Velarion · Company Intelligence
Compensation Brief
Fiscal year 2023 · Filings through 2026-04-16

Retail Opportunity Investments (ROIC)

Fiscal year 2023 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$6,626,718
Stuart Tanz total, FY2023
40th
CEO pay percentile vs peers
CEO-to-median pay ratio
92.78%
Say-on-pay support, latest vote
Companies that benchmark against ROIC
14 companies name ROIC as a compensation peer

Each company listed discloses ROIC in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named ROIC in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2023

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Stuart Tanz$900,000$0$4,096,638$0$1,575,000$0$55,080$6,626,718
President and Chief Executive Officer
Richard Schoebel510,00001,392,8540618,375057,0522,578,281
Chief Operating Officer
Michael Haines427,50025,0001,269,9470534,375054,9802,311,802
Chief Financial Officer
Richard Baker275,000200,000435,254000633910,887
Chairman of our board of directors

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2023 totalFY2022 totalFY2021 totalΔ FY20222023
Stuart Tanz$6,626,718$6,629,924−3,206
Richard Schoebel2,578,2812,542,049+36,232
Michael Haines2,311,8022,246,021+65,781
Richard Baker910,887922,417−11,530

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2023

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Richard SchoebelPSU2023-02-2147,61971,42795,238$1,392,854
Michael HainesPSU2023-02-2143,41765,12586,8341,269,947
Stuart TanzPSU2023-02-21140,056210,084280,1124,096,638
Richard BakerPSU2023-02-2114,88122,32029,760435,254
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Richard Schoebel$0$1,392,854$0100.0%
Michael Haines01,269,9470100.0%
Stuart Tanz04,096,6380100.0%
Richard Baker0435,2540100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2023

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Michael HainesPSU130,251$1,827,422
Richard BakerPSU31,049435,617
Michael HainesPSU90,5931,271,020
Stuart TanzPSU292,2384,100,099
Michael HainesPSU82,0471,151,119
Stuart TanzPSU269,8943,786,613
Richard SchoebelPSU99,3601,394,021
Richard SchoebelPSU142,8572,004,284
Richard SchoebelPSU89,9641,262,195
Richard BakerPSU44,641626,313
Richard BakerPSU28,788403,896
Stuart TanzPSU420,1685,894,957
05

Incentive-plan design — the Compensation Discussion & Analysis

The fundamental philosophy of the Compensation Committee of our board of directors (the Compensation Committee) is to closely align these compensation programs with the achievement of clear annual and long-term performance goals tied to our financial success and the creation of stockholder value.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantFTI Consulting Inc.
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20242024-04-23105,187,8148,187,981209,25092.78%Passed
20232023-04-25104,409,0454,717,806104,02095.68%Passed
20222022-04-2597,686,4317,999,60280,45992.43%Passed
20212021-04-2685,843,49716,414,00683,81883.95%Passed
20202020-04-2297,435,1702,285,391234,34897.71%Passed
20192019-04-2495,293,2361,619,98595,33698.33%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20242024-04-2392.78%a
20232023-04-2595.68%b
20222022-04-2592.43%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the election of directors, the ratification of the appointment of Ernst & Young LLP or the advisory vote on the compensation of our named executive officers as disclosed in this Proxy Statement.”.

b. Approved under the standard stated in the filing — “Abstentions, if any, and broker non-votes are not votes cast and will have no effect on the result of the vote on this proposal, although they will be considered present for the purpose of determining the presence of a quorum.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the election of directors, the ratification of the appointment of Ernst & Young LLP, the advisory vote on the compensation of our named executive officers or the approval of the Company's Second Amended and Restated 2009 Equity Incentive Plan as disclosed in this Proxy Statement.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2023

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Eric S. ZornIndependent · Audit · Nominating and Corporate Governance (Chair)$105,000$99,995$0$0$0$204,995
Michael J. IndiveriIndependent · Audit (Chair) · Compensation · Nominating and Corporate Governance102,50099,995000202,495
Laura H. PomerantzIndependent · Compensation (Chair)93,50099,995000193,495
Zabrina M. JenkinsIndependent · Compensation73,50099,995000173,495
Angela K. HoIndependent · Audit72,00099,995000171,995
Adrienne B. PittsIndependent · Nominating and Corporate Governance69,00099,995000168,995
Lee S. NeibartIndependent66,00099,995000165,995
Stuart A. TanzEmployee director00000
Richard A. BakerNot independent · Board Chair000000
09

