Javier F. Bitar
About Javier F. Bitar
Javier F. Bitar is Peakstone Realty Trust’s Chief Financial Officer and Treasurer, age 63, with over 35 years of commercial real estate accounting and finance experience; he has served as CFO since June 2016 and previously held senior roles at New Pacific Realty and Maguire Investments, and is a California CPA and magna cum laude BBA graduate of California State University, Los Angeles . During 2024, PKST executed a transformation toward industrial assets: acquiring a $490 million IOS portfolio, lifting industrial ABR from ~25% to ~40%, divesting $317.4 million of non-core assets, and demonstrating leverage reduction track record (Net Debt/Normalized EBITDAre from 7.1x to 5.9x), which informed incentive decisions including capping cash bonuses at target for Bitar given stock performance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Peakstone Realty Trust | Chief Financial Officer & Treasurer | June 2016–present | Led finance through multi‑year portfolio repositioning and listing transition . |
| Griffin Capital Essential Asset REIT (PKST predecessor) | CFO & Treasurer | June 2016–April 2019 | Maintained continuity through predecessor-to-listing evolution . |
| New Pacific Realty Corporation | Chief Financial Officer | July 2014–May 2016 | Oversaw finance for real estate investment/development . |
| Maguire Investments & affiliates | Roles of increasing responsibility; COO for 5 years | ~25 years (incl. 5 years COO) | Ran operating and financial functions for large real estate portfolio . |
External Roles
No public-company board roles disclosed for Bitar; background section lists executive positions only .
Fixed Compensation
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Salary ($) | $500,000 | $525,000 | $525,000 | $525,000 |
| Bonus ($) | $750,000 | $1,000,000 | — | — |
| Stock Awards ($) | $1,450,001 | $1,000,004 | $999,974 | $999,995 |
| Non-Equity Incentive Plan Compensation ($) | — | — | $1,050,000 | $787,500 |
| All Other Compensation ($) | $226,990 | $275,363 | $183,893 | $186,356 |
| Total Compensation ($) | $2,926,991 | $2,800,367 | $2,758,867 | $2,498,851 |
All Other Compensation detail (2024):
- Employer contributions: Executive Deferred Compensation Plan $65,625; 401(k) $66,450; distribution equivalents on RSUs $51,941; life insurance $2,340 .
Performance Compensation
Annual Cash Incentive Outcomes
| Year | Base Salary ($) | Target Bonus (% of Salary) | Target ($) | Payout ($) | Payout vs Target |
|---|---|---|---|---|---|
| 2023 | $525,000 | 150% | $787,500 | $1,050,000 | 133% of target |
| 2024 | $525,000 | Set by Committee; capped at target for CFO | $787,500 | $787,500 | 100% of target (capped) |
Select 2024 scorecard metric:
| Metric | Weighting | Target/Criteria | Actual/Result | Achievement |
|---|---|---|---|---|
| G&A Management | 5% | G&A not to exceed 2023 run rate (ex-severance) | Reduced G&A run rate ~9% (ex-severance) | Achieved |
Compensation Committee rationale: despite strong strategic progress, cash incentive payouts for CEO and CFO were capped at target in consideration of stock performance; Ms. Sitzer earned maximum .
