Jeremy Garber
About Jeremy Garber
Jeremy Garber is President, Treasurer & Secretary of Postal Realty Trust (and served as interim CFO in 2025), leading operations, leasing execution, technology and governance initiatives . He is 55, holds a J.D. from Cardozo School of Law and a B.A. in Economics from Yeshiva University . Under his operating leadership, PSTL reported 8.4% AFFO per share growth in 2024 and maintained 99.8% occupancy, with 2025 AFFO guidance of $1.20–$1.22/share and 4–6% same‑store cash NOI growth outlook . Company TSR metrics used in pay-versus-performance disclosure show $102.55 and $106.94 values for a hypothetical $100 investment for 2024 and 2023, respectively, and net income of $8.321 million in 2024 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Burford Capital (LON: BUR) | Chief Operating Officer | Jun 2014–Dec 2015 | Operational leadership at a global litigation finance platform |
| Longacre Fund Management; Trilogy Capital Management | Chief Operating Officer (various hedge funds) | 2004–2014 | COO roles across hedge funds; firm operations and infrastructure |
| Lehman Brothers | Equity Capital Markets & Prime Brokerage | 1999–2004 | Capital markets and prime brokerage experience |
| ACAP, Inc. | COO, CFO, General Counsel | Early career | Multifunction executive responsibilities |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| The Postal Group LLC | Consultant | Beginning Jan 2017 | Advisory support to PSTL predecessor affiliates |
| Various private real estate companies & family offices | Consultant | Pre‑2017 | Real estate investment advisory |
Fixed Compensation
| Component | Value | Notes |
|---|---|---|
| Contractual Base Salary | $315,000 | Per amended employment agreement effective Jan 1, 2023 |
| Target Annual Bonus (% of base) | 117.5% | Per employment agreement |
| 2024 Cash Salary Paid | $308,942 | Actual cash salary received in 2024 |
| 2024 Bonus (Form) | $598,182 (in LTIP units) | 100% of bonus taken in equity under Alignment of Interest Program; eight‑year restricted period |
Performance Compensation
Annual Incentive Framework and 2024 Results
| Metric | Weighting | Target | Actual/Outcome | Payout Form | Vesting |
|---|---|---|---|---|---|
| Acquisition Volume | Not disclosed | Year plan | $91M acquisitions in 2024; committee considered challenging capital markets | 100% bonus taken as LTIP units ($598,182) | Eight‑year cliff under Alignment Program |
| Total G&A as % of Revenue | Not disclosed | Decrease YoY | Committee noted continued ratio decrease YoY | As above | As above |
| AFFO per share | Not disclosed | Company targets | Achieved target; +8.4% YoY (2023→2024) | As above | As above |
| Leverage | Not disclosed | Company targets | Achieved target; maintained low leverage | As above | As above |
| Qualitative goals (leasing, renewals, ops, IR, ESG) | Not disclosed | N/A | Committee cited strong contributions in leasing execution, tech/data integration, credit facilities amendments, IR | As above | As above |
Long-Term Incentives
| Instrument | Grant date | Amount | Performance Goals | Weighting | Performance Period | Vesting |
|---|---|---|---|---|---|---|
| Performance‑based RSUs (2024) | Feb 2024 | 16,433 RSUs | Absolute TSR thresholds: 6% (50%), 8% (100%), 11% (200%); Relative TSR: 30th, 55th, 75th percentiles | 40% absolute TSR; 15% relative TSR | 3‑year ending Dec 31, 2026 | Earned based on performance and service through period; linear interpolation |
| Time‑based restricted shares (2024) | Feb 2025 start vest | 13,445 shares | N/A | N/A | 2025–2027 | 1/3 each on Feb 1, 2025/2026/2027 |
Equity Ownership & Alignment
| Category | Amount | Percent | Notes |
|---|---|---|---|
| Class A common beneficially owned | 226,087 shares | 1.0% of Class A | As of Mar 17, 2025; includes unvested restricted stock |
| Total beneficial incl. OP & LTIP units | 443,975 | 1.2% of combined Class A and OP/LTIP | As of Mar 17, 2025 |
| Unvested LTIP units outstanding | 217,888 units | N/A | As of Mar 17, 2025 |
| Unvested restricted stock outstanding | 226,254 shares | N/A | Included in beneficial ownership; as of Mar 17, 2025 |
