Marc E. Binda
About Marc E. Binda
Marc E. Binda, age 49, is Chief Financial Officer since September 2023 and Treasurer since April 2018, with 20 years at Alexandria Real Estate Equities (ARE). He is a CPA with a B.S. in Accounting from California Lutheran University; prior roles include finance leadership at ARE, financial reporting at Watt Centro Management JV, LP, and a manager in EY’s Real Estate Advisory group. In 2024, he led capital markets and balance sheet strategy, maintaining BBB+ and Baa1 credit ratings that ranked in the top 10% of publicly traded U.S. REITs, and directed the organization toward revenue and profitability goals, actively engaging investors and analysts .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Alexandria Real Estate Equities | CFO | Sep 2023–Present | Oversight of treasury strategies, capital planning, debt financing, capital markets, and investor engagement . |
| Alexandria Real Estate Equities | Executive Vice President – Finance | Jun 2019–Sep 2023 | Finance leadership across projections, risk management, and complex real estate, JV, and leasing transactions . |
| Alexandria Real Estate Equities | Senior Vice President – Finance | Apr 2012–Jun 2019 | Increasing responsibility across finance and accounting; risk and treasury support . |
| Alexandria Real Estate Equities | Various finance roles | Jan 2005–Apr 2012 | Progressively senior roles within finance and accounting functions . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Watt Centro Management JV, LP | Financial Reporting Manager | Pre-2005 (prior to ARE) | Accounting, finance, treasury, REIT and debt compliance; U.S. and Australian GAAP reporting . |
| Ernst & Young LLP | Manager, Real Estate Advisory Business Services | Pre-2005 (prior to ARE) | Served three publicly traded REITs and other public/private companies; technical real estate advisory . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $615,000 | $650,000 |
| All Other Compensation ($) | $46,098 | $48,598 |
Notes:
- Base salary increased 5.7% YoY in 2024 (cost-of-living adjustment) .
- Other NEOs’ annual cash incentive is discretionary (maximum 300% of base salary); Binda’s actual cash incentive was $950,000 for 2024 .
Performance Compensation
Annual Cash Incentive (2024)
- Approach: Discretionary assessment vs. predetermined corporate and individual goals; max 300% of base salary .
- Actual Paid: $950,000 .
Long-Term Equity Awards (2024 Grants)
| Award | Grant Date | Threshold (#) | Target (#) | Max (#) | Grant-Date Fair Value ($) |
|---|---|---|---|---|---|
| 2024 Performance Plan Equity Award | 1/2/2024 | 2,360 | 4,720 | 7,080 | $769,242 |
| 2024 Service-Based Restricted Stock (based on 2023 performance) | 12/31/2024 | — | — | — | $3,240,259 |
- All NEO equity awards in 2024–2025 carry a one-year post-vesting holding period; dividends on majority of unvested time-based awards granted Apr–Dec 2024 are forfeitable until vesting .
Prior Performance Plan Outcomes (TSR-based)
| Metric | Weighting | Target | Actual | Payout |
|---|---|---|---|---|
| 2021 Performance Plan Equity Award (Performance period: 3/31/2021–3/29/2024) – Relative TSR | 50% | 50th percentile → 62.5% vesting | 74th percentile | 100% of component |
| 2021 Performance Plan Equity Award – Absolute TSR | 50% | 18% → 62.5% vesting | (18.1)% | 0% of component |
| 2022 Performance Plan Equity Award (Performance period: 3/31/2022–12/31/2024) – Relative TSR | 50% | 50th percentile → 62.5% vesting | 40th percentile | ~44% of component |
| 2022 Performance Plan Equity Award – Absolute TSR | 50% | 16.5% → 62.5% vesting | (41.7)% | 0% of component |
Award-level outcomes (shares):
| Award | Total Granted | Shares Vested | Shares Forfeited |
|---|---|---|---|
| 2021 PPEA (Binda) | 2,210 | 1,105 | 1,105 |
| 2022 PPEA (Binda) | 2,340 | 515 | 1,825 |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial Ownership (Shares) | 119,854 |
| Beneficial Ownership (% of Outstanding) | <1% |
| Unvested Time-Based Stock (12/31/2024) | 73,593 shares; $7,178,997 market value at $97.55/share |
| Unearned Performance-Based Shares (Max Eligible Unvested, 12/31/2024) | 11,110 shares; $1,083,781 market/payout value |
| Shares Acquired on Vesting in 2024 | 21,196; $2,274,969 value realized |
| Scheduled Vesting (Time-Based) | 2025: 29,426 ; 2026: 29,139 ; 2027: 16,911 ; 2028: 9,227 ; Total unvested: 84,703 |
Alignment Policies:
- Stock ownership guidelines: Other executive officers must hold ≥3x base salary; all senior officers currently in compliance; NEOs must hold 50% of net after-tax shares until requirements met; CFO reviews annually .
