Alexander J. Jessett
About Alexander J. Jessett
Alexander J. Jessett, age 50, is President, Chief Financial Officer, and Assistant Secretary of Camden Property Trust (CPT) since April 17, 2024, having previously served as EVP–Chief Financial Officer and in prior CFO roles since 2013 . His current remit spans finance, legal, real estate investments, construction, and operations, reflecting CPT’s succession planning; he reports to Executive Vice Chairman D. Keith Oden . Company performance metrics used for NEO pay include Core FFO per share ($6.85), Same Property NOI growth (1.1%), Net Debt/Adjusted EBITDAre (3.90x), and weighted average yields on stabilized developments (5.78%) for 2024, while Camden’s TSR-based value of a $100 initial investment stood at $129.20 in 2024 . Education is not disclosed in the proxy executive officer biography sections reviewed .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Camden Property Trust | President, Chief Financial Officer, and Assistant Secretary | Apr 2024–Present | Expanded remit to oversee operations in addition to finance, legal, investments, and construction; part of long-term succession planning . |
| Camden Property Trust | EVP – Chief Financial Officer and Assistant Secretary | Dec 2021–Apr 2024 | Led finance and capital allocation; executive leadership continuity . |
| Camden Property Trust | EVP – Finance, Chief Financial Officer, and Assistant Secretary | Mar 2020–Dec 2021 | Oversaw finance and strategic planning amid portfolio and balance sheet management . |
| Camden Property Trust | EVP – Finance, Chief Financial Officer, Treasurer, and Assistant Secretary | Dec 2014–Mar 2020 | Strengthened finance function; treasury and capital market execution . |
| Camden Property Trust | SVP – Chief Financial Officer, Treasurer, and Assistant Secretary | May 2013–Dec 2014 | Elevated to CFO; foundational leadership in financial reporting and capital needs . |
External Roles
No external public company directorships or roles for Mr. Jessett are disclosed in CPT’s proxy materials .
Fixed Compensation
Multi-year compensation summary (SEC-reported):
| Metric (USD) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary | $591,727 | $609,479 | $627,763 |
| Stock Awards (grant-date fair value) | $1,737,109 | $2,138,181 | $2,138,233 |
| Non-Equity Incentive Plan Compensation | $1,182,458 | $1,113,842 | $1,382,952 |
| All Other Compensation | $3,000 | $3,000 | $3,000 |
| Total | $3,514,294 | $3,864,502 | $4,151,948 |
Base salary progression and target bonus:
| Item | 2023 | 2024 |
|---|---|---|
| Base Salary | $609,479 | $627,763 (+3.0%) |
| Target Bonus (% of Base) | — | 325% |
| Maximum as % of Target | — | 175% of target |
Performance Compensation
Annual bonus outcomes and structure:
- 2024 total annual bonus: $2,250,492, of which $1,125,246 paid in cash; the remainder converted into a share award per program rules .
- NEOs can elect up to 50% of annual bonus in shares, issued at two-thirds of closing price, vesting 25% at grant and 25% each Feb 15 over three years; all NEOs elected the 50% share maximum for 2024 .
- Performance Award (notional shares tied to dividends and goal attainment): Jessett holds 45,000 notional shares; 2024 cash payment was $257,706 at 139% overall achievement .
Performance metrics, weightings, targets, actuals, and payout:
| Metric | Weight | Threshold (75% payout) | Target (100%) | Max (150%) | Actual | Payout |
|---|---|---|---|---|---|---|
| Core FFO per share | 40% | $6.59 | $6.74 | $6.89 | $6.85 | 137% |
| Same Property NOI Growth | 30% | (1.50%) | 0.00% | 1.50% | 1.1% | 137% |
| Net Debt/Adjusted EBITDAre | 20% | 5.00x | 4.75x | 4.50x | 3.90x | 150% |
| Underwritten Yields on Stabilized Developments | 10% | 5.37% | 5.62% | 5.87% | 5.78% | 132% |
| Total | 100% | — | — | — | — | 139% |
Equity grants and vesting:
| Grant | Grant Date | Shares | Fair Value (USD) | Vesting Terms |
|---|---|---|---|---|
| Annual bonus share award (2023 performance) | 2/21/2024 | 14,654 | $1,398,138 | 25% at grant; 25% each Feb 15 over 3 years (accelerate on Retirement Eligibility or certain terminations) . |
| LT share award (2023 performance) | 2/21/2024 | 7,757 | $740,095 | 3 equal annual installments starting Feb 15 following grant (subject to Retirement Eligibility and acceleration terms) . |
| LT share award (2024 performance) | 2/19/2025 | 11,124 | — (reported in 2026 proxy) | 3 equal annual installments beginning Feb 15 following grant (accelerations per plan) . |
| Annual bonus share award (2024 performance) | 2/19/2025 | 14,196 | — (reported in 2026 proxy) | 25% at grant; 25% each Feb 15 over 3 years . |
Stock vested in fiscal 2024:
| Shares Vested (2024) | Value Realized (USD) |
|---|---|
| 15,680 | $1,519,582 |
Program evolution:
- Beginning in 2026, annual share awards for executive officers will be PSUs with a 3-year performance period, split between relative TSR and financial measures (expected Net Debt/EBITDAre and Core FFO/share) with equal weightings; annual bonus share awards structure remains unchanged .
