2021 Nareit Compensation Survey

Comparisons available for all positions by:n Property sectorn Total capitalizationn Number of full-time employees

To order, contact: Allison Shaw at [email protected]

2021 Nareit Compensation Survey

Detailed compensationinformation from 122 REITs.

https://www.reit.com/news/publications/compensation-survey/order-form

Sincerely,

As a service to its members, Nareit is pleased to present the 2021 Nareit Compensation Survey. Sponsored by Nareit and conducted by Ferguson Partners, this survey is designed to provide real estate companies, specifically real estate investment trusts (REITs) and real estate operating companies (REOCs), with competitive compensation levels and current information regarding the design, features, and administration of compensation programs. In addition, this year’s survey includes information on employee agreements/broad-based severance programs, and Board of Directors compensation.

The latter portion of this report specifically provides the most recent information for three major facets of compensation: base salary, annual incentive award values, and long-term incentive award values for 203 positions (186 corporate and real estate positions and 17 on-site positions) commonly found in member organizations.

Please note, the results from the Workforce Development & DEI portion of the survey will be the subject of a separate analysis and future communication.

This year’s survey had a participation rate of 51% of all Nareit corporate members. This rate represents approximately 60% of the equity market capitalization of all listed Nareit corporate members. We extend our sincere appreciation to the 122 participating organizations for providing valuable information, which has enabled us to perform a comprehensive examination of compensation within the real estate industry.

To order, go to:

reit.com/compensation-survey-order

John D. Worth, Ph.D. EVP, Research & Investor OutreachNareit

Jeremy I. BanoffVice CharimanFerguson Partners

Lindsay M. PankratzSurvey DirectorFerguson Partners

Steven A. WechslerPresident & CEONareit

Nareit 2021Compensation Survey



Survey Methodology

n In the second quarter of 2021, FP worked with Nareit to develop a questionnaire for the purpose of gathering compensation information relevant to real estate companies (predominantly publicly traded) in the current market. The questionnaire included a number of questions that have become standard to the Nareit Survey, to allow for comparisons to prior years’ studies and to identify trends, as well as new questions designed to address current competitive issues and approaches to compensation within the real estate industry.

n For this year’s survey, 122 companies provided thorough responses, classifying them as participants. FP gathered all of the responses, clarified additional information (as needed), from participants, and then analyzed the data to develop this summary report. The 106 participating companies that are U.S.-based stock-exchange listed, equity-focused REITs, in aggregate, have an equity market capitalization of nearly $736.9 billion, which is approximately 60% of the U.S. listed equity REIT industry’s equity market capitalization.

n Information was requested for 195 positions and 22 on-site positions. Sufficient data were received for 186 positions and 17 on-site positions. Not every participating company was able to provide information for each data item requested because of differences in organizational and staffing structures across companies, and not all companies employ each position surveyed. In cases where some participants did not respond to a particular question, the statistics are based only on the actual responses received.

n In an attempt to identify specific trends related to compensation programs, we have, in certain cases, made comparisons to the 2017 and 2019 Nareit Compensation Surveys (every other year it has become practice to survey certain topics such as employment agreements, broad-based severance programs, and Board of Directors practices) along with last year’s 2020 Nareit Compensation & Benefits Survey. Because the participant base differs across these three survey years, direct comparisons of the responses may not be applicable.

n Due to rounding, some percentages throughout the report may not add up to exactly 100%.

n “ISD” is shown in circumstances where there is insufficient data to report on (i.e., fewer than five observations).

The information presented in this report was compiled by Ferguson Partners, an independent third-party firm, which carried out the survey and performed the analysis reported herein. Confidentiality was maintained throughout. Nareit® and Ferguson Partners disclaim any liability, loss, or risk resulting directly or indirectly from the use of the data presented in this book.

This report may not be reproduced, re-distributed, sold, lent, licensed or otherwise transferred without the prior written consent of Ferguson Partners and Nareit®.

Introduction


2 0 2 1 N A R E I T C O M P E N S A T I O N S U R V E YT H I S R E P O R T M A Y N O T B E R E P R O D U C E D , R E - D I S T R I B U T E D , S O L D , L E N T , L I C E N S E D O R O T H E R W I S E

T R A N S F E R R E D W I T H O U T T H E P R I O R W R I T T E N C O N S E N T O F F E R G U S O N P A R T N E R S A N D N A R E I T ® .

