2025 Spencer Stuart Real Estate Sector Snapshot

This technical report provides a detailed analysis of the board composition and characteristics of 31 real estate companies within the S&P 500 index for the year 2025. It outlines that real estate boards tend to be smaller, older, and longer-tenured compared to their S&P 500 counterparts. The average age of independent directors on real estate boards is reported to be 64.2 years, with an average board size of 9.9 directors. The report documents the demographics of new independent directors, noting that 45% of real estate companies added at least one new independent director in the past year. It also highlights the diversity of incoming directors, with 76% coming from diverse communities. Furthermore, the report discusses board leadership, organization, and processes, indicating that real estate boards have the highest percentage of financial executives and the lowest percentage of CEOs. Overall, the report presents a comprehensive view of the governance landscape in the real estate sector.