Hudson Pacific Properties’ chief executive received a substantial compensation boost last year as the company experienced mounting losses.
The Los Angeles real estate investment trust’s head, Victor Coleman, raked in about $25 million in 2024, roughly three times the total sum he received a year prior, according to the company’s latest proxy statement filed April 23. In 2023, the chairman made around $8 million.
Meanwhile, Hudson Pacific Properties — which just saw S&P Global Ratings downgrade the firm’s debt rating to “B” — reported a net loss of $364 million in 2024, up from a $192 million loss in 2023. The $290 million office and studio investment company partly attributed 2024’s lackluster performance to asset sale losses, which came as the market saw slower production schedules and low occupancy rates for offices.
Coleman’s base salary remained at $1 million, but his discretionary and non-discretionary cash bonuses and stock awards increased. Coleman was granted upfront equity awards to encourage retention, stockholder alignment and stock price recovery, per the Securities and Exchange Commission filing. His stock awards were valued at about $22 million.
Coleman’s compensation also included $35,000 for personal use of an aircraft. Coleman has held the corner office since the company’s initial public offering around 15 years ago. He founded Hudson Pacific’s predecessor Hudson Capital. Hudson Pacific declined to comment.
The Real Deal looked at the 2024 pay of the C-suite at 10 publicly traded, commercial real estate companies headquartered in Los Angeles. No other company saw such a stark contrast when it came to executive compensation, losses and profits than Hudson Pacific.
Kennedy Wilson Holdings chair and CEO William McMorrow’s total compensation last year was valued at almost $16 million, around $2 million more than a year earlier. His total stock awards came out to about $9 million and his cash bonus was around $4 million. McMorrow’s total compensation included $777,000 for personal use of a private aircraft.
The $889 million real estate investment and services company lost money last year but less than the year before. In 2024, the company’s net losses were reported at $76.5 million, a considerable improvement from the approximately $342 million lost in 2023. Kennedy Wilson Holdings declined to comment.
Alexandria Real Estate Equities’ founder and executive chairman, Joel Marcus, received the equivalent of nearly $18 million in total compensation last year, roughly $2.5 million more than in 2023. Marcus’ 2024 package included a special $30,000 bonus to mark his 30-year anniversary. His cash bonuses amounted to around $5 million. Alexandria saw a dramatic increase in profits in 2024, to $310 million from $92 million the year prior. CEO Peter Moglia’s total compensation was just over $10 million in 2024 versus just under $10 million a year earlier. Alexandria did not respond to a request for comment.
Macerich, which only tapped Jackson Hsieh to helm the company early last year, paid its CEO around $14 million in total compensation in 2024, which included his salary, cash bonus and $11.5 million in equity awards. He was allocated $72,000 for the use of a private aircraft. His earnings were about $4 million more than his predecessor’s in 2023. The $4 billion shopping center investor’s performance improved year-ver-year, with a net loss of $194 million in 2024, versus a $274 million loss the year before. Macerich did not respond to a request for comment.
Rexford Industrial Realty co-CEOs Howard Schwimmer and Michael Frankel earned $13 million each in 2024. That was about $1 million less than their pay the year before. The two chose to receive their cash bonuses in stock awards, totaling $12 million a piece. The rest of their compensation consisted of mostly their base salary. As their pay increased, so did the company’s net income, to $263 million last year from $227 million in 2023. Rexford did not respond to a request for comment.
Early last year, Angela Aman replaced John Kilroy, who helmed Kilroy Realty for three decades and whose father founded it. Angela Aman’s total compensation at the $3.9 billion company was valued at about $11 million in 2024 and included a one-time equity boost to partly induce Aman to accept the job, the proxy reads. Her compensation included almost $700,000 in relocation expenses like temporary housing, travel, broker fees and taxes. Aman’s predecessor earned around $12.5 million in 2023. Meanwhile, Kilroy’s net income dipped slightly; it was $211 million in 2024, compared to $212 million in 2023. Kilroy declined to comment.
Douglas Emmett CEO Jordan Kaplan’s received $9 million in total compensation in 2024, less than a $1 million increase from the previous year as the $3 billion company climbed out of the hole. The office and apartment owner and operator reported a net income of $24 million, a turnaround from the $43 million net loss in 2023. Douglas Emmett did not respond to a request for comment.
At Public Storage, CEO Joseph Russell’s total compensation was $9.5 million for 2024. That included $5,000 for attending an in-person meeting. His compensation was just under $9 million the year prior. The self-storage company’s net income declined to $1.87 billion in 2024, from roughly $1.95 billion a year earlier. Public Storage did not respond to a request for comment.
Health care real estate investment trust LTC Properties’ Wendy Simpson, the company CEO for the past 18 years, made $5 million in 2024 — no change from a year earlier. The $1.6 billion LTC Properties’ net income increased to $90 million from $89 million year-over-year. LTC Properties did not respond to a request for comment.
Marcus & Millichap CEO Hessam Nadji received less than half his total pay package in 2024. His 2024 total compensation was valued at about $5 million, much less than the year prior when he earned more than $10 million, according to the billion-dollar company’s proxy. His stock awards were to blame; in 2023, his equity awards amounted to about $9 million, but last year they were only around $2 million. Marcus & Millichap reported net losses of $12 million in 2024, an improvement from the $34 million in net losses it saw the year prior.