Kent Griffin Jr.
About R. Kent Griffin Jr.
Independent Director at Cousins Properties (CUZ) since 2019; age 55. Managing Director of PHICAS Investors since 2016; previously President & COO (2008–2015) and CFO (2006–2010) of BioMed Realty, with earlier roles in investment banking at J.P. Morgan and Raymond James and audit/advisory at Arthur Andersen’s real estate services group. He chairs CUZ’s Compensation & Human Capital Committee and serves on the Nominating & Governance and Executive Committees; the Board has determined he is independent. He also serves as a director of Healthpeak Properties, chairing its Audit Committee and serving on its Investment and Finance Committee, reflecting deep finance and governance expertise .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BioMed Realty | President & COO | 2008–2015 | Led operations; public REIT executive credentials |
| BioMed Realty | Chief Financial Officer | 2006–2010 | Built finance capabilities; capital markets experience |
| J.P. Morgan | Investment Banker | Not disclosed | Real estate/capital markets experience |
| Raymond James | Investment Banker | Not disclosed | Real estate/capital markets experience |
| Arthur Andersen (Real Estate Services) | Auditor and Advisor | Not disclosed | Accounting/audit foundation |
External Roles
| Organization | Role | Tenure | Details |
|---|---|---|---|
| PHICAS Investors | Managing Director | Since 2016 | Advisory on investment and capital strategy |
| Healthpeak Properties | Director; Audit Committee Chair; Investment & Finance Committee Member | Not disclosed | Audit leadership and REIT governance |
| Charleston Waterkeeper | Director | Not disclosed | Non-profit board role |
| South Carolina Coastal Conservation League | Board Chair | Not disclosed | Non-profit board leadership |
| Leonard W. Wood Center for Real Estate Studies | Board of Advisors Member | Not disclosed | Academic advisory role |
| Wake Forest University School of Business | Chair, Board of Visitors | Not disclosed | Academic governance role |
Board Governance
- Committee assignments: Chair, Compensation & Human Capital Committee; Member, Nominating & Governance Committee; Member, Executive Committee .
- Independence: Board affirmatively determined he is independent under NYSE rules and CUZ Director Independence Standards .
- Attendance: Board met six times in 2024; each Director nominated for re-election attended at least 75% of Board and applicable committee meetings .
- Committee activity levels (2024): Compensation (5 meetings); Nominating & Governance (4); Executive (0); Independent Directors held at least four executive sessions .
- Board leadership and process: Independent Chair of the Board (Robert M. Chapman) provides oversight; robust governance framework includes majority voting/resignation policy, annual evaluations, and anti-hedging/anti-pledging policy .
Fixed Compensation
| Component (2024) | Amount | Notes |
|---|---|---|
| Cash Retainer | $80,000 | Standard non-employee Director retainer |
| Committee Chair Retainer (Compensation) | $15,000 | Chair fee |
| Total Fees Earned (cash or stock) | $95,000 | Griffin elected to receive some cash in stock |
| Equity Retainer (annual grant) | $134,987 | 5,836 shares granted on 5/31/2024; vests immediately |
| Incremental value of cash retainer taken in stock (5% discount) | $5,016 | Equity in lieu of cash under plan rules |
| Total 2024 Director Compensation | $235,003 | Sum of cash/stock retainers |
- No meeting fees are paid to Directors; cash retainer typically paid around May 31 following earnings release cadence .
Performance Compensation
CUZ does not disclose performance-conditioned pay elements for Directors; annual equity retainers vest on grant and are not tied to specific performance metrics .
Compensation Committee oversight (Griffin as Chair) of NEO performance pay in 2024:
| Performance Metric | Weight | Targeting Framework |
|---|---|---|
| FFO per share | 40% | Threshold/Target/Max; linear interpolation; target anchored to public guidance midpoint |
| Leasing Activity Volume | 25% | Target of 1.5M sq ft; excludes short/amenity/storage/residential leases |
| Net Effective Rent (NER) | 25% | Weighted average variance vs budget, per lease; excludes non-budgeted approvals |
| Corporate Responsibility | 10% | Four sub-goals: GRESB ≥ Four Stars; Fitwel ≥ 52% portfolio; culture awards; Green Street governance score above all-REIT average |
2024 results: FFO 174% component payout; Leasing 135%; NER 115%; Corporate Responsibility met/exceeded all sub-goals; overall bonus payout 142.3% of target for NEOs, reflecting the Committee’s design under Griffin’s chairmanship .
Other Directorships & Interlocks
| Company | Sector | Role | Committee Roles | Interlock/Conflict Notes |
|---|---|---|---|---|
| Healthpeak Properties | Healthcare REIT | Director | Audit Chair; Investment & Finance Member | Different property focus than CUZ; no related-party transactions disclosed at CUZ |
- Compensation Committee interlocks: CUZ discloses none among current members (Griffin, Cannada, Hyland) .
Expertise & Qualifications
- Real estate finance and operations leader with executive REIT experience (President/COO, CFO) and capital markets background .
- Audit and financial oversight credentials; CUZ Board determined Griffin would qualify as an “audit committee financial expert” if appointed to Audit Committee .
- Governance leadership across corporate and non-profit boards; active in sustainability and community organizations .
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial ownership | 69,102 shares; <1% of class |
| Pledged shares | None; CUZ prohibits pledging by Directors and officers |
| Hedging/margin | Prohibited for Directors and officers |
| Director ownership guideline | 5x annual cash retainer; compliance generally required within 5 years |
| Compliance status | As of July 1, 2024, all non-employee Directors satisfied the guideline; Directors averaged ~17x the cash retainer owned |
Insider Trades
| Period | Form 4 Transactions | Notes |
|---|---|---|
| 2024 | Not disclosed in proxy | CUZ reports all Directors and officers complied with Section 16(a) reporting requirements in 2024 |
Governance Assessment
- Strengths: Independent status; chairs Compensation & Human Capital Committee with clear pay-for-performance architecture; robust anti-hedging/anti-pledging policy; strong director ownership requirements with full compliance; no related-party transactions; regular independent executive sessions; independent Board chair; high 2024 say-on-pay support (90.83%) signaling shareholder alignment .
- Engagement and oversight: Compensation Committee retained independent consultant (Ferguson Partners Consulting) and confirmed independence; defined rigorous financial and non-financial metrics; capped payouts and maintained clawback policy for executives—indicates disciplined oversight under Griffin’s chairmanship .
- Potential risks: External board commitments at Healthpeak introduce time demands, but CUZ’s overboarding limits (≤3 other public boards; ≤2 audit committees for audit members) and Griffin’s non-membership on CUZ’s Audit Committee mitigate concerns; audit-expert qualification is additive rather than conflicting .
- RED FLAGS: None observed—no related-party transactions to disclose; no hedging/pledging; no compensation committee interlocks; Section 16(a) compliance confirmed .