Steven R. Hash
About Steven R. Hash
Steven R. Hash (age 60) is Lead Director of Alexandria Real Estate Equities, Inc. (ARE) and has served on the Board since December 2013; he has been Lead Director since March 2016 . He is the prior President, COO, and Co‑Founder of Renaissance Macro Research (2012–2020; consultant until December 2020), with earlier senior roles at Lehman Brothers/Barclays (Global Head of Real Estate Investment Banking; COO Global Investment Banking; Director of Global/U.S. Equity Research) and prior equity research/audit experience at Oppenheimer and Arthur Andersen . Hash holds a BA in Business Administration (Loyola University) and an MBA (NYU Stern) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Renaissance Macro Research, LLC | Co‑Founder; President & COO; Consultant | 2012–Apr 2020; Consultant until Dec 2020 | Led macro research operations (strategy, economics, policy) |
| Lehman Brothers/Barclays Capital | Global Head of Real Estate Investment Banking; COO Global Investment Banking; Director of Global/U.S. Equity Research; Senior Equity Research Analyst | 1993–2012 (various roles: 1993–1999 analyst; 1999–2006 research director; 2006–2012 REIB head; 2008–2011 IB COO) | Leadership across investment banking and equity research |
| Oppenheimer & Co. | Senior Research Analyst, Equity Research | 1990–1993 | Senior coverage in equities |
| Arthur Andersen & Co. | Auditor | Began 1988 | Audit/financial foundation |
External Roles
| Company/Organization | Role | Tenure | Notes |
|---|---|---|---|
| The Macerich Company (NYSE: MAC) | Director; Non‑Executive Chairman | Director since May 2015; current Non‑Executive Chairman | Public REIT board leadership |
| Nuveen Global Cities REIT, Inc. (non‑traded REIT) | Lead Director | Since Jan 2018 | Lead independent oversight |
| DiamondPeak Holdings Corp. (NASDAQ: DPHC) | Director | Feb 2019–Oct 2020 | SPAC board experience |
Board Governance
- Independence: ARE’s Board determined all director nominees other than the Executive Chairman (Joel S. Marcus) are independent under NYSE standards; Hash is independent .
- Lead Independent Director responsibilities: Presides over Board meetings when Chair is absent and executive sessions; input on Board agendas; authority to call meetings of independent directors; available for stockholder consultation .
- Attendance and engagement: Directors had 99% attendance at Board and committee meetings in 2024; each director attended at least 75% of their meetings and all attended the May 14, 2024 annual meeting .
- Committee assignments:
- Audit Committee: Member; designated Audit Committee Financial Expert ; Committee held 8 meetings in 2024 .
- Compensation Committee: Chair; Committee held 6 meetings and took 15 unanimous written consents in 2024 .
- Nominating & Governance Committee: Not a member .
- Life Science Committee: Not a member .
- Overboarding policy: ARE policy limits directors to four other public company boards; all directors are compliant .
Fixed Compensation
| Component (2024) | Amount | Notes |
|---|---|---|
| Annual cash retainer | $110,000 | Standard for non‑employee directors |
| Lead Director additional fee | $50,000 | Applicable to Lead Director |
| Compensation Committee Chair fee | $35,000 | Committee chair rate |
| Audit Committee member fee | $20,000 | Committee member rate |
| Pricing Committee member fee (if applicable) | $6,000 | Member rate per policy (committee membership not listed) |
| Total cash fees reported (2024) | $221,000 | Hash elected to defer 100% of his $110,000 cash retainer into phantom stock units |
Performance Compensation
| Equity Award (Director) | Grant Date | Award Type | Grant‑Date Fair Value | Vesting | Performance Metrics |
|---|---|---|---|---|---|
| Annual director equity grant | Jan 12, 2024 | Deferred restricted stock into phantom stock units (DCPD) | $200,106 | Generally vests over 3 years | None (time‑based director awards) |
| Unvested phantom stock units (12/31/2024) | — | Phantom stock units | 1,937 units | Vesting per 3‑year schedule | None |
| Unvested phantom stock units (3/14/2025) | — | Phantom stock units | 3,969 units | Vesting per 3‑year schedule | None |
- Deferred Compensation Plan for Directors (DCPD): Hash deferred 100% of his 2024 equity grant and 100% of his annual cash retainer into phantom stock units credited January 12, 2024 .
Other Directorships & Interlocks
| Relationship | Detail | Governance/Conflict Note |
|---|---|---|
| Public company boards | Macerich (director; Non‑Exec Chair), Nuveen Global Cities REIT (lead director), DiamondPeak Holdings (former director) | No related‑party transactions disclosed involving Hash in 2024; Compensation Committee disclosed no interlocks/insider participation requiring disclosure |
| Related‑party transactions | ARE disclosed only Norges Bank JV and independence reviews of other directors (Freire with Biogen lease; Woronoff with K&E lease) | None specific to Hash |
Expertise & Qualifications
- Designated Audit Committee Financial Expert; deep finance, capital markets, and REIT real estate expertise .
- Leadership and governance experience as Lead Director; extensive investor engagement, including leading outreach after the 2024 annual meeting (86% say‑on‑pay support; outreach to holders of ~70% of common stock; >200 meetings) .
- Education: BA (Loyola University), MBA (NYU Stern) .
Equity Ownership
| Ownership Detail (as of March 14, 2025) | Amount |
|---|---|
| Common shares owned | 7,617 |
| Vested phantom stock units (DCPD) | 12,536 |
| Unvested phantom stock units (DCPD) | 3,969 |
| Total beneficial ownership | 20,153 shares (less than 1%) |
| Director ownership guidelines | Non‑employee directors must own ≥3x annual cash retainer; all directors in compliance (direct holdings and phantom units count) |
| Hedging/Pledging | Hedging prohibited; pledging prohibited unless sufficient liquid collateral to avoid forced sale during blackout periods |
Governance Assessment
- Effectiveness: Hash serves as Lead Director and Compensation Committee Chair with Audit Committee membership and financial expert designation, providing balanced oversight of strategy, pay, and financial risk; committee activity levels (Audit: 8 meetings; Compensation: 6 meetings; unanimous consents: 15) indicate active governance .
- Alignment: Strong ownership alignment via phantom stock unit deferrals of both cash retainer and equity grant; director stock ownership guidelines met; anti‑hedging/anti‑pledging policies further align interests .
- Independence and conflicts: Board affirmed independence; no related‑party transactions disclosed involving Hash; Compensation Committee reported no interlocks requiring disclosure .
- Engagement signal: As Lead Director and Compensation Chair, Hash led extensive investor outreach (holders ~70%; >200 meetings) following 2024 say‑on‑pay (86% support), a positive signal for responsiveness and governance quality .
- RED FLAGS: None disclosed specific to Hash (no pledging/hedging, no related‑party transactions, compliant with overboarding policy). Continued monitoring warranted given multiple external roles, though ARE policy compliance is stated and current time commitments appear consistent with policy .