Hunter L. Kass
Co-President and Regional Market Director – Greater Boston at ALEXANDRIA REAL ESTATE EQUITIES
Executive
About Hunter L. Kass
Hunter L. Kass is Co-President and Regional Market Director – Greater Boston at Alexandria Real Estate Equities (ARE). He is 42 years old with 7 years at the Company (joined 2018) and has led ARE’s largest region, which represented 36% of annual rental revenue as of December 31, 2024 . Kass holds a BA from the University of Virginia, an MBA from Babson College, and an MS from MIT’s Center for Real Estate . 2024 execution metrics in Greater Boston under Kass included 1.1 million RSF of leasing, rental rate increases of 28.9% and 18.9% (cash basis) on renewals/re-leasing, occupancy of 94.8%, same property NOI growth of 1.2% and 4.6% (cash basis), and contribution toward a 71% Company NOI margin .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ARE | Co-President & Regional Market Director – Greater Boston | Sep 2023–present | Leads Greater Boston, ARE’s largest region; oversight of leasing, development/redevelopment, acquisitions/dispositions; investor engagement . |
| ARE | EVP – Regional Market Director – Greater Boston | Jan 2021–Sep 2023 | Managed regional asset base/operations; JV, financing, leasing; strategic growth via development . |
| ARE | SVP – Strategic Market Director – Greater Boston | Oct 2019–Jan 2021 | Led Greater Boston development team; acquisitions and transactions . |
| MIT Investment Management Company (MITIMCo) | Associate Director, Transaction Group (prior roles: Senior Investment Associate; Senior Real Estate Officer) | 6 years (pre-2018) | Led execution of >1M SF leasing; >$2B capital markets transactions; supported entitlement/permitting of several million SF in Cambridge, MA . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed in proxy | — | — | No external directorships or committee roles disclosed for Kass in the 2025 proxy . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $565,000 | $625,000 | $700,000 (12% increase reflecting promotion to Co-President) |
| Cash Bonus ($) | $2,600,000 | $1,755,000 | $1,750,000 |
| All Other Compensation ($) | $115,500 | $43,500 | $46,000 (profit-sharing plan contribution) |
| Change in Pension Value & Nonqualified Deferred Comp Earnings ($) | $76,388 | $6,163 | $6,512 (pension plan change); no above-market DC earnings; below-market DC losses $(4,590) excluded from S‑K column |
| Total ($) | $8,768,473 | $8,945,745 | $8,708,376 |
Notes:
- 2024 salaries reflect cost-of-living adjustments across NEOs; Kass’s increase also reflects expanded responsibilities upon promotion to Co-President in September 2023 .
Performance Compensation
Equity: Long-Term Service-Based Awards (granted in 2024 based on 2023 performance)
| Award Type | Shares Granted | Vesting | Holding Period |
|---|---|---|---|
| 2024 Service-Based RS (Kass) | 51,897 | Service-based over 4 years | One-year post-vest holding; forfeitable dividends until vest |
Equity: Performance Share Units (TSR-based) – Outcomes
| Item | 2021 Award | 2022 Award |
|---|---|---|
| Metrics | 50% Relative TSR; 50% Absolute TSR | 50% Relative TSR; 50% Absolute TSR |
| Weighting | Relative TSR 50%; Absolute TSR 50% | Relative TSR 50%; Absolute TSR 50% |
| Target/Thresholds | Relative TSR: 50th percentile target (62.5% vest); threshold 30th percentile (25% vest). Absolute TSR: 18% target (62.5% vest); threshold 12% (25% vest) . | Relative TSR: 50th percentile target (62.5% vest); threshold 30th percentile (25% vest). Absolute TSR: 16.5% target (62.5% vest); threshold 11% (25% vest) . |
| Actual Performance | Relative TSR: 74th percentile (100% vest). Absolute TSR: (18.1)% → 0% vest . | Relative TSR: 40th percentile (44% vest). Absolute TSR: (41.7)% → 0% vest . |
| Shares Granted (Kass) | 4,480 | 7,820 |
| Shares Vested (Kass) | 2,240 | 1,721 |
| Shares Forfeited (Kass) | 2,240 | 6,099 |
| Vesting/Holding | One-year holding period post vesting | One-year holding period post vesting |
2024 Cash Incentive: Individual Goals and Achievement (Kass)
- Leasing: 1.1M RSF executed; rental rate increases of 28.9% and 18.9% (cash basis) on renewals/re-leasing .
