How Jr. was paid
$9.7M in total for 2025, as reported in the Summary Compensation Table. Equity awards are valued at grant, not at what they turned out to be worth.
Named executive officers
| Executive | Salary | Bonus | Stock | Incentive | Other | Total |
|---|---|---|---|---|---|---|
| Stephen A. Horn, Jr.President and Chief Executive Officer | $975,000 | — | $6,664,544 | $2,069,437 | $21,945 | $9,730,926 |
| Vincent H. ChaoExecutive Vice President, Chief Financial Officer, Assistant Secretary and Treasurer | $489,041 | $93,750 | $1,918,838 | $790,625 | $15,089 | $3,307,343 |
| Kevin B. HabichtFormer Executive Vice President, Chief Financial Officer, Asst. Secretary and Treasurer | $175,000 | $776,965 | $2,506,352 | — | — | $3,458,317 |
| Gina M. SteffensExecutive Vice President, General Counsel and Secretary | $450,000 | — | $820,248 | $644,625 | $19,088 | $1,933,961 |
| Jonathan A. AdamoExecutive Vice President, Chief Portfolio Officer | $420,000 | — | $874,918 | $696,728 | $85,224 | $2,076,870 |
| Michelle L. MillerExecutive Vice President, Chief Accounting Officer and Chief Technology Officer | $400,000 | — | $729,125 | $578,000 | $21,637 | $1,728,762 |
What changed and why
- $9.7MCEO total compensation increased to $9,730,926 in fiscal 2025 compared to $8,418,498 in fiscal 2024.
- Performance-based stock awards are determined by relative TSR performance against other REITs.
- Kevin B. Habicht retired as Chief Financial Officer effective March 31, 2025.
- Vincent H. Chao was appointed as Executive Vice President, Chief Financial Officer, Assistant Secretary and Treasurer in 2025.
About this page
Figures are automated and can be wrong; check the filing for the exact numbers. Totals follow SEC rules, which value stock and option awards at grant. Read the DEF 14A proxy statement for footnotes and the compensation committee's full reasoning.