Daniel J. Ryan
About Daniel J. Ryan
Daniel J. Ryan (age 59) is Co‑President and Regional Market Director – San Diego at Alexandria Real Estate Equities (ARE), responsible for the firm’s third‑largest market by RSF; he joined ARE in 2010 via the Veralliance acquisition and has served in senior roles including Co‑Chief Investment Officer (2018–2023) and EVP/Regional Market Director – San Diego (2012–2023). He holds a B.S. in Economics, cum laude, from the University of Wisconsin–Madison and previously founded and led Veralliance, a San Diego life science developer with institutional partners . Company performance context: ARE delivered 5.6% growth in FFO/share (as adjusted) in 2024, continued NOI growth, and 4.6% dividend/share growth; long‑term TSR since IPO totals 1,199% through 12/31/2024, underscoring multi‑decade value creation despite recent sector headwinds .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Alexandria Real Estate Equities (ARE) | Co‑President & Regional Market Director – San Diego | 2023–present | Leads San Diego region (19% of total RSF) across leasing, development/redevelopment, acquisitions/dispositions, and strategic initiatives; executed 1.1M RSF of 2024 leasing and advanced a 921.5k RSF development pipeline 92% leased . |
| ARE | Co‑Chief Investment Officer | 2018–2023 | Co‑led enterprise investment strategy, developments, JV/financing/leasing outside San Diego . |
| ARE | EVP/Regional Market Director – San Diego | 2012–2023 | Drove regional asset base operations and growth; strategic transactions leadership . |
| ARE | SVP – Regional Market Director – San Diego & Strategic Operations | 2010–2012 | Integrated Veralliance assets; expanded life science footprint . |
| Veralliance Properties, Inc. | Chief Executive Officer (Founder) | 2002–2010 | Built and managed ~$1B San Diego life science portfolio with institutional equity partners (REIT, Prudential, UBS) . |
| Pacific Management Services, Inc. | Founding Principal | pre‑2002 | Value‑add development across life science/office/industrial/multifamily in greater San Diego . |
External Roles
| Organization | Role | Years | Focus/impact |
|---|---|---|---|
| Curebound (San Diego) | Board member | n/a | Funds translational cancer research; aligns with ARE’s life science ecosystem strategy . |
| San Diego Economic Development Corporation | Board member | n/a | Regional economic development and job growth . |
| NAIOP; Urban Land Institute | Member | n/a | Industry advocacy and best practices in the built environment . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 750,000 | 790,000 |
Notes:
- Other NEOs’ (including Ryan) annual cash incentive awards are discretionary/holistic with a 300% of base salary cap; Ryan’s actual cash incentive was $1,750,000 for both 2023 and 2024 .
Performance Compensation
Annual Cash Incentive (Other NEOs)
- Structure: Discretionary, holistic assessment (no disclosed weightings) across corporate and individual goals; 2024 award: $1,750,000 .
- 2024 achievements (San Diego): 1.1M RSF leased; rent growth on renewals/re‑leasing 17.0% and 9.1% (cash); 96.3% occupancy; progressed 921.5k RSF under construction at 92% leased; executed select acquisitions (1.1M SF future dev/redev) and dispositions supporting $1.4B capital recycling .
Long‑Term Equity Awards and Vesting Mechanics
| Award | Grant date | Type | Target shares | Max shares | Key metrics/targets | Status/vesting |
|---|---|---|---|---|---|---|
| Performance Plan Equity Award (2024) | 1/2/2024 | Performance RS | 10,120 | 15,180 | Metrics: Net Debt/Adj. EBITDA (≤6.05x target; ≤5.6x max), FFO/share growth (4.0% target; ≥5.0% max); modifier: Relative TSR vs FTSE NAREIT Equity Health Care (+/−50%); cap 150%; 1‑yr post‑vest holding . | 2024 results: FFO growth 5.6% and Net Debt/Adj. EBITDA 5.2x imply 200% metric payout before TSR modifier; final shares vest after 12/31/2026 with 150% cap and holding period . |
| Service‑based Restricted Stock (2024) | 12/31/2024 | Time RS | 54,895 | n/a | Vests over 4 years; 1‑year post‑vest holding; dividends forfeitable until vest . | Scheduled installments through 12/31/2028 . |
| Prior Performance Awards (2022) | 2022 | Performance RS | 7,820 total granted | n/a | 50% Relative TSR vs FTSE NAREIT Equity Office; 50% Absolute TSR (threshold 11%, target 16.5%, max ≥22%) . | 1,721 vested; 6,099 forfeited (78% forfeiture) based on actual relative 40th percentile and absolute −41.7% TSR . |
| Prior Performance Awards (2021) | 2021 | Performance RS | 6,510 total granted | n/a | 50% Relative TSR; 50% Absolute TSR (threshold 12%, target 18%, max ≥24%) . | 3,255 vested; 3,255 forfeited (50% forfeiture) based on 74th percentile relative and −18.1% absolute TSR . |
