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AMERICAN CAMPUS COMMUNITIES, INC. | ||||||||||||||
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Important Notice Regarding the Availability of Proxy Materials for the | ||
Annual | ||
This Proxy Statement, Annual Report to | ||
fiscal year ended December 31, | ||
website at www.AmericanCampus.com under “SEC Filings.” |
Proxy Statement Summary | |||||
Board Composition and Refreshment | |||||
Board Independence and Meetings | |||||
Board Leadership Structure; Separate Independent | |||||
Board’s | |||||
COVID-19 Response | |||||
Corporate Responsibility / ESG | |||||
Board Committees | |||||
Director Qualifications; Limits on Board Service | |||||
Term Limits; Retirement Age | |||||
Board | |||||
Number of Directors; Director Vacancies | |||||
the Ordinary Course of Business | |||||
Guidelines on Governance and Codes of Ethics | |||||
Shareholder Outreach, Engagement and | |||||
Stock Ownership Guidelines | |||||
Short Selling, Hedging and Pledging Prohibitions | |||||
Repricing | |||||
Compensation of Directors | |||||
Our Company | |||||
Executive Officers | |||||
Security Ownership | |||||
Section 16(a) Beneficial Ownership Reporting Compliance | |||||
Executive Compensation | |||||
Compensation Committee Report | |||||
Compensation Discussion and Analysis | |||||
Summary Compensation Table | |||||
Grants of Plan Based Awards | |||||
Employment Contracts | |||||
Outstanding Equity Awards at Fiscal Year-End | |||||
Awards Vested | |||||
Potential Payments Upon Termination or Change in Control | |||||
Nonqualified Deferred Compensation | |||||
Equity Compensation Plan | |||||
CEO Compensation Pay Ratio | |||||
Certain Relationships and Related Transactions | |||||
Proposal | |||||
Consideration of Director Nominees | |||||
Proposal 2 - Ratification of the Selection of the Independent Auditors | |||||
Audit Committee Information | |||||
Report of the Audit Committee | |||||
Independent Auditor Fees | |||||
Proposal | |||||
• Separate Chief Executive Officer and Independent | • Risk oversight by full | |||||||
• Annual election of directors by majority vote, with a plurality carve-out in the case of contested elections | • No directors or executive officers involved in material related party transactions | |||||||
• Prohibition on a classified board structure | • Limits on board service | |||||||
• 10 of our 11 current Board members are independent and independent directors comprise 100% of the Audit, Compensation, Nominating and Corporate Governance, Capital Allocation and Strategic Planning and Risk Committees | • Director and senior officer stock ownership guidelines, which include a prohibition on the sale by senior officers of vested restricted stock awards until the applicable ownership guideline has been met, and a requirement that the Chief Executive Officer own common stock having a market value of at least six times his annual base salary | |||||||
• Robust director selection process, which resulted in | • | |||||||
• Regular director performance assessment and annual board and committee evaluations | • Prohibition on | |||||||
• Ongoing succession planning for directors, the Chief Executive Officer and other executive officers | ||||||||
• Anti-hedging and anti-pledging policies | ||||||||
• Regular executive sessions of independent directors | • Clawbacks to recoup compensation | |||||||
• Board oversight of human capital management matters | • Bylaw provision which permits shareholders to amend Bylaws |
ü DO align pay and performance by linking a substantial portion of compensation to the achievement of pre-established performance measures that drive | û DO NOT base incentive awards on a single performance measure, thereby discouraging unnecessary or excessive risk-taking | |||||||
ü DO provide executive officers with the opportunity to earn market-competitive compensation through a mix of cash and equity compensation, with strong emphasis on performance-based incentive awards | û DO NOT provide guaranteed minimum payouts or uncapped award opportunities | |||||||
ü DO have a robust peer selection process and benchmark executive compensation to target the median of the comparative group of peer companies | û DO NOT reprice or permit cash buyouts of underwater stock options | |||||||
ü DO require executive officers and directors to own and retain shares of common stock that have significant value to further align interests with | û DO NOT provide executive officers with excessive perquisites or other personal benefits | |||||||
ü DO enhance alignment with long-term shareholder value and executive officer retention with 5-year vesting schedules for equity incentive awards earned for prior-year performance | û DO NOT provide executive officers with pension or retirement benefits other than pursuant to a 401(k) plan and a deferred compensation plan | |||||||
ü DO enable the Board to “claw back” incentive compensation in the event of an accounting restatement due to material non-compliance with financial reporting requirements as a | û DO NOT permit executive officers or directors to engage in derivative or other hedging transactions in the Company’s securities | |||||||
ü DO prohibit new tax gross-up arrangements under anti-tax gross-up policy | û DO NOT provide accelerated vesting upon a change of control under the | |||||||
ü DO maintain a Compensation Committee comprised solely of independent directors | ûDO NOT provide single-trigger change of control benefits | |||||||
ü DO engage an independent compensation consultant to advise the Compensation Committee on executive compensation matters and establishing an appropriate peer group | ||||||||
ûDO NOT permit executive officers and directors to hold |
Qualifications, Expertise and Attributes | Bill Bayless | Herman Bulls | Steve Dawson | Cydney Donnell | Mary Egan | Alison Hill | Craig Leupold | Oliver Luck | Pat Oles | John Rippel | ||||||||||||||||||||||
Board Diversity | ||||||||||||||||||||||||||||||||
Representation of gender and/or ethnic diversity | l | l | l | l | ||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
Significant background working in real estate, resulting in knowledge of public and private capital, how to anticipate trends, generate returns or create capital allocation models | l | l | l | l | l | l | l | l | ||||||||||||||||||||||||
University Relations | ||||||||||||||||||||||||||||||||
Experience cultivating and sustaining business relationships with universities | l | l | l | l | l | |||||||||||||||||||||||||||
Leadership | ||||||||||||||||||||||||||||||||
Has overseen the execution of important strategic, operational and policy issues while serving in an executive or senior leadership role | l | l | l | l | l | l | l | l | l | l | ||||||||||||||||||||||
Strategic Transactions | ||||||||||||||||||||||||||||||||
A history of leading growth through acquisitions, business combinations, strategic partnerships or other transactions | l | l | l | l | l | l | l | l | l | l | ||||||||||||||||||||||
Financial Literacy | ||||||||||||||||||||||||||||||||
Knowledge of financial markets, financing operations, complex financial management and accounting and financial reporting processes | l | l | l | l | l | l | l | l | l | l | ||||||||||||||||||||||
Public Company Executive | ||||||||||||||||||||||||||||||||
Has served as a senior officer of a public company | l | l | l | l | l | |||||||||||||||||||||||||||
Enterprise Human Capital Management | ||||||||||||||||||||||||||||||||
Enterprise-wide experience in recruiting, managing, developing and optimizing an entity’s human resources | l | l1 | l | l | l | l | l | l | l | l |
William C. Bayless, Jr. has been Chief Executive Officer since October 2003 and also served as President from October 2003 to January 2017. Effective at the time of Jim Hopke’s retirement from the Company on August 24, 2021, Bill will again serve as President of the Company. Bill is a co-founder of the Company and participated in the founding of the student housing business of its predecessor entities. Bill served as Executive Vice President and Chief Operating Officer of the predecessor entities from July 1995 to September 2003, where he directed all aspects of the predecessor entities’ business segments including business development, development and construction management, acquisitions and management services. He served as the Company’s Vice President of Development from the inception of the predecessor entities in 1993 until July 1995. Bill served as the Director of Operations for Century Development’s student housing division from 1991 to 1993. From 1988 to 1991, Bill served as the Director of Marketing responsible for business development and marketing for the student housing division of Cardinal Industries. Bill began his career in student housing with Allen & O’Hara where he held the positions of Resident Assistant, Resident Manager and Area Marketing Coordinator from 1984 to 1988. Bill has served on the Advisory Board of Amherst Holdings, LLC since June 2018. Bill was instrumental in the formation of American Campus Charities Foundation, which supports charitable activities focused on disadvantaged youth and education in the Company's hometown of Austin, Texas, as well as in the local markets served by the Company's communities. The Foundation has raised in excess of $6.5 million for the causes consistent with its focus. Bill also currently serves on the Board for the Rise School of Austin, which provides high quality early childhood education for gifted, traditional and developmentally delayed children in an inclusive setting using individualized learning techniques, and the Board for the Hi, How Are You Project, a platform for the exchange of ideas and education on mental well-being. He received a B.S. in Business Administration from West Virginia University. Age: 56. Areas of Relevant Experience: Ability to lead the organization; detailed knowledge and unique perspective and insights regarding the student housing industry and the strategic and operational opportunities and challenges, economic and industry trends, and competitive and financial positioning of the Company and its business. | ||||||||||||||
William C. Bayless, Jr. CEO & Director since 2004 Committees: Executive | ||||||||||||||
