Joseph S. Bonventre
Executive Vice President, Chief Operating Officer, General Counsel and Secretary at LXP Industrial Trust
Executive
About Joseph S. Bonventre
Joseph S. Bonventre (age 50) is Executive Vice President, Chief Operating Officer, General Counsel, and Secretary of LXP Industrial Trust. He joined LXP in September 2004 after serving as an associate in the corporate department at Paul Hastings LLP. He holds a B.A. from New York University and a J.D. from Benjamin N. Cardozo School of Law/Yeshiva University, and is admitted to practice law in New York . Company performance under the current leadership team included 2024 net income of $37.9 million, Adjusted Company FFO of $189.4 million, same‑store NOI growth of 5.0%, net debt to Adjusted EBITDA of 5.9x, and a 3.8% dividend increase; LXP’s 2024 total shareholder return (TSR) indexed at $86.82 vs the MSCI US REIT Index peer TSR of $108.75 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Paul Hastings LLP | Associate, Corporate Department | Prior to Sep-2004 | Not disclosed |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | None disclosed | — | — |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $500,000 | $515,000 | $530,000 |
| All Other Compensation ($) | $15,250 | $16,500 | $17,250 |
| Total Compensation ($) | $2,520,533 | $2,563,679 | $2,510,844 |
| 2025 Base Salary | Change vs 2024 |
|---|---|
| $530,000 | 0% |
Performance Compensation
Annual Cash Incentive – Structure and Outcomes
| Item | FY 2024 Target Bonus Opportunity | FY 2024 Actual Award ($) | FY 2024 Payout (% of Target) | FY 2025 Threshold | FY 2025 Target | FY 2025 Maximum |
|---|---|---|---|---|---|---|
| Annual Cash Incentive | Not separately disclosed | $551,642 | 104% | 50% of base ($265,000) | 100% of base ($530,000) | 200% of base ($1,060,000) |
| FY 2025 Objective Performance Measures | Weighting |
|---|---|
| Portfolio Management | 35% |
| Investment Performance | 35% |
| Balance Sheet | 20% |
| Corporate Responsibilities | 10% |
The Compensation Committee will disclose 2025 targets and actuals in the 2026 proxy .
Long-Term Incentive (LTI) Awards – Grant Design and Metrics
| Grant Year | Metric | Weighting | Status/Payout |
|---|---|---|---|
| 2022 grant (Jan 2022–Dec 2024) | Relative TSR vs Peer Group | 50% | Below Threshold; 0% payout |
| 2022 grant (Jan 2022–Dec 2024) | Relative TSR vs Index | 50% | Below Threshold; 0% payout |
| 2023 grant (Jan 2023–Dec 2025) | Relative TSR vs Peer Group | 50% | Tracking below Threshold |
| 2023 grant (Jan 2023–Dec 2025) | Relative TSR vs Index | 50% | Tracking below Threshold |
| 2024 grant (Jan 2024–Dec 2026) | Relative TSR vs Peer Group | 50% | Tracking slightly above Target; 114% |
| 2024 grant (Jan 2024–Dec 2026) | Relative TSR vs Index | 50% | Tracking below Threshold; 0% |
| 2024 LTI Components (Grant Date: 1/5/2024) | Threshold | Target | Maximum | Grant-Date Fair Value ($) |
|---|---|---|---|---|
| Performance Shares (#) | 39,022 | 78,044 | 156,088 | $911,944 |
| Service-Based RSUs (#) | — | — | — | $500,018; 52,030 shares |
| 2024 Annual LTI Target Mix (Dollar terms) | Performance-Based Opportunity | Service-Based Award | Total Target Opportunity |
|---|---|---|---|
| Bonventre | $750,000 target ($375,000 threshold; $1,500,000 max) | $500,000 | $1,250,000 |
Stock Vested in 2024 (Delivery and Value)
| Name | Shares Acquired on Vesting (#) | Value Realized ($) |
|---|---|---|
| Joseph S. Bonventre | 53,820 | $533,894 |
Equity Ownership & Alignment
| As of Record Date | Beneficially Owned Shares | % of Class | Breakdown |
|---|---|---|---|
| 2025 | 956,348 | * (<1%) | 80,245 direct; 269,155 indirect; 606,948 subject to vesting |
| 2024 | 823,734 | * (<1%) | 329,155 direct; 494,579 subject to vesting |
| Outstanding Equity at FY-End 2024 | Unvested Time-Based Shares (#) | Market Value ($) | Unearned Performance Shares (#) | Market/Payout Value ($) |
|---|---|---|---|---|
| Joseph S. Bonventre | 94,764 | $769,484 (at $8.12/share) | 132,767 | $1,078,064 |
| Scheduled Performance Share Vesting (subject to performance and service) | 1/2025 | 1/2026 | 1/2027 |
|---|---|---|---|
| Joseph S. Bonventre | 102,881 | 140,846 | 156,088 |
- Stock ownership guidelines: CEO 6x salary; next three most highly compensated executives 3x salary; fifth most highly compensated 2x; executives must retain at least 50% of shares acquired via equity plans until separation; executives and trustees were in compliance subject to phase-in periods .