Outstanding/Unvested Equity
| Category | Shares |
|---|---|
| Unvested time‑based RS | 112,970 |
| Unearned performance‑based (at max) | 28,640 |
| Total unvested/subject to performance | 141,610 |
Vesting Schedule (All Unvested Shares)
| Year | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Shares scheduled to vest | 53,387 | 49,345 | 25,154 | 13,724 |
Implications:
- Significant vesting in 2025–2026 may concentrate liquidity events; performance share outcomes depend on 2024–2026 TSR modifier and caps .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 237,886 shares (less than 1% of outstanding) . |
| Shares outstanding | 172,469,293 (3/14/2025) . |
| Ownership as % of outstanding | ~0.14% (237,886/172,469,293) based on cited figures . |
| Unvested (time‑based + performance eligible) | 141,610 shares . |
| Stock ownership guidelines | Execs required to hold ≥3x base salary; all senior officers are in compliance . |
| Pledging/hedging | Hedging prohibited; pledging generally prohibited unless sufficient non‑margin collateral maintained; short‑swing trading prohibited . |
| Options | None outstanding; company does not grant options/SARs under plan . |
Employment Terms
- Agreement type and term: At‑will under amended and restated executive employment agreement effective May 22, 2018; automatic COLA salary increases .
- Severance (no change in control): If terminated without Cause or resigns for Good Reason, severance equals 1x base salary plus prior‑year cash incentive; unvested equity vests (performance awards vest to the extent goals are ultimately satisfied); 12 months COBRA benefits or cash equivalent .
- Change‑in‑control (CIC) economics: If terminated without Cause or for Good Reason upon/within 2 years after a CIC, severance equals 2.0x (base + prior‑year bonus), with equity vesting as above; minimum bonus floor equals highest of last two years for CIC severance; 12 months COBRA benefits or cash equivalent .
- Additional equity make‑goods on termination: Pro‑rated fully vested stock for partial year plus additional fully vested stock based on prior grants/averages (subject to offsets), per executive agreements .
- Clawback/other policies: Company maintains Dodd‑Frank compliant clawback and anti‑hedging/anti‑pledging policies; robust stock ownership requirements .
Performance & Track Record
- Regional execution (2024): 1.1M RSF leased in San Diego; rental rate growth on renewals/re‑leasing of 17.0% and 9.1% (cash); 96.3% occupancy; advanced three projects (921.5k RSF) 92% leased; led selective acquisitions (1.1M SF future dev/redev for $249.4M) and executed dispositions supporting $1.4B capital recycling .
- Company performance (context): 2024 FFO/share (as adjusted) +5.6%, NOI +8.9%, dividend/share +4.6%; long‑term TSR since IPO 1,199% (through 12/31/2024) .
Compensation Structure Analysis
- Mix shift and risk: Equity is predominantly full‑value shares (time‑based and performance‑based) with a one‑year post‑vest holding period introduced in 2024; dividends on most new unvested time‑based awards are forfeitable, increasing pay‑for‑performance and retention orientation .
- Performance rigor and outcomes: 2021 and 2022 performance awards saw 50% and 78% forfeitures, respectively, due to absolute TSR underperformance and only modest relative results—evidence of downside sensitivity; 2024 one‑year metrics achieved above max (subject to multi‑year TSR modifier and 150% cap) .
- Governance safeguards: Double‑trigger CIC equity, no options/SARs or repricing, clawback in place, strong ownership rules; no tax gross‑ups or guaranteed bonuses .
Related‑Party Transactions and Red Flags
- Related‑party: No related‑person transactions involving executives disclosed for 2024 outside items described (e.g., JV with an affiliate of Norges Bank); board pre‑approves any such transactions via policy .
- Risk indicators: Hedging prohibited; pledging restricted; robust clawback; say‑on‑pay support 86% in 2024, suggesting shareholder alignment .
Investment Implications
- Alignment and retention: Large unvested equity (141.6k shares) with multi‑year vest/hard TSR modifiers and post‑vest holding indicates strong retention ties and alignment; forfeitable dividends further discourage short‑termism .
- Potential selling pressure: Concentrated vesting in 2025–2026 (≈102.7k shares scheduled) could create periodic liquidity events around vest dates; however, 1‑year holding on key grants and performance dependencies modulate timing .
- Execution track record: Ryan’s operating metrics in San Diego (lease volume, rent spreads, occupancy, pre‑leasing) support value creation in a challenged capital markets backdrop, consistent with ARE’s FFO/NOI dividend growth profile .