Herman E. Bulls serves as Vice Chairman, Americas and International Director of JLL, an international full-service real estate firm. He is the founder of JLL’s Public Institutions division and served as Chairman and Chief Executive Officer from January 2002 until January 2014. From September 2000 until August 2001, Herman served as Executive Vice President and Chief Operating Officer of one of the nation’s largest Fannie Mae multifamily lenders. From March 1998 to September 2000, Herman was a Managing Director for JLL. From 1989 until 1998, he held several positions with the predecessor organization, LaSalle Partners. Prior to his employment with JLL, he served over eleven years of active duty service with the United States Army. Herman was the Co-Founder, President, and Chief Executive Officer of Bulls Capital Partners, a commercial mortgage firm. He sold the firm to a Wall Street entity in 2010. Herman retired as a Colonel from the Army Reserve. Herman is a member of the Board of Directors of the West Point Association of Graduates, serves as a member of the Real Estate Advisory Committee for New York State Teachers’ Retirement System, and serves on the Board of Directors of USAA. Herman also currently serves on the Board of Governors for the American Red Cross and the Military Bowl. Herman also currently serves on the Board of Directors of Comfort Systems, USA (NYSE: FIX) a national HVAC mechanical contractor and Collegis Education, a leading provider of management technology services for the higher education market. He previously served on the Board of Directors of Computer Sciences Corporation (CSC) from 2015 to 2017, Exelis Inc., from 2011 until its 2015 merger with Harris Corporation, Tyco International from 2014 until its 2016 merger with Johnson Controls International PLC and Rasmussen College until its sale to a private equity partner. Herman is a graduate of the United States Military Academy at West Point and of the Harvard Business School. Age: 65. Areas of Relevant Experience: Real estate investment; university and governmental relations; strategic planning; corporate governance; business development and leadership. | ||||||||||||||
Herman E. Bulls Director since 2021 | ||||||||||||||
G. Steven Dawson is a private investor focused on real estate, energy, financial services and other commercial interests in the US and Canada. He has significant experience serving on the boards of directors of numerous public and private companies over the past 19 years. From 1990 to 2003 he served as the Chief Financial Officer of Camden Property Trust (NYSE: CPT) and its predecessors. Camden is a large multifamily REIT based in Houston with apartment operations, construction and development activities throughout the United States. Steve currently serves on the boards of Cohen & Co. (NYSE American: COHN), a financial services firm specializing in fixed income and structured credit securities trading, securitizations, management, and advisory operations in the U.S. and Europe, and Medical Properties Trust (NYSE: MPW), a hospital/healthcare REIT with hospital properties in the U.S., Australia and Europe. Steve holds a degree in business from Texas A&M University, where he serves on the Real Estate Roundtable of the Mays Graduate School of Business. Age: 63. Areas of Relevant Experience: Financial reporting; accounting and controls; REIT management; real estate operations, investment and development. | ||||||||||||||
G. Steven Dawson Director since 2004 Committees: Audit, Compensation | ||||||||||||||
Cydney C. Donnell has been the Director of Real Estate Programs and an Executive Professor at the Mays Business School of Texas A&M University, and has served as Associate Department Head of the Finance Department since February 2011. Cydney has taught various subject matters, including real estate finance, investments and corporate governance, since August 2004. Cydney was formerly a principal and Managing Director of European Investors/E.I.I. Realty Securities, Inc. Cydney served in various capacities at EII and was Chair of the Investment Committee from 2002 to 2003, the Head of the Real Estate Securities Group and Portfolio Manager from 1992 to 2002 and Vice-President and Analyst from 1986 to 1992. Cydney served on the Board of European Investors Holding Company from 1992 to 2005. Prior to joining EII, she was a real estate lending officer at RepublicBanc Corporation in Dallas from 1983 to 1986. Cydney currently serves on the board of Pebblebrook Hotel Trust (NYSE: PEB), a hotel REIT, and is a member of the Board of Trustees of Trinity University in San Antonio, Texas. She served on the Board of Directors of Madison Harbor Balanced Strategies Inc., a closed-end investment fund registered under the Investment Company Act of 1940 and a REIT from 2005 to 2017. In 2007, Cydney was appointed to the Employees Retirement System of Texas Board of Trustees by Governor Rick Perry, and her term ended in May 2019. Cydney has served on the Board and Institutional Advisory Committee of the National Association of Real Estate Investment Trusts, or NAREIT. She has also served in various leadership capacities for The Association of Former Students of Texas A&M University and the Junior League of the City of New York. Cydney received a B.B.A. from Texas A&M University and an M.B.A. from Southern Methodist University. Age: 61. Areas of Relevant Experience: Financial investment and services; REITs; corporate governance; university operations; capital allocation; strategic planning. | ||||||||||||||
Cydney C. Donnell Chair of the Board (effective as of the Annual Meeting) Director since 2004 Committees: Compensation, Executive, Strategic Planning and Risk, Capital Allocation | ||||||||||||||
Mary C. Egan is currently an independent consultant providing customer-centric research and strategy services to companies across the consumer sector (food, restaurants, home, fashion, travel and tourism, and healthcare). She also serves as a member of the Board of Directors for Savers (dba Value Village), the largest for-profit thrift store chain in the world, currently owned by private equity. Mary was previously a partner and managing director at The Boston Consulting Group, where she worked from 1996-2010; the head of global strategy for Starbucks (NASDAQ: SBUX), where she worked from 2010-2012; and founder and CEO of Gatheredtable, a food tech B2C SaaS startup which she ran from its founding in 2013 through a strategic exit in 2018. Mary currently serves on the Board of Directors of Noodles & Company (NASDAQ: NDLS), a fast-casual restaurant concept. She holds a BA from Barnard College, Columbia University and an MBA from Columbia Business School. Age: 53. Areas of Relevant Experience: Strategic planning; technology; business development and leadership. | ||||||||||||||
Mary C. Egan Director since 2018 Committees: Strategic Planning and Risk | ||||||||||||||
Alison M. Hill hasserved as Managing Director, Strategic Capital at Prologis since 2009. She joined AMB Property Corporation in 1999 (prior to its 2011 merger with Prologis) and served in a variety of positions within the private capital business, and was a leader in growing the platform and expanding the private capital business outside the U.S. Before joining AMB, Alison practiced real estate law at the global law firm of Morrison & Foerster. Prior to that, she practiced law with Lionel Sawyer & Collins within the real estate and commercial transactions groups. Alison holds a J.D., cum laude, from Case Western Reserve University School of Law and a Bachelor of Arts degree in international relations from Hamilton College where she is now a member of the board of trustees. Alison serves on the board of The SWIG Company, a San Francisco based privately owned real estate investor and operator and GirlVentures, a San Francisco Bay Area based non-profit that inspires girls to lead through outdoor adventure, inner discovery and collective action. Age: 55. Areas of Relevant Experience: Real estate investment; public and private markets; REITs; capital allocation; law; strategic planning; business development and leadership. | ||||||||||||||
Alison M. Hill Director since 2021 Committees: Capital Allocation | ||||||||||||||
Craig A. Leupold has served as Chief Executive Officer of GSI Capital Advisors, an investment firm specializing in REITs, since January 2020. Prior to this time, he was with Green Street Advisors, Inc., a commercial real estate, news, data, analytics and advisory service firm, for over 26 years, and served as its President and Chief Executive Officer from 2008 to 2020. Previously, Craig was a consultant with Kenneth Leventhal & Company, a national public accounting firm specializing in commercial real estate, which is now a part of Ernst & Young. Craig's previous work experience also includes Union Bank of California, where he served as an Assistant Vice President in the bank's commercial real estate lending group. Craig is a member of the National Multi-Housing Council ("NMHC") and holds a BA from the University of California, San Diego and an MBA in Finance and Real Estate from Columbia University. Age: 58. Areas of Relevant Experience: Real estate investment; public and private markets; REITs; real estate capital allocation. | ||||||||||||||
Craig A. Leupold Director since 2021 Committees: Capital Allocation | ||||||||||||||
