Lisa A. Alonso
About Lisa A. Alonso
Lisa A. Alonso, 48, is Executive Vice President and Chief Human Resources Officer at Healthpeak Properties (NYSE: DOC), serving in this role since January 2020 after joining the company in 2014 in progressively senior HR positions . Healthpeak’s pay programs emphasize pay-for-performance: 2024 STIP paid above target on strong Normalized FFO/share and run-rate synergy execution, while the 2022–2024 LTIP paid below target on relative TSR, indicating balanced accountability to long-term stockholder outcomes . The company maintains robust governance around compensation (clawback, stock ownership requirements, no pledging/hedging), which apply to officers including the CHRO . 2024 say‑on‑pay passed with 93% support; 5‑year average support was 92% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Healthpeak Properties | EVP & Chief Human Resources Officer | Jan 2020 – Present | Executive HR leadership during a period including the Physicians Realty Trust merger and internalization initiatives (company-level focus in 2024) |
| Healthpeak Properties | SVP – Human Resources | Feb 2018 – Dec 2019 | Senior HR leadership supporting corporate talent and culture |
| Healthpeak Properties | VP – Human Resources | Jan 2016 – Jan 2018 | HR leadership and programs across business units |
| Healthpeak Properties | Director – Human Resources | Apr 2015 – Dec 2015 | HR business partnering and operations |
| Healthpeak Properties | Manager – Human Resources | Nov 2014 – Apr 2015 | HR operations and support |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Irvine Company – Resort at Pelican Hill | Director of Human Resources / HR Business Partner | Apr 2013 – Jul 2014 | Property-level HR leadership at a flagship hospitality asset |
| California First National Bancorp (Nasdaq: CFNB) | VP of Human Resources; Director of Recruiting & Training | Feb 2003 – Mar 2013 | Enterprise recruiting, training, and HR leadership at a public financial institution |
Fixed Compensation
- Not individually disclosed for Alonso in the 2025 proxy because she was not a Named Executive Officer (NEO) for 2024; NEOs disclosed were the CEO, CFO, COO, Chief Development Officer/Head of Lab, and CIO .
- Company-wide policies: no individual employment agreements; pay structure balances fixed base salary with at‑risk incentives .
Performance Compensation
Annual Cash Incentive (STIP) Design and 2024 Results
| Metric | Weight (2024) | Target Framework | 2024 Outcome | Payout on Metric | Notes |
|---|---|---|---|---|---|
| Normalized FFO per Share | 35% | Threshold 50%, Target 100%, High 150%, Outperformance 200% for financial metrics | $1.81 | 183.3% | Targets set near initial public guidance |
| Run‑Rate Synergies (Merger & Internalization) | 20% | Threshold/Target/High/Outperformance scale for financial metrics | $53.6M | 200% | Measures merger/internalization benefits |
| Corporate Impact Scorecard | 15% | Quantitative and qualitative ESG/people/governance scorecard | Not numerical | Committee scored | Aligns to long‑term strategy |
| Individual Performance | 30% | Objectives and accomplishments | Not numerical | Committee scored | Rewards execution and initiative |
- 2024 STIP Award Opportunity levels (company framework): threshold 50%, target 100%, high 150%, “outperformance” 200% for financial metrics; no change vs 2023 targets .
- Aggregate NEO outcomes indicate above‑target results and calibration: overall weighted payouts ~169%–172% of target for the named executives (illustrative outcomes for disclosed NEOs) .
Long-Term Incentive (LTIP) Design
| Component | Weight (2024) | Performance Period / Vesting | Performance Conditions | Holding |
|---|---|---|---|---|
| Performance‑Based: Relative TSR vs. REIT peers | 40% (30% healthcare REIT peers; 10% comp peer group) | 3-year cliff (2024–2026) | Relative TSR vs specified indices; peer sets updated in 2024 | 1‑year post‑vesting hold |
| Performance‑Based: Net Debt / Adjusted EBITDAre | 20% | 3-year cliff (2024–2026) | Threshold 6.0x (0%), Target 5.5x (100%), High 5.0x (200%) | 1‑year post‑vesting hold |
| Service‑Based (“Retentive Awards”) | 40% | 3 annual ratable tranches starting 1st anniversary | Requires minimum 2024 Normalized FFO/share of $1.30 (hurdle met) | 1‑year post‑vesting hold |
- Company noted 2022–2024 3‑year performance LTIP paid below target due to relative TSR results, demonstrating alignment with long‑term stockholder outcomes .
- No stock options have been awarded since 2014; no repricing/buyouts and no options outstanding as of March 2025 per policy disclosures .