Board fee structure and ownership guideline

Annual cash retainer$60,000
Annual equity retainer$100,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)30,000 / 30,000 / 20,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2023
Cash retainers and fees$581,500
Equity awards (grant-date value)$699,965
All other compensation$0
Total cost of the board$1,281,465

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2023

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Retail Opportunity Investments names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Retail Opportunity Investments.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Kimco Realty Corporation2025Conor Flynn$1,000,000$7,080,401$0$3,398,400$11,581,750
2Regency Centers Corporation2025Lisa Palmer1,050,0007,099,09802,925,00011,092,432
3Federal Realty Investment Trust2025Donald Wood1,000,0007,554,43401,350,0009,929,147
4Urban Edge Properties2025Jeffrey Olson1,100,0004,892,46502,091,2438,106,208
5Phillips Edison & Company, Inc.2025Jeffrey Edison991,8644,931,23001,960,7008,062,820
6Kite Realty Group Trust2025John Kite1,000,0003,931,06102,912,5007,882,883
7InvenTrust Properties Corp.2025Daniel Busch950,0004,627,08402,012,8137,597,244
8Tanger Inc.2025Stephen Yalof900,0004,150,03601,809,3757,113,515
9Acadia Realty Trust2025Kenneth Bernstein850,0003,574,54402,486,8986,922,230
10Retail Opportunity Investments2023Stuart Tanz900,0004,096,63801,575,0006,626,718
11Four Corners Property Trust Inc2025William Lenehan724,6053,705,794005,701,486
12Alexander & Baldwin, Inc.2024Lance Parker701,2472,282,65301,109,3274,336,581
13Brixmor Property Group Inc.2025Brian T. Finnegan650,0001,777,1340830,9443,735,474
14SITE Centers Corp.2025David Lukes00000
Pennsylvania Real Estate Investment Trustnot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Retail Opportunity Investmentsnot disclosednot disclosednot disclosedFTI Consulting Inc.
Acadia Realty Trust145%LTIP Units 100Yes — Relative TSR vs. Nareit Shopping Center IndexFerguson Partners Consulting (FPC)
Alexander & Baldwin, Inc.152%PSU 50 · RSU 50Yes — TSR in Relation to Selected Peer GroupWTW
Brixmor Property Group Inc.111%PSU 60 · RSU 40YesPay Governance
Federal Realty Investment Trust120%not disclosedNoSemler Brossy Consulting Group
Four Corners Property Trust Inc125%PSU 50 · RSU 50Yes — Absolute Total Stockholder Return (TSR)Semler Brossy
InvenTrust Properties Corp.212%RSU 100NoFerguson Partners Consulting
Kimco Realty Corporation189%PSU 67 · RSU 33Yes — Total Stockholder Return (TSR)Pay Governance LLC
Kite Realty Group Trustnot disclosedPSU 60 · RSU 40Yes — relative TSR performance versus shopping center REITsFerguson Partners Consulting
Pennsylvania Real Estate Investment Trustnot disclosednot disclosednot disclosednot disclosed
Phillips Edison & Company, Inc.140%PSU 68 · RSU 32Yes — Relative TSRFPC
Regency Centers Corporation150%PSU 80 · RSU 20NoSemler Brossy
SITE Centers Corp.not disclosednot disclosednot disclosedMercer (US) LLC
Tanger Inc.134.0%PSU 60 · RSU 40Yes — Absolute TSRFerguson Partners
Urban Edge Properties190%LTIP Units 100Yes — Absolute TSRFarient Advisors

