Prologis' Moghadam highest-compensated US equity REIT CEO in 2023

Industrial real estate investment trust Prologis Inc.'s Hamid Moghadam was the highest-paid CEO in the US equity REIT sector in 2023, according to an S&P Global Market Intelligence analysis.

The bulk of Moghadam's nearly $50.9 million compensation for the year came through stock awards, totaling just under $49 million. Additionally, Moghadam was paid a $1 base salary, along with a $1.9 million cash bonus for 2023. Moghadam's total compensation for 2023 was up 5.7% from $48.2 million the year prior.

Office REIT Vornado Realty Trust's CEO, Steven Roth, ranked second with $26.8 million in total compensation. Year over year, Roth's total compensation was up 170.3% from $9.9 million in 2022.

Charles Meyers, then-CEO of datacenter REIT Equinix Inc., ranked third in 2023, with total compensation of $23.9 million. Meyers transitioned to executive chairman in June.

Among the 20 highest-paid CEOs, 15 saw year-over-year increases in their total compensation for 2023, while five recorded annual decreases compared with the year prior.

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Women CEOs at US equity REITs

Eight REITs were led by women CEOs in 2023.

Healthcare REIT Ventas Inc.'s Debra Cafaro was the highest-paid female CEO in the REIT sector, with total compensation of $13.5 million.

Regency Centers Corp. CEO Lisa Palmer ranked second, with total compensation of $9.3 million, followed closely by RLJ Lodging Trust CEO Leslie Hale, with $9.1 million in total compensation.

Largest changes in CEO compensation

Safehold Inc. CEO Jay Sugarman had the largest year-over-year boost in total compensation. The large increase in Sugarman's total compensation stemmed from $7.8 million of stock awards in 2023, boosting the CEO's total compensation to $8.4 million for the year.

Vornado's Roth ranked second, with a 170.3% increase in total compensation, followed by Global Net Lease CEO James Nelson, with a 160.1% year-over-year jump to $1.4 million.

By contrast, Power REIT CEO David Lesser had the largest year-over-year decrease in total compensation, down 90.1%. Lesser was paid a $150,000 base cash salary in 2023, with no bonus or stock awards.

CBL & Associates Properties Inc. CEO Stephen Lebovitz came in second with a 57.3% decline in total compensation to $4.8 million in 2023, followed by Simon Property Group Inc. CEO David Simon with a 56.4% decrease to $15.6 million.