Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-27

SBA Communications Corp. (SBAC)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$11,358,715
Brendan Cavanagh total, FY2025
50th
CEO pay percentile vs peers
131:1
CEO-to-median pay ratio
94.05%
Say-on-pay support, latest vote
Companies that benchmark against SBAC
10 companies name SBAC as a compensation peer

Each company listed discloses SBAC in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named SBAC in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Brendan Cavanagh$955,000$0$8,640,313$0$1,733,086$0$30,316$11,358,715
President and Chief Executive Officer
Marc Montagner665,00003,358,2390679,298023,8314,726,368
Executive Vice President and Chief Financial Officer
Joshua Koenig560,00002,630,3140593,040029,7473,813,101
Executive Vice President, Chief Administrative Officer & General Counsel
Richard Cane560,00002,630,3140579,040021,3403,790,694
Executive Vice President and President - International
Mark Ciarfella560,00002,630,3140565,040029,4403,784,794
Executive Vice President - U.S. Operations

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Brendan Cavanagh$11,358,715$8,817,502$5,009,927+2,541,213
Marc Montagner4,726,3683,982,522+743,846
Joshua Koenig3,813,1012,980,634+832,467
Richard Cane3,790,6943,046,1542,668,785+744,540
Mark Ciarfella3,784,7943,120,5682,704,292+664,226

