How Palmer was paid
$11.1M 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 |
|---|---|---|---|---|---|
| Martin E. Stein, Jr.Executive Chairman of the Board | $500,000 | $851,905 | $0 | $40,828 | $1,392,733 |
| Lisa PalmerPresident and Chief Executive Officer | $1,050,000 | $7,099,098 | $2,925,000 | $18,334 | $11,092,432 |
| Michael J. MasExecutive Vice President, Chief Financial Officer | $640,000 | $2,226,325 | $1,537,500 | $15,574 | $4,419,399 |
| Alan T. RothEast Region President and Chief Operating Officer | $625,000 | $1,703,810 | $937,500 | $21,438 | $3,287,748 |
| Nicholas A. WibbenmeyerWest Region President and Chief Investment Officer | $625,000 | $1,703,810 | $937,500 | $14,470 | $3,280,780 |
What changed and why
- $11.1MCEO total compensation increased to $11,092,432 in 2025 compared to $9,559,263 in 2024.
- Annual cash incentives for named executive officers were awarded at 1.5 times the target level.
- Long-term incentives for named executive officers are largely based on relative total shareholder return.
- Core Operating Earnings per Share and Corporate Responsibility performance determined 2025 annual cash incentives.
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.