When: | Meeting Agenda: | |||||||||
Tuesday, April 23, 2024 8:00 a.m., Where: The Shareholders may attend virtually and participate in the Annual Meeting, and vote their shares electronically, by visiting | 1. Elect seven directors to serve until the next Annual Meeting of Shareholders and until their successors are duly elected and qualified; 2. Conduct an advisory vote on executive compensation; 3. Ratify the appointment of the independent registered public accounting firm for the ensuing year; and 4. Transact such other business as properly may be brought before the meeting or any adjournment or postponement thereof. |
When: | Tuesday, April | ||||||||||
Where: | The | ||||||||||
Record Date: | February | ||||||||||
Voting: | Shareholders as of the record date are entitled to | ||||||||||
Attendance: | Record shareholders must have the control number printed on their proxy card in order to access the virtual meeting. Shareholders who hold their shares through an intermediary must register and provide a Legal Proxy. Further information is included in this Proxy Statement. |
Agenda Item | Board Recommendation | Page Reference | ||||||||||||||||
Name | Since | Committees | ||||||||||||||||||||||
President | •Compensation | |||||||||||||||||||||||
Diana M. Laing | Retired CFO, American Homes 4 Rent | • Compensation, Chair •Audit | ||||||||||||||||||||||
John T. Leong | 2020 | Co-Founder & CEO of Kupu Co-Founder & CEO of Pono Pacific Land Management, LLC | • Audit |
Thomas A. Lewis, Jr. | Retired CEO, Realty Income Corporation | • Compensation | ||||||||||||||||||||
President and Chief Executive Officer, Alexander & Baldwin, Inc. | — |
Name | Director Since | Occupation | Committees | |||||||||||||||||||
Douglas M. Pasquale | Founder & CEO of Capstone Enterprises Corporation | • Audit, Chair • Nominating & Corporate Governance | ||||||||||||||||||||
Eric K. Yeaman | Founder & Managing Partner, Hoku Capital LLC | • Audit • Nominating & Corporate Governance, Chair |
Page | ||||||||
ALEXANDER & BALDWIN, INC. ▪ 2024 PROXY STATEMENT iv |
Name | Commercial Real Estate/ REIT | Executive Leadership | Finance/ Accounting | Other Public Company Board | Hawaii Market/ Community Knowledge | Technology/ Cybersecurity | Environmental | Risk Management | Female | Ethnically Diverse | ||||||||||||||||||||||
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | |||||||||||||||||||||||
Shelee M. T. Kimura | X | X | X | X | O | X | X | Yes | Yes | |||||||||||||||||||||||
Diana M. Laing | X | X | X | X | O | O | O | X | Yes | |||||||||||||||||||||||
John T. Leong | O | X | X | X | O | X | X | Yes | ||||||||||||||||||||||||
Thomas A. Lewis | X | X | X | X | X | X | ||||||||||||||||||||||||||
Lance K. Parker | X | X | O | X | O | X | Yes | |||||||||||||||||||||||||
Douglas M. Pasquale | X | X | X | X | O | O | O | X | ||||||||||||||||||||||||
Eric K. Yeaman | X | X | X | X | X | O | O | X | Yes | |||||||||||||||||||||||
(1) Experience in the real estate and/or real estate investment trust ("REIT") industries, including experience with leasing, acquisitions, sales, financing, tax laws and operation of commercial real estate and REITs | ||||||||||||||||||||||||||||||||
(2) Experience in leadership role as CEO, President or other key executive position of another company and/or institution | ||||||||||||||||||||||||||||||||
(3) Financial or accounting experience and an understanding of financial reporting, internal controls, compliance requirements and investor relations | ||||||||||||||||||||||||||||||||
(4) Experience as a board member or extensive participation as senior executive management of another public company | ||||||||||||||||||||||||||||||||
(5) Familiarity with and understanding of Hawaii's unique real estate market, culture, and community issues | ||||||||||||||||||||||||||||||||
(6) Experience with technology and cybersecurity issues | ||||||||||||||||||||||||||||||||
(7) Experience with environmental issues, including climate-related and sustainability matters | ||||||||||||||||||||||||||||||||
(8) Experience in identifying, managing and mitigating enterprise risks, including strategic, regulatory, operational and financial risks | ||||||||||||||||||||||||||||||||
(9) Identifies as female | ||||||||||||||||||||||||||||||||
(10) Identifies as a member of an ethnic minority (non-White/Caucasian) |
✓ | Commitment to strong corporate governance | ✓ | Focus on long-term value creation | ||||||||||||||||||
High ethical standards | ✓ | ||||||||||||||||||||
✓ | ✓ | ||||||||||||||||||||
Knowledge of and involvement in Hawaii |
![]() | ![]() | Age: 50 Director Since: |
![]() ![]() | Diana M. Laing Age: 69 Director Since: 2019 |
![]() | John T. Leong Age: 46 Director Since: 2020 |
![]() ![]() | Thomas A. Lewis, Jr. Age: 71 Director Since: 2017 |
![]() | ![]() Age: 50 Director Since: 2023 |
![]() | Douglas M. Pasquale Age: 69 Director Since: 2012 Lead Independent Director since 2018 |
![]() ![]() |
![]() | Eric K. Yeaman Age: 56 Director Since: 2012 Chairman of the Board since October 2020 |
Strong Compensation Risk Management • Robust stock ownership guidelines • Multi-year vesting periods of equity awards • Capped incentive payments • Use of multiple performance metrics across incentives • Pay philosophy for all elements of pay targeted at the 50th percentile • Reasonable payout tied to company and individual performance (e.g., incentive • 50% of NEOs’ equity awards granted are performance-based, using multiple performance metrics (i.e., relative total shareholder return • Review of goal-setting by the Compensation Committee to ensure that goals are appropriate • Mix of pay that is consistent with competitive practices for organizations similar in size and complexity • Insider trading and hedging prohibitions • A compensation clawback policy • Oversight by a Compensation Committee composed of independent directors |
Committee |
Committee | Nominating and Corporate Governance Committee | ||||||||||||||||||||||
Member | |||||||||||||||||||||||
Diana M. Laing | Member | ||||||||||||||||||||||
John T. Leong | |||||||||||||||||||||||
Thomas A. Lewis, Jr. | Member | ||||||||||||||||||||||
Douglas M. Pasquale | Member | ||||||||||||||||||||||
Eric K. Yeaman | Chair |
Select Corporate Governance Guideline Topics • Goals and responsibilities of the Board • Selection of directors, including the Chairman of the Board • Board membership criteria, • Stock ownership guidelines • Director independence, and executive sessions of non-management directors • Board self-evaluation • Board compensation • Board access to management and outside advisors • Board orientation and continuing education • Leadership development, including annual evaluations of the CEO and management succession plans |
Integrity | Be guided in all actions by strong moral principles, in keeping with A&B’s legacy of honesty and fairness. | ||||||||
Respect | Value and respect the unique qualities, perspectives and contributions of each employee and seek to understand the priorities of community members. | ||||||||
Adaptability | Embrace innovation and seek better approaches. | ||||||||
Collaboration | Share information and ideas and work together to find the best solutions. | ||||||||
Decisiveness | Make clear and timely decisions and communicate them widely. | ||||||||
Accountability | Hold ourselves accountable for delivering results and recognizing achievement. |
| Name | | | Fees Earned or Paid in Cash ($) | | | Stock Awards ($)(1) | | | Option Awards ($)(2) | | | Non-Equity Incentive Plan Compen- sation ($) | | | Change in Pension Value and Nonqualified Deferred Compen- sation Earnings ($) | | | All Other Compen- sation ($) | | | Total ($) | | |||||||||||||||||||||
