Ryan Collins

About Ryan Collins

Ryan M. Collins is Executive Vice President at EastGroup Properties (promoted effective January 2025) after serving as Senior Vice President since May 2017; previously he was Vice President and Asset Manager at Clarion Partners (2004–2017) . Age 44 (as of the 2025 proxy) . His incentive design ties pay to REIT-specific financial outcomes (FFO/share, Same PNOI growth, leverage and coverage metrics) and multi-year relative TSR against Nareit benchmarks; 2023 Company highlights underlying incentive outcomes included 98.2% year-end occupancy, 55.0% rent spreads on new/renewal leases, and 27.6% TSR in 2023 .

Past Roles

Fixed Compensation

Performance Compensation

Annual Incentive Plan (AIP) – Structure and 2023 Outcomes

• Structure: 50% cash / 50% equity; 2023 weighting: 80% corporate metrics, 20% individual goals (all NEOs) . Metrics include FFO per diluted share, Same PNOI growth (ex-terminations), Debt-to-EBITDAre, Fixed Charge Coverage .
• 2023 Collins payout details and vesting: total 135% of target; cash earned $355,388; equity 2,400 shares; equity vests 34% at certification and 33% on Jan 1, 2025 and Jan 1, 2026 .

• 2024 target opportunity (for context): AIP cash target $295,400 and equity target 1,127 RSUs (corporate/individual weighting 70%/30% for Collins in 2024) .

Long-Term Incentive Plan (LTIP) – TSR PSUs and Service-Based Equity

• Design: Long-term equity is 70% performance-based (PSUs) with 50% relative TSR vs Nareit Equity Index and 50% vs Nareit Industrial Index; 30% service-based (4-year vesting). Performance PSUs vest 75% at the end of the 3-year period with the remaining 25% the following year, subject to continued employment .
• Outcomes and holdings for Collins:

• Service-based RSUs/restricted shares outstanding at 12/31/2024 (market value uses $160.49 close):

• Stock vested:

  • 2024: 5,910 shares; $1,084,463 value realized .
  • 2023: 5,789 shares; $899,925 value realized .

• Options: No options granted or outstanding for NEOs in 2023–2024 .

Equity Ownership & Alignment

• Beneficial ownership: 18,951 shares as of March 31, 2025 (<1% of outstanding; 52,265,432 shares outstanding) .
• Ownership guidelines: EVPs must hold Company stock equal to 3× base salary; directors/officers with ≥5 years in role are in compliance .
• Hedging/pledging: Prohibited for directors/officers; no margin or collateral pledging allowed .
• Structure alignment: AIP paid half in equity with multi-year vesting; 70% of LTIP is performance-based relative TSR vs Nareit indices, reinforcing shareholder alignment .

Employment Terms

• Protection period and multiples (EVP level):

  • Protection period following Change in Control: 24 months .
  • Cash severance multiples (based on average annual compensation): 2× for termination without cause (no CIC), 3× with qualifying termination in connection with CIC, 1× upon death .
  • Benefits: Life and health insurance continuation for 24 months post-termination in CIC scenarios (estimated $30,000/year) .

• Equity acceleration:

  • Termination without cause (no CIC): all service-based awards (and previously earned performance-based awards still service-vesting) fully accelerate .
  • CIC single-trigger (if awards not continued/assumed): service-based fully vest; in-flight performance awards vest at target .
  • CIC double-trigger (if awards continued/assumed): upon qualifying termination within 2 years, service-based fully vest and in-flight performance awards vest at target .
  • Retirement policy: upon “retirement,” time-based awards vest within 12 months or by original vest; performance awards pro-rated to period served, subject to noncompetition agreement .

• Collins: illustrative potential payments as of 12/31/2024 (company disclosure):

  • Termination without cause (no CIC): cash $1,109,400; equity acceleration $796,828; total $1,906,228 .
  • CIC (no termination; awards assumed): none for cash; equity not accelerated under continuation/assumption .
  • CIC + qualifying termination: cash $1,849,000; benefits $45,000; equity acceleration $1,823,311; total $3,717,311 .
  • Death: cash 1× average annual comp $739,600; equity acceleration $1,523,225; total $2,262,825 .