Equity Ownership & Alignment
| Policy/Item | Detail |
|---|---|
| Stock Ownership Guidelines | CEO 10x salary; other NEOs 6x; Executive Officers (Non‑NEOs) 3x; 5‑year compliance window; tested annually (May 15). All NEOs subject to the guidelines satisfied requirements as of May 15, 2024 . |
| Clawback | Executive compensation clawback applies to incentive comp tied to financial metrics for 3 years prior to a required restatement . |
| Hedging/Pledging | Hedging and pledging of company securities prohibited for directors, officers, and employees . |
| Post‑Vesting Holding | 1‑year post‑vesting holding requirement on LTIP awards to promote alignment and reduce near‑term selling pressure . |
| Beneficial Ownership Disclosure | Individual share counts are disclosed for directors and NEOs; executive officers as a group (19 persons) held 1,631,204 shares, plus 323,228 options/RSUs/PIUs as of March 4, 2025; shares outstanding 698,596,116 . |
Note: Alonso’s individual beneficial ownership was not itemized in the 2025 proxy; she is included within the “all directors and executive officers as a group” line .
Employment Terms
| Topic | Key Terms (applies to officers; standardized plans) |
|---|---|
| Employment Agreements | Policy is to avoid individual executive employment agreements; standardized Executive Severance Plan and Executive Change in Control (CIC) Severance Plan are used instead . |
| Severance Plan (no CIC) | CEO: 3x (base + greater of target or 3‑yr avg bonus); other participating executives (NEO tier shown): 2x; prorated bonus; cash in lieu of COBRA (3 yrs CEO; 2 yrs others); service‑based equity continues vesting for 24 months then accelerates; performance‑based equity continues per terms; subject to release and post‑termination covenants . |
| CIC Plan | Trigger: termination without cause or for good reason within 2 years post‑CIC; CEO 3x; NEO tier shown at 2.5x; prorated bonus; cash in lieu of COBRA (3 yrs CEO; 2.5 yrs others); equity treatment per plan; all current officers are participants; no tax gross‑ups; release, confidentiality, non‑solicit and non‑compete during severance period . |
| Clawback/Controls | Clawback policy; compensation risk assessment; ownership guidelines; no pledging/hedging; no tax gross‑ups on CIC/severance . |
| Perquisites | Modest perqs added in 2024: executive medical exams, financial planning reimbursements; broad‑based wellness stipends available to executives . |
Plan multiples for non‑NEO executive officers are standardized by plan tier; the proxy explicitly quantifies CEO and NEO tiers. All current officers, including the CHRO, are participants in the CIC Plan . The company does not use individual employment agreements .
Compensation Structure Analysis
- Year‑over‑year calibration: 2024 base salaries, STIP targets, and LTIP targets held flat vs. 2023 for NEOs, reflecting fiscal discipline during merger integration .
- Mix and risk profile: Heavy emphasis on at‑risk pay; 70% of STIP is objective/quantitative; 60% of LTIP is performance‑based including relative TSR and balance sheet leverage; 1‑year hold on vested LTIP .
- Metrics evolution: For 2024, STIP replaced Net Debt/EBITDAre with Run‑Rate Synergies to align with merger execution; 200% outperformance level added for financial metrics . For 2025, STIP increases FFO/share weight to 55% and re‑adds Net Debt/EBITDAre (15%); LTIP removes Net Debt/EBITDAre, maintaining a focus on TSR .
Say‑on‑Pay & Shareholder Feedback
- 2024 say‑on‑pay approval: 93%; 5‑year average support: 92%. Committee maintained core structure for 2025 considering high support and consultant recommendations .
- Independent oversight and consultant (Ferguson Partners Consulting) used for market practices, peer review, and plan design .
Compensation Peer Group (used for benchmarking)
- 2024 peer group includes: Alexandria Real Estate, AvalonBay, BXP, Equity Residential, Healthcare Realty Trust (replacing Vornado), Host Hotels, Kimco, Medical Properties Trust (removed in 2025), Omega, Realty Income, Regency Centers, UDR, Ventas, Welltower .
- 2025 change: Remove Medical Properties Trust; add W. P. Carey to better align with market cap and revenue .
Investment Implications
- Alignment and retention: Strong governance signals—no hedging/pledging, stringent stock ownership (3x salary for non‑NEO executive officers), and mandatory 1‑year post‑vesting holding—reduce short‑term selling pressure and promote long‑term alignment for Alonso’s role .
- Incentive levers: STIP metrics directly tied to FFO/share and synergy capture, with outperformance upside; LTIP weighted to relative TSR and leverage targets—this design creates clear performance‑for‑pay tension (2024 STIP >target on execution; 2022–2024 LTIP <target on TSR) .
- Retention economics: Standardized Severance and CIC plans (with non‑compete/non‑solicit covenants and no tax gross‑ups) offer competitive protection without bespoke contracts; Alonso participates as an officer in these plans, moderating retention risk without shareholder‑unfriendly terms .
- Monitoring signals: Track future proxies and Section 16 filings for any changes to Alonso’s equity holdings, vesting events, or accelerated vesting (particularly around performance awards and any organizational changes), and watch 2025 STIP re‑weighting toward FFO/share for potential payout variability .