Lyndon Blakesley
About Lyndon Blakesley
Senior Vice President and Chief Accounting Officer at Plymouth Industrial REIT (PLYM). Career progression: joined Plymouth in 2017 as VP of Compliance & Reporting; promoted to SVP of Compliance & Financial Reporting in 2019; appointed Chief Accounting Officer in 2022. Credentials: CPA; BBA in Accounting from Bryant University; prior roles at Iron Mountain (global real estate operations: accounting, FP&A, REIT compliance) and Ernst & Young LLP (assurance, REITs) . Company performance context for 2024: Core FFO/share $1.83, same-store cash NOI growth 4.1%, occupancy 92.3%, Net Debt + Preferred/Adj. EBITDA 6.0x; in-cycle performance-based equity awards were tracking to no payout as of 12/31/2024 (rigorous hurdles) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Plymouth Industrial REIT | SVP & Chief Accounting Officer | 2022–present | Leads external reporting, accounting policy, SOX controls; CAO listed among “Knowledge of Company” leaders in transaction schedules (deal-readiness signal) . |
| Plymouth Industrial REIT | SVP, Compliance & Financial Reporting | 2019–2022 | Built reporting/compliance infrastructure as PLYM scaled portfolio and unsecured platform . |
| Plymouth Industrial REIT | VP, Compliance & Reporting | 2017–2019 | Established internal controls and REIT compliance backbone post-listing . |
| Iron Mountain Incorporated | Global Real Estate Operations (RE accounting, FP&A, REIT compliance) | 2012–2017 | Drove REIT compliance and analytical rigor within a complex real estate footprint . |
| Ernst & Young LLP | Assurance Manager (public/private REITs) | 2007–2012 | Audited REITs; deep technical GAAP/SEC foundation . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed | — | — | No public company directorships or committee roles disclosed in filings/IR materials . |
Fixed Compensation
- Role status: Executive management lists identify Lyndon J. Blakesley as SVP & Chief Accounting Officer (executive officer, but not a Named Executive Officer in 2024 proxy; therefore individual base salary/bonus not disclosed in DEF 14A) .
- Base salary framework (company policy): Base salaries targeted around peer median, adjusted for responsibilities/performance; 2024 NEO base salaries increased to recognize scope and performance (CEO $650k, CFO $450k, EVP $350k). CAO-specific base not disclosed .
- Clawback policy: Adopted Oct 31, 2023 per NYSE/SEC rules; recoups erroneously awarded incentive compensation over prior 3 fiscal years if restatement occurs .
- Hedging/pledging prohibited: Executives and directors may not hedge or pledge PLYM securities; margin accounts disallowed .
Performance Compensation
Company executive incentive design (applies to NEOs; CAO likely follows similar constructs, but individual CAO metrics/payouts are not disclosed).
| Metric (Annual Cash Incentive – 2024) | Weighting | Threshold | Target | Maximum | Actual | Notes/Payout Basis |
|---|---|---|---|---|---|---|
| Core FFO per Share | 15% | $1.88 | $1.90 | $1.92 | $1.83 | Below threshold; contributes to sub-target payout . |
| Net Debt + Preferred to Adj. EBITDA | 15% | 7.30x | 7.00x | 6.80x | 6.0x | Exceeded maximum (lower leverage better) . |
| Same-Store Cash NOI Growth | 15% | 7.00% | 7.25% | 7.50% | 4.10% | Below threshold . |
| G&A as % of Cash NOI | 15% | 11.25% | 11.00% | 10.75% | 10.40% | Better than maximum (lower is better) . |
| Discretionary (Overall Company/Individual) | 40% | — | — | — | Assessed ≤ target | Committee limited to target amid short-term pressure . |
- 2024 NEO cash incentive payouts (for context): CEO $620k (77.5% of target), CFO $310k (77.5%), EVP $155k (77.5%) .
- Long-term equity structure: 50% time-based restricted stock (4-year ratable vesting), 50% performance units (3-year performance period; vest at 50–200% of target based on TSR metrics) .