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Mary S. ChanDirector2026-04-13D1,453$224$325,109CommonForm 4 ↗
Mary S. ChanDirector2026-04-13A1,501212318,677CommonForm 4 ↗
Dividend-equivalent accruals2026-04-131,5011 insider, 1 accrual row
Jay L. JohnsonDirector2026-05-01D331Derivative, Class A CommonForm 4 ↗
Amy E. WilsonDirector2026-05-01D331Derivative, Class A CommonForm 4 ↗
Jeffrey A. StoopsDirector2026-05-01A302CommonForm 4 ↗
Amy E. WilsonDirector2026-05-01D248Derivative, Class A CommonForm 4 ↗
Jay L. JohnsonDirector2026-05-01A248CommonForm 4 ↗
Jack LangerDirector2026-05-01D302Derivative, Class A CommonForm 4 ↗
Jack LangerDirector2026-05-01D331Derivative, Class A CommonForm 4 ↗
George R. Krouse, JrDirector2026-05-01D325.9722172,104CommonForm 4 ↗
Kevin L. BeebeDirector2026-05-01D302Derivative, Class A CommonForm 4 ↗
Mary S. ChanDirector2026-05-01D302Derivative, Class A CommonForm 4 ↗
Laurie BowenDirector2026-05-01D331Derivative, Class A CommonForm 4 ↗
Jeffrey A. StoopsDirector2026-05-01D331Derivative, Class A CommonForm 4 ↗
George R. Krouse, JrDirector2026-05-01D248Derivative, Class A CommonForm 4 ↗
Kevin L. BeebeDirector2026-05-01A331CommonForm 4 ↗
Jeffrey A. StoopsDirector2026-05-01D302Derivative, Class A CommonForm 4 ↗
Laurie BowenDirector2026-05-01A248CommonForm 4 ↗
Jack LangerDirector2026-05-01D325.9722172,104CommonForm 4 ↗
Jack LangerDirector2026-05-01D248Derivative, Class A CommonForm 4 ↗
Kevin L. BeebeDirector2026-05-01D331Derivative, Class A CommonForm 4 ↗
Mary S. ChanDirector2026-05-01A302CommonForm 4 ↗
Jay L. JohnsonDirector2026-05-01D302Derivative, Class A CommonForm 4 ↗
Amy E. WilsonDirector2026-05-01A331CommonForm 4 ↗
Jack LangerDirector2026-05-01A248CommonForm 4 ↗
Jack LangerDirector2026-05-01A302CommonForm 4 ↗
Jack LangerDirector2026-05-01A331CommonForm 4 ↗
Steven E. BernsteinDirector2026-05-01A248CommonForm 4 ↗
Steven E. BernsteinDirector2026-05-01A302CommonForm 4 ↗
Steven E. BernsteinDirector2026-05-01A331CommonForm 4 ↗
Steven E. BernsteinDirector2026-05-01D248Derivative, Class A CommonForm 4 ↗
Steven E. BernsteinDirector2026-05-01D302Derivative, Class A CommonForm 4 ↗
Steven E. BernsteinDirector2026-05-01D331Derivative, Class A CommonForm 4 ↗
George R. Krouse, JrDirector2026-05-01A248CommonForm 4 ↗
George R. Krouse, JrDirector2026-05-01A302CommonForm 4 ↗
George R. Krouse, JrDirector2026-05-01A331CommonForm 4 ↗
George R. Krouse, JrDirector2026-05-01D302Derivative, Class A CommonForm 4 ↗
George R. Krouse, JrDirector2026-05-01D331Derivative, Class A CommonForm 4 ↗
Kevin L. BeebeDirector2026-05-01A248CommonForm 4 ↗
Kevin L. BeebeDirector2026-05-01A302CommonForm 4 ↗
Kevin L. BeebeDirector2026-05-01D248Derivative, Class A CommonForm 4 ↗
Mary S. ChanDirector2026-05-01A248CommonForm 4 ↗
Mary S. ChanDirector2026-05-01A331CommonForm 4 ↗
Mary S. ChanDirector2026-05-01D325.9722172,104CommonForm 4 ↗
Mary S. ChanDirector2026-05-01D248Derivative, Class A CommonForm 4 ↗
Mary S. ChanDirector2026-05-01D331Derivative, Class A CommonForm 4 ↗
Jay L. JohnsonDirector2026-05-01A331CommonForm 4 ↗
Jay L. JohnsonDirector2026-05-01D325.9722172,104CommonForm 4 ↗
Jay L. JohnsonDirector2026-05-01D248Derivative, Class A CommonForm 4 ↗
Laurie BowenDirector2026-05-01A331CommonForm 4 ↗
Laurie BowenDirector2026-05-01D325.9722172,104CommonForm 4 ↗
Laurie BowenDirector2026-05-01D248Derivative, Class A CommonForm 4 ↗
Amy E. WilsonDirector2026-05-01A248CommonForm 4 ↗
Amy E. WilsonDirector2026-05-01A302CommonForm 4 ↗
Amy E. WilsonDirector2026-05-01D302Derivative, Class A CommonForm 4 ↗
Jeffrey A. StoopsDirector2026-05-01A331CommonForm 4 ↗
Jay L. JohnsonDirector2026-05-01A302CommonForm 4 ↗
Laurie BowenDirector2026-05-01A302CommonForm 4 ↗
Laurie BowenDirector2026-05-01D302Derivative, Class A CommonForm 4 ↗
George R. Krouse, JrDirector2026-05-13D500214106,805CommonForm 4 ↗
Jack LangerDirector2026-05-13A1,501212318,677CommonForm 4 ↗
Steven E. BernsteinDirector2026-05-13D1,496214319,561CommonForm 4 ↗
Jack LangerDirector2026-05-13D1,496214319,561CommonForm 4 ↗
Dividend-equivalent accruals2026-05-135,0044 insiders, 4 accrual rows
Steven E. BernsteinDirector2026-05-13A1,501212318,677CommonForm 4 ↗
Kevin L. BeebeDirector2026-05-13A1,501212318,677CommonForm 4 ↗
Kevin L. BeebeDirector2026-05-13D1,492214318,706CommonForm 4 ↗
George R. Krouse, JrDirector2026-05-13A501212106,367CommonForm 4 ↗
Dividend-equivalent accruals2026-05-229,9729 insiders, 9 accrual rows

