Mary McCormick
About Mary McCormick
Independent director since 2005 (age 67), Mary E. McCormick brings deep real estate investment, capital markets, and governance expertise. She is the former Executive Director of the Center for Real Estate at The Ohio State University (2017–2022) and previously directed real estate investments for the Ohio Public Employees Retirement System (1989–2005). She holds a Bachelor’s degree and an MBA from The Ohio State University and has led industry bodies including as Chair of the Pension Real Estate Association. The Board has affirmatively determined she is independent under NYSE standards.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Ohio State University, Center for Real Estate | Executive Director; Senior Lecturer | 2017–2022 | Led academic/industry initiatives; governance expertise applied to Board discussions |
| Almanac Realty Investors (now part of Neuberger Berman) | Senior Advisor | 2010–2016 | Capital markets and REIT advisory experience |
| Ohio Public Employees Retirement System | Directed real estate investments; oversaw internal REIT portfolio | 1989–2005 | Managed a large fund’s real estate allocation; investment oversight |
| Pension Real Estate Association | Chair (prior years) | Not specified | Industry leadership; governance and market insight |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Xenia Hotels & Resorts, Inc. (NYSE: XHR) | Director | Since 2015 | Audit Committee member; Nominating & Corporate Governance Committee Chair |
| Mid-America Apartment Communities, Inc. (NYSE: MAA) | Director | 2006–2010 | Multifamily REIT oversight; public company governance |
| Broadstone Net Lease (private REIT) | Director | 2013–2016 | Net lease real estate governance |
Board Governance
- Committee assignments (EGP 2024→2025): Audit Committee Chair; Nominating & Corporate Governance Committee member; Investment Committee member post-2025 AGM (Loeb Chair; Aloian; Bolton; McCormick). Audit Committee met 7 times; Compensation 6; Nominating & Corporate Governance 3; Investment 4. The Audit Committee oversees financial reporting, internal/external audit, and cybersecurity risk; all three governance-related committees are 100% independent.
- Independence and leadership: The Board separates Chair and CEO roles; six of seven nominees are independent (including the Chair). The Board and committees have full access to management and advisors and may hold executive sessions led by the independent Chair.
- Engagement and evaluation: Annual Board and committee effectiveness assessments are overseen by the Nominating & Corporate Governance Committee; shareholder feedback has driven refreshment and policy changes (e.g., bylaw amendments in 2021).
- Attendance: In 2024 the Board held seven meetings; directors averaged 98% attendance, each meeting the ≥75% expectation; all directors attended the 2024 annual meeting.
Fixed Compensation
Policy and 2024 actuals:
- EGP policy (amended May 2024): Annual cash retainer increased from $60,000 to $75,000; annual equity grant increased from $110,000 to $135,000; Chair of the Board cash retainer increased to $85,000; committee chair/member retainers also increased following peer benchmarking with an independent consultant. No meeting fees.
- Mary McCormick’s 2024 director compensation:
| Component | FY 2024 Amount | Notes |
|---|---|---|
| Cash fees | $100,000 | Includes committee/chair retainers earned in 2024 |
| Stock awards (grant-date fair value) | $135,131 | Annual restricted shares sized to ~$135k policy |
| Total | $235,131 | Sum of cash and equity |
Director stock ownership guideline: Directors must own Company stock with market value ≥ five times the annual cash retainer; all directors with ≥5 years service are in compliance. Hedging and pledging of Company securities is prohibited; the Board maintains a clawback policy covering cash and equity incentives.
Performance Compensation
EGP’s pay-for-performance framework is primarily for executives; the Board (with Mary as Audit Chair and member of NCGC) oversees design, metrics, and outcomes.
2024 Annual Incentive Plan (AIP) corporate metrics and outcomes:
| Metric | Final Award (% of Target) | Notes |
|---|---|---|
| FFO per diluted share | 140% | Non-GAAP; reconciled in 10-K |
| Same PNOI growth (cash basis; excl. lease terminations) | 60% | Non-GAAP; property-level measure |
| Debt-to-EBITDAre ratio | 150% | Leverage and balance sheet strength |
| Fixed charge coverage ratio | 150% | Cash flow coverage of fixed charges |
Long-Term Incentive Plan (LTIP) metrics:
- 70% performance-based RSUs on 3-year TSR vs FTSE Nareit Equity Index and vs Nareit Industrial Index; 30% service-based RSUs over 4 years. 2022–2024 LTIP paid at 100% of target; 2023–2025 and 2024–2026 cycles are tracking at target (interim).
Say-on-pay: 2024 advisory vote approved with ~97.3% support; Board made no changes to the executive program in response.
Other Directorships & Interlocks
| Entity | Overlap/Interlock | Implication |
|---|---|---|
| Xenia Hotels & Resorts (XHR) | Current director; Audit member; NCGC Chair | Hotel/lodging REIT exposure broadens industry perspective; minimal direct conflict with EGP’s industrial focus |
| Mid-America Apartment Communities (MAA) | Prior director (2006–2010); EGP director H. Eric Bolton Jr. is Executive Chairman and former CEO of MAA | Historical interlock suggests shared multifamily REIT experience; no current related-party transactions disclosed |
| Almanac/Neuberger Berman | Mary served as Senior Advisor at Almanac (2010–2016); EGP director D. Pike Aloian is Managing Director at Neuberger Berman/Almanac | Historical professional linkage; EGP has a Related Person Transaction Policy and no such transactions are disclosed |
Expertise & Qualifications
- Audit Committee financial expert designation; accounting and financial management expertise per NYSE standards.
- Real estate operations/investment; capital markets; corporate responsibility matters; public company board experience; senior leadership and strategic initiatives.
- Industry leadership: Pension Real Estate Association Chair; member of Urban Land Institute.
Equity Ownership
| Item | Value | As-of | Source |
|---|---|---|---|
| Beneficially owned shares | 23,320 | March 31, 2025 | |
| Shares outstanding | 52,265,432 | March 31, 2025 | |
| Ownership % of outstanding | ~0.045% | Derived | |
| Director ownership guideline | ≥5× annual cash retainer | Current policy | |
| Compliance status | In compliance (≥5 years service) | Current | |
| Hedging/pledging | Prohibited | Current |
Governance Assessment
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Strengths
- Independence and leadership: Audit Chair, NCGC member; Board and committees fully independent; Chair/CEO separation.
- Deep domain expertise in institutional real estate and capital markets; designated audit financial expert.
- Active oversight of cybersecurity and ERM via Audit Committee; structured Board evaluation; strong engagement.
- Alignment: Robust stock ownership guidelines; significant personal shareholding; prohibition on hedging/pledging; Board clawback policy.
- Investor confidence signals: Consistent high say-on-pay support (~97.3% in 2024) and clear performance metrics in incentive design.
-
Watch items
- Historical professional linkage (Almanac/Neuberger Berman) with another EGP director suggests potential perceived ties; mitigated by formal Related Person Transaction Policy and absence of disclosed related-party transactions.
- Cross-board experience with MAA (historical) alongside an EGP director who is Executive Chairman of MAA; monitor for future transactions or overlapping interests.
- Individual attendance not disclosed per director; Board-wide attendance is strong (98%). Continue monitoring engagement disclosures.