- Performance equity metrics:
- Relative TSR vs. MSCI US REIT Index (65% weight): threshold −1,200 bps; target at index; maximum +1,200 bps .
- Absolute TSR (35% weight): threshold 21%; target 30%; maximum 39% .
- In-cycle performance units status: As of Dec 31, 2024, projected to earn no payout (reinforces pay-for-performance) .
Equity Ownership & Alignment
- Stock ownership guidelines (adopted April 2025): CEO 5x base salary; other NEOs 3x; 50% of equity awards cannot be sold until compliant after 5-year grace period. CAO not a NEO in proxy; guideline applicability to CAO not explicitly disclosed .
- Beneficial ownership: Proxy lists directors and NEOs; CAO not included; individual share count for Lyndon Blakesley not disclosed in DEF 14A .
- Anti-hedging/anti-pledging: Company prohibits hedging and pledging by executives/directors .
- Equity grant timing: No MNPI timing; no stock options granted to NEOs in 2024 .
- Outstanding equity award vesting (NEO context): Time-based restricted shares vest in four equal annual installments beginning each Feb 14 following grant; 2024 performance units granted 4/15/2024 vest 12/31/2026, 50–200% of target .
Employment Terms
- Employment agreements disclosed: CEO, Managing Director, CFO, EVP Asset Management have agreements; CAO employment agreement not listed in Q3 2025 10‑Q employment agreements note (not publicly filed) .
- Change-in-Control economics (NEO context):
- Severance multiples: CEO 2.5x; CFO/EVP 2.0x of (base + avg bonus + avg equity award value over prior two years); accelerated vesting of all equity; 18 months COBRA; “best pay cap” to mitigate 4999 excise tax .
- Single-trigger benefits not provided (policy) .
- Transaction-related employee protections: For 12 months post REIT Merger effective time, base pay, target incentives, and aggregate benefits no less favorable for continuing employees; severance provided if terminated during protection period (company employees broadly) .
- Clawback: Incentive compensation subject to recoupment for restatements (see Fixed Compensation section) .
Performance & Track Record
- Executive role visibility: Blakesley appears among “Knowledge of Company and OP” leaders in October 2025 transaction schedules—indicative of central role in diligence and deal execution .
- Company operational performance (2024) supporting incentive context: Core FFO/share $1.83; SS cash NOI growth 4.1%; 5.8M SF leasing with 17.1% cash rent uplift; 92.3% occupancy; leverage metric 6.0x Net Debt + Preferred/Adj. EBITDA .
- Say-on-pay support: ~94% approval in 2024, signaling shareholder endorsement of the pay design .
Board Governance and Compensation Committee
- Compensation Committee (2024): Richard J. DeAgazio (Chair), Philip S. Cottone, John W. Guinee; independent; engaged an independent compensation consultant; committee report included in proxy .
- Governance practices: No hedging/pledging; no single-trigger change-of-control; ownership guidelines; clawback; emphasis on performance-based pay and peer benchmarking to median .
Investment Implications
- Alignment: Incentive architecture ties pay to REIT-relevant metrics (Core FFO/share, leverage, SS NOI, TSR), with clawback and no hedging/pledging—supports high alignment and reduces governance risk .
- Retention: CAO is integral to controls/reporting and transaction readiness (listed among knowledge leaders); while individual CAO severance terms are not separately disclosed, the merger agreement’s 12‑month protection and company severance practices mitigate near-term attrition risk .
- Performance rigor: In-cycle PSUs tracking to zero underscore robust hurdles; cash incentives balanced by leverage/G&A efficiency outperformance offsetting weaker FFO/SS NOI—signals disciplined pay-for-performance .
- Data gaps/trading signals: CAO-specific ownership and Form 4 activity are not in the proxy; insider-trade tool access error prevented retrieval of recent transactions, limiting analysis of near-term selling pressure. If future Form 4s show tax-withhold sales on vest dates and no discretionary sales, pressure likely minimal; recommend monitoring insider filings for Blakesley post-vesting dates and any merger-related grants/exits .