How McDowell was paid
$2.1M 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 | Stock | Incentive | Other | Total |
|---|---|---|---|---|---|
| Paul H. McDowellChief Executive Officer, President | $584,000 | $659,906 | $746,936 | $89,477 | $2,080,319 |
| Gavin B. BrandonExecutive Vice President, Chief Financial Officer and Treasurer | $477,000 | $266,933 | $610,083 | $39,922 | $1,393,938 |
| Paul C. HughesGeneral Counsel & Secretary | $439,058 | $169,866 | $480,520 | $25,220 | $1,114,664 |
What changed and why
- $2.1MPaul H. McDowell received total compensation of $2,080,319 in fiscal 2025, down from $2,512,249 in 2024.
- 13%The Compensation Committee increased the G&A expense metric weighting in the annual bonus program from 13% to 20%.
- 200%Maximum payouts for performance-based restricted stock units were reduced from 200% of target to 150% of target.
- $1.6MPaul H. McDowell voluntarily agreed to reduce his 2026 equity compensation award target value from $1.6 million to $1.3 million.
- 10%The occupancy rate weighting in the long-term incentive program increased from 10% to 20% to emphasize leasing vacancy.
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.