Anthony Saladino
About Anthony Saladino
Anthony Saladino, age 51, is President and Chief Financial Officer of Plymouth Industrial REIT (promoted to President on February 19, 2025; CFO since February 2022). He previously served as Senior Vice President and Chief Accounting Officer beginning in 2020. He is a CPA and holds a B.S. from California State University, an M.S. from the University of Virginia, and an MBA from the University of Chicago . Under his tenure, Plymouth executed key balance sheet and operating initiatives, including a $600M expansion of the unsecured credit facility (lifting borrowing capacity to $1.5B), 99.7% rent collection, 5.8M sq ft of leasing with 17.1% cash rent uplifts, and Core FFO per share of $1.83 in 2024 . Long-term incentives are tied to both absolute and relative TSR over 3 years, reinforcing pay-for-performance alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| NYC REIT and American Finance Trust (public REITs) | Chief Accounting Officer | 2017–2019 | Led public REIT accounting/reporting functions; experience with SEC reporting for REITs |
| The High Companies | VP Finance & Corporate Controller | 2015–2017 | Senior finance leadership in private real estate portfolio companies |
| Ryland Group (now Lennar) | Vice President of Finance | 2004–2011 | Public homebuilder finance leadership |
| Ernst & Young LLP | Real estate practice (focus on public REITs) | Not disclosed | External audit/advisory experience for REITs |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed | — | — | No external board roles disclosed in filings |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 325,000 | 400,000 | 443,750 (2024 paid; approved base set to $450,000 for 2024, +12.5% YoY) |
| All Other Compensation ($) | 42,405 | 31,178 | 30,486 |
Notes: Base salary targeted around peer median and reviewed annually .
Performance Compensation
| Incentive Type | Structure | Metric | Weight | Threshold | Target | Max | Actual FY2024 | Payout FY2024 |
|---|---|---|---|---|---|---|---|---|
| Annual Cash Incentive | Formulaic + discretionary | Core FFO per Share | 15% | $1.88 | $1.90 | $1.92 | $1.83 | Included in 60% corporate component |
| Net Debt + Preferred to Adj. EBITDA | 15% | 7.30x | 7.00x | 6.80x | 6.0x | Included | ||
| Same-Store Cash NOI Growth | 15% | 7.00% | 7.25% | 7.50% | 4.10% | Included | ||
| G&A as % of Cash NOI | 15% | 11.25% | 11.00% | 10.75% | 10.40% | Included | ||
| Discretionary (Company/Individual) | 40% | — | — | — | Not to exceed target per Committee | Applied at ≤100% | ||
| Annual Cash Incentive Opportunity ($) | Threshold/Target/Max | — | — | — | $300,000 / $400,000 / $500,000 | — | — | — |
| Annual Cash Incentive Paid ($) | — | — | — | — | — | — | — | $310,000 (77.5% of target) |
| Time-Based Equity (Restricted Stock) | Vests ratably over 4 years | Annual grant based on prior-year performance | 50% of LTI target | — | $425,000 target | — | Granted at 100% of target (Feb 14, 2025) | 26,978 shares; grant-date fair value $449,993 |
| Performance-Based Equity (RSUs) | 3-year performance; cliff vest | Relative TSR vs MSCI US REIT Index | 65% (2024 design) | -1,200 bps | Index return | +1,200 bps | In-cycle tracking below threshold through 12/31/2024 | — |
| Absolute TSR | 35% (2024 design) | 21% | 30% | 39% | In-cycle tracking below threshold through 12/31/2024 | — | ||
| Performance-Based Equity Granted (2024 cycle) | Target shares and value | — | — | — | 20,793 units; fair value $425,009 | — | — | — |
Additional details:
- 2024 corporate component increased to 60% of annual bonus (from 50%) .
- 2023 incentive awards paid at 108% of target (for context) .