- Anti-hedging and anti-pledging: Hedging/derivatives prohibited; pledging prohibited unless sufficient immediately available assets prevent forced sale during trading restrictions .
- Options: Company has not issued options since 2002; none outstanding as of 12/31/2024 .
- One-year post-vesting holding for executive equity awards in 2024–2025; forfeitable dividends on majority of unvested awards granted in 2024 .
Employment Terms
| Term | Detail |
|---|---|
| Agreement Type | Amended and restated Executive Employment Agreement, at-will; term began Sep 15, 2023 . |
| Severance (No CIC) | 1 year base salary + prior year cash incentive bonus; accelerated vesting of unvested equity awards; prorated and additional fully vested stock grants per formula; 12 months COBRA or equivalent taxable payment . |
| Severance (CIC, within 2 years) | 1.5x multiple of (1 year base salary + prior year cash incentive bonus, not less than highest of prior two years) + accelerated vesting; prorated and additional fully vested stock grants; 12 months COBRA or equivalent taxable payment . |
| Double Trigger on Equity | Equity awards granted to NEOs include double-trigger change-in-control provisions . |
| Clawback | NYSE/SEC-compliant clawback for erroneously awarded compensation for incentive comp received on/after Oct 2, 2023; prior policy allows recoupment for fraud/misconduct-related restatements . |
| Tax Gross-Ups | Avoided; Company lists “Tax gross-up payments” among practices it avoids . |
Potential Payments Table (assumes termination on 12/31/2024; $97.55/share):
| Scenario | Cash Severance ($) | Pro Rata Bonus ($) | Restricted Stock Grants ($) | Acceleration of Equity Awards ($) | COBRA/Benefits ($) | Accrued Vacation ($) | Total ($) |
|---|---|---|---|---|---|---|---|
| Without Cause/Good Reason (CIC) | $2,400,000 | N/A | $5,777,017 | $7,466,841 | $45,562 | $112,500 | $15,801,920 |
| Without Cause/Good Reason (no CIC) | $1,600,000 | N/A | $5,777,017 | $7,422,287 | $45,562 | $112,500 | $14,957,366 |
| Death or Disability | $1,600,000 | N/A | $5,777,017 | $7,422,287 | $45,562 | $112,500 | $14,957,366 |
| For Cause/Other than Good Reason | — | N/A | — | — | — | $112,500 | $112,500 |
Investment Implications
- Pay-for-performance alignment: Heavy use of restricted stock with one-year post-vesting holding and forfeitable dividends defers liquidity and strengthens retention; Binda’s 2021/2022 TSR awards saw 50–78% forfeitures due to absolute TSR underperformance, signaling a tough performance hurdle framework .
- Near-term selling pressure: Scheduled time-based vesting of 29,426 shares in 2025 with a required one-year holding suggests limited immediate sell pressure; no options outstanding reduces potential exercise-driven flow .
- Ownership alignment: 119,854 beneficial shares and mandatory 3x salary ownership guideline with 50% net-share hold promote alignment; anti-hedging/pledging constraints reduce risk of adverse trading behaviors .
- Retention and change-of-control economics: CIC severance of 1.5x salary+bonus plus equity acceleration and additional vested grants creates material value on a transaction, balanced by strong clawback and governance policies; COBRA support and accelerated vesting upon qualifying terminations lower voluntary exit friction while preserving performance checks .