Glenn Cohen
About Glenn Cohen
Glenn G. Cohen, age 61, is Executive Vice President and Chief Financial Officer of Kimco Realty (KIM), serving as CFO since June 2010 and with the company since 1995; he is a CPA with a BS in Accounting from SUNY Albany and previously held CFO/COO roles and was an audit manager at Coopers & Lybrand . In 2024, Kimco’s performance metrics tied to pay included Adjusted FFO per diluted share of $1.69, Recurring EBITDA of $1,531.5M, and Leverage at 35.1%, all achieved at maximum levels under the annual incentive plan; company TSR-based long-term incentives paid out 101.5% for the 2022–2024 performance cycle based on relative TSR to the Bloomberg REIT Shopping Center Index .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| U.S. Balloon Manufacturing Company | Chief Operating Officer & Chief Financial Officer | Pre-1995 (prior to joining Kimco) | Operator/CFO experience prior to joining KIM; foundation for capital markets and operations leadership |
| EMCO Sales and Service, L.P. | Chief Financial Officer | Pre-1995 | Finance leadership role contributing to CFO skillset |
| Coopers & Lybrand (predecessor to PwC) | Audit Manager | Six years (pre-1995) | Audit rigor and financial reporting expertise underpinning public company CFO responsibilities |
External Roles
| Organization | Role | Years | Committees/Impact |
|---|---|---|---|
| Piedmont Office Realty Trust (NYSE: PDM) | Independent Director | Current | Chair of Executive Compensation Committee; member Audit and Capital Committees |
| Quality Care Properties (NYSE: QCP) | Independent Director | Until 2018 (acquired by Welltower) | Audit Committee member; REIT oversight until acquisition by WELL |
Fixed Compensation
| Metric ($) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | $675,000 | $675,000 | $675,000 |
| Stock Awards | $2,141,988 | $3,000,668 | $1,718,033 |
| Non-Equity Incentive Plan Compensation | $1,347,500 | $1,136,744 | $1,400,000 |
| All Other Compensation | $24,094 | $24,197 | $24,197 |
| Total | $4,188,582 | $4,836,609 | $3,817,230 |
- 2024 target bonus was $700,000 (threshold $280,000; maximum $1,400,000) . Base salaries for NEOs were unchanged from 2023 to 2024 .
- Perquisites in 2024 included a car allowance of $10,920, paid time off cash-out of $12,981, and long-term care insurance premium of $296 .
Performance Compensation
Annual Incentive Structure (2024)
| Component | Weight | Performance Metric Definition | Threshold | Target | Exceed Target | Maximum |
|---|---|---|---|---|---|---|
| Corporate/Financial – Adjusted FFO per diluted share | 36% of total bonus | Company-defined adjusted FFO per share | $1.58 | $1.60 | $1.62 | $1.64 |
| Corporate/Financial – Recurring EBITDA | 12% | EBITDA excluding transactional items | $1,417.0M | $1,453.0M | $1,471.0M | $1,489.0M |
| Corporate/Financial – Leverage | 12% | Consolidated debt (incl. JV pro-rata) / gross assets | 37.3% | 36.3% | 35.8% | 35.3% |
| Individual Performance | 30% | Exec-specific quantitative/qualitative goals | 7.5% of total bonus | 30.0% | 45.0% | 60.0% |
| Corporate Responsibility | 10% | Progress vs CR goals | 2.5% of total bonus | 10.0% | 15.0% | 20.0% |
2024 actual company results hit maximum on all three financial metrics: Adjusted FFO per diluted share $1.69, Recurring EBITDA $1,531.5M, Leverage 35.1% .
2024 Annual Bonus – CFO Payout Detail
| Metric | Weight | Target vs Actual | Payout ($) |
|---|---|---|---|
| Adjusted FFO per diluted share | 36% of total | Actual $1.69 vs maximum schedule | $504,000 |
| Recurring EBITDA | 12% | Actual $1,531.5M (maximum) | $168,000 |
| Leverage | 12% | Actual 35.1% (maximum) | $168,000 |
| Corporate Responsibility | 10% | Achieved at maximum | $140,000 |
| Individual Performance | 30% | Committee awarded 200% of target based on 2024 contributions | $420,000 |
| Total Cash Incentive Earned | — | — | $1,400,000 |
CFO 2024 contributions included prefunding a $500M 10-year unsecured bond at 4.85%, raising $136.3M via ATM equity, selling 14.2M Albertsons shares for $299.1M, achieving an “A-” Fitch rating, and ending the year with ~$2.7B immediate liquidity; these actions underpinned maximum corporate performance outcomes .