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 81 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Mary S. ChanDirector2026-04-13D1,453$224$325,109CommonForm 4 ↗
Mary S. ChanDirector2026-04-13A1,501212318,677CommonForm 4 ↗
Mary S. ChanDirector2026-04-13D1,50100Derivative, Class A CommonForm 4 ↗
Jay L. JohnsonDirector2026-05-01D331Derivative, Class A CommonForm 4 ↗
Amy E. WilsonDirector2026-05-01D331Derivative, Class A CommonForm 4 ↗
Jeffrey A. StoopsDirector2026-05-01A302CommonForm 4 ↗
Amy E. WilsonDirector2026-05-01D248Derivative, Class A CommonForm 4 ↗
Jay L. JohnsonDirector2026-05-01A248CommonForm 4 ↗
Jack LangerDirector2026-05-01D302Derivative, Class A CommonForm 4 ↗
Jack LangerDirector2026-05-01D331Derivative, Class A CommonForm 4 ↗
George R. Krouse, JrDirector2026-05-01D325.9722172,104CommonForm 4 ↗
Kevin L. BeebeDirector2026-05-01D302Derivative, Class A CommonForm 4 ↗
Mary S. ChanDirector2026-05-01D302Derivative, Class A CommonForm 4 ↗
Laurie BowenDirector2026-05-01D331Derivative, Class A CommonForm 4 ↗
Jeffrey A. StoopsDirector2026-05-01D331Derivative, Class A CommonForm 4 ↗
George R. Krouse, JrDirector2026-05-01D248Derivative, Class A CommonForm 4 ↗
Kevin L. BeebeDirector2026-05-01A331CommonForm 4 ↗
Jeffrey A. StoopsDirector2026-05-01D302Derivative, Class A CommonForm 4 ↗
Laurie BowenDirector2026-05-01A248CommonForm 4 ↗
Jack LangerDirector2026-05-01D325.9722172,104CommonForm 4 ↗
Jack LangerDirector2026-05-01D248Derivative, Class A CommonForm 4 ↗
Kevin L. BeebeDirector2026-05-01D331Derivative, Class A CommonForm 4 ↗
Mary S. ChanDirector2026-05-01A302CommonForm 4 ↗
Jay L. JohnsonDirector2026-05-01D302Derivative, Class A CommonForm 4 ↗
Amy E. WilsonDirector2026-05-01A331CommonForm 4 ↗
Jack LangerDirector2026-05-01A248CommonForm 4 ↗
Jack LangerDirector2026-05-01A302CommonForm 4 ↗
Jack LangerDirector2026-05-01A331CommonForm 4 ↗
Steven E. BernsteinDirector2026-05-01A248CommonForm 4 ↗
Steven E. BernsteinDirector2026-05-01A302CommonForm 4 ↗
Steven E. BernsteinDirector2026-05-01A331CommonForm 4 ↗
Steven E. BernsteinDirector2026-05-01D248Derivative, Class A CommonForm 4 ↗
Steven E. BernsteinDirector2026-05-01D302Derivative, Class A CommonForm 4 ↗
Steven E. BernsteinDirector2026-05-01D331Derivative, Class A CommonForm 4 ↗
George R. Krouse, JrDirector2026-05-01A248CommonForm 4 ↗
George R. Krouse, JrDirector2026-05-01A302CommonForm 4 ↗
George R. Krouse, JrDirector2026-05-01A331CommonForm 4 ↗
George R. Krouse, JrDirector2026-05-01D302Derivative, Class A CommonForm 4 ↗
George R. Krouse, JrDirector2026-05-01D331Derivative, Class A CommonForm 4 ↗
Kevin L. BeebeDirector2026-05-01A248CommonForm 4 ↗
Kevin L. BeebeDirector2026-05-01A302CommonForm 4 ↗
Kevin L. BeebeDirector2026-05-01D248Derivative, Class A CommonForm 4 ↗
Mary S. ChanDirector2026-05-01A248CommonForm 4 ↗
Mary S. ChanDirector2026-05-01A331CommonForm 4 ↗
Mary S. ChanDirector2026-05-01D325.9722172,104CommonForm 4 ↗
Mary S. ChanDirector2026-05-01D248Derivative, Class A CommonForm 4 ↗
Mary S. ChanDirector2026-05-01D331Derivative, Class A CommonForm 4 ↗
Jay L. JohnsonDirector2026-05-01A331CommonForm 4 ↗
Jay L. JohnsonDirector2026-05-01D325.9722172,104CommonForm 4 ↗
Jay L. JohnsonDirector2026-05-01D248Derivative, Class A CommonForm 4 ↗
Laurie BowenDirector2026-05-01A331CommonForm 4 ↗
Laurie BowenDirector2026-05-01D325.9722172,104CommonForm 4 ↗
Laurie BowenDirector2026-05-01D248Derivative, Class A CommonForm 4 ↗
Amy E. WilsonDirector2026-05-01A248CommonForm 4 ↗
Amy E. WilsonDirector2026-05-01A302CommonForm 4 ↗
Amy E. WilsonDirector2026-05-01D302Derivative, Class A CommonForm 4 ↗
Jeffrey A. StoopsDirector2026-05-01A331CommonForm 4 ↗
Jay L. JohnsonDirector2026-05-01A302CommonForm 4 ↗