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Stuart TanzDEF 14A2024-03-220001407623-24-000062Section “2023 Summary Compensation Table”. As printed: 6,626,718. Filing ↗machine: r2 · c42 · span 607173–607182
2Section 01, Richard SchoebelDEF 14A2024-03-220001407623-24-000062Section “2023 Summary Compensation Table”. As printed: 2,578,281. Filing ↗machine: r14 · c42 · span 631792–631801
3Section 01, Michael HainesDEF 14A2024-03-220001407623-24-000062Section “2023 Summary Compensation Table”. As printed: 2,311,802. Filing ↗machine: r6 · c42 · span 615512–615521
4Section 01, Richard BakerDEF 14A2024-03-220001407623-24-000062Section “2023 Summary Compensation Table”. As printed: 910,887. Filing ↗machine: r10 · c42 · span 623650–623657
5Section 03, Richard Schoebel PSUDEF 14A2024-03-220001407623-24-000062Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t71 · r13 · c28 · span 700242–700251
6Section 03, Michael Haines PSUDEF 14A2024-03-220001407623-24-000062Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t71 · r7 · c28 · span 679950–679959
7Section 03, Stuart Tanz PSUDEF 14A2024-03-220001407623-24-000062Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t71 · r4 · c28 · span 669803–669812
8Section 03, Richard Baker PSUDEF 14A2024-03-220001407623-24-000062Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t71 · r10 · c28 · span 690095–690102
9Section 08, Eric S. ZornDEF 14A2024-03-220001407623-24-000062Section “Director Compensation”. As printed: 204,995. Filing ↗machine: t30 · r9 · c8 · span 274967–274974
10Section 08, Michael J. IndiveriDEF 14A2024-03-220001407623-24-000062Section “Director Compensation”. As printed: 202,495. Filing ↗machine: t30 · r5 · c8 · span 268978–268985
11Section 08, Laura H. PomerantzDEF 14A2024-03-220001407623-24-000062Section “Director Compensation”. As printed: 193,495. Filing ↗machine: t30 · r8 · c8 · span 273413–273420
12Section 08, Zabrina M. JenkinsDEF 14A2024-03-220001407623-24-000062Section “Director Compensation”. As printed: 173,495. Filing ↗machine: t30 · r4 · c8 · span 267496–267503
13Section 08, Angela K. HoDEF 14A2024-03-220001407623-24-000062Section “Director Compensation”. As printed: 171,995. Filing ↗machine: t30 · r3 · c8 · span 265990–265997
14Section 08, Adrienne B. PittsDEF 14A2024-03-220001407623-24-000062Section “Director Compensation”. As printed: 168,995. Filing ↗machine: t30 · r7 · c8 · span 271933–271940
15Section 08, Lee S. NeibartDEF 14A2024-03-220001407623-24-000062Section “Director Compensation”. As printed: 165,995. Filing ↗machine: t30 · r6 · c8 · span 270454–270461
16Section 08, Stuart A. TanzDEF 14A2024-03-220001407623-24-000062Section “Director Compensation”. As printed: 0. Filing ↗
17Section 08, Richard A. BakerDEF 14A2024-03-220001407623-24-000062Section “Director Compensation”. As printed: 0. Filing ↗
18Section 06, 2024 voteForm 8-K2024-04-250001407623-24-000074Item 5.07 · say-on-pay result. As reported: 92.78% (votes for as printed: 105,187,814). Filing ↗
19Section 06, 2023 voteForm 8-K2023-05-010001407623-23-000073Item 5.07 · say-on-pay result. As reported: 95.68% (votes for as printed: 104,409,045). Filing ↗
20Section 06, 2022 voteForm 8-K2022-04-260001171843-22-002818Item 5.07 · say-on-pay result. As reported: 92.43%. Filing ↗
21Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
22Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
23Section 09b board cost (computed)ComputedcomputedCash 581,500 + equity 699,965 + all other 0 = 1,281,465, summed across the director compensation table rows.machine: formula: Σ = 1,281,465
24Kimco Realty Corporation, Section 10b CEO totalDEF 14A2026-04-080001206774-26-000197CEO total compensation as printed in Kimco Realty Corporation's own proxy. As printed: 11,581,750. Filing ↗machine: t133 · r4 · c7 · span 542175–542185
25Regency Centers Corporation, Section 10b CEO totalDEF 14A2026-03-250001193125-26-122880CEO total compensation as printed in Regency Centers Corporation's own proxy. As printed: 11,092,432. Filing ↗machine: r7 · c23 · span 803411–803422
26Federal Realty Investment Trust, Section 10b CEO totalDEF 14A2026-03-270001193125-26-127642CEO total compensation as printed in Federal Realty Investment Trust's own proxy. As printed: 9,929,147. Filing ↗machine: t136 · r3 · c27 · span 657645–657654
27Urban Edge Properties, Section 10b CEO totalDEF 14A2026-03-240001140361-26-010899CEO total compensation as printed in Urban Edge Properties's own proxy. As printed: 8,106,208. Filing ↗machine: r2 · c21 · span 876925–876934
