of shares during our IPO–and have kept on buying. Our incentive compensation is based on total return to shareholders and paid with stock. Our governance is market leading.
Mr. Lee is a private investor, and he recently retired as the portfolio manager of the T. Rowe Price Real Estate Fund following a successful 25-year career at that firm.
He was the T. Rowe Price Real Estate Fund’s President as well as Chairman of the fund’s Investment Advisory Committee for more than 21 years. Mr. Lee started his career at T. Rowe Price as an equity analyst in 1993, and in 1997 he proposed the launching of the firm’s first dedicated real estate mutual fund. He began running the Real Estate Fund upon its inception in October 1997 and became one of the longest tenured real estate fund managers in the industry. Beginning in April 2006 and continuing uninterrupted for more than a decade, the Fund carried the highest qualitative rating from Morningstar Inc, first as an “analyst pick” and subsequently as a “Gold” rated fund until the announcement of his retirement in 2018.
In 2008, Mr. Lee also launched T. Rowe Price’s first Global Real Estate Fund, which he managed for more than six years to a strong track record before transitioning that fund to his successor.
Mr. Lee began his career as an engineer for IBM at their semiconductor facility in Burlington, Vermont. Subsequently, he transferred into the IBM Marketing Division and achieved sales success in a competitive territory to become a member of the Hundred Percent Club.
He has achieved the Chartered Financial Analyst designation. He is also a member of the Real Estate Advisory Board at Johns Hopkins University Carey School of Business.
Mr. Lee earned a B.S. in Computer Engineering from the University of Illinois at Urbana-Champaign and an M.B.A. from Stanford University.