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  "documentTitle": "Multiple REITs (21 underperformers)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Land and Buildings",
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  "presentationDate": "2026-04-01 00:00:00",
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      "kind": "callout",
      "text": "KEY POINTS: 21 REIT CEOs have consistently underperformed their proxy peers, yet their executive compensation was rarely adjusted. Executive compensation should be tied to performance. Shareholders can best express their frustration by voting against.",
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      "text": "1. VOTE AGAINST the advisory vote on executive compensation (say on pay). 2. VOTE AGAINST the members of the compensation committee. 3. Engage directly with boards to demand accountability.",
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      "text": "Our analysis of REITs over $1 billion equity market cap for the 2026 proxy season... reveals a troubling pattern: 21 companies consistently underperformed the very peers their own boards selected to benchmark CEO pay.",
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      "text": "See \"Legal Disclosure\" at the end of white paper for additional disclosures",
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      "text": "2026 EXECUTIVE COMPENSATION HALFTIME REPORT",
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