Paul Seavey
About Paul Seavey
Paul Seavey is Executive Vice President and Chief Financial Officer of Equity LifeStyle Properties (ELS). Age: 56; tenure at ELS since 1994; CFO since February 2020 with prior finance leadership roles from 2001 onward . Under current management, ELS delivered 2024 net income per diluted share of $1.96 (+16% YoY), FFO/share of $3.03 (+9.5% YoY), and Normalized FFO/share of $2.91 (+5.9% YoY) . Longer-term, 5-year net income per common share growth was 27.3%; 5-year annualized FFO/share growth 7.5%; dividend/share grew 56% over five years .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ELS | EVP & CFO | Feb 2020–Present | Finance leadership across corporate, capital markets, FP&A |
| ELS | EVP, CFO & Treasurer | Jan 2014–Feb 2020 | Executive finance, treasury oversight |
| ELS | SVP, CFO & Treasurer | Oct 2012–Jan 2014 | Senior finance leadership |
| ELS | SVP, Finance & Treasurer | May 2012–Oct 2012 | Finance and treasury |
| ELS | SVP & Treasurer | Dec 2011–May 2012 | Corporate treasury |
| ELS | VP, Financial Planning & Treasurer | Jan 2009–Dec 2011 | FP&A and treasury |
| ELS | VP, Financial Planning | Dec 2001–Jan 2009 | FP&A |
| ELS | Various roles | 1994–2001 | Not disclosed beyond tenure |
External Roles
None disclosed in the proxy for Seavey (no public company directorships or external roles listed) .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 | 2025 (set Feb 4, 2025) |
|---|---|---|---|---|
| Base Salary ($) | $406,490 | $422,686 | $453,523 | $453,595 (effective Apr 1, 2025) |
| Target Bonus (% of Salary) | — | 220% (“2.2x”) | 220% | 220% |
| Actual Cash Bonus Paid ($) | $810,616 | $916,859 | $925,159 | — |
Notes:
- 2024/2025 bonus plans: 70% tied to operational metrics (core MH revenues, core RV revenues, site/member optimization, core NOI & expense control, working capital); 30% discretionary based on strategic initiatives .
Performance Compensation
2024 Annual Cash Bonus Structure and Outcomes
| Metric | Weight | Target | Outcome/Payout Determination |
|---|---|---|---|
| Core MH Revenues | 14% | +6.0% YoY core MH revenues | Met; aggregate paid ~$678,296 (all NEOs) |
| Core RV Revenues | 14% | Annual core RV +7.0% and seasonal/transient +2.0% YoY | Partially met; aggregate paid ~$381,540 |
| Site & Member Optimization | 14% | Membership dues, paid member sales units, RV dealer activations, expansion sites (4 components) | Partially met; aggregate paid ~$551,116 |
| Core NOI & Expense Control | 14% | Core NOI excl. property mgmt +5.6% YoY; core expense growth <28.1% of core revenues | Met; aggregate paid ~$678,296 |
| Rentals/Working Capital | 14% | Reduce working capital; increase homeowner occupancy; reduce rental expenses; manage chattel financing | Mixed; aggregate paid ~$508,722 |
| Discretionary/Strategic Initiatives | 30% | CEO and Committee assessment; team-wide allocation | Seavey received 100% of discretionary portion |
| Stretch Goals (additional) | — | Core MH, Core RV, Normalized FFO thresholds | $300,000 total paid (52.5% of potential); MH/RV not met; Normalized FFO met |
PSU/RSU Performance Conditions
| Performance Year | Condition | Grant Date Fair Value | Vesting Determination |
|---|---|---|---|
| 2022 | Achieve Normalized FFO/share between set range | $76.00/share (Feb 8, 2022) | Met; vested Jan 31, 2023 (Seavey: 3,151 shares from 2022 Award; plus portions of 2020/2021) |
| 2023 | Achieve Normalized FFO/share $2.79–$2.89 | $72.51/share (Feb 7, 2023) | Met; vested Jan 30, 2024 (Seavey: 3,152 from 2022 Award; 3,303 from 2023 Award) |
| 2024 | Achieve Normalized FFO/share $2.83–$2.93 | $67.05/share (Feb 6, 2024) | Met; vested Jan 31/Feb 4, 2025 (Seavey: 3,152 from 2022; 3,303 from 2023; 3,572 from 2024) |
| 2025 (set) | Achieve Normalized FFO/share $3.01–$3.11 | — | To be assessed; vest dates in 2026–2027 |
Equity Ownership & Alignment
| Ownership Metric | Value |
|---|---|
| Shares Beneficially Owned (Feb 14, 2025 Record Date) | 94,178 (less than 1% of class) |
| Ownership Value ($) and Multiple of Salary | $6,272,255; 14x 2024 base salary |
| Stock Ownership Guidelines | 3x base salary for NEOs; hedging and pledging prohibited |
| Compliance with Guidelines | Exceeds minimum (14x vs 3x) |
| Options Outstanding | None (NEOs not awarded stock options) |
| Shares Vested in 2024 | 20,421; value realized $1,362,096; 6,914 shares withheld for taxes |
| Non-vested RS/PSU at 12/31/2024 (counts; market value at $66.60) | 2022 time-based: 3,152 ($209,923); 2022 performance: 3,152 ($209,923) |
| 2023 time-based: 6,606 ($439,960); 2023 performance: 6,607 ($440,026) | |
| 2024 time-based: 10,716 ($713,686); 2024 performance: 10,717 ($713,752) |
Upcoming vesting schedule highlights:
- 2023 Award: remaining halves vest on Feb 3, 2026 (time-based and performance-based, subject to service/performance) .