Laurie BowenDirector2026-05-01A302CommonForm 4 ↗
Laurie BowenDirector2026-05-01D302Derivative, Class A CommonForm 4 ↗
George R. Krouse, JrDirector2026-05-13D500214106,805CommonForm 4 ↗
Jack LangerDirector2026-05-13A1,501212318,677CommonForm 4 ↗
Steven E. BernsteinDirector2026-05-13D1,496214319,561CommonForm 4 ↗
Jack LangerDirector2026-05-13D1,496214319,561CommonForm 4 ↗
George R. Krouse, JrDirector2026-05-13D50100Derivative, Class A CommonForm 4 ↗
Steven E. BernsteinDirector2026-05-13A1,501212318,677CommonForm 4 ↗
Jack LangerDirector2026-05-13D1,50100Derivative, Class A CommonForm 4 ↗
Kevin L. BeebeDirector2026-05-13A1,501212318,677CommonForm 4 ↗
Kevin L. BeebeDirector2026-05-13D1,492214318,706CommonForm 4 ↗
Kevin L. BeebeDirector2026-05-13D1,50100Derivative, Class A CommonForm 4 ↗
Steven E. BernsteinDirector2026-05-13D1,50100Derivative, Class A CommonForm 4 ↗
George R. Krouse, JrDirector2026-05-13A501212106,367CommonForm 4 ↗
Amy E. WilsonDirector2026-05-22A1,10800Derivative, Class A CommonForm 4 ↗
Jack LangerDirector2026-05-22A1,10800Derivative, Class A CommonForm 4 ↗
Laurie BowenDirector2026-05-22A1,10800Derivative, Class A CommonForm 4 ↗
Kevin L. BeebeDirector2026-05-22A1,10800Derivative, Class A CommonForm 4 ↗
Jay L. JohnsonDirector2026-05-22A1,10800Derivative, Class A CommonForm 4 ↗
Jeffrey A. StoopsDirector2026-05-22A1,10800Derivative, Class A CommonForm 4 ↗
Steven E. BernsteinDirector2026-05-22A1,10800Derivative, Class A CommonForm 4 ↗
Mary S. ChanDirector2026-05-22A1,10800Derivative, Class A CommonForm 4 ↗
George R. Krouse, JrDirector2026-05-22A1,10800Derivative, Class A CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Joshua KoenigRSU2025-03-065,760$1,259,942
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Joshua Koenig$1,259,942$0$00.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Joshua KoenigPSU2,960$572,553
Mark CiarfellaPSU3,063592,476
Richard CaneRSU20,7864,020,636
Mark CiarfellaPSU715138,302
Richard CanePSU9,5401,845,322
Brendan CavanaghPSU21,4164,142,497
Richard CanePSU926179,116
Brendan CavanaghPSU4,503871,015
Joshua KoenigPSU44485,883
Richard CanePSU4,162805,056
Marc MontagnerPSU4,144801,574
Joshua KoenigPSU983190,142
Joshua KoenigPSU888171,766
Joshua KoenigPSU3,930760,180
Marc MontagnerPSU13,0862,531,225
Marc MontagnerPSU7,3541,422,484
Mark CiarfellaPSU5,5451,072,569
Marc MontagnerPSU1,243240,433
Mark CiarfellaPSU954184,532
Richard CanePSU46389,558
Richard CanePSU6,9121,336,988
Marc MontagnerPSU7,4581,442,601
Richard CanePSU1,041201,361
Richard CanePSU576111,416
Mark CiarfellaRSU21,1574,092,398
Brendan CavanaghPSU15,0112,903,578
Brendan CavanaghPSU7,9321,534,287
Mark CiarfellaPSU5,7261,107,580
Brendan CavanaghPSU2,168419,356
Brendan CavanaghPSU3,569690,352
Brendan CavanaghPSU1,445279,506
Mark CiarfellaPSU47792,266
Marc MontagnerRSU20,3543,937,073
Joshua KoenigPSU5,3281,030,595
Joshua KoenigOption9,121182.3
Richard CanePSU694134,240
Brendan CavanaghPSU2,252435,604
Marc MontagnerPSU8,8241,706,826
Mark CiarfellaPSU9,3231,803,347
Richard CanePSU5,5541,074,310
Brendan CavanaghOption55,741182.3
Brendan CavanaghPSU27,0205,226,479
Joshua KoenigPSU655126,697
Richard CanePSU1,152222,831
Joshua KoenigPSU1,152222,831
Joshua KoenigPSU6,9121,336,988
Mark CiarfellaPSU6,9121,336,988
Joshua KoenigPSU576111,416
Mark CiarfellaPSU4,288829,428
Richard CanePSU3,086596,925
Marc MontagnerPSU1,588307,167
Brendan CavanaghPSU1,785345,273
Mark CiarfellaPSU1,152222,831
Marc MontagnerPSU1,471284,536
Mark CiarfellaPSU1,072207,357
Marc MontagnerPSU736142,364
Marc MontagnerPSU622120,313
Mark CiarfellaPSU576111,416
Richard CanePSU5,7601,114,157
Brendan CavanaghPSU8,6701,677,038
Joshua KoenigPSU5,7601,114,157
05

