Fiscal year 2024 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.
This is the complete answer, not a partial one — the list is never padded.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Paul McDermott | $750,000 | $0 | $2,081,671 | $0 | $990,000 | $0 | $158,700 | $3,980,371 |
| President and Chief Executive Officer | ||||||||
| Tiffany Butcher | 425,000 | 0 | 773,682 | 0 | 439,238 | 0 | 75,200 | 1,713,120 |
| Executive Vice President and Chief Operating Officer | ||||||||
| Steven Freishtat | 325,000 | 0 | 416,778 | 0 | 254,150 | 0 | 61,662 | 1,057,590 |
| Executive Vice President and Chief Financial Officer | ||||||||
| Susan Gerock | 315,000 | 0 | 426,771 | 0 | 218,768 | 0 | 54,436 | 1,014,975 |
| Senior Vice President and Chief Information Officer | ||||||||
| W. Drew Hammond | 315,000 | 0 | 298,894 | 0 | 212,468 | 0 | 55,386 | 881,748 |
| Senior Vice President, Chief Administrative Officer and Treasurer | ||||||||
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.
| Named executive officer | FY2024 total | FY2023 total | FY2022 total | Δ FY2023→2024 |
|---|---|---|---|---|
| Paul McDermott | $3,980,371 | $3,707,826 | $5,279,117 | +272,545 |
| Tiffany Butcher | 1,713,120 | 1,010,347 | — | +702,773 |
| Steven Freishtat | 1,057,590 | 973,809 | — | +83,781 |
| Susan Gerock | 1,014,975 | 968,760 | 972,052 | +46,215 |
| W. Drew Hammond | 881,748 | 725,809 | — | +155,939 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
No insider equity transactions reported since the proxy statement.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| W. Drew Hammond | RSU | 2024-02-14 | — | — | 3 | — | $122,462 |
| Tiffany M. Butcher | RSU | 2024-02-14 | — | — | 3 | — | 313,942 |
| Steven Freishtat | RSU | 2024-02-14 | — | — | 3 | — | 170,577 |
| Susan Gerock | RSU | 2024-02-14 | — | — | 3 | — | 174,513 |
| Paul McDermott | RSU | 2024-02-14 | — | — | 3 | — | 801,856 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| W. Drew Hammond | $122,462 | $0 | $0 | 0.0% |
| Tiffany M. Butcher | 313,942 | 0 | 0 | 0.0% |
| Steven Freishtat | 170,577 | 0 | 0 | 0.0% |
| Susan Gerock | 174,513 | 0 | 0 | 0.0% |
| Paul McDermott | 801,856 | 0 | 0 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Butcher | RSU | 23,801 | — | $363,441 |
| Steven Freishtat | PSU | 20,858 | — | 318,500 |
| Butcher | PSU | 35,324 | — | 539,404 |
| W. Drew Hammond | PSU | 14,378 | — | 219,555 |
| Steven Freishtat | RSU | 13,473 | — | 205,733 |
| Susan Gerock | RSU | 11,570 | — | 176,674 |
| Paul McDermott | RSU | 153,164 | — | 2,338,814 |
| Paul McDermott | PSU | 101,572 | — | 1,551,000 |
| Susan Gerock | PSU | 21,289 | — | 325,080 |
| W. Drew Hammond | RSU | 10,650 | — | 162,626 |
The primary goals of the executive compensation program are to attract and retain the best executive talent while aligning the interests of executives with those of shareholders. The program emphasizes performance-based compensation, with a substantial portion of total compensation being 'at-risk' and tied to the achievement of strategic and financial objectives.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Ferguson Partners Consulting L.P. |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Benjamin S. ButcherIndependent · Lead Independent Director · Audit · Compensation | $122,500 | $99,974 | — | — | — | $222,474 |
| Ellen M. GoitiaIndependent · Audit (Chair) · Corporate Governance/Nominating | 82,500 | 99,974 | — | — | — | 182,474 |
