Jeffrey Kuehling
About Jeffrey Kuehling
Executive Vice President, Chief Financial Officer and Treasurer of Kilroy Realty Corporation since December 2024; appointed CFO effective August 19, 2024. Previously held strategy and finance roles at Brixmor Property Group (2018–2024), RPT Realty (2016–2018), and Retail Properties of America, Inc. (2011–2016). Education: BA (Indiana University), MS (University of Florida), MBA (University of Chicago); credentials: CPA and CFA. Company performance metrics tied to executive pay include FFO (As Adjusted) per share ($4.59 in 2024), Net Debt/EBITDA (6.4x at year-end 2024), and leasing volume (1.78M SF in 2024) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Brixmor Property Group | Vice President, Corporate Strategy; Senior Vice President, Corporate Strategy | 2018–2024 | Led corporate strategy at a national shopping center REIT, contributing to portfolio and capital allocation decisions . |
| RPT Realty | Director of Corporate Finance | 2016–2018 | Directed corporate finance initiatives at a publicly traded REIT . |
| Retail Properties of America, Inc. | Finance roles | 2011–2016 | Progressively responsible finance roles supporting REIT operations and capital strategy . |
External Roles
| Organization | Role | Years |
|---|---|---|
| None disclosed | — | — |
Fixed Compensation
| Item | 2024 |
|---|---|
| Base salary ($) | 475,000 |
| Target bonus (% of base) | 100% |
| Maximum bonus (% of base) | 150% |
| Actual bonus paid ($) | 217,410 (pro-rated; 123.8% of target) |
| 401(k) company contribution ($) | 990 |
| Relocation reimbursements ($) | 15,554 |
Performance Compensation
- Short-term incentive framework applied company-wide with explicit weights and targets; Kuehling’s 2024 payout was pro-rated at 123.8% of target, reflecting performance against FFO/share, leasing, leverage, CSR, and an individual component (his individual performance set at target) .
- 2024 equity: initial RSU grant only (inducement); no annual performance RSU in 2024. Eligible for annual equity beginning 2025 (minimum grant-date value $750,000 for FY2025) .
2024 Annual Cash Incentive – Metrics, Targets, and Outcomes
| Metric | Weight | Target | Actual | Payout factor |
|---|---|---|---|---|
| FFO Per Share ($) | 35% | 4.175 | 4.59 | 150% |
| Leasing SF – Operating Portfolio (000s) | 17.5% | 850 | 1,417 | 150% |
| Leasing SF – Development Portfolio (000s) | 7.5% | 100 | 0 | 0% |
| Net Debt/EBITDA (x) | 10% | 6.7 | 6.4 | 150% |
| Corporate Responsibility | 10% | Category goals | Achieved (target) | 100% |
| Individual Performance (Kuehling) | 20% | Target | Target | 100% |
| Overall payout (company framework) | — | — | — | ~123.8% (pro-rated for Kuehling) |
Equity Awards
| Award | Grant date | Shares/Units | Grant date fair value ($) | Vesting |
|---|---|---|---|---|
| Initial RSU (inducement) | 2024-08-19 | 20,373 | 700,016 | Single tranche on 2026-01-06 |
| 2025 annual equity eligibility | — | — | ≥750,000 (grant-date value) | Company program (mix of performance- and time-based RSUs) |
Company performance RSU design uses three-year cliff vesting with banked shares based on 2024 FFO (As Adjusted) per share, modified 50% by relative TSR vs an office REIT peer group and 50% by average Net Debt/EBITDA; time-based RSUs vest ratably over 3 years .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (common shares) | 0 (as of Mar 1, 2025) |
| RSUs outstanding (beneficial ownership disclosure) | 42,451 unvested RSUs not vesting within 60 days of Mar 1, 2025 |
| RSUs outstanding (12/31/2024, outstanding awards table) | 20,666 unvested RSUs; market value $835,952 at $40.45/share |
| Ownership as % of shares outstanding | <1% |
| Stock ownership guideline | 300% of base salary; 6 years to comply; not yet applicable (joined 2024) |
| Anti-hedging / anti-pledging | Hedging prohibited; pledging prohibited for Section 16 officers (limited exceptions; none beyond policy framework) |
| Clawback | SEC/NYSE-compliant incentive compensation recovery policy |
Employment Terms
| Term | Provision |
|---|---|
| Employment agreement dates | Effective 2024-08-19; initial term through 2027-03-01 with automatic one-year renewals |
| Role/title | EVP, CFO (Aug 2024); EVP, CFO and Treasurer (Dec 2024) |
| Base salary & bonus structure | $475,000 base; target bonus 100% of base; max 150% |
| Initial equity | 20,373 RSUs ($700,000); vests 2026-01-06 |
| 2025 annual equity minimum | $750,000 grant-date value |
| Severance (no CIC) | 1× (base + target bonus), paid over 12 months; pro-rated target bonus for year of termination; COBRA up to 18 months |
| Severance (CIC window) | 1× (base + target bonus) generally lump-sum if within 2 years after CIC; same COBRA; time-based awards accelerate; performance awards meet service vesting, performance measured per award terms |
| Tax gross-ups | None; benefits reduced if needed to avoid 280G excise-tax when beneficial after-tax |
| Restrictive covenants | Non-Disclosure Agreement with restrictions on competitive activities during employment, confidentiality, non-disparagement, and cooperation |
| Relocation | Reimbursement up to $50,000 plus tax gross-up; relocation by 2024-09-30 |
Investment Implications
- Pay-for-performance alignment: cash bonus tied to explicit FFO, leasing, leverage, and CSR metrics with capped/defined payouts; majority of long-term compensation is equity beginning 2025, with performance RSUs contingent on FFO, relative TSR, and Net Debt/EBITDA—strong linkage to shareholder returns and balance-sheet discipline .
- Retention risk and selling pressure: initial RSUs cliff-vest on 2026-01-06, creating a potential liquidity event; governance mitigants include anti-hedging/pledging, stock ownership guidelines, and clawback policy .
- Severance economics: modest severance (1× salary+target) with double-trigger CIC mechanics and no gross-ups; suggests limited golden-parachute risk and balanced retention incentives .
- Ownership alignment: no direct share ownership yet (joined 2024) with multi-year guideline runway; upcoming 2025 performance equity will increase alignment via TSR and leverage modifiers .
Company context: 2024 FFO (As Adjusted) per share $4.59, net debt/EBITDA 6.4x, leasing volume ~1.78M SF, and year-end liquidity ~$1.3B—key metrics that underpin bonus and RSU outcomes and that fall within Kuehling’s finance remit .