| Stock ownership guideline | 3× annual base salary | N/A | Must meet within five years; if not, retain 100% of net after‑tax shares until compliant |
| Hedging/Pledging | Hedging prohibited; pledging generally prohibited | N/A | Garber received a 2022 waiver allowing limited pledge: ≤0.2% of Company Class A outstanding or ≤20% of his Class A beneficial ownership; as of proxy date, no shares or units pledged |
Vesting Schedule Detail (selected outstanding awards as of 12/31/2024)
| Award Type | Amount | Vesting schedule |
|---|---|---|
| LTIP/restricted units (cliff) | 57,367 | Cliff vest Feb 14, 2028 |
| LTIP/restricted units (cliff) | 71,591 | Cliff vest Feb 1, 2029 |
| LTIP/restricted units (cliff) | 46,161 | Cliff vest Feb 1, 2030 |
| Restricted shares (cliff) | 21,168 | Cliff vest Jul 5, 2030 |
| LTIP units (cliff; Alignment Program) | 75,489 | Cliff vest Feb 1, 2031 |
| Restricted shares (ratable) | 13,445 | Equal installments on Feb 1, 2025/2026/2027 |
| Market‑based RSUs (2023 grant) | 14,052 target | Vest based on absolute and relative TSR through Dec 31, 2025 and service |
| Market‑based RSUs (2024 grant) | 16,433 target | Vest based on absolute and relative TSR through Dec 31, 2026 and service |
Employment Terms
- Role and term: Employed as President, Treasurer & Secretary; initial 3‑year term commencing Jan 1, 2023 with two automatic one‑year extensions unless notice given ≥90 days prior to anniversary .
- Compensation targets: Base salary $315,000; target annual bonus 117.5% of base; target LTI awards 135% of base (equity plan) .
- Severance (without cause or for good reason): Standard termination benefits; accelerated vesting of Alignment Program, time‑based equity, and pro‑rated performance equity; lump‑sum cash equal to 1× (base salary + average bonus over prior three years); COBRA reimbursement for 12 months .
- Non‑renewal: Standard benefits; accelerated vesting of “Acquisition Shares”; pro‑rated vesting of “Award Shares” under Alignment Program; if executive gives non‑renewal notice, no pro‑ration on Award Shares .
- Change‑in‑control: Bonus paid immediately prior to consummation (subject to employment); if terminated without cause/for good reason within 365 days post‑CoC, receive severance above plus pro‑rated target bonus based on actual performance; “Good Reason” notice period extended around CoC; performance awards assumed or measured to actual performance immediately prior to CoC if not assumed .
- 280G parachute: Benefits subject to cut‑down to safe harbor unless receiving full benefits yields greater after‑tax value .
- Covenants: Non‑compete and non‑solicit during employment and for two years post‑termination (unless termination without cause or resignation for good reason, or CoC occurs earlier) .
- Clawback: Incentive compensation recoupment policy compliant with SEC/NYSE; recovery upon certain restatements .
- Anti‑hedging/anti‑pledging: Prohibited, with limited pledging waiver granted to Garber in 2022; no current pledges .
Investment Implications
- Pay‑for‑performance alignment is strong: 100% of Garber’s 2024 bonus was taken as long‑dated LTIP equity under the eight‑year Alignment Program, and he holds significant unvested LTIP/restricted shares and market‑based RSUs tied to absolute and relative TSR, reinforcing long‑term value creation and retention .
- Retention risk appears low near‑term given substantial cliff vests concentrated in 2028–2032; potential stock supply events are mainly around those future vesting dates, with 3‑year ratable grants modest in 2025–2027 .
- Governance flags: A 2022 pledging waiver exists (red‑flag potential), but no shares/units are currently pledged; robust anti‑hedging and clawback policies mitigate risk; ownership guidelines require 3× salary, further aligning interests .
- Execution track record: Leasing program instituted under management added 3% annual escalators and 10‑year leases across a majority of the portfolio, supporting internal growth and AFFO per share expansion; continued acquisitions at ~7.5–7.6% cap rates and disciplined leverage (net debt/EBITDA ~5.2x) underpin financial resilience .