| Thomas H. Nolan JrIndependent · Audit · Compensation (Chair) | 80,000 | 99,974 | — | — | — | 179,974 |
| Vice Adm. Anthony L. Winns (RET.)Independent · Audit · Compensation · Corporate Governance/Nominating (Chair) | 76,500 | 99,974 | — | — | — | 176,474 |
| Jennifer S. BannerIndependent · Audit · Corporate Governance/Nominating | 72,500 | 99,974 | — | — | — | 172,474 |
| Susan CarrasCompensation · Corporate Governance/Nominating | 70,000 | 99,974 | — | — | — | 169,974 |
| Paul T. McDermottEmployee director · Board Chair | — | — | — | — | — | 0 |
| Ron D. SturzeneggerIndependent · Newly elected | — | — | — | — | — | — |
| Annual cash retainer | $55,000 |
|---|---|
| Annual equity retainer | $100,000 |
| Per board meeting fee | $0 |
| Committee chair fees (audit / comp / nom-gov) | 100,000 |
| Stock ownership guideline | $5 |
| Component | FY2024 |
|---|---|
| Cash retainers and fees | $504,000 |
| Equity awards (grant-date value) | $599,844 |
| All other compensation | $0 |
| Total cost of the board | $1,103,844 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies Elme Communities 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 Elme Communities.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Apartment Investment and Management Company | 2025 | Wes Powell | $700,000 | $2,956,757 | $0 | $1,841,595 | $10,762,352 |
| 2 | Easterly Government Properties, Inc. | 2025 | Darrell Crate | 825,000 | 8,508,519 | 0 | 930,000 | 10,277,519 |
| 3 | Veris Residential, Inc. | 2024 | Mahbod Nia | 800,000 | 4,400,000 | 0 | 2,169,750 | 7,393,104 |
| 4 | Brandywine Realty Trust | 2025 | Gerard Sweeney | 800,000 | 3,472,940 | 0 | 1,520,000 | 5,812,631 |
| 5 | Piedmont Office Realty Trust, Inc. | 2025 | C. Brent Smith | 710,000 | 3,766,342 | 0 | 1,250,000 | 5,757,342 |
| 6 | JBG SMITH Properties | 2025 | W. Matthew Kelly | 750,000 | 3,499,994 | 0 | 1,260,000 | 5,521,861 |
| 7 | Independence Realty Trust, Inc. | 2025 | Scott Schaeffer | 800,000 | 2,825,675 | 0 | 1,127,262 | 5,266,937 |
| 8 | Elme Communities | 2024 | Paul McDermott | 750,000 | 2,081,671 | 0 | 990,000 | 3,980,371 |
| 9 | CTO Realty Growth, Inc. | 2025 | John Albright | 870,000 | 1,778,421 | 0 | 1,239,750 | 3,905,735 |
| 10 | Global Medical REIT Inc. | 2024 | Jeffrey Witherell | 643,750 | 1,799,980 | 0 | 620,000 | 3,108,503 |
| 11 | Centerspace | 2025 | Anne Olson | 600,000 | 1,391,378 | 0 | 1,096,319 | 3,105,197 |
| 12 | UMH Properties, Inc. | 2025 | Samuel Landy | 842,600 | 1,599,998 | 0 | 315,750 | 2,909,784 |
| 13 | Armada Hoffler Properties, Inc. | 2024 | William Armstrong | 750,000 | 587,923 | 0 | 344,505 | 1,751,376 |
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.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Elme Communities | not disclosed | PRSU 60 · RSU 40 | not disclosed | Ferguson Partners Consulting L.P. |
| Apartment Investment and Management Company | 175.39% | PSU 67 · RSU 33 | No | Ferguson Partners |
| Armada Hoffler Properties, Inc. | not disclosed | not disclosed | not disclosed | FTI Consulting, Inc. |
| Brandywine Realty Trust | 95% | RSU 50 · PSU 50 | No | Pay Governance LLC |
| Centerspace | 182.7% | RSU 50 · PSU 50 | Yes — TSR relative to FTSE Nareit Equity Index | Ferguson Partners Consulting L.P. |
| CTO Realty Growth, Inc. | 150% | PSU 61 · RSU 39 | Yes — Relative TSR | Ferguson Partners Consulting |