4

22%

13%

13%

11%

10%

8%

8%

4%

3%

2%

2%

2%

2%

Retail

Residential

Office

Lodging/Resorts

Industrial

Diversified

Health Care

Mortgage

Specialty

Timber

Infrastructure

Data Centers

Self-Storage

Other: Datacenter, Timber, Residential Manufacture Homes, Recreation/Lifestyle Properties, Forestry, and Other: Datacenter, Timber, Residential Manufacture Homes, Recreation/Lifestyle Properties, Forestry, and Other: Datacenter, Timber, Residential Manufacture Homes, Recreation/Lifestyle Properties, Forestry, and Other: Datacenter, Timber, Residential Manufacture Homes, Recreation/Lifestyle Properties, Forestry, and Other: Datacenter, Timber, Residential Manufacture Homes, Recreation/Lifestyle Properties, Forestry, and Other: Datacenter, Timber, Residential Manufacture Homes, Recreation/Lifestyle Properties, Forestry, and Other: Datacenter, Timber, Residential Manufacture Homes, Recreation/Lifestyle Properties, Forestry, and Other: Datacenter, Timber, Residential Manufacture Homes, Recreation/Lifestyle Properties, Forestry, and Other: Datacenter, Timber, Residential Manufacture Homes, Recreation/Lifestyle Properties, Forestry, and Other: Datacenter, Timber, Residential Manufacture Homes, Recreation/Lifestyle Properties, Forestry, and Other: Datacenter, Timber, Residential Manufacture Homes, Recreation/Lifestyle Properties, Forestry, and Other: Datacenter, Timber, Residential Manufacture Homes, Recreation/Lifestyle Properties, Forestry, and Other: Datacenter, Timber, Residential Manufacture Homes, Recreation/Lifestyle Properties, Forestry, and Other: Datacenter, Timber, Residential Manufacture Homes, Recreation/Lifestyle Properties, Forestry, and Other: Datacenter, Timber, Residential Manufacture Homes, Recreation/Lifestyle Properties, Forestry, and Other: Datacenter, Timber, Residential Manufacture Homes, Recreation/Lifestyle Properties, Forestry, and

Part

icip

atin

g Co

mpa

nies

Note: Property sector details provided by Nareit®

35%

26%

20%

19%Less than 75 Employees

75-299 Employees

300-750 Employees

More than 750 Employees

13%

19%

18%19%

31% Less than $1.5B$1.5B - $3B$3B - $5B$5B - $10BOver $10B

Property Expertise

Participant Demographics

The illustrations depict the composition of the 2021participants by property sector classification,number of full-time employees, and company size,with the latter defined by total capitalization.

Total Capitalization (Debt plus Equity)in Billions of Dollars

Number of Full-Time Employees

Participating Companies



Executive Management Chairman of the Board Chief Executive Officer Chief Operating Officer Chief Financial OfficerChief Administrative OfficerChief Accounting OfficerGeneral CounselChief Information Officer/Chief Technology OfficerChief Investment Officer

International PositionsHead/President of Region or CountrySenior-Level Executive of Region or Country

Senior Management Regional COO/Regional EVP Division or Subsidiary PresidentTop Internal Audit Professional Top Human Resources Professional Corporate Controller Top Risk Management ProfessionalCorporate TreasurerTop Corporate Strategy ProfessionalTop Investor Relations ProfessionalTop New Business/Development ProfessionalTop Portfolio Management ProfessionalTop Corporate Responsibility Professional

Corporate Services Positions – Accounting Division ControllerAssistant Controller Treasury ManagerTreasury AccountantMid-Level Accounting ProfessionalSenior AccountantStaff AccountantMid-Level Accounts Receivable/Accounts Payable ProfessionalJunior-Level Accounts Receivable/Accounts Payable Professional

Corporate Services Positions – Administration Office ManagerExecutive AssistantAdministrative AssistantReceptionist

