Board Justification

The Compensation Committee prioritizes long-term stockholder value by aligning incentives with key business goals and securing leadership continuity. We rigorously evaluate and position executive compensation to drive sustained returns while maintaining our core pay-for-performance philosophy.

Board Justification

NEO bonuses reflect company performance, as measured by our corporate scorecard, resulting in below-target payouts and significantly lower amounts than in 2023. 100% of our CEO’s compensation—including bonus—was paid in equity. Since our IPO in 1997, Mr. Moghadam has elected to receive 100% of his bonus in equity whenever awarded.

Board Justification

Charitable contributions matched by the company’s foundation.

Board Justification

Represents the vesting of LTIP Units as presented below: l 17,247 units with a value of $2,241,593, issued on January 16, 2024, vested on January 16, 2024; l 27,539 units with a value of $3,493,598, issued on January 17, 2023, vested on January 17, 2024; l 21,793 units with a value of $2,903,046, issued on February 25, 2022, vested on February 25, 2024; l 31,285 units with a value of $4,210,961, issued on March 3, 2021, vested on March 3, 2024; l 35,468 units with a value of $4,728,949, issued on March 13, 2020, vested on March 13, 2024; l 1,934 units with a value of $247,823, issued on March 18, 2021, vested on March 18, 2024; l 4,222 units with a value of $544,047, issued on March 27, 2020, vested on March 27, 2024; l 3,888 units with a value of $411,700, issued on May 3, 2023, vested on May 3, 2024; l 60,544 units with a value of $7,437,830, issued on August 18, 2023, vested on August 18, 2024; l 33,580 units with a value of $4,373,795, issued on September 9, 2020, vested on September 9, 2024; l 63,662 units with a value of $6,930,882, issued on December 16, 2022, vested on December 16, 2024; l 5,471 units with a value of $575,768, issued on December 29, 2021, vested on December 29, 2024; l 19,974 units with a value of $2,596,021, issued on December 13, 2021, vested on January 16, 2024.