Laurie A. Baker
About Laurie A. Baker
Executive Vice President – Chief Operating Officer at Camden Property Trust (CPT) since December 2021; age 60. Prior roles include EVP – Operations (2019–2021) and SVP – Fund & Asset Management (2012–2019) . Under her operating remit, Camden delivered 2024 Core FFO/share of $6.85, Same Property NOI growth of 1.1%, Net Debt/Adjusted EBITDAre of 3.90x, and weighted average yields on stabilized developments of 5.78% . Camden’s TSR (since a 2019 base) stood at $129.20 vs FTSE NAREIT Equity at $123.25 as of year-end 2024 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Camden Property Trust | EVP – Chief Operating Officer | Dec 2021 – Present | Company-wide operations oversight |
| Camden Property Trust | EVP – Operations | Apr 2019 – Dec 2021 | Led operating platform |
| Camden Property Trust | SVP – Fund & Asset Management | Feb 2012 – Apr 2019 | Asset and fund management leadership |
External Roles
No external board or operating roles disclosed in executive officer bios in 2025 and 2024 proxies .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 534,762 | 550,805 | 567,329 |
| YoY Salary Change | — | +3.0% (committee action) | +3.0% (committee action) |
| Target Annual Bonus (% of base) | — | 250% (NEO target) | 250% (NEO target) |
Performance Compensation
- Annual bonus framework: 50% Company performance / 50% individual objectives for COO (vs 100% company for CEO/EV Vice Chair/President) .
Corporate performance scorecard (applies to NEOs – drives Performance Award; 2024):
| Metric | Weight | Threshold (75%) | Target (100%) | Maximum (150%) | Actual | Payout |
|---|---|---|---|---|---|---|
| Core FFO/share | 40% | $6.59 | $6.74 | $6.89 | $6.85 | 137% |
| Same Property NOI growth | 30% | (1.50%) | 0.00% | 1.50% | 1.1% | 137% |
| Net Debt/Adjusted EBITDAre | 20% | 5.00x | 4.75x | 4.50x | 3.90x | 150% |
| Underwritten Yields (acq/dev) | 10% | 5.37% | 5.62% | 5.87% | 5.78% | 132% |
| Total Achievement | 100% | — | — | — | — | 139% |
Individual objectives for Ms. Baker (2024):
| Individual Metric | Weight | Assessment |
|---|---|---|
| Same property NOI performance and operational budgets | 25% | Included in 95% overall individual achievement |
| Human capital initiatives leadership effectiveness | 25% | Included |
| Training/mentoring, process management to maximize customer sentiment | 25% | Included |
| Corporate and regional budgets | 15% | Included |
| Corporate culture development | 10% | Included |
| Overall Individual Achievement | — | 95% |
Annual incentive outcomes:
| 2022 | 2023 | 2024 | |
|---|---|---|---|
| Total Annual Bonus ($) | 1,060,079 | 1,619,326 | 1,781,259 |
| Paid in Cash ($) | 809,663 | 809,663 | 890,629 |
| Paid in Shares (awarded subsequent Feb; #shares) | 1,663 sh (Feb-22) | 10,331 sh (Feb-24) | 11,236 sh (Feb-19-25) |
Performance Award (dividend-linked on notional shares):
| 2022 | 2023 | 2024 | |
|---|---|---|---|
| Notional Shares (count) | 45,000 | 45,000 | 45,000 |
| Cash Payment ($) | 250,416 | 181,800 | 257,706 |
Long-term equity awards:
| Grant | Grant Date | Shares | Vesting |
|---|---|---|---|
| Annual Share Award (2025) | Feb 19, 2025 | 6,152 | 3 equal annual installments starting Feb 15 following grant; accelerated on Retirement Eligible/qualifying terminations |
| Annual Bonus Share Award (2025) | Feb 19, 2025 | 11,236 | 25% at grant; 25% each Feb 15 for next 3 years; accelerated on Retirement Eligible/qualifying terminations |
| Options | — | — | No options granted in 2024 |
Equity Ownership & Alignment
| Ownership Snapshot (as of date) | Amount |
|---|---|
| Beneficial Ownership (Mar 14, 2025) | 84,316 shares; <1% of class |
| Included: Options exercisable within 60 days (rabbi trust) | 17,078 shares |
| Unvested Share Awards outstanding (Mar 14, 2025) | 28,708 shares |
| Ownership Guidelines (EVP) | 4x salary or 22,900 shares; management reports all senior officers are in compliance |
| Pledging/Hedging | Hedging prohibited; pledging generally discouraged (no pledges disclosed for Ms. Baker) |
Unvested awards at FY-end 2024 and indicative vesting (per plan):
| Grant Date | Unvested Shares | Market Value at 12/31/2024 ($116.04/sh) |
|---|---|---|
| Feb 16, 2022 | 1,234 | 143,194 |
| Feb 22, 2023 | 7,444 | 863,802 |
| Feb 21, 2024 | 13,758 | 1,596,478 |
| Total | 22,436 | 2,603,474 |
Deferred compensation (alignment and liquidity timing):
| 2024 Activity | Rabbi Trust | Deferred Comp Plan | Total |
|---|---|---|---|
| Exec Contributions ($) | — | 401,676 | 401,676 |
| Aggregate Earnings ($) | 407,270 | 1,421,232 | 1,828,502 |
| Withdrawals ($) | — | 445,225 | 445,225 |
| Aggregate Balance ($) | 3,199,125 | 11,584,432 | 14,783,557 |
Stock ownership/insider policies: robust ownership guidelines; anti-hedging; pledging discouraged; quarterly blackout policy in insider trading policy .