Long-Term Incentives (2024 grants)
| Award Type | Count/Target | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|
| Performance Shares – Relative TSR (2024–2026) | Target 61,630; Max 123,260 | $1,117,968 | Earned 50–200% based on relative TSR vs Bloomberg REIT Shopping Center Index; linear interpolation |
| Time-based Restricted Stock | 30,820 | $600,065 | 20% per year over 5 years or single cliff at year 5; CFO elected single 5-year cliff for 2024 |
Prior cycle outcome: 2022 performance shares paid 101.5% based on 50.7th percentile TSR, with CFO realizing $1,260,562 including dividend equivalents issued Feb 13, 2025 .
Equity Ownership & Alignment
| Ownership Metric | Value/Status |
|---|---|
| Total Beneficial Ownership (common shares) | 661,565; includes 18,592 shares in 401(k); 112,720 restricted stock; excludes 412 shares held by children (disclaimed) |
| Ownership % of Shares Outstanding | <1% (asterisk in table indicates less than 1%) |
| Unvested Time-Based Equity (RS/LTIP) | 140,250 shares/units unvested as of 12/31/2024 (accelerates in certain termination scenarios) |
| Unearned Performance Awards Outstanding | 123,260 shares (2024 grant target/max) subject to TSR performance (plus earlier unearned awards) |
| Stock Ownership Guidelines | CFO requirement = 2× base salary; all NEOs are in compliance |
| Hedging/Pledging | Prohibited for directors and NEOs by policy |
| Insider Trading Plans/Activity | Recent Form 4 filings reported transactions in 2025; see SEC links for details: Feb 18, 2025 filing , May 1, 2025 filing |
Employment Terms
- No individual employment agreement; company maintains an Executive Severance Plan (double-trigger) for covered NEOs .
- Severance and change-of-control economics for CFO (as of 12/31/2024):
| Scenario | Base Salary Component | Bonus Component (prior year) | Equity Acceleration/Eligibility | Health Benefits | Total |
|---|---|---|---|---|---|
| Termination without Cause | $1,350,000 | $2,273,488 | $8,814,132 (full vesting of annual time-based awards; eligibility for performance awards at actual/maximum; valuation based on $23.43) | $44,679 | $12,482,299 |
| Change-in-Control + Qualifying Termination | $1,350,000 | $2,273,488 | $8,814,132 (same vesting mechanics; if awards not assumed, may vest in full on transaction) | $44,679 | $12,482,299 |
| Death/Disability (equity only) | — | — | $8,814,132 (accelerates unvested time-based; performance awards eligible based on shortened/measured performance) | — | $8,814,132 |
- Clawback: mandatory recovery of erroneously received incentive-based compensation for 3 years preceding a required restatement per NYSE Rule 10D-1 .
- Tax gross-ups: none for parachute payments; payments may be reduced to safe harbor to avoid excise taxes under IRC §4999 .
Investment Implications
- Pay-for-performance alignment is strong: corporate metrics (Adjusted FFO, EBITDA, leverage) achieved maximum levels in 2024, driving a 200% individual component payout and full corporate metric payouts; long-term incentives are 67% weighted to relative TSR, with prior cycle payout near target (101.5%) .
- Retention and selling pressure: CFO holds substantial unvested time-based (140,250) and outstanding performance awards (e.g., 123,260 target from 2024 grant), with a 5-year cliff election on 2024 RS—reducing near-term sell pressure but creating lump-sum vesting events; double-trigger acceleration in CoC raises retention and M&A execution risks .
- Alignment and governance: Stock ownership guidelines met; hedging/pledging prohibited; robust clawback policy; say-on-pay support at ~96% in 2024 supports compensation framework stability and lowers governance risk .
- Trading signals: Review 2025 Form 4 filings to monitor any discretionary sales or 10b5-1 plan activity; recent filings indicate activity in Feb and May 2025, which may reflect tax withholding, grant settlements, or planned sales rather than directional views—verify transaction codes and ownership changes directly in the forms .
Additional Context (Compensation Governance and Peer Benchmarking)
- Executive Compensation Committee: all independent; Chair Valerie Richardson; consultant Pay Governance (independent, no other services); oversight of risk, ownership policy, clawback; five meetings in 2024 .
- Peer group updates: 2024 review added Essex Property Trust and Mid-America Apartment Communities; removed Site Centers, Kilroy, SL Green, Vornado to better reflect multi-family mix and market cap; peer group used for benchmarking, not formulaic pay .
- Equity plan: 2025 Equity Participation Plan proposed to expand share reserve and codify LTIP Unit usage; no repricing, no discounted options, no evergreen; director annual cap $750,000 .
Performance Notes (Company-Level)
- Liquidity at year-end: ~$2.7B immediate (incl. $2.0B revolver and $690M cash); Consolidated Net Debt/EBITDA 5.3×; occupancy metrics and leasing strength summarized in proxy highlights .
- Pay Versus Performance: 2024 PEO “compensation actually paid” tracked with TSR and Adjusted FFO per share of 1.69; cumulative TSR value-of-$100 chart indicates 140 for 2024 (context for long-term alignment) .
All data above is sourced from Kimco’s 2025 definitive proxy statement and SEC filings, with citations in brackets after each fact.