Reid Dunbar
About Reid Dunbar
R. Reid Dunbar is Executive Vice President at EastGroup Properties (EGP), promoted effective January 2025 after serving as Senior Vice President since May 2017; he is 49 years old . During EGP’s recent performance period, the company delivered $8.35 FFO per diluted share and 5.6% Same PNOI growth in 2024, and $7.79 FFO per diluted share, 8.0% Same PNOI growth, and 27.6% TSR in 2023, metrics that feed directly into the executive incentive framework . Dunbar’s 2024 individual assessment notes exceeded average occupancy objectives and strong execution on development and acquisitions in his region, consistent with the operating focus of his role .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| EastGroup Properties | Executive Vice President | Jan 2025–present | Regional leadership; development/value-add and operating property acquisitions execution |
| EastGroup Properties | Senior Vice President | May 2017–Dec 2024 | Met/exceeded Same PNOI and occupancy goals; continued investment program in-region |
| Prologis | Various roles culminating Senior Vice President | 2005–May 2017 | Senior operating leadership at leading industrial REIT |
External Roles
- No external directorships or outside roles disclosed for Dunbar in the executive officer biographies section of the proxy statements reviewed .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base salary ($) | 440,000 | 460,000 | 490,000 (+6.5% YoY) |
| “All Other Compensation” ($) | 98,771 | 109,125 | 117,670 |
| Employment agreements | — | — | Company discloses no employment agreements or guaranteed bonuses for NEOs |
Performance Compensation
Annual Incentive Plan (AIP) – Structure and Metrics
| Element | 2023 Plan | 2024 Plan |
|---|---|---|
| Corporate metrics & weights | FFO/sh (50%); Same PNOI change ex-LT income (10%); Debt/EBITDAre (10%); Fixed charge coverage (10%); Individual objectives (20%) | Same four corporate financial metrics; weighting CEO/CFO 80/20; Dunbar group 70/30 corporate vs individual |
| Form and vesting | 50% cash; 50% equity (restricted shares/RSUs). Equity: 34% vests at certification; remaining vests 33% each of next two years | 50% cash; 50% equity. Equity portion follows same 34%/33%/33% schedule |
AIP Payouts (Dunbar)
| Year | % of Target Earned: Company | % of Target Earned: Individual | Total % of Target | Cash Earned ($) | Equity Earned (# shares) |
|---|---|---|---|---|---|
| 2023 | 150% | 145% | 149% | 479,780 | 3,240 |
| 2024 | 133% | 127% | 131% | 449,330 | 2,448 |
2024 individual assessment for Dunbar: exceeded average occupancy objectives; slightly below Same PNOI; strong development and acquisition execution .
2024 AIP Opportunity Details (Plan-Based Awards – Dunbar)
| Component | Threshold | Target | Maximum |
|---|---|---|---|
| AIP Cash ($) | 171,500 | 343,000 | 514,500 |
| AIP Equity (RSUs/#) – corporate performance portion | — | 1,309 | 1,964 |
In Feb 2025, the corporate-performance RSUs actually earned for 2024 were determined at 1,740 for Dunbar; 34% vested at certification and 33% will vest on 1/1/2026 and 1/1/2027 .
