The average compensation for CEOs of top real estate investment trusts increased by 83.6% in 2010, outpacing the sector’s total shareholder return of 28.9%, according to a report by SNL.
The top 20 CEOs earned $192.3 million, or an average of $9.6 million. Marc Holiday of SL Green, Manhattan’s largest office landlord, reportedly earned $24.8 million, an increase of 117.6% compared to the previous year, according to SNL. SL Green’s shareholder returns were 35.3%.
However, a spokesman for SL Green said that Holiday’s actual compensation was less than $10 million, and the $24.8 million reflected a three-year contract signed in 2010. Holiday will receive the rest of the amount only if three-year performance goals are met, but SEC rules require the entire sum to be reported.
Other top earners included David Simon of Simon Property Group, who received $24.5 million, up 430% from $4.6 million the year before. Mike Fascitelli of Vornado, who received $9.9 million, up 90% from $5.2 million in the previous year.
This story has been updated to include a response from SL Green’s spokesman.