Steven Ladany
About Steven Ladany
Steven L. Ladany is Senior Vice President and Chief Development Officer at Gaming and Leisure Properties, Inc. (GLPI) and has been a named executive officer (NEO) since at least 2021 . His pay program is heavily tied to performance metrics that GLPI emphasizes: total shareholder return (TSR), Adjusted Funds From Operations (AFFO), dividends per share, and strategic goals . Company performance that influenced 2024 outcomes included 3-year TSR of 19.12% (73rd percentile vs net-lease peers), quarterly dividend of $0.76 (+26.7% since Q4’20), AFFO per diluted share of $3.77, and accretive acquisitions and financing achievements .
Past Roles
Not disclosed in the latest proxy for Mr. Ladany.
External Roles
Not disclosed in the latest proxy for Mr. Ladany.
Fixed Compensation
Multi-year compensation for Steven L. Ladany:
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $390,000 | $430,000 | $430,000 |
| Stock Awards – Time-Based ($) | $729,900 | $781,350 | $740,250 |
| Stock Awards – Performance-Based ($) | $1,835,100 | $1,939,200 | $1,723,800 |
| Non-Equity Incentive Plan Compensation ($) | $559,406 | $645,000 | $564,375 |
| All Other Compensation ($) | $53,375 | $59,370 | $64,100 |
| Total ($) | $3,567,781 | $3,854,920 | $3,522,525 |
Key 2024 fixed pay details:
- Base salary: $430,000 (no change YoY)
- All other compensation: Company deferred comp match $53,750; 401(k) contribution $10,350; total $64,100
Performance Compensation
Annual cash incentive structure and 2024 outcomes (applies to all NEOs; Ladany’s actual payout shown):
| Component | Weighting | Threshold | Target | Maximum | Actual Result |
|---|---|---|---|---|---|
| AFFO Growth (per diluted share) | 35% | $3.69 | $3.75 | $3.82 | $3.77; Committee assessed 64% of maximum for AFFO metric |
| Dividend Growth (annualized) | 35% | N/A | $2.96 | $3.04 | $3.04; achieved maximum |
| Company Objectives (score) | 20% | 5 | 7 | 9 | 9; achieved maximum |
| Qualitative/Individual | 10% | Committee assessment | Committee assessment | Committee assessment | Achieved maximum (committee determination) |
| Ladany – Actual Annual Bonus | — | — | — | — | 131% of base; $564,375 |
Equity incentives (grant detail for 2024):
- Service-based restricted stock: 15,000 shares; vests 33.33% annually over 3 years; grant date fair value $740,250
- Performance-based restricted stock (3-year cliff; payout 0–200% based on relative TSR; capped at target if absolute TSR negative) :
- MSCI US REIT Index tranche: Target 15,000; Max 30,000; fair value $876,300
- Triple-Net REIT peer tranche: Target 15,000; Max 30,000; fair value $847,500
Performance award vesting schedule and hurdles:
- Service-based RSUs: 33.33% per year (continued employment)
- Performance-based RSUs: 3-year cliff; payout 0% (<25th percentile), 50% (25th), 100% (50th), 200% (75th); capped at target if absolute TSR negative
Equity Ownership & Alignment
Beneficial ownership and outstanding awards (as of April 11, 2025 and Dec 31, 2024):
| Item | Value |
|---|---|
| Shares beneficially owned | 83,099 |
| Shares outstanding (for % calc) | 275,079,487 |
| Ownership % of shares outstanding | ~0.03% (calc: 83,099 ÷ 275,079,487) |
| Stock ownership guideline (Senior VP) | 2x annual base salary |
| Hedging/Pledging | Hedging prohibited; pledging prohibited except limited cases with Audit & Compliance Committee approval |
| Clawback | Compliant policy; recovery on restatement regardless of fault for last 3 completed fiscal years |
| Insider trading policy | Blackouts and pre-clearance for insiders; compliance orientation |
Outstanding unvested/unearned equity by grant year (market values based on $48.16 as of 12/31/2024):
| Category | 2022 Grants | 2023 Grants | 2024 Grants |
|---|---|---|---|
