Lawrence Ricketts Jr
About Lawrence Ricketts Jr
Executive Vice President and Chief Operating Officer of One Liberty Properties, Inc. (OLP). Tenure and progression: Vice President (1999), Executive Vice President (2006), Chief Operating Officer (since 2008), with over $3 billion of transaction experience in acquisitions, dispositions, and financings . Company performance context: OLP’s cumulative total shareholder return index stood at 97.47 in 2024 (from a $100 base), and net income was $30.4 million in 2024, $29.6 million in 2023, and $42.2 million in 2022 . Operational execution under management included 27 lease actions across >1.0M sf and physical occupancy >99% in December 2024, alongside $44.7M of acquisitions and $18.0M net gains on 2024 asset sales .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| One Liberty Properties, Inc. | Vice President | 1999–2006 | Early leadership roles in portfolio operations and transactions |
| One Liberty Properties, Inc. | Executive Vice President | 2006–2008 | Elevated responsibility across portfolio and capital decisions |
| One Liberty Properties, Inc. | Chief Operating Officer | 2008–Present | Oversight of operations; >$3B transactions in acquisitions, dispositions, financings |
External Roles
No external directorships or outside public company roles disclosed for Ricketts in OLP filings.
Fixed Compensation
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Base Salary ($) | $520,000 | $559,000 | $586,950 | $610,428 |
| Cash Bonus ($) | $65,000 | $70,000 | $70,000 | $75,000 |
| All Other Compensation ($) | $52,789 | $56,388 | $63,305 | $63,552 |
Notes:
- 2025 base salary set at $647,054 (approved late 2024) .
- Bonuses are discretionary under a Performance-based Cash Bonus Program (no fixed target %) informed by FFO/AFFO, occupancy, leasing activity, acquisitions/dispositions, and portfolio management; 2024 decisions cited 27 leases, >99% physical occupancy, $44.7M buys, ~$18.0M net gains from 12 asset sales .
Performance Compensation
Equity Awards – Grants and Structure
| Award Type | Grant Date | Quantity | Grant-Date Fair Value ($) | Key Terms |
|---|---|---|---|---|
| Restricted Stock (for 2023 performance) | 1/12/2024 | 17,100 | $369,360 | 5-year cliff vest; dividends paid during vesting; forfeiture on certain terminations |
| RSU – TSR component (2024 cycle) | 7/16/2024 | 6,000 (max) | $91,260 | Vests based on average annual TSR over 7/1/2024–6/30/2027; 6% min, 11% max; pro-rata between |
| RSU – ROC component (2024 cycle) | 7/16/2024 | 6,000 (max) | $67,430 | Vests based on average annual ROC over 7/1/2024–6/30/2027; 6% min, 8.75% max; pro-rata between |
| Restricted Stock (for 2024 performance) | 1/14/2025 | 17,175 | $438,306 | 5-year cliff vest; dividends paid during vesting |
Performance Plan Metrics and Weighting (2024 Cycle)
| Metric | Weighting | Threshold | Maximum | Definition |
|---|---|---|---|---|
| Return on Capital (ROC) | 50% | Avg annual ROC ≥ 6% | Avg annual ROC ≥ 8.75% | Adjusted FFO ÷ Average Capital (equity plus D&A adjusted for intangibles), as defined in award agreement |
| Total Stockholder Return (TSR) | 50% | Avg annual TSR ≥ 6% | Avg annual TSR ≥ 11% | Average of annual TSR over the measurement period per award agreement |
Progress indicator: As of 12/31/2024, RSUs granted during the three years ended 12/31/2024 were tracking at 76% of full payout; final vesting depends on performance through each cycle’s end .
Vesting Schedule – Ricketts (Unvested Awards at 12/31/2024)
| Award | Vesting Dates | Amount per Date | Conditions |
|---|---|---|---|
| Restricted Stock | Jan 2025, 2026, 2027, 2028, 2029 | 17,100 shares each year | 5-year cliff; continuous service; accelerated on death/disability/retirement/CoC |
| RSUs | Jun 2025, 2026, 2027 | Up to 12,000 shares each year (subject to performance) | 3-year measurement cycles; performance/market conditions; dividend equivalents paid only on vested RSUs |
Equity Ownership & Alignment
| Ownership Metric (as of 3/19/2025) | Value |
|---|---|
| Beneficial Ownership (shares) | 202,335; <1% of outstanding |
| Unvested Restricted Stock | 85,500 shares; $2,329,020 market value at $27.24 |
| Unvested RSUs (assumes max vest) | 36,000 shares; $980,640 market/payout value at $27.24 |
| Stock Ownership Guidelines | Full-time NEOs must hold ≥ 2x base salary; all NEOs satisfied as of 12/31/2024 |
| Hedging/Pledging | Hedging, short sales, speculative transactions prohibited; no pledging disclosure provided |
Alignment signals:
- Equity awards represented 46.6% of Ricketts’ 2024 base annual compensation; equity comprised 88.8% of performance/incentive compensation for him in 2024 .
