CEL & Associates, Inc.

2007 REAL ESTATE COMPENSATION SURVEY

All Companies - Consolidated Results
Base Salary Range Bonus as % of Salary
Position 25th Percentile Median 75th Percentile Avg. Target Avg. Actual
Corporate Positions
Executive
Chief Executive Officer $273,000 $373,700 $536,400 103.0% 125.8%
President $246,200 $368,300 $520,700 97.3% 113.6%
Chief Operating Officer/COO $220,700 $319,100 $427,300 71.0% 74.5%
Chief Investment Officer $212,000 $339,900 $433,000 100.9% 122.0%
CFO/Top Finance Executive $153,700 $209,400 $291,100 58.6% 66.6%
Corporate
Top Business Development Executive $157,900 $194,400 $267,800 71.1% 64.1%
Regional Business Development Officer $124,300 $145,000 $233,700 48.2% 55.8%
Top Human Resources Executive $86,100 $109,500 $137,900 25.1% 29.0%
Human Resources Manager $63,700 $72,800 $87,200 14.9% 15.2%
Human Resources Generalist $39,400 $49,800 $60,300 10.9% 7.4%
Payroll Manager/Specialist $45,600 $49,700 $69,900 11.4% 10.5%
Benefits Manager/Specialist $47,300 $56,900 $69,900 9.0% 8.8%
General Counsel $165,500 $236,000 $303,800 57.7% 64.5%
Top MIS Executive/IT Director $88,000 $111,200 $146,300 24.6% 24.9%
Network Administrator $55,300 $64,900 $81,900 10.4% 10.9%
Corp. Comm./Investor Relations Exec $89,200 $133,500 $170,400 40.8% 35.2%
Research Director $82,300 $99,500 $141,300 24.4% 25.1%
Training Director/Manager $67,200 $81,800 $106,300 17.1% 14.7%
Accounting & Finance
Finance Director/Manager $112,300 $131,100 $190,200 33.1% 36.2%
Treasurer $82,700 $107,900 $165,300 20.2% 24.6%
Head of Risk Management $84,700 $100,200 $127,300 20.1% 23.3%
Controller $88,200 $107,700 $145,000 27.1% 28.0%
Accounting Manager $65,800 $76,900 $87,200 15.3% 18.3%
Accounting Supervisor $59,000 $69,800 $79,700 12.7% 12.1%
Senior Accountant $55,200 $59,500 $66,100 13.3% 12.6%
Accountant $39,500 $45,100 $51,900 9.2% 9.8%
Property Accountant - Senior $57,100 $59,000 $65,200 10.5% 10.8%
Property Accountant $40,400 $46,600 $52,700 7.8% 7.4%
Financial Analyst $56,100 $64,100 $82,300 12.9% 18.4%
Tax Manager $75,900 $90,700 $115,100 17.0% 17.0%
Office/Industrial Positions
Executive
Top Division Executive $162,900 $210,800 $261,800 74.8% 81.0%
Top Regional Executive $150,500 $189,800 $242,000 60.9% 62.9%
Acquisitions
Top Acquisitions Executive $130,600 $177,100 $219,800 57.4% 51.3%
Acquisitions Associate $87,600 $91,100 $111,100 31.1% 32.6%
Asset Management
Top Asset Management Executive $137,400 $177,300 $221,700 54.8% 52.2%
Portfolio Manager $76,900 $90,500 $121,000 27.3% 27.3%
Senior Asset Manager $85,800 $105,100 $121,400 32.6% 28.9%
Asset Manager $62,600 $82,900 $100,400 26.6% 30.2%
Property Management
Top Property Management Executive $108,800 $143,900 $201,600 36.1% 34.0%
Regional Property Manager $82,700 $104,100 $124,600 35.6% 37.3%
Senior Property Manager $77,100 $87,900 $96,500 14.8% 15.1%
Property Manager (<500,000 sq.ft.) $58,200 $66,000 $79,600 13.8% 11.7%
Property Manager (500,001-1M sq.ft.) $62,300 $75,600 $98,400 16.0% 15.3%