| Service-based RSUs – Unvested (#) | 5,000 | 10,000 | 15,000 |
| Service-based RSUs – Market Value ($) | $240,800 | $481,600 | $722,400 |
| Performance RSUs – Unearned (#) (MSCI tranche) | 30,000 | 15,000 | 15,000 |
| Performance RSUs – Market Value ($) (MSCI tranche) | $1,714,650 | $815,250 | $768,000 |
| Performance RSUs – Unearned (#) (Triple-Net tranche) | 30,000 | 15,000 | 30,000 |
| Performance RSUs – Market Value ($) (Triple-Net tranche) | $1,714,650 | $815,250 | $1,536,000 |
2024 vested stock value realized:
- Shares vested: 70,613; value realized: $3,489,012 (includes performance share dividends paid in stock)
Employment Terms
Company-wide Executive Change in Control and Severance Plan (no individual employment agreements; double-trigger for equity in CoC) :
- Qualified Termination (without cause or for good reason): CEO 2.0x; others 1.5x salary+average bonus; 18 months medical; accelerate time-based equity; performance-based equity per award terms
- If within 12 months of Change of Control: CEO 3.0x; others 2.0x salary+average bonus; 24 months medical; pro rata target annual bonus; equity treatment per plan
- Death/Disability: 1.0x salary+average bonus; 18 months medical; time-based equity accelerates; performance equity remains outstanding and earned per terms without service-based vesting
- Separation agreement requires confidentiality, non-compete, non-solicit; benefits contingent on compliance
Scenario analysis for Ladany (values as of 12/31/2024; stock at $48.16):
| Scenario | Cash Severance ($) | Benefits Continuation ($) | Restricted Shares ($) | Performance RS ($) | Total ($) |
|---|---|---|---|---|---|
| Termination without cause | $1,529,391 | $40,745 | $1,444,800 | $4,817,357 | $7,832,293 |
| Death | $1,019,594 | $40,745 | $1,444,800 | $6,477,799 | $8,982,938 |
| Disability | $1,019,594 | $40,745 | $1,444,800 | $6,477,799 | $8,982,938 |
| Change of Control (no termination) | — | — | — | $6,934,718 | $6,934,718 |
| Change of Control + termination without cause | $2,039,188 | $54,327 | $1,444,800 | $6,934,718 | $10,473,033 |
Change-of-control equity acceleration mechanics: service RS forfeiture restrictions lapse; performance RS vest at target or, if greater, actual achievement as of CoC date annualized for the full period .
Investment Implications
- Alignment: Ladany’s pay is majority at-risk via performance-based equity and cash tied to AFFO and dividend goals; three-year relative TSR governs long-term payouts; hedging prohibited; pledging restricted; stock ownership guideline at 2x salary promotes skin-in-the-game .
- Retention: Double-trigger CoC economics and substantial unvested service/performance RSUs (30,000 service-based; 135,000 performance-based across tranches) incentivize tenure; severance under CoC+termination is $10.47M (including equity), suggesting moderate retention strength if strategic initiatives continue .
- Selling pressure: Vests occur annually for service RSUs and cliff at three years for performance RSUs; while per-policy hedging is banned and pledging tightly controlled, periodic vesting could create supply; no Section 16 delinquency noted for Ladany in 2024 (only Carlino and Chase had a late Form 4), which reduces governance risk indicators around insider dealings .
- Governance quality: Clawback policy, independent compensation oversight, and no tax gross-ups or single-trigger CoC benefits indicate shareholder-friendly design; 2024 say-on-pay support was 95% .
Net: Pay-for-performance linkage and equity-heavy incentives align Ladany with TSR/AFFO/dividend outcomes. Retention appears solid via unvested equity and CoC terms; absent evidence of pledging or hedging reduces red flags; ongoing vesting cycles are the primary potential source of stock supply rather than discretionary insider selling.