John Hart Cole
About John Hart Cole
John Hart Cole, age 39, is Executive Vice President – Capital Markets/Strategic Operations and Co-Regional Market Director – Seattle at Alexandria Real Estate Equities (ARE). He has 10 years with the company, promoted into his current role in January 2024 after leading Seattle market strategy since 2017; earlier he was Vice President – Strategic Operations (2015–2017). He holds an MBA (Finance) from the University of Kentucky and a BS in Finance/Real Estate from Indiana University . Company performance context for 2024: FFO per share growth 5.6%, NOI growth 13.8%, and Net Debt to Adjusted EBITDA ratio 5.2x; long-term TSR since IPO (1997 to year-end 2024) totals 1,199% .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| ARE | SVP – Strategic Market Director – Seattle | Oct 2017 – Dec 2023 | Led strategic growth for Greater Seattle: acquisitions/dispositions, development, asset management, and supported leasing; contributed to corporate capital allocation, investor relations, and capital markets . |
| ARE | VP – Strategic Operations | Mar 2015 – Oct 2017 | Supported corporate operational and capital allocation initiatives across investor relations, acquisitions/dispositions, and capital markets management . |
| Surgical Care Affiliates (Optum division) | Director of Operations, Surgical Hospital Division | Pre-ARE | Led a division accounting for >$30M annual earnings; drove top-line growth via partnerships, acquisitions, and operational optimization . |
| Simon Property Group | Analyst | Early career | Built foundational analytical experience in real estate . |
External Roles
None disclosed (no public company boards or external committee roles listed for Cole) .
Fixed Compensation
| Item | 2024 | Notes |
|---|---|---|
| Base salary ($) | Not disclosed | Cole is not a Named Executive Officer (NEO); Summary Compensation Table lists only Marcus, Moglia, Binda, Ryan, Kass, Diamond . |
| Target bonus (%) | Not disclosed | Not disclosed for Cole (non-NEO) . |
| Actual bonus ($) | Not disclosed | Not disclosed for Cole (non-NEO) . |
Performance Compensation
Company’s current executive equity framework (applies broadly under the Amended 1997 Incentive Plan; specific individual grant details for Cole are not disclosed). Key elements and 2024 actuals:
| Metric | Weighting | Threshold | Target | Maximum | 2024 Actual | Payout impact | Vesting/holding |
|---|---|---|---|---|---|---|---|
| FFO Growth Rate (y/y) | 50% | 3.0% | 4.0% | ≥5.0% | 5.6% | 200% aggregate pre-modifier from two metrics; final capped at 150% subject to Relative TSR Ranking over 2024–2026 | Performance measured over 3-year period; 1-year post-vesting holding required . |
| Net Debt to Adjusted EBITDA | 50% | 6.5x | ≤6.05x | ≤5.6x | 5.2x | See above | See above . |
| Relative TSR/Forward FFO Equity Multiple (modifier) | ± up to 50% | ≤25th pctile: -50% | Median: 0% | ≥75th pctile: +50% | Assessed at 12/31/2026 | Final shares earned modified by index-relative result; cap at 150% . |
Additional LTI program design features (recent changes): maximum payout reduced to 150% from 156.4%; time-based portion of select LTI grants extended to 4 years; one-year post-vesting holding added; dividends on most unvested awards forfeitable starting 2024–2025 .
Equity Ownership & Alignment
| Policy/Status | Detail |
|---|---|
| Stock ownership guideline | Other executive officers must hold ARE shares worth ≥3x base salary; NEOs must hold 50% of net after-tax shares until guideline met; all senior officers are currently in compliance . |
| Anti-hedging & anti-pledging | Hedging/derivatives and short sales prohibited; pledging/margin accounts prohibited unless individual maintains sufficient immediately available assets to avoid forced sale under blackout . |
| One-year post-vesting holding | Substantially all executive equity awards carry a one-year post-vesting holding requirement (2024–2025 programs) . |
| Options | ARE has not issued options since 2002; none outstanding as of 12/31/2024 . |
| Clawback | NYSE/SEC-compliant clawback policy for erroneously awarded incentive comp; awards under plan subject to clawback and potential additional recovery provisions . |
Employment Terms
| Topic | Detail |
|---|---|
| Employment agreement | No individual employment agreement terms for Cole are disclosed in the proxy; executive employment agreement terms are described for Moglia, Binda, Ryan, Kass, Diamond only . |
| Severance (non-CIC) | For executives with disclosed agreements: generally 1 year base salary + prior-year bonus (CEO terms differ); not specified for Cole . |
| Severance (CIC) | Disclosed multiples: 2.0x for Moglia and Ryan; 1.5x for Binda, Kass, Diamond; not specified for Cole . |
| Equity acceleration (plan) | Double-trigger vesting standard: if awards not assumed at change of control or upon involuntary termination within 2 years post-CIC, vesting deemed at greater of target or actual performance as of event date . |
| Clawback & policies | Clawback, anti-hedging/pledging, ownership guidelines per governance framework . |
Investment Implications
- Alignment signals: enforced one-year post-vesting holding, robust stock ownership guidelines (3x salary for executive officers), anti-hedging/pledging, and no stock options outstanding reduce short-term sell pressure and encourage longer-horizon value creation .
- Pay-for-performance rigor: 2024 awards use formulaic metrics (FFO growth, Net Debt/Adj EBITDA) with a three-year index-relative modifier and cap (150%), limiting windfalls and tying outcomes to balance sheet strength and operating performance .
- Disclosure gap: Cole is not an NEO; individual cash/equity award terms, vesting schedules, and Form 4 activity are not detailed in the proxy—monitor ongoing filings for insider transactions and equity grant disclosures. Governance practices and say‑on‑pay support remain strong (86% FOR in 2024; ~91% 5‑year average; ~88% 10‑year average) .