Long-Term Incentive Plan (LTIP) – Targets and Design
- Design: 70% performance-based (relative TSR vs Nareit Equity Index and vs Nareit Industrial Index constituents; 50/50 split) and 30% service-based; performance awards measured over 3 years, with 75% vest at period end and 25% the following January 1; service-based vests ratably over four years . | Grant Year | Target $ | Target Performance-Based (#) | Service-Based (#) | Valuation basis | |---|---:|---:|---:|---| | 2022 LTIP | 450,000 | 1,382 | 592 | Stock price $227.85 on 12/31/2021 | | 2023 LTIP | 475,000 | 2,246 | 962 | Stock price $148.06 on 12/30/2022 | | 2024 LTIP | 504,000 | 1,922 | 824 | Stock price $183.54 on 12/29/2023 |
Equity Awards Granted in 2024 (Dunbar)
| Grant Type | Grant Date | Threshold | Target | Maximum | Grant Date Fair Value ($) |
|---|---|---|---|---|---|
| 2024 AIP Equity (corporate portion, RSUs/#) | 2/26/2024 | 655 | 1,309 | 1,964 | 234,534 |
| 2024 LTIP Performance-Based (RSUs/#) | 2/26/2024 | 961 | 1,922 | 3,844 | 433,757 |
| 2024 LTIP Service-Based (shares/#) | 2/26/2024 | — | — | — | 824 sh; 147,636 |
| 2023 AIP Individual (shares/# for 2023 performance) | 2/14/2024 | — | — | — | 630 sh; 115,580 |
Summary Compensation (Dunbar)
| Year | Salary ($) | Stock Awards ($) | Non-Equity Incentive (Cash) ($) | Total ($) |
|---|---|---|---|---|
| 2022 | 440,000 | 718,247 | 443,520 | 1,700,538 |
| 2023 | 460,000 | 1,004,154 | 479,780 | 2,053,059 |
| 2024 | 490,000 | 931,507 | 449,330 | 1,988,507 |
Equity Ownership & Alignment
Beneficial Ownership
| As of | Shares Beneficially Owned | % of Outstanding | Shares Outstanding |
|---|---|---|---|
| 3/31/2024 | 21,707 | <1.0% | 48,010,613 |
| 3/31/2025 | 22,630 | <1.0% | 52,265,432 |
- No stock options outstanding for NEOs; no option exercises in 2024 .
- Stock ownership guidelines: CEO 5x salary; Executive Vice Presidents 3x; Senior Vice Presidents 2x; all directors and executive officers with ≥5 years in role are currently in compliance .
- Hedging and pledging are prohibited for directors and officers .
- Clawback policy adopted August 2023 consistent with SEC/NYSE rules; recovery of erroneously awarded incentive comp over prior three fiscal years; misconduct can trigger up to 100% recovery .
Outstanding/Unvested and Vesting Cadence (as of 12/31/2024; Dunbar)
| Award (description) | Shares/Units | Market Value ($) | Vesting Notes / Dates |
|---|---|---|---|
| 2021 LTIP (service-based) – remaining 25% | 180 | 28,888 | Vested 1/1/2025 |
| 2021 LTIP (performance-based) – remaining 25% | 839 | 134,651 | Vested 1/1/2025 |
| 2022 AIP (remaining 33%) | 642 | 103,035 | Vested 1/1/2025 |
| 2022 LTIP (service-based) – remaining 50% | 296 | 47,505 | Vests 1/1/2025 and 1/1/2026 |
| 2023 AIP (remaining 66%) | 2,137 | 342,967 | Vests 1/1/2025 and 1/1/2026 |
| 2023 LTIP (service-based) – remaining 75% | 721 | 115,713 | Vests 1/1/2025, 1/1/2026, 1/1/2027 |
| 2024 LTIP (service-based) | 824 | 132,244 | Vests 2/12/2025, 1/1/2026, 1/1/2027, 1/1/2028 |
| 2022 LTIP (performance-based) – target unearned | 1,382 | 221,797 | Feb 2025: relative TSR at target; 1,382 earned; 75% vested at determination; 25% vest 1/1/2026 |
| 2023 LTIP (performance-based) – target unearned | 2,246 | 360,461 | Performance period 2023–2025 |
| 2024 LTIP (performance-based) – target unearned | 1,922 | 308,462 | Performance period 2024–2026 |
| 2024 AIP equity (corporate portion, pre-determination) | 1,964 | 315,202 | Feb 2025: earned 1,740; 34% vested at certification; 33% vest 1/1/2026 and 1/1/2027 |
Shares acquired on vesting in 2024: 7,156 shares; value realized $1,313,103 (potential supply indicator) .
Employment Terms
Severance & Change-in-Control (CIC)
- 2024 proxy: CIC cash severance = 3x average annual comp (salary + cash bonus) for CEO/CFO/Coleman, and 2.5x for Dunbar/Collins; double-trigger; health/life coverage also provided .
- 2025 proxy: CIC cash severance updated to 3x average annual comp for all NEOs including Dunbar; double-trigger .
