David Jamieson
About David Jamieson
Executive Vice President and Chief Operating Officer at Kimco Realty (NYSE: KIM). Age 44; tenure since 2007; appointed COO in February 2017. Education: B.S. from Boston College; M.B.A. from Babson College . Operating performance during 2024 tied to Jamieson’s domain showed: Adjusted FFO per diluted share $1.69, Recurring EBITDA $1,531.5M, and leverage improved to 35.1% (maximum-level achievements in the annual incentive scorecard) . Kimco ended 2024 with pro‑rata portfolio occupancy at 96.3% and economic occupancy at 93.6% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kimco Realty | Director of Real Estate, Western Region | 2009–2011 | Regional asset oversight and leasing execution . |
| Kimco Realty | VP Asset Management & Leasing, Western Region | 2012–2015 | Led leasing and portfolio optimization in the West . |
| Kimco Realty | EVP, Asset Management & Operations | 2015–Feb 2017 | Built opportunistic value creation, led redevelopment & mixed‑use platform . |
| Kimco Realty | EVP & Chief Operating Officer | Feb 2017–present | Voting member of Investment Committee; drives operations, leasing, redevelopments, and ESG . |
External Roles
No external public company directorships disclosed for Jamieson in the executive officer bios of reviewed proxy statements .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 675,000 | 675,000 | 675,000 |
| All Other Compensation ($) | 15,317 | 13,899 | 13,899 |
| Notes | Salary unchanged across 2022–2024 | Perquisites include car use, paid time off, and long-term care benefit | Car personal-use cost $784; paid time off payout $12,981; long-term care premium $134 |
Performance Compensation
Annual Incentive Design (2024)
- Weighting: Corporate/Financial 60% (Adjusted FFO 36%; Recurring EBITDA 12%; Leverage 12%), Individual 30%, Corporate Responsibility 10% .
- Corporate targets and actuals achieved at maximum:
- Adjusted FFO per diluted share: Threshold $1.58; Target $1.60; Max $1.64; Actual $1.69 .
- Recurring EBITDA: Threshold $1,417.0M; Target $1,453.0M; Max $1,489.0M; Actual $1,531.5M .
- Leverage: Threshold 37.3%; Target 36.3%; Max 35.3%; Actual 35.1% .
| Component (2024) | Adjusted FFO ($) | Recurring EBITDA ($) | Leverage ($) | Corporate Responsibility ($) | Individual Assessment ($) | Total Cash Incentive ($) |
|---|---|---|---|---|---|---|
| David Jamieson | 504,000 | 168,000 | 168,000 | 140,000 | 420,000 | 1,400,000 |
Long-Term Incentives (2024)
- Target LTIP mix: 33% time-based equity; 67% performance-based equity (relative TSR vs Bloomberg REIT Shopping Center Index over 3 years; 50%–200% payout) .
- Time-based vesting: 20% annually over 5 years or 5-year cliff; dividends paid on restricted shares .
- Performance shares: include dividend equivalents, paid only if earned; 3-year performance period; linear interpolation across percentiles .
| 2024 Grants (Jamieson) | Threshold | Target | Maximum | Grant-Date FV ($) |
|---|---|---|---|---|
| Performance Shares / Performance LTIP Units (#) | 30,815 | 61,630 | 123,260 | 1,117,968 |
| Time-Based Restricted Stock or LTIP Units (#) | — | — | — | 600,065 (30,820 shares/units) |
Multi-Year Total Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Stock Awards ($) | 3,141,912 | 4,000,703 | 1,718,033 |
| Non-Equity Incentive ($) | 1,347,500 | 1,136,744 | 1,400,000 |
| Total Compensation ($) | 5,179,729 | 5,826,346 | 3,806,932 |
Equity Ownership & Alignment
- Total beneficial ownership: 350,472 shares; less than 1% of shares outstanding .
- Composition includes 145,398 shares of restricted stock .
- Stock ownership guidelines: COO required to hold 3x base salary; all NEOs are currently in compliance .
- Hedging and pledging of Company stock prohibited for directors and NEOs .
- Option usage: Company does not currently use stock options .
Outstanding Equity Awards (as of Dec 31, 2024)
| Grant Date | Unvested Restricted Shares (#) | Notes |
|---|---|---|
| 02/13/2020 | 5,506 | 20% annual vesting schedule . |
| 02/18/2021 | 11,604 | 20% annual vesting schedule . |
| 02/17/2022 | 14,832 | 20% annual vesting schedule . |
| 02/17/2022 | 41,200 | Special retention award (single installment vesting Feb 13, 2027) . |
| 02/16/2023 | 22,536 | 20% annual vesting schedule . |
| 02/16/2023 | 46,950 | Special retention award (single installment vesting Feb 13, 2028) . |
| 02/15/2024 | 30,820 | 20% annual vesting schedule . |
| Performance Awards (Unearned) | Unvested/Unearned Units (#) |
|---|---|
| 2023 grant (TSR 2023–2025) | 112,680 |
| 2024 grant (TSR 2024–2026) | 123,260 |
| 2024 Vested/Realized Shares | Shares Acquired on Vesting (#) | Value Realized ($) |
|---|---|---|
| David Jamieson | 193,688 | 3,936,914 |
Insider 10b5‑1 trading arrangements: No director or officer adopted or terminated Rule 10b5‑1 trading plans in Q3 2025 per Item 408 disclosures .
