Justin Stein
About Justin Stein
Executive Vice President, Leasing at Tanger Inc. (SKT) since October 2021, leading portfolio-wide tenant strategy across outlets and lifestyle/open-air centers; previously Senior Vice President of Leasing at Simon Property Group and retail brokerage leadership at CBRE, Newmark, and Cushman & Wakefield . Education: B.S. in Computer Information Systems (Bryant University) and M.S. in Information Systems (Stevens Institute of Technology) . Year of birth: 1980 . Company performance metrics tied to NEO incentives in 2024 achieved above target: Core FFO/share $2.13, Same Center NOI +5.1%, Operating Margin 2.8, and strategic goals at maximum; prior year TSR leadership cited in 2023 proxy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Simon Property Group | Senior Vice President, Leasing | ~2011–2021 | Top-performing SVP; led leasing across platforms and advanced deal-making and tenant relationships . |
| CBRE; Newmark; Cushman & Wakefield | Managing Director/Leadership roles, Retail Brokerage | ~2003–2011 | Advised national retail brands; built anchor tenant relationships and market coverage . |
| Tanger Inc. | Executive Vice President, Leasing | Oct 2021–Present | Led expansion into full-price channels and F&B; activated peripheral land; enhanced merchandising mix . |
External Roles
- Thought leadership: Featured guest discussing omnichannel leasing strategy and Tanger’s evolution on A.Y. Strauss “Dealmakers’ Edge” .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $320,000 | $370,000 |
| Target Bonus (% of Salary) | 100% | 100% |
| Actual Annual Cash Incentive Paid ($) | — | $497,188 |
| Total 2024 Compensation ($) | — | $1,607,909 |
| All Other Compensation ($) | — | $40,699 |
Performance Compensation
| Metric (2024 Plan) | Threshold | Target | Maximum | Actual | Payout |
|---|---|---|---|---|---|
| Core FFO per share | $2.05 | $2.10 | $2.18 | $2.13 | Between Target and Max; NEO payout 134.4% of target |
| Same Center NOI change | 2.5% | 4.1% | 6.1% | 5.1% | Between Target and Max; NEO payout 134.4% of target |
| Operating Margin | 1.5 | 1.9 | 2.5 | 2.8 | Maximum |
| Strategic: Growth, Sustainability, Sales & Traffic | 1 of 3 | 2 of 3 | 3 of 3 | 3 of 3 | Maximum |
2024 Equity Grants and Vesting
| Award Type | Grant Date | Shares/Units | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| Time-based Restricted Common Shares | 2/15/2024 | 10,456 | $280,012 | 33.33% each on 2/15/2025, 2/15/2026, 2/15/2027 |
| PSP Notional Units (TSR-based) | 2/15/2024 | Threshold 5,135; Target 15,404; Max 25,673 | $420,010 | Earned based on absolute & relative TSR over 1/1/2024–12/31/2026; if earned, converts to restricted shares vesting 50% on 2/15/2027 and 50% on 2/15/2028 |
Outstanding Equity and Near-Term Vesting (as of 12/31/2024)
| Category | Count/Value | Key Dates |
|---|---|---|
| Unvested time-based RS | 4,011 (vest 2/15/2025); 7,606 (vest 50% 3/15/2025, 50% 3/15/2026); 10,456 (vest 2/15/2025–2027) | 2/15/2025; 3/15/2025; 3/15/2026; 2/15/2025–2027 |
| PSP (potential unearned shares) | 2022 PSP: 25,685; 2023 PSP: 24,835; 2024 PSP: 25,673 | 2022 PSP achieved max; vest 50% on 2/27/2025 & 50% on 2/15/2026 ; 2023 PSP vest 3/20/2026 & 3/15/2027 ; 2024 PSP vest 2/15/2027 & 2/15/2028 |
| Options | None (no options outstanding) | — |
| 2024 share vesting activity | 11,720 shares vested; $345,131 realized | 2024 vesting dates per plan |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 60,125 Common Shares (as of 2/28/2025); <1% of outstanding |
| Ownership guidelines | NEOs must hold Common Shares equal to 3x base salary; 5-year compliance window; options do not count; RS (vested & unvested) count |
| Hedging/Pledging | Hedging prohibited; anti-pledging policy in place; NEOs/directors have no pledged shares |
| Alignment features | TSR-based PSP (67% relative, 33% absolute) with rigorous thresholds and two-stage vesting; dividends paid retroactively on earned PSP shares post-conversion |
Employment Terms
- Participation: Executive Severance Plan (adopted 3/31/2021) .
- Non-compete/non-solicit: 12 months post-termination; perpetual confidentiality and non-disparagement .
- Severance (Outside change-of-control window): 1x base salary + average bonus (over up to 3 years), paid monthly over 12 months; up to 12 months COBRA subsidy; full acceleration of time-based awards; pro-rata performance awards subject to actual outcomes .
- Double-trigger (Within 12 months post-change-of-control): 2x the above severance; up to 24 months COBRA; full acceleration of time-based awards and performance awards at greater of actual or target if assumed/replaced .
- Death/Disability: 0.5x base salary lump sum; pro-rata annual bonus; equity award acceleration/pro-rata PSP per plan .
- 280G “best net” cutback; no tax gross-ups .
Potential Payments (as of 12/31/2024; estimates)
| Scenario | Cash Severance ($) | Share Awards ($) | Continuation of Benefits ($) | Total ($) |
|---|---|---|---|---|
| Without Cause / Good Reason (outside 12-month CoC window) | $822,223 | $2,489,651 | $37,531 | $3,349,405 |
| Without Cause / Good Reason (within 12-month CoC window) | $1,644,446 | $3,489,278 | $75,063 | $5,208,787 |
| Change of Control (no termination) | — | $2,735,927 | — | $2,735,927 |
| Death or Disability | $682,188 | $2,489,651 | — | $3,171,839 |
Company Performance Snapshot (context for incentive alignment)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($) | $428,576,000* | $447,549,000* | $507,161,000* |
| EBITDA ($) | $225,556,000* | $242,010,000* | $285,585,000* |
Values retrieved from S&P Global.*
Investment Implications
- Pay-for-performance alignment: Stein’s 2024 bonus paid at 134.4% of target on above-target Core FFO/NOI and maximum Operating Margin/strategic goals; equity mix includes rigorous TSR-linked PSPs with multi-year vesting, aligning outcomes with shareholder returns .
- Vesting overhang and potential selling pressure: Maximum achievement on 2022 PSP leads to sizable share issuances in 1H 2025–1H 2026, with additional 2023/2024 PSP and RS tranches vesting through 2028—monitor potential 10b5-1 plans and liquidity needs, though anti-hedging/anti-pledging policies reduce misalignment risk .
- Retention risk mitigants: Executive Severance Plan provides 1x–2x severance with equity acceleration upon qualifying terminations; 12-month non-compete/non-solicit supports continuity; no options outstanding reduces forced exercises and near-term dilution risk .
- Track record and capability: Career spanning top-tier landlord and brokerage platforms with data-driven leasing focus; driving expansion into full-price and experiential categories improves NOI durability and merchandising resilience, supportive of KPI-linked bonuses .
Citations
- 2025 Proxy (DEF 14A):
- 2024 Proxy (DEF 14A): TSR leadership, program design
- Company leadership page: role confirmation
- LinkedIn: role, start date, education
- A.Y. Strauss podcast: past roles and strategic impact
- Yahoo Finance profile: year of birth