Bob Krokower Moves to Vice Chair as Security Properties Names Dan Byrnes CEO, Jason McKinley COO

Security Properties, a real estate investment and development firm, announced a leadership transition in which Bob Krokower will move from his role as CEO and CFO to Vice Chair of the Board. Dan Byrnes, currently the firm's Chief Investment Officer, will become CEO, and Jason McKinley will be promoted to Chief Operating Officer, the company said.

The firm described the changes as a move intended to ensure stability and continuity of leadership as Security Properties enters its next phase of growth and expansion.

Bob Krokower's 20-Year Tenure at Security Properties

Krokower has spent 20 years at Security Properties and oversaw the most significant growth period in the company's 50-year history, according to the firm. As CEO and CFO, he was responsible for strategic planning, growth and maintaining the organization's financial health. During his tenure, Security Properties acquired and developed more than 250 properties and completed transactions totaling more than $10.8 billion.

Paul Pfleger, Founder and Chair of the Board of Security Properties, said he supports the transition. "Bob has done an outstanding job recruiting and developing the talent within our company as CEO. His integrity, strategic focus, and dedication to the long-term health of Security Properties have been invaluable. I am excited to continue working closely with Bob in his new role as my Vice Chair, leveraging his guidance to strengthen our organization further," Pfleger said.

Krokower said: "It has been a privilege to lead Security Properties and witness its remarkable growth. I am proud of what we have achieved together and confident that the company is well-positioned for continued success under the new leadership."

Dan Byrnes Promoted to CEO

Byrnes, who has 21 years of experience in commercial real estate, will step into the CEO role. He joined Security Properties in 2012 and has overseen the completion of more than 150 transactions totaling $6 billion at the firm.

Before joining Security Properties, Byrnes was Director of Investment Sales in the New York City office of HFF, where he completed more than $4 billion of real estate transactions across major U.S. markets and various asset types. He holds a bachelor's degree in Economics-Operations Research from Columbia University and an MBA from the Haas School of Business at the University of California, Berkeley.

Byrnes credited Krokower with shaping the company. "Bob has been an incredible leader and mentor throughout my journey at Security Properties. He has shaped this company and the CEO role in his image, instilling it with his values and a focus on long-term sustainability. I am enormously grateful to Bob for laying a solid foundation for our future," Byrnes said.

Looking ahead, Byrnes said: "I am honored and excited about the opportunity to lead Security Properties, a company that feels like family to me. Our culture of collaboration and opportunity has been our strength, and I am committed to providing a platform for growth and success for everyone in our organization. Together, we will continue to enhance our reputation, build on our successes, and create value for our investors, partners, and residents."

Jason McKinley Named Chief Operating Officer

McKinley is being promoted to COO from his role as Managing Director of Asset Management. He will continue to serve on the Security Properties Board of Managers and as a member of the Investment Committee, the firm said. In his new role, McKinley will be responsible for executing the company's business plans and driving operational excellence.

McKinley joined Security Properties in 2007 and has held several positions at the firm. He started in the Affordable Housing Group and later served as Manager of Corporate Initiatives and Senior Director of Corporate Finance. He has worked in Asset Management since 2014, overseeing nearly 50 properties with more than 10,000 conventional and affordable units. McKinley holds a Bachelor of Science in Economics with a concentration in Real Estate from the Wharton School at the University of Pennsylvania and a master's in real estate from Harvard's Graduate School of Design.

Pfleger said the promotions will support the company's direction. "We are fortunate to have exceptional talent within our organization. The promotions of Dan Byrnes and Jason McKinley will strengthen Security Properties' continued evolution and ensure our ability to thrive in the years to come," he said.

Market Backdrop for the New Leadership Team

The transition comes as apartment operating conditions improve after a major supply wave, while financing and valuation conditions remain challenging. National multifamily absorption reached nearly 350,000 units through the first three quarters of 2026, up 14% year over year, while deliveries fell to roughly 250,000 units, down 25% from the same period in 2025. Net absorption was 167,500 units in the second quarter of 2026, nearly double first-quarter absorption, while quarterly deliveries declined 14% year over year to 77,700 units. Second-quarter deliveries fell 27% year over year by another measure, and construction activity declined to 3.5% of inventory, the lowest level since 2013.

The recovery is uneven. Markets that received large volumes of new apartments continue to face concessions and slower rent growth, while supply-constrained markets are performing better. Renewals accounted for 57% of leasing activity, which can reduce turnover and help owners protect occupancy.

On the investment side, activity remains constrained by the gap between property yields and financing costs. Average multifamily cap rates were 5.75% in the first half of 2026 by one measure and 5.6% in September by another. The spread between multifamily cap rates and the 10-year Treasury yield was approximately 118 basis points in the second quarter, well below the roughly 290-basis-point long-term average, which limits valuation upside and leaves owners exposed to refinancing risk and elevated debt costs.

Outlook for Security Properties

The announcement preserves Krokower's involvement as Vice Chair while placing investment and operating responsibilities with executives who have spent much of their careers at the firm. Byrnes brings investment-sales and capital-markets experience to the CEO role, and McKinley brings portfolio-level asset-management experience to the COO position. Security Properties said the changes reflect its commitment to expanding its footprint, forging new partnerships and creating value.

The new leadership team will operate in an environment of improving apartment fundamentals, a narrow cap-rate spread, elevated debt costs and uneven market-level leasing conditions.

Sources

• Security Properties: Security Properties Announces Transition of Bob Krokower to Vice Chair of the Board