Corporate Services Positions – Audit and Tax Internal AuditorSenior-Level Corporate Tax ProfessionalMid-Level Corporate Tax ProfessionalJunior-Level Corporate Tax ProfessionalSenior-Level Financial Reporting ProfessionalMid-Level Financial Reporting ProfessionalJunior-Level Financial Reporting Professional

Corporate Services Positions – Customer ServiceTop Customer Service/Tenant Relations ProfessionalJunior-Level Customer Service/Tenant Relations Professional

Corporate Services Positions – Environmental, Social, and Governance (ESG)Senior-Level Sustainability ProfessionalMid-Level Sustainability ProfessionalJunior-Level Sustainability Professional

Corporate Services Positions – FinanceSenior-Level Finance ProfessionalMid-Level Finance ProfessionalJunior-Level Finance Professional

Corporate Services Positions – Financial/Budgetingand PlanningSenior-Level Financial/Budgeting and Planning ProfessionalMid-Level Financial/Budgeting and Planning ProfessionalJunior-Level Financial/Budgeting and Planning Professional

To order, go to reit.com/compensation-survey-order

Compensation by Position



Corporate Services Positions – Human ResourcesHuman Resources DirectorMid-Level Human Resources ProfessionalHuman Resources GeneralistHuman Resources CoordinatorTraining & Development ProfessionalRecruitment ProfessionalTop Compensation & Benefits ProfessionalJunior Compensation & Benefits ProfessionalMid-Level HRIS ProfessionalHRIS Analyst

Corporate Services Positions – LegalAssociate - General CounselSenior AttorneyStaff LawyerSenior ParalegalParalegal

Corporate Services Positions – MarketingTop Marketing ProfessionalSenior-Level Marketing ProfessionalMid-Level Marketing ProfessionalJunior-Level Marketing ProfessionalSocial Media ProfessionalMarketing CoordinatorMid-Level Communications ProfessionalGraphic DesignerTop Brand Strategy Professional

Corporate Services Positions – OperationsMid-Level Operations Professional

Corporate Services Positions – PayrollMid-Level Payroll ProfessionalPayroll Administrator

Corporate Services Positions– ResearchTop Research ProfessionalSenior-Level Research ProfessionalMid-Level Research ProfessionalJunior-Level Research Professional – AssociateJunior-Level Research Professional – Analyst

Corporate Services Positions– Risk ManagementSenior-Level Risk Management ProfessionalMid-Level Risk Management ProfessionalJunior-Level Risk Management Professional

Corporate Services Positions – TechnologyTop Information Security Professional/Top Cyber Security ProfessionalTop MIS/IT ProfessionalSenior-Level IT ProfessionalMid-Level IT ProfessionalJunior-Level IT ProfessionalIT Project ManagerTop Data Analytics ProfessionalSenior-Level Data Management ProfessionalInfrastructure Development ProfessionalDatabase EngineerMid-Level Applications Development ProfessionalJunior-Level Applications Development ProfessionalMid-Level Web Development ProfessionalJunior-Level Web Development ProfessionalDatabase Administration SpecialistHelp Desk ProfessionalNetwork AdministratorTelecommunications SpecialistMid-Level Information Security ProfessionalJunior-Level Information Security ProfessionalAsset/Property Management Software ManagerMid-Level MIS/IT ProfessionalJunior-Level MIS/IT ProfessionalData ScientistData Governance ProfessionalMid-Level Property Technology ProfessionalJunior-Level Property Technology Professional

Real Estate Positions – Architecture & EngineeringChief Architect/DesignerChief EngineerBuilding Engineer






Real Estate Positions – Asset ManagementTop Asset Management ProfessionalSenior-Level Asset Management ProfessionalMid-Level Asset Management ProfessionalJunior-Level Asset Management Professional - AssociateJunior-Level Asset Management Professional - Analyst

Real Estate Positions – Building Ops./Facilities Mgmt.Top Facilities Management ProfessionalTop Building Ops./Facilities Management ProfessionalSenior-Level Building Ops./Facilities Management ProfessionalMid-Level Building Ops./Facilities Management ProfessionalBuilding Operations SupervisorBuilding/Maintenance EngineerTenant CoordinatorSecurity Director

Real Estate Positions – Capital MarketsTop Capital Markets ProfessionalSenior-Level Capital Markets ProfessionalMid-Level Capital Markets ProfessionalJunior-Level Capital Markets Professional