| (a) | | | (b) | | | (c) | | | (d) | | | (e) | | | (f) | | | (g) | | | (h) | | |||||||||||||||||||||
| W. Allen Doane(3) | | | | | 21,250 | | | | | | 0 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 0 | | | | | | 21,250 | | |
| Robert S. Harrison(3) | | | | | 25,173 | | | | | | 0 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 0 | | | | | | 25,173 | | |
| Stanley M. Kuriyama(4) | | | | | 198,750 | | | | | | 135,009 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 0 | | | | | | 333,759 | | |
| Diana M. Laing | | | | | 64,178 | | | | | | 90,010 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 0 | | | | | | 154,188 | | |
| John T. Leong | | | | | 15,614 | | | | | | 52,503 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 0 | | | | | | 68,117 | | |
| Thomas A. Lewis, Jr. | | | | | 64,250 | | | | | | 90,010 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 0 | | | | | | 154,260 | | |
| Douglas M. Pasquale | | | | | 110,750 | | | | | | 90,010 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 2,000(5) | | | | | | 202,760 | | |
| Michele K. Saito | | | | | 80,250 | | | | | | 90,010 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 0 | | | | | | 170,260 | | |
| Eric K. Yeaman(6) | | | | | 81,345 | | | | | | 116,261 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 0 | | | | | | 197,606 | | |
|
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($)(1) | Option Awards ($)(2) | Non-Equity Incentive Plan Compen- sation ($) | Change in Pension Value and Nonqualified Deferred Compen- sation Earnings ($) | All Other Compen- sation ($) | Total ($) | |||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | |||||||||||||||||||
Shelee M. T. Kimura (3) | 31,750 | 81,938 | N/A | N/A | N/A | 0 | 113,688 | |||||||||||||||||||
Diana M. Laing | 84,091 | 100,000 | N/A | N/A | N/A | 0 | 184,091 | |||||||||||||||||||
John T. Leong | 66,000 | 100,000 | N/A | N/A | N/A | 1,000 | (4) | 167,000 | ||||||||||||||||||
Thomas A. Lewis, Jr. | 63,500 | 100,000 | N/A | N/A | N/A | 2,000 | (4) | 165,500 | ||||||||||||||||||
Douglas M. Pasquale (5) | 112,500 | 100,000 | N/A | N/A | N/A | 2,000 | (4) | 214,500 | ||||||||||||||||||
Michele K. Saito (6) | 38,102 | 100,000 | N/A | N/A | N/A | 0 | 138,102 | |||||||||||||||||||
Eric K. Yeaman (7) | 125,000 | 160,007 | N/A | N/A | N/A | 0 | 285,007 |
| Pay Element | | | | | | Amount | | |||
| Annual Board Cash Retainer | | | | | | | $ | 56,000 | | |
| Chairman of the Board Annual Cash Retainer | | | | | | | $ | 85,000 | | |
| Lead Director Annual Cash Retainer | | | | | | | $ | 81,000 | | |
| Committee Member Cash Retainers (in addition to Board Cash Retainer) | | | • Audit • Compensation • Nominating and Corporate Governance | | | | $ $ $ | 9,000 7,500 6,000 | | |
| Committee Chair Cash Retainers (in addition to Committee Member Cash Retainer) | | | • Audit • Compensation • Nominating and Corporate Governance | | | | $ $ $ | 14,000 10,000 7,500 | | |
| Annual Equity Award | | | | | | | $ | 90,000 | | |
| Chairman of the Board Equity Award | | | | | | | $ | 135,000 | | |
|
Pay Element | 2023 Amount | Amount Effective 1/1/24 | |||||||||
Board Cash Retainer | $56,000 | $60,000 | |||||||||
Chairman of the Board Cash Retainer | $100,000 | (no change) | |||||||||
Lead Director Cash Retainer | $81,000 | $85,000 | |||||||||
Committee Member Cash Retainers (in addition to Board Cash Retainer) | •Audit | $10,000 | $12,500 | ||||||||
•Compensation | $7,500 | $10,000 | |||||||||
•Nominating and Corporate Governance | $7,500 | (no change) | |||||||||
Committee Chair Cash Retainers (in addition to Committee Member Cash Retainer) | •Audit | $14,000 | (no change) | ||||||||
•Compensation | $10,000 | (no change) | |||||||||
•Nominating and Corporate Governance | $7,500 | (no change) | |||||||||
Equity Award | $100,000 | $110,000 | |||||||||
Chairman of the Board Equity Award | $160,000 | (no change) |
Name and Address of Beneficial Owner | Amount of Beneficial Ownership | Percent of Class | |||||||||
BlackRock, Inc. 55 East 52nd Street New York, NY 10055 | 13,547,858 | (a) | 18.7% | ||||||||
The Vanguard Group 100 Vanguard Blvd. Malvern, PA 19355 | 11,653,433 | (b) | 16.1% | ||||||||
State Street Corporation One Lincoln Street Boston, MA 02111 | 4,200,166 | (c) | 5.8% | ||||||||
Franklin Mutual Advisers, LLC 101 John F. Kennedy Parkway Short Hills, NJ 07078 | 3,642,996 | (d) | 5.0 | % |
| Name or Number in Group | | | Number of Shares Owned (a)(b)(c) | | | Stock Options (d) | | | Total | | | Percent of Class | | ||||||||||||
| Diana M. Laing | | | | | 3,750 | | | | | | 0 | | | | | | 3,750 | | | | | | — | | |
| John T. Leong | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | — | | |
| Thomas A. Lewis, Jr. | | | | | 6,655 | | | | | | 0 | | | | | | 6,655 | | | | | | — | | |
| Douglas M. Pasquale | | | | | 78,975 | | | | | | 0 | | | | | | 78,975 | | | | | | 0.1 | | |
| Michele K. Saito | | | | | 29,374 | | | | | | 0 | | | | | | 29,374 | | | | | | — | | |
| Eric K. Yeaman | | | | | 29,374 | | | | | | 0 | | | | | | 29,374 | | | | | | — | | |
| Christopher J. Benjamin | | | | | 226,385 | | | | | | 50,677 | | | | | | 277,062 | | | | | | 0.4 | | |
| Brett A. Brown | | | | | 8,152 | | | | | | 0 | | | | | | 8,152 | | | | | | — | | |
| Lance K. Parker | | | | | 23,606 | | | | | | 0 | | | | | | 23,606 | | | | | | — | | |
| Nelson N. S. Chun | | | | | 133,210 | | | | | | 23,389 | | | | | | 156,599 | | | | | | 0.2 | | |
| Meredith J. Ching | | | | | 113,386 | | | | | | 17,539 | | | | | | 130,925 | | | | | | 0.2 | | |
| 12 Directors and Executive Officers as a Group | | | | | 659,986 | | | | | | 91,605 | | | | | | 751,591 | | | | | | 1.0 | | |
Name or Number in Group | Number of Shares Beneficially Owned (a)(b)(c) | Percent of Class | ||||||
Shelee M.T. Kimura | — | — | ||||||
Diana M. Laing | 20,532 | — | ||||||
John T. Leong | 14,222 | — | ||||||
Thomas A. Lewis, Jr. | 23,437 | — | ||||||
Douglas M. Pasquale | 95,757 | 0.1% | ||||||
Eric K. Yeaman | 53,732 | 0.1% | ||||||
Lance K. Parker | 79,601 | 0.1% | ||||||
Clayton K.Y. Chun | 26,904 | — | ||||||
Jeffrey W. Pauker | 18,291 | — | ||||||
Meredith J. Ching | 138,356 | 0.2% | ||||||
Jerrod M. Schreck | 12,879 | — | ||||||
Christopher J. Benjamin | 392,307 | 0.5% | ||||||
14 Directors and Executive Officers as a Group | 498,196 | 0.7% |
How We Promote Good Pay Practices • Direct components of pay are generally targeted at the 50th percentile of market pay data • TDC consisting heavily of performance-based compensation • Multiple relevant performance metrics to determine incentive payments • Multi-year performance periods on performance-based equity awards • Multi-year vesting periods on equity awards • Robust stock ownership guidelines for senior executives • Review of realizable pay of NEOs • Reasonable internal pay ratios • Reasonable severance or change-in control provisions • Double trigger change-in-control severance that requires both a change-in-control and termination of employment without cause before any payments are made • • • • Anti-hedging policies established • No repricing or replacing of underwater stock options without prior shareholder approval • Pay risk assessments |
Element of Pay | Rationale | |||||||||||||||||||||
Base Salary | — | • Provides a fixed rate of pay based upon an executive’s responsibilities | ||||||||||||||||||||
Annual Cash Incentives | Cash | •30% Individual Goals AIP and PIIP metrics for Mr. Pauker***: •70% A&B Performance Grid Metrics •30% Individual Goals PIIP metrics for Mr. Benjamin: •100% Individual Goals | • Rewards the achievement of annual Company, business unit and individual performance • Reinforces pay-for-performance principles • Rewards both immediately measurable accomplishments and actions that create longer-term value | |||||||||||||||||||