Oliver Luck is a private investor. He served as Chief Executive Officer and Commissioner of the XFL from June 2018 to April 2020. On April 13, 2020, Alpha Entertainment LLC, the owner of the XFL, filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code. Oliver was not at any time an owner or executive officer of Alpha Entertainment LLC. From January 2015 to June 2018, Oliver was the Executive Vice President for Regulatory Affairs and Strategic Partnerships of the National Collegiate Athletic Association (NCAA). From 2010 to January 2015, he was the Athletic Director of West Virginia University. From 2006 to 2010, Oliver was the President/General Manager of the Houston Dynamo of Major League Soccer. From 2001 to 2005, Oliver was the Chief Executive Officer of the Harris County-Houston Sports Authority, where he oversaw the financing, construction and management of professional sports and entertainment infrastructure in Houston, including Minute Maid Park, Reliant Stadium and Toyota Center. Oliver worked for the National Football League from 1990 to 2001, where he served in a variety of positions, including Vice President of Business Development and President and Chief Executive Officer of NFL Europe. Oliver played quarterback for the Houston Oilers from 1982 to 1986. He has served as a member of the National Football League Player Safety Advisory Panel and the College Football Playoff Selection Committee and in various capacities in a number of university and community associations. He was a finalist to be a Rhodes Scholar, a National Football Foundation Scholar and a two-time Academic All-American who received a B.A. degree from West Virginia University and a J.D. degree from University of Texas School of Law. Age: 61. Areas of Relevant Experience: University management; business development and leadership; law. | ||||||||||||||
Oliver Luck Director since 2012 Committees: Nominating and Corporate Governance, Strategic Planning and Risk | ||||||||||||||
C. Patrick Oles, Jr. has been the President and Chief Executive Officer of Barshop & Oles Company, a privately-owned, Texas-based commercial real estate development, investment and management firm, since 1983. Pat served on the senior staff of the Governor of Texas, William P. Clements, Jr., as Director of Governmental Appointments, from 1980 to 1982. Pat has been involved in numerous governmental, business and civic organizations, including ten years of service on the Board of Directors of the Lower Colorado River Authority and as a founding member and Chairman of the Board of Trustees of the Texas Parks & Wildlife Foundation. He was a member of the Advisory Board of Directors of JPMorgan Chase, Chairman of the local chapter of the Young Presidents Organization and a Trustee of the Texas Nature Conservancy. Pat currently serves as a member of the Board of Directors of SouthWest Water Company, a privately-owned provider of water and wastewater services, as a member of the Executive Committee of the Seton Fund, as a member of the Development Board of the McCoy College of Business Administration of Texas State University and as Chair of the UT Elementary School Development Council. Pat received a B.B.A. from the University of Texas at Austin, and now holds the McCoy Professorship for Studies in Entrepreneurship in the McCoy College of Business Administration at Texas State University. Age: 66. Areas of Relevant Experience: Real estate investment and development; governmental interactions. | ||||||||||||||
C. Patrick Oles, Jr. Director since 2014 Committees: Audit, Executive | ||||||||||||||
John T. Rippel is a founding partner of Alliance Residential Company, one of the largest private U.S. multifamily companies, and has been its Chief Investment Officer since 2001 with responsibility for identifying development opportunities and directing the acquisition process for existing communities throughout the country. John began his multifamily career in 1982 as the partner in charge of south Texas development and acquisition for Trammell Crow Residential. In 1994, he led his division to the successful initial public offering of Gables Residential, where he served as a director and its President and Chief Operating Officer. Prior to joining Trammell Crow Residential, John was a CPA with Kenneth Leventhal Company, a national public accounting firm which is now a part of Ernst & Young. John obtained his BBA from the University of Texas at Austin. Age: 66. Areas of Relevant Experience: Real estate investment and development; REIT management; capital allocation; financial reporting. | ||||||||||||||
John T. Rippel Director since 2018 Committees: Audit, Capital Allocation | ||||||||||||||
COMMITTEE | KEY RESPONSIBILITIES | 2020 MEETINGS | ||||||||||||
Board of Directors | Strategic oversight | 7 (1) | ||||||||||||
Corporate governance | ||||||||||||||
Primary areas of | ||||||||||||||
▪Company culture and enterprise workforce management matters including structure, compensation and diversity, equity and inclusion |
COMMITTEE | KEY RESPONSIBILITIES | 2020 MEETINGS | ||||||||||||
▪Other current matters that may present material risk to the Company's operations, plans, prospects or | ||||||||||||||
Audit | Overseeing the integrity of the Company's consolidated financial statements and its compliance with legal and regulatory requirements | 8 | ||||||||||||
Audit Committee Report: | Assessing the independent auditor's qualifications, | |||||||||||||
Page 63 | performance | |||||||||||||
Charter last amended October 2013 | Reviewing, as it deems appropriate, the adequacy of the Company's systems of disclosure controls and internal controls regarding financial reporting and accounting | |||||||||||||
Sole authority to appoint and replace the independent auditors (who report directly to the committee), approve the engagement fee of the independent auditors, and pre-approve the audit services and any permitted non-audit services that the independent auditors may provide to the Company | ||||||||||||||
Primary | ||||||||||||||
Capital Allocation | Advising the full Board regarding the evaluation of capital allocation strategy and priorities to further improve investment strategies, net asset value creation and the quality of earnings growth | n/a | ||||||||||||
Charter | ||||||||||||||
Primary areas of oversight: | ||||||||||||||
▪short-term and long-term balance sheet optimization plans | ||||||||||||||
Compensation | Establishing the Company's general compensation philosophy | 5 | ||||||||||||
Compensation Committee Report: | Overseeing the Company's compensation programs and practices including any employment, severance and termination agreements, or arrangements with any Named Executive Officer | |||||||||||||
Page 32 | ||||||||||||||
Charter last amended June 2013 | Reviewing and approving corporate goals and objectives relevant to the compensation of | |||||||||||||
Evaluating annually the performance of the | ||||||||||||||
Determining the compensation level of each | ||||||||||||||
Primary | ||||||||||||||
Executive | 0 | |||||||||||||
Authorizing the execution, subject to certain limitations, of certain contracts and agreements, including those relating to the borrowing of money | ||||||||||||||
COMMITTEE | KEY RESPONSIBILITIES | 2020 MEETINGS | ||||||||||||
Exercising generally all other powers of the Board, except for those that require action by all directors or the non-employee directors under the Company's articles of incorporation, bylaws or applicable law |
Nominating and Corporate Governance | 6 | |||||||||||||
Charter last amended March 2010 | Identifying individuals qualified to become Board members, consistent with criteria approved by the Board and recommending to the Board the director nominees for the next Annual Meeting | |||||||||||||
Developing and recommending to the Board a set of corporate governance principles applicable to the Company | ||||||||||||||
Overseeing the evaluation of the Board and management | ||||||||||||||
Conducting annual succession planning for the CEO and other executive officers | ||||||||||||||
Primary | ||||||||||||||
Strategic Planning and Risk | Assessing the Company's risk | 5 | ||||||||||||
Charter last amended August 2015 | Creating guidelines, policies and processes for assessing, managing, monitoring and mitigating such risks | |||||||||||||
Approving plans for detecting, responding to and mitigating security breaches | ||||||||||||||
Establishing, approving and monitoring the Company’s strategic business plan | ||||||||||||||
Primary | ||||||||||||||
Chief Executive Officer | 6 times annual base salary | |||||||
President or Executive Vice President | 3 times annual base salary | |||||||
Senior Vice President | 1 times annual base salary |
Board Member (other than Chair of the Board) | |||||
Quarterly Fee | $ | 19,375 | |||
Chair of the Board | |||||
Quarterly Fee | 25,750 | ||||
Audit Committee | |||||
Chair Quarterly Fee | 5,625 | ||||
Compensation Committee | |||||
Chair Quarterly Fee | 5,625 | ||||
Nominating and Corporate Governance Committee | |||||
Chair Quarterly Fee | 5,625 | ||||
Strategic Planning and Risk Committee | |||||
Chair Quarterly Fee | 5,625 |
Name (1) | Fees Earned or Paid in Cash | Stock Awards (2) | Change in Pension Value and Nonqualified Deferred Compensation Earnings (3) | Total | ||||||||||||||||||||||
G. Steven Dawson | $ | 100,000 | $ | 122,500 | — | $ | 222,500 | |||||||||||||||||||
Cydney C. Donnell | 100,000 | 122,500 | — | 222,500 | ||||||||||||||||||||||
Mary C. Egan | 100,000 | 122,500 | — | 222,500 | ||||||||||||||||||||||
Edward Lowenthal | 103,000 | 170,000 | — | 273,000 | ||||||||||||||||||||||
Oliver Luck | 100,000 | 122,500 | — | 222,500 | ||||||||||||||||||||||
C. Patrick Oles, Jr. | 77,500 | 122,500 | — | 200,000 | ||||||||||||||||||||||
John T. Rippel | 77,500 | 122,500 | — | 200,000 | ||||||||||||||||||||||
Carla Piñeyro Sublett (4) | 77,500 | 122,500 | — | 200,000 |
Jennifer Beese has served as Executive Vice President and Chief Operating | ||||||||||||||
Jennifer Beese EVP & COO |
Jorge de Cárdenas has served as Executive Vice President and Chief Technology Officer since May 2015. Jorge holds a CERT Certificate in Cybersecurity Oversight, established by the Software Engineering Institute, based at Carnegie Mellon University. He served as Senior Vice President and Chief Technology officer from March 2012 to May 2015 and as Senior Vice President of Information Technology from August 2005 to March 2012, and joined the Company’s predecessor entities in January 2004 as Vice President of IT. Prior to joining the Company, Jorge served as Director of Product Management for Emerging Technologies at Visa where he was responsible for defining product strategies and delivering application services to a global market. Jorge began his career developing software for NASA at Lockheed Engineering and Science. From 1991 to 1994, Jorge was a co-founder and principal consultant of Everest Technologies, Inc., an Oil & Gas IT consulting firm which was sold to SAIC, Inc. Between 1994 and 2000, he served in various capacities at technology startup companies including software architect, support manager, professional services manager, product management, and marketing. Jorge received a B.S. in Computer Science with specializations in Mathematics and Management from Texas A&M University. Age: | ||||||||||||||