Property Manager (>1,000,000 sq.ft.) $83,600 $100,800 $135,200 23.2% 19.9%
Assistant Manager $40,500 $45,700 $51,900 8.0% 7.3%
Corporate Facility Manager $70,600 $73,100 $97,200 16.5% 18.4%
Top Facility Security Manager $58,800 $63,600 $74,000 10.6% 12.4%
Operations Manager $68,600 $74,200 $95,500 15.7% 15.4%
Regional Portfolio Engineer $75,900 $80,600 $112,700 25.3% 27.6%
Maintenance Supervisor $50,600 $60,800 $74,000 9.2% 9.0%
Maintenance Engineer $34,900 $39,500 $45,000 6.6% 7.3%
Leasing
Top Leasing Executive $116,600 $151,000 $183,500 80.3% 78.3%
Senior Leasing Executive $71,500 $96,000 $118,600 66.7% 67.4%
Typical Leasing Agent $53,100 $59,300 $93,300 51.7% 43.9%
Project Management
Development Executive $135,400 $180,800 $225,000 52.6% 50.9%
Development Manager $80,900 $106,700 $145,500 26.0% 31.8%
Project Manager $85,100 $97,700 $118,500 23.1% 22.0%
Project Analyst $47,800 $62,300 $80,800 26.6% 29.1%
Construction Executive $110,300 $123,300 $146,700 38.4% 37.7%
Construction Manager $73,400 $85,800 $108,900 14.8% 17.9%
Construction Onsite Manager $59,300 $74,400 $83,500 14.6% 16.1%

CEL & Associates, Inc. has intentionally excluded extraordinary salary and/or annual bonus awards from this table in order to not distort the results.
CEL & Associates, Inc./CEL Compensation Advisors, LLC. © 2007 National Real Estate Compensation Survey - All Rights Reserved. Not to be referenced or reproduced
without permission in writing:
Source: CEL & Associates, Inc. Survey completed December, 2006.
CEL & Associates, Inc./CEL Compensation Advisors, LLC, 12121 Wilshire Blvd., Suite 204, Los Angeles, CA 90025 Tel. (310) 571-3113, Fax. (310) 571-3117.
 CEL & Associates, Inc.
2007 REAL ESTATE COMPENSATION SURVEY
All Companies - Consolidated Results
Base Salary Range Bonus as % of Salary
Position 25th Percentile Median 75th Percentile Avg. Target Avg. Actual
Residential Positions
Executive
Top Division Executive $156,100 $209,000 $262,900 61.9% 58.8%
Top Regional Executive $143,800 $180,600 $239,400 56.3% 61.0%
Top Acquisitions Executive $128,400 $170,200 $227,600 68.8% 63.9%
Acquisitions Associate $62,800 $76,800 $93,800 33.0% 29.1%
Asset Management
Top Asset Management Executive $104,400 $149,800 $183,800 44.1% 43.8%
Portfolio Manager $72,900 $88,800 $115,500 21.9% 23.8%
Senior Asset Manager $80,600 $107,600 $130,500 21.6% 21.1%
Asset Manager $69,500 $84,000 $101,100 18.5% 18.4%
Property Management
Top Property Mgmt. Executive $103,500 $160,500 $217,400 40.3% 37.3%
Regional Vice President $88,300 $106,400 $135,700 28.6% 26.9%
Regional Property Manager $70,300 $80,600 $92,500 22.7% 20.6%
District Manager $64,100 $76,800 $84,200 18.0% 15.9%
Senior Property Manager $48,400 $65,300 $78,500 17.3% 17.8%
On-Site Community Mgr (<300 units) $37,700 $42,500 $50,600 14.4% 14.3%
On-Site Community Mgr (>300 units) $49,600 $54,800 $60,800 14.8% 14.1%
Assistant Manager $28,300 $31,300 $37,700 10.2% 10.0%
Maintenance Supervisor $36,400 $42,400 $46,900 8.8% 8.6%
Maintenance Engineer $27,400 $30,400 $34,400 7.6% 7.2%