Equity Ownership & Alignment
| Ownership Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Beneficially Owned Shares | 11,000 | 36,372 | 58,168 | 85,146 |
| Unvested Restricted Shares at FY-end | — | — | 45,075 | — |
| Market Value of Unvested Restricted Shares ($) | — | — | 802,335 | — |
| Options (Exercisable/Unexercisable) | — | — | None outstanding company-wide | — |
| Shares Pledged/Hedged | Company prohibits pledging and margin accounts; anti-hedging policy in place | — | — | — |
| Stock Ownership Guidelines | Adopted April 2025: 3x base salary for NEOs (5x CEO); 5 years to comply; 50% of new equity retained until met | — | — | — |
Vesting schedules:
- Time-based restricted stock vest in 4 equal annual installments, beginning on the anniversary of grant (e.g., Feb 14 following grant) .
- Performance units vest at end of 3-year period: 2023 awards on 12/31/2025; 2024 awards on 12/31/2026, subject to performance .
Employment Terms
- Employment agreement effective Feb 23, 2022; initial term through Dec 31, 2024; auto-renewal for successive one-year periods unless non-renewed; includes confidentiality and 12-month post-employment non-solicitation .
- Severance (without cause/for good reason or non-renewal): 2x the sum of current base salary + average cash bonus for prior 2 years + average annual equity awards for prior 2 years; accelerated vesting of equity; 18 months company-paid healthcare .
- Change-in-control agreement: double-trigger severance—2x the sum of base + average bonus + average equity; accelerated vesting of outstanding equity; accelerated vesting of nonqualified deferred comp; 18 months healthcare; “best pay cap” to optimize after potential excise tax .
- Quantified CIC severance table (as of 12/31/2024): Severance $3,343,949; accelerated equity awards (market value) $802,335; medical insurance premiums $56,322 .
- Clawback: Incentive-Based Compensation Recoupment Policy adopted Oct 31, 2023 in line with SEC/NYSE rules; covers prior 3 completed fiscal years in case of required restatement .
3-Year Compensation Summary
| Component ($) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary | 325,000 | 400,000 | 443,750 |
| Stock Awards (grant-date fair value) | 166,500 | 827,997 | 875,002 |
| Non-Equity Incentive (Cash Bonus) | 458,000 | 430,950 | 310,000 |
| All Other Compensation | 42,405 | 31,178 | 30,486 |
| Total | 991,905 | 1,690,125 | 1,659,238 |
Company Performance Linkage (context for pay-for-performance)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 183,536,000* | 199,848,000* | 198,355,000* |
| EBITDA ($) | 107,698,000* | 120,181,000* | 115,524,000* |
| Net Income ($) | (16,886,000)* | 13,660,000* | 139,344,000* |
Values retrieved from S&P Global.*
Additional operating KPIs (FY2024):
- Core FFO per share: $1.83 .
- Occupancy: 92.3% at 12/31/2024 .
- Leasing: 5.8M sq ft commenced; cash rent increases of 17.1% on >6-month leases .
- Balance sheet: Borrowing capacity expanded to $1.5B with new $600M unsecured facility; revolver increased to $500M; term loans aligned to Nov 2028/2027 maturities .
Governance and Shareholder Feedback
- Anti-hedging/anti-pledging policies apply to officers/directors .
- Say-on-pay support: In 2024, nearly 94% of voted shares supported the executive compensation program, indicating strong shareholder alignment .
Investment Implications
- Pay-for-performance alignment: Annual bonuses were constrained (77.5% of target) amid short-term pressure on Core FFO and same-store NOI, while leverage and G&A efficiency exceeded targets—demonstrating discipline in variable pay . Performance equity currently tracks below threshold, which should moderate realized compensation absent improved TSR, aligning incentives with shareholder outcomes .
- Retention risk vs. protection: Robust severance and CIC protections (2x cash + equity acceleration) and auto-renewal terms reduce departure risk; however, acceleration could create event-driven dilution at change-of-control if awards are not assumed, though “best pay cap” mitigates excise tax leakage .
- Skin-in-the-game: Ownership increased to 85,146 shares by April 2025 with significant unvested equity; anti-pledging/hedging policies plus new 3x salary ownership guidelines enhance alignment and reduce leverage-related governance risk .
- Execution signals: The promotion to President and the company’s 2024 operating/financing milestones suggest strengthened capital allocation and process rigor, supporting confidence in future value creation initiatives tied to leasing mark-to-market and balance sheet capacity .