28Phillips Edison & Company, Inc., Section 10b CEO totalDEF 14A2026-03-230001476204-26-000016CEO total compensation as printed in Phillips Edison & Company, Inc.'s own proxy. As printed: 8,062,820. Filing ↗machine: r5 · c18 · span 575792–575801
29Kite Realty Group Trust, Section 10b CEO totalDEF 14A2026-04-010001286043-26-000024CEO total compensation as printed in Kite Realty Group Trust's own proxy. As printed: 7,882,883. Filing ↗machine: r2 · c6 · span 1509426–1509435
30InvenTrust Properties Corp., Section 10b CEO totalDEF 14A2026-03-190001307748-26-000097CEO total compensation as printed in InvenTrust Properties Corp.'s own proxy. As printed: 7,597,244. Filing ↗machine: t86 · r3 · c7 · span 1486834–1486843
31Tanger Inc., Section 10b CEO totalDEF 14A2026-03-260001628280-26-021249CEO total compensation as printed in Tanger Inc.'s own proxy. As printed: 7,113,515. Filing ↗machine: r5 · c33 · span 922980–922989
32Acadia Realty Trust, Section 10b CEO totalDEF 14A2026-03-310001193125-26-134606CEO total compensation as printed in Acadia Realty Trust's own proxy. As printed: 6,922,230. Filing ↗machine: span 777495–777504
33Retail Opportunity Investments (subject), Section 10b CEO totalDEF 14A2024-03-220001407623-24-000062CEO total compensation as printed in Retail Opportunity Investments's own proxy. As printed: 6,626,718. Filing ↗machine: r2 · c42 · span 607173–607182
34Four Corners Property Trust Inc, Section 10b CEO totalDEF 14A2026-04-160001140361-26-015137CEO total compensation as printed in Four Corners Property Trust Inc's own proxy. As printed: 5,701,486. Filing ↗machine: r2 · c18 · span 641840–641849
35Alexander & Baldwin, Inc., Section 10b CEO totalDEF 14A2025-03-110001545654-25-000011CEO total compensation as printed in Alexander & Baldwin, Inc.'s own proxy. As printed: 4,336,581. Filing ↗machine: r2 · c30 · span 672575–672584
36Brixmor Property Group Inc., Section 10b CEO totalDEF 14A2026-03-110001104659-26-026381CEO total compensation as printed in Brixmor Property Group Inc.'s own proxy. As printed: 3,735,474. Filing ↗machine: r4 · c27 · span 957466–957475
37SITE Centers Corp., Section 10b CEO totalDEF 14A2026-03-310001193125-26-134508CEO total compensation as printed in SITE Centers Corp.'s own proxy. As printed: 0. Filing ↗
38Section 10a, Federal Realty Investment Trust reciprocityDEF 14A0001193125-25-066328Federal Realty Investment Trust's most recent proxy was read; its disclosed peer group does not include Retail Opportunity Investments. Filing ↗
39Section 10a, SITE Centers Corp. reciprocityDEF 14A0001193125-25-071314SITE Centers Corp. names Retail Opportunity Investments in its own disclosed peer group (read from its most recent proxy). Filing ↗
40Section 10a, Urban Edge Properties reciprocityDEF 14A0001140361-26-010899Urban Edge Properties's most recent proxy was read; its disclosed peer group does not include Retail Opportunity Investments. Filing ↗
41Section 10a, Brixmor Property Group Inc. reciprocityDEF 14A0001104659-26-026381Brixmor Property Group Inc.'s most recent proxy was read; its disclosed peer group does not include Retail Opportunity Investments. Filing ↗
42Section 10a, Phillips Edison & Company, Inc. reciprocityDEF 14A0001476204-26-000016Phillips Edison & Company, Inc. names Retail Opportunity Investments in its own disclosed peer group (read from its most recent proxy). Filing ↗
43Section 10a, Acadia Realty Trust reciprocityDEF 14A0001193125-26-134606Acadia Realty Trust's most recent proxy was read; its disclosed peer group does not include Retail Opportunity Investments. Filing ↗
44Section 10a, Kite Realty Group Trust reciprocityDEF 14A0001286043-26-000024Kite Realty Group Trust's most recent proxy was read; its disclosed peer group does not include Retail Opportunity Investments. Filing ↗
45Section 10a, Four Corners Property Trust Inc reciprocityDEF 14A0001140361-26-015137Four Corners Property Trust Inc names Retail Opportunity Investments in its own disclosed peer group (read from its most recent proxy). Filing ↗
46Section 10a, Tanger Inc. reciprocityDEF 14A0001628280-26-021249Tanger Inc.'s most recent proxy was read; its disclosed peer group does not include Retail Opportunity Investments. Filing ↗
47Section 10a, Regency Centers Corporation reciprocityDEF 14A0001193125-26-122880Regency Centers Corporation's most recent proxy was read; its disclosed peer group does not include Retail Opportunity Investments. Filing ↗
48Section 10a, Alexander & Baldwin, Inc. reciprocityDEF 14A0001545654-25-000011Alexander & Baldwin, Inc. names Retail Opportunity Investments in its own disclosed peer group (read from its most recent proxy). Filing ↗