Steven R. Greathouse
About Steven R. Greathouse
Steven R. Greathouse is Senior Vice President and Chief Investment Officer of Alpine Income Property Trust (PINE) and CTO Realty Growth, serving as PINE’s CIO since February 2021 after roles as SVP, Investments and Director of Investments; prior experience includes Director of Finance at N3 Real Estate and Senior Associate roles in Merchant Banking–Investment Management at Morgan Stanley and Crescent Real Estate Equities . He is 47 years old . Under his investment leadership, PINE’s portfolio reached 134 net-lease properties across 35 states, 98% occupied with an 8.7-year weighted average lease term; 51% of annualized base rent is from tenants (or parents) with investment-grade ratings, and the company expanded its commercial loans to a $89.6M carrying value, including sale-leaseback financings with tenant repurchase options .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| N3 Real Estate | Director of Finance | Pre-2012 | Single-tenant triple-net development finance |
| Morgan Stanley (Merchant Banking–Investment Mgmt) | Senior Associate | Pre-2012 | Institutional capital markets and investment management exposure |
| Crescent Real Estate Equities | Senior Associate | Pre-2012 | Public REIT investing experience |
Fixed Compensation
- PINE is externally managed; executive officers (including Greathouse) receive no cash compensation from PINE. Compensation is paid by CTO/Manager, and PINE does not reimburse wages, salaries or benefits .
- PINE pays its external Manager a base management fee and, if earned, an incentive fee; this is the primary fixed cost mechanism at the company level rather than individual executive pay .
Manager fees (company-level; USD millions):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Management Fee ($) | $3.8 | $4.3 | $4.2 |
| Incentive Fee ($) | $0 | $0 | $0 |
Performance Compensation
- PINE’s Manager incentive fee is explicitly tied to shareholder returns: payable only if total stockholder return exceeds an 8% cumulative annual hurdle rate, subject to a high-water mark; no incentive fees were earned for 2022–2024, implying TSR did not surpass the hurdle on a cumulative basis in those measurement periods .
Manager incentive structure and outcomes:
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Incentive Condition | TSR > 8% cumulative annual, high-water mark | TSR > 8% cumulative annual, high-water mark | TSR > 8% cumulative annual, high-water mark |
| Incentive Fee Paid ($) | $0 | $0 | $0 |
| Vesting | N/A (cash fee if earned) | N/A | N/A |
Notes:
- PINE did not grant equity awards to Manager or its employees in 2023–2024; any future grants would typically be time-vested to promote retention, but no formal program is adopted for 2025 as of the proxy .
Equity Ownership & Alignment
- PINE states there are no options or similar securities currently exercisable within 60 days of the proxy dates; equity awards to Manager employees were not granted in 2023–2024 .
- Anti-hedging and anti-pledging policy prohibits directors, officers, and employees from hedging or pledging PINE securities, enhancing alignment by discouraging leverage or downside protection strategies .
Steven R. Greathouse beneficial ownership over time:
| Metric | Mar 23, 2023 | Mar 21, 2024 | Mar 20, 2025 |
|---|---|---|---|
| Shares Beneficially Owned | 7,256 | 7,256 | 7,256 |
| % of Shares Outstanding | <1% (“*”) | <1% (“*”) | <1% (“*”) |
| Shares Outstanding (reference) | — | 13,618,108 | 14,476,237 |
Additional alignment policies:
- Director stock ownership guidelines exist (for non-employee directors), increased in 2025; executive officer ownership guidelines are not disclosed by PINE .
- Company-wide anti-hedging/anti-pledging applies to officers, including Greathouse .
Employment Terms
- Role/tenure: Senior Vice President & Chief Investment Officer since February 2021; previously SVP, Investments (2019–2021) .
- Employment relationship: All executive officers are CTO employees provided via PINE’s external Manager; PINE has no employees .
- Indemnification: PINE entered into customary indemnification agreements with each executive officer; a specific indemnification agreement for Steven R. Greathouse dated November 21, 2019 is on file .
- Management Agreement economics (company-level): Base fee 0.375% per quarter of “total equity” (1.5% annual); incentive fee formula tied to TSR; initial term extended to January 31, 2025 with automatic one-year renewals; termination fee equals 3× the average annual base fee plus average annual incentive fee (if any) for specified lookback periods (affects Manager relationship rather than individual executive severance) .
Items not disclosed:
- Individual base salary, target bonus %, bonus metrics/payouts (paid by CTO, not disclosed in PINE filings) .
- Individual severance, change-of-control terms, non-compete/non-solicit specifics for Greathouse (likely governed by CTO; not disclosed in PINE filings) .
Investment Implications
- Pay-for-performance alignment is primarily at the Manager level: incentive fee contingent on TSR >8% cumulative; the absence of incentive fees in 2022–2024 reduces near-term pay pressure and suggests neutral-to-negative TSR vs hurdle during the period .
- Base management fees are paid regardless of performance, a potential misalignment risk, but anti-hedging/anti-pledging and indemnification structures promote governance stability and reduce forced selling risk by executives .
- Ownership “skin-in-the-game” for Greathouse is modest at 7,256 shares (<1% of outstanding), limiting direct equity incentive strength; however, portfolio execution under his remit shows resilience (98% occupancy; 8.7-year WALT; 51% investment-grade ABR; growth of commercial loan book), which supports operational quality despite incentive fee non-payment .
- Retention risk hinges on CTO’s employment terms rather than PINE; the external management model concentrates compensation levers at CTO/Manager and may reduce transparency into individual pay metrics/payouts for investors .