Alan T. Roth
About Alan T. Roth
Alan T. Roth is East Region President and Chief Operating Officer at Regency Centers (REG), serving in this role since January 1, 2024; he has been with the company since 1997 and holds a BS from Indiana University’s Kelley School of Business (age 50) . In 2024, Regency delivered record same property occupancy of 96.7%, grew Same Property NOI by 3.6% and Core Operating EPS by over 5% (adjusted), supporting a 1.50x annual incentive payout for NEOs on Core Operating EPS and Corporate Responsibility . Long-term incentives for NEOs are tied to relative TSR versus the FTSE Nareit Equity Shopping Centers Index; Regency’s 2015–2024 10-year TSR outperformed peers by 27%, and the 2022–2024 TSR performance period paid at 70% of target .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Regency Centers | East Region President & Chief Operating Officer | Jan 2024–Present | Leads national operations strategy/processes; oversees East region execution |
| Regency Centers | EVP, National Property Operations & East Region President | Jan 2023–Dec 2023 | Responsible for national operations strategy/processes; East region oversight |
| Regency Centers | Senior Managing Director, East/Northeast Region | Sep 2020–Dec 2022 | Led regional execution across Northeast/East; portfolio operations |
| Regency Centers | Managing Director | Jan 2016–Sep 2020 | Regional leadership across multiple geographies |
| Regency Centers | SVP & Senior Market Officer (Mid-Atlantic & Northeast) | Prior to 2016 | Oversaw >8M sq ft across 68 centers |
| Regency Centers | VP & Regional Officer; Leasing Agent (via Midland Development acquisition) | Joined 1997 | Tenant representation, leasing, land sales |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| ICSC | Member; Planning Committee, ICSC Open Air Conference | Not disclosed | Industry engagement and conference planning |
| Nareit | Member | Not disclosed | REIT industry participation |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $465,000 | $500,000 | $600,000 |
| Stock Awards ($) | $598,954 | $1,134,858 | $1,330,713 |
| Non-Equity Incentive Plan Comp ($) | $506,700 | $775,000 | $900,000 |
| All Other Compensation ($) | $13,510 | $17,126 | $14,270 |
| Total ($) | $1,584,164 | $2,426,984 | $2,844,983 |
Performance Compensation
- Annual incentive design (2024): 80% Core Operating EPS; 20% Corporate Responsibility (ESG). Target levels and payout multiples shown below .
| Metric | Weight | Target | Actual | Payout Multiple | Roth Target ($) | Roth Actual ($) | Notes |
|---|---|---|---|---|---|---|---|
| Core Operating EPS | 80% | $4.01 | $4.13 | 1.50x | $480,000 | $720,000 | Committee may adjust for strategic actions |
| Corporate Responsibility | 20% | Achieve progress | Achieved | 1.50x (aligned to EPS multiple when at/above target) | $120,000 | $180,000 | Qualitative & quantitative assessment |
| Total Annual Incentive | — | — | — | — | $600,000 | $900,000 | Roth totals as reported |
- Long-term incentives (granted Feb 6, 2024): Performance Shares (2024–2026 TSR vs FTSE Nareit Equity Shopping Centers Index) and Restricted Shares .
| LTI Component | Performance Period | Threshold | Target | Max | Vesting | Grant Date Fair Value ($) |
|---|---|---|---|---|---|---|
| Performance Shares (Roth # of shares) | 2024–2026 | 9,002 | 18,004 | 36,008 | Vests Feb 6, 2027 | $1,050,713 |
| TSR Payout Curve (Multiple of Target) | 2024–2026 | 0.00 at -20% | 1.00 at 0% | 2.00 at +20% | — | — |
| Restricted Shares (Roth # of shares) | 4-year time-based | — | 4,501 | — | 25% annually starting Feb 6, 2025 | $280,000 |
- 2024 vesting activity (realized value): | Metric | 2024 | |---|---| | Shares acquired on vesting (Roth) | 12,561 | | Value realized on vesting ($) | $796,607 | | Stock options outstanding/exercised | None; no exercises in 2024 |
Equity Ownership & Alignment
| Ownership Metric (as of date) | Value |
|---|---|
| Beneficial Ownership (as of Mar 14, 2025) | 22,991 shares; <1% of class; no shares pledged |
| Shares Right to Acquire within 60 days | Not applicable for Roth |
| Unvested Time-Based Stock Awards (# at 12/31/2024) | 18,081 shares; market value $1,336,728 at $73.93/share |
| Unearned Performance Shares (2023 plan target) | 12,756; market/payout value $943,051 |
| Unearned Performance Shares (2024 plan target) | 18,577; market/payout value $1,373,398 |