Jorge de Cárdenas EVP & CTO |
James C. Hopke, Jr. has served as President since January 2017. Jim served as Executive Vice President and Chief Operating Officer from October 2014 to January 2017, as Executive Vice President-Asset Management from November 2013 to October 2014, as Executive Vice President-Project Management and Construction from November 2007 to November 2013 and as Executive Vice President and Chief Investment Officer from May 2005 to November 2007. From November 2002 to April 2005, Jim served as Vice President, Asset Management and Advisory Services for Wachovia Securities’ Real Estate Capital Markets group. From February 2000 to November 2002, he served as Senior Vice President, Acquisitions of the Company’s predecessor entities. Jim was previously a Vice President of JPI Development and Insignia Financial Group, and is a former MAI Member of The Appraisal Institute. Jim received a B.S. in Administrative Management from Clemson University. Jim will retire from the Company effective as of August 24, 2021. Age: | ||||||||||||||
James C. Hopke, Jr. President |
Daniel B. Perry has served as Executive Vice President, Chief Financial Officer, Secretary and Treasurer since March 2017. Daniel served as Executive Vice President-Capital Markets from May 2011 to March 2017, as Senior Vice President-Capital Markets from November 2007 to May 2011 and as Vice President of Investments from February 2005 to November 2007. From 2002 to 2005, Daniel held positions in the investment banking division of Citigroup Global Markets, where he assisted with the successful completion of the Company’s initial public offering in 2004. From 1996 to 2001, he worked in the corporate finance divisions of BNP Paribas and NationsBank. Daniel holds a B.A. in Finance and Accounting from Texas A&M University and a M.B.A. from NYU’s Stern School of Business. Age: | ||||||||||||||
Daniel B. Perry EVP & CFO |
William W. Talbot has served as Executive Vice President and Chief Investment Officer since November 2012 and currently oversees the Company’s acquisitions, dispositions, off campus development and on campus public-private partnership development functions. William served as Executive Vice President-Investments from May 2011 to November 2012 and Senior Vice President-Investments from August 2005 to May 2011. William joined us in August 2001 as Director of Acquisitions and has served in various capacities, including Director of Asset Management and Vice President of Investments. Prior to joining the Company, William was an Acquisitions Analyst for Lend Lease Real Estate Investments, Inc. from 1997 until 2001, where he was involved in acquisitions on behalf of pension fund clients. William received a B.A. in Economics and Spanish from Vanderbilt University. Age: | ||||||||||||||
William W. Talbot EVP & CIO |
Kim K. Voss has served as Executive Vice President, Chief Accounting Officer and Assistant Secretary since January 2017. Kim served as Executive Vice President and Controller from May 2015 to January 2017 and is responsible for the Company’s accounting and financial reporting functions, including SEC reporting, technical accounting, internal controls, and financial systems implementation. She served as Senior Vice President and Controller from November 2007 to May 2015 and joined ACC in 2004 to help lead the Company’s accounting department through the initial public offering and transition to a publicly traded company. Kim began her career as an auditor with Arthur Andersen LLP in San Francisco, where her client base consisted primarily of REITs and other real estate entities. Prior to joining ACC, she served as an Assistant Controller with AMB Property Corporation (now Prologis). A Certified Public Accountant, Kim holds Bachelor of Business Administration and Master in Professional Accounting degrees from the University of Texas at Austin. Age: | ||||||||||||||
Kim K. Voss EVP & CAO |
James E. Wilhelm III has served as Executive Vice President, Public-Private Transactions since January 2009 and spearheads the American Campus Equity (ACE™) program. From July 2007 to January 2009, he was Senior Vice President, Public-Private Transactions. From June 2003 to July 2007, Jamie worked for RBC Capital Markets’ public finance department where he served as the managing director of the higher education sector. Prior to that time, he was a managing director with Banc One Capital Markets (currently JPMorgan Capital Markets) and held positions at McDonald & Company Securities (currently KeyBanc Capital Markets) and The Ohio Company (currently Fifth Third Capital Markets). Jamie is a graduate of Miami University with a B.S. in Finance. Age: | ||||||||||||||
James E. Wilhelm III EVP Public-Private Transactions |
Brian Winger has served as Executive Vice President and General Counsel since August 2020. Brian joined American Campus Communities in 2000 as director of off-campus development and has since served in increasing capacities. Previously, Brian was the chief operating officer with Aspen Gold Development Company, a private real-estate developer. He also held the position of general counsel for Oklahoma Christian University. Brian holds a B.S. in History-Pre-law from Oklahoma Christian University and a J.D. from Oklahoma City University. Age: 53. | ||||||||||||||
Brian Winger EVP General Counsel |
Name of Beneficial Owner | Amount and Nature of Beneficial Ownership Number of Shares Beneficially Owned | Percent of Class | |||||||||||||||
The Vanguard Group | 19,389,660 | (1) | 13.9% | ||||||||||||||
BlackRock, Inc. | 16,191,417 | (2) | 11.6% | ||||||||||||||
T. Rowe Price Associates, Inc. | 9,001,959 | (3) | 6.5% | ||||||||||||||
William C. Bayless, Jr. | 410,429 | (4) | * | ||||||||||||||
William W. Talbot | 164,991 | (5) | * | ||||||||||||||
James C. Hopke, Jr. | 133,392 | (6) | * | ||||||||||||||
Daniel B. Perry | 128,388 | (7) | * | ||||||||||||||
Jennifer Beese | 115,449 | (8) | * | ||||||||||||||
Edward Lowenthal | 42,302 | (9) | * | ||||||||||||||
John T. Rippel | 38,466 | * | |||||||||||||||
G. Steven Dawson | 26,377 | (10) | * | ||||||||||||||
Cydney C. Donnell | 25,071 | * | |||||||||||||||
C. Patrick Oles, Jr. | 12,475 | (11) | * | ||||||||||||||
Mary C. Egan | 8,834 | * | |||||||||||||||
Oliver Luck | 8,240 | (12) | * | ||||||||||||||
Herman E. Bulls | 3,018 | * | |||||||||||||||
Alison M. Hill | 3,018 | (13) | * | ||||||||||||||
Craig A. Leupold | 3,018 | (13) | * | ||||||||||||||
All directors and executive officers as a group (19 persons) | 1,312,014 | * |
Name of Beneficial Owner | Amount and Nature of Beneficial Ownership Number of Shares Beneficially Owned | Percent of Class | ||||
The Vanguard Group | 21,598,135 | (1) | 15.7% | |||
BlackRock, Inc. | 16,160,081 | (2) | 11.7% | |||
Capital Research Global Investors | 9,572,479 | (3) | 7.0% | |||
Vanguard Specialized Funds - Vanguard REIT Index Fund | 9,185,630 | (4) | 6.7% | |||
Cohen & Steers, Inc./Cohen & Steers Capital Management, Inc. | 8,380,556 | (5) | 6.1% | |||
William C. Bayless, Jr. | 376,057 | (6) | * | |||
Jonathan A. Graf | 142,476 | (7) | * | |||
William W. Talbot | 93,589 | (8) | * | |||
James C. Hopke, Jr. | 77,794 | (9) | * | |||
Daniel B. Perry | 67,165 | (10) | * | |||
Jennifer Beese | 45,547 | (11) | * | |||
Edward Lowenthal | 29,932 | (12) | * | |||
Cydney C. Donnell | 16,062 | * | ||||
G. Steven Dawson | 17,368 | (13) | * | |||
Oliver Luck | 11,447 | * | ||||
C. Patrick Oles, Jr. | 8,454 | (14) | * | |||
William Blakeley Chandlee III | 4,614 | * | ||||
John T. Rippel | 13,040 | * | ||||
All directors and executive officers as a group (15 persons) | 874,601 | (15) | * |
(1)This information is based upon information contained in filings made by the shareholder with the SEC reporting beneficial ownership as of December 31, 2020. The address of The Vanguard Group is 100 Vanguard Blvd., Malvern, Pennsylvania 19355. The Vanguard Group possessed shared voting power over 391,845 shares, sole dispositive power over 18,886,991 shares and shared dispositive power over 502,669 shares. (2)This information is based upon information contained in filings made by the shareholder with the SEC reporting beneficial ownership as of December 31, 2020. The address of BlackRock, Inc. is 55 East 52nd Street, New York, NY 10055. BlackRock, Inc. possessed sole voting power over 15,611,757 shares and sole dispositive power over 16,191,417 shares. (3)This information is based upon information contained in filings made by the shareholder with the SEC reporting beneficial ownership as of December 31, 2020. The address of T. Rowe Price Associates, Inc. is 100 E. Pratt Street, Baltimore, MD 21202. T. Rowe Price Associates, Inc. possessed sole voting power over 2,829,836 shares and sole dispositive power over 9,001,959 shares. (4)Includes 240,031 unvested restricted stock awards (“RSAs”) and 52,500 common units of limited partnership interest in the Company’s Operating Partnership (“Common Units”). Such Common Units are immediately redeemable for cash or, at the Company‘s election, an equal number of shares of the Company’s common stock. (5)Includes 90,478 unvested RSAs and 3,800 Common Units. Such Common Units are immediately redeemable for cash or, at the Company’s election, an equal number of shares of the Company’s common stock. |
Name | Title | |||||||
William C. Bayless, Jr. | Chief Executive Officer | |||||||
William W. Talbot | Executive Vice President, Chief Investment Officer | |||||||
Jennifer Beese | Executive Vice President, Chief Operating Officer | |||||||
Daniel B. Perry | Executive Vice President, Chief Financial Officer | |||||||
üDO align pay and performance by linking a substantial portion of compensation to the achievement of pre-established performance measures that drive shareholder value | ûDO NOT base incentive awards on a single performance measure, thereby discouraging unnecessary or excessive risk-taking | |||||||
ü DO provide executive officers with the opportunity to earn market-competitive compensation through a mix of cash and equity compensation, with strong emphasis on performance-based incentive awards | û DO NOT provide guaranteed minimum payouts or uncapped award opportunities | |||||||