Long-Term Incentives | For all NEOs**** (except Mr. Benjamin): •50% | ◦Relative 3-year TSR Selected Peer Group) ◦Net debt to trailing 12 months consolidated adjusted EBITDA •50% RSUs ◦3-year vesting period For Mr. Pauker*****: •30% PSUs ◦Relative 3-year TSR (FTSE Nareit All-Equity Index & Selected Peer Group) ◦Net debt to trailing 12 months consolidated adjusted EBITDA •70% RSUs ◦3-year vesting period For Mr. Benjamin: •100% RSUs | • Aligns the executives’ long-term interests with those of A&B’s shareholders, motivates long-term performance • Aids in attracting and retaining employees • Reinforces pay-for-performance principles | |||||||||||||||||||
Health and Welfare Benefits | — | • Aids in attracting and retaining employees while supporting their wellbeing | ||||||||||||||||||||
Retirement Benefits | — | • Assists employees with retirement income savings and attracts and retains employees | ||||||||||||||||||||
Severance Benefits | — | • Retains talent during transitions due to a Change in Control or other covered events |
• Company and individual performance • Say-on-Pay vote results • Competitive market data • Economic environment • Job responsibilities and experience • Positioning within the executive’s salary range • Positioning in relation to the pay philosophy | • Projected market salary increases • Value of the total pay package • Alignment to pay-for-performance principles • Reasonableness and balance of pay risk • NEO’s current and expected future contributions to Company performance and shareholder value • Size of recent awards |
NEO | Base Salary as of 12/31/22 | % Change | Base Salary as of 12/31/23 | ||||||||
Mr. Parker* | $450,000 | 50.0 | % | $675,000 | |||||||
Mr. Chun | $400,000 | — | % | $400,000 | |||||||
Mr. Pauker** | $365,000 | 6.9 | % | $390,000 | |||||||
Ms. Ching | $329,600 | 4.0 | % | $342,784 | |||||||
Mr. Schreck | $330,000 | 3.0 | % | $339,900 | |||||||
Mr. Benjamin*** | $739,000 | N/A | N/A |
| NEO | | | Base Salary as of 12/31/19 | | | % Change | | | Base Salary as of 12/31/20 | | ||||||
| Mr. Benjamin | | | | $ | 690,000 | | | | 0% | | | | $ | 690,000 | | |
| Mr. Brown | | | | $ | 400,000 | | | | 0% | | | | $ | 400,000 | | |
| Mr. Parker | | | | $ | 397,838 | | | | 0% | | | | $ | 397,838 | | |
| Mr. Chun | | | | $ | 362,805 | | | | 0% | | | | $ | 362,805 | | |
| Ms. Ching | | | | $ | 305,933 | | | | 0% | | | | $ | 305,933 | | |
| Performance Metrics ($ in millions) | | | Threshold | | | Target | | | Maximum | | | Actual | | | 0-3 Rating | | |||||||||||||||
| Same-Store Cash NOI Growth(1) | | | | | 1.3% | | | | | | 2.7% | | | | | | 4.3% | | | | | | -12.7% | | | | | | 0.0 | | |
| Non-Same-Store Cash NOI(1) | | | | $ | 17.6 | | | | | $ | 18.2 | | | | | $ | 18.9 | | | | | $ | 13.5 | | | | | | 0.0 | | |
| Adjusted Free Cash Flow(1) | | | | $ | 77.0 | | | | | $ | 85.6 | | | | | $ | 102.7 | | | | | $ | 76.2 | | | | | | 0.0 | | |
| Adjusted Non-Grace G&A Expenses(1) | | | | $ | 36.2 | | | | | $ | 34.5 | | | | | $ | 31.7 | | | | | $ | 30.0 | | | | | | 3.0 | | |
| Consolidated Adjusted Pre-tax Income(1) | | | | $ | 41.0 | | | | | $ | 45.6 | | | | | $ | 54.7 | | | | | $ | 19.2 | | | | | | 0.0 | | |
| Value Creation | | | | | 1.0 | | | | | | 2.0 | | | | | | 3.0 | | | | | | 3.0 | | | | | | 3.0 | | |
A&B Performance Metrics | Threshold | Target | Maximum | Actual | PIIP (Resulting Multiple as a % of Target) | AIP (Resulting Multiple as a % of Target) | Weighting | ||||||||||||||||
Core FFO per Diluted Share(1) | $ | 1.09 | $ | 1.13 | $ | 1.18 | $ | 1.17 | 180.0 | % | 140.0 | % | 50% | ||||||||||
CRE Same-Store NOI Growth(1) | 2.0% | 4.0% | 6.5% | 4.3 | % | 116.0 | % | 108.0 | % | 40% | |||||||||||||
Growth Capital (2) (In millions) | $ | 49.3 | $ | 98.6 | $ | 147.9 | $ | 16.2 | 0.0% | 0.0% | 10% | ||||||||||||
Combined % of Target After Weighting | 136.4 | % | 113.2 | % |
NEO | Individual Goals | |||||||
Mr. Parker | •Manage company’s debt levels to maintain balance sheet strength. •Actively participate and manage the disposition of Grace Pacific. •Improve investor engagement, including increasing sell-side analyst coverage. •Execute operating and strategic plan initiatives. | |||||||
Mr. Chun | •Improve investor engagement, including increasing sell-side analyst coverage. •Actively participate and manage the disposition of Grace Pacific. •Manage company’s debt levels to maintain balance sheet strength. •Continue building and developing senior leaders in the finance function. | |||||||
Mr. Pauker | •Actively participate and manage the disposition of Grace Pacific. •Lead asset planning analysis for capital allocation decisions on portfolio assets. •Develop and execute capital markets strategies. •Grow CRE portfolio through accretive investments and dispositions. •Lead and manage the disposition of specific non-core lands. | |||||||
Ms. Ching | •Actively manage and participate in water and land use matters relating to the Company's residual simplification obligations/liabilities. •Provide government relations leadership and support for the achievement of the Company's strategic and REIT-related goals. •Provide guidance and direction to increase CEO’s exposure to External Affairs' current programs, impacts and audiences. •Provide leadership development opportunities for key department staff. | |||||||
Mr. Schreck | •Actively participate and manage the disposition of Grace Pacific. •Ongoing support for resolution of A&B non-core obligations. •Manage activities related to the sale of KT&S. | |||||||
Mr. Benjamin | •Provide support for CEO transition. •Actively participate and manage the disposition of Grace Pacific. •Lead specific corporate simplification activities and transactions including land sales, legacy clean-up matters, and post-closing obligations. |
| Additional CEO Performance Metric ($ in mil.) | | | Threshold | | | Target | | | Maximum | | | Actual | | | 0-3 Rating | | |||||||||||||||
| Grace Adjusted EBITDA (1) | | | | $ | 7.9 | | | | | $ | 13.3 | | | | | $ | 19.8 | | | | | $ | 2.3 | | | | | | 0.0 | | |
| | | | Target PIIP Award | | | Actual as a % of | | | Actual PIIP Award | | |||||||||||||||||||||
| NEO | | | % of Base Salary | | | $ | | | Target | | | % of Base Salary | | | $ | | |||||||||||||||
| Mr. Benjamin | | | | | 110% | | | | | $ | 759,000 | | | | | | 60% | | | | | | 66% | | | | | $ | 455,400 | | |
| Mr. Brown | | | | | 80% | | | | | $ | 320,000 | | | | | | 63% | | | | | | 50% | | | | | $ | 201,600 | | |
| Mr. Parker | | | | | 80% | | | | | $ | 318,270 | | | | | | 70% | | | | | | 56% | | | | | $ | 222,789 | | |
| Mr. Chun | | | | | 55% | | | | | $ | 199,543 | | | | | | 70% | | | | | | 39% | | | | | $ | 139,680 | | |
| Ms. Ching | | | | | 55% | | | | | $ | 168,253 | | | | | | 70% | | | | | | 38% | | | | | $ | 117,784 | | |
Target PIIP and AIP Award | Actual as a % of | Actual PIIP and AIP Award | |||||||||||||||
NEO | % of Base Salary | $ | Target | % of Base Salary | $ | ||||||||||||
Mr. Parker* | 100 | % | $619,000 | 153% | 153% | $945,708 | |||||||||||
Mr. Chun | 70 | % | $280,000 | 150% | 105% | $419,594 | |||||||||||
Mr. Pauker** - AIP (4 months) | 75 | % | $91,250 | 120% | 90% | $109,153 | |||||||||||
- PIIP (8 months) | 75 | % | $195,000 | 147% | 110% | $285,779 | |||||||||||
Ms. Ching | 55 | % | $188,531 | 147% | 82% | $276,867 | |||||||||||
Mr. Schreck*** | 55 | % | $186,945 | 100% | 55% | $186,945 | |||||||||||
Mr. Benjamin**** | 110 | % | $422,708 | 86% | 96% | $363,529 |
| | | | Target LTI | | | LTI Vehicle Mix | | ||||||||||||
| NEO | | | Value | | | PSUs | | | RSUs | | |||||||||
| Mr. Benjamin | | | | $ | 1,700,000 | | | | | | 50% | | | | | | 50% | | |
| Mr. Brown | | | | $ | 700,000 | | | | | | 50% | | | | | | 50% | | |
