Salary

$1.20M

Board Justification

Welltower's compensation philosophy for the CEO in 2023 is to provide competitive pay for achieving rigorous performance goals. The objective is to attract and retain top executive talent necessary for Welltower to deliver sustained high performance to its shareholders. The compensation program is designed to align pay with performance, link compensation to the achievement of short- and long-term financial and strategic goals, and align management and shareholder interests by rewarding long-term shareholder value creation.

Bonus

$4.32M

Board Justification

The bonus for Shankh Mitra in 2023 was based on achieving corporate and individual performance measures. The corporate performance measures included normalized FFO per diluted share, adjusted fixed charge coverage, G&A expense controls, and ESG measures. The individual performance measures were tailored to Mr. Mitra's role and responsibilities, focusing on advancing overall strategy, optimizing shareholder value, positioning Welltower as an ESG industry leader, and advancing organizational culture, learning, and development initiatives. The bonus payout was at 160% of the target due to exceeding performance expectations.

Other

$26.70K

Board Justification

Other compensation for Shankh Mitra in 2023 included Welltower's contribution to the 401(k) plan and executive physicals paid for by Welltower.

Restricted Stock

$8.12M(147.58K RSU)

Board Justification

The vested stock for Shankh Mitra in 2023 includes performance stock units and restricted stock units that vested based on the achievement of performance metrics and continued service. The stock vested as part of the 2021-2023 Long-Term Incentive Program, which was based on total shareholder return relative to the FTSE Nareit Equity Health Care Index and the Morgan Stanley (MSCI) US REIT Index, as well as the ratio of net debt plus preferred stock to annualized adjusted EBITDA.

Performance Metrics

The performance metrics for Shankh Mitra's compensation in 2023 included normalized FFO per diluted share, adjusted fixed charge coverage, G&A expense controls, ESG measures, and individual performance measures related to advancing overall strategy, optimizing shareholder value, positioning Welltower as an ESG industry leader, and advancing organizational culture, learning, and development initiatives.

SEC Filing

From April 12, 2024

View SEC Filing