Employment Terms
- No individual employment agreements for executive officers .
- Executive Severance Plan (double-trigger): If terminated without Cause (or for Good Reason within 2 years post‑change of control), payout equals 2x (base salary + prior year bonus), plus 18 months of health premium equivalents; accelerated vesting of annual restricted stock/LTIP awards (extraordinary awards excluded); performance awards remain eligible based on actual performance; no excise tax gross‑ups (cut‑to‑safe‑harbor applies) .
Potential Payments (Assumed Termination Without Cause, as of Dec 31, 2024)
| Component | Amount ($) |
|---|---|
| Base Salary Component | 1,350,000 |
| Bonus Component (prior year) | 2,273,488 |
| Stock Awards (assumes max performance, market $23.43) | 7,526,606 |
| Health Benefits | 59,163 |
| Total | 11,209,257 |
Change-in-Control (Double-Trigger) Potential Payments (as of Dec 31, 2024)
| Component | Amount ($) |
|---|---|
| Base Salary Component | 1,350,000 |
| Bonus Component (prior year) | 2,273,488 |
| Stock Awards (assumes max performance) | 7,526,606 |
| Health Benefits | 59,163 |
| Total | 11,209,257 |
Clawback: NYSE Rule 10D-1 compliant compensation recovery policy covering incentive-based pay tied to financial reporting; recovery of excess amounts over 3 prior fiscal years upon restatement .
Performance & Track Record
- 2024 operational achievements under Jamieson’s leadership included: 11M+ square feet leased; pro‑rata comparable cash rent spreads +11.3%; pro‑rata occupancy 96.3% (up 10 bps YoY). RPT integration: 57 new leases, 98 renewals/options, rent spreads +52% (new) and +9.9% (renewals), anchor occupancy +140 bps, small shop occupancy +50 bps; RPT same-site NOI grew 6.2% (internal metric). Secured entitlements for 2,400+ residential units, taking total entitled multifamily units to 12,000+ ahead of target; completed 13 anchor repositionings (18.8% blended yields) and 12 redevelopments (9.6% blended yields) .
- Company-wide highlights supportive of Jamieson’s operating framework: immediate liquidity $2.7B; pro‑rata occupancy 96.3%; economic occupancy 93.6%; anchor occupancy 98.2%; small shop occupancy 91.7% .
Governance & Alignment
- Stock ownership guidelines: COO 3x base salary; retention requirement until threshold met; all NEOs compliant .
- Prohibition on hedging and pledging by directors and NEOs .
- Say-on-Pay support: ~96% approval at 2024 meeting .
- Compensation peer group updated for 2025 setting: Essex Property Trust and Mid‑America Apartment Communities added; Kilroy, SL Green, Vornado, Site Centers removed; peer set reviewed annually with independent consultant Pay Governance .
Compensation Structure Analysis
- Pay mix emphasizes at-risk, performance-based compensation: majority of LTIP value in performance equity (67% at target) with 3‑year relative TSR hurdles (50%–200% payout), plus annual incentive tightly linked to Adjusted FFO, Recurring EBITDA, and Leverage (60% weight), complemented by individual (30%) and Corporate Responsibility achievements (10%) .
- No options, no tax gross‑ups, formal clawback, and strict hedging/pledging prohibitions indicate shareholder-friendly design .
- Retention equity: special single‑cliff restricted stock awards in 2022 and 2023 (88,150 shares each) provide retention hooks; acceleration occurs upon death/disability; extraordinary awards excluded from automatic acceleration in certain severance cases .
Investment Implications
- Alignment: High proportion of performance-based equity (relative TSR) and annual incentives tied to FFO/EBITDA/leverage support pay-for-performance and operational discipline .
- Execution: 2024 metrics achieved at maximum levels and strong operating outcomes in leasing/occupancy and RPT integration de-risk near-term execution; reflects Jamieson’s effective operational stewardship .
- Retention risk: Presence of sizable unvested restricted stock and multi-year performance awards suggests strong retention; special retention awards further reduce near-term flight risk .
- Trading signals: No Q3 2025 officer/director 10b5-1 adoptions/terminations; 2024 saw significant vesting realizations (193,688 shares for Jamieson), which may result in mechanical sales for tax but no disclosed 10b5-1 activity; monitor future Form 4s for potential selling pressure .