Value of REIT CEO Equity Plummets, According to Joint Study by Steven Hall & Partners...

Value of REIT CEO Equity Plummets, According to Joint Study by Steven Hall &
Partners and Equinox Partners

NEW YORK, Jan. 12 /PRNewswire/ -- The value of equity holdings among CEOs of
REITs has been cut in half, as stock prices in the sector tumble. CEOs at 159
public REITs began 2008 with $12.1 billion in equity value in their companies
before losing an aggregate of $5.6 billion this past year. Over the same
period, stock price performance for these companies dropped a median of 46
percent. The findings are based on a recently completed joint study conducted
by Steven Hall & Partners, independent executive compensation consultants, and
Equinox Partners, an executive search firm focused exclusively in the real
estate industry.

"Equity compensation plans are designed to align the interests of shareholders
and executives, and this is working as intended," commented Steve Hall,
Managing Director of Steven Hall & Partners. "CEOs are clearly feeling
shareholders' pain, but Boards may be well served by examining compensation
programs to ensure that they have adequate glue on key talent critical to
spearheading efforts to recoup shareholder value."

"Similar losses in values have occurred across senior management ranks," added
Anthony LoPinto, CEO of Equinox Partners. "These dramatic declines in equity
values provide companies with the opportunity to recruit top talent with the
lure of attractively priced equity grants. Now is also the time to use fresh
equity grants to defend key players in the organization from recruitment."

For the entire study group, at the median, individual CEOs sustained losses of
49 percent of the value of their total equity holdings. The median value of
total equity holdings, which includes shares owned outright, exercisable and
unexercisable options, and unvested restricted and performance shares, fell
from $15.6 million at the beginning of the period to just over $8 million at
year end.

Founders fared slightly worse than their non-founder brethren. While
non-founder CEOs lost a median of 48 percent, the twenty-five founders in the
group suffered a median loss in equity value of 52 percent. This trend
reflects each group's respective stock price performance; companies led by
non-founders saw median stock price declines of 43 percent, while stock prices
at founder-led companies depreciated 50 percent. The median value of total
equity holdings for non-founder CEOs fell from $13.5 million to $7.9 million.
The median value of total equity holdings for founder CEOs fell from $20.7
million to $8.9 million.

About the Study
The study included Chief Executive Officers at 159 publicly traded REITs. All
results include stock, exercisable and unexercisable stock options, and
unvested shares. Amounts are calculated for the period beginning at each
company's respective fiscal year end (typically December 31, 2007) and ending
December 31, 2008, using equity holdings as disclosed in the companies' most
recent proxies. Values may not reflect changes in equity holdings occurring
after the disclosure of the most recent proxy. Contact Nora McCord at Steven
Hall & Partners, 212-488-5400, or nmccord@shallpartners.com, to request
additional details regarding the study methodology.

Steven Hall & Partners is an independent executive compensation consulting
firm serving as outside counsel to Boards, Compensation Committees and
management. The firm focuses solely on executive compensation, Director
remuneration and related corporate governance matters. Prior to forming Steven
Hall & Partners in September 2005, the firm's principals, Pearl Meyer, Steven
E. Hall and Steven Root, served as Chair, President and Managing Director,
respectively, of Pearl Meyer & Partners, which they founded in 1989. For more
information, please visit www.shallpartners.com.

Equinox Partners is a retained executive search firm focused exclusively on
the real estate industry. The firm serves public and private companies in
recruiting executive and senior-level professionals across all real estate
sectors and functions. Anthony J. LoPinto serves as Chief Executive Officer
of the firm headquartered in New York at 675 Third Avenue, New York, NY 10017,
with regional offices in Washington, DC, Chicago, Los Angeles and San
Francisco. Telephone (212) 660-7440. For more information, please visit
www.equinoxsearch.com.

SOURCE Steven Hall & Partners

Nora McCord, Steven Hall & Partners, +1-212-488-5400,
nmccord@shallpartners.com, or Anthony J. LoPinto, Equinox Partners,
+1-212-660-7440, alopinto@equinoxsearch.com