Kevin Hanna
About Kevin Hanna
Kevin Hanna, age 52, is Senior Vice President, Controller, Assistant Treasurer, and Chief Accounting Officer (Principal Accounting Officer) at Medical Properties Trust (MPW). He joined MPW in 2008 and has served as Chief Accounting Officer since January 2016; he is a CPA and director for MPW’s international subsidiaries, with prior roles at Fruit of the Loom and Ernst & Young. Education: B.S. in Accounting from the University of Alabama; professional affiliations include AICPA and Alabama Society of CPAs; external board service with the American Cancer Society and American Heart Association . Company performance context: MPW’s 2024 year-end stock price was $3.95 and the “Company TSR” value in the pay-versus-performance disclosure was 28.07, underscoring stockholder return headwinds over the period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ernst & Young | Audit roles (public/private companies in retail, distribution, consumer products) | 1995–2003 | Built technical accounting and audit expertise across complex industries |
| Fruit of the Loom (incl. Russell Corporation, Vanity Fair) | Controller | Not disclosed | Led controller function for Berkshire Hathaway portfolio companies, preparing for public-company controller leadership |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MPW International Subsidiaries | Director | Not disclosed | Governance oversight across international entities |
| American Cancer Society | Board member | Not disclosed | Community and philanthropic engagement |
| American Heart Association | Board member | Not disclosed | Community and philanthropic engagement |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 500,000 | 515,000 |
| Bonus ($) | 500,000 | 600,000 |
| All Other Compensation ($) | 37,509 | 38,834 |
| Total ($) | 3,037,792 | 1,153,834 |
Notes:
- 2024 bonus for SVPs (including Hanna) is determined by the CEO via holistic performance review (no formal target %) .
- 2024 perquisite detail includes 401(k) match, health insurance, annual physical, and fitness reimbursement (with tax gross-up on certain benefits) .
Performance Compensation
| Award | Grant Date | Metric/Hurdles | Target/Threshold | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| 2022 Performance Award | 2022 | EBITDA, FFO per Share Growth, Acquisitions; with absolute/relative TSR modifiers for Founders (modifiers not specified for SVPs) | Examples: EBITDA one-third eligible at $1.4875B (2022), 100% eligible if $1.575B (year 3); FFO/share growth 4.0% (2022 one-third), 8.0% (3-year); acquisitions $750mm (2022 one-third), $2.25B (3-year) | 1,380 shares earned and vested on Jan 1, 2025 (partial earn) | Earned shares vest Jan 1 following the year earned |
| 2023 Performance Award | 2023 | EBITDA and Strategic Transactions; absolute/relative TSR modifiers for Founders (not specified for SVPs) | Examples: EBITDA one-third eligible at $1.33B (2023), 100% eligible at $1.45B (year 3); strategic transactions one-third eligible at $750mm, 100% eligible at $2.25B (3-year) | Unearned as of 12/31/2024; 17,434 shares underlying remain unearned | Earned shares vest Jan 1 following the year earned |
| 2023 Stock Price Performance Award (SVPs) | Late 2023 | Stock price hurdles (20-day average): $7.00 (Target, +67%), $8.50 (Stretch, +103%), $10.00 (Max, +139%) vs grant-date price | N/A | Unearned as of 12/31/2024; 200,000 shares underlying remain unearned | Any earned shares vest in equal quarterly installments over two years post-certification; all unvested earned shares vest in full at end of 4-year performance period |
Vesting schedules (time-based): 5,734 shares vested on Jan 1, 2025; 17,431 shares vest in equal quarterly installments from Apr 1, 2025 through Jan 1, 2026 .
2024 equity: Hanna did not receive 2024 time-based or performance equity grants (SVP awards were in late 2023) .
Equity Ownership & Alignment
| Ownership Detail | Amount |
|---|---|
| Total beneficial ownership (shares) | 148,580 (<1% of outstanding) |
| Unvested restricted stock (time-based) | 17,431 |
| Unearned performance awards outstanding | 6,325 (2022 award), 17,434 (2023 award), 200,000 (2023 Stock Price Performance Award) |
| 2024 stock awards vesting realized | 48,338 shares; $241,583 value realized on vesting |
| Options (exercisable/unexercisable) | None (company has not granted options to NEOs) |
| Stock ownership guideline (SVP) | 1.5x base salary; compliance: Yes |
Policies impacting alignment:
- Anti-hedging and anti-pledging: employees (incl. NEOs) prohibited from pledging MPW securities and from hedging/derivative transactions; prior authorization required for any transactions .
- Clawbacks: 2023 Compensation Recovery Policy mandates recoupment of erroneously awarded compensation upon accounting restatement (three prior fiscal years), with legacy 2013 clawback covering misconduct/fraud/gross negligence .
Employment Terms
| Term | Detail |
|---|---|
| Employment agreement | None (SVPs are at-will) |
| Severance (cash) | Not disclosed/applicable for SVPs |
| Change-of-control (CoC) equity acceleration | 2023 Stock Price Performance Award vests at maximum (300% of target) if employed through CoC date |
| Termination without cause equity acceleration | Greater of shares earned to date or 200% of target vests for 2023 Stock Price Performance Award |
| Estimated CoC acceleration value (as of 12/31/2024) | $2,370,000 (equity award acceleration) |
| Estimated termination without cause value (as of 12/31/2024) | $1,580,000 (equity award acceleration) |
| Non-compete / non-solicit | Not disclosed for SVPs; insider trading controls and transaction pre-authorization in place |
Investment Implications
- Alignment and retention: Hanna’s equity mix is heavily at-risk, with significant unearned performance awards tied to absolute stock price hurdles ($7/$8.50/$10) from the 2023 SVP award; this creates strong alignment with shareholders and retention via multi-year vesting and event-driven accelerations .
- Selling pressure and event risk: Anti-pledging and insider trading policy mitigate forced-selling risk; however, CoC provisions vest SVP awards at maximum, creating potential supply if a transaction occurs and awards settle/vest en masse .
- Pay-for-performance posture: 2024 saw no new equity awards for Hanna and realized equity value was modest ($241,583), consistent with the stock’s underperformance and “performance-only” vesting architecture; ongoing vesting is quarterly through early 2026 for time-based shares .
- Governance and incentives: Ownership guidelines compliance (1.5x salary) and clawbacks enhance governance; the lack of SVP cash severance reduces downside payout risk to shareholders while performance equity maintains upside alignment .