Not independent
Tenure on this board
33.4 yrs
9 nominees · 3 ballot items.
Three management proposals: (1) Elect nine directors to serve until the 2027 annual meeting; (2) Non-binding advisory vote to approve the Company’s 2025 executive compensation (say-on-pay); and (3) Ratify Deloitte & Touche LLP as the Company’s independent registered public accounting firm for 2026.
Elect nine directors to serve until the 2027 annual meeting of shareholders and until their successors are duly elected and qualified.
Non-binding advisory ('say-on-pay') vote to approve the compensation paid to the Company’s named executive officers for 2025 as disclosed in the proxy statement.
This non-binding advisory proposal asks shareholders to approve, on an advisory basis, the 2025 compensation paid to the Company’s named executive officers as disclosed in the proxy statement. Management seeks shareholder approval to confirm alignment between pay and performance and to provide the Compensation Committee with feedback to inform future decisions. The proposal is presented in the context of notable 2025 events — including the $5.65 billion Safe Harbor Marinas sale, significant debt reduction, a special cash distribution and share repurchases, and a CEO transition in October 2025 — all of which influenced executive pay decisions (including make‑whole awards and retention/transition-related accelerated vesting). The Compensation Committee emphasizes a pay-for-performance structure with the majority of executive pay “at risk,” substantial performance-based equity (historically tied to relative TSR with an absolute TSR modifier), and specific annual incentive metrics tied to Core FFO per share, same-property NOI, and leverage metrics. The Board’s recommendation for FOR rests on the Committee’s view that compensation appropriately rewarded the successful execution of strategic objectives, retained key executives during transitions, and aligned long‑term interests of management with shareholders. The Board notes that the say‑on‑pay vote is advisory; if shareholders express significant opposition, the Compensation Committee will evaluate whether changes are warranted. The Company also highlights historically strong shareholder support for its compensation program and recent enhancements for 2026 that increase the performance mix and add NOI-based metrics, reinforcing management’s rationale for the program's design and the Board’s recommendation.
Ratify the Audit Committee’s selection of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026.
| # | Owner | % of shares | Shares | Value |
|---|---|---|---|---|
| 1 | DODGE COX | 11.58% | 14,266,030 | $1.8B |
| 2 | COHEN STEERS, INC. | 9.79% | 12,063,415 | $1.5B |
| 3 | VANGUARD PORTFOLIO MANAGEMENT LLC | 8.25% | 10,168,892 | $1.3B |
| 4 | WELLINGTON MANAGEMENT GROUP LLP | 4.64% | 5,720,317 | $721M |
| 5 | VANGUARD CAPITAL MANAGEMENT LLC | 4.43% | 5,453,074 | $687M |
| 6 | STATE STREET CORP | 4.23% | 5,213,224 | $662M |
| 7 | PRICE T ROWE ASSOCIATES INC /MD/ | 3.98% | 4,902,536 | $618M |
| 8 | BlackRock, Inc. | 3.68% | 4,532,463 | $571M |
| 9 | BlackRock, Inc. | 3.57% | 4,394,680 | $554M |
| 10 | FMR LLC | 2.49% | 3,072,833 | $387M |
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