ü DO have a robust peer selection process and benchmark executive compensation to target the median of the comparative group of peer companies | û DO NOT reprice or permit cash buyouts of underwater stock options | |||||||
ü DO require executive officers and directors to own and retain shares of common stock that have significant value to further align interests with shareholders | û DO NOT provide accelerated vesting upon a change of control under the 2018 Incentive Award Plan | |||||||
ü DO enhance alignment with long-term shareholder value and executive officer retention with 5-year vesting schedules for equity incentive awards earned for prior-year performance | û DO NOT provide executive officers with pension or retirement benefits other than pursuant to a 401(k) plan and a deferred compensation plan | |||||||
ü DO enable the Board to “claw back” incentive compensation in the event of an accounting restatement due to material non-compliance with financial reporting requirements as a result of misconduct by executive officers | û DO NOT permit executive officers or directors to engage in derivative or other hedging transactions in the Company’s securities | |||||||
ü DO prohibit new tax gross-up arrangements under anti-tax gross-up policy | û DO NOT provide executive officers with excessive perquisites or other personal benefits | |||||||
ü DO maintain a Compensation Committee comprised solely of independent directors | û DO NOT provide single-trigger change of control benefits | |||||||
ü DO engage an independent compensation consultant to advise the Compensation Committee on executive compensation matters and establishing an appropriate peer group | û DO NOT permit executive officers and directors to hold the Company's securities in margin accounts or to otherwise pledge the securities to secure loans |
PRINCIPAL ELEMENTS OF PAY | ||||||||
The elements of the Company’s executive compensation program are presented below in summary format. | ||||||||
COMPONENT | FORM | PURPOSE | ||||||
Base Salary | Cash | Provide a competitive fixed rate of pay recognizing different levels of responsibility and performance within the Company. | ||||||
Annual Incentive | Performance Cash Award | Reward executives for achieving transactional, operational, financial and strategic objectives. | ||||||
Long-Term Incentive | Performance Shares (RSAs) | Motivate executives to achieve pre-established financial goals, superior TSR performance and tailored individual goals consistent with the Company’s strategic plan. Provides retention benefits and enhanced shareholder alignment. | ||||||
Other Benefits and Perquisites | Health, Welfare and Retirement Programs | Executives are generally eligible to participate in the same benefit programs that are offered to non-executive employees. Company benefits are designed to provide market competitive benefits to protect employees’ and their covered dependents’ health and welfare and provide retirement benefits. |
Apartment Investment and Management Company | ||||||
(1) | Federal Realty Investment Trust | |||||
AvalonBay Communities, Inc. | Invitation Homes Inc. | |||||
Camden Property Trust | Mid-America Apartment Communities, Inc. | |||||
Ryman Hospitality Properties, Inc. | ||||||
Equity LifeStyle Properties, Inc. | Sun Communities, Inc. | |||||
Equity Residential | Tanger Factory Outlet Centers, Inc. | |||||
Inc. | UDR, Inc. | |||||
Weingarten Realty Investors | ||||||
Name | Performance Year | Salary | Annual Cash Incentive Award | Value of Long-Term Equity Incentive Award | Total Direct Compensation(1) | |||||||||||||
William C. Bayless, Jr. | 2017 | $ | 775,000 | $ | 875,000 | $ | 2,325,000 | $ | 3,975,000 | |||||||||
2016 | 760,000 | 1,100,000 | 3,300,000 | 5,160,000 | ||||||||||||||
2015 | 750,000 | 975,000 | 2,500,000 | 4,225,000 | ||||||||||||||
James C. Hopke, Jr. | 2017 | $ | 450,000 | $ | 450,000 | $ | 850,000 | $ | 1,750,000 | |||||||||
2016 | 400,000 | 500,000 | 1,000,000 | 1,900,000 | ||||||||||||||
2015 | 350,000 | 450,000 | 800,000 | 1,600,000 | ||||||||||||||
William W. Talbot | 2017 | $ | 382,500 | $ | 450,000 | $ | 765,000 | $ | 1,597,500 | |||||||||
2016 | 370,000 | 500,000 | 1,000,000 | 1,870,000 | ||||||||||||||
2015 | 350,000 | 450,000 | 800,000 | 1,600,000 | ||||||||||||||
Daniel B. Perry | 2017 | $ | 350,000 | $ | 450,000 | $ | 700,000 | $ | 1,500,000 | |||||||||
2016 | 282,500 | 350,000 | 525,000 | 1,157,500 | ||||||||||||||
2015 | 275,000 | 325,000 | 500,000 | 1,100,000 | ||||||||||||||
Jennifer Beese | 2017 | $ | 350,000 | $ | 450,000 | $ | 700,000 | $ | 1,500,000 | |||||||||
2016 | 285,000 | 350,000 | 525,000 | 1,160,000 | ||||||||||||||
2015 | 275,000 | 325,000 | 450,000 | 1,050,000 |
Base Salary | Year-Over-Year % Change | ||||||||
2017 | 2016 | ||||||||
William C. Bayless, Jr. | $ | 775,000 | $ | 760,000 | 2.0% | ||||
James C. Hopke, Jr. | $ | 450,000 | $ | 400,000 | 12.5% | ||||
William W. Talbot | $ | 382,500 | $ | 370,000 | 3.4% | ||||
Daniel B. Perry | $ | 350,000 | $ | 282,500 | 23.9% | ||||
Jennifer Beese | $ | 350,000 | $ | 285,000 | 22.8% |
Base Salary | Year-Over-Year % Change | |||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
William C. Bayless, Jr. | $ | 822,000 | $ | 800,000 | 2.8% | |||||||||||||||||||||
William W. Talbot | $ | 466,700 | $ | 453,100 | 3.0% | |||||||||||||||||||||
Jennifer Beese | $ | 445,600 | $ | 432,600 | 3.0% | |||||||||||||||||||||
Daniel B. Perry | $ | 445,600 | $ | 432,600 | 3.0% | |||||||||||||||||||||
James C. Hopke, Jr. | $ | 488,100 | $ | 475,000 | 2.8% |
Cash Incentive Opportunity | ||||||||||||||||||||||||||||||||
Executive | Threshold | Target | Maximum | |||||||||||||||||||||||||||||
William C. Bayless, Jr. | $ | 637,500 | $ | 1,275,000 | $ | 1,912,500 | ||||||||||||||||||||||||||
William W. Talbot | $ | 400,000 | $ | 800,000 | $ | 1,200,000 | ||||||||||||||||||||||||||
Jennifer Beese | $ | 375,000 | $ | 750,000 | $ | 1,125,000 | ||||||||||||||||||||||||||
Daniel B. Perry | $ | 325,000 | $ | 650,000 | $ | 975,000 | ||||||||||||||||||||||||||
James C. Hopke, Jr. | $ | 325,000 | $ | 650,000 | $ | 975,000 | ||||||||||||||||||||||||||
Award Opportunity (% of base salary) | |||||||
50% | 75%-125% | up to 200% | |||||
Goals | Actual | ||||||
Threshold | Target | Maximum | Performance | ||||
Performance Measures | |||||||
NOI $ | $405.0 million | $408.7 million | $412.3 million | $409.5 million | |||
FFOM $ | $313.8 million | $320.6 million | $327.3 million | $316.4 million | |||
FFOM per share - diluted | $2.32 | $2.37 | $2.42 | $2.31 | |||
Underlying Assumptions to Earnings Guidance | |||||||
Same store NOI growth for full year 2017 compared to 2016 | 3.6% | n/a | 5.3% | 2.5%* | |||
Same store operating margin | 55.3% | n/a | 55.8% | 55.1%* | |||
Year 1 yields on 2017 developments | n/a | 6.00% | n/a | 4.6% | |||
Year 2 yields on 2016 developments | n/a | 6.25% | n/a | 6.7% | |||
External growth during 2017 through the commencement of construction on owned and presale developments and acquisitions closed | $400 million | n/a | $700 million | $1,263 million | |||
Dispositions during 2017 | $25 million | n/a | $50 million | $25 million | |||
Academic year 2017/2018 opening rental revenue growth provided by 2018 same store properties | 2.6% | n/a | 4.3% | 2.3% |
Goals | Actual | ||||||||||||||||||||||
Threshold | Target | Maximum | Performance | ||||||||||||||||||||
Owned property NOI $ | $503.0 million | $507.5 million | $512.2 million | $442.2 million | |||||||||||||||||||
FFOM $ | $335.1 million | $342.1 million | $349.6 million | $275.5 million | |||||||||||||||||||
Same store NOI growth for full year 2020 compared to 2019 | 0.0% | 0.85% | 1.7% | (11.3)% | |||||||||||||||||||
Same store rental revenue growth for Fall 2020 lease-up | 1.5% | 2.25% | 3.0% | (6.0)% | |||||||||||||||||||
Same store operating margin | 55.0% | 55.3% | 55.6% | 53.7% | |||||||||||||||||||
Year 1 yields on 2020 developments | n/a | 5.4% | n/a | 0.5% | |||||||||||||||||||
Rental revenue growth for 2020 / 2021 academic year for 2019 developments | n/a | 3.5% | n/a | 2.7% | |||||||||||||||||||
External growth during 2020 consistent with the Company’s strategic business plan | n/a | n/a | n/a | n/a | |||||||||||||||||||
Joint ventures and/or dispositions during 2020 | $148.0 million | n/a | $148.0 million | $148.0 million |
NAMED EXECUTIVE OFFICER | INDIVIDUAL AND DEPARTMENTAL PERFORMANCE ACCOMPLISHMENTS | |||||||
William C. Bayless, Jr. | • | Provided outstanding leadership, directed the Company's response to COVID-19 and frequently collaborated with the Board during the pandemic. | ||||||
• | Refined and enhanced the Company's long-term strategic business plan. | |||||||
• | Ensured collaborative stakeholder communication in the midst of changing market dynamics and increased the frequency of communication with shareholders amid the pandemic. | |||||||
• | Collaborated with the Board of Directors on ongoing board refreshment efforts that resulted in the addition of three new directors that bring additional diversity of thought and background. | |||||||
• | Continued work with the Board of Directors on strategic succession planning, ensuring the breadth and depth of talent at all leadership levels is fully exploited. | |||||||
William W. Talbot | • | Executed capital recycling activity, which resulted in the closing of $148 million of dispositions. | ||||||
• | Continued to advance the Company's on and off-campus development pipeline and worked intensively with Walt Disney World® management to address the effects of the pandemic on the Disney College Program development. | |||||||
• | With Mr. Perry, continued to advance the Company’s Pursue Growth 2030 initiative and associated Strategic Capital Platform and develop relationships with potential institutional and joint venture partners. | |||||||
Jennifer Beese | • | Successfully completed the annual Fall lease-up of the Company’s entire portfolio amid the COVID-19 disruption, achieving positive same store rental rate growth for the 16th consecutive year (each year since the Company’s IPO) and approximately 90% occupancy. | ||||||
• | Maintained the Company's reputation as a great place to live, with a focus on resident satisfaction, including a leadership role in creation, coordination and oversight of the Company's Resident Hardship Program. | |||||||