Real Estate Positions – ConstructionTop Construction ProfessionalSenior-Level Construction ProfessionalMid-Level Construction ProfessionalJunior-Level Construction ProfessionalProject ManagerConstruction EstimatorProject CoordinatorConstruction Superintendent

Real Estate Positions – DebtHead of ClosingSenior-Level Closing ProfessionalJunior-Level Closing Professional

Real Estate Positions – DevelopmentTop Development ProfessionalSenior-Level Development ProfessionalMid-Level Development ProfessionalJunior-Level Development Professional

Real Estate Positions – Due Diligence/UnderwritingTop Due Diligence/Underwriting ProfessionalSenior-Level Due Diligence/Underwriting ProfessionalMid-Level Due Diligence/Underwriting Professional

Real Estate Positions – InvestmentsTop Investment ProfessionalSenior-Level Investment ProfessionalMid-Level Investment ProfessionalJunior-Level Investment Professional

Real Estate Positions – Investor RelationsInvestor Relations Professional

Real Estate Positions – Leasing and AdministrationTop Leasing ProfessionalSenior-Level Leasing ProfessionalMid-Level Leasing ProfessionalJunior-Level Leasing ProfessionalManager of Lease AdministrationLease Administrator

Real Estate Positions – Property AccountingProperty ControllerProperty Accounting ManagerProperty Staff Accountant





Real Estate Positions – Property ManagementTop Property Management ProfessionalSenior-Level Property Management Professional (Sq. Footage: Over 1.5M)Mid-Level Property Management Professional (Sq. Footage: 500,000-1.5M)Junior-Level Property Management Professional (Sq. Footage: Up to 500,000)Senior Property Manager (Sq. Footage: 500,000-1M)Property Manager (Sq. Footage: Up to 500,000)Assistant Property ManagerProperty Administrator

Real Estate Positions – Property TaxTop Property Tax ProfessionalMid-Level Property Tax Professional

Real Estate Positions – SalesNational Sales ManagerInternal Sales ManagerKey Account Manager

Real Estate Positions – Transactions (Acquisitions/Dispositions)Top Transactions ProfessionalSenior-Level Transactions ProfessionalMid-Level Transactions ProfessionalJunior-Level Transactions Professional - AssociateJunior-Level Transactions Professional - Analyst

On-Site Positions – Property ManagementMulti-Site Property Manager (complex properties)Senior- Level Property Mgmt Professional (complex) or (stabilized 500+ units)Mid-Level Property Mgmt Professional (complex) or (stabilized 100-500 units)Assistant Property Mgr. (complex) or (stabilized)

On-Site Positions – Leasing and AdministrationOn-Site Leasing ManagerOn-Site Leasing ConsultantOn-Site Financial Administrator

On-Site Positions – MaintenanceMaintenance Mgr. (complex) or (stabilized 500+ units)Maintenance Mgr. (complex) or (stabilized 250-500 units)Maintenance Mgr. (complex) or (stabilized 100-249 units)Maintenance TechnicianMaintenance AssistantGroundskeeperPainterHousekeeper

On-Site Positions – Tenant ServicesConciergeCustomer Service Professional




Sample Pages

The Nareit Compensation Survey has been the leading source on total compensation information for more than 20 years.The visibility and insight delivered by this survey are unparalleled in the industry.

The Nareit 2021 Compensation Survey includes roughly 400 tables on compensation within the real estate investment industry. No other source provides this depth and breadth of research.

The digital version of the Nareit 2021 Compensation Survey is delivered in two parts that provide an excellent overview and analysis as well as highly useful data tables:

Part I A PDF including all the summaries, lists and analysis totaling approximately 50 pages of valuable information

Part II An Excel spreadsheet containing more than 200 worksheets presenting almost 400 compensation tables by job title. Also included is a large summary worksheet containing all the compensation data used to create the tables.


Sample

Spreadsheet

Sample

Table




Sample Pages

Purchase the Nareit 2021 Compensation Survey to see how you measure up to your peers and competitors.

Base Salary

What was the average individual/employee percentage change in base salary between the following calendar/fiscal years?



Documents

2021 Nareit Compensation Survey