2023 Guide to REIT Executive Compensation

As noted above, for performance-based equity compensation, the most common performance metric is relative TSR. REITs generally utilize an asset class-based peer group to assess their relative performance. Non-TSR metrics, such as FFO, NOI and ESG metrics, are increasing in prevalence as REITs try to balance maximizing both stockholder value and operational success, which may not always be captured in the REIT’s stock price. 32% 31% 30% 27% 23% 22% 21% 18% 15% 15% 14% Same-Property NOI Leverage Core/ Normalized FFO AFFO Acquisitions FFO EBITDA/Net Income Cost Controls Occupancy Leasing Revenue Most Prevalent Cash Bonus Metrics 15 | 2023 Guide to REIT Executive Compensation