• | Implemented the Company’s “Be safe. Be smart. Do your part.TM" program, which integrated enhanced cleaning standards, resident responsibility education and touchless preventive measures across the Company’s portfolio to facilitate the safe return of student residents amidst the pandemic. | |||||||
Daniel B. Perry | • | Provided effective oversight of the financial effects of the COVID-19 pandemic, including ensuring the Company maintained an adequate liquidity position, communicating with lenders and ratings agencies, and providing timely and robust disclosure to shareholders. | ||||||
• | With Mr. Talbot, continued to advance the Company’s Pursue Growth 2030 initiative and associated Strategic Capital Platform and develop relationships with potential institutional and joint venture partners. | |||||||
• | Advancement of the Company's corporate social responsibility goals and overall ESG program. | |||||||
James C. Hopke, Jr. | • | Oversaw and provided strategic leadership to the Company's information technology function and Next Gen initiatives. | ||||||
• | Advancement of the Company's corporate social responsibility goals and overall ESG program. | |||||||
• | Continued the development and implementation of asset management initiatives resulting in significant value creation and operating expense controls. | |||||||
Percent of Target | ||||||||
Award | ||||||||
William C. Bayless, Jr. | $ | 956,250 | 75 | % | ||||
William W. Talbot | $ | 600,000 | 75 | % | ||||
Jennifer Beese | $ | 600,000 | 80 | % | ||||
Daniel B. Perry | $ | 600,000 | 92 | % | ||||
James C. Hopke, Jr. | $ | 487,500 | 75 | % |
Award | % of Base Salary | ||||
William C. Bayless, Jr. | $ | 875,000 | 113% | ||
James C. Hopke, Jr. | $ | 450,000 | 100% | ||
William W. Talbot | $ | 450,000 | 118% | ||
Daniel B. Perry | $ | 450,000 | 129% | ||
Jennifer Beese | $ | 450,000 | 129% |
Long-Term Incentive Opportunity | ||||||||||||||||||||||||||
Executive | Threshold | Target | Maximum | |||||||||||||||||||||||
William C. Bayless, Jr. | $ | 1,800,000 | $ | 3,600,000 | $ | 5,400,000 | ||||||||||||||||||||
William W. Talbot | $ | 675,000 | $ | 1,350,000 | $ | 2,025,000 | ||||||||||||||||||||
Jennifer Beese | $ | 650,000 | $ | 1,300,000 | $ | 1,950,000 | ||||||||||||||||||||
Daniel B. Perry | $ | 537,500 | $ | 1,075,000 | $ | 1,612,500 | ||||||||||||||||||||
James C. Hopke, Jr. | $ | 537,500 | $ | 1,075,000 | $ | 1,612,500 |
Long-Term Incentive Opportunity | ||||||||||||||||||||
Percentage of 2017 Base Salary | Dollar Value | |||||||||||||||||||
Executive | Threshold | Target | High | Threshold | Target | High | ||||||||||||||
William C. Bayless, Jr. | 150% | 300% | 600% | $1,162,500 | $2,325,000 | $4,650,000 | ||||||||||||||
James C. Hopke, Jr. | 100% | 200% | 400% | $450,000 | $900,000 | $1,800,000 | ||||||||||||||
William W. Talbot | 100% | 200% | 400% | $382,500 | $765,000 | $1,530,000 | ||||||||||||||
Daniel B. Perry | 100% | 200% | 400% | $350,000 | $700,000 | $1,400,000 | ||||||||||||||
Jennifer Beese | 100% | 200% | 400% | $350,000 | $700,000 | $1,400,000 |
Targets | Actual Performance | Percent of Target | |||||||||||||||||||||||||||||||||||||||
Metric | Weighting | Threshold | Target | Maximum | |||||||||||||||||||||||||||||||||||||
GOAL 1: | |||||||||||||||||||||||||||||||||||||||||
2020 Absolute TSR | 10% | 4% | 8% | 12% | (4.4)% | 0% | |||||||||||||||||||||||||||||||||||
GOAL 2: | |||||||||||||||||||||||||||||||||||||||||
2020 Relative TSR vs. MSCI US REIT Index - 3 years(1) | 10% | 25th percentile | 50th percentile | 75th percentile | 59th percentile | 118% | |||||||||||||||||||||||||||||||||||
GOAL 3: | |||||||||||||||||||||||||||||||||||||||||
2020 FFOM per share-diluted | 10% | $2.30 | $2.40 | $2.45 | $1.98 | 0% | |||||||||||||||||||||||||||||||||||
GOAL 4: | |||||||||||||||||||||||||||||||||||||||||
2020 same store lease-up performance versus student housing competitive properties | 20% | 0.5% | 1.0% | 1.75% | 1.1% | 107% | |||||||||||||||||||||||||||||||||||
Objective Criteria | 50% | ||||||||||||||||||||||||||||||||||||||||
GOAL 5: | |||||||||||||||||||||||||||||||||||||||||
Subjective Criteria | 50% | Subject to the determination of the | Varies | ||||||||||||||||||||||||||||||||||||||
Compensation Committee | |||||||||||||||||||||||||||||||||||||||||
100% |
Targets | Actual Performance | |||||||||||
Metric | Weighting | Threshold | Target | High | ||||||||
2017 Absolute TSR | 20% | 4% | 8% | 12% | (14.40)% | |||||||
2017 Relative TSR vs. MSCI US REIT Index* | 20% | 25th percentile | 50th percentile | 75th percentile | 8th percentile | |||||||
2017 FFOM per share-diluted | 10% | $2.32 | $2.37 | $2.42 | $2.31 | |||||||
Objective Criteria | 50% | |||||||||||
Subjective Criteria | 50% | Subject to the determination of the | ||||||||||
100% | Compensation Committee |
NAMED EXECUTIVE OFFICER | ||||||||
William C. Bayless, Jr. | • | COVID-19 pandemic. | ||||||
• | Reinforced the Company’s culture of excellence, collaboration and compassion to all stakeholders including team members, residents and university partners. | |||||||
• | Advanced the Company’s NextGen software and business intelligence | |||||||
• | Energized to the Company’s university partners during the pandemic. | |||||||
• | Increased frequency of meetings with key stakeholders, Board members, employees, equity and fixed income investors and research analysts to convey the operational impacts and the Company’s strategy to navigate unprecedented disruption caused by the pandemic. | |||||||
William W. Talbot | • | Oversaw the Company’s development pipeline, including a $615 million, 10,440-bed housing project for college students participating in the Disney College Program, which will be delivered in multiple phases through 2023. | ||||||
• | Continued to expand the Company's successful public-private partnership business with university clients. | |||||||
• | Developed a detailed investment strategy for programmatic joint ventures including disciplined investment strategy criteria, market selection and investment parameters. | |||||||
Jennifer Beese | • | With Mr. | ||||||
• | Implemented the Company's COVID-19 response as detailed above among the Company’s on-site personnel and residents. | |||||||
• | Led the Company's best-in-class property operations, marketing and leasing, and human resource teams. | |||||||
Daniel B. Perry | • | Employed a prudent balance sheet management strategy to address the liquidity and capital needs of the Company amid the uncertain COVID-19 environment including the completion of two $400 million 10-year unsecured bond issuances. | ||||||
• | With Mr. Hopke and the Investor Relations team, advanced the Company's ESG initiatives, completing detailed assessments, peer benchmarking, initial data collection procedures and expansion of disclosure. | |||||||
• | Made further improvements to the corporate budget process, employing robust productivity analytics and other statistical analysis to facilitate executive review. | |||||||
James C. Hopke, Jr. | • | implement significant improvements to the Company's operating platform through the development of NextGen systems. | ||||||
• | With Mr. Perry | |||||||
• | Collaborated with the Company's information technology and internal audit teams to advance initiatives related to assessing and, where applicable, aligning with new and evolving data privacy and security regulations, including cybersecurity. | |||||||
Award | ||||||||
William C. Bayless, Jr. | $ | 3,400,000 | ||||||
William W. Talbot | 1,459,800 | |||||||
Jennifer Beese | $ | 1,405,733 | ||||||
Daniel B. Perry | 1,162,433 | |||||||
James C. Hopke, Jr. | $ |
1,162,433 | ||||||||
Name | Performance Year | Salary | Annual Cash Incentive Award | Value of Long-Term Equity Incentive Award | Total Direct Compensation(1) | |||||||||||||||||||||||||||
William C. Bayless, Jr. | 2020 | $ | 822,000 | $ | 956,250 | $ | 3,400,000 | $ | 5,178,250 | |||||||||||||||||||||||
2019 | 800,000 | 1,275,000 | 4,532,400 | 6,607,400 | ||||||||||||||||||||||||||||
2018 | 790,500 | 1,100,000 | 3,230,000 | 5,120,500 | ||||||||||||||||||||||||||||
William W. Talbot | 2020 | $ | 466,700 | $ | 600,000 | $ | 1,459,800 | $ | 2,526,500 | |||||||||||||||||||||||
2019 | 453,100 | 800,000 | 1,699,650 | 2,952,750 | ||||||||||||||||||||||||||||
2018 | 394,000 | 625,000 | 1,070,000 | 2,089,000 | ||||||||||||||||||||||||||||
Jennifer Beese | 2020 | $ | 445,600 | $ | 600,000 | $ | 1,405,733 | $ | 2,451,333 | |||||||||||||||||||||||
2019 | 432,600 | 750,000 | 1,636,700 | 2,819,300 | ||||||||||||||||||||||||||||
2018 | 360,500 | 600,000 | 980,000 | 1,940,500 | ||||||||||||||||||||||||||||
Daniel B. Perry | 2020 | $ | 445,600 | $ | 600,000 | $ | 1,162,433 | $ | 2,208,033 | |||||||||||||||||||||||
2019 | 432,600 | 650,000 | 1,353,425 | 2,436,025 | ||||||||||||||||||||||||||||
2018 | 360,500 | 550,000 | 980,000 | 1,890,500 | ||||||||||||||||||||||||||||
James C. Hopke, Jr. | 2020 | $ | 488,100 | $ | 487,500 | $ | 1,162,433 | $ | 2,138,033 | |||||||||||||||||||||||
2019 | 475,000 | 650,000 | 1,353,425 | 2,478,425 | ||||||||||||||||||||||||||||
2018 | 463,500 | 550,000 | 1,260,000 | 2,273,500 |
Award | % of Base Salary | ||||
William C. Bayless, Jr. | $ | 2,325,000 | 300% | ||
James C. Hopke, Jr. | $ | 850,000 | 189% | ||
William W. Talbot | $ | 765,000 | 200% | ||
Daniel B. Perry | $ | 700,000 | 200% | ||
Jennifer Beese | $ | 700,000 | 200% |
Non-Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Name and Principal | Stock | Incentive Plan | All Other | ||||||||||||||||||||||||||||||||||||||||||||
Position | Year | Salary | Bonus | Awards (1) | Compensation(2) | Compensation | Total | ||||||||||||||||||||||||||||||||||||||||
William C. Bayless, Jr. | 2020 | $ | 822,000 | $ | — | $ | 4,532,400 | $ | 956,250 | $ | 564,792 | (3) | $ | 6,875,442 | |||||||||||||||||||||||||||||||||
Chief Executive | 2019 | 800,000 | — | 3,230,000 | 1,275,000 | 497,845 | (4) | 5,802,845 | |||||||||||||||||||||||||||||||||||||||
Executive Officer | 2018 | 790,500 | — | 2,325,000 | 1,100,000 | 457,498 | (5) | 4,672,998 | |||||||||||||||||||||||||||||||||||||||
William W. Talbot | 2020 | $ | 466,700 | $ | — | $ | 1,699,650 | $ | 600,000 | $ | 170,133 | (3) | $ | 2,936,483 | |||||||||||||||||||||||||||||||||