- Occupancy and NOI: Greater Boston operating asset base at 94.8% occupancy; contributed toward Company NOI margin of 71%; same property NOI growth 1.2% and 4.6% (cash basis) .
- Pre-leasing and Deliveries: 485,186 RSF delivered across four projects; high leased percentages at 99 Coolidge Ave (100%), 201 Brookline Ave (98%), 840 Winter St (100%) .
- Development Pipeline: Oversaw eight projects totaling 2.7M RSF; incremental annual NOI expected at $395M from 1Q25–2Q28 .
- Capital Allocation: Led Greater Boston dispositions including One Moderna Way portfolio ($369.4M), Cambridge assets at 215 First/150 Second/11 Hurley ($245.5M), and 308,970 RSF sale ($67.3M; $4.0M gain) .
Equity Ownership & Alignment
| Item | Value | As-Of |
|---|---|---|
| Total Beneficial Ownership (shares) | 165,021; less than 1% of outstanding | March 14, 2025 |
| Unvested Time-Based Restricted Stock (#) | 106,332 | Dec 31, 2024 |
| Market Value of Unvested Time-Based RS ($) | $10,372,687 | Dec 31, 2024 |
| Unearned Performance-Based RSUs at Max (#) | 28,640 | Dec 31, 2024 |
| Market/Payout Value at Max ($) | $2,793,832 | Dec 31, 2024 |
| Shares Vested in 2024 (#) | 31,748 | FY 2024 |
| Value Realized on Vesting ($) | $3,414,857 | FY 2024 |
| Stock Ownership Guidelines | Senior officers must hold 3x base salary; hold 50% of net after-tax shares until met; all senior officers currently compliant | 2025 proxy |
| Hedging/Pledging | Hedging prohibited; pledging prohibited unless sufficient liquid collateral to avoid forced sale during blackout | 2025 proxy |
Vesting schedule (time-based awards, shares scheduled to vest):
| Year | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Shares | 50,675 | 47,542 | 23,780 | 12,975 |
Employment Terms
| Provision | Detail |
|---|---|
| Agreement Start | Executive Employment Agreement effective January 1, 2021; at-will; annual base salary increased by at least COLA . |
| Severance (No CIC) | If terminated without Cause or resigns for Good Reason not in connection with a CIC: cash severance equal to one year of base salary plus prior-year cash incentive bonus; unvested equity awards vest; prorated fully vested stock grant for year of termination and additional fully vested stock grant based on prior-year or 3-year average grants; 12 months COBRA premiums paid or cash equivalent (taxable) . |
| Severance (CIC Double-Trigger) | Upon or within 2 years following a CIC, if terminated without Cause or resigns for Good Reason: 1.5x multiple of (one year base salary + prior-year cash incentive bonus, not lower than the highest of the two years preceding CIC); same equity acceleration/prorated and additional grants; 12 months COBRA coverage/cash equivalent . |
| Equity Awards | All NEO equity awards have double-trigger CIC provisions; one-year post-vesting holding periods on substantially all equity awards . |
| Clawback Policy | Robust clawback policy maintained by the Company . |
| Non-Compete/Non-Solicit | Not specifically disclosed for Kass in proxy; no additional terms provided. |
Investment Implications
- Strong operational linkage to pay: Kass’s cash bonus and large service-based equity grants align with Greater Boston execution (leasing volume, rent uplifts, occupancy, development pipeline, and capital recycling), supporting pay-for-performance despite TSR-based PSU underperformance in 2021–2022 cycles driven by absolute TSR negatives .
- Retention dynamics: Significant unvested equity and scheduled vesting through 2028, alongside one-year post-vesting holding periods and 3x salary ownership guidelines, reduce near-term selling pressure and strengthen alignment; Company policy restricts hedging/pledging, lowering misalignment risk .
- Change-in-control economics: Double-trigger severance at 1.5x base+bonus and full equity acceleration could be value relevant in corporate events; additional fully vested stock grants upon termination amplify severance value, implying elevated retention cost and potential event-driven supply if triggered .
- Governance and risk: Robust clawback policy, anti-hedging/anti-pledging, and confirmed ownership guideline compliance provide guardrails; no Kass-specific related-party transactions disclosed; Company’s say-on-pay historically supported (86% approval in 2024) which may temper compensation-related activism risk .