| Mr. Parker | | | | $ | 600,000 | | | | | | 50% | | | | | | 50% | | |
| Mr. Chun | | | | $ | 250,000 | | | | | | 50% | | | | | | 50% | | |
| Ms. Ching | | | | $ | 250,000 | | | | | | 50% | | | | | | 50% | | |
Target 2023 | LTI Vehicle Mix | ||||||||||
NEO | LTI Value | PSUs | RSUs | ||||||||
Mr. Parker* | $ | 1,500,000 | 50 | % | 50 | % | |||||
Mr. Chun | $ | 600,000 | 50 | % | 50 | % | |||||
Mr. Pauker** - as SVP, Investments | $ | 250,000 | 30 | % | 70 | % | |||||
- as EVP & CIO | $ | 200,000 | 50 | % | 50 | % | |||||
Ms. Ching | $ | 250,000 | 50 | % | 50 | % | |||||
Mr. Schreck | $ | 165,000 | 50 | % | 50 | % | |||||
Mr. Benjamin*** | $ | 1,700,000 | — | % | 100 | % |
2023 LTI Performance Metrics | Threshold (35% of Target Payout)* | Target (100% of Target Payout)* | Maximum (200% of Target Payout)* | |||||||||||||||
35th Percentile of Peer Group | 50th Percentile of Peer Group | 75th Percentile of | ||||||||||||||||
| NEO | | | Base Salary as of 12/31/20 | | | Target PIIP Award | | | 2020 LTI Grant | | | Target Total Direct Compensation | | ||||||||||||
| Mr. Benjamin | | | | $ | 690,000 | | | | | $ | 759,000 | | | | | $ | 1,700,000 | | | | | $ | 3,149,000 | | |
| Mr. Brown | | | | $ | 400,000 | | | | | $ | 320,000 | | | | | $ | 700,000 | | | | | $ | 1,420,000 | | |
| Mr. Parker | | | | $ | 397,838 | | | | | $ | 318,270 | | | | | $ | 600,000 | | | | | $ | 1,316,108 | | |
| Mr. Chun | | | | $ | 362,805 | | | | | $ | 199,543 | | | | | $ | 250,000 | | | | | $ | 812,348 | | |
| Ms. Ching | | | | $ | 305,933 | | | | | $ | 168,253 | | | | | $ | 250,000 | | | | | $ | 724,186 | | |
NEO | Base Salary as of 12/31/23 | Target PIIP and AIP Award | 2023 LTI Grant | Target Total Direct Compensation | ||||||||||
Mr. Parker* | $ | 675,000 | $ | 619,000 | $ | 1,500,000 | $ | 2,794,000 | ||||||
Mr. Chun | $ | 400,000 | $ | 280,000 | $ | 600,000 | $ | 1,280,000 | ||||||
Mr. Pauker** | $ | 390,000 | $ | 286,250 | $ | 450,000 | $ | 1,126,250 | ||||||
Ms. Ching | $ | 342,784 | $ | 188,531 | $ | 250,000 | $ | 781,315 | ||||||
Mr. Schreck | $ | 339,900 | $ | 186,945 | $ | 165,000 | $ | 691,845 | ||||||
Mr. Benjamin*** | N/A | $ | 422,708 | $ | 1,700,000 | $ | 2,122,708 |
| | Name and Principal Position (a) | | | Year (b) | | | | Salary ($) (c) | | | | Bonus ($)(1) (d) | | | | Stock Awards ($)(2) (e) | | | | Option Awards ($) (f) | | | | Non-Equity Incentive Plan Compensation ($)(3) (g) | | | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(4) (h) | | | | All Other Compensation ($)(5) (i) | | | | Total ($) (j) | | |||||||||||||||||||||||||||
| | Christopher J. Benjamin President and Chief Executive Officer | | | | | 2020 | | | | | | | 690,000 | | | | | | | 386,400 | | | | | | | 1,946,094 | | | | | | | N/A | | | | | | | 69,000 | | | | | | | 300,551 | | | | | | | 78,710 | | | | | | | 3,470,755 | | |
| | | 2019 | | | | | | | 685,000 | | | | | | | 170,116 | | | | | | | 1,969,270 | | | | | | | N/A | | | | | | | 664,884 | | | | | | | 390,393 | | | | | | | 33,403 | | | | | | | 3,913,066 | | | ||||
| | | 2018 | | | | | | | 665,000 | | | | | | | 268,504 | | | | | | | 2,003,838 | | | | | | | N/A | | | | | | | 509,768 | | | | | | | 0(6) | | | | | | | 32,323 | | | | | | | 3,479,433 | | | ||||
| | Brett A. Brown(7) Executive Vice President & Chief Financial Officer | | | | | 2020 | | | | | | | 400,000 | | | | | | | 137,600 | | | | | | | 801,301 | | | | | | | N/A | | | | | | | 64,000 | | | | | | | 0 | | | | | | | 40,728 | | | | | | | 1,443,629 | | |
| | | 2019 | | | | | | | 259,231 | | | | | | | 71,728 | | | | | | | 604,043 | | | | | | | N/A | | | | | | | 163,500 | | | | | | | N/A | | | | | | | 96,668(8) | | | | | | | 1,195,170 | | | ||||
| | Lance K. Parker Executive Vice President and Chief Real Estate Officer | | | | | 2020 | | | | | | | 397,838 | | | | | | | 159,135 | | | | | | | 686,836 | | | | | | | N/A | | | | | | | 63,654 | | | | | | | 74,887 | | | | | | | 49,185 | | | | | | | 1,431,535 | | |
| | | 2019 | | | | | | | 394,941 | | | | | | | 59,048 | | | | | | | 729,337 | | | | | | | N/A | | | | | | | 404,363 | | | | | | | 87,508 | | | | | | | 22,815 | | | | | | | 1,698,012 | | | ||||
| | | 2018 | | | | | | | 383,438 | | | | | | | 58,734 | | | | | | | 667,946 | | | | | | | N/A | | | | | | | 234,938 | | | | | | | 5,608 | | | | | | | 22,130 | | | | | | | 1,372,794 | | | ||||
| | Nelson N. S. Chun Executive Vice President and Chief Legal Officer | | | | | 2020 | | | | | | | 362,805 | | | | | | | 99,771 | | | | | | | 286,186 | | | | | | | N/A | | | | | | | 39,909 | | | | | | | 32,480 | | | | | | | 38,737 | | | | | | | 859,888 | | |
| | | 2019 | | | | | | | 360,163 | | | | | | | 49,839 | | | | | | | 303,877 | | | | | | | N/A | | | | | | | 174,800 | | | | | | | 77,702 | | | | | | | 21,546 | | | | | | | 987,927 | | | ||||
| | | 2018 | | | | | | | 349,674 | | | | | | | 70,566 | | | | | | | 306,116 | | | | | | | N/A | | | | | | | 133,972 | | | | | | | 0(9) | | | | | | | 20,908 | | | | | | | 881,236 | | | ||||
| | Meredith J. Ching Executive Vice President, External Affairs | | | | | 2020 | | | | | | | 305,933 | | | | | | | 84,131 | | | | | | | 286,186 | | | | | | | N/A | | | | | | | 33,653 | | | | | | | 145,361 | | | | | | | 32,700 | | | | | | | 887,964 | | |
| | | 2019 | | | | | | | 275,244 | | | | | | | 42,027 | | | | | | | 303,877 | | | | | | | N/A | | | | | | | 147,398 | | | | | | | 193,129 | | | | | | | 18,304 | | | | | | | 979,979 | | | ||||
| | | 2018 | | | | | | | 277,923 | | | | | | | 59,504 | | | | | | | 306,116 | | | | | | | N/A | | | | | | | 112,971 | | | | | | | 0(10) | | | | | | | 15,146 | | | | | | | 771,660 | | |
Name and Principal Position (a) | Year (b) | Salary ($)(1) (c) | Bonus ($)(2) (d) | Stock Awards ($)(3) (e) | Option Awards ($) (f) | Non-Equity Incentive Plan Compensation ($)(4) (g) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(5) (h) | All Other Compensation ($)(6) (i) | Total ($) (j) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lance K. Parker President and Chief Executive Officer (7) | 2023 | 618,998 | 283,712 | 1,684,810 | N/A | 661,996 | 3,198 | 85,253 | 3,337,967 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 447,498 | 240,131 | 843,873 | N/A | 571,991 | 0 | (11) | 76,634 | 2,180,127 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 423,748 | 241,920 | 755,459 | N/A | 448,688 | 10,558 | 63,166 | 1,943,539 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clayton K. Y. Chun Executive Vice President, Chief Financial Officer and Treasurer | 2023 | 399,998 | 125,878 | 692,700 | N/A | 293,716 | 0 | 53,280 | 1,565,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 293,315 | 78,272 | 214,984 | N/A | 181,390 | 0 | (12) | 45,679 | 813,640 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jeffrey W. Pauker Executive Vice President and Chief Investment Officer (8) | 2023 | 381,665 | 118,480 | 491,546 | N/A | 276,452 | 0 | 31,350 | 1,299,493 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Meredith J. Ching Executive Vice President, External Affairs | 2023 | 331,576 | 83,060 | 288,625 | N/A | 193,807 | 0 | (13) | 52,413 | 949,481 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 327,199 | 129,366 | 281,291 | N/A | 230,423 | 0 | (14) | 56,762 | 1,025,041 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 318,944 | 100,320 | 269,809 | N/A | 235,027 | 0 | (14) | 42,958 | 967,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jerrod M. Schreck Executive Vice President (9) | 2023 | 336,770 | 130,862 | 190,493 | N/A | 56,083 | 0 | 979,508 | 1,693,716 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 327,324 | 109,949 | 185,631 | N/A | 113,719 | 0 | (15) | 47,306 | 783,929 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Christopher J. Benjamin Former Chief Executive Officer (10) | 2023 | 465,569 | 363,529 | 1,700,000 | N/A | 0 | 204,135 | 2,112,244 | 4,845,477 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 731,922 | 433,784 | 1,912,851 | N/A | 1,033,274 | 0 | (16) | 133,059 | 4,244,890 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 711,523 | 351,797 | 1,834,728 | N/A | 1,137,439 | 0 | (16) | 101,066 | 4,136,553 |
| | | | | | | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(3) (i) | | | All Other Option Awards: Number of Securities Underlying Options (#)(4) (j) | | | Exercise or Base Price of Option Awards ($/Sh) (k) | | | Grant Date Fair Value of Stock and Option Awards ($)(5) (l) | | ||||||||||||||||||||||||||||||||||||||||||
| Name (a) | | | Grant Date (b) | | | Threshold ($) (c) | | | Target ($) (d) | | | Maximum ($) (e) | | | Threshold (#) (f) | | | Target (#) (g) | | | Maximum (#) (h) | | |||||||||||||||||||||||||||||||||||||||||||||
| Christopher J. Benjamin | | | | | 2/1/20 | | | | | | 284,625 | | | | | | 569,250 | | | | | | 1,138,500 | | | | | | 13,609 | | | | | | 38.883 | | | | | | 77,766 | | | | | | 38,883 | | | | | | N/A | | | | | | N/A | | | | | | 1,946,094 | | |
| Brett A. Brown | | | | | 2/1/20 | | | | | | 120,000 | | | | | | 240,000 | | | | | | 480,000 | | | | | | 5,604 | | | | | | 16,010 | | | | | | 32,020 | | | | | | 16,010 | | | | | | N/A | | | | | | N/A | | | | | | 801,301 | | |
| Lance K. Parker | | | | | 2/1/20 | | | | | | 119,351 | | | | | | 238,703 | | | | | | 477,406 | | | | | | 4,803 | | | | | | 13,723 | | | | | | 27,446 | | | | | | 13,723 | | | | | | N/A | | | | | | N/A | | | | | | 686,836 | | |
| Nelson N. S. Chun | | | | | 2/1/20 | | | | | | 74,829 | | | | | | 149,657 | | | | | | 299,314 | | | | | | 2,001 | | | | | | 5,718 | | | | | | 11,436 | | | | | | 5,718 | | | | | | N/A | | | | | | N/A | | | | | | 286,186 | | |
| Meredith J. Ching | | | | | 2/1/20 | | | | | | 63,099 | | | | | | 126,197 | | | | | | 252,395 | | | | | | 2,001 | | | | | | 5,718 | | | | | | 11,436 | | | | | | 5,718 | | | | | | N/A | | | | | | N/A | | | | | | 286,186 | | |
Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | All Other Stock Awards: Number of Shares of Stock or Units (#)(3) (i) | All Other Option Awards: Number of Securities Underlying Options (#)(4) (j) | Exercise or Base Price of Option Awards ($/Sh) (k) | Grant Date Fair Value of Stock and Option Awards ($)(5) (l) | ||||||||||||||||||||||||||||||
Name (a) | Grant Date (b) | Threshold ($) (c) | Target ($) (d) | Maximum ($) (e) | Threshold (#) (f) | Target (#) (g) | Maximum (#) (h) | ||||||||||||||||||||||||||||
Lance K. Parker (6) | 216,650 | 433,300 | 866,600 | ||||||||||||||||||||||||||||||||
2/1/23 | 9,375 | 18,750 | 37,500 | 18,750 | N/A | N/A | 865,875 | ||||||||||||||||||||||||||||
7/31/23 | 9,766 | 19,531 | 39,062 | 19,531 | N/A | N/A | 818,935 | ||||||||||||||||||||||||||||
Clayton K. Y. Chun | 98,000 | 196,000 | 392,000 | ||||||||||||||||||||||||||||||||
2/1/23 | 7,500 | 15,000 | 30,000 | 15,000 | N/A | N/A | 692,700 | ||||||||||||||||||||||||||||
Jeffrey W. Pauker (7) | 100,188 | 200,375 | 368,813 | ||||||||||||||||||||||||||||||||
2/1/23 | 1,875 | 3,750 | 7,500 | 8,750 | N/A | N/A | 273,175 | ||||||||||||||||||||||||||||
7/31/23 | 2,604 | 5,208 | 10,416 | 5,208 | N/A | N/A | 218,371 | ||||||||||||||||||||||||||||
Meredith J. Ching | 65,986 | 131,972 | 263,944 | ||||||||||||||||||||||||||||||||
2/1/23 | 3,125 | 6,250 | 12,500 | 6,250 | N/A | N/A | 288,625 | ||||||||||||||||||||||||||||
Jerrod M. Schreck (8) | 65,431 | 130,862 | 261,723 | ||||||||||||||||||||||||||||||||
2/1/23 | 2,063 | 4,125 | 8,250 | 4,125 | N/A | N/A | 190,493 | ||||||||||||||||||||||||||||
Christopher J. Benjamin (9) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
2/1/23 | N/A | N/A | N/A | 85,000 | N/A | N/A | 1,700,000 |
| | | | Option Awards | | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Name (a) | | | Number of Securities Underlying Unexercised Options (#) Exercisable (b) | | | Number of Securities Underlying Unexercised Options (#) Unexercisable (c) | | | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) (d) | | | Option Exercise Price ($) (e) | | | Option Expiration Date (f) | | | Number of Shares or Units of Stock that Have Not Vested (#) (g) | | | Market Value of Shares or Units of Stock that Have Not Vested ($)(5) (h) | | | Equity In- centive Plan Awards: Number of Unearned Shares, Units or Other Rights that Have Not Vested (#) (i) | | | Equity In- centive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that Have Not Vested ($)(5) (j) | | |||||||||||||||||||||||||||
| Christopher J. Benjamin | | | | | 50,677 | | | | | | — | | | | | | — | | | | | | 14.92 | | | | | | 1/24/2022 | | | | | | 73,531(1) | | | | | | 1,263,263 | | | | | | 107,111(6) | | | | | | 1,840,167 | | |
| Brett A. Brown | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 23,163(2) | | | | | | 397,940 | | | | | | 26,739(7) | | | | | | 459,376 | | |
| Lance K. Parker | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 26,154(3) | | | | | | 449,326 | | | | | | 37,788(8) | | | | | | 649,198 | | |
| Nelson N.S. Chun | | | | | 23,389 | | | | | | — | | | | | | — | | | | | | 14.92 | | | | | | 1/24/2022 | | | | | | 11,048(4) | | | | | | 189,805 | | | | | | 16,196(9) | | | | | | 278,247 | | |
| Meredith J. Ching | | | | | 17,539 | | | | | | — | | | | | | — | | | | | | 14.92 | | | | | | 1/24/2022 | | | | | | 11,048(4) | | | | | | 189,805 | | | | | | 16,196(9) | | | | | | 278,247 | | |
|
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||||
Name (a) | Number of Securities Underlying Unexercised Options (#) Exercisable (b) | Number of Securities Underlying Unexercised Options (#) Unexercisable (c) | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) (d) | Option Exercise Price ($) (e) | Option Expiration Date (f) | Number of Shares or Units of Stock that Have Not Vested (#) (g) | Market Value of Shares or Units of Stock that Have Not Vested ($)(6) (h) | Equity In- centive Plan Awards: Number of Unearned Shares, Units or Other Rights that Have Not Vested (#)(5) (i) | Equity In- centive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that Have Not Vested ($)(6) (j) | |||||||||||||||||||||||||||||
Lance K. Parker | — | — | — | — | — | 56,772 | (1) | 1,079,803 | 77,293 | (7) | 1,470,113 | |||||||||||||||||||||||||||
Clayton K. Y. Chun | — | — | — | — | — | 21,503 | (2) | 408,987 | 20,725 | (8) | 394,190 | |||||||||||||||||||||||||||
Jeffrey W. Pauker | — | — | — | — | — | 21,572 | (3) | 410,299 | 14,762 | (9) | 280,773 | |||||||||||||||||||||||||||
Meredith J. Ching | — | — | — | — | — | 12,593 | (4) | 239,519 | 19,791 | (10) | 376,425 | |||||||||||||||||||||||||||
Jerrod M. Schreck (11) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Christopher J. Benjamin (12) | — | — | — | — | — | — | — | 61,737 | 1,174,238 |
| | | | OPTION AWARDS | | | STOCK AWARDS | | ||||||||||||||||||
| Name (a) | | | Number of Shares Acquired on Exercise (#) (b) | | | Value Realized on Exercise ($) (c) | | | Number of Shares Acquired on Vesting (#) (d)(4) | | | Value Realized on Vesting ($) (e) | | ||||||||||||
| Christopher J. Benjamin | | | | | 0 | | | | | | 0 | | | | | | 30,886 | | | | | | 676,494 | | |
| Brett A. Brown | | | | | N/A | | | | | | N/A | | | | | | 3,576 | | | | | | 43,127 | | |
| Lance K. Parker | | | | | 1,740 | | | | | | 3,236 | | | | | | 9,942 | | | | | | 217,794 | | |
| Nelson N. S. Chun | | | | | 31,291 | | | | | | 86,989 | | | | | | 5,238 | | | | | | 114,722 | | |
| Meredith J. Ching | | | | | 23,466 | | | | | | 43,647 | | | | | | 5,238 | | | | | | 114,722 | | |
OPTION AWARDS | STOCK AWARDS | ||||||||||||||||
Name (a) | Number of Shares Acquired on Exercise (#) (b) | Value Realized on Exercise ($) (c) | Number of Shares Acquired on Vesting (#) (d) | Value Realized on Vesting ($) (e) | |||||||||||||