| Easterly Government Properties, Inc. | 78% | LTIP Units 100 | Yes — Absolute TSR | FTI Consulting |
| Global Medical REIT Inc. | not disclosed | RSU 50 · PRSU 50 | not disclosed | Ferguson Partners Consulting L.P. |
| Independence Realty Trust, Inc. | 203.4% | PSU 75 · RSU 25 | Yes — Relative 3-year TSR | not disclosed |
| JBG SMITH Properties | 168% | not disclosed | No | Ferguson Partners Consulting |
| Piedmont Office Realty Trust, Inc. | 117% | PSU 60 · RSU 40 | Yes — Total Shareholder Return (TSR) relative to peers | Ferguson Partners Consulting L.P. |
| UMH Properties, Inc. | 100% | MSU 34 · RSU 33 · PSU 33 | Yes — Relative TSR vs MSCI US REIT Index | Korn Ferry |
| Veris Residential, Inc. | 271.2% | RSU 50 · PSU 50 | Yes — Absolute TSR | FW Cook |
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.
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.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Paul McDermott | DEF 14A | 2025-04-17 | 0000104894-25-000041 | Section “Summary Compensation Table” · page 63. As printed: 3,980,371. Filing ↗machine: r3 · c27 · span 631991–632000 |
| 2 | Section 01, Tiffany Butcher | DEF 14A | 2025-04-17 | 0000104894-25-000041 | Section “Summary Compensation Table” · page 63. As printed: 1,713,120. Filing ↗machine: r12 · c27 · span 644926–644935 |
| 3 | Section 01, Steven Freishtat | DEF 14A | 2025-04-17 | 0000104894-25-000041 | Section “Summary Compensation Table” · page 63. As printed: 1,057,590. Filing ↗machine: r9 · c27 · span 639813–639822 |
| 4 | Section 01, Susan Gerock | DEF 14A | 2025-04-17 | 0000104894-25-000041 | Section “Summary Compensation Table” · page 63. As printed: 1,014,975. Filing ↗machine: r18 · c27 · span 650967–650976 |
| 5 | Section 01, W. Drew Hammond | DEF 14A | 2025-04-17 | 0000104894-25-000041 | Section “Summary Compensation Table” · page 63. As printed: 881,748. Filing ↗machine: r21 · c27 · span 657513–657520 |
| 6 | Section 03, W. Drew Hammond RSU | DEF 14A | 2025-04-17 | 0000104894-25-000041 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 762195–762202 |
| 7 | Section 03, Tiffany M. Butcher RSU | DEF 14A | 2025-04-17 | 0000104894-25-000041 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 751773–751780 |
| 8 | Section 03, Steven Freishtat RSU | DEF 14A | 2025-04-17 | 0000104894-25-000041 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 746506–746513 |
| 9 | Section 03, Susan Gerock RSU | DEF 14A | 2025-04-17 | 0000104894-25-000041 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 756979–756986 |
| 10 | Section 03, Paul McDermott RSU | DEF 14A | 2025-04-17 | 0000104894-25-000041 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 739065–739072 |
| 11 | Section 08, Benjamin S. Butcher | DEF 14A | 2025-04-17 | 0000104894-25-000041 | Section “Director Compensation”. As printed: 222,474. Filing ↗machine: span 330777–331015 |
| 12 | Section 08, Ellen M. Goitia | DEF 14A | 2025-04-17 | 0000104894-25-000041 | Section “Director Compensation”. As printed: 182,474. Filing ↗machine: span 333021–333297 |
| 13 | Section 08, Thomas H. Nolan Jr | DEF 14A | 2025-04-17 | 0000104894-25-000041 | Section “Director Compensation”. As printed: 179,974. Filing ↗machine: span 334155–334393 |
| 14 | Section 08, Vice Adm. Anthony L. Winns (RET.) | DEF 14A | 2025-04-17 | 0000104894-25-000041 | Section “Director Compensation”. As printed: 176,474. Filing ↗machine: span 335264–335502 |
