Eric Bolton
About Eric Bolton
H. Eric Bolton, Jr. is an independent director of EastGroup Properties (EGP), serving since 2013. He is Executive Chairman and former CEO/Chairman of Mid‑America Apartment Communities (MAA), with a BBA in Accounting (University of Memphis) and an MBA in Finance & Real Estate (University of North Texas). As of the 2025 proxy, he is age 68, with core credentials in accounting/finance, capital markets, real estate operations/investment, risk management, public company boards, and senior leadership; he serves on Nareit’s Executive Board.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Mid‑America Apartment Communities (MAA) | Executive Chairman | 2025–present | Oversight leadership at large REIT; public company board experience and strategic initiatives noted in EGP skills matrix. |
| Mid‑America Apartment Communities (MAA) | CEO; Chairman of the Board | CEO 2001–2025; Chairman 2002–2025 | Led MAA’s operating and strategic growth; extensive real estate operations experience. |
| Trammell Crow Realty Advisors | EVP & CFO | Pre‑1994 | Finance and capital markets expertise; prior CFO role highlighted in EGP bio. |
| MAA | VP Development; COO; President | Joined 1994; COO Feb 1996; President Dec 1996 | Senior leadership and execution experience; real estate development/operations. |
| Interstate Hotels & Resorts, Inc. | Director | 2008–2010 | Additional public board exposure; governance experience. |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| National Association of Real Estate Investment Trusts (Nareit) | Executive Board | Current (2025) | Industry leadership and policy engagement; strengthens capital markets and governance perspective. |
Board Governance
- Independence: Bolton is classified as “INDEPENDENT”; Audit, Compensation, and Nominating & Corporate Governance Committees are 100% independent per NYSE standards.
- Committee assignments (post‑2025 re‑election): Chair of Compensation Committee; member of Audit Committee; member of Investment Committee.
- Attendance: In 2024, the Board held 7 meetings and committees held 20; average director attendance was 98%, with each director meeting at least the 75% threshold; 100% of directors attended the 2024 annual meeting.
| Committee | Bolton Member? | Chair? | Meetings in 2024 | Principal Responsibilities (selected) |
|---|---|---|---|---|
| Audit | Yes (effective post‑re‑election) | No | 7 | Financial reporting oversight; cybersecurity/IT risks; monitor financial risks and related‑party arrangements; audit committee financial experts designated. |
| Compensation | Yes | Yes | 6 | Executive pay policy, approve officer compensation; director compensation; benefits/programs; report issued by committee. |
| Nominating & Corporate Governance | No (post‑2025 update) | No | 3 | Board/committee composition; governance policies; board/ESG oversight. |
| Investment | Yes | No | 4 | Approves real estate investments/dispositions within thresholds; larger/market‑entry deals go to full Board. |
- Governance practices: Separation of Chairman/CEO; clawback policy covering cash and equity; robust ownership guidelines; no hedging/pledging; no tax gross‑ups or single‑trigger provisions; no director meeting fees.
Fixed Compensation
| Year | Fees Earned/Paid in Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| 2022 | 73,335 | 110,058 | 183,393 |
| 2023 | 88,917 | 110,095 | 199,012 |
| 2024 | 92,667 | 135,131 | 227,798 |
Policy changes (effective May 2024): annual equity grant increased from $110,000 to $135,000; annual cash retainer increased from $60,000 to $75,000; Chairman retainer increased from $75,000 to $85,000; committee chair/member retainers also increased to align with peers.
Historical director cash retainer schedule (pre‑2024 increases):
| Position | Annual Cash Retainer ($) |
|---|---|
| Non‑employee Director | 60,000 |
| Lead Independent Director | 25,000 |
| Audit Chair | 20,000 |
| Audit Member | 10,000 |
| Compensation Chair | 15,000 |
| Compensation Member | 7,500 |
| Nominating & Corporate Governance Chair | 12,000 |
| Nominating & Corporate Governance Member | 6,000 |
| Investment Committee Member | 6,000 |
Performance Compensation
| Equity Vehicle | Annual Value | Grant Basis | Vesting | Notes |
|---|---|---|---|---|
| Restricted Shares (annual) | $135,000 | $135,000 ÷ FMV on grant date | Vest in full on earlier of 1‑year anniversary or next annual meeting, subject to continued service | No meeting fees; equity aligns long‑term interests. |
| New Director Restricted Shares | $25,000 | $25,000 ÷ FMV on appointment | Four‑year vesting, subject to continued service | Prorated cash/equity if appointed mid‑cycle. |
EGP discloses no stock options for directors or executives; equity grant timing not designed to exploit MNPI.
Other Directorships & Interlocks
| Company | Role | Status |
|---|---|---|
| Mid‑America Apartment Communities (MAA) | Executive Chairman; former CEO/Chairman | Current external public REIT role; provides sector expertise. |
| Interstate Hotels & Resorts, Inc. | Director | 2008–2010; prior public board exposure. |
| Nareit | Executive Board | Industry leadership; enhances governance/capital markets insights. |
- Compensation Committee interlocks: EGP discloses no interlocks; no members were officers/employees; no reciprocal board/comp committee relationships existed.
Expertise & Qualifications
- Accounting & Finance; Capital Markets; Real Estate Operations & Investment; Regulatory/Legal/Risk; Public Company Boards; Senior Leadership/Strategic Initiatives.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Common Stock |
|---|---|---|
| H. Eric Bolton, Jr. | 14,795 | <1.0% (based on 52,265,432 shares outstanding as of Mar 31, 2025) |
- Ownership guidelines: Directors must hold Company stock with market value ≥ 5× annual cash retainer; directors/executives with ≥5 years’ service are currently in compliance.
- Hedging/Pledging: Prohibited for directors/officers/designated employees.
Say‑on‑Pay & Shareholder Feedback
| Year | For | Against | Abstentions | Broker Non‑Votes |
|---|---|---|---|---|
| 2025 | 45,280,501 | 1,969,037 | 139,239 | 1,821,990 |
| 2024 | 40,492,630 | 1,123,031 | 48,115 | 3,296,327 |
Directors (including Bolton) received strong election support in 2025; Bolton’s “For” votes: 46,396,452.
Governance Assessment
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Strengths
- Independent status; chairs Compensation Committee and serves on Audit and Investment—signals strong oversight across pay, financial reporting, and capital allocation.
- Robust governance policies: clawback, no tax gross‑ups/single‑trigger, no hedging/pledging, strong ownership requirements, and elimination of director meeting fees.
- High engagement: strong attendance metrics; positive shareholder support on say‑on‑pay and director elections.
- No compensation committee interlocks or related‑party exposures disclosed.
-
Watch items
- Time commitments: ongoing Executive Chairman duties at MAA alongside EGP committee leadership warrant continued monitoring of overboarding/time allocation (EGP discloses a Board focus on overboarding and time commitments).
- Compensation program changes: 2024 increases to director cash/equity and committee fees—appropriate peer alignment, but investors should monitor pay inflation versus governance value-add.
-
RED FLAGS
- None disclosed for Bolton: no pledging/hedging; no related‑party transactions; no option repricings; no tax gross‑ups.