Robert Lieber
About Robert C. Lieber
Robert C. Lieber, age 70, is TPC’s Lead Independent Director and Vice Chairman, serving on the Audit and Compensation Committees. He has been a director since 2014 and is classified by the Board as independent under NYSE standards. His background spans senior roles in real estate investment banking, government economic development, and REIT leadership, with degrees from the University of Colorado (BA) and the Wharton School (MBA) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lehman Brothers | Global Head of Real Estate Investment Banking; MD, Real Estate Private Equity | 1984–2006 | Led capital raising and corporate finance for real estate; private equity leadership |
| NYC Economic Development Corporation | President | 2007–2008 | Led NYC’s economic development initiatives |
| City of New York | Deputy Mayor for Economic Development (under Mayor Bloomberg) | 2008–2010 | Citywide economic development oversight |
| Exantas Capital Corp. (now ACRES Commercial Realty Corp.) | CEO & President | 2016–2020 | Public REIT leadership, managed by C‑III subsidiary |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Island Capital Group LLC | Executive Managing Director | Since July 2010 | International real estate merchant bank |
| C‑III Capital Partners LLC | Executive Managing Director; Investment Committee member | Since 2010 | Asset management and CRE services; Island Capital parent |
| Resource Real Estate Opportunity REIT, Inc. | Director (former) | 2018–2022 | Public non‑traded REIT |
| Acre Realty Investors, Inc. | Director (former) | 2014–2017 | Public REIT, acquired in 2017 |
Board Governance
- Committee assignments: Audit Committee member; Compensation Committee member; Lead Independent Director designated by independent directors .
- Lead Independent Director responsibilities include chairing executive sessions of non‑management directors, serving as liaison with the Chair, agenda input, and governance consultation .
- Independence: Board affirmatively determined Lieber is independent under NYSE and company guidelines .
- Attendance: In 2024, each director attended at least 75% of Board and applicable committee meetings; Board met 5 times; independent directors held one additional meeting; non‑management directors met in executive session on the same day as each of the four regular Board meetings .
- Committee activity: Audit Committee met 12 times; Compensation Committee met 6 times; Corporate Governance & Nominating met 4 times .
Fixed Compensation
| Component (2024) | Amount | Notes |
|---|---|---|
| Annual cash retainer | $100,000 | Standard non‑management director retainer |
| Annual equity value retainer | $160,000 | Annual stock grant based on closing price on grant date |
| Lead Independent Director retainer | $30,000 | Additional for LID role |
| Audit Committee member retainer | $12,500 | Committee membership |
| Compensation Committee member retainer | $7,500 | Committee membership |
| Attendance fees (excess meetings after May 2024) | $1,500 per meeting | Three such Audit Committee meetings occurred in 2024 |
| 2024 Fees Earned (Paid in Cash or Stock) | $164,003 | Actual cash/stock fees for Lieber |
| 2024 Stock Awards (grant date fair value) | $159,997 | Annual director stock grant |
| 2024 Total Director Compensation | $324,000 | Sum of fees and stock awards |
Performance Compensation
- Directors do not have performance‑conditioned equity at TPC; the annual equity retainer is delivered as stock based on market price at grant and, as of 12/31/2024, non‑management directors had no outstanding equity awards (i.e., no unvested RSUs/options outstanding) .
- Stock election: Lieber elected to receive part of his cash retainer in shares—2,872 shares at $20.89 per share (value $59,996) plus $40,004 in cash to total $100,000 .
| Equity Item (2024) | Vehicle | Grant/Election Detail | Amount/Units |
|---|---|---|---|
| Annual director stock grant | Common stock | Grant based on NYSE closing price at grant date | $159,997 |
| Cash retainer share election | Common stock | 2,872 shares at $20.89; balance in cash | 2,872 shares; $59,996 stock; $40,004 cash |
| Outstanding director equity (year‑end) | — | None outstanding for non‑management directors | None |
No director performance metrics apply; equity awards are not tied to revenue/EBITDA/TSR metrics for non‑employee directors .
Other Directorships & Interlocks
| Company/Entity | Type | Role | Potential Interlock/Conflict Indicator |
|---|---|---|---|
| Island Capital Group LLC | Private | Exec Managing Director | No TPC related‑party transactions disclosed involving Lieber |
| C‑III Capital Partners LLC | Private | Exec Managing Director; Investment Committee | No TPC related‑party transactions disclosed involving Lieber |
| Resource Real Estate Opportunity REIT, Inc. | Public (non‑traded REIT) | Former Director | None disclosed |
| Acre Realty Investors, Inc. | Public REIT | Former Director | None disclosed |
Expertise & Qualifications
- Real estate and infrastructure finance, capital markets, and political/governmental expertise from Lehman, NYC Deputy Mayor, and REIT leadership .
- Education: BA (University of Colorado); MBA (Wharton School, University of Pennsylvania) .
- Committee financial acumen: Serves on Audit Committee; Board identifies Audit Committee members as financially literate and audit committee financial experts under SEC/NYSE rules .
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial ownership (as of March 19, 2025) | 170,172 shares; <1% of outstanding shares |
| Ownership guidelines | Directors must hold stock valued at 5× annual cash retainer ($100k); 5‑year compliance window |
| Compliance status | All current non‑management directors are in compliance |
| Anti‑hedging/pledging | Company prohibits hedging; anti‑pledging policy; no executive officer or director currently has pledged shares |
| Options/RSUs at year‑end | Non‑management directors had no outstanding equity awards as of 12/31/2024 |
Governance Assessment
- Strengths: Lead Independent Director structure with explicit responsibilities enhances board oversight; Lieber’s dual committee roles (Audit and Compensation) indicate strong engagement; independence affirmed; director stock ownership guidelines and anti‑hedging/anti‑pledging policies align interests with shareholders; majority voting standard adopted for uncontested elections improves accountability .
- Engagement: Board met 5 times; Audit met 12 and Compensation 6; directors attended ≥75% of meetings, with additional executive sessions for non‑management directors—signals active oversight cadence .
- Compensation alignment: Mix of fixed retainer and annual stock grant; Lieber further aligned by electing stock for part of his cash retainer; absence of director equity overhang (no outstanding awards) reduces dilution risk .
- Conflicts: Related‑party transactions disclosed involve other directors (e.g., Alliant; O&G joint ventures; properties tied to Mr. Tutor). No related‑party transactions disclosed involving Lieber, and independence affirmed—low apparent conflict risk .
RED FLAGS: None disclosed specific to Lieber. Company‑level related‑party arrangements exist (e.g., leases and joint ventures) but are vetted by the Audit Committee; Lieber is not identified as a party to these transactions .