on three regional investment committees (North America, Europe, Asia); led global platform and growth |
| LaSalle Investment Management (JLL) | European CEO | 2000–2006 | Led European expansion and investment oversight |
| Security Capital Group | Leadership roles | 1998–2000 | Real estate holding company leadership experience |
| LaSalle Investment Management (JLL) | Various roles | 1986–1998 | Progressive investment leadership roles |
External Roles
| Organization | Role | Since | Notes |
|---|---|---|---|
| Cadillac Fairview (OTPP-owned) | Director | 2022 | North American owner/operator/developer; wholly owned by Ontario Teachers’ Pension Plan |
| The Vistria Group | Senior Adviser | N/A | Private investment firm in healthcare, financial services, housing |
Board Governance
- Independence: Independent director; Board states all directors except CEO are independent.
- Committees: Audit Committee member; Audit met 7 times in 2024.
- Financial expertise: Board determined Jacobson qualifies as an “audit committee financial expert.”
- Attendance: Board met 8 times in 2024; all directors attended ≥75% of Board and committee meetings; all directors attended the 2024 annual meeting.
- Anti-hedging/pledging: Directors prohibited from hedging or pledging company stock.
- Related-party review: Audit Committee oversees related-party transaction policy. Company reports no related-party transactions in 2024.
Fixed Compensation
| Item | 2024 Amount/Detail |
|---|---|
| Fees Earned or Paid in Cash | $45,144 (prorated for 2024 service starting Feb 21, 2024) |
| Stock Awards (Grant Date Fair Value) | $417,760 total: 4,000 RS on Feb 21, 2024 @ $52.69 = $210,760 and 4,000 RS on May 30, 2024 @ $51.75 = $207,000 |
| Total 2024 Director Compensation | $462,904 |
| 2024 Director Pay Structure | Annual cash retainer $35,000; Non-Exec Chair $125,000; Audit member $17,500; annual equity 4,000 RS (vesting schedule by service years) |
| Vesting for Non-Employee Directors | <6 years service: 1/3 each on first three anniversaries (applies to Jacobson) |
Notable 2025 changes (pending/approved where applicable):
- Cash retainer increased to $100,000; Non-Exec Chair to $150,000 (effective as of 2025 Annual Meeting).
- Annual director equity grant changed from fixed 4,000 shares to a $200,000 value (shares determined by grant-date price), subject to stockholder approval of plan amendment.
Deferred compensation: Directors may defer up to 100% of retainers and equity; distributions per plan elections. Effective Dec 1, 2024.
Performance Compensation
Non-employee directors do not receive performance-based incentives; equity grants are time-based restricted stock/RSUs with service-vesting only.
Other Directorships & Interlocks
| Company | Type | Role | Potential Interlocks/Notes |
|---|---|---|---|
| Cadillac Fairview | Private (OTPP) | Director | No related-party transactions disclosed with Realty Income in 2024 |
| The Vistria Group | Private | Senior Adviser | No related-party transactions disclosed with Realty Income in 2024 |
No other public company directorships for Jacobson disclosed in the proxy.
Expertise & Qualifications
- Global real estate investment leadership (multi-region investment committees).
- Audit/financial expertise recognized (Audit Committee Financial Expert).
- Strategic planning, capital allocation, diversified asset class experience.
- Education: B.A. Economics and M.A. (Food Research Institute), Stanford University.
Equity Ownership
| Metric | Value |
|---|---|
| Beneficial ownership | 8,000 shares (all unvested restricted stock) |
| % of shares outstanding | ~0.0009% (8,000 / 891,769,159) as of Mar 3, 2025 |
| Vested vs. Unvested | Vested: 0; Unvested: 8,000 (restricted stock) |
| Ownership guidelines | Directors must hold ≥5x annual cash retainer; for 2024, $175,000 equated to 3,277 shares; new directors have 5 years; as of Dec 31, 2024, each director subject to the guidelines met or exceeded requirements. |
| Hedging/Pledging | Prohibited for directors. |
Note: Shares outstanding of 891,769,159 as of Mar 3, 2025. Percentage is computed from disclosed figures.
Governance Assessment
- Strengths
- Independent director with deep global real estate investment experience; serves on Audit and is designated financial expert, enhancing oversight of financial reporting and risk.
- Strong attendance and engagement; Board and committees met regularly in 2024 with full compliance.
- No related-party transactions reported; robust anti-hedging/pledging and clawback policies; strong say-on-pay support (93.3% in 2024) indicating investor alignment.
- Watch items
- 2025 increase in director cash retainer and shift to a $200,000 fixed-value equity grant raises pay levels; Board cites peer alignment—monitor investor feedback post-implementation.
- Equity awards are time-based (not performance-linked), standard for directors but reduces pay-at-risk optics versus performance-based structures; mitigated by stock ownership guidelines.
Appendices: Committee Scope and 2024 Activity (Context)
- Audit Committee responsibilities include financial statement integrity, ERM, cybersecurity oversight, and related-party transaction review; 7 meetings in 2024; members include Jacobson.
- Board met 8 times in 2024; all directors ≥75% attendance; all attended annual meeting.