| Stock Ownership Policy | Targets as multiple of salary; 5-year compliance window; retain 25% of net shares; hedging/pledging prohibited |
| Hedging/Pledging Policy | Officers/directors prohibited from hedging, short sales, options, margin accounts, or pledging |
- Detailed vesting schedule for Roth outstanding awards at 12/31/2024: | Tranche (Roth) | Shares | Vesting Terms | Dates | |---|---|---|---| | Time-based tranche | 3,975 | 100% | Jan 28, 2025 | | Time-based tranche | 2,546 | 100% | Feb 1, 2025 | | Time-based tranche | 3,328 | 50% per year | Feb 1, 2025 & 2026 | | Time-based tranche | 3,588 | 33 1/3% per year | Feb 2, 2025–2027 | | Time-based tranche | 4,644 | 25% per year | Feb 6, 2025–2028 |
Employment Terms
| Provision | Outside Change-of-Control | Within Change-of-Control Period (Double Trigger) |
|---|---|---|
| Agreement | Severance & CoC agreements (dated Jan 1, 2023); auto-renew annually unless notice 90 days prior | Same agreements; double-trigger applies |
| Cash Severance | 12 months base salary; 100% of average annual cash bonus (prior 3 years); 12 months medical (COBRA-equivalent) | 24 months base salary; 200% of average annual cash bonus (prior 3 years); 24 months medical; pro-rated current-year target bonus |
| Clawbacks | Subject to Board-approved clawback policies and legal requirements | |
| Non-Solicit/Confidentiality | 1-year non-solicit of employees/customers; confidentiality covenant | |
| Equity Treatment (no CoC) | Pro-rata vesting of time-based; performance shares earned pro-rata based on achievement to date | |
| Equity Treatment (CoC) | Time-based vest in full; performance shares vest at greater of actual-to-date or target; if no public company remains, awards cashed out at FMV | |
| Excise Tax (4999) | Cut/cap to maximize after-tax benefit (no gross-up) |
- Estimated payouts if terminated on 12/31/2024: | Scenario | Salary+Bonus ($) | Health Benefits ($) | Early Vesting ($) | Total ($) | |---|---:|---:|---:|---:| | Without Cause / Good Reason | $1,221,433 | $37,369 | $1,608,584 | $2,867,386 | | Qualifying Retirement/Death/Disability | — | — | $3,300,988 | $3,300,988 | | Change of Control | $3,042,867 | $74,737 | $3,164,240 | $6,281,844 |
Performance & Track Record
| Company Operating Indicators (FY2024) | Value |
|---|---|
| New & renewal leases executed | >9 million sq ft |
| Same Property Occupancy (year-end) | 96.7% (record high) |
| Same Property NOI growth | 3.6% (adjusted) |
| Core Operating EPS | $4.13; >5% growth (adjusted) |
| Dividend | 5.2% increase in 4Q24 to $0.705/share |
| Capital Allocation | Started ~$250M development/redevelopment; acquired >$90M centers; repurchased ~3.3M shares for $200M at $60.48 avg |
| TSR (2015–2024) | Outperformed peers by 27% |
| TSR Performance Periods | 2020–2022: 140% of target; 2021–2023: 105%; 2022–2024: 70% |
Compensation Committee Analysis
- Committee leadership and independence: Compensation Committee chaired by Deirdre J. Evens; members include Gary E. Anderson, Kristin A. Campbell, and David P. O’Connor; all independent and no interlocks or related-party conflicts disclosed .
- Philosophy: Emphasis on performance-based pay tied to Core Operating EPS (annual) and relative TSR (long-term); stock ownership and anti-hedging/pledging strengthen alignment .
Investment Implications
- Pay-for-performance alignment appears strong: 2024 incentive outcomes tied to Core Operating EPS and ESG paid 1.50x on outperformance; LTI is entirely full-value stock with TSR-based PSUs and multi-year vesting, promoting long-term alignment .
- Retention risk is mitigated by double-trigger CoC severance (2x salary and 200% average bonus) and meaningful unvested equity (time-based and performance shares), reducing near-term departure incentives; clawbacks and anti-hedging/pledging policies further align behavior .
- Insider selling pressure looks limited: no stock options outstanding/exercised; 2024 vesting of 12,561 shares realized $796,607, but policy prohibits pledging and requires 25% retention of shares until guidelines met, tempering sell pressure .
- Execution competency is evidenced by 2024 operational metrics (occupancy, NOI, Core EPS growth) under the current leadership structure in which Roth leads national operations and East region execution; TSR framework ensures LTI payouts track shareholder returns .