Christopher Barton
About Christopher Barton
Christopher J. Barton (age 60) is Executive Vice President, Development and Capital Investments at Hudson Pacific Properties and formerly served as EVP, Operations and Development since the Company’s IPO; he joined HPP’s predecessor Hudson Capital, LLC in November 2006 as Vice President of Construction & Development . He holds a BS from Purdue University and an MBA (Real Estate and Finance) from the University of Georgia . Company performance context: HPP reported 2024 FFO (excluding specified items) of $0.53 per diluted share and cumulative TSR value of $10.16 for 2024 (fixed $100 invested at 12/31/2019), indicating significant share price pressure through 2024 despite operating progress . HPP’s 2024 operational highlights included 2.0M sf of leases (+~20% YoY), project deliveries at Sunset Glenoaks and Washington 1000, and strengthened liquidity to $518.3M at year-end 2024, framing the execution environment for Barton’s development mandate .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hudson Pacific Properties (HPP) | EVP, Development & Capital Investments; formerly EVP, Operations & Development | Since IPO (EVP Ops & Dev); current role ongoing | Oversees development and capital investments platform; previously led operations and development post‑IPO . |
| Hudson Capital, LLC (HPP predecessor) | Vice President, Construction & Development | From Nov 2006 | Led property operations and development; managed Technicolor Building development and capital investments at Sunset Gower and Sunset Bronson . |
| Arden Realty, Inc. | First Vice President | Jan 1997–Nov 2006 | Led conceptual development, land entitlements, financial analysis and construction management, incl. 2.7M sf Howard Hughes Center project . |
| Beers‑Skanska Construction Company | Project Manager | Not disclosed | Managed large-scale construction projects incl. Walt Disney’s Celebration Place complex (Orlando, FL) . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Los Angeles Chamber of Commerce | Board of Governors | Not disclosed | Regional civic and business leadership engagement . |
Fixed Compensation
Not individually disclosed for Mr. Barton in the Company’s proxy materials; HPP disclosed that NEOs’ cash compensation opportunities (base salary and bonus targets) were not increased in 2024 and remain unchanged for 2025 . In 2024, the Company’s NEO base salaries included, for example, CEO ($1,000,000), President ($762,000), CFO ($473,000), and EVP Leasing ($578,000), but Barton is not listed as an NEO and his individual figures are not disclosed .
Performance Compensation
HPP’s executive bonus and long‑term incentive design (applies to executive officers; Barton’s individual payouts not disclosed):
- Short‑term incentive (2024): 80% formulaic corporate goals, 20% committee/individual assessment; key measures included quarterly FFO/share, leasing volume, leverage, and corporate responsibility scorecard .
- Long‑term incentive (2024): For top NEOs, upfront LTIP and Performance Units with five‑year vesting and rigorous stock price hurdles (25%/50%/75%/100% earnout at ~$6.51/$7.82/$9.55/$10.42, assessed 2026–2030); earned awards subject to 2‑year post‑vest holding; time‑based LTIP subject to 3‑year post‑vest holding . For other EVPs, 2024 time‑based LTIP Units vested over three years, also with a 3‑year post‑vest holding period .
2024 bonus scorecard structure (NEOs; illustration of metrics/targets):
| Metric | Weight | Threshold | Target | Maximum | Actual (2024) |
|---|---|---|---|---|---|
| Quarterly FFO per share (Q1/Q2/Q3/Q4) | 6.25% each (25% total) | $0.15/$0.15/$0.08/$0.09 | $0.17/$0.17/$0.10/$0.11 | $0.19/$0.19/$0.10/$0.13 | $0.17/$0.17/$0.10/$0.11 |
| Leasing Volume (000s sf) | 25% | 1,498.5 | 1,665.0 | 1,831.5 | 2,029.3 |
| Avg Annual Net Debt to Avg Annual Consolidated Gross Assets | 20% | 39% | 38% | 37% | 36.5% |
| Corporate Responsibility Priorities (balanced scorecard) | 10% | 6 of 10 | 8 of 10 | 10 of 10 | 9 |
| Other key corporate/individual factors | 20% | Committee assessment | Committee assessment | Committee assessment | 100% payout on this component |
Pay‑for‑performance outcomes have been stringent: the 2022 Performance Unit program paid 0% on relative TSR and reduced operational payouts by 40% based on absolute TSR, consistent with HPP’s design to align with shareholder returns .
Equity Ownership & Alignment
- Mandatory post‑vest holding periods: 3 years for time‑based executive equity; 2 years for earned performance units .