Leasing
Typical Leasing Representative $24,600 $25,600 $32,100 13.6% 11.8%
Project Management
Development Executive $137,400 $185,500 $236,700 49.4% 44.4%
Development Manager $91,200 $111,700 $148,600 23.6% 22.3%
Project Manager $75,100 $96,000 $111,000 26.3% 29.2%
Project Analyst $49,200 $63,400 $73,300 16.6% 19.4%
Construction Executive $100,600 $131,900 $209,500 44.1% 42.9%
Construction Manager $71,600 $83,400 $110,500 17.1% 16.3%
Construction Onsite Manager $65,000 $76,100 $89,900 16.1% 16.2%
Retail Positions
Executives
Top Division Executive $168,100 $233,200 $319,000 78.8% 80.0%
Top Regional Executive $146,800 $166,100 $249,600 67.2% 70.5%
Acquisitions
Top Acquisitions Executive $159,700 $177,900 $247,800 49.7% 46.3%
Acquisitions Associate $67,100 $78,800 $126,400 37.5% 33.9%
Asset Management
Top Asset Management Executive $180,500 $206,800 $267,000 52.1% 51.2%
Portfolio Manager $113,600 $141,900 $159,700 40.9% 39.9%
Senior Asset Manager $91,800 $115,300 $134,600 32.3% 35.3%
Asset Manager $85,400 $100,600 $113,800 24.8% 22.8%
Property Management
Top Property Management Executive $117,400 $151,900 $193,600 35.9% 36.5%
Regional Property Manager $114,400 $132,600 $147,100 35.3% 44.3%
Senior Property Manager $68,300 $86,400 $96,600 17.3% 17.1%
Property Mgr (<300,000 sq.ft.) $58,500 $69,200 $77,300 14.8% 14.0%
Property Mgr (300,001-500,000 sq.ft.) $54,800 $70,100 $84,700 12.8% 12.8%
Property Mgr (500,001-750,000 sq.ft.) $64,500 $80,800 $113,500 15.4% 15.5%
Assistant Manager $40,800 $45,900 $54,600 10.2% 9.3%
Mall Manager (>750,000 sq.ft.) $89,300 $98,300 $140,300 27.1% 24.7%
Marketing Manager $52,000 $62,700 $86,600 16.5% 14.0%
Regional/Portfolio Engineer $116,700 $126,200 $150,400 20.3% 19.2%
Maintenance Supervisor $47,600 $52,800 $63,500 12.9% 11.3%
Maintenance Engineer $31,200 $35,400 $43,200 6.9% 6.2%
Leasing
Top Leasing Executive $137,500 $178,000 $258,200 58.2% 64.0%
Senior Leasing Executive $76,600 $107,000 $131,600 40.4% 47.7%
Typical Leasing Agent $67,900 $80,700 $113,700 29.2% 32.1%
Project Management
Development Executive $164,100 $210,900 $296,400 60.1% 56.7%
Development Manager $88,200 $110,700 $131,900 26.9% 25.3%
Project Manager $88,600 $103,200 $137,900 30.2% 27.3%
Project Analyst $48,800 $51,200 $80,100 18.2% 16.0%
Construction Executive $132,500 $160,400 $193,400 29.7% 29.8%
Construction Manager $74,000 $86,600 $116,200 17.2% 19.2%
Construction Onsite Manager $65,900 $75,700 $86,800 13.7% 16.6%

CEL & Associates, Inc. has intentionally excluded extraordinary salary and/or annual bonus awards from this table in order to not distort the results.
CEL & Associates, Inc./CEL Compensation Advisors, LLC. © 2007 National Real Estate Compensation Survey - All Rights Reserved. Not to be referenced or reproduced
without permission in writing:
Source: CEL & Associates, Inc. Survey completed December, 2006.
CEL & Associates, Inc./CEL Compensation Advisors, LLC, 12121 Wilshire Blvd., Suite 204, Los Angeles, CA 90025 Tel. (310) 571-3113, Fax. (310) 571-3117.