Lance K. Parker | — | — | 39,261 | 785,220 | |||||||||||||
Clayton K. Y. Chun | — | — | 10,141 | 202,820 | |||||||||||||
Jeffrey W. Pauker | — | — | 10,739 | 214,780 | |||||||||||||
Meredith J. Ching | — | — | 15,454 | 309,080 | |||||||||||||
Jerrod M. Schreck | — | — | 7,194 | 143,880 | |||||||||||||
Christopher J. Benjamin | — | — | 105,089 | 2,101,780 |
| Name (a) | | | Plan Name (b) | | | Number of Years Credited Service(1) (#) (c) | | | Present Value of Accumulated Benefit ($) (d) | | | Payments During Last Fiscal Year ($) (e) | | |||||||||
| Christopher J. Benjamin | | | A&B Retirement Plan for Salaried Employees | | | | | 18.4 | | | | | | 755,533 | | | | | | — | | |
| | | | A&B Excess Benefits Plan | | | | | 18.4 | | | | | | 1,767,467 | | | | | | — | | |
| Brett A. Brown | | | A&B Retirement Plan for Salaried Employees | | | | | 0 | | | | | | — | | | | | | — | | |
| | | | A&B Excess Benefits Plan | | | | | 0 | | | | | | — | | | | | | — | | |
| Lance K. Parker | | | A&B Retirement Plan for Salaried Employees | | | | | 15.3 | | | | | | 367,995 | | | | | | — | | |
| | | | A&B Excess Benefits Plan | | | | | 15.3 | | | | | | 73,475 | | | | | | — | | |
| Nelson N. S. Chun | | | A&B Retirement Plan for Salaried Employees | | | | | 16.2 | | | | | | 578,852 | | | | | | — | | |
| | | | A&B Excess Benefits Plan | | | | | 16.2 | | | | | | 633,921 | | | | | | — | | |
| Meredith J. Ching | | | A&B Retirement Plan for Salaried Employees | | | | | 37.6 | | | | | | 1,983,134 | | | | | | — | | |
| | | | A&B Excess Benefits Plan | | | | | 37.6 | | | | | | 643,160 | | | | | | — | | |
Name (a) | Plan Name (b) | Number of Years Credited Service(1) (#) (c) | Present Value of Accumulated Benefit ($) (d) | Payments During Last Fiscal Year ($) (e) | ||||||||||
Lance K. Parker | A&B Excess Benefits Plan | 15.3 | 58,019 | — | ||||||||||
Clayton K. Y. Chun | A&B Excess Benefits Plan | — | — | — | ||||||||||
Jeffrey W. Pauker | A&B Excess Benefits Plan | — | — | — | ||||||||||
Meredith J. Ching | A&B Excess Benefits Plan | 37.6 | 502,380 | — | ||||||||||
Jerrod M. Schreck | A&B Excess Benefits Plan | — | — | — | ||||||||||
Christopher J. Benjamin | A&B Excess Benefits Plan | 18.4 | 1,654,654 | — |
| Name (a) | | | Executive Contributions in Last FY ($) (b) | | | Registrant Contributions in Last FY ($)(1) (c) | | | Aggregate Earnings in Last FY ($)(2) (d) | | | Aggregate Withdrawals/ Distributions ($) (e) | | | Aggregate Balance at Last FYE ($)(1) (f) | | |||||||||||||||
| Christopher J. Benjamin | | | | | — | | | | | | 59,045 | | | | | | 22,785 | | | | | | — | | | | | | 137,372 | | |
| Brett A. Brown | | | | | — | | | | | | 21,063 | | | | | | — | | | | | | — | | | | | | 21,063 | | |
| Lance K. Parker | | | | | — | | | | | | 29,520 | | | | | | 4,442 | | | | | | — | | | | | | 42,189 | | |
| Nelson N. S. Chun | | | | | — | | | | | | 19,072 | | | | | | 4,700 | | | | | | — | | | | | | 40,706 | | |
| Meredith J. Ching | | | | | — | | | | | | 13,035 | | | | | | 35 | | | | | | — | | | | | | 13,179 | | |
Name (a) | Executive Contributions in Last FY ($) (b) | Registrant Contributions in Last FY ($)(1) (c) | Aggregate Earnings/Loss in Last FY ($)(2) (d) | Aggregate Withdrawals/ Distributions ($) (e) | Aggregate Balance at Last FYE ($)(1) (f) | ||||||||||||
Lance K. Parker | — | 53,903 | 19,635 | — | 183,763 | ||||||||||||
Clayton K. Y. Chun | — | 21,930 | 7,159 | — | 57,543 | ||||||||||||
Jeffrey W. Pauker | — | — | — | — | — | ||||||||||||
Meredith J. Ching | — | 21,063 | 5,110 | — | 71,685 | ||||||||||||
Jerrod M. Schreck | — | 16,101 | 2,428 | — | 34,693 | ||||||||||||
Christopher J. Benjamin | — | 70,868 | 30,139 | — | 394,300 |
| Christopher J. Benjamin | | ||||||||||||||||||||||||||||||||||||||||||
| Components | | | Change in Control w/Termination | | | Termination w/o Cause(1) | | | Termination w/Cause | | | Voluntary Resignation | | | Death | | | Disability(2) | | | Retirement(3) | | |||||||||||||||||||||
| Cash Severance | | | | $ | 2,898,000 | | | | | $ | 690,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Retirement Benefits(4) | | | | $ | (141,011)(6) | | | | | $ | (69,188)(6) | | | | | $ | (69,188)(6) | | | | | $ | (69,188)(6) | | | | | $ | (69,188)(6) | | | | | $ | (69,188)(6) | | | | |||||
| | | | | $ | (9,215)(5)(6) | | | | | $ | (9,215)(5)(6) | | | | | $ | (9,215)(5)(6) | | | | | $ | (9,215)(5)(6) | | | | | $ | (235,740)(5)(6) | | | | | $ | (9,215)(5)(6) | | | | |||||
| Health & Welfare Benefits | | | | $ | 45,860 | | | | | $ | 20,592 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Outplacement Counseling | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Long-Term Incentives(7) | | | | $ | 2,574,660 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 1,478,798 | | | | | $ | 1,478,798 | | | | | $ | 1,478,798 | | |
| Total (Lump-sum) | | | | $ | 5,387,509 | | | | | $ | 651,404 | | | | | $ | (69,188)(6) | | | | | $ | (69,188)(6) | | | | | $ | 1,409,610 | | | | | $ | 1,478,798 | | | | | $ | 1,409,610 | | |
| Total (Annuity) | | | | $ | (9,215)(6) | | | | | $ | (9,215)(6) | | | | | $ | (9,215)(6) | | | | | $ | (9,215)(6) | | | | | $ | (235,740)(6) | | | | | $ | (9,215)(6) | | | |
| Brett A. Brown | | ||||||||||||||||||||||||||||||||||||||||||
| Components | | | Change in Control w/Termination | | | Termination w/o Cause(1) | | | Termination w/Cause | | | Voluntary Resignation | | | Death | | | Disability(2) | | | Retirement(3) | | |||||||||||||||||||||
| Cash Severance | | | | $ | 955,619 | | | | | $ | 400,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Retirement Benefits(4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Health & Welfare Benefits | | | | $ | 57,117 | | | | | $ | 26,707 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Outplacement Counseling | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Long-Term Incentives(7) | | | | $ | 867,382 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 462,499 | | | | | $ | 462,499 | | | | | $ | 462,499 | | |
| Total (Lump-sum) | | | | $ | 1,890,118 | | | | | $ | 436,707 | | | | | | — | | | | | | — | | | | | $ | 462,499 | | | | | $ | 462,499 | | | | | $ | 462,499 | | |
| Total (Annuity) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lance K. Parker | |||||||||||||||||||||||||||||||||||||||||
Components | Change in Control w/Qualifying Termination | Termination w/o Cause(1) | Termination w/Cause | Voluntary Resignation | Death | Disability(2) | Retirement(3) | ||||||||||||||||||||||||||||||||||
Cash Severance | $ | 1,959,466 | $ | 675,000 | --- | ||||||||||||||||||||||||||||||||||||
Retirement Benefits(4) | $ | 24,069 | $ | 24,069 | $ | 24,069 | $ | 24,069 | $ | 24,069 | Not Yet Eligible | ||||||||||||||||||||||||||||||
Health & Welfare Benefits | $ | 49,519 | $ | 22,984 | --- | ||||||||||||||||||||||||||||||||||||
Outplacement Counseling | $ | 10,000 | $ | 10,000 | --- | ||||||||||||||||||||||||||||||||||||
Long-Term Incentives(5) | $ | 2,210,904 | $ | 1,531,230 | $ | 1,531,230 | $ | 1,531,230 | |||||||||||||||||||||||||||||||||
Total | $ | 4,253,958 | $ | 732,053 | $ | 24,069 | $ | 24,069 | $ | 1,555,299 | $ | 1,531,230 | $ | 1,531,230 |
Clayton K. Y. Chun | |||||||||||||||||||||||||||||||||||||||||
Components | Change in Control w/Qualifying Termination | Termination w/o Cause(1) | Termination w/Cause | Voluntary Resignation | Death | Disability(2) | Retirement(3) | ||||||||||||||||||||||||||||||||||
Cash Severance | $ | 887,649 | $ | 400,000 | |||||||||||||||||||||||||||||||||||||
Retirement Benefits(4) | Not Yet Eligible | ||||||||||||||||||||||||||||||||||||||||
Health & Welfare Benefits | $ | 50,982 | $ | 21,909 | |||||||||||||||||||||||||||||||||||||