| 15 | Section 08, Jennifer S. Banner | DEF 14A | 2025-04-17 | 0000104894-25-000041 | Section “Director Compensation”. As printed: 172,474. Filing ↗machine: span 329683–329919 |
| 16 | Section 08, Susan Carras | DEF 14A | 2025-04-17 | 0000104894-25-000041 | Section “Director Compensation”. As printed: 169,974. Filing ↗machine: span 331865–332103 |
| 17 | Section 08, Paul T. McDermott | DEF 14A | 2025-04-17 | 0000104894-25-000041 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 18 | Section 08, Ron D. Sturzenegger | DEF 14A | 2025-04-17 | 0000104894-25-000041 | Section “Director Compensation”. As printed: —. Filing ↗ |
| 19 | Section 01 trend, Δ column (computed) | Computed | — | computed | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 20 | Section 03b vehicle mix (computed) | Computed | — | computed | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 21 | Section 09b board cost (computed) | Computed | — | computed | Cash 504,000 + equity 599,844 + all other 0 = 1,103,844, summed across the director compensation table rows.machine: formula: Σ = 1,103,844 |
| 22 | Apartment Investment and Management Company, Section 10b CEO total | DEF 14A | 2026-04-24 | 0001193125-26-177149 | CEO total compensation as printed in Apartment Investment and Management Company's own proxy. As printed: 10,762,352. Filing ↗machine: r4 · c38 · span 1693533–1693543 |
| 23 | Easterly Government Properties, Inc., Section 10b CEO total | DEF 14A | 2026-03-23 | 0001622194-26-000008 | CEO total compensation as printed in Easterly Government Properties, Inc.'s own proxy. As printed: 10,277,519. Filing ↗machine: t32 · r4 · c14 · span 1314670–1314680 |
| 24 | Veris Residential, Inc., Section 10b CEO total | DEF 14A | 2025-04-29 | 0000924901-25-000035 | CEO total compensation as printed in Veris Residential, Inc.'s own proxy. As printed: 7,393,104. Filing ↗machine: t79 · r2 · c22 · span 686400–686409 |
| 25 | Brandywine Realty Trust, Section 10b CEO total | DEF 14A | 2026-04-07 | 0001193125-26-145566 | CEO total compensation as printed in Brandywine Realty Trust's own proxy. As printed: 5,812,631. Filing ↗machine: t214 · r4 · c24 · span 3086750–3086759 |
| 26 | Piedmont Office Realty Trust, Inc., Section 10b CEO total | DEF 14A | 2026-03-18 | 0001174947-26-000393 | CEO total compensation as printed in Piedmont Office Realty Trust, Inc.'s own proxy. As printed: 5,757,342. Filing ↗machine: r1 · c6 · span 848772–848781 |
| 27 | JBG SMITH Properties, Section 10b CEO total | DEF 14A | 2026-03-18 | 0001104659-26-030932 | CEO total compensation as printed in JBG SMITH Properties's own proxy. As printed: 5,521,861. Filing ↗machine: t286 · r3 · c17 · span 1302909–1302918 |
| 28 | Independence Realty Trust, Inc., Section 10b CEO total | DEF 14A | 2026-03-19 | 0001437749-26-009071 | CEO total compensation as printed in Independence Realty Trust, Inc.'s own proxy. As printed: 5,266,937. Filing ↗machine: t171 · r1 · c25 · span 836781–836790 |
| 29 | Elme Communities (subject), Section 10b CEO total | DEF 14A | 2025-04-17 | 0000104894-25-000041 | CEO total compensation as printed in Elme Communities's own proxy. As printed: 3,980,371. Filing ↗machine: r3 · c27 · span 631991–632000 |
| 30 | CTO Realty Growth, Inc., Section 10b CEO total | DEF 14A | 2026-04-28 | 0001104659-26-050405 | CEO total compensation as printed in CTO Realty Growth, Inc.'s own proxy. As printed: 3,905,735. Filing ↗machine: t23 · r1 · c35 · span 620653–620662 |
