David P. Stockert
About David P. Stockert
David P. Stockert (age 63) serves as an independent director of MAA, having joined the Board in December 2016. He is a general partner of the Atlanta‑based private real estate funds Sweetwater Opportunity Fund, L.P. and Sweetwater Opportunity Fund II, L.P. (since 2019), and previously served as CEO and President of Post Properties, Inc. (2002–2016). Earlier roles include EVP at Duke Realty Corporation (1999–2000), SVP & CFO at Weeks Corporation (1995–1999), investment banker at Dean Witter Reynolds (1990–1995), and CPA prior to 1990 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Post Properties, Inc. | CEO & President | 2002–2016 | Led public multifamily REIT through strategic cycles; M&A and capital markets experience |
| Duke Realty Corporation | EVP | 1999–2000 | Public REIT executive leadership; capital allocation |
| Weeks Corporation | SVP & CFO | 1995–1999 | Public REIT finance leadership (CFO) |
| Dean Witter Reynolds (now Morgan Stanley) | Investment Banker (Real Estate) | 1990–1995 | Capital markets/REIT advisory |
| — | Certified Public Accountant | Pre‑1990 | Financial and accounting foundation (CPA) |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Sweetwater Opportunity Fund, L.P. and Sweetwater Opportunity Fund II, L.P. | General Partner | 2019–present | Atlanta-based private real estate funds |
| Duke Realty Corporation | Director (former) | 2017–2022 | Former public company directorship |
| Civic/Non‑profit (selected) | Director/Advisor (various) | Various | Grady Health System; Robert W. Woodruff Foundation; YMCA of Metro Atlanta; Community Foundation for Greater Atlanta; Westside Future Fund; Horizons Atlanta |
Board Governance
- Independence and service: Independent director; Director since December 2016 . The Board affirms all nominees other than the Executive Chairman and CEO are independent .
- Committees (current/nominee slate): Nominating & Corporate Governance; Real Estate Investment .
- Chair roles: None (NCG Chair: Claude B. Nielsen; Audit Chair: Alan B. Graf, Jr.; Compensation Chair: Deborah H. Caplan; Real Estate Investment Chair: H. Eric Bolton, Jr.) .
- Attendance: Each director attended >75% of Board and committee meetings in 2024; average attendance was 97.4% (Board met 4x; Audit 7x; Compensation 6x; NCG 5x; REI 7x) .
- Executive sessions: Non‑management and independent director sessions are held after every routine Board meeting; presided over by the Lead Independent Director (Alan B. Graf, Jr.) .
- Related‑party/ethics: No related party transactions proposed since 1/1/2024; no waivers granted in 2024; no director indebtedness in 2024 .
Fixed Compensation (Director)
| Component (2024) | Amount |
|---|---|
| Fees Earned or Paid in Cash | $95,750 |
| All Other Compensation (dividends on unvested RS/RSUs) | $6,877 |
| Total Cash/Other | $102,627 |
MAA 2024–2025 director fee schedule (non‑employee): Board retainer $80,000; Audit Chair $30,000; Audit member $12,000; Compensation Chair $22,500; Compensation member $9,750; NCG Chair $20,000; NCG member $8,250; Real Estate Investment member $8,500; Lead Independent Director $35,000 (committee chairs do not also receive member fee) . Stockert is not listed among directors who deferred 2024 cash fees into RSUs (deferral list includes Caplan, Case, Kelly‑Green, T. Lowder, Sanders, Shorb) .
Performance Compensation (Director Equity)
| Component | 2024 Grant Detail | Vesting |
|---|---|---|
| Stock Awards (grant date fair value) | $169,943 | Annual director grant vests at end of the one‑year term |
| Annual Director Equity Grant (program spec) | Approx. $170,000 value; 1,245 shares at $136.50 (5/21/2024) for directors elected at 2024 AGM | Vests at end of service year |
| Deferred compensation option | May elect RSUs in lieu of cash/equity; paid after Board service ends per plan | Per Director Deferred Compensation Plan |
Notes: Director equity is service‑based, not performance‑based; dividends (or equivalents) accrue prior to vesting per plan rules .
