Bryce Blair
About Bryce Blair
Independent director at Regency Centers (REG) since 2014; age 66. He is Principal of Harborview Associates, LLC; previously Chairman (2002–2013) and CEO (2001–2012) of AvalonBay Communities, Inc., and Chairman (2017–2021) and director (2013–2021) of Invitation Homes, Inc. He holds a B.A. from the University of New Hampshire and an M.B.A. from Harvard Business School . The Board has determined Mr. Blair is independent under Nasdaq listing standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| AvalonBay Communities, Inc. | Chairman; Chief Executive Officer | Chairman 2002–2013; CEO 2001–2012 | Led REIT focused on multifamily development, acquisition, and management |
| Invitation Homes, Inc. | Chairman; Director | Chairman 2017–2021; Director 2013–2021 | Governance and strategy for single-family rental REIT |
| Trammell Crow Residential | Partner | Pre-1993 | Development/operations experience in residential real estate |
| McKinsey & Co. | Senior Advisor (prior) | N/A | Strategic advisory experience |
| Boston College (faculty) | Part-time Faculty (prior) | N/A | Academic engagement |
| Nareit | Past Chairman; Executive Committee & Board of Governors | N/A | Industry leadership in REIT governance and policy |
| ULI | Past Trustee; Past Chair, Multifamily Council | N/A | Urban development thought leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| PulteGroup, Inc. | Director; Chairman through 12/31/2022 | Director current; Chairman 2017–12/31/2022 | Oversight of one of the largest U.S. homebuilders |
| Navitas Capital | Advisory Board Member | Current | Tech-for-real-estate venture investment oversight |
| Boston College Center for Real Estate and Urban Action | Advisory Board Member | Current | Academic-industry bridge in real estate |
| Home Start (non-profit) | Advisory Board Member | Current | Focused on ending homelessness in Greater Boston |
| MIT Center for Real Estate (prior) | Advisory Board Member | Prior | Real estate research advisory |
Board Governance
- Committee assignments: Chair, Investment Committee; Member, Nominating & Governance Committee .
- Committee meeting cadence (2024): Investment (5); Nominating & Governance (5) . Board held 6 meetings in 2024 .
- Attendance: All directors attended at least 75% of Board and committee meetings on which they served in 2024 .
- Executive sessions: Independent directors met in executive session at all regularly scheduled Board and committee meetings in 2024 .
- Independence: Determined independent under Nasdaq rules (9 of 11 nominees independent) .
- Overboarding limits: Independent directors who are not full-time executives may serve on up to four public boards including REG; Mr. Blair appears within policy (current public board: PulteGroup) .
Fixed Compensation (Non-Employee Director – 2024)
| Element | Amount/Terms | Notes |
|---|---|---|
| Annual cash retainer | $75,000 | Standard director retainer |
| Committee chair fees | Investment Chair: $20,000 | Chair fee schedule: Audit & Investment $20k; Comp & N&G $15k |
| Committee member fees | N&G Member: $10,000 | N&G members $10k; Audit & Investment members $15k (except Chairs) |
| Fees earned/paid in cash (actual) | $120,000 | 2024 actual fees for Mr. Blair |
| Deferred comp option | Available | Directors may defer cash/stock under non-qualified plan |
Performance Compensation (Director Equity – 2024)
| Element | Grant Date | Value | Vesting | Notes |
|---|---|---|---|---|
| Annual restricted stock award | May 1, 2024 | $125,018 | 100% on first anniversary | Grants valued at $59.11/share for all directors; stock rights vest in one year |
Performance metrics: Not applicable for director awards; grants are time-based restricted stock/stock rights with one-year vesting .
Other Directorships & Interlocks
- Current public board: PulteGroup, Inc. (Director; previously Chairman 2017–2022) .
- No REG-related related-party transactions requiring disclosure in 2024; transactions with entities where a director serves solely as a non-employee director and below 1% of the entity’s revenue are pre-approved per policy .
- No shares pledged by directors or executive officers; company prohibits pledging and hedging of company stock .
Expertise & Qualifications
- Deep REIT and real estate operating, development, and investment experience; corporate strategy and governance; capital allocation. Former CEO/Chairman at AvalonBay; industry leadership at Nareit and ULI .
- Board governance experience across several public companies; investment oversight as Chair of REG’s Investment Committee .
Equity Ownership
| Holder | Shares Owned | Rights to Acquire (within 60 days) | % of Class | Pledged? |
|---|---|---|---|---|
| Bryce Blair | 28,996 | 2,179 | <1% | None disclosed; company policy prohibits pledging |
Policy alignment:
- Stock ownership policy: Directors have ownership targets as a multiple of annual retainer; 5-year period to meet; must retain 25% of net shares received while covered .
- Anti-hedging/pledging: Officers and directors prohibited from hedging, short sales, options, margin accounts, or pledging company stock .
Governance Assessment
- Strengths: Independent status; chairs Investment Committee with five meetings in 2024 (active oversight of capital allocation and investment performance); member of N&G guiding governance practices and board refreshment; attendance at or above 75% across responsibilities; independent executive sessions at every meeting reinforce oversight .
- Alignment: Director compensation mix balanced—cash plus one-year vesting equity ($125,018), with optional deferral; strong ownership and anti-hedging/pledging policies; no related-party transactions in 2024; no share pledging .
- Shareholder signals: Say-on-pay support exceeded 96% at the 2024 annual meeting, indicating broad investor support for compensation governance; company engaged with shareholders representing ~78% of ownership in 2024 .
- Potential risks/red flags: None evident specific to Mr. Blair—current public board load appears within overboarding limits; no disclosed related-party ties; equity awards are time-based, not performance-linked, which is common for directors but provides less performance contingency than PSUs (note: NEOs, not directors, receive TSR-based PSUs) .