"It's not like I'm making $10M for showing up, staying at the office until 11 a.m., drinking a few cups of coffee and then playing golf the rest of the day," says American Realty Capital (ARCP) chief Nick Schorsch, who could make nearly $100M over the next five years according to an analysis of the company's "outperformance" plan released last month. The total executive pool is $222.1M. "I sleep four hours a night ... I haven't played a round of golf in years," says Schorsch.
"It's the highest pool that we've ever observed in the REIT space," says Jeremy Banoff, whose FPL Associates crunched the numbers. "It's definitely going to raise some eyebrows."
The company's annual meeting was yesterday and ISS and Glass, Lewis both urged shareholders to vote down ARCP's overall compensation plan (the tally isn't yet known), with ISS also criticizing the incentive program as "not rigorous relative to the potential payout values."
Last yea, the highest-paid REIT executive was GGP's CEO Sandeep Mathrani, who earned $16.5M in salary, bonus, and stock.