- Hedging/pledging: LXP prohibits hedging, short positions, and pledging of company securities for trustees, officers, and employees .
- Options: LXP reported no outstanding options and no option exercises; equity program uses shares/units .
Employment Terms
| Scenario | Base Salary Portion ($) | Bonus Portion incl. pro rata ($) | Group Healthcare ($) | Accelerated Equity Value ($) | Total ($) |
|---|---|---|---|---|---|
| Without Cause or With Good Reason | 1,060,000 | 1,703,864 | 86,576 | 1,847,548 | 4,697,988 |
| Death or Disability | 530,000 | 567,955 | 86,576 | 1,847,548 | 3,032,079 |
- Change-in-control treatment is subject to double‑trigger provisions across severance arrangements; LXP does not provide tax gross-ups; maintains a robust clawback policy .
- Indemnification agreements in place for trustees and certain executive officers .
Performance & Track Record
- 2024 execution highlights: increased Sunbelt concentration (sold ~$268m non-target assets; acquired ~$165m target assets; executed $330m interest rate swaps at ~4.0% and fixed/hedged ~97% of indebtedness for 2025/2026; delivered strong leasing with cash/base rent increases 39.7%/46.5% and 3.6% escalators; increased same‑store NOI 5.0% ).
- Financials: net income attributable to common shareholders $37.9m ($0.13/diluted share) and Adjusted Company FFO $189.4m ($0.64/diluted share) .
- TSR: LXP 2024 value of $100 investment at $86.82 vs MSCI US REIT Index peer $108.75, indicating underperformance in that year .
- 2024 annual cash incentive payout for Bonventre was 104% of target; narrative notes leadership over legal, operations, human capital, IT/cybersecurity, cost reductions, CFO transition support, interest rate swaps, and portfolio transactions .
Compensation Peer Group and Say‑on‑Pay
- Competitor peer group used for benchmarking includes: Broadstone Net Lease, EastGroup Properties, Essential Properties, First Industrial, Getty Realty, NNN REIT, Rexford Industrial, STAG Industrial, Spirit Realty, Terreno, W.P. Carey .
- Say‑on‑pay support: 96% “FOR” in 2024; five‑year average 97% .
Investment Implications
- Alignment and retention: High equity exposure via multi‑year RSUs/PSUs, mandated retention of 50% of acquired shares, and anti‑pledging/hedging policy reduce misalignment and leveraged selling risk; scheduled PSUs for 1/2025–1/2027 create predictable delivery events that can modestly increase float around vest dates .
- Pay-for-performance: Annual incentives tied 70% to objective portfolio/investment/balance sheet metrics and 30% to qualitative factors; LTI tied to relative TSR (peer group and index) with 2022 grant paying 0% and 2024 grant tracking at 114% vs peer group—suggests real variability and credible performance gating .
- Trading signals: No options outstanding (limits exercise-driven sales); significant 2024 vesting ($533,894 realized) indicates ongoing equity monetization but under a retention framework; watch 2025 proxy for actual 2025 metric outcomes and 2023/2024 PSU realizations to gauge execution momentum .
- Governance quality: Double‑trigger CIC, robust clawback, no tax gross‑ups, and strong say‑on‑pay support lower headline risk; however, TSR underperformed the index in 2024—continued improvement in same‑store NOI and capital recycling will be key to PSU outcomes and future incentive payouts .