Nicholas A. Wibbenmeyer
About Nicholas A. Wibbenmeyer
Nicholas A. Wibbenmeyer, age 44, is West Region President and Chief Investment Officer at Regency Centers, appointed January 2024 after serving as Executive Vice President, West Region President in 2023 and progressing through senior investment and market leadership roles since joining Regency in 2005; he holds a Bachelor of Business Administration from the University of Notre Dame and is a member of ICSC and Nareit . Regency’s 2024 performance—Core Operating EPS of $4.13, Same Property NOI up 3.6%, record 96.7% occupancy, $250M of development starts, $90M of acquisitions, and a 5.2% dividend increase—drove a 1.50x annual incentive payout and underscores the firm’s focus on pay-for-performance; long-term incentives are 80% PSUs tied to three-year relative TSR vs the FTSE Nareit Equity Shopping Centers Index and 20% time-based RSUs .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Regency Centers | West Region President & Chief Investment Officer | Jan 2024–present | Leads West region strategy and investment allocations |
| Regency Centers | EVP, West Region President | Jan 2023–Dec 2023 | Regional leadership; prepares for CIO integration |
| Regency Centers | Senior Managing Director, West Region | Sep 2020–Dec 2022 | Scale-up of West region portfolio leadership |
| Regency Centers | Managing Director | Jan 2016–Sep 2020 | Market leadership, portfolio performance |
| Regency Centers | Senior Vice President & Senior Market Officer | Prior to 2016 | Market execution and leasing/investment performance |
| Regency Centers | Vice President of Investments & Regional Officer | Prior to SVP | Regional investment execution |
| Regency Centers | Manager of Investments, Upper Midwest | 2005 (join) | Entry into Regency; investment origination |
| Mid-America Real Estate Group | Retail Broker | Pre-2005 | External market brokerage experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| ICSC | Member | Ongoing | Industry membership |
| Nareit | Member | Ongoing | Industry membership |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus ($) | Actual Bonus Paid ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|
| 2023 | 500,000 | 600,000 (target shown via plan ranges) | 775,000 | 13,680 | 2,423,538 |
| 2024 | 600,000 | 600,000 (plan target) | 900,000 (1.50x target) | 13,580 | 2,844,293 |
Perquisites detail (2024): 401(k)/profit-sharing contribution $12,200 and life insurance premiums $1,380 included in “All Other” .
Performance Compensation
Annual Incentive (Cash) – 2024
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Core Operating EPS | Not disclosed; primary metric | $600,000 | $900,000 | 1.50x target | Cash, paid for 2024 performance |
| Corporate Responsibility Objectives | Qualitative/quantitative; achieved | Included in annual plan | Achieved | Supporting payout determination | Cash |
Long-Term Incentive (Equity) – Granted Feb 6, 2024
| Component | Weighting | Grant Date | Target | Threshold | Maximum | Vesting | Valuation |
|---|---|---|---|---|---|---|---|
| Performance Shares (2024–2026 relative TSR vs FTSE Nareit Equity Shopping Centers Index) | 80% | 02-06-2024 | 18,004 sh | 9,002 sh | 36,008 sh | Earned shares vest 02-06-2027 | Monte Carlo $58.36/sh; grant FV $1,050,713 |
| Time-based RSUs | 20% | 02-06-2024 | 4,501 sh | — | — | 25% per year 2025–2028 | Grant FV $280,000 |
PSUs use no dividend yield assumption; dividend equivalents accrue and vest only to the extent shares are earned .
Equity Ownership & Alignment
Beneficial Ownership (as of March 14, 2025)
| Holder | Shares Owned | Right to Acquire (60 days) | % of Shares Outstanding |
|---|---|---|---|
| Nicholas A. Wibbenmeyer | 37,226.55 | — | <1% of 181,525,869 shares |
Policy alignment:
- No shares pledged by directors or executive officers .
- Prohibition on hedging, pledging, short sales, and options trading; no margin accounts or pledging permitted .
- Stock ownership guidelines require multiples of base salary, measured on trailing 36-month average price, with a five-year compliance period and 25% post-vesting share retention until target met .