Potential Payments (Dunbar; hypothetical 12/31/2024 event)
| Scenario | Cash ($) | Health/Life ($) | Equity Acceleration ($) | Total ($) |
|---|---|---|---|---|
| Termination without Cause (not in CIC) | 1,339,847 | — | 972,229 | 2,312,076 |
| Change in Control (standalone; awards assumed) | — | — | — | — (disclosed separately via plan terms) |
| CIC + Qualifying Termination (double-trigger) | 893,231 | 45,000 | 1,794,029 | 2,687,260 |
| Death | 122,500 | — | 1,794,029 | 1,916,529 |
| Disability | — | — | 1,794,029 | 1,794,029 |
- Equity acceleration mechanics:
- Termination without cause: all service-based restricted stock (and performance awards with performance period ended but pending service-based vesting) accelerate .
- CIC if awards not assumed/continued: service-based fully vest; performance-based vest at target .
- CIC with awards assumed/continued and double-trigger separation within two years: service-based accelerate; performance-based treated at target and vest .
- No employment agreements; no single-trigger provisions; no tax gross-ups; no pensions or non-qualified deferred comp plans .
- Retirement policy: if “retirement” (as defined) and subject to execution and noncompetition agreement, time-based awards accelerate and performance-based awards prorate and remain eligible; violating the noncompete triggers clawback/forfeiture of such equity .
- Clawback: mandatory recovery of erroneously awarded incentive comp per SEC/NYSE rules (adopted Aug 2023) .
Performance & Track Record (Company context relevant to Dunbar’s incentives)
| Metric | 2023 | 2024 |
|---|---|---|
| FFO per diluted share | $7.79 | $8.35 |
| Same PNOI growth | 8.0% (excl. lease terminations) | 5.6% |
| TSR | 27.6% | — (not disclosed) |
| Balance sheet | Debt/EBITDAre 3.9x (used in assessment) | 3.2x (used in assessment) |
Compensation Structure Analysis
- Mix shifts and at-risk emphasis: Majority of Dunbar’s comp is variable via annual cash/equity incentives and multi-year TSR-based LTIP; 2024 stock awards ($931.5k) remained a sizable component even as base salary rose 6.5% YoY to $490k .
- Metric rigor: AIP emphasizes FFO/sh (50%) plus leverage/coverage constraints and Same PNOI; LTIP is 100% relative TSR (half vs Nareit Equity Index, half vs Nareit Industrial Index), capping payouts at 200% and requiring continued service post-performance .
- Vesting and supply overhang: AIP equity vests 34% at certification and 33% each of the next two years; multiple overlapping LTIP/service tranches vest through 2028, creating periodic potential selling pressure (e.g., 7,156 shares vested in 2024; additional tranches scheduled 2025–2028) .
- Policy safeguards: Prohibitions on hedging/pledging, robust stock ownership guidelines (EVP 3x salary) with compliance reported, and a current clawback policy mitigate misalignment risks .
- CIC economics: Move from 2.5x to 3x CIC multiple for Dunbar increases potential CIC cost but remains double-trigger and includes standard benefit continuation; equity treatment at target on CIC provides certainty but could be shareholder-sensitive in a depressed market scenario .
Investment Implications
- Alignment appears strong: High share of pay is at-risk and uses REIT-relevant metrics (FFO/sh, Same PNOI, leverage/coverage) and relative TSR; hedging/pledging bans, ownership guidelines with reported compliance, and updated clawback reduce governance risk .
- Retention is supported: Significant unvested equity across AIP and LTIP and double-trigger severance of 3x average comp post-2025 reduce near-term departure risk for Dunbar .
- Watch for scheduled supply: The 34/33/33 AIP vesting and staggered LTIP/service vesting through 2028 create recurring windows for potential share sales; 2024 vesting of 7,156 shares illustrates realized supply flow .
- CIC cost modestly higher: The 2025 move to a uniform 3x CIC multiple for all NEOs modestly raises potential change-in-control costs but remains double-trigger and in line with REIT norms, limiting entrenchment risks .
- Execution linkage: Dunbar’s evaluations emphasize occupancy and development execution; continued delivery on Same PNOI and disciplined leverage (e.g., Debt/EBITDAre 3.2x in 2024 assessments) should sustain high AIP payouts, while relative TSR will determine LTIP outcomes .