Executive Vice President, | 2019 | 453,100 | — | 1,070,000 | 800,000 | 137,358 | (4) | 2,460,458 | |||||||||||||||||||||||||||||||||||||||
Chief Investment Officer | 2018 | 394,000 | — | 765,000 | 625,000 | 120,217 | (5) | 1,904,217 | |||||||||||||||||||||||||||||||||||||||
Jennifer Beese | 2020 | $ | 445,600 | $ | — | $ | 1,636,700 | $ | 600,000 | $ | 137,637 | (3) | $ | 2,819,937 | |||||||||||||||||||||||||||||||||
Executive Vice President, | 2019 | 432,600 | — | 980,000 | 750,000 | 96,994 | (4) | 2,259,594 | |||||||||||||||||||||||||||||||||||||||
Chief Operating Officer | 2018 | 360,500 | — | 700,000 | 600,000 | 73,112 | (5) | 1,733,612 | |||||||||||||||||||||||||||||||||||||||
Daniel B. Perry | 2020 | $ | 445,600 | $ | — | $ | 1,353,425 | $ | 600,000 | $ | 131,994 | (3) | $ | 2,531,019 | |||||||||||||||||||||||||||||||||
Executive Vice President, | 2019 | 432,600 | — | 980,000 | 650,000 | 103,791 | (4) | 2,166,391 | |||||||||||||||||||||||||||||||||||||||
Chief Financial Officer, | 2018 | 360,500 | — | 700,000 | 550,000 | 81,160 | (5) | 1,691,660 | |||||||||||||||||||||||||||||||||||||||
Treasurer and Secretary | |||||||||||||||||||||||||||||||||||||||||||||||
James C. Hopke, Jr. | 2020 | $ | 488,100 | $ | — | $ | 1,353,425 | $ | 487,500 | $ | 158,206 | (3) | $ | 2,487,231 | |||||||||||||||||||||||||||||||||
President | 2019 | 475,000 | — | 1,260,000 | 650,000 | 140,271 | (4) | 2,525,271 | |||||||||||||||||||||||||||||||||||||||
2018 | 463,500 | — | 850,000 | 550,000 | 113,136 | (5) | 1,976,636 | ||||||||||||||||||||||||||||||||||||||||
Non-Equity | |||||||||||||||||||||||||||
Name and Principal | Stock | Incentive Plan | All Other | ||||||||||||||||||||||||
Position | Year | Salary | Bonus | Awards (1) | Compensation(2) | Compensation | Total | ||||||||||||||||||||
William C. Bayless, Jr. | 2017 | $ | 775,000 | $ — | $ | 3,300,000 | $ | 875,000 | $ | 435,684 | (3) | $ | 5,385,684 | ||||||||||||||
Chief Executive | 2016 | 760,000 | — | 2,500,000 | 1,100,000 | 395,110 | (4) | 4,755,110 | |||||||||||||||||||
Executive Officer | 2015 | 750,000 | — | 2,500,000 | 975,000 | 359,364 | (5) | 4,584,364 | |||||||||||||||||||
James C. Hopke, Jr. | 2017 | $ | 450,000 | $ — | $ | 1,000,000 | $ | 450,000 | $ | 92,724 | (3) | $ | 1,992,724 | ||||||||||||||
President | 2016 | 400,000 | — | 800,000 | 500,000 | 70,200 | (4) | 1,770,200 | |||||||||||||||||||
2015 | 350,000 | — | 600,000 | 450,000 | 47,328 | (5) | 1,447,328 | ||||||||||||||||||||
William W. Talbot | 2017 | $ | 382,500 | $ — | $ | 1,000,000 | $ | 450,000 | $ | 107,007 | (3) | $ | 1,939,507 | ||||||||||||||
Executive Vice President, | 2016 | 370,000 | — | 800,000 | 500,000 | 87,411 | (4) | 1,757,411 | |||||||||||||||||||
Chief Investment Officer | 2015 | 350,000 | — | 650,000 | 450,000 | 67,302 | (5) | 1,517,302 | |||||||||||||||||||
Daniel B. Perry | 2017 | $ | 350,000 | $ — | $ | 525,000 | $ | 450,000 | $ | 62,990 | (3) | $ | 1,387,990 | ||||||||||||||
Executive Vice President, | 2016 | 282,500 | — | 500,000 | 350,000 | 55,590 | (4) | 1,188,090 | |||||||||||||||||||
Chief Financial Officer, | 2015 | 275,000 | — | 500,000 | 325,000 | 44,364 | (5) | 1,144,364 | |||||||||||||||||||
Treasurer and Secretary | |||||||||||||||||||||||||||
Jennifer Beese | 2017 | $ | 350,000 | $ — | $ | 525,000 | $ | 450,000 | $ | 53,055 | (3) | $ | 1,378,055 | ||||||||||||||
Executive Vice President, | 2016 | 285,000 | — | 450,000 | 350,000 | 43,570 | (4) | 1,128,570 | |||||||||||||||||||
Chief Operating Officer | 2015 | 275,000 | — | 400,000 | 325,000 | 32,667 | (5) | 1,032,667 | |||||||||||||||||||
Jonathan A. Graf | 2017 | $ | 208,575 | (6) | $ — | $ | 1,250,000 | $ | — | $ | 2,214,620 | (3) | $ | 3,673,195 | |||||||||||||
Former Executive Vice President, Chief Financial Officer, Treasurer and Secretary | 2016 | 405,000 | — | 800,000 | 575,000 | 108,129 | (4) | 1,888,129 | |||||||||||||||||||
2015 | 400,000 | — | 700,000 | 475,000 | 97,143 | (5) | 1,672,143 | ||||||||||||||||||||
(1)The dollar amount recognized for the following awards of shares were valued at the aggregate grant date fair value of awards granted in accordance with ASC 718, Compensation-Stock Compensation. Assumptions used in the calculation of these amounts are included in note 11 to the Company’s audited financial statements for the year ended December 31, 2020, included in the annual report on Form 10-K for the year ended December 31, 2020. |
2015 (a) | 2016 (b) | 2017 (c) | 2018 (a) | 2019 (b) | 2020 (c) | |||||||||||||||||||||
William C. Bayless, Jr. | 56,079 | 60,489 | 67,957 | William C. Bayless, Jr. | 58,995 | 73,326 | 96,148 | |||||||||||||||||||
William W. Talbot | William W. Talbot | 19,411 | 24,291 | 36,055 | ||||||||||||||||||||||
Jennifer Beese | Jennifer Beese | 17,762 | 22,247 | 34,720 | ||||||||||||||||||||||
Daniel B. Perry | Daniel B. Perry | 17,762 | 22,247 | 28,711 | ||||||||||||||||||||||
James C. Hopke, Jr. | 13,459 | 19,356 | 20,593 | James C. Hopke, Jr. | 21,568 | 28,604 | 28,711 | |||||||||||||||||||
William W. Talbot | 14,581 | 19,356 | 20,593 | |||||||||||||||||||||||
Daniel B. Perry | 11,216 | 12,098 | 10,811 | |||||||||||||||||||||||
Jennifer Beese | 8,973 | 10,888 | 10,811 | |||||||||||||||||||||||
Jonathan A. Graf | 15,702 | 19,356 | 25,741 |
Dividends on Common Units | Dividends on Unvested RSAs | 401(k) Matching Contributions | ||||||||||||||||||||||||
William C. Bayless, Jr. | $ | 98,700 | $ | 461,217 | $ | 4,875 | ||||||||||||||||||||
William W. Talbot | 7,144 | 158,211 | 4,778 | |||||||||||||||||||||||
Jennifer Beese | — | 137,637 | — | |||||||||||||||||||||||
Daniel B. Perry | — | 127,119 | 4,875 | |||||||||||||||||||||||
James C. Hopke, Jr. | — | 153,826 | 4,380 |
Dividends on Common Units | Dividends on Unvested RSAs | 401(k) Matching Contributions | ||||||||||||||||||||||||
William C. Bayless, Jr. | $ | 98,175 | $ | 394,911 | $ | 4,759 | ||||||||||||||||||||
William W. Talbot | 7,106 | 125,502 | 4,750 | |||||||||||||||||||||||
Jennifer Beese | — | 96,994 | — | |||||||||||||||||||||||
Daniel B. Perry | — | 99,042 | 4,749 | |||||||||||||||||||||||
James C. Hopke, Jr. | — | 136,004 | 4,267 |
Dividends on Common Units | Dividends on Unvested RSAs | 401(k) Matching Contributions | ||||||||||||||||||
William C. Bayless, Jr. | $ | 95,550 | $ | 357,323 | $ | 4,625 | ||||||||||||||
William W. Talbot | 6,916 | 108,676 | 4,625 | |||||||||||||||||
Jennifer Beese | — | 73,112 | — | |||||||||||||||||
Daniel B. Perry | — | 76,535 | 4,625 | |||||||||||||||||
James C. Hopke, Jr. | — | 108,980 | 4,156 |
Dividends on Common Units | Dividends on Unvested RSAs | 401(k) Matching Contributions | Other (a) | |||||||||||||
William C. Bayless, Jr. | $ | 91,350 | $ | 339,834 | $ | 4,500 | $ | — | ||||||||
James C. Hopke, Jr. | — | 88,641 | 4,083 | — | ||||||||||||
William W. Talbot | 6,612 | 95,895 | 4,500 | — | ||||||||||||
Daniel B. Perry | — | 58,490 | 4,500 | — | ||||||||||||
Jennifer Beese | — | 53,055 | — | — | ||||||||||||
Jonathan A. Graf | 13,050 | 59,025 | 4,078 | 2,138,467 |
Dividends on Common Units | Dividends on Unvested RSAs | 401(k) Matching Contributions | ||||||||||
William C. Bayless, Jr. | $ | 87,150 | $ | 303,460 | $ | 4,500 | ||||||
James C. Hopke, Jr. | — | 66,064 | 4,136 | |||||||||
William W. Talbot | 6,308 | 76,603 | 4,500 | |||||||||
Daniel B. Perry | — | 51,090 | 4,500 | |||||||||
Jennifer Beese | — | 43,570 | — | |||||||||
Jonathan A. Graf | 12,450 | 91,596 | 4,083 |
Dividends on Common Units | Dividends on Unvested RSAs | 401(k) Matching Contributions | ||||||||||
William C. Bayless, Jr. | $ | 82,950 | $ | 271,914 | $ | 4,500 | ||||||
James C. Hopke, Jr. | — | 43,140 | 4,188 | |||||||||
William W. Talbot | 6,004 | 56,310 | 4,988 | |||||||||
Daniel B. Perry | — | 39,864 | 4,500 | |||||||||
Jennifer Beese | — | 32,667 | — | |||||||||
Jonathan A. Graf | 11,850 | 80,706 | 4,587 |
All Other | Grant | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock | Date Fair | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Awards: | Value of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Future Payouts Under | Estimated Future Payouts Under | Number | Stock and | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Grant Date | Non-Equity Incentive Plan Awards | Equity Incentive Plan Awards | of | Option | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Threshold | Target | Maximum | Threshold | Target | Maximum | Shares | Awards (3) | ||||||||||||||||||||||||||||||||||||||||||||||||
William C. | 1/28/2021 | (1) | — | $ | 719,250 | $ | 1,644,000 | — | — | — | — | n/a | ||||||||||||||||||||||||||||||||||||||||||||
Bayless, Jr. | 1/24/2020 | (2) | — | — | — | — | — | — | 96,148 | $ | 4,532,400 | |||||||||||||||||||||||||||||||||||||||||||||
William W. | 1/28/2021 | (1) | — | $ | 408,363 | $ | 933,400 | — | — | — | — | n/a | ||||||||||||||||||||||||||||||||||||||||||||
Talbot | 1/24/2020 | (2) | — | — | — | — | — | — | 36,055 | $ | 1,699,650 | |||||||||||||||||||||||||||||||||||||||||||||
Jennifer | 1/28/2021 | (1) | — | $ | 389,900 | $ | 891,200 | — | — | — | — | n/a | ||||||||||||||||||||||||||||||||||||||||||||
Beese | 1/24/2020 | (2) | — | — | — | — | — | — | 34,720 | $ | 1,636,700 | |||||||||||||||||||||||||||||||||||||||||||||
Daniel B. | 1/28/2021 | (1) | — | $ | 389,900 | $ | 891,200 | — | — | — | — | n/a | ||||||||||||||||||||||||||||||||||||||||||||
Perry | 1/24/2020 | (2) | — | — | — | — | — | — | 28,711 | $ | 1,353,425 | |||||||||||||||||||||||||||||||||||||||||||||
James C. | 1/28/2021 | (1) | — | $ | 427,088 | $ | 976,200 | — | — | — | — | n/a | ||||||||||||||||||||||||||||||||||||||||||||
Hopke, Jr. | 1/24/2020 | (2) | — | — | — | — | — | — | 28,711 | $ | 1,353,425 |
All Other | Grant | ||||||||||||||||||||||||
Stock | Date Fair | ||||||||||||||||||||||||
Awards: | Value of | ||||||||||||||||||||||||
Estimated Future Payouts Under | Estimated Future Payouts Under | Number | Stock and | ||||||||||||||||||||||
Grant Date | Non-Equity Incentive Plan Awards | Equity Incentive Plan Awards | of | Option | |||||||||||||||||||||
Name | Threshold | Target | Maximum | Threshold | Target | Maximum | Shares | Awards (3) | |||||||||||||||||
William C. | 1/25/18 | (1) | — | $ | 678,125 | $ | 1,550,000 | — | — | — | — | n/a | |||||||||||||
Bayless, Jr. | 1/27/17 | (2) | — | — | — | — | — | — | 67,957 | $ | 3,300,000 | ||||||||||||||