Incentive-plan design — the Compensation Discussion & Analysis

The three principles of our compensation philosophy are as follows: Total direct compensation, or TDC, levels should be sufficiently competitive to attract, motivate and retain the highest quality executives; Performance-based and at-risk incentive compensation should constitute a substantial portion of total compensation; Long-term incentive compensation should align executives interests with our shareholders interests to further the creation of long-term shareholder value

CEO STI target (% of salary)175%
CEO LTI target (% of salary)
Independent consultantF.W. Cook & Co., Inc.
Clawback policytrue
Anti-hedging
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-2288,353,1125,586,1721,621,21594.05%Passed
20252025-05-2392,881,9874,715,401188,03295.17%Passed
20242024-05-2388,158,4333,579,79384,59396.1%Passed
20232023-05-2589,265,9594,512,56287,26895.19%Passed
20222022-05-1291,599,5874,493,67638,25695.32%Passed
20212021-05-1390,989,7143,812,41047,39695.98%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2294.05%a
20252025-05-2395.17%b
20242024-05-2396.1%c

a. Approved under the standard stated in the filing — “Abstentions are not counted as votes "FOR" or "AGAINST" this proposal.”.

b. Approved under the standard stated in the filing — “Abstentions are not counted as votes "FOR" or "AGAINST" this proposal.”.

c. Approved under the standard stated in the filing — “Consequently, abstentions will have no impact on the results, as they are not counted as votes cast.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)131 : 1
CEO total compensation$11,358,715
Median employee compensation$86,943
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Jeffrey A. StoopsIndependent · Board Chair · Compensation Committee (Chair, Jan 1 - May 22, 2025)$250,000$228,143$0$0$0$478,143
Jack LangerIndependent · Lead Independent Director · Audit · Compensation151,071228,143000379,214
Jay L. JohnsonIndependent · Audit (Chair) · Nominating/Governance130,000228,143000358,143
George R. Krouse, JrIndependent · Audit · Nominating/Governance (Chair)130,000228,143000358,143
Kevin L. BeebeIndependent · Audit · Compensation (Chair)118,214228,143000346,357
Mary S. ChanIndependent · Compensation · Nominating/Governance100,000228,143000328,143
Laurie BowenIndependent · Compensation · Nominating/Governance100,000228,143000328,143
Amy E. WilsonIndependent · Audit · Nominating/Governance100,000228,143000328,143
Steven E. BernsteinNot independent100,000228,143000328,143
Brendan T. CavanaghEmployee director000000
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$190,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)30,000 / 30,000 / 30,000
Stock ownership guidelineWe have stock ownership guidelines that promote continued alignment of our executives' interests with those of our shareholders
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,179,285
Equity awards (grant-date value)$2,053,287
All other compensation$0
Total cost of the board$3,232,572