| 31 | Global Medical REIT Inc., Section 10b CEO total | DEF 14A | 2025-04-28 | 0001171520-25-000158 | CEO total compensation as printed in Global Medical REIT Inc.'s own proxy. As printed: 3,108,503. Filing ↗machine: r1 · c12 · span 469279–469288 |
| 32 | Centerspace, Section 10b CEO total | DEF 14A | 2026-04-03 | 0000798359-26-000029 | CEO total compensation as printed in Centerspace's own proxy. As printed: 3,105,197. Filing ↗machine: t47 · r7 · c7 · span 589259–589268 |
| 33 | UMH Properties, Inc., Section 10b CEO total | DEF 14A | 2026-04-17 | 0001493152-26-017167 | CEO total compensation as printed in UMH Properties, Inc.'s own proxy. As printed: 2,909,784. Filing ↗machine: r6 · c31 · span 608102–608111 |
| 34 | Armada Hoffler Properties, Inc., Section 10b CEO total | DEF 14A | 2025-04-08 | 0001193125-25-075061 | CEO total compensation as printed in Armada Hoffler Properties, Inc.'s own proxy. As printed: 1,751,376. Filing ↗machine: r2 · c29 · span 574394–574404 |
| 35 | Section 10a, Veris Residential, Inc. reciprocity | DEF 14A | — | 0000924901-25-000035 | Veris Residential, Inc.'s most recent proxy was read; its disclosed peer group does not include Elme Communities. Filing ↗ |
| 36 | Section 10a, Piedmont Office Realty Trust, Inc. reciprocity | DEF 14A | — | 0001174947-26-000393 | Piedmont Office Realty Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include Elme Communities. Filing ↗ |
| 37 | Section 10a, UMH Properties, Inc. reciprocity | DEF 14A | — | 0001493152-26-017167 | UMH Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Elme Communities. Filing ↗ |
| 38 | Section 10a, Apartment Investment and Management Company reciprocity | DEF 14A | — | 0001193125-26-177149 | Apartment Investment and Management Company's most recent proxy was read; its disclosed peer group does not include Elme Communities. Filing ↗ |
| 39 | Section 10a, Brandywine Realty Trust reciprocity | DEF 14A | — | 0001193125-26-145566 | Brandywine Realty Trust's most recent proxy was read; its disclosed peer group does not include Elme Communities. Filing ↗ |
| 40 | Section 10a, Global Medical REIT Inc. reciprocity | DEF 14A | — | 0001171520-25-000158 | Global Medical REIT Inc.'s most recent proxy was read; its disclosed peer group does not include Elme Communities. Filing ↗ |
| 41 | Section 10a, CTO Realty Growth, Inc. reciprocity | DEF 14A | — | 0001104659-26-050405 | CTO Realty Growth, Inc.'s most recent proxy was read; its disclosed peer group does not include Elme Communities. Filing ↗ |
| 42 | Section 10a, Independence Realty Trust, Inc. reciprocity | DEF 14A | — | 0001466085-25-000037 | Independence Realty Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include Elme Communities. Filing ↗ |
| 43 | Section 10a, Armada Hoffler Properties, Inc. reciprocity | DEF 14A | — | 0001193125-25-075061 | Armada Hoffler Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Elme Communities. Filing ↗ |
| 44 | Section 10a, JBG SMITH Properties reciprocity | DEF 14A | — | 0001104659-26-030932 | JBG SMITH Properties's most recent proxy was read; its disclosed peer group does not include Elme Communities. Filing ↗ |
| 45 | Section 10a, Easterly Government Properties, Inc. reciprocity | DEF 14A | — | 0001622194-26-000008 | Easterly Government Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Elme Communities. Filing ↗ |