James C. | 1/25/18 | (1) | — | $ | 393,750 | $ | 900,000 | — | — | — | — | n/a | |||||||||||||
Hopke, Jr. | 1/27/17 | (2) | — | — | — | — | — | — | 20,593 | $ | 1,000,000 | ||||||||||||||
William W. | 1/25/18 | (1) | — | $ | 334,688 | $ | 765,000 | — | — | — | — | n/a | |||||||||||||
Talbot | 1/27/17 | (2) | — | — | — | — | — | — | 20,593 | $ | 1,000,000 | ||||||||||||||
Daniel B. | 1/25/18 | (1) | — | $ | 306,250 | $ | 700,000 | — | — | — | — | n/a | |||||||||||||
Perry | 1/27/17 | (2) | — | — | — | — | — | — | 10,811 | $ | 525,000 | ||||||||||||||
Jennifer | 1/25/18 | (1) | — | $ | 306,250 | $ | 700,000 | — | — | — | — | n/a | |||||||||||||
Beese | 1/27/17 | (2) | — | — | — | — | — | — | 10,811 | $ | 525,000 | ||||||||||||||
Jonathan A. | 1/25/18 | (1) | — | $ | — | $ | — | — | — | — | — | n/a | |||||||||||||
Graf | 1/27/17 | (2) | — | — | — | — | — | — | 25,741 | $ | 1,250,000 |
Stock Awards | ||||||||||||||
Name | Number of Shares or Units of Stock That Have Not Vested (1) | Market Value of Shares or Units of Stock That Have Not Vested | ||||||||||||
William C. Bayless, Jr. | 229,486 | $ | 9,815,116 | |||||||||||
William W. Talbot | 79,243 | $ | 3,389,223 | |||||||||||
Jennifer Beese | 69,677 | $ | 2,980,085 | |||||||||||
Daniel B. Perry | 63,910 | $ | 2,733,431 | |||||||||||
James C. Hopke, Jr. | 76,643 | $ | 3,278,021 |
Stock Awards | |||||||
Name | Number of Shares or Units of Stock That Have Not Vested (1) | Market Value of Shares or Units of Stock That Have Not Vested | |||||
William C. Bayless, Jr. | 181,580 | $ | 7,450,235 | ||||
James C. Hopke, Jr. | 48,492 | 1,989,615 | |||||
William W. Talbot | 52,135 | 2,139,086 | |||||
Daniel B. Perry | 31,604 | 1,296,707 | |||||
Jennifer Beese | 28,825 | 1,182,678 | |||||
Jonathan A. Graf | – | – |
Stock Awards | ||||||
Name | Number of Shares Acquired on Vesting | Value Realized on Vesting | ||||
William C. Bayless, Jr. | 56,869 (1) | $ | 2,905,985 | |||
James C. Hopke, Jr. | 10,156 (2) | 518,952 | ||||
William W. Talbot | 12,336 (3) | 630,372 | ||||
Daniel B. Perry | 8,331 (4) | 425,713 | ||||
Jennifer Beese | 6,904 (5) | 352,780 | ||||
Jonathan A. Graf | 77,205 (6) | 3,715,441 |
Stock Awards |
Name | Number of Shares Acquired on Vesting | Value Realized on Vesting | ||||||||||||
63,369 (1) | $ | 2,752,757 | ||||||
19,646 (2) | 853,439 | |||||||
14,136 (3) | 614,080 | |||||||
14,827 (4) | 644,079 | |||||||||||||
20,716 (5) | 899,907 |
Name | Benefit | Without Cause or For Good Reason | ||||||||||||||||||
William C. Bayless, Jr. | Severance payment | $ | 3,568,197 | |||||||||||||||||
RSA vesting | 9,815,116 | |||||||||||||||||||
Bonus | 956,250 | |||||||||||||||||||
Health benefits | 27,480 | |||||||||||||||||||
Excise tax equalization payments | — | |||||||||||||||||||
$ | 14,367,043 | |||||||||||||||||||
William W. Talbot | Severance payment | $ | 1,141,700 | |||||||||||||||||
RSA vesting | 3,389,223 | |||||||||||||||||||
Bonus | 600,000 | |||||||||||||||||||
Health benefits | 40,094 | |||||||||||||||||||
Excise tax equalization payments | — | |||||||||||||||||||
$ | 5,171,017 | |||||||||||||||||||
Jennifer Beese | Severance payment | $ | 1,095,600 | |||||||||||||||||
RSA vesting | 2,980,085 | |||||||||||||||||||
Bonus | 600,000 | |||||||||||||||||||
Health benefits | 25,698 | |||||||||||||||||||
Excise tax equalization payments | — | |||||||||||||||||||
$ | 4,701,383 | |||||||||||||||||||
Daniel B. Perry | Severance payment | $ | 1,045,600 | |||||||||||||||||
RSA vesting | 2,733,431 | |||||||||||||||||||
Bonus | 600,000 | |||||||||||||||||||
Health benefits | 40,094 | |||||||||||||||||||
Excise tax equalization payments | — | |||||||||||||||||||
$ | 4,419,125 | |||||||||||||||||||
James C. Hopke, Jr. | Severance payment | $ | 1,050,600 | |||||||||||||||||
RSA vesting | 3,278,021 | |||||||||||||||||||
Bonus | 487,500 | |||||||||||||||||||
Health benefits | 40,094 | |||||||||||||||||||
Excise tax equalization payments | — | |||||||||||||||||||
$ | 4,856,215 | |||||||||||||||||||
Name | Benefit | Without Cause or For Good Reason | ||||
William C. Bayless, Jr. | Severance payment | $ | 5,257,417 | |||
RSA vesting | 7,450,235 | |||||
Bonus | 1,100,000 | |||||
Health benefits | 30,200 | |||||
Excise tax equalization payments | — | |||||
$ | 13,837,852 | |||||
James C. Hopke, Jr. | Severance payment | $ | 916,667 | |||
RSA vesting | 1,989,615 | |||||
Bonus | 500,000 | |||||
Health benefits | 30,200 | |||||
Excise tax equalization payments | — | |||||
$ | 3,436,482 | |||||
William W. Talbot | Severance payment | $ | 849,167 | |||
RSA vesting | 2,139,086 | |||||
Bonus | 500,000 | |||||
Health benefits | 30,200 | |||||
Excise tax equalization payments | — | |||||
$ | 3,518,453 | |||||
Daniel B. Perry | Severance payment | $ | 725,000 | |||
RSA vesting | 1,296,710 | |||||
Bonus | 350,000 | |||||
Health benefits | 30,200 | |||||
Excise tax equalization payments | — | |||||
$ | 2,401,910 | |||||
Jennifer Beese | Severance payment | $ | 725,000 | |||
RSA vesting | 1,182,678 | |||||
Bonus | 350,000 | |||||
Health benefits | 30,200 | |||||
Excise tax equalization payments | — | |||||
$ | 2,287,878 |
Executive Contributions in Last Fiscal Year (1) | Aggregate Earnings in Last Fiscal Year (2) | Aggregate Withdrawals/ Distributions | Aggregate Balance at Last Fiscal Year-End | |||||||||||||||||||||||
William C. Bayless, Jr. | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
William W. Talbot | 23,335 | 25,621 | — | 186,374 | ||||||||||||||||||||||
Jennifer Beese | — | — | ||||||||||||||||||||||||
Daniel B. Perry | 4,883 | — | 20,147 | |||||||||||||||||||||||
James C. Hopke, Jr. | 169,459 | (12,646) | — | 659,400 |
Executive Contributions in Last Fiscal Year (1) | Aggregate Earnings in Last Fiscal Year (2) | Aggregate Withdrawals/ Distributions | Aggregate Balance at Last Fiscal Year-End | |||||||||||||
William C. Bayless, Jr. | $ | — | $ | — | $ | — | $ | — | ||||||||
James C. Hopke, Jr. | 99,285 | (15,050 | ) | — | 94,415 | |||||||||||
William W. Talbot | 19,502 | 10,580 | — | 73,902 | ||||||||||||
Daniel B. Perry | 370 | 2,400 | — | 11,722 | ||||||||||||
Jennifer Beese | — | — | — | — | ||||||||||||
Jonathan A. Graf | 1,507,815 | (132,885 | ) | — | 1,514,094 |
Plan category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) | Weighted-average exercise price of outstanding options, warrants and rights (b) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) | |||||||||||||||||
Equity compensation plans approved by security holders | n/a | |||||||||||||||||||
Equity compensation plans not approved by security holders | n/a | n/a | n/a |
Board Member (other than Chairman of the Board) | |||
Quarterly Fee | $ | 17,500 | |
Chairman of the Board (1) | |||
Quarterly Fee | 23,750 | ||
Audit Committee | |||
Chair Quarterly Fee | 5,625 | ||
Compensation Committee | |||
Chair Quarterly Fee | 3,750 | ||
Corporate Governance and Nominating Committee | |||
Chair Quarterly Fee | 3,000 | ||
Risk Committee | |||
Chair Quarterly Fee | 3,000 |
Name (1) | Fees Earned or Paid in Cash | Stock Awards (2) | Change in Pension Value and Nonqualified Deferred Compensation Earnings (3) | Total | |||||||||||
William Blakeley Chandlee III | $ | 67,500 | $ | 115,000 | — | $ | 182,500 | ||||||||
G. Steven Dawson | 88,000 | 115,000 | — | 203,000 | |||||||||||
Cydney C. Donnell | 78,000 | 115,000 | — | 193,000 | |||||||||||
Dennis G. Lopez (4) | 75,390 | 115,000 | — | 190,390 | |||||||||||
Edward Lowenthal | 90,500 | 160,000 | — | 250,500 | |||||||||||
Oliver Luck | 77,500 | 115,000 | — | 192,500 | |||||||||||
C. Patrick Oles, Jr. | 65,500 | 115,000 | — | 180,500 | |||||||||||
Winston W. Walker (5) | 38,000 | — | — | 38,000 |
The Board recommends you vote FOR |
The Audit Committee, which has the sole authority to retain the Company's independent auditors, recommends that you vote FOR the ratification of the appointment of Ernst & Young LLP as the Company's independent auditors for |
Total Approximate Fees | ||||||||||||||
Types of Services (1) | 2020 | 2019 | ||||||||||||
Audit Fees (2) | $ | 2,060,000 | $ | 1,640,000 | ||||||||||
Audit-Related Fees | — | — | ||||||||||||
Tax Fees | — | — | ||||||||||||
All Other Fees (3) | 7,200 | 3,620 | ||||||||||||
Total | $ | 2,067,200 | $ | 1,643,620 |
Total Approximate Fees | ||||||||
Types of Services (1) | 2017 | 2016 | ||||||
Audit Fees (2) | $ | 1,462,500 | $ | 1,440,000 | ||||
Audit-Related Fees | — | — | ||||||
Tax Fees | — | — | ||||||
All Other Fees (3) | 2,160 | 2,000 | ||||||
Total | $ | 1,464,660 | $ | 1,442,000 |
The Board recommends that you vote FOR approval of the advisory vote on executive compensation. |
Shareowner Services P.O. Box 64945 St. Paul, MN 55164-0945 |
1. | Election of Directors for a one-year term expiring at the | |||||||||||||||||||||||||
1a. | William C. Bayless, Jr. | ¨ | For | ¨ | Against | ¨ | Abstain | |||||||||||||||||||
1b. | ¨ | For | ¨ | Against | ¨ | Abstain | ||||||||||||||||||||
1c. | G. Steven Dawson | ¨ | For | ¨ | Against | ¨ | Abstain | |||||||||||||||||||
1d. | Cydney C. Donnell | ¨ | For | ¨ | Against | ¨ | Abstain | |||||||||||||||||||
1e. | ¨ | For | ¨ | Against | ¨ | Abstain | ||||||||||||||||||||
1f. | Alison M. Hill | ¨ | For | ¨ | Against | ¨ | Abstain | |||||||||||||||||||
1g. | Craig A. Leupold | ¨ | For | ¨ | Against | ¨ | Abstain | |||||||||||||||||||
1h. | Oliver Luck | ¨ | For | ¨ | Against | ¨ | Abstain | |||||||||||||||||||
C. Patrick Oles, Jr. | ¨ | For | ¨ | Against | ¨ | Abstain | ||||||||||||||||||||
John T. Rippel | ¨ | For | ¨ | Against | ¨ | Abstain |
2. | |||||||||||||||||||||||||||||
Ratification of Ernst & Young as our independent auditors for | ¨ | For | ¨ | Against | ¨ | Abstain | |||||||||||||||||||||||
To provide a non-binding advisory vote approving the Company’s executive compensation program | ¨ | For | ¨ | Against | ¨ | Abstain |
Address Change or Comments? Mark box, sign, and indicate changes below: ¨ | Date | |||||||||||||
Signature(s) in Box Please sign exactly as your name(s) appears on Proxy. If held in joint tenancy, all persons should sign. Trustees, administrators, etc., should include title and authority. Corporations should provide full name of corporation and title of authorized officer signing the Proxy. |
American Campus Communities, Inc. 12700 Hill Country Boulevard, Suite T-200 Austin, TX 78738 | proxy |