Other Directorships & Interlocks
| Type | Company | Role/Years | Interlock/Notes |
|---|---|---|---|
| Current public boards | — | — | None disclosed |
| Former public boards | Duke Realty Corporation | Director, 2017–2022 | Not on MAA Compensation Committee; MAA discloses no compensation committee interlocks or related‑party relationships in 2024 |
Expertise & Qualifications
- REIT/multifamily leadership: Former CEO & President of Post Properties with multifamily operating, investment, and development expertise .
- Capital markets and governance: Lead independent director service at another public REIT; public company governance; investor relations and M&A .
- Committee fit at MAA: Contributes REI investment/development judgment and CEO succession oversight experience to NCG; designated knowledge areas include Real Estate Investment, Development/Construction, Strategic Planning, Risk Oversight, Capital Markets, Financial Literacy, Corporate Governance .
- Community leadership: Extensive civic and philanthropic board involvement informing stakeholder engagement and corporate responsibility oversight .
Equity Ownership
| Measure | Detail |
|---|---|
| Total Beneficial Ownership | 114,335 shares (includes 44,706 shares owned by spouse; 14,943 shares held in a deferred compensation account) |
| Ownership % of Outstanding | <1% |
| Deferred Compensation RSUs | 14,943 shares (within total beneficial ownership) |
| Shares Pledged | None disclosed for Stockert; company prohibits pledging and hedging. A grandfathered pledge by a different director (not nominated in 2025) will result in no pledges post‑Annual Meeting |
| Hedging/Pledging Policy | Hedging and pledging prohibited for directors/officers; no exceptions going forward |
| Director Ownership Guidelines | Non‑employee directors must own 5x annual cash retainer within five years; 100% compliance reported |
Governance Assessment
- Board effectiveness and engagement: Independent director with relevant REIT CEO background; active on NCG and REI committees; Board reports robust meeting cadence, independent executive sessions, access to management and advisors, and 97.4% average attendance in 2024 (meets/ exceeds expectations) .
- Alignment and incentives: Director pay balanced between cash and annual service‑based equity with vesting aligned to term; independent consultant benchmarks director pay; 2024 adjustments targeted median peer levels (positive alignment) .
- Ownership alignment and risk controls: Material personal ownership; strong ownership guidelines; prohibition on hedging/pledging; no related‑party transactions, no waivers, and no indebtedness in 2024 (positive signals) .
- Conflicts/interlocks: Not a member of the Compensation Committee; company discloses no compensation committee interlocks or related‑party exposure in 2024 (no current red flags) .
- Shareholder sentiment: Say‑on‑pay approval 91% in 2024; Board cites extensive engagement (~827 contact points covering ~88% of outstanding shares) indicating constructive investor dialogue .
RED FLAGS: None identified specific to Mr. Stockert. Company‑level policies and 2024 disclosures show no related‑party transactions, no waivers, no director indebtedness, and hedging/pledging prohibitions (with a legacy pledge not involving Stockert and ending post‑2025 AGM) .
Director Compensation (Detail)
| Item | 2024 Amount |
|---|---|
| Fees Earned or Paid in Cash | $95,750 |
| Stock Awards (Grant Date Fair Value) | $169,943 |
| All Other Compensation (Dividends on unvested equity) | $6,877 |
| Total | $272,569 |
Committee Assignments
| Committee | Role |
|---|---|
| Nominating & Corporate Governance | Member |
| Real Estate Investment | Member |
Attendance and Meetings (2024)
| Body | Meetings Held | Attendance Policy/Results |
|---|---|---|
| Board of Directors | 4 | Each director attended >75%; average attendance 97.4% |
| Non‑Management Directors | 4 | Executive sessions scheduled |
| Independent Directors | 4 | Executive sessions scheduled |
| Audit Committee | 7 | 100% independent; 3 financial experts |
| Compensation Committee | 6 | 100% independent |
| Nominating & Corporate Governance Committee | 5 | 100% independent |
| Real Estate Investment Committee | 7 | 86% independent |
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Current public company boards | None |
| Prior public company boards | Duke Realty Corporation (2017–2022) |
| Compensation Committee interlocks | None reported; 2024 Compensation Committee members listed do not include Stockert; no relationships requiring disclosure |