Largest Apartment REIT Cuts CEO Salary
Equity Residential CEO David Neithercut (pictured) made $8.1M last year—a $900k base salary, options of $1.1M, a discretionary bonus of $2M, and restricted stock of $4.2M, down 22% from $5.4M in 2013. Meanwhile, the Chicago-based apartment landlord filed a proxy statement with the SEC this week, rejecting a proposal by shareholder Scott Stringer, a New York City comptroller who suggested shareholders be allowed to nominate directors to the REIT's board, Crain's Chicago Business reports. Currently, incumbent board members control the nomination process, and Stringer believes the new proposal would be beneficial for the overall value of the company by making directors more accountable. However, EQR disagreed, calling the proposal misguided and unnecessary. The company was founded by billionaire investor Sam Zell and is the largest US REIT that owns apartments. It has more than 109,000 units from New York to San Diego. [CCB]
