Kristina A. Fukuzaki-Carlson
About Kristina A. Fukuzaki-Carlson
Executive Vice President – Business Operations at Alexandria Real Estate Equities, Inc. since March 2022; age 50; 19 years with the company as of April 2, 2025 (joined October 2005) . She leads total rewards and employee wellness, and oversees legal compliance and internal processes; she has 25+ years of human resources experience (prior roles at E-Trade Financial, Los Angeles Times, and Toyota Financial Services) and holds SHRM-SCP, SPHR, and CCP designations; BA in Business Administration (HR) from California State University, Fullerton, and MS in Human Resources from Chapman University . Company-level performance metrics emphasized in recent executive LTIs include Net Debt to Adjusted EBITDA of 5.2x and NOI Growth of 13.8% (2024 actuals), with vesting outcomes capped by a relative Forward FFO equity multiple modifier; measurement spans through 12/31/2026 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| E-Trade Financial | Human resources advisory/business partner | Not disclosed | Not disclosed |
| Los Angeles Times | Human resources advisory/business partner | Not disclosed | Not disclosed |
| Toyota Financial Services | Human resources advisory/business partner | Not disclosed | Not disclosed |
External Roles
No public company directorships or external roles are disclosed in her executive officer biography in the company’s recent proxy statements .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base salary ($) | Not disclosed (not a Named Executive Officer) | Not disclosed (not a Named Executive Officer) | Not disclosed (not a Named Executive Officer) |
| Target bonus (%) | Not disclosed (not a Named Executive Officer) | Not disclosed (not a Named Executive Officer) | Not disclosed (not a Named Executive Officer) |
| Actual cash bonus ($) | Not disclosed (not a Named Executive Officer) | Not disclosed (not a Named Executive Officer) | Not disclosed (not a Named Executive Officer) |
Performance Compensation
Company’s disclosed 2024 performance-based LTI design (for CEO/Executive Chairman) anchors pay-for-performance and signals the broader incentive framework emphasis:
| Metric/Design Element | Weighting | Target | Actual/Status | Payout mechanics | Vesting/Holding |
|---|---|---|---|---|---|
| Net Debt to Adjusted EBITDA Ratio | 50% | ≤ 6.05x (target); ≤ 5.6x (max) | 5.2x (2024 actual) | Earnout scaled; combined with NOI metric produced 200% of target before modifier; capped at 150% after modifier | 3-year performance period ending 12/31/2026; 1-year post-vesting hold |
| NOI Growth Rate | 50% | 4.0% (target); ≥ 5.0% (max) | 13.8% (2024 actual) | Earnout scaled; combined with leverage metric produced 200% of target before modifier; capped at 150% after modifier | 3-year performance period ending 12/31/2026; 1-year post-vesting hold |
| Relative Forward FFO Equity Multiple Ranking (FTSE NAREIT Equity Health Care Index) | Modifier (+/- up to 50%) | Median (no change) | Determined at end of period | Linear interpolation; overall payout capped at 150% of target | 3-year performance period; 1-year post-vesting hold |
| Time-based LTI grants (2024 tranche) | n/a | n/a | n/a | n/a | Vest ratably over four years (Jan 10, 2024–Jan 30, 2028); 1-year post-vesting hold |
| Dividends on unvested time-based awards | n/a | n/a | n/a | Forfeitable prior to vest; forfeited if awards are forfeited | Applies to awards granted Apr–Dec 2024 and expected 2025 |
Note: Ms. Fukuzaki-Carlson is not a Named Executive Officer in FY2024; her individual incentive metrics/payouts are not disclosed. The table summarizes the company’s disclosed LTI design and outcomes for senior leadership to contextualize incentive alignment .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 25,966 common shares directly owned as of initial Form 3 filed 04/01/2022 |
| Vested vs unvested | Not disclosed |
| Stock ownership guidelines | Other executive officers must own shares equal to 3x base salary; 50% of net after-tax shares must be held until requirement met |
| Compliance status | Company reports all senior officers currently in compliance with ownership guidelines |
| Post-vesting holding | All equity awards granted to CEO and other NEOs in 2024–2025 subject to 1-year post-vesting holding; the company also introduced forfeitable dividends on substantially all unvested time-based awards granted Apr–Dec 2024 and expected 2025 (employees) |
| Anti-hedging policy | Prohibits short sales, hedging/monetization (e.g., forward sales, swaps, collars, exchange funds), and trading in derivatives on company securities |
| Anti-pledging policy | Prohibits pledging or margin accounts unless the individual maintains sufficient immediately available collateral to prevent forced sales during trading blackouts |
Employment Terms
| Provision | Terms/Status |
|---|---|
| Employment agreement | No individual employment agreement terms for Ms. Fukuzaki-Carlson are disclosed in the 2025 proxy . |
| Severance/change-of-control (CIC) | Not disclosed for Ms. Fukuzaki-Carlson. For context, NEO agreements provide severance upon termination without cause/for good reason, including 1x salary plus prior-year bonus (non-CIC) and higher multiples upon/within two years post-CIC (2.0x for certain NEOs; 1.5x for others), plus COBRA-equivalent health benefits and equity acceleration per terms; double-trigger applies post-CIC . |
| Clawback | NYSE/SEC-compliant clawback requiring recovery of erroneously awarded incentive compensation after accounting restatements; prior policy applies to earlier awards tied to fraud/willful misconduct . |
| Non-compete / non-solicit / garden leave | Not disclosed. |
| Pledging/hedging | Subject to company-wide anti-hedging and anti-pledging policies . |
Investment Implications
- Alignment and selling pressure: A 3x salary ownership requirement, mandatory 50% net-after-tax hold until in compliance, one-year post-vest holding on awards, and anti-hedging/pledging policies collectively raise the cost of near-term selling and reinforce long-term alignment for executive officers like Ms. Fukuzaki-Carlson .
- Pay-for-performance signals: Though her individual plan is not disclosed, the program places heavy weight on deleveraging (Net Debt/Adj EBITDA) and organic growth (NOI growth), with a relative valuation-based modifier and multi-year measurement/holding—constructs that generally mitigate short-termism and tie leadership equity value to durable operating outcomes .
- Retention risk: Four-year vesting and post-vest holding requirements, plus forfeitable dividends prior to vesting, provide structural retention. The absence of a disclosed individual employment agreement leaves severance/CIC specifics unknown for Ms. Fukuzaki-Carlson, but company-wide policies and program design suggest moderate retention protections through equity architecture rather than guaranteed cash .
- Ownership tracking: The most recent explicit filing identified here is her Form 3 (25,966 shares as of 04/01/2022); investors should monitor ongoing Section 16 Form 4 activity for updated ownership and any dispositions that could indicate liquidity needs or sentiment shifts .