Larry Portal
About Larry Portal
Larry H. Portal, age 56, is Senior Vice President and Senior Advisor to the CEO at Medical Properties Trust (MPW), overseeing strategic initiatives including complex transaction structuring, capital raising, and ESG; he joined MPW in 2019 after senior roles at FTI Consulting, Ernst & Young, and as Head of Tax at Vornado Realty Trust (1997–2002), and holds a B.S. in Accounting from Yeshiva University and is a CPA . Company performance context for incentive alignment: in 2024 MPW executed $1.85B of asset sales and joint ventures with gains >$450M, reduced net debt by ~$1.5B, and re-tenanted ~$1.5B of Steward facilities, while year-end stock price was $3.95 and GAAP net loss was $(2,410.3)mm; management compensation shifted to stock-price and balance-sheet goals reflecting equity value recovery priorities .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| FTI Consulting | Senior Managing Director | Not disclosed | Guided REIT clients in M&A, tax structuring, and IPO advisory |
| Vornado Realty Trust | Head of Tax | 1997–2002 | Led tax function for a major REIT |
| Ernst & Young | Tax practice | Not disclosed | Practiced tax; foundational technical experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed in 2025 Proxy | — | — | No external public-company directorships disclosed for Portal |
Fixed Compensation
| Metric | 2024 |
|---|---|
| Base Salary ($) | 643,750 |
| Target Bonus % | Not applicable for SVPs (CEO-determined, holistic) |
| Actual Bonus Paid ($) | 1,000,000 |
| All Other Compensation ($) | 19,545 (health insurance $17,745; fitness $1,800) |
Performance Compensation
Annual Cash Bonus (2024 – SVP structure)
| Item | Detail |
|---|---|
| Plan design | SVP bonuses are not formulaic; determined by CEO based on holistic review of individual and company performance |
| 2024 outcome | Larry Portal earned $1,000,000 cash bonus for 2024 |
Long‑Term Equity Awards and Performance Metrics
2023 Stock Price Performance Award (SVPs)
| Metric | Weighting | Target | Actual (2024) | Payout (2024) | Vesting Terms |
|---|---|---|---|---|---|
| Stock Price (20‑day trailing avg) | N/A | $7.00 (67% ↑ over grant-date) | Unearned as of 12/31/2024 | 0 units earned in 2024 | Earned shares vest in equal quarterly installments over 2 years after certification; all unvested earned shares vest in full at end of the 4‑year performance period |
| Stock Price (Stretch) | N/A | $8.50 (103% ↑) | Unearned as of 12/31/2024 | 0 units earned in 2024 | Same as above |
| Stock Price (Maximum) | N/A | $10.00 (139% ↑) | Unearned as of 12/31/2024 | 0 units earned in 2024 | Same as above |
2022 Performance Award (operational metrics; SVPs)
| Metric | Weighting | One‑Year Target (2022) | Three‑Year Target | Actual | Payout | Vesting Terms |
|---|---|---|---|---|---|---|
| EBITDA | Not disclosed | $1.4875B (up to one‑third eligible) | $1.575B (100% eligible if achieved) | Not disclosed; some shares earned | 1,672 shares earned and vested on Jan 1, 2025 (Portal) | Earned shares vest on the January 1 immediately following the date earned |
| FFO per Share Growth | Not disclosed | 4.0% (up to one‑third eligible) | 8.0% (100% eligible if achieved) | Not disclosed; some shares earned | 1,672 shares vested 1/1/2025 (Portal) | Same as above |
| Acquisitions | Not disclosed | $750mm (up to one‑third eligible) | $2.25B (100% eligible if achieved) | Not disclosed; some shares earned | 1,672 shares vested 1/1/2025 (Portal) | Same as above |
2023 Performance Award (operational & strategic; SVPs)
| Metric | Weighting | One‑Year Target (2023) | Three‑Year Target | Actual | Payout | Vesting Terms |
|---|---|---|---|---|---|---|
