Form 4: Kilroy Realty Executive A. Robert Paratte Reports Changes in Beneficial Ownership
SEC Form 4 Filing
A. Robert Paratte, Executive Vice President and Chief Leasing Officer of Kilroy Realty, reports changes in beneficial ownership due to the crediting of restricted stock units related to dividend equivalent rights.
Summary
- On April 10, 2024, A. Robert Paratte, an executive at Kilroy Realty Corporation, reported changes in his beneficial ownership of the company's stock.
- These changes are due to the crediting of restricted stock units in respect of dividend equivalent rights related to previously reported restricted stock unit awards.
- Paratte acquired 360.6195 shares of common stock at a price of $0.
- He also acquired 274.5503 restricted stock units related to performance units awarded in 2022 and 417.8159 restricted stock units related to performance units awarded in 2023.
- These units represent a contingent right to receive one share of Kilroy Realty common stock each and remain subject to time-based vesting requirements.
Sentiment
Score: 6
Explanation: The document is a routine regulatory filing, indicating standard executive compensation practices. It doesn't contain any information that would significantly impact investor sentiment positively or negatively.
Positives
- The crediting of restricted stock units indicates continued investment in the company's executives through equity-based compensation.
Future Outlook
The reported restricted stock units are subject to vesting requirements, indicating a continued alignment of executive interests with the long-term performance of the company.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. The crediting of restricted stock units is a common practice in executive compensation, particularly in REITs like Kilroy Realty, to incentivize performance and retain key personnel.
Comparison to Industry Standards
- Equity compensation is a standard practice among publicly traded REITs.
- Companies like Boston Properties (BXP) and Equity Residential (EQR) also utilize restricted stock units and performance-based equity awards to align executive compensation with shareholder value.
- The specific terms and conditions of these awards, such as vesting schedules and performance metrics, can vary significantly between companies.
Stakeholder Impact
- The reported transactions have a minor impact on shareholders, reflecting changes in executive ownership.
Key Dates
| Date | Description |
|---|---|
| 04/10/2024 | Date of the reported transaction (acquisition of common stock and restricted stock units). |
| 04/12/2024 | Date of signature by attorney-in-fact. |
| 12/31/2024 | End of the three-year performance period for the 2022 performance units. |
| 12/31/2025 | End of the three-year performance period for the 2023 performance units. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.