Governance Remuneration Report continued
As at 31 March 2021
Market value on date of grant
At 1 April 2020
Granted in year
Exercised in year
Lapsed in year
Date of grant
Performance period
AndrewDewhirst 2016 LTIP
–
27 January 2017 1 April 2016 to 31 March 2019
79.085p 174,899
– (174,899)
–
–
2017 LTIP
16 June 2017
1 April 2017 to 31 March 2020
84.917p 196,898
– (131,265)
(65,633)
– 193,833
2018 LTIP
8 June 2018 1 April 2018 to 31 March 2021 19 June 2019 1 April 2019 to 31 March 2022 29 June 2020 1 April 2020 to 31 March 2023 19 June 2019 1 April 2018 to 31 March 2019 29 June 2020 1 April 2019 to 31 March 2020
90.80p 193,833
–
–
– 214,218
2019 LTIP
95.23p 214,218
–
–
– 185,070
2020 LTIP
70.73p
– 185,070
–
– 116,758
2019 DBP
95.23p 116,758
–
–
– 154,312
2020 DBP
70.73p
– 154,312
–
896,606 339,382 (306,164) (65,633) 864,191
Awards under the Long-term Incentive Plan normally vest three years after the grant date. Awards from 2019 onwards are subject to a further two-year holding period. Awards under the Deferred Bonus Plan normally vest two years after the grant date. Comparator group The Committee has agreed that the following companies will be used as a comparator group for the total shareholder return and total return metrics in determining variable remuneration for 2021/22 awards. A smaller group is used for the total return metric due to the different reporting periods of some companies.
Total shareholder return
Company
Total return
AEW UK REIT plc BMO Commercial Property Trust Limited BMO UK Real Estate Investments Limited Capital & Regional plc Custodian REIT plc Ediston Property Investment Company PLC McKay Securities PLC NewRiver REIT PLC Regional REIT Limited Schroder Real Estate Investment Trust Limited Standard Life Investments Property Income Trust Limited Supermarket Income REIT PLC UK Commercial Property REIT Limited Warehouse REIT plc
Supermarket Income REIT and Warehouse REIT were added to the group for awards made from 2019 onwards. Hansteen Holdings plc and Mucklow (A.&J.) PLC were additionally included in the group for awards made up to and including 2019. LondonMetric Property PLC and RDI REIT plc were additionally included in the group for awards made up to and including 2020. Tritax Big Box REIT was additionally included in the group for awards made in 2017 only. Statement of Directors’ shareholdings Directors and employees are encouraged to maintain a shareholding in the Company’s shares to provide alignment with investors.
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