Equity Ownership & Alignment
Beneficial ownership and unvested awards:
| Item | Value |
|---|---|
| Beneficially owned shares (as of 3/14/2025) | 108,119; less than 1% of outstanding . |
| Unvested share awards (as of 3/14/2025, excluded from beneficial ownership) | 39,343 . |
| Options outstanding at FY 2024 year-end | None . |
| Ownership guidelines (President/EVP) | Minimum 4x salary or 22,900 shares; all NEOs currently meet targets . |
| Hedging and pledging policy | Hedging prohibited; pledging generally discouraged and margin accounts discouraged . |
| Deferred compensation (2024) | Contributions $2,138,233; earnings $2,681,012; withdrawals $(1,133,256); aggregate balance $16,479,334 . |
Outstanding unvested awards at 12/31/2024 (and market value at $116.04/share):
| Grant Date | Unvested Shares | Market Value (USD) |
|---|---|---|
| 2/16/2022 | 3,029 | $351,485 |
| 2/22/2023 | 10,144 | $1,177,110 |
| 2/21/2024 | 18,748 | $2,175,518 |
Upcoming vesting schedule (from prior disclosures):
| Vesting Date | Shares |
|---|---|
| 2/15/2024 | 12,017 |
| 2/15/2025 | 8,100 |
| 2/15/2026 | 5,073 |
Employment Terms
- Agreement term and auto-renewal: Jessett’s employment agreement expires August 20, 2025 and auto-renews annually unless either party gives notice at least six months prior to expiration .
- Non-compete, non-solicit, confidentiality: 12-month post-termination non-compete and non-solicit covenants; confidentiality covenant; covenants waived for certain terminations (e.g., no-cause terminations) per agreement terms .
- Severance and change-in-control economics (illustrative amounts as of 12/31/2024):
- Termination without cause: Severance equal to 1x base salary; prorated target bonus; awards per plan; total shown $2,667,993 including bonus and severance .
- Death or disability: Severance equal to 1x base salary plus targeted cash bonus; accelerated vesting of unvested awards; total $8,412,336 .
- Change in control (with termination): Severance $1,822,872; bonus $2,040,230; acceleration of awards $3,704,113; total $7,567,215 .
- Change in control (no termination): No severance; awards accelerate $3,704,113 .
- Clawback: CPT maintains an executive compensation clawback policy consistent with SEC/NYSE rules for recovery of erroneously awarded incentive compensation over a three-year lookback in the event of a required restatement .
- Tax gross-ups: New arrangements since 2013 do not include tax gross-ups; legacy agreements with other NEOs may include them .
- Perquisites: No material perquisites; NEOs participate in standard employee benefit plans (e.g., 401(k)) .
- Ownership guidelines and compliance: Robust share ownership guidelines apply to NEOs; each NEO meets the applicable target .
Additional Governance and Compensation Context
- Say-on-Pay: 2024 advisory vote on executive compensation received approximately 91% approval; Compensation Committee maintained its approach for 2024 .
- Compensation Committee: Members Renu Khator (Chair), Scott S. Ingraham, Steven A. Webster; committee met outside management, uses an independent consultant (CBIZ); 2024 peer group comprised leading REITs across sectors (e.g., AVB, EQR, ESS, MAA, UDR) and other relevant comparables .
Investment Implications
- Strong pay-performance alignment: Jessett’s incentive pay is tightly linked to Core FFO/share, Same Property NOI growth, capital efficiency (Net Debt/EBITDAre), and development yields—metrics central to REIT value creation—delivering a 139% performance award payout for 2024 . The adoption of PSUs in 2026 further increases long-term performance linkage via relative TSR and multi-year financial KPIs .
- Retention risk appears contained: Multi-year vesting on bonus-related share grants and LT awards, robust ownership guidelines (met by NEOs), and a 12-month non-compete reduce near-term turnover risk; change-in-control protections are standard and not excessive (no new tax gross-ups, single/double-trigger outcomes disclosed) .
- Insider selling pressure: 2024 vestings totaled 15,680 shares for Jessett, with additional scheduled vestings and 2025 awards layering in; while vesting events can create liquidity needs, hedging is prohibited and pledging discouraged, which supports alignment and mitigates adverse signaling .
- Alignment and governance: Jessett’s beneficial ownership, compliance with ownership guidelines, and the committee’s use of a broad REIT peer set and independent consultant support compensation discipline amid REIT cycle dynamics .