Austen B. Helfrich
About Austen B. Helfrich
Austen B. Helfrich, age 37, is Executive Vice President and Chief Financial Officer of Healthcare Realty Trust (HR). He has been with HR since June 2019 in finance and strategy roles, appointed Interim CFO on October 1, 2024 and permanent CFO on December 8, 2024 . His compensation is tied to company-level performance metrics including FFO per share growth, same-store revenue and NOI growth, multi-tenant occupancy, ESG goals, and equity metrics such as relative TSR, FAD per share, multi-tenant occupancy, and payout ratio; 2022 RSU metrics were below threshold (no payout), 2023 OP Units were below target, and 2024 OP Units are currently tracking at target . Management highlighted Helfrich’s role in forming and expanding HR’s joint venture program with Nuveen, CBRE IM and KKR, underscoring value-creation experience .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Healthcare Realty Trust | Executive Vice President & Chief Financial Officer | Dec 8, 2024–present | Senior financial leadership; participates in executive cash/equity incentives . |
| Healthcare Realty Trust | Interim Chief Financial Officer | Oct 1, 2024–Dec 8, 2024 | Led CFO transition; eligible for interim cash incentives for 2024 . |
| Healthcare Realty Trust | First VP, Portfolio Strategy; VP/AVP Corporate Finance | 2019–2024 | Formation/expansion of JV program (Nuveen, CBRE IM, KKR) . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Point72 Asset Management | Investment professional | Not disclosed | Buy-side investing experience . |
| Columbus Hill Capital Management | Investment professional | Not disclosed | Hedge fund investing background . |
| Citigroup | Investment banking division | Not disclosed | Capital markets and corporate finance experience . |
Fixed Compensation
| Year | Base Salary | Target Bonus % | Actual Bonus Paid | Notes |
|---|---|---|---|---|
| 2024 | $327,000 | Not disclosed | $217,054 (cash incentives for JV and asset disposition initiatives) | Participated in non-executive cash/equity programs; RSUs/retention stock totaling $301,801 grant-date FV . |
| 2025 | $450,000 | Threshold annual Bonus Compensation floor: $435,375 (until 2025 thresholds set) | Not disclosed | Eligible for executive cash and equity incentive program . |
Performance Compensation
Cash Incentive Framework (2024)
| Metric | Weighting | Target | Actual | Payout | Vesting/Payment |
|---|---|---|---|---|---|
| FFO per share growth | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Annual cash, scaled to base salary . |
| Same-store revenue growth | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Annual cash . |
| Same-store NOI growth | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Annual cash . |
| Multi-tenant occupancy absorption | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Annual cash . |
| Individual performance | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Annual cash (non-CEO) . |
| ESG goals/initiatives | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Annual cash . |
For 2024, Helfrich’s cash incentive payout was $217,054 for JV/disposition performance under non-executive programs .
Equity Incentives and Metrics
| Award Cohort | Metric | Weighting | Status as of 12/31/2024 | Vesting Terms |
|---|---|---|---|---|
| 2022 RSUs | Absolute TSR | 18% | Below Threshold | 3-year performance, then 2-year vest (no payout for 2022 below threshold) . |
| 2022 RSUs | Relative TSR | 12% | Below Threshold | 3-year performance, then 2-year vest . |
| 2022 RSUs | FFO/sh | 20% | Below Threshold | 3-year performance, then 2-year vest . |
| 2022 RSUs | FAD/sh | 20% | Below Threshold | 3-year performance, then 2-year vest . |
| 2023 OP Units | Absolute/Relative TSR, FFO/sh, FAD/sh | Not fully disclosed; “Below Target” across metrics | Below Target; ~67% complete | 3-year performance, then 2-year vest . |
| 2024 OP Units | Relative TSR | 25% | Target | 3-year performance (33% complete), then 2-year vest . |
| 2024 OP Units | FAD/sh | 20% | Target | As above . |
| 2024 OP Units | 3-yr Multi-tenant Occupancy | 15% | Target | As above . |
| 2024 OP Units | Payout Ratio | 10% | Target | As above . |
| Retention Restricted Stock (2024) | Service-based | 30% of equity mix (NEOs) | Not applicable | 5-year ratable vest: 60% at year 3, 20% at years 4 and 5; forfeitable on voluntary/for-cause termination before vesting . |
Stock vested in 2024: Helfrich had no restricted stock vesting in 2024 (reduces near-term selling pressure) .