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies SBA Communications Corp. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including SBA Communications Corp..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Welltower, Inc.2025Shankh Mitra$1,300,000$813,178,818$0$6,500,000$821,090,355
2Equinix, Inc.2025Adaire Fox-Martin1,000,00021,416,9514322,654,885
3Digital Realty Trust, Inc.2025Andrew Power978,84614,174,68403,700,00021,071,498
4Ventas, Inc.2025Debra Cafaro1,162,72012,015,05104,087,30317,501,073
5Iron Mountain Inc.2025William Meaney1,195,70211,401,8322,099,9852,273,00017,047,480
6Realty Income2025Sumit Roy1,000,0009,149,49604,981,01216,251,931
7Prologis Inc.2025Daniel Letter795,38512,500,990015,190,625
8American Tower Corporation2025Steven Vondran1,000,00011,528,74802,280,00014,854,505
9Viasat, Inc.2026Mark Dankberg1,406,53810,305,39002,450,00014,208,178
10Extra Space Storage, Inc.2025Joseph Margolis940,00011,138,71501,616,21314,186,887
11Crown Castle, Inc.2025Christian Hillabrant269,23112,147,0360823,52214,154,801
12Equity Residential2025Mark Parrell900,0008,023,6681,498,7412,317,61312,759,187
13SBA Communications Corp.2025Brendan Cavanagh955,0008,640,31301,733,08611,358,715
14Essex Property Trust, Inc.2025Angela Kleiman944,5204,733,25404,362,21010,096,804
15Healthpeak Properties, Inc.2025Scott Brinker825,0007,208,68801,986,15610,072,994
16Public Storage2025Joseph Russell1,000,0003,982,3712,907,5832,005,8239,909,777
17AvalonBay Communities, Inc.2025Benjamin Schall1,000,0006,319,735482,3651,815,5409,663,500
18Uniti Group Inc.2025Kenneth Gunderman725,0006,294,83702,158,5149,194,673
19Lamar Advertising Company2025Sean Reilly900,0005,838,0000720,0008,463,353
20OUTFRONT Media, Inc.2025Nicolas Brien778,4644,333,3150745,9485,883,153
21Camden Property Trust2025Alexander Jessett646,5963,010,54801,491,0315,151,175

