Beth Boulerice
About Beth Boulerice
Beth Boulerice, age 60, is Executive Vice President at LXP; she served as Chief Financial Officer and Treasurer from March 25, 2019 to March 1, 2025 and was previously Chief Accounting Officer. She is a Certified Public Accountant and graduated from the University of Rhode Island . During 2024, LXP delivered same‑store NOI growth of 5.0%, net debt to Adjusted EBITDA of 5.9x, Net Income of $37.9 million, and Adjusted Company FFO of $189.4 million as the team executed leasing, capital recycling, and balance sheet risk mitigation . LXP’s long‑term incentive framework ties 60% of awards to relative TSR versus the MSCI US REIT Index and a competitor peer group (3‑year performance period), reinforcing pay‑for‑performance alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| LXP Industrial Trust | Executive Vice President (current) | 2025–present | Transitioned from CFO; continued as EVP supporting finance leadership succession . |
| LXP Industrial Trust | Chief Financial Officer & Treasurer | 2019–2025 | Oversaw finance during industrial portfolio transition, deleveraging, and swaps to fix rates through 2026 . |
| LXP Industrial Trust | Chief Accounting Officer | Prior to 2019 | Led accounting; foundation for subsequent CFO tenure . |
| Newkirk Realty Trust | Chief Accounting Officer | N/A | Prior public REIT accounting leadership . |
| First Winthrop Corporation | Accounting/Finance | N/A | Earlier career experience in real estate finance . |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary ($) | $440,000 | $465,000 | $485,000 |
| All Other Compensation ($) | $15,250 | $16,500 | $17,250 |
| Total ($) | $1,645,874 | $2,021,563 | $2,023,739 |
| 2025 Transition Terms | Amount |
|---|---|
| Approved 2025 base salary (initial) | $500,000 |
| Base salary reduced (effective Mar 1, 2025) | $100,000 |
| 2025 transition cash incentive (paid Mar 15, 2025) | $85,000 |
Performance Compensation
| Component | Design | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Annual cash incentive (2024) | 70% objective metrics; 30% subjective; CFO had contractual minimum at target for 2024 transition . | $485,000 (100% of salary) | $504,804 paid (104% of target) | Annual cash, paid after year end . |
| Objective measures (2024) | Investments (35%); Portfolio Mgmt (30%); Balance Sheet (20%); Corporate Responsibility (15%) . | Defined targets per category . | Determination resulted in 105.83% of objective portion for all NEOs . | N/A (cash) . |
| Long‑Term Incentive (2024 grant) | 60% Performance‑based shares (relative TSR vs MSCI US REIT and peer group); 40% time‑based shares . | $540,000 performance + $360,000 service = $900,000 total target . | 2022 PSU cycle paid 0% (below threshold); 2024 PSU tracking: peer tranche slightly above target; index tranche below threshold (as of YE 2024) . | PSUs: cliff vest after 3‑year performance; RS: pro‑rata over 3 years . |
| 2024 Objective Metrics Detail | Weight | Target | Actual/Determination |
|---|---|---|---|
| Investments (stabilized development SF/#/yield) | 35% | 1.5M SF; 4 bldgs; 6.5% yield | 0.25M SF; 1 bldg; >7% yield; Determination 23.33% of category . |
| Portfolio Mgmt (leased %, SSS NOI, leasing spreads) | 30% | 97% leased; 4% SSS NOI; 25% spreads | 94%; 5%; >30%; Determination 40.00% of category . |
| Balance Sheet (ratings; Net Debt/Adj EBITDA) | 20% | Maintain ratings; 6.0x | Maintained; 5.9x; Determination 20.00% of category . |
| Corporate Responsibility (ISS, GRESB, tenant/employee surveys) | 15% | Various | Strong results; Determination 22.50% of category . |
Equity Ownership & Alignment
| Ownership Snapshot (Dec 31, 2024) | Shares |
|---|---|
| Beneficially owned | 507,283 (includes 243,782 subject to vesting; 263,501 indirect) . |
| Unvested time‑based shares (market value at $8.12) | 64,247 ($521,686) . |
| Unearned performance shares (assumed values) | 94,183 ($764,764) . |
| Options outstanding | None (company has no outstanding options) . |
| Time‑based Vesting Schedule (subject to service) | 1/2025 | 1/2026 | 1/2027 |
|---|---|---|---|
| Shares scheduled to vest | 28,623 | 23,134 | 12,490 |
| Performance‑based Awards Outstanding (subject to performance & service) | 1/2025 | 1/2026 | 1/2027 |
|---|---|---|---|
| Shares shown in proxy methodology | 49,383 | 95,775 | 112,383 |
- Stock ownership guidelines: executive officers must own multiples of base salary (CEO 6x; next three highest compensated 3x; fifth highest 2x); executives must retain at least 50% of shares acquired through equity programs until retirement .
- Compliance: subject to phase‑in periods, executive officers and trustees were in compliance with ownership guidelines .
- Hedging/pledging: LXP prohibits pledging and hedging by trustees, officers, and employees .
- Form 4 monitoring: We attempted to fetch insider Form 4 transactions for “Boulerice” but the insider‑trades data source returned an authorization error; analysis above relies on proxy ownership and vesting disclosures [ReadFile insider-trades SKILL.md] (attempted; fetch failed).
Employment Terms
| Severance & CIC Economics | Terms |
|---|---|
| Without Cause/Good Reason (non‑CIC) | 2x base salary + greater of 2‑year average bonus or target bonus; pro‑rata bonus; 2 years of continued benefits for “other named executive officers” (i.e., not CEO/Brunner/Bonventre tiers) . |
| Change‑in‑Control window (double‑trigger) | All CiC severance subject to double‑trigger; inside CIC window, award accelerations as below; benefits duration same as above by tier . |
| Equity acceleration (non‑CIC termination) | Time‑based awards fully vest; earned performance awards accelerate pro‑rata based on days elapsed in the performance period; options (if any) remain exercisable for 6 months (no options currently outstanding) . |
| Equity acceleration (post‑CIC termination) | Time‑based fully vest; 100% of earned performance awards vest; options exercisable for 6 months . |
| Tax gross‑up | None (no excise tax gross‑ups) . |
| Clawback | Robust clawback compliant with NYSE; plan permits recoupment for restatements/misconduct; Dodd‑Frank clawback provision incorporated in equity plan . |
| 2025 role transition | Stepped down as CFO Mar 1, 2025; base salary reduced to $100,000; one‑time 2025 transition cash incentive $85,000 paid Mar 15, 2025 . |
Investment Implications
- Pay‑for‑performance alignment: Boulerice’s 2024 LTI is majority performance‑based and tied to relative TSR; 2022 PSU cycle paid 0%, demonstrating downside sensitivity when performance underperforms .
- Vesting calendar and potential selling pressure: Time‑based tranches vest Jan 2025/2026/2027 and PSUs cliff‑vest after three‑year periods; given anti‑hedging/pledging and retention rules (hold 50% of acquired shares), forced selling pressure appears limited absent personal liquidity needs .
- Ownership alignment: Beneficial ownership and guideline compliance indicate skin‑in‑the‑game; lack of options reduces repricing risk and underwater‑option dynamics .
- Severance structure: Double‑trigger CIC protection and 2x cash severance (for her tier) with equity acceleration create retention and market‑standard protections without shareholder‑unfriendly tax gross‑ups .
- Execution context: 2024 operating results (SS NOI +5%, leasing spreads >30%, leverage 5.9x) support incentive payouts and reflect operational value creation during her CFO tenure transition period .