Peter M. Moglia
About Peter M. Moglia
Peter M. Moglia, 58, is Chief Executive Officer (since July 2022) and Chief Investment Officer (since September 2023) of Alexandria Real Estate Equities, Inc. (ARE), having served as Co-CEO (April 2018–July 2022), Co-CIO (May 2018–September 2023), CIO (January 2009–April 2018), Seattle Regional lead (2003–2008), and in underwriting/acquisitions roles (1998–2003) . He joined ARE in 1998 and holds a BA in Economics from UCLA; prior roles include Lennar Partners (Analyst) and Kenneth Leventhal & Co. (Management Advisory Services) . ARE’s pay-for-performance framework ties a majority of Moglia’s compensation to multiyear metrics such as FFO per share growth, net debt to Adjusted EBITDA ratio, and relative TSR/forward FFO multiple, with significant forfeitures when targets are missed, underscoring alignment with shareholder returns .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Alexandria Real Estate Equities, Inc. | Chief Executive Officer; Chief Investment Officer | CEO since Jul 2022; CIO since Sep 2023 | Leads capital allocation, development, leasing, and portfolio strategy for life science real estate platform . |
| Alexandria Real Estate Equities, Inc. | Co-CEO; Co-CIO; CIO; Seattle Regional Director; Underwriting/Acquisitions | Co-CEO Apr 2018–Jul 2022; Co-CIO May 2018–Sep 2023; CIO Jan 2009–Apr 2018; Seattle lead 2003–2008; Underwriting 1998–2003 | Directed pivotal acquisitions (e.g., Alexandria Center NYC; Illumina campus; One Kendall Square), scaled Seattle region, and disciplined capital deployment . |
| Lennar Partners, Inc. | Analyst | Pre-1998 | Underwrote and structured direct and JV real estate investments . |
| Kenneth Leventhal & Co. (Real Estate Group) | Management Advisory Services | ~6 years pre-1998 | Provided valuation, feasibility, modeling to developers, institutions, and agencies . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Nareit | Advisory Board of Governors | Current | Industry leadership and policy engagement . |
| Team Prime Time | Board member | Current | Youth development and community impact . |
| Chaminade College Preparatory | Board member | Current | Education and governance contribution . |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 725,000 | 780,000 | 810,000 |
| Target Bonus (% of Salary) | 150% | 150% | 150% |
| Threshold/Max Bonus (% of Salary) | 75% / 225% | 75% / 225% | 75% / 225% |
| Actual Annual “Bonus” ($) | — | 25,000 | — |
| Non-Equity Incentive Paid ($) | 1,631,250 | 1,755,000 | 1,822,500 |
Performance Compensation
Long-Term Incentives (Design and Grants)
| Item | FY 2023 Awards (Performance Period 2023–2025) | FY 2024 LTI Grants |
|---|---|---|
| Structure | 50% Relative TSR vs FTSE Nareit Equity Office Index; 50% Relative Forward FFO Equity Multiple; 1-year post-vesting holding period | Target aggregate value $5,500,000; 21,428 target performance-based shares and 21,427 target time-based shares; max perf-based cap 32,142 shares; design refined to include NOI growth and leverage alongside relative metrics . |
| Vesting Criteria | Each component vests 0–100% based on percentile ranking: <30th (forfeit), 30th (25%), 50th (62.5%), ≥70th (100%); linear interpolation . | Time-based portion vests ratably (committee extended service vesting and added 1-year holding period); performance-based portion subject to multiyear goals and 150% cap (reduced from 156.4%) . |
Realized/Outstanding Equity
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Shares Acquired on Vesting (#) | 44,663 | 42,683 | 59,769 | 42,398 | 40,708 |
| Value Realized on Vesting ($) | 7,037,501 | 7,792,076 | 10,689,896 | 6,056,579 | 4,926,364 |
Unvested/Unearned Equity (as of 12/31/2024)
| Category | Count (Shares) | Value ($) |
|---|---|---|
| Unvested time-based restricted stock | 21,188 | 2,066,889 |
| Unearned performance-based restricted stock (max eligibility) | 101,627 | 9,913,714 |
| Scheduled vesting by year (total shares) | 2025: 40,773; 2026: 44,543; 2027: 37,499; 2028: — | — |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 286,695 shares; <1% of outstanding . |
| Ownership Guidelines | Executives required to hold ≥3x base salary; all senior officers in compliance . |
| Holding/Retention Policies | 50% of net after-tax shares must be held until guideline met; 1-year post-vesting holding on performance awards . |
| Hedging/Pledging | Hedging prohibited; pledging generally prohibited unless sufficient liquid collateral to avoid forced sales under blackout . |
| Insider Selling Pressure | Upcoming scheduled vesting totals 122,815 shares through 2027; post-vesting holding requirements mitigate immediate sell supply . |
Employment Terms
- Employment agreement amended upon elevation to Co-CEO (effective April 23, 2018): base salary $625,000 (then), annual bonus structure 60% corporate/40% individual with 75%/150%/225% thresholds relative to salary; annual restricted stock awards split 50% service-based over three years and 50% performance-based over a three-year performance period .
- Severance (2016 agreements; updated 2018): Without change-in-control (CIC), severance equals one year of base salary plus prior-year cash incentive; with CIC (double-trigger within two years), severance equals 2.0x base salary plus 2.0x prior-year cash incentive (Moglia’s multiple increased from 1.5x to 2.0x in 2018); unvested restricted stock vests, with pro-rata and additional stock grants per formula; equity awards granted on or after Jan 1, 2016 require double-trigger for vesting on CIC (pre-2016 awards single-trigger) .
Compensation & Incentives Summary (Multi-Year)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Stock Awards ($) | 6,670,533 | 7,222,595 | 7,546,605 |
| Non-Equity Incentive ($) | 1,631,250 | 1,755,000 | 1,822,500 |
| Change in Pension Value ($) | 117,248 | 38,415 | 45,153 |
| All Other Compensation ($) | 145,357 | 48,357 | 50,857 |
| Total Compensation ($) | 9,289,388 | 9,869,367 | 10,275,115 |
Performance & Track Record
- ARE’s compensation committee emphasizes alignment with FFO per share (diluted, as adjusted), leverage discipline (net debt/Adjusted EBITDA), and multiyear relative TSR; the program includes caps and has led to forfeitures when below-threshold TSR/relative performance occurred (e.g., forfeitures in 2024 of portions of 2021/2022 performance awards) .
- Pay mix: majority of Moglia’s compensation is equity, with a meaningful portion performance-based over multiyear periods, reinforcing long-term value creation .
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay approval for 2023 compensation received strong support (86% of votes cast); management conducted extensive outreach (~200 meetings; contacted holders of ~70% of common stock) and implemented program refinements (double-trigger vesting, relative metrics, post-vesting holding, added NOI/leverage metrics, reduced caps) .
Investment Implications
- Alignment: High proportion of at-risk, multiyear performance equity tied to FFO growth, leverage, and relative TSR/forward FFO multiple supports shareholder alignment; one-year holding requirements further curb short-term selling post-vesting .
- Near-term supply: Scheduled vesting of 122,815 shares through 2027 indicates predictable equity delivery; post-vesting holding and ownership requirements reduce immediate sale risk .
- Transaction risk: Double-trigger CIC protections with 2x salary+bonus and accelerated vesting introduce standard REIT-level change-of-control economics; no tax gross-ups and robust clawback/anti-hedging policies mitigate governance red flags .