C. Ronald Blankenship
About C. Ronald Blankenship
C. Ronald Blankenship is the Independent Lead Director of Regency Centers Corporation, age 75, serving on the Board since 2001. He is a CPA and University of Texas graduate with deep REIT and real estate operating experience, including CEO/President roles at Verde Realty and senior leadership at Security Capital Group, Archstone Communities Trust, Trammell Crow Residential, and Mischer Corporation . He is currently nominated to continue as Independent Lead Director following a one-year waiver of the mandatory retirement age to preserve continuity after another long-tenured director’s retirement .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Verde Realty | President & CEO; Chairman (additional role) | Jan 2009–Aug 2013; Chair Jan–Dec 2012 | Led strategy, operations; capital allocation and executive compensation experience |
| Security Capital Group | Executive and Director roles | Pre-2009 (dates not specified) | Oversight across 18 real estate operating companies; capital markets experience |
| Archstone Communities Trust | Executive/Director | Pre-2009 (dates not specified) | Public REIT governance, development/acquisitions |
| Trammell Crow Residential | Regional Partner; Mgmt Board (Residential Services) | Prior to Security Capital | Real estate development/operations leadership |
| Mischer Corporation | CFO; President of Office Development | Prior to Trammell Crow | Finance leadership; development |
| Prologis Trust | Trustee (former) | Prior years (not specified) | REIT governance |
| BelmontCorp; InterPark Holdings Inc.; Storage USA, Inc.; CarrAmerica Realty Corp.; Macquarie Capital Partners, LLC | Director (former) | Prior years (not specified) | Various board roles across real estate and related sectors |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Civeo Corporation | Director | Current | Workforce accommodations; only current public company board disclosed |
| Pacolet-Miliken Enterprises, Inc. | Director | Current | Private investment company |
| Berkshire Residential Investments | Director | Current | Private real estate investment manager |
| Merit Hill Holdings, LP | Director | Current | Private owner/operator of self-storage |
Board Governance
- Independent Lead Director since 2019; re-elected annually. Duties include serving as principal liaison between the Executive Chairman/CEO and independent directors, presiding over executive sessions, leading Board/CEO/Executive Chair evaluations, and agenda consultations; Board unanimously granted a one-year waiver to age-75 retirement policy to maintain continuity given concurrent retirement of another long-tenured director .
- Independence: Board determined Blankenship is independent under Nasdaq listing standards; overall 9 of 11 nominees are independent .
- Committees: Compensation Committee member; Investment Committee member .
- Attendance and engagement: Board met six times in 2024; all directors attended at least 75% of Board and committee meetings; independent directors held executive sessions at all regularly scheduled Board and committee meetings .
- Overboarding controls: CGGs limit independent non-executives to 4 public boards; Blankenship serves on REG and Civeo (2), within policy .
- Shareholder engagement context: Company engaged shareholders holding ~78% of common stock in 2024 .
Fixed Compensation
Elements applicable to non-employee directors:
- Annual cash retainer: $75,000; Lead Director additional cash: $35,000; Audit/Investment committee member: $15,000; Compensation/Nominating committee member: $10,000; Chair fees higher but not applicable to Blankenship; Annual restricted stock award: $125,000; Additional stock rights award for Lead Director: $10,000; director stock rights vest 100% on first anniversary .
2024 Director Compensation for Blankenship:
| Component | Amount | Detail |
|---|---|---|
| Fees Earned/Paid in Cash | $140,000 | Reflects role and committee memberships; Lead Director status |
| Stock Awards (grant-date fair value) | $135,007 | Annual restricted stock awards; $59.11/share grant-date price (May 1, 2024); includes $10,000 stock rights for Lead Director |
| Total | $275,007 | Sum of cash and stock awards |
| Shares Issued in Lieu of Cash | 2,113 | Director elected to receive fees in stock |
Notes:
- Directors may elect to receive retainers in stock and can defer cash and equity under non-qualified deferred compensation plan .
- No meeting fees are paid; employees on Board receive no additional compensation .
Performance Compensation
As a Compensation Committee member, Blankenship oversees NEO pay-for-performance programs.
2024 Annual Incentive Metrics and Results:
| Metric | Target Weight | Performance Result | Payout Multiple |
|---|---|---|---|
| Core Operating EPS | 80% | $4.13 achieved vs $4.01 target | 1.50x |
| Corporate Responsibility (ESG) | 20% | Achieved (linked to financial outperformance) | 1.50x |
2024–2026 Long-Term Incentive (Performance Shares) – Relative TSR vs FTSE Nareit Equity Shopping Centers:
| Cumulative 3-Year Outperformance vs Index | Payout Multiple |
|---|---|
| +20% | 2.00x |
| +10% | 1.50x |
| 0% (match index) | 1.00x |
| -10% | 0.50x |
| -20% | 0.00x (threshold) |
Recent LTIP outcome (2022–2024):
| Period | Index TSR | Regency TSR | Payout of Target |
|---|---|---|---|
| 2022–2024 | 21% | 15% | 70% |
Compensation governance features:
- Independent consultant Semler Brossy; Compensation Committee members independent; clawback policies (restatement and misconduct) in place; prohibition on hedging/pledging; strong say-on-pay support (>96% approval in 2024) .
Other Directorships & Interlocks
| Company | Sector/Connection | Potential Interlock/Conflict Commentary |
|---|---|---|
| Civeo Corporation | Workforce accommodations | Distinct sector from grocery-anchored retail REITs; no disclosed related-party transactions with Regency |
- Related Party Transactions: Board policy requires committee review; no related party transactions required to be disclosed for 2024 .
Expertise & Qualifications
- CPA; extensive background in real estate development, acquisitions, financing, operations; public REIT governance; strategic planning; capital allocation; human capital management; executive compensation .
- Audit Committee Financial Expert designation listed broadly for Audit Committee members; Blankenship is identified as an Audit Committee financial expert in Audit Committee report (though he currently serves on Compensation/Investment) .
- Corporate governance leadership as Independent Lead Director .
Equity Ownership
| Holder | Shares Owned | Right to Acquire (within 60 days) | % of Shares Outstanding | Pledging |
|---|---|---|---|---|
| C. Ronald Blankenship | 108,062 | 2,353 | ~0.06% (108,062 / 181,525,869) | None; no pledging by directors |
Additional ownership alignment:
- Elected to receive 2,113 shares in lieu of cash fees in 2024, increasing equity exposure .
- Director stock ownership policy requires holdings based on multiples of annual retainer and retention of 25% of shares received; hedging/pledging prohibited .
Governance Assessment
Strengths:
- Independent Lead Director with deep REIT and capital markets expertise; clear committee assignments (Compensation, Investment) provide influence over executive pay and capital allocation .
- Robust governance controls: independent committees; executive sessions at every regular meeting; structured risk oversight; strong shareholder engagement; say-on-pay >96% .
- Director equity alignment via annual stock awards and election to receive fees in stock; no pledging; stock ownership policy .
Watch items / potential red flags:
- Tenure and age: 24 years on Board since 2001; age-75 waiver granted for 2025 to preserve continuity—appropriate rationale but ongoing refreshment should be monitored .
- Overboarding risk appears low (2 public boards), but continued monitoring advisable given Lead Director demands .
- No related-party transactions in 2024; maintain vigilance via committee policy .
Overall implication for investor confidence:
- Governance profile is strong, with clear independence, active oversight, and pay-for-performance structures. The age waiver underscores succession planning but highlights the need for staggered refresh to balance institutional knowledge with renewal .