• Clawback: Compensation Recovery Policy (Aug 2023) requires recovery of erroneously awarded incentive comp after a restatement; misconduct may trigger up to 100% recovery for prior three years .

• Perquisites/benefits: 401(k) match and discretionary contributions; life insurance equal to 2.5× base salary (cap $400,000); officers participate in medical plans on same terms as others .

Performance & Track Record

• 2023 operating and capital performance: 98.2% year-end occupancy; 55.0% rent increases on new/renewals; 98.4% same-property average occupancy; 91.3% of expiring square feet re-leased within quarter; TSR 27.6% in 2023; development pipeline $575.7M, 4.08M sq ft; dividends increased 7.2% to $5.04 per share .
• AIP metrics focus on FFO/share, Same PNOI growth, leverage and coverage (Debt/EBITDAre, Fixed Charge Coverage); CEO’s 2023 individual goals included achieving $7.79 FFO/share and 8.0% Same PNOI growth, reflecting the performance bar for senior leaders including Collins .
• LTIP TSR performance trajectory:
  • 2020 LTIP final result: 125% of target weighted average (150% vs Nareit Equity; 100% vs Nareit Industrial) .
  • 2021 LTIP interim result (as of 2023): 170% weighted (200% vs Nareit Equity; 140% vs Nareit Industrial) .
  • 2022 LTIP interim result (as of 2023): 28% weighted (0% vs Nareit Equity; 56% vs Nareit Industrial) .
  • 2021 LTIP ultimately earned at Maximum in Feb 2024; 2022 LTIP determined at Target in Feb 2025 .

Compensation Structure Analysis

• Mix and risk: No stock options; equity delivered as restricted shares/units with multi-year vesting; 70% of LTIP performance-based on relative TSR vs sector/industry, increasing pay-for-performance sensitivity while mitigating absolute price timing risk .
• Year-over-year: Base salary increased 4.2% in 2024 vs 2023 for Collins; AIP design evolved in 2024 to 70%/30% corporate/individual weighting for EVP tier (vs 80%/20% in 2023), increasing emphasis on corporate outcomes for CEO/CFO while maintaining individual accountability for EVPs .
• Discretion/one-time: Disclosures emphasize formulaic metrics with linear interpolation and capped outcomes (no evidence of option repricing or special modifications; Company states no timing of equity grants based on MNPI) .

Equity Ownership & Vesting Overhang (Insider Selling Pressure)

• Scheduled vesting across AIP and service-based LTIP through 2028 (multiple installments on 1/1/2025, 1/1/2026, 1/1/2027, 1/1/2028; plus PSU tail vests at 25% following the 3-year performance period), indicating recurring windows for potential sales consistent with policy and blackout periods .
• Hedging/pledging prohibited; no options outstanding, reducing leverage-induced selling pressure risk .

Employment Terms (Key Numbers)

Notes: EVP protection period 24 months; severance multiples 2× (no CIC), 3× (CIC), 1× (death). Equity acceleration per plan terms; health/life continuation estimated at $30,000/year .

Investment Implications

• Alignment and incentives: Collins’ pay mix is heavily at-risk with clear line-of-sight to REIT operating drivers and multi-year relative TSR; ownership guidelines (3× salary) and prohibition on hedging/pledging strengthen alignment .
• Vesting and potential supply: Material scheduled equity vesting over 2025–2028 (AIP and LTIP) creates predictable liquidity windows, though policy-based restrictions and absence of options temper forced-selling risk .
• Retention/transition risk: Robust CIC/double-trigger protections and non-cause acceleration of service-based awards support retention and reduce transaction-related distraction; 24-month CIC protection period for EVPs is standard for high-quality REITs and should not be value-destructive relative to Company size .
• Execution track record: Incentive outcomes reflect strong 2023 operating metrics and healthy TSR; however, variability in interim TSR cohorts (e.g., low 2022 LTIP interim) underscores macro sensitivity—performance equity structure appropriately calibrates upside/downside and should continue to drive disciplined execution .