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Mall owners take pay cuts


Macerich CEO Arthur Coppola had the potential for total compensation worth about $12 million in 2016, but his company’s recent proxy filing showed him receiving less than half of that.

Coppola is just one of many senior executives of publicly traded mall-owning companies to feel the sting brick-and-mortar’s right-sizing in his pocketbook, according to a report in the Wall Street Journal.

Simon Properties CEO David Simon received stock valued at $9.5 million from 2013 to 2015, but received no distribution last year due to the elimination of the company’s stock-grant program. Poor performance of GGP stock left chief executive Sandeep Mathrani’s paycheck a million bucks lighter.

The REIT is the reason. The real estate investment trust industry is ahead of most other industrial sectors in aligning executive pay plans to the interests of shareholders, according to Jeremy Banoff, senior managing director at compensation consultant FPL Associates.

“The rest of the world is playing catch-up,” Banoff told the Journal.

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