Outstanding Equity Awards (12-31-2024)
| Category | Shares/Units | Market/Payout Value ($) | Notes |
|---|---|---|---|
| Unvested stock/units | 17,971 | 1,328,596 (at $73.93 incl. unvested DEUs) | Mix of RS/PS awards |
| Unearned PSUs (2023–2025 plan) | 12,756 | 943,051 | Relative TSR plan (2023–2025) |
| Unearned PSUs (2024–2026 plan) | 18,577 | 1,373,398 | Relative TSR plan (2024–2026) |
| Shares vested in 2024 | 12,534 | 794,919 (value realized) | Includes dividend equivalents |
| Stock options outstanding/exercised | None outstanding; none exercised 2024 | — | No options program for NEOs |
Scheduled Vesting for Wibbenmeyer (as disclosed)
| Shares | Schedule | Dates |
|---|---|---|
| 3,975 | 100% vest | 01-28-2025 |
| 2,491 | 100% vest | 02-01-2025 |
| 3,273 | 50% per year | 02-01-2025, 02-01-2026 |
| 3,588 | 33⅓% per year | 02-02-2025, 02-02-2026, 02-02-2027 |
| 4,644 | 25% per year | 02-06-2025, 02-06-2026, 02-06-2027, 02-06-2028 |
Employment Terms
Severance & Change-of-Control Economics (if terminated on last business day of 2024)
| Scenario | Salary & Bonus Multiple | Salary & Cash Bonus ($) | Health Benefits ($) | Early Vesting of Stock Grants ($) | Total ($) |
|---|---|---|---|---|---|
| Termination by Regency without cause or by executive for Good Reason (outside CoC period) | 1.0x | 1,218,167 | 37,369 | 1,602,492 | 2,858,027 |
| Qualifying Retirement, Death or Disability | n/a | — | — | 3,291,927 (assumes target PSUs) | 3,291,927 |
| Change of Control + qualifying termination (double trigger) | 2.0x | 3,036,333 | 74,737 | 3,156,117 | 6,267,188 |
Contract mechanics:
- Agreements dated Jan 1, 2023; auto-renew annually each Jan 1 unless 90-day non-renewal notice .
- Outside CoC period: 12 months salary, 100% of average annual cash bonus (prior three full calendar years), and 12 months medical benefits (COBRA basis) .
- CoC period: 24 months salary, 200% of average annual cash bonus, 24 months medical benefits, plus pro-rated target annual bonus for year of termination; payments contingent on termination without Cause or for Good Reason (double trigger) .
- Change of Control definition includes specified stock acquisition thresholds, board changes, mergers, asset sales, liquidation/dissolution approvals .
Compensation Structure Analysis
- Heavy performance-based mix: long-term incentives 80% PSUs (relative TSR) and 20% RSUs, reinforcing alignment to shareholder returns and multi-year retention .
- Annual incentives centered on Core Operating EPS with corporate responsibility objectives; 2024 payout at 1.50x target reflects robust operating execution .
- Target total direct compensation aimed around peer median with moderation above the 60th percentile; independent consultant Semler Brossy retained without conflicts .
Say-on-Pay & Shareholder Feedback
- 2024 Say-on-Pay approval exceeded 96%, indicating strong shareholder support for pay design and outcomes .
Risk Indicators & Red Flags
- Hedging and pledging prohibited; no pledging by executives; mitigates misalignment risk .
- No related party transactions requiring disclosure in 2024 .
- Compensation program assessed not reasonably likely to have a material adverse effect; ownership/retention policies further align interests .
Investment Implications
- Alignment and retention: Significant unvested equity (17,971 units) and unearned PSUs across 2023–2025 and 2024–2026 cycles, plus scheduled RSU tranches through 2028, create retention hooks and align incentives toward TSR outperformance .
- Near-term selling pressure: Multiple 2025 vesting dates (Jan 28, Feb 1, Feb 2, Feb 6) could create episodic supply as awards settle; monitor Form 4s around these dates though policy prohibits hedging/pledging and executives must retain shares under ownership guidelines .
- Downside protection limited: Severance outside CoC is a modest 1.0x salary+bonus for Wibbenmeyer, while CoC economics are richer (2.0x, double trigger) with accelerated vesting—standard for REIT peers but watch M&A signal sensitivity .
- Execution linkage: 2024 cash incentive outcome (1.50x) hinged on Core Operating EPS and operational milestones (occupancy, NOI growth); continued outperformance should drive PSU vesting post-2026, directly impacting realized pay and insider activity .