In a significant development for transparency in Singapore's REIT sector, comprehensive data on CEO compensation has recently been made available. This newly required disclosure provides unprecedented insight into the remuneration structures of S-REIT leaders and allows for meaningful analysis of how compensation relates to performance and market size.
The data reveals that S-REIT CEOs earned a median total remuneration of S$1,027,688 in the reporting period, with the average slightly lower at S$1,016,121. The fixed statutory component (effectively base salary) made up approximately 52% of total compensation on average, indicating that a significant portion of CEO pay comes from variable components such as bonuses and incentives.
The highest-paid CEO in the S-REIT universe is John Stewart of Digital Core REIT, who earned a total of S$1,754,949, while the lowest-paid is John Casasante of Manulife US REIT, with S$341,869 - representing a more than 5-fold difference between the highest and lowest compensated executives.
One of the most intriguing aspects of this data is the relationship between CEO compensation and REIT performance. The 1-year total returns show remarkable variability, ranging from an impressive 68% (Keppel Pacific Oak) to a concerning -22% (IREIT Global).
Surprisingly, there isn't always a clear correlation between performance and pay. For example:
The data suggests a somewhat stronger relationship between market capitalisation and CEO compensation. CapitaLand Int Com Trust, the largest REIT by market cap (S$14,378 million), pays its CEO Tony Tan Tee Heong S$1,403,431, placing him 5th in the compensation rankings.
However, this relationship isn't consistent across all REITs. The second-highest paid CEO is Yong Yean Chau of Parkway Life REIT, which ranks 7th in market capitalisation. This suggests that factors beyond simple market size influence compensation structures, possibly including portfolio complexity, geographic diversification, or sector-specific challenges.
Looking at compensation patterns across different REIT sectors (industrial, retail, office, hospitality, etc.), the data shows some sectoral variations. Hospitality REITs like CDL H-Trust and ESR-REIT have faced challenges with negative returns (-15% and -16% respectively), yet maintained competitive CEO compensation packages.
Meanwhile, industrial REITs like Mapletree Logistics Trust and ESR-REIT show different approaches to compensation despite operating in similar sectors.
The ratio between fixed statutory compensation and total remuneration varies considerably across REITs. Some CEOs like Iztvan Chan of BHG Retail REIT receive almost all their compensation as fixed salary (S$415,794 out of S$415,794), while others like John Stewart of Digital Core REIT have a much larger variable component (only S$473,836 fixed out of S$1,754,949 total).
This variance suggests different approaches to incentive structures and risk-reward philosophies across REIT managers.
Below is the complete list of S-REIT CEO compensation figures as reported:
| Rank | REIT | CEO Name | Total Remuneration (S$) | Fixed Statutory (S$) | Market Capitalisation (S$m) | 1-Year Total Return (%) |
|---|---|---|---|---|---|---|
| 1 | Digital Core REIT | John Stewart | 1,754,949 | 473,836 | 991 | 3% |
| 2 | Parkway Life REIT | Yong Yean Chau | 1,626,935 | 862,276 | 2,473 | 12% |
| 3 | Keppel DC REIT | Loh Hwee Long | 1,498,260 | 509,408 | 4,669 | 29% |
| 4 | CDL H-Trust | Vincent Yeo Wee Eng | 1,438,487 | 696,228 | 976 | -15% |
| 5 | CapitaLand Int Com Trust | Tony Tan Tee Heong | 1,403,431 | 463,132 | 14,378 | 6% |
| 6 | Suntec REIT | Chong Kee Hiong | 1,375,849 | 1,045,646 | 3,345 | 4% |
| 7 | CapLand Ascendas REIT | William Tay | 1,367,044 | 492,136 | 11,309 | -1% |
| 8 | Storneway REIT | Simon Garing | 1,277,926 | 613,404 | 1,184 | 17% |
| 9 | CapitaLand Ascott Trust | Teo Joe Jing, Serena | 1,162,951 | 395,403 | 3,278 | 3% |
| 10 | CapitaLand India Trust | Gauri Shankar Nagabhushanam | 1,150,359 | 667,208 | 1,295 | 1% |
| 11 | ESR-REIT | Adrian Chui | 1,129,217 | 668,496 | 1,930 | -16% |
| 12 | Acrophyte H-Trust | Lee Jin Yong | 1,125,817 | 754,297 | 168 | -19% |
| 13 | OUE REIT | Han Khim Siew | 1,089,585 | 686,439 | 1,513 | 14% |
| 14 | CapitaLand China Trust | Tan Tze Wooi | 1,030,486 | 432,804 | 1,144 | -2% |
| 15 | United Hamp REIT | Gerald Yuen | 1,024,890 | 517,872 | 386 | 14% |
| 16 | Prime US REIT | Rahul Rana/ Harmeet Bedi | 1,020,802 | 571,649 | 247 | 30% |
| 17 | Keppel Pacific Oak | David Eric Snyder | 962,684 | 433,208 | 386 | 68% |
| 18 | Far East H-Trust | Gerald Lee Hwee Keong | 931,546 | 568,243 | 1,099 | -4% |
| 19 | Keppel REIT | Koh Wee Lin | 892,100 | 490,655 | 3,096 | -1% |
| 20 | Sasseur REIT | Cecilia Tan | 803,288 | 530,170 | 863 | 9% |
| 21 | IREIT Global | Louis d'Estienne/Peter Viens | 789,549 | 347,402 | 350 | -22% |
| 22 | Sabana REIT | Donald Han | 694,263 | 436,997 | 411 | 8% |
| 23 | Lippo Malls Indo Trust | James Liew | 691,784 | 428,906 | 115 | 7% |
| 24 | Elite UK REIT | Joshua Liaw | 557,409 | 418,057 | 299 | 33% |
| 25 | First REIT | Victor Tan | 525,000 | 388,500 | 556 | 16% |
| 26 | BHG Retail REIT | Iztvan Chan | 415,794 | 415,794 | 239 | -4% |
| 27 | Daiwa House Log Trust | Jun Yamamura | 369,126 | 258,388 | 409 | 0% |
| 28 | Manulife US REIT | John Casasante | 341,869 | 329,113 | 175 | 33% |
| Simple Average | 1,016,121 | 531,952 | 2,043 | |||
| Median | 1,027,688 | 491,395 | 984 |
Sources: SGX Chartbook 28 Feb 2025
The newly disclosed compensation data offers several key insights:
Size-Pay Relationship: While there's some correlation between market capitalisation and CEO compensation, it's not as strong as might be expected, suggesting other factors play important roles in determining pay.
Performance Disconnect: Some of the highest returns were delivered by REITs with relatively modest CEO compensation, raising questions about pay-for-performance alignment.
Fixed vs. Variable Mix: The significant variance in how much compensation comes from fixed versus variable components reveals different philosophical approaches to executive incentives.
Sector Variance: Compensation strategies appear to differ across REIT sectors, potentially reflecting different risk profiles and market dynamics.
This unprecedented transparency is a positive development for investors who can now better evaluate:
For the REIT sector as a whole, this disclosure represents an important step toward better governance and accountability. As investors digest this information, it may well influence capital allocation decisions and put pressure on boards to ensure compensation structures truly align with unitholder interests.
The true value of this disclosure will be realised over time as trends can be established and the relationship between compensation changes and subsequent performance can be analysed. For now, it provides a crucial baseline for evaluating the stewardship of Singapore's REIT managers.
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