Kim Hourihan
About Kim Hourihan
Independent director appointed to Realty Income’s Board on October 14, 2025, with service through the 2026 annual meeting; determined independent under NYSE standards and company guidelines . Currently Managing Director and Global Head of Strategy at Invesco Real Estate (AUM $90.1B), with prior Chief Investment Officer roles at CBRE Investment Management over a 17-year tenure; earlier roles at Starwood Capital Group and TA Associates Realty . Committee assignment: Compensation and Talent Committee member .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Real Estate | Managing Director & Global Head of Strategy; oversees global strategy | Current | Global strategy leadership; firm AUM $90.1B |
| CBRE Investment Management | Various Chief Investment Officer roles; oversaw fund strategy and performance | 17 years | Led US and international fund strategies across 20-country footprint |
| Starwood Capital Group | Investment professional | Not disclosed | Not disclosed |
| TA Associates Realty | Investment professional | Not disclosed | Not disclosed |
External Roles
| Organization | Role | Scope | Notes |
|---|---|---|---|
| Invesco Real Estate | Managing Director & Global Head of Strategy | U.S., Europe, Asia | AUM $90.1B |
| CBRE Investment Management | Chief Investment Officer (various) | Global | Real assets AUM $155.3B; operations in 20 countries |
Board Governance
| Item | Status/Details |
|---|---|
| Independence | Independent under company categorical standards and NYSE rules |
| Board appointment date | October 14, 2025 |
| Committee assignment | Compensation and Talent Committee (member) |
| Committee chair roles | None disclosed for Ms. Hourihan |
| Board size change | Increased to 11 with her appointment |
| Attendance | Not yet disclosed for Ms. Hourihan; Board met 8 times in 2024; all directors ≥75% attendance (pre-appointment) |
| Executive sessions | Independent directors hold executive sessions; Non-Executive Chairman presides |
| Stock ownership guidelines | Minimum holding valued at ≥5× annual cash retainer (directors) |
| Anti-hedging/pledging | Directors prohibited from hedging, shorting, derivatives; pledging and margin accounts prohibited |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual board cash retainer | $100,000 | Effective as of the annual meeting per program changes |
| Compensation & Talent Committee member retainer | $15,000 | Annual cash for committee service |
| Initial equity grant (restricted shares/RSUs) | $200,000 | Granted at appointment; shares = $200,000 ÷ closing price on grant date |
| Ongoing annual equity grant | $200,000 per annual meeting | If continuing in service; same $200,000 value structure |
| Vesting (director equity) | Time-based; tenure-linked | <6 yrs service: one-third each year over 3 years; 6 yrs: half each year over 2 years; 7 yrs: 100% after 1 year; ≥8 yrs: fully vested at grant |
Performance Compensation
| Component | Structure | Performance Metrics |
|---|---|---|
| Director equity awards | Time-based restricted stock/RSUs | None; vesting based on years of board service (no financial/TSR metrics) |
| Cash retainers | Fixed | None |
Other Directorships & Interlocks
| Company | Role | Committee roles | Potential interlocks/conflicts |
|---|---|---|---|
| None disclosed at appointment | — | — | 8‑K states no transactions requiring Item 404(a) disclosure; no selection arrangements or related transactions |
Expertise & Qualifications
- Global real estate investment management executive with strategy leadership across U.S., Europe, and Asia; prior CIO roles at CBRE IM overseeing fund strategy and performance .
- Deep private fund management and capital sources expertise highlighted by management as valuable to Realty Income’s diversification of capital .
- Appointment informed by Russell Reynolds Associates search; complements board’s diverse skill set per Chair and CEO statements .
Equity Ownership
| Item | Detail |
|---|---|
| Initial grant | Restricted shares valued at $200,000 at appointment; number of shares determined by grant-date price |
| Annual grant | $200,000 per annual meeting while serving |
| Beneficial ownership (Form 3/Proxy) | Not disclosed in March 2025 proxy (pre-appointment) |
| Ownership guidelines | Must hold stock valued at ≥5× annual cash retainer |
| Pledging/hedging | Prohibited under company policy |
Governance Assessment
- Independence and committee assignment: Affirmatively independent; placed on Compensation & Talent Committee—positions her to influence executive pay philosophy, clawback enforcement, and human capital oversight .
- Compensation alignment: Director pay moved to market-aligned cash ($100k) and dollar-denominated equity ($200k) to ensure consistency; equity is time-based with tenure-linked vesting—aligns with long-term ownership without incentivizing short-term risk .
- Ownership alignment safeguards: Strong anti-hedging/pledging, mandatory stock ownership at ≥5× cash retainer enhance alignment; deferred compensation plan available if elected .
- Conflicts/related-party: Company disclosed no related-party transactions in 2024; her appointment 8‑K states no Item 404(a) transactions or selection arrangements—low conflict risk at appointment .
RED FLAGS
- None disclosed: No related-party transactions, hedging/pledging prohibited, independence affirmed, and standard director compensation terms without performance-linked equity (reduces risk of pay anomalies) .