Long-Term Incentives (RSUs)
| Grant | Grant Date | Value ($) | RSUs (#) | Vesting Schedule |
|---|---|---|---|---|
| 2024 grant (for 2023 performance) | 4/1/2024 | $1,000,000 | 61,996 | Time-based; equal tranches on 12/31/2024, 12/31/2025, 12/31/2026; distribution equivalents from 1/1/2024 . |
| 2025 grant (for 2024 performance) | 3/7/2025 | $754,540 | 62,000 | Time-based; equal tranches on 12/15/2025, 12/15/2026, 12/15/2027; distribution equivalents from 1/1/2025 . |
Program design: equity values reviewed against peer group and aligned to shareholder experience; year-end 2024 awards reduced in value in line with stock price while holding RSU count ~flat vs prior year for CEO/CFO .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 44,974 common shares/OP Units; <1% of shares outstanding as of 3/14/2025; includes shares delivered from March 25, 2021 RSU vest on 3/25/2025 . |
| Pledging | Company states, to its knowledge, no executive/trustee shares or OP Units are pledged . |
| Unvested RSUs (12/31/2024) | 47,708 RSUs; market value $528,133 based on 12/31/2024 close . |
| Vesting Dates & Amounts | 3/25/2025: 1,393; 12/31/2025: 25,649; 12/31/2026: 20,666 . |
| Deferred Compensation (12/31/2024) | Executive contributions $131,250; company contributions $65,625; earnings $125,725; withdrawals $229,086; ending balance $1,174,731 . |
| Ownership Guidelines | Not disclosed in available excerpts; equity awards are time-vesting RSUs with distribution equivalents . |
Vesting calendar supply signals:
- 2025: 1,393 shares on 3/25/2025; ~20,667 RSUs accrue toward 12/15/2025 and 12/31/2025 tranches when combining 2024 and 2025 grants (12/15/2025 tranche from 2025 grant, 12/31/2025 tranche from 2024 grant) .
- 2026–2027: material time-based vesting continues on 12/15/2026–2027 and 12/31/2026 .
Employment Terms
| Element | Terms |
|---|---|
| Agreement | Amended & Restated Employment Agreement effective March 23, 2023 (date of listing); initial 5‑year term; automatic 1‑year renewals unless notice . |
| Base Salary | Initial $525,000; subject to annual review for increases (no decreases) . |
| Annual Incentive | 2023 thresholds: 100%/150%/200% of base for threshold/target/max; 2024+ levels set by Compensation Committee . |
| Equity Eligibility | Equity awards determined at Compensation Committee discretion . |
| Restrictive Covenants | NEOs subject to restrictive covenants in employment agreements (non‑compete, etc., in originals) . |
| Clawback Policy | “Policy for Recovery of Erroneously Awarded Compensation” (Exhibit 97.1) referenced in 2024–2025 filings . |
Severance and Change-in-Control Economics (as of 12/31/2024)
| Scenario | Pro-Rata Bonus ($) | Base Severance ($) | Accelerated RSUs ($) | Other (Benefits, etc.) ($) | Total ($) |
|---|---|---|---|---|---|
| Death/Disability | $787,500 | — | $528,133 | $353,149 | $1,668,782 |
| Termination Without Cause or Resignation with Good Reason (no CIC) | $1,050,000 | $1,968,750 | $528,133 | $353,149 | $3,900,032 |
| Termination in connection with CIC or Liquidation Event; expiration of term post Liquidation Event | $1,050,000 | $3,281,250 | $528,133 | $374,930 | $5,234,313 |
| CIC without Termination | — | — | $528,133 | — | $528,133 |
Severance multiples: 1.5x base salary + Average Incentive Bonus with 18 months benefits for without cause/good reason; 2.5x base salary + Average Incentive Bonus with 30 months benefits for qualifying CIC terminations (6 months before/12 months after) .
Investment Implications
- Pay-for-performance alignment is evident: 2024 cash bonuses for CFO were capped at target due to stock price performance despite operational achievements, and 2025 RSU values were reduced in line with share price while maintaining similar RSU counts, limiting windfall risk .
- Upcoming vesting tranches (notably 25,649 on 12/31/2025 and 20,666 on 12/31/2026 plus 62,000 RSUs vesting 2025–2027) suggest periodic supply overhang potential; monitor Form 4s around December vesting dates for selling pressure signals .
- Retention risk appears moderate: severance protections with 1.5x/2.5x salary+bonus and health benefits, accelerated vesting on certain terminations, and ongoing RSU cadence provide stickiness; presence of clawback policy enhances governance quality .
- Alignment factors are mostly positive: no pledging disclosed and meaningful deferred comp participation, though direct equity ownership is <1%—continued accumulation or retention of vested shares would strengthen skin‑in‑the‑game optics .