Equity Ownership & Alignment
| Item | Value | Date/Notes |
|---|---|---|
| Beneficial Ownership (Common) | 99,141 shares; <1% of outstanding (350,996,169) | As of March 27, 2025 . |
| Unvested Stock (time-based) | 21,578 shares; market value $365,747 (using $16.95 close) | Vesting dates generally 2025–2031 . |
| Unearned Performance Awards (RSUs/OP Units) | 22,028 units; market/payout value $373,375 (using $16.95) | Performance cohorts 2023, 2024 . |
| Ownership Guidelines (EVP) | Requirement: 3x base salary; Helfrich holds 3.68x (meets guideline) | Multiples as of March 5/27, 2025 . |
| Hedging/Pledging | Prohibited by Insider Trading Policy (pre-clearance, blackout windows) | Policy filed with 2024 10-K . |
Employment Terms
Key Terms and Dates
| Term | Detail |
|---|---|
| Employment start at HR | June 3, 2019 (service credit for benefits) . |
| Interim CFO | Effective October 1, 2024 . |
| Permanent CFO | Appointed December 8, 2024 . |
| Base salary (CFO) | $450,000 per annum; eligible for executive cash/equity incentives starting 1/1/2025 . |
| Clawback | Subject to HR’s Policy for Recovery of Erroneously Awarded Compensation . |
| Location | Principal place of business within 35 miles of Nashville, TN . |
Severance and Change-in-Control Economics (as of 12/31/2024)
| Scenario | Cash Severance Benefit | Short-Term Incentive Awards | Accelerated Vesting of Equity Awards | Total Payments |
|---|---|---|---|---|
| Not for Cause Termination | $675,000 | $870,750 | $809,617 | $2,355,367 |
| Change-in-Control | $1,350,000 | $1,620,000 | $809,617 | $3,779,617 |
| Death or Disability | — | — | $809,617 | $809,617 |
| Retirement | — | — | — | — |
Agreement mechanics: Not-for-cause/constructive termination includes 18 months of base salary plus the greater of two times average prior two-year bonus or a floor ($435,375 for 2025 until thresholds set), and pro-rated bonus; CIC provides 3x base plus the greater of two times average prior two-year bonus or $810,000, plus pro-rated bonus; 2023–2024 RSU/OP Unit awards vest at target-level performance upon such termination/CIC .
Restrictive Covenants and Policies
- Non-compete applies during employment and any severance payment period; following a change-in-control, restrictive period is one year .
- Insider Trading Policy mandates quarterly blackout periods, pre-clearance of trades, and prohibits short sales, options trading, hedging, and pledging of Company securities .
- Indemnification and advancement of defense costs provided; clawback policy acknowledged and applicable to incentive compensation .
Investment Implications
- Alignment: Helfrich meets executive stock ownership guidelines (3.68x vs 3x requirement), and HR prohibits pledging/hedging, indicating strong alignment and lower financing-related sell pressure risk .
- Near-term selling pressure: No restricted stock vested for Helfrich in 2024; unvested time-based equity (21,578 shares; $365,747) and unearned performance awards (22,028 units; $373,375) have multi-year vesting/performance horizons (2025–2031), implying staggered supply and retention incentives .
- Pay-for-performance integrity: 2022 RSUs paid zero (below threshold across all metrics), while 2023 OP Units were below target and 2024 OP Units currently tracking at target—suggesting the program enforces outcomes and scales equity payouts to actual performance .
- Retention and transition risk: Robust severance and CIC protections (up to ~$3.78M including STI and acceleration) provide stability; non-compete/clawback provisions and policy controls mitigate adverse incentive behavior during transitions . His demonstrated JV execution (Nuveen/CBRE IM/KKR) supports value-creation continuity in capital allocation and partnerships .