- Anti‑pledging/anti‑hedging: Executives and directors are prohibited from pledging or hedging Company securities .
- Clawback: Policy adopted in Oct 2023 applies to all executive officers; requires recoupment of erroneously‑paid incentive compensation in the event of a financial restatement .
- Stock ownership guidelines: Executives and directors must hold stock at required multiples (10x CEO base salary; 3x NEO base salary; separate director guideline) to align with shareholders .
Note: Barton’s individual beneficial ownership is not separately listed in the 2025 proxy’s ownership table; aggregate holdings for all directors and executive officers (44 persons) total 6,956,994 shares/units (4.92% of common; 4.75% including units) .
Employment Terms
Company framework (NEOs’ agreements; Barton’s specific agreement not disclosed):
- Without Cause / For Good Reason (no change in control): Lump‑sum cash equal to a multiple of (base salary + average bonus), pro‑rated bonus, time‑based equity vesting, and Company‑subsidized healthcare (duration varies by role) .
- On or within the change‑in‑control (CIC) window (generally double‑trigger): Higher severance multiples (e.g., CEO and President 3x; CFO/EVPs 2x), pro‑rated equity value of the most recent time‑based annual award, accelerated vesting for time‑based equity; performance awards per plan terms; COBRA continuation .
- No excise tax gross‑ups; cutback applies if advantageous after 280G excise tax .
- November 2024 8‑K amendments: For named executives (CEO, President, CFO, EVP Leasing), CIC severance eligibility period extended to two years; added pro‑rated time‑based equity value on CIC terminations; specified equity value references for 2025 if termination occurs in 2025 .
- June 2025 8‑K: CEO, President, and CFO forfeited their 2024 performance unit equity awards, reducing total G&A by ~$14.3M ($4.9M realized in 2025), signaling cost discipline and alignment .
Performance & Track Record
- 2024 operating highlights: 2.0M sf of leases (+~20% YoY), deliveries of Sunset Glenoaks (241k sf) and Washington 1000 (546k sf), and progression of Sunset Pier 94 (Manhattan) set to deliver YE 2025 .
- Balance sheet/liquidity: Year‑end 2024 total liquidity of $518.3M; HPP’s share net debt / undepreciated book value of 38.7% (90.7% debt fixed/capped) .
- Shareholder returns: HPP’s cumulative TSR value in 2024 was $10.16 (base $100 at 12/31/2019), materially below the selected peer group TSR value of $68.44, reinforcing a tough equity backdrop during Barton’s tenure period .
- Earnings power: 2024 FFO (excluding specified items) per diluted share of $0.53; reported net loss of $381.4M, reflecting sector headwinds and non‑cash/non‑recurring items during portfolio repositioning .
Investment Implications
- Incentive alignment: Executive incentives emphasize leasing volume, FFO/share delivery, leverage, and corporate responsibility, complemented by long‑dated stock‑price hurdles with post‑vesting holding periods that reduce near‑term selling pressure—supportive for long‑cycle development leadership roles like Barton’s .
- Risk controls: Anti‑pledging/hedging and a Dodd‑Frank‑compliant clawback mitigate misalignment risk; stock ownership guidelines further reinforce “skin‑in‑the‑game,” though Barton’s individual ownership is not disclosed separately in the proxy .
- Retention/CIC: Executive severance frameworks (double‑trigger, with pro‑rated equity value on CIC termination) and extended CIC windows for key NEOs enhance retention during strategic transactions; 2025 leadership forfeiture of 2024 PUs signals cost awareness and investor alignment .
- Execution context: With 2024 leasing acceleration, major developments delivered, and liquidity preserved, Barton’s remit in development and capital investments is positioned against a challenging equity TSR backdrop; pay‑for‑performance rigor (e.g., 0% relative TSR payouts in recent programs) underscores sensitivity to shareholder returns .
Appendix: Sources
- Executive bio, roles, education, and executive roster:
- Compensation structure, governance, and policies (holding periods, clawback, anti‑pledging, ownership guidelines):
- 2024 bonus scorecard metrics and results:
- Long‑term incentive redesign and stock‑price hurdles:
- Employment terms (NEOs), CIC and severance:
- Amended employment agreements (NEOs) Nov 2024:
- 2025 forfeiture of 2024 PUs (CEO/President/CFO):
- Ownership table and group holdings:
- Performance highlights, liquidity and leverage:
- Pay‑vs‑Performance (TSR and FFO/share) and financials: