Christopher Niehaus
About Christopher J. Niehaus
Christopher J. Niehaus (age 66) is W. P. Carey’s Non-Executive Chair since 2019 and an independent director since 2016, with over four decades in real estate, capital markets, and investment banking, including senior leadership at Morgan Stanley Real Estate and GreenOak/BentallGreenOak (BGO) where he is Managing Partner, Head of U.S., and a member of the Global Investment Committees (AUM >$85B) . He was previously Non-Executive Vice Chair of the WPC Board (2018–2019), and the Board has affirmatively determined his independence under NYSE and SEC rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| W. P. Carey Inc. | Non-Executive Chair of the Board | 2019–present | Presides over Board and executive sessions; works on agenda and risk oversight with CEO |
| W. P. Carey Inc. | Non-Executive Vice Chair of the Board | 2018–2019 | Board leadership during strategic transition |
| BentallGreenOak | Managing Partner, Head of U.S.; Member Global Investment Committees | 2019–present | Global real estate investment management; portfolio and capital markets expertise |
| GreenOak Real Estate | Partner, Head of U.S. | 2010–2019 | Built U.S. platform across fundraising and investing |
| Morgan Stanley Real Estate | Vice Chairman | 2006–2010 | Senior leadership in global real estate investing |
| Morgan Stanley | Head of Global Real Estate Investment Banking | 1994–2006 | Led top-tier global REIB business; extensive capital markets and advisory track record |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| International Council of Shopping Centers (ICSC) | Trustee | Since 1996 | Industry stewardship in retail real estate |
| Other current public company boards | — | — | None |
Board Governance
- Roles and committees: Non-Executive Chair; Investment Committee Chair; Nominating & Corporate Governance (NCG) Committee member; by charter, Investment Committee Chair sits on the Executive Committee (chairs of standing committees + Investment Chair + CEO) .
- Committee activity: Investment Committee met 7 times in 2024 (approves >$100M investments; quarterly portfolio review; ESG considerations); NCG met 4 times in 2024 (governance, board succession, nominations, ESG oversight) .
- Independence and attendance: Board determined Niehaus is independent; all directors attended ≥75% of Board/committee meetings; four regular Board meetings were held in 2024 and all directors attended the 2024 Annual Meeting .
- Board structure and leadership: Chair/CEO roles separated; Chair presides over Board and executive sessions, sets agendas, and coordinates with CEO on direction and risk oversight .
Fixed Compensation
| Component | Amount ($) | Notes |
|---|---|---|
| Annual Director Cash Retainer | 100,000 | Standard non-employee director cash retainer |
| Non-Executive Chair Fee | 125,000 | Additional fee for Chair role |
| Investment Committee Chair Fee | 10,000 | Chair-specific fee |
| Committee Member Retainer | 10,000 | Paid to all committee members (including chairs); Niehaus is NCG member and Investment chair/member |
| Executive Committee Fee | — | No additional compensation for Executive Committee members |
| Total Fees Earned (2024) | 255,000 | Matches disclosed 2024 cash fees |
Performance Compensation
| Equity Element | Grant Date | Units | Grant Date Fair Value ($) | Vesting | Notes |
|---|---|---|---|---|---|
| Director RSUs (annual grant) | July 1, 2024 | 3,203 | 174,980 (at $54.63/share) | 1-year cliff vest | RSUs (no voting rights); dividends accrue as dividend equivalents, paid at deferral end; directors may elect deferral |
| Options | — | — | — | — | No options granted to non-employee directors in 2024 |
No performance-based director equity (e.g., PSUs) or formulaic bonus metrics are disclosed for directors; director equity is time-based RSAs/RSUs with annual grants .
Other Directorships & Interlocks
| Company | Public/Private | Role | Potential Interlock/Conflict Note |
|---|---|---|---|
| BentallGreenOak | Private | Managing Partner, Head of U.S. | Real estate investment management; Board annually reviews independence and related-party transactions; none disclosed involving Niehaus |
| ICSC | Non-profit | Trustee | Industry body; no WPC transactional exposure disclosed |
Expertise & Qualifications
- Real estate investing and portfolio management; public/private capital markets; investor relations; international experience; strategic planning; REIT industry knowledge .
- Brings senior banking and investment leadership from Morgan Stanley and private equity real estate platforms, supporting Board’s strategic oversight and investment governance .
Equity Ownership
| Item | Value |
|---|---|
| Beneficial Ownership (shares) | 28,461 |
| Ownership % of Class | <1% |
| Unvested Director RSUs (12/31/2024) | 3,203 |
| Director RSAs (unvested) | — (RSUs elected) |
| Shares pledged as collateral | None disclosed for Niehaus (pledging footnotes apply to others) |
| Stock Ownership Guidelines | Non-employee directors: 5x annual cash retainer |
| Compliance status | Five-year phase-in reached; Niehaus meets requirement |
Governance Assessment
- Board effectiveness: Niehaus’ dual role as Non-Executive Chair and Investment Committee Chair centralizes agenda-setting and oversight while maintaining separation from management; independence affirmed and attendance thresholds met, supporting investor confidence .
- Compensation alignment: Director pay is conservative and formulaic (retainer + committee/chair fees + time-based equity). No meeting fees; Executive Committee does not receive extra compensation; annual equity via RSUs with 1-year vest; no options—reduces risk of misalignment and discourages risk-taking .
- Conflicts/related party: WPC’s Code of Ethics and related-party procedures require disclosure and Board approval; prohibited competitor board service; no Niehaus-related transactions disclosed; independence reviewed annually—mitigates conflict risk given BGO role .
- Risk and ESG oversight: As Investment Chair, Niehaus oversees approval >$100M deals and quarterly reviews with ESG considerations; NCG oversight of ESG initiatives supports governance quality .
- Shareholder signals: Chair/CEO separation, annual Say-on-Pay (>90% approval in 2024), clawback policy aligned with NYSE rules, anti-hedging and pledging limits—robust governance practices bolster investor confidence .
RED FLAGS: None disclosed specific to Niehaus—no pledging, no related-party transactions, no attendance issues; over-boarding limits in place and directors in compliance .