Leor Siri
About Leor Siri
Independent director (Age 52), serving on One Liberty Properties’ board since 2014; current Class 1 term runs to the 2027 annual meeting . A certified public accountant with Big Four experience (Ernst & Young), he has held senior finance roles across notable real estate firms, and is designated OLP’s audit committee financial expert . The board affirmed his independence under NYSE and SEC rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Silverstein Properties, Inc. | EVP & Treasurer (2021–2023); CFO (2014–2021); Management Committee member (2014–2023) | 2014–2023 | Led finance/treasury at large private real estate developer; deep reporting/control experience |
| Ian Schrager Company | Chief Financial Officer | 2013–2014 | Hospitality/real estate finance leadership |
| Seavest Inc. | CFO; Executive Investment Committee member | 2011–2013 | Investment committee governance and financial oversight |
| Elad Group, Ltd. | Chief Accounting Officer, Treasurer, Director | 2006–2011 | Corporate accounting and treasury leadership |
| Ernst & Young (E&Y) | Various roles including Senior Manager | 1996–2006 | Big Four audit and advisory foundation; CPA |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Rosen Equities | Chief Financial Officer | Since 2023 | Privately held real estate development/management consortium |
Board Governance
- Committee assignments: Audit Committee Chair; Nominating & Corporate Governance Committee member; not on Compensation Committee .
- Independence: Board affirmatively determined Siri is independent under NYSE 303A, SEC Rule 10A‑3/10C‑1; also independent for audit/compensation committee standards .
- Attendance: In 2024 the board met 4 times; all directors attended at least 75% of board and committee meetings, and all directors attended the annual meeting .
- Executive sessions: Non-management directors meet regularly without management; Independent Lead Director presides (J. Robert Lovejoy) .
- Audit Committee leadership: Siri signed the Audit Committee Report recommending inclusion of 2024 audited financials in the 10‑K .
| Committee | Role | 2024 Meetings |
|---|---|---|
| Audit | Chair | 4 |
| Compensation | — | 5 |
| Nominating | Member | 3 |
Fixed Compensation
- 2024 cash compensation total: $82,600 .
- Breakdown aligned with disclosed retainers and meeting fees:
| Component (2024) | Amount ($) |
|---|---|
| Board annual retainer | 45,000 |
| Audit Committee member retainer | 12,400 |
| Audit Committee Chair retainer (additional) | 15,000 |
| Nominating Committee member retainer | 6,200 |
| Board meeting fees ($1,000 × 4 meetings) | 4,000 |
| Total Cash | 82,600 |
Performance Compensation
- Equity form and vesting: Non-management directors receive annual restricted stock (RS) grants with five-year cliff vesting; voting and dividends accrue during vesting; no performance conditions on director equity .
- Grants:
- 2024: 3,350 RS shares (grant date 1/12/2024), grant-date fair value $21.60/share; total $72,360 .
- 2025: 3,500 RS shares to each non-management director (count disclosed; values vary with grant-date price) .
| Grant Year | Grant Date | Instrument | Shares | Fair Value/Share ($) | Total Value ($) | Vesting Terms |
|---|---|---|---|---|---|---|
| 2024 | Jan 12, 2024 | Restricted Stock | 3,350 | 21.60 | 72,360 | 5-year cliff; accelerated on specified events |
| 2025 | 2025 (date not specified) | Restricted Stock | 3,500 | — | — | 5-year cliff; accelerated on specified events |
Performance metrics table: None for director equity (time-based vesting only) .
Other Directorships & Interlocks
- Public company boards: No other public company directorships disclosed in Siri’s biography .
- Network/interlocks: Siri is not part of the Gould family network; as Audit Chair, he oversees related party transactions review (approval role may be delegated from Audit to other committees as noted) .
Expertise & Qualifications
- CPA with Big Four (E&Y) experience; audit committee financial expert .
- Senior finance leadership across large real estate platforms (CFO, Treasurer, Investment Committee roles) .
- Strong understanding of financial reporting and controls for REITs and real estate operations .
Equity Ownership
- Beneficial ownership (as of March 19, 2025): 33,950 shares; <1% of class; excludes 287 shares held by spouse as custodian for children (disclaimed) .
- Unvested director RS holdings (as of Dec 31, 2024): 16,450 shares; market value $448,098 (at $27.24/share) .
- Ownership guidelines: Non-employee directors must hold ≥3× annual base retainer; all directors met guidelines as of Dec 31, 2024 .
- Hedging/short sales: Prohibited for covered persons .
| Ownership Detail | Value |
|---|---|
| Beneficial shares | 33,950; <1% of class |
| Unvested RS (12/31/2024) | 16,450 shares; $448,098 value |
| Director ownership guideline | 3× annual base retainer; met as of 12/31/2024 |
| Hedging policy | Short sales/hedging prohibited |
Governance Assessment
-
Strengths:
- Independence and audit leadership with CPA/Big Four pedigree; designated financial expert .
- Audit Committee oversight of financial reporting, risk (including cybersecurity), internal controls, and related party transactions; signed Audit Committee Report for 2024 10‑K .
- Ownership alignment: time-based RS grants; compliance with stock ownership guidelines; dividends accrue on RS to reinforce holding .
- No director options; non-management director equity capped in new 2025 Incentive Plan (≤10,000 shares/year), avoiding excessive equity awards to directors .
-
Risks/RED FLAGS:
- Section 16(a) delinquency: Siri filed one report one day late in 2024 (minor compliance lapse) .
- Related-party exposure: Company pays Majestic (affiliated with Vice Chairman/F. H. Gould) $3,322,000 in 2024 plus office reimbursements; audit committee is tasked with oversight/approval of such transactions—ongoing conflict monitoring required .
- Concentrated insider/family ownership and affiliate ties (Gould Investors 10.5%; multiple executives/directors affiliated), increasing the importance of robust independent audit oversight .
-
Compensation structure notes:
- Director pay mix emphasizes cash retainers and time-based RS; no performance-linked equity for directors, which is typical but provides limited explicit pay-for-performance for board members .
- Anti-hedging and clawback frameworks present (company-wide), supporting alignment and accountability .
Say-on-Pay (executives): Recent approvals were 81.5% (2023) and 93.9% (2024), indicating general investor comfort with compensation governance; while focused on executives, this reflects broader governance sentiment .