| EBITDA | Not disclosed | $1.33B (up to one‑third eligible) | $1.45B (100% eligible if achieved) | Not disclosed; remains largely unearned | Unearned for Portal as of 12/31/2024 (17,434 shares remain) | Earned shares vest on January 1 following earn date; TSR modifiers apply to Founders, not specified for SVPs |
| Strategic Transactions (acquisitions) | Not disclosed | $750mm (up to one‑third eligible) | $2.25B (100% eligible if achieved) | Not disclosed; remains largely unearned | Unearned for Portal as of 12/31/2024 (part of 17,434 shares) | Same as above |
Vesting realized in 2024 (context)
| Item | Amount |
|---|---|
| Shares vested in 2024 (Portal) | 51,156 shares; value realized $255,661 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (shares) | 188,485 shares |
| Ownership % of shares outstanding | ~0.03% (188,485 / 606,654,233) |
| Unvested restricted shares | 17,431 shares (included in beneficial ownership; not sellable) |
| Unearned performance awards outstanding | 225,101 shares (2022: 7,667; 2023: 17,434; 2023 Special Award: 200,000) |
| Time-based vesting schedule | 6,022 shares vested Jan 1, 2025; remaining 17,431 vest in equal quarterly installments from Apr 1, 2025 through Jan 1, 2026 |
| Options (exercisable/unexercisable) | None; MPW has not granted options to NEOs in many years |
| Pledging/Hedging | Prohibited by MPW insider trading policy (no pledging; no hedging) |
| Ownership guidelines | SVPs required to hold 1.5x base salary; compliance: Yes |
Employment Terms
| Term | Detail |
|---|---|
| Employment agreement | SVPs are at‑will; not party to MPW employment agreements |
| Change‑of‑control (CoC) – 2023 Stock Price Performance Award | Vests at maximum (300% of target) on CoC if employed through the date |
| Termination without cause – 2023 Stock Price Performance Award | Accelerates to the greater of (i) shares earned to date or (ii) 200% of target shares |
| Estimated equity acceleration values | CoC: $2,370,000; termination without cause: $1,580,000 (SVP award values) |
| Clawback policy | 2023 Compensation Recovery Policy mandates recovery of erroneously awarded incentive comp upon restatement; 2013 policy covers misconduct/fraud/gross negligence |
| Anti‑hedging/anti‑pledging & pre‑clearance | Hedging and pledging of MPW stock prohibited; prior authorization required for any purchase/sale |
Investment Implications
- Pay-for-performance alignment: Portal’s largest prospective equity incentives are contingent on absolute stock price hurdles ($7/$8.50/$10), with 225,101 performance shares outstanding (including a 200,000-share 2023 Special Award), and no units earned under these stock-price awards as of 12/31/2024—directly linking realized pay to shareholder value creation .
- Vesting cadence and potential liquidity: Time-based restricted shares vest quarterly through Jan 1, 2026, and 51,156 shares vested in 2024 with $255,661 realized; monitor periodic vesting for potential insider liquidity events, subject to MPW’s pre‑clearance policy .
- Alignment safeguards vs. risk: Anti‑pledging/hedging and ownership guidelines (SVPs at 1.5x base, in compliance) enhance alignment; beneficial ownership is modest (~0.03%), limiting downside personal exposure while retaining performance leverage via unearned awards .
- Retention dynamics: At‑will status with favorable equity acceleration (200% on termination without cause; 300% on CoC) reduces uncertainty in adverse scenarios but can create compensation overhang in event-driven situations; absence of a fixed employment agreement heightens importance of ongoing performance achievement .
- Program context and governance signaling: MPW shifted incentives toward stock price and balance sheet health amid 2024–2025 value recovery efforts; pay program changes followed lower say‑on‑pay support and shareholder outreach, indicating sensitivity to investor feedback and emphasizing equity value creation .