The top dogs at two of the three major U.S. health care real estate investment trusts (REITs) saw their pay drop last year, according to new SEC documents.
Debra Cafaro, the chairman and CEO of Chicago-based Ventas, Inc. (NYSE: VTR), saw her pay drop 11.5% to about $9.6 million in 2016, according to a proxy filing submitted to the U.S. Securities and Exchange Commission (SEC) this week.
Cafaro’s base salary remained unchanged year-over-year, clocking in at $1.075 million in 2015 and 2016. The drop in pay was linked to a decline in incentive compensation, the filing shows.
The drop could also have to do with a “say-on-pay” change the REIT made after its annual meeting last year, according to Crain’s Chicago Business.
In 2017, Cafaro’s base salary will remain $1.075 million, according to the filing.
Thomas DeRosa, CEO of Toledo, Ohio-based health care REIT Welltower, saw a pay drop in 2016 as well, that company’s proxy filing reveals. In 2015, DeRosa’s total compensation amounted to about $11.76 million; in 2016, his total compensation amounted to approximately $8.48 million.
Neither Ventas nor Welltower had responded to Senior Housing News’ request for comment as of press time.
Elsewhere in the senior housing industry, CEOs received raises—some of which were met with raised eyebrows or outright criticism.
The salary of Kindred Healthcare (NYSE: KND) CEO Benjamin Breier, for instance, increased almost 30% in 2016, despite a somewhat rocky year for the Louisville, Kentucky-based post acute care services provider. Post-acute care provider LHC Group Inc. (Nasdaq: LHCG) also drew criticism earlier this year after raising CEO Keith Myers’ compensation almost 50% in a only a few years.
Written by Mary Kate Nelson