Outplacement Counseling | $ | 10,000 | $ | 10,000 | |||||||||||||||||||||||||||||||||||||
Long-Term Incentives(5) | $ | 764,870 | $ | 537,474 | $ | 537,474 | $ | 537,474 | |||||||||||||||||||||||||||||||||
Total | $ | 1,713,501 | $ | 431,909 | $ | — | $ | — | $ | 537,474 | $ | 537,474 | $ | 537,474 |
Jeffrey W. Pauker | |||||||||||||||||||||||||||||||||||||||||
Components | Change in Control w/Qualifying Termination | Termination w/o Cause(1) | Termination w/Cause | Voluntary Resignation | Death | Disability(2) | Retirement(3) | ||||||||||||||||||||||||||||||||||
Cash Severance | $ | 1,365,000 | $ | 390,000 | --- | ||||||||||||||||||||||||||||||||||||
Retirement Benefits(4) | Not Yet Eligible | ||||||||||||||||||||||||||||||||||||||||
Health & Welfare Benefits | $ | 59,069 | $ | 27,373 | --- | ||||||||||||||||||||||||||||||||||||
Outplacement Counseling | $ | 10,000 | $ | 10,000 | --- | ||||||||||||||||||||||||||||||||||||
Long-Term Incentives(5) | $ | 657,255 | $ | 508,836 | $ | 508,836 | $ | 508,836 | |||||||||||||||||||||||||||||||||
Total | $ | 2,091,324 | $ | 427,373 | $ | — | $ | — | $ | 508,836 | $ | 508,836 | $ | 508,836 |
| Lance K. Parker | | ||||||||||||||||||||||||||||||||||||||||||
| Components | | | Change in Control w/Termination | | | Termination w/o Cause(1) | | | Termination w/Cause | | | Voluntary Resignation | | | Death | | | Disability(2) | | | Retirement(3) | | |||||||||||||||||||||
| Cash Severance | | | | $ | 1,295,655 | | | | | $ | 397,838 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Retirement Benefits(4) | | | | $ | 60,801 | | | | | $ | 3,994 | | | | | $ | 3,994 | | | | | $ | 3,994 | | | | | $ | 3,994 | | | | | | — | | | | | | not yet eligible | | |
| | | | | $ | (42,781)(6) | | | | | $ | (42,781)(6) | | | | | $ | (42,781)(6) | | | | | $ | ($42,781)(6) | | | | | $ | (155,902)(5)(6) | | | | | | — | | | | | | not yet eligible | | |
| Health & Welfare Benefits | | | | $ | 52,574 | | | | | $ | 25,528 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Outplacement Counseling | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Long-Term Incentives(7) | | | | $ | 923,012 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 528,995 | | | | | $ | 528,995 | | | | | $ | 528,995 | | |
| Total (Lump-sum) | | | | $ | 2,342,041 | | | | | $ | 437,360 | | | | | $ | 3,994 | | | | | $ | 3,994 | | | | | $ | 532,995 | | | | | $ | 528,995 | | | | | $ | 528,995 | | |
| Total (Annuity) | | | | $ | (42,781)(6) | | | | | $ | (42,781)(6) | | | | | $ | (42,781)(6) | | | | | $ | ($42,781)(6) | | | | | $ | (155,902)(6) | | | | | | — | | | | | | not yet eligible | | |
| Nelson N. S. Chun(8) | | ||||||||||||||||||||||||||||||||||||||||||
| Components | | | Change in Control w/Termination | | | Termination w/o Cause(1) | | | Termination w/Cause | | | Voluntary Resignation | | | Death | | | Disability(2) | | | Retirement(3) | | |||||||||||||||||||||
| Cash Severance | | | | $ | 1,124,696 | | | | | $ | 362,805 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Retirement Benefits(4) | | | | $ | (23,331)(6) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (200,348)(5)(6) | | | | | | — | | | | | | — | | |
| Health & Welfare Benefits | | | | $ | 42,311 | | | | | $ | 19,498 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Outplacement Counseling | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Long-Term Incentives(7) | | | | $ | 387,194 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 223,021 | | | | | $ | 223,021 | | | | | $ | 233,021 | | |
| Total (Lump-sum) | | | | $ | 1,540,869 | | | | | $ | 392,303 | | | | | | — | | | | | | — | | | | | $ | 223,021 | | | | | $ | 223,021 | | | | | $ | 233,021 | | |
| Total (Annuity) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (200,348)(6) | | | | | | — | | | | | | — | | |
| Meredith J. Ching(8) | | ||||||||||||||||||||||||||||||||||||||||||
| Components | | | Change in Control w/Termination | | | Termination w/o Cause(1) | | | Termination w/Cause | | | Voluntary Resignation | | | Death | | | Disability(2) | | | Retirement(3) | | |||||||||||||||||||||
| Cash Severance | | | | $ | 948,392 | | | | | $ | 305,933 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Retirement Benefits(4) | | | | $ | (27,317)(6) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (1,223,543)(5)(6) | | | | | | — | | | | | | — | | |
| Health & Welfare Benefits | | | | $ | 24,328 | | | | | $ | 10,807 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Outplacement Counseling | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Long-Term Incentives(7) | | | | $ | 387,194 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 223,021 | | | | | $ | 223,021 | | | | | $ | 223,021 | | |
| Total (Lump-sum) | | | | $ | 1,342,597 | | | | | $ | 326,740 | | | | | | — | | | | | | — | | | | | $ | 223,021 | | | | | $ | 223,021 | | | | | $ | 223,021 | | |
| Total (Annuity) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (1,223,543)(6) | | | | | | — | | | | | | — | | |
Meredith J. Ching(6) | |||||||||||||||||||||||||||||||||||||||||
Components | Change in Control w/Qualifying Termination | Termination w/o Cause(1) | Termination w/Cause | Voluntary Resignation | Death | Disability(2) | Retirement(3) | ||||||||||||||||||||||||||||||||||
Cash Severance | $ | 1,062,630 | $ | 342,784 | |||||||||||||||||||||||||||||||||||||
Retirement Benefits(4) | $ | 19,232 | |||||||||||||||||||||||||||||||||||||||
Health & Welfare Benefits | $ | 31,332 | $ | 13,036 | |||||||||||||||||||||||||||||||||||||
Outplacement Counseling | $ | 10,000 | $ | 10,000 | |||||||||||||||||||||||||||||||||||||
Long-Term Incentives(5) | $ | 492,447 | $ | 348,719 | $ | 348,719 | $ | 348,719 | |||||||||||||||||||||||||||||||||
Total | $ | 1,615,641 | $ | 365,820 | $ | — | $ | — | $ | 348,719 | $ | 348,719 | $ | 348,719 |
| | | | Summary Compensation Table Amount | | | + | | | Company Contribution to Health Plans | | | = | | | Total Pay | | |||||||||
| CEO | | | | $ | 3,470,755 | | | | | | | | $ | 15,566 | | | | | | | | $ | 3,486,321 | | |
| Median Employee | | | | $ | 81,338 | | | | | | | | $ | 19,249 | | | | | | | | $ | 100,587 | | |
Summary Compensation Table Amount (Annualized Base Salary for the current CEO based on his new role) | + | Company Contribution to Health Plans | = | Total Pay | |||||||||||||
CEO | $3,393,969 | $15,940 | $3,409,909 | ||||||||||||||
Median Employee | $143,414 | $16,240 | $159,654 | ||||||||||||||
(dollars in thousands, except as indicated) | ||||||||||||||||||||||||||||||||||||||
Current PEO | Former PEO | Average to Non-PEO Named Executive Officers | Value of Initial Fixed $100 Investment based on: | |||||||||||||||||||||||||||||||||||
Year | Summary Comp. Table Total (2) | Comp. Actually Paid (1) | Summary Comp. Table Total (2) | Comp. Actually Paid (1) | Summary Comp. Table Total (2) | Comp. Actually Paid (1) | Total Shareholder Return (3) | Peer Group Total Shareholder Return (3) | Net Income (millions) | CRE Same- Store NOI Growth (4) | ||||||||||||||||||||||||||||
(a) | (b) | (c) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | ||||||||||||||||||||||||||||
2023 | 3,338.0 | 2,944.2 | 4,845.5 | 3,003.7 | 1,377.1 | 1,227.5 | 104.80 | 117.03 | 33.0 | 4.3 | % | |||||||||||||||||||||||||||
2022 | N/A | N/A | 4,244.9 | 3,329.4 | 1,314.9 | 658.4 | 98.33 | 104.46 | -49.5 | 6.0 | % | |||||||||||||||||||||||||||
2021 | N/A | N/A | 4,136.6 | 6,610.6 | 1,462.3 | 2,117.7 | 126.12 | 119.43 | 35.8 | 17.3 | % | |||||||||||||||||||||||||||
2020 | N/A | N/A | 3,470.8 | 2,722.2 | 1,155.8 | 971.9 | 83.62 | 72.36 | 5.2 | (12.7) | % |
(dollars in thousands) | |||||||||||||||||||||||
Adjustments to Determining Compensation "Actually Paid" for Current PEO - Lance K. Parker | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||
Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the SCT | $ | (3.2) | N/A | N/A | N/A | ||||||||||||||||||
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT | (1,684.8) | N/A | N/A | N/A | |||||||||||||||||||
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year end | 1,503.3 | N/A | N/A | N/A | |||||||||||||||||||
Increase for Fair Value of Awards Granted during year that Vest during year | (291.4) | N/A | N/A | N/A | |||||||||||||||||||
Increase/deduction for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year | 22.3 | N/A | N/A | N/A | |||||||||||||||||||
Increase based on Dividends or Other Earnings Paid during year prior to Vesting Date of Award | 60.0 | N/A | N/A | N/A | |||||||||||||||||||
Total Adjustments | $ | (393.8) | N/A | N/A | N/A | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Adjustments to Determining Compensation "Actually Paid" for Former PEO - Christopher J. Benjamin | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||
Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the SCT | $ | (204.1) | $ | - | $ | - | $ | (300.6) | |||||||||||||||
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT | (1,700.0) | (1,912.9) | (1,834.7) | (1,946.1) | |||||||||||||||||||
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year end | 1,700.0 | 1,602.4 | 3,044.6 | 1,584.9 | |||||||||||||||||||
Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to year that were Outstanding and Unvested as of Year-end | (514.0) | (307.2) | 466.9 | 52.9 | |||||||||||||||||||
Increase/deduction for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year | 55.4 | (369.7) | 735.3 | (164.6) | |||||||||||||||||||
Deduction of Fair Value of Awards Granted Prior to year that were Forfeited during year | (1,330.2) | - | - | - | |||||||||||||||||||
Increase based on Dividends or Other Earnings Paid during year prior to Vesting Date of Award | 151.1 | 71.9 | 61.9 | 24.9 | |||||||||||||||||||
Total Adjustments | $ | (1,841.8) | $ | (915.5) | $ | 2,474.0 | $ | (748.6) | |||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Adjustments to Determining Compensation "Actually Paid" for Non-PEO NEOs | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||
Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the SCT | $ | - | $ | - | $ | (2.6) | $ | (63.2) | |||||||||||||||
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT | (415.8) | (462.7) | (512.6) | (515.1) | |||||||||||||||||||
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year end | 360.8 | 255.4 | 850.7 | 419.5 | |||||||||||||||||||
Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to year that were Outstanding and Unvested as of Year-end | (45.0) | (52.8) | 129.5 | 2.7 | |||||||||||||||||||
Increase/deduction for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year | 6.8 | (53.6) | 173.4 | (34.0) | |||||||||||||||||||
Deduction of Fair Value of Awards Granted Prior to year that were Forfeited during year | (73.1) | (358.7) | - | - | |||||||||||||||||||
Increase based on Dividends or Other Earnings Paid during year prior to Vesting Date of Award | 16.7 | 15.9 | 17.0 | 6.2 | |||||||||||||||||||
Total Adjustments | $ | (149.6) | $ | (656.5) | $ | 655.4 | $ | (183.9) |
Most Important Company Performance Measures for Determining NEO Compensation | ||
CRE Same-Store NOI Growth | ||
Core FFO per Diluted Share | ||
Growth Capital | ||
Relative Total Shareholder Return | ||
Net Debt to Consolidated Adjusted EBITDA |
Year Ended | ||||||||
(In millions, unaudited) | 2023 | 2022 | ||||||
CRE Operating Profit | $ | 81.2 | $ | 81.5 | ||||
Adjustments: | ||||||||
Plus: Depreciation and amortization | 36.5 | 36.5 | ||||||
Less: Straight-line lease adjustments | (5.1) | (6.3) | ||||||
Less: Favorable/(unfavorable) lease amortization | (1.1) | (1.1) | ||||||
Less: Termination income | (0.1) | (0.1) | ||||||
Plus: Other (income)/expense, net | 0.1 | 0.5 | ||||||
Plus: Impairment losses | 4.8 | — | ||||||
Plus: Selling, general, administrative and other expenses | 7.0 | 6.8 | ||||||
NOI | $ | 123.3 | $ | 117.8 | ||||
Less: NOI from acquisitions, dispositions, and other adjustments | (0.9) | (0.4) | ||||||
Same-Store NOI | $ | 122.4 | $ | 117.4 | ||||
Same-Store NOI Growth | 4.3 | % |
| | | | Year Ended | | |||||||||||||||
| (In millions) | | | 2020 | | | 2019 | | | Change | | |||||||||
| Commercial Real Estate operating profit | | | | $ | 49.8 | | | | | $ | 66.2 | | | | | | | | |
| Adjustments: | | | | | | | | | | | | | | | | | | | |
| Depreciation and amortization | | | | | 40.1 | | | | | | 36.7 | | | | | | | | |
| Straight-line lease adjustments | | | | | 1.3 | | | | | | (5.1) | | | | | | | | |
| Favorable/(unfavorable) lease amortization | | | | | (1.2) | | | | | | (1.6) | | | | | | | | |
| Termination income | | | | | (2.3) | | | | | | (0.1) | | | | | | | | |
| Other (income)/expense, net | | | | | (0.9) | | | | | | (2.0) | | | | | | | | |
| Selling, general, administrative and other expenses | | | | | 7.5 | | | | | | 10.1 | | | | | | | | |
| NOI | | | | $ | 94.3 | | | | | $ | 104.2 | | | | | | | | |
| Acquisitions / dispositions and other adjustments | | | | | (13.5) | | | | | | (11.6) | | | | | | | | |
| Same-Store Cash NOI | | | | $ | 80.8 | | | | | $ | 92.6 | | | | | | (12.7)% | | |
| Non-Same Store Cash NOI | | | | $ | 13.5 | | | | | $ | 11.6 | | | | | | | | |
|
| (In Millions) | | | 2020 | | |||
| Net Cash Provided by Operations | | | | $ | 63.1 | | |
| Adjustments: | | | | | | | |
| Add: Net cash provided by (used in) investing activities | | | | | 12.0 | | |
| Add: Enterprise resource planning system costs | | | | | 1.1 | | |
| Less: Capital expenditures for acquisitions | | | | | — | | |
| Adjusted Free Cash Flow | | | | $ | 76.2 | | |
| (In Millions) | | | 2020 | | |||
| Selling, General and Administrative Expense | | | | $ | 46.1 | | |
| Adjustments: | | | | | | | |
| M&C Segment Selling, General and Administrative Expense | | | | | (15.0) | | |
| Enterprise Resource Planning System Costs | | | | | (1.1) | | |
| Adjusted Non-Grace G&A Expenses | | | | $ | 30.0 | | |
| (In Millions) | | | 2020 | | |||
| Income (Loss) From Continuing Operations Before Income Taxes | | | | $ | 5.6 | | |
| Adjustments: | | | | | | | |
| M&C Segment Operating Loss | | | | | 12.4 | | |
| M&C Interest Expense | | | | | 0.1 | | |
| Enterprise Resource Planning System Costs | | | | | 1.1 | | |
| Consolidated Adjusted Pre-tax Income (Loss) | | | | $ | 19.2 | | |
| (In Millions) | | | 2020 | | |||
| Materials & Construction Operating Profit (Loss) | | | | $ | (12.4) | | |
| Adjustments: | | | | | | | |
| Materials & Construction depreciation and amortization | | | | | 10.8 | | |
| Materials & Construction EBITDA | | | | $ | (1.6) | | |
| Impairment of assets related to Materials & Construction | | | | | 5.6 | | |
| Loss (income) attributable to noncontrolling interests | | | | | 0.4 | | |
| Income attributable to the Company’s joint venture interest in a materials company | | | | | (2.1) | | |
| Grace Adjusted EBITDA | | | | $ | 2.3 | | |
45 |
(In millions, except per share amounts, unaudited) | |||||
CRE Operating Profit | |||||
Adjustments: | |||||
Depreciation and amortization of commercial real estate properties | 36.5 | ||||
Corporate and other expense | (28.2) | ||||
Core business interest expense | (11.6) | ||||
Impairment losses - CRE properties | 2.2 | ||||
Impairment losses - abandoned development costs | 2.6 | ||||
(Gain)/loss on interest swaps fair value adjustments | 2.7 | ||||
Distributions to participating securities | (0.1) | ||||
Core FFO | $ | 85.3 | |||
Weighted average diluted shares outstanding (FFO/Core FFO) | 72.8 | ||||
Core FFO per diluted share | $ | 1.17 |
ALEXANDER & BALDWIN, INC. ▪ 2024 PROXY STATEMENT 49 |