- Anti-hedging and clawback policies in place; clawback extends to incentive comp including vested/unvested equity in specified circumstances .
Employment Terms
| Term | Provision |
|---|---|
| Employment Agreement | None; at-will employment |
| Severance | None; no cash severance arrangements |
| Change-of-Control (CoC) | Restricted stock fully vests on CoC; RSUs fully vest if CoC occurs after cycle mid-point (18 months), pro-rata vesting if on or before mid-point; regardless of performance conditions |
| Clawback | Recovery of incentive comp upon restatement due to material noncompliance; forfeiture upon termination for cause; subject to NYSE-required policy |
| Tax Gross-Ups | None; excise tax cutback to optimize after-tax payout under 280G/4999 |
| Ownership Guidelines | Full-time NEOs: 2x base salary; compliance achieved |
| Anti-Hedging | Prohibits short sales, hedging/monetizing transactions, speculative trading |
Performance & Track Record
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income ($ millions) | 42.2 | 29.6 | 30.4 |
| TSR Index (Value of $100) | 67.82 | 72.90 | 97.47 |
| Operational highlights | — | ~28 leases; occupancy >98% (Nov) | ~27 leases; occupancy >99% (Dec); $44.7M acquisitions; ~$18.0M net gains on 12 asset sales |
Additional experience: “Over $3 billion” in transactions (acquisitions, dispositions, financings) credited to Ricketts .
Compensation Structure Analysis
- Cash vs Equity mix: Base salary up 4.0% in 2024; cash bonus up 7.1%; equity grants up 17.7% (aggregate grant-date value) vs 2023—continuing emphasis on equity-based pay .
- Equity design: Shift toward RSUs and restricted stock rather than options; five-year cliff for restricted stock and performance/market-conditioned RSUs (three-year cycles) .
- Governance protections: No employment agreements, no severance, no tax gross-ups; no repricing or cash-out of underwater awards without shareholder approval under 2025 Plan .
- Say-on-Pay support: 93.9% approval in June 2024; 81.5% in June 2023—committee viewed as supportive of pay practices .
Risk Indicators & Red Flags
- Related party ecosystem: OLP pays Majestic Property (affiliated with vice chairman) for services; affiliated transactions present potential conflicts; board/audit oversight in place .
- Hedging: Prohibited, reducing misalignment risk .
- Pledging: No disclosure (monitor for any future reports) .
- Change-of-control acceleration: Full/pro-rata vesting on CoC can create event-driven payout sensitivity .
- Repricing: Explicitly prohibited without shareholder approval .
Equity Ownership & Vesting Detail (Ricketts)
| Category | Quantity | Valuation Basis |
|---|---|---|
| Beneficially owned | 202,335 shares; <1% | As of 3/19/2025 |
| Unvested restricted stock | 85,500 shares | $27.24/share at 12/31/2024 |
| Unvested RSUs (max) | 36,000 shares | $27.24/share at 12/31/2024 (assumes full vest) |
| 2024 RSU split | 6,000 TSR; 6,000 ROC | Grant-date fair values $91,260 (TSR), $67,430 (ROC) |
| Restricted stock vest timing | 17,100/year (2025–2029) | Cliff vest per grant |
Say-on-Pay & Shareholder Feedback
- 2023 Say-on-Pay: 81.5% approval .
- 2024 Say-on-Pay: 93.9% approval .
- Compensation Committee: Independent; chaired by J. Robert Lovejoy; met 5 times in 2024 .
Investment Implications
- Alignment and retention: High equity weighting (restricted stock + RSUs), ownership guideline compliance, and anti-hedging reinforce alignment; multi-year vesting supports retention but creates predictable vest dates (17,100 RS shares annually through 2029; RSU cycles through 2027) that can be monitored for potential insider selling pressure .
- Event risk: Change-of-control acceleration of equity (full/pro-rata) may elevate event-driven payout sensitivity; no cash severance mitigates parachute concerns, with 280G cutback in place .
- Execution track record: Strong operational execution (high occupancy, active leasing, accretive recycling) and significant transaction experience underpin COO’s performance incentives tied to ROC and TSR; RSUs tracking at ~76% of full payout as of 12/31/2024 signals progress but remains contingent on cycle completion .
- Governance watchpoints: Related-party services with affiliates persist; continue monitoring audit oversight and any pledging disclosures for alignment risks .