Employment Terms
| Term | Detail |
|---|---|
| Agreement Term | Expires Aug 20, 2025; auto-renews annually unless either party gives notice ≥6 months prior |
| Non-Compete / Non-Solicit | 12 months post-termination (non-compete/solicit not applied if company terminates without cause) |
| Severance – Without Cause | 1x base salary; plus pro rata target bonus; estimated total $1,985,652 as of 12/31/2024 (bonus $1,418,323 + severance $567,329) |
| Death/Disability | 1x base salary including target bonus; full vesting of awards; total $6,007,449 (includes $2,603,474 equity acceleration) |
| Change-in-Control (CIC) with Termination | Double-trigger cash severance: lump sum equal to 2.99x average salary (prior three taxable years) plus pro rata bonus; equity vests; total $5,669,183 (incl. $2,603,474 equity) |
| CIC without Termination | No cash severance or bonus; equity may accelerate per plan or if not assumed; shown equity value $2,603,474 |
| Clawback | NYSE/SEC-compliant clawback policy for erroneously awarded incentive comp (3-year lookback) |
| Tax Gross-Up | Agreements entered pre-2013 include 280G/4999 excise tax gross-up provisions; still in effect for NEOs |
Multi-Year Compensation (reported basis, SEC Summary Compensation Table)
| Metric ($) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | 534,762 | 550,805 | 567,329 |
| Stock Awards (grant date fair value) | 674,078 | 1,616,215 | 1,616,245 |
| Non-Equity Incentive Plan Compensation | 1,060,079 | 991,463 | 1,148,335 |
| All Other Compensation | 3,000 | 3,000 | 3,000 |
| Total | 2,271,919 | 3,161,483 | 3,334,909 |
Compensation Structure Analysis
- Cash vs equity mix: More than half of NEO comp delivered in long-term equity; Ms. Baker elected 50% of her bonus in shares, which vest over three years (25% at grant, then annually), spreading future supply and aligning with TSR . Corporate Performance Award is tied to Core FFO/share, Same Property NOI, leverage, and yields; 2024 payout at 139% reflects above-target execution on all four pillars .
- Shift to PSUs: Beginning 2026, annual share awards will convert to PSUs with a 3-year performance period (50% relative TSR; 50% Net Debt/EBITDAre and Core FFO/share), increasing performance risk in equity pay .
- Governance flags: Legacy excise tax gross-up provisions remain for NEOs (shareholder-unfriendly); otherwise hedging prohibited, pledging discouraged, and a clawback is in place .
Compensation Peer Group (context for benchmarking)
American Homes 4 Rent; AvalonBay Communities; Brixmor; CubeSmart; Douglas Emmett; Equity LifeStyle; Equity Residential; Essex; Federal Realty; Gaming & Leisure Properties; Invitation Homes; Kimco; Mid-America Apartment Communities; NNN REIT; Sun Communities; The Macerich Company; UDR; Uniti (updated 2024; adds AMH and Douglas Emmett; removes Duke Realty) .
Equity Ownership & Pledging
- Beneficial ownership 84,316 shares; options exercisable within 60 days 17,078; unvested awards 28,708. No pledging disclosed for Ms. Baker; hedging prohibited; pledging discouraged; all senior officers in compliance with ownership guidelines .
Performance & Track Record (context)
- 2024 achievements vs targets used in pay: Core FFO/share $6.85 (above midpoint), Same Property NOI +1.1% (above midpoint), Net Debt/Adj EBITDAre 3.90x (better than 4.75x target), weighted average yields 5.78% (above target pro forma) .
- Say-on-pay: ~91% approval in both 2024 and 2023, supporting pay program design continuity .
Employment Terms – Detailed CIC and Severance Economics (as of 12/31/2024)
| Scenario | Bonus ($) | Cash Severance ($) | Equity Acceleration ($) | Total ($) |
|---|---|---|---|---|
| Without Cause | 1,418,323 | 567,329 | — | 1,985,652 |
| Death/Disability | 1,418,323 | 1,985,652 | 2,603,474 | 6,007,449 |
| CIC with Termination | 1,418,323 | 1,647,386 | 2,603,474 | 5,669,183 |
| CIC no Termination | — | — | 2,603,474 | 2,603,474 |
Investment Implications
- Alignment: High at-risk pay, election to take 50% of bonus in stock, robust ownership levels, and significant deferred comp balance indicate strong long-term alignment; scheduled vesting spreads potential selling pressure (annual February cliffs) .
- Performance linkage: 2024 above-target outcomes on FFO/share, NOI, leverage, and yields drove a 139% Performance Award payout; transition to PSUs in 2026 will further harden pay-for-performance and TSR linkage .
- Retention risk: Auto-renewing employment agreement with 12-month non-compete/non-solicit and double-trigger CIC severance mitigates retention risk; however, legacy excise tax gross-up is a governance negative that could draw investor scrutiny in change-in-control scenarios .
- Trading signals: Near-term stock supply from vesting primarily clusters around mid-February each year due to bonus share awards (25% at grant; 25% annually thereafter) and time-based awards; no Form 4 data was available in this dataset to indicate recent selling, and no pledging by Ms. Baker is disclosed in proxies .