- 2024 Award: remaining thirds vest Feb 3, 2026 and Feb 2, 2027 (time-based and performance-based, subject to service/performance) .
- 2025 Award: thirds vest Feb 3, 2026; Feb 2, 2027; Feb 1, 2028 (with 2025 performance condition set; 2026/2027 TBD) .
Employment Terms
- Employment status: At-will; no employment agreements; no severance provisions .
- Change in control: No cash payments; RS vesting accelerates upon change in control, death, or disability, subject to plan terms .
- Clawback: Compensation Recovery Policy complies with SEC/NYSE; restatement in Jan 2024 did not trigger recovery (targets unaffected) .
- Trading policy: Pre-clearance, blackout periods; hedging/monetization and pledging prohibited; 10b5-1 plans permitted under policy .
- Benefits: 401(k) match (2024 maximum matching contribution $13,800); ESPP 15% discount up to $250,000/year contributions; indemnification agreement in place .
Compensation Structure Details
Multi-year Compensation Summary (Seavey)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $406,490 | $422,686 | $453,523 |
| Stock Awards ($) | $1,491,272 | $1,458,901 | $1,390,818 |
| Non-Equity Incentive (Cash Bonus) ($) | $810,616 | $916,859 | $925,159 |
| All Other Compensation ($) | $12,200 | $13,200 | $13,800 |
| Total ($) | $2,720,578 | $2,811,646 | $2,783,300 |
Award Design and Vesting (Share Counts)
| Award Year | Total Shares | Time-Based | Performance-Based | Award Date Fair Value | Time-Based Vesting | Performance-Based Vesting |
|---|---|---|---|---|---|---|
| 2021 | 22,532 | 11,266 | 11,266 | $63.78/share | 1/31/2022; 1/27/2023; 1/26/2024 | 1/31/2022; 1/31/2023; 1/30/2024 (met) |
| 2022 | 18,909 | 9,454 | 9,455 | $76.00/share | 1/27/2023; 1/26/2024; 1/31/2025 | 1/31/2023; 1/30/2024; 1/31/2025 (met) |
| 2023 | 19,819 | 9,909 | 9,910 | $72.51/share | 1/30/2024; 2/4/2025; 2/3/2026 | 1/30/2024; 2/4/2025; 2/3/2026 (met to date) |
| 2024 | 21,433 | 10,716 | 10,717 | $67.05/share | 2/4/2025; 2/3/2026; 2/2/2027 | 2/4/2025; 2/3/2026; 2/2/2027 (2024 condition met) |
| 2025 | 22,783 | 11,391 | 11,392 | $64.97/share | 2/3/2026; 2/2/2027; 2/1/2028 | 2/3/2026; 2/2/2027; 2/1/2028 (2025 condition set) |
Performance & Track Record
- 2024 accomplishments include growth in core portfolio income (+6.5%), MH base rental (+6.1%), and increased dividend to $1.91/share (+6.7% YoY) .
- 2023 delivered net income/share +10.5%, FFO/share +7.1%, Normalized FFO/share +4.7%; core portfolio income +5.0%; dividend raised for 2024 .
Compensation Peer Group & Say-on-Pay
- Peer group used for 2024 decisions: AMH, AVB, CPT, CUBE, EQR, ESS, EXR, INVH, MAA, NSA, UDR .
- Say-on-Pay approvals: 94.7% in 2024 ; 91.6% in 2023 (vs REIT average 88.9%) .
Compensation Governance & Risk Indicators
- No employment agreements, no severance, no excise tax gross-ups, and no hedging/pledging of stock; recovery policy in force .
- 2024/2023 restatement did not affect incentive metrics; no recovery triggered under policy .
- Equity awards use a mix of time- and performance-based restricted stock; no stock option grants to NEOs, reducing option-related risk behaviors .
Investment Implications
- Alignment: Seavey’s 14x salary ownership and prohibition on hedging/pledging signal strong skin-in-the-game and low misalignment risk .
- Retention: Multi-year RS vesting through 2026–2028 with annual performance hurdles suggests robust retention hooks; absence of severance reduces exit optionality while change-in-control accelerators protect equity value continuity .
- Trading signals: Scheduled vesting in early Feb each year (2026–2028) could create predictable supply from tax-withheld shares at vesting; in 2024, 6,914 shares were withheld upon vesting for taxes, indicating similar mechanics in future periods . Use vest dates as potential technical indicators for short-term flow.
- Pay-for-performance: Cash bonus tied 70% to operating metrics and 30% to strategic execution; 2024 achieved full discretionary payout, with partial RV metrics, and met FFO targets—favorable for near-term operational cadence .
- Governance: High Say-on-Pay support and independent comp oversight reduce governance overhang; peer benchmarking and Ferguson Partners’ involvement indicate disciplined comp market checks .