2023 Guide to REIT Executive Compensation

Contents Introduction 1 Recent Developments 3 Key Components of Executive Compensation for REITs 7 Base salary 7 Incentive Compensation 7 Cash 7 Equity 7 Perquisites 9 Compensation Trends in the REIT Industry 10 Pay Mix 10 Formulaic Bonuses 11 Long-Term Incentive Design 12 Performance Metrics for REITs 14 Goal Setting for Performance Metrics 16 Spotlight: ESG 17 Severance Policies 19 Executive Compensation Design Process 20 Overview 20 Role of Various Parties 20 Board of Directors 20 Compensation Committee 21 Independent Compensation Consultants 24 Outside Law Firm 25 Company Management 26 Stock Exchange and SEC Independence Rules 27 Rule 10C-1 of the Exchange Act 27 NYSE 28 Nasdaq 28 Key Terms of Equity Plans and Award Agreements 29 Overview 29 Equity Plans 29 Award Agreements 30 I | 2023 Guide to REIT Executive Compensation