Daniel Heffernan
About Daniel Heffernan
Senior Vice President, Asset Management at Plymouth Industrial REIT since 2014; promoted to SVP in 2023 after serving as VP, Asset Management (2014–2022). He oversees c.10 million square feet and provides strategic leadership across the industrial portfolio. Education: BS in Accounting and MBA in Real Estate Management, both from Bentley University .
Company performance context: Core FFO/share and TSR have been tracked in proxy “Pay vs Performance”; 2024 Core FFO/share was $1.83 and 2024 Company TSR index value was 124.15 . Occupancy was 92.3% and same-store cash NOI growth was 4.1% in 2024; leasing drove a 17.1% cash rent uplift .
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Company TSR ($100 initial) | 88.23 | 195.57 | 122.70 | 160.34 | 124.15 |
| Core FFO per Share ($) | 1.86 | 1.71 | 1.83 | 1.84 | 1.83 |
| Net Income ($mm) | (14.462) | (15.267) | (17.096) | 13.807 | 142.367 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Plymouth Industrial REIT | Senior Vice President – Asset Management | 2023–Present | Leads asset management strategy; direct oversight of >10M sqft industrial assets . |
| Plymouth Industrial REIT | Vice President – Asset Management | 2014–2022 | Portfolio optimization, leasing, budgeting; helped scale PLYM’s operating platform . |
| Cabot Properties | Asset Manager | 2008–2013 | Managed assets in Cabot Industrial Value Funds II & III; supported CIVFIII disposition (Oct 2013) . |
| BlackRock | Associate Asset Manager | 2005–2008 | Multi-asset real estate fund asset management (private funds) . |
| General Investment & Development | Senior Property Accountant | 2002–2005 | Budgeting, forecasting, GL, audits for industrial holdings . |
| Cabot Industrial Trust (public) | Property Accountant | 1998–2002 | SEC audit/JV reporting across portfolios . |
External Roles
No public board or external directorships disclosed .
Fixed Compensation
- Compensation for non-NEO executives like Mr. Heffernan is not individually disclosed in proxy statements. PLYM’s executive pay program for NEOs (CEO, CFO, EVP/Asset Management) comprises base salary, annual cash incentives, and long-term equity (restricted stock and performance units) .
- 2024 NEO base salaries: CEO $650k; CFO $450k; EVP/Asset Management $350k (illustrative of program design, not Heffernan-specific) .
- Company-wide, employees are eligible for restricted stock grants under the Incentive Award Plan .
Performance Compensation
Company’s NEO 2024 annual incentive design (illustrates performance linkage; Heffernan’s participation not disclosed):
| Metric | Weight | Target | Actual | Payout | Vesting/Payment |
|---|---|---|---|---|---|
| Core FFO per Share | 15% | $1.90 | $1.83 | Below threshold; contributed to overall reduction | Cash bonus (annual) |
| Net Debt + Preferred / Adj. EBITDA | 15% | 7.0x | 6.0x | Above target; positive contribution | Cash bonus (annual) |
| Same-Store Cash NOI Growth | 15% | 7.25% | 4.10% | Below threshold; negative contribution | Cash bonus (annual) |
| G&A as % of Cash NOI | 15% | 11.00% | 10.40% | Above max; positive contribution | Cash bonus (annual) |
| Discretionary (Company/Individual) | 40% | Target | Target | At target per committee | Cash bonus (annual) |
- 2024 NEO payouts were 77.5% of target (cash bonuses funded 22.5% below target) reflecting mixed performance .
- Long-term equity: time-based restricted stock typically vests ratably over four years; performance-based RSUs vest at 3 years based on absolute and relative TSR vs MSCI US REIT Index (50–200% of target). In-cycle awards were tracking below threshold through 12/31/2024 .
Equity Ownership & Alignment
- Beneficial ownership for Heffernan is not separately disclosed; directors/NEOs holdings are in the proxy; total for execs/directors was 750,815 shares (1.6%) as of 4/23/2025 .
- Anti-pledging/margin: Directors, officers, and employees are prohibited from holding PLYM securities in margin accounts or pledging as loan collateral .
- Stock ownership guidelines (adopted April 2025): CEO 5× salary; other NEOs 3× salary (Heffernan not a NEO) .
- Incentive Award Plan (Amended 2025) allows RSUs, restricted stock, LTIP units, options, SARs; change-in-control treatment includes full vesting if awards are not continued/assumed by the acquirer .
- Employees broadly receive restricted stock grants under the Incentive Award Plan .
Employment Terms
- Individual employment agreement and severance terms for Mr. Heffernan (SVP) are not disclosed in proxies or 10-K.
- For context: NEO employment agreements provide severance (CEO 3×; CFO/EVP AM 2× salary+bonus+annual equity value), accelerated vesting of outstanding equity, and 18 months of healthcare upon termination without cause/good reason/non-renewal; separate change-in-control agreements provide 2.5× for CEO and 2× for CFO/EVP AM, with accelerated vesting and healthcare continuation .
- Incentive Award Plan stipulates accelerated vesting on change-in-control if awards are not continued/assumed .
Investment Implications
- Alignment: Anti-pledging policy, broad-based equity participation, and performance-linked incentives support alignment; 2024 bonuses below target and PBRSUs tracking below threshold indicate real pay-for-performance discipline .
- Retention risk & event-driven dynamics: PLYM has agreed to be acquired for $22.00/share; during the pre-close period, the merger agreement restricts new executive appointments and compensation changes, which stabilizes org structure near-term. On close, the plan’s change-in-control provisions may accelerate outstanding awards not continued by the buyer, affecting retention/rollover decisions for senior managers including asset management leadership .
- Operating execution: 2024 fundamentals—99%+ rent collection, 17.1% cash re-leasing spreads, same-store cash NOI growth of 4.1%, and resilient occupancy (92.3%)—underscore durable execution in PLYM’s markets, a positive signal for asset managers’ performance-led comp structures .
Sources also confirm Mr. Heffernan’s current role on PLYM’s executive team roster in 2025 updates .