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
SBA Communications Corp.103.7%PSU 60 · RSU 40Yes — Relative TSRF.W. Cook & Co., Inc.
American Tower Corporation114%PSU 70 · RSU 30Yes — Relative TSRMeridian Compensation Partners, LLC
AvalonBay Communities, Inc.104.8%PSU 100NoFerguson Partners Consulting L.P.
Camden Property Trustnot disclosedPSU 100not disclosedCBIZ Talent and Compensation Solutions
Crown Castle, Inc.139.16%PRSU 60 · RSU 40NoFW Cook
Digital Realty Trust, Inc.378%PSU 60 · LTIP Units 40NoSemler Brossy
Equinix, Inc.99%PSU 67 · RSU 33Yes — rTSRCompensia
Equity Residential114.45%PSU 100Yes — Performance of Company relative to weighted average TSR of companies in the FTSE Nareit Equity Apartments IndexFerguson Partners Consulting
Essex Property Trust, Inc.not disclosednot disclosednot disclosedMercer LLC
Extra Space Storage, Inc.98.25%PSU 75 · RSU 25Yes — Relative TSRMeridian
Healthpeak Properties, Inc.127%PSU 60 · RSU 40Yes — 3-Year Relative TSR PerformanceFerguson Partners Consulting
Iron Mountain Inc.105.5%PSU 85 · Options 15Yes — Relative TSR vs MSCI US REIT IndexPay Governance LLC
Lamar Advertising Company80%LTIP Units 100Nonot disclosed
OUTFRONT Media, Inc.95%PSU 60 · RSU 40Yes — Relative TSRClearBridge
Prologis Inc.137.5%PSU 100NoPay Governance
Public Storagenot disclosedRSU 60 · Options 40not disclosedFerguson Partners Consulting
Realty Income199%PSU 75 · RSU 25Yes — TSR ranking relative to MSCI US REIT IndexFPC
Uniti Group Inc.132%PSU 50 · RSU 50Yes — Relative Total Shareholder Return (TSR)Pearl Meyer
Ventas, Inc.352%PSU 70 · RSU 30Yes — TSR Relative to the Nareit Health Care IndexSemler Brossy
Viasat, Inc.121%RSU 50 · PSU 25 · Cash LTI 25Yes — Relative Total Shareholder Return (TSR) vs. Russell 3000 IndexCompensia
Welltower, Inc.200%not disclosedYes — TSR vs FTSE NAREIT Equity Health Care IndexFPC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at SBA Communications Corp. in fiscal 2025?
As disclosed, the highest-paid executive at SBA Communications Corp. in fiscal 2025 was Brendan Cavanagh, President and Chief Executive Officer, with total compensation of $11,358,715.
How does SBA Communications Corp.'s chief executive pay compare to its disclosed peer group?
The filing shows that SBA Communications Corp.'s chief executive pay falls at the 50th percentile of its disclosed peer group.
What is SBA Communications Corp.'s CEO-to-median employee pay ratio?
As disclosed, the CEO-to-median employee pay ratio for SBA Communications Corp. was 131:1.
How did shareholders vote on SBA Communications Corp.'s executive compensation?
Shareholders voted 94.05% in support of SBA Communications Corp.'s executive compensation plan in the latest vote.
How much does SBA Communications Corp. spend in total on board compensation for fiscal 2025?
The filing reports that SBA Communications Corp. spent $3,232,572 in total on board compensation for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Brendan CavanaghDEF 14A2026-04-090001193125-26-149656Section “Summary Compensation Table”. As printed: 11,358,715. Filing ↗machine: r3 · c23 · span 1023490–1023500
2Section 01, Marc MontagnerDEF 14A2026-04-090001193125-26-149656Section “Summary Compensation Table”. As printed: 4,726,368. Filing ↗machine: r7 · c23 · span 1031737–1031746
3Section 01, Joshua KoenigDEF 14A2026-04-090001193125-26-149656Section “Summary Compensation Table”. As printed: 3,813,101. Filing ↗machine: r19 · c23 · span 1054306–1054315
4Section 01, Richard CaneDEF 14A2026-04-090001193125-26-149656Section “Summary Compensation Table”. As printed: 3,790,694. Filing ↗machine: r15 · c23 · span 1046508–1046517
5Section 01, Mark CiarfellaDEF 14A2026-04-090001193125-26-149656Section “Summary Compensation Table”. As printed: 3,784,794. Filing ↗machine: r11 · c23 · span 1038323–1038332
6Section 03, Joshua Koenig RSUDEF 14A2026-04-090001193125-26-149656Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t192 · r22 · c39 · span 1133887–1133896
7Section 07, pay ratioDEF 14A2026-04-090001193125-26-149656Section “CEO Pay Ratio”. As printed: 131 : 1. Filing ↗machine: span 1901014–1901017
8Section 08, Jeffrey A. StoopsDEF 14A2026-04-090001193125-26-149656Section “Director Compensation”. As printed: 478,143. Filing ↗machine: t102 · r3 · c14 · span 600483–600490
9Section 08, Jack LangerDEF 14A2026-04-090001193125-26-149656Section “Director Compensation”. As printed: 379,214. Filing ↗machine: t102 · r17 · c14 · span 610294–610301
10Section 08, Jay L. JohnsonDEF 14A2026-04-090001193125-26-149656Section “Director Compensation”. As printed: 358,143. Filing ↗machine: t102 · r13 · c14 · span 607428–607435
11Section 08, George R. Krouse, JrDEF 14A2026-04-090001193125-26-149656Section “Director Compensation”. As printed: 358,143. Filing ↗machine: t102 · r15 · c14 · span 608891–608898
12Section 08, Kevin L. BeebeDEF 14A2026-04-090001193125-26-149656Section “Director Compensation”. As printed: 346,357. Filing ↗machine: t102 · r5 · c14 · span 601889–601896
13Section 08, Mary S. ChanDEF 14A2026-04-090001193125-26-149656Section “Director Compensation”. As printed: 328,143. Filing ↗machine: t102 · r11 · c14 · span 606022–606029
14Section 08, Laurie BowenDEF 14A2026-04-090001193125-26-149656Section “Director Compensation”. As printed: 328,143. Filing ↗machine: t102 · r9 · c14 · span 604630–604637
15Section 08, Amy E. WilsonDEF 14A2026-04-090001193125-26-149656Section “Director Compensation”. As printed: 328,143. Filing ↗machine: t102 · r19 · c14 · span 612215–612222
16Section 08, Steven E. BernsteinDEF 14A2026-04-090001193125-26-149656Section “Director Compensation”. As printed: 328,143. Filing ↗machine: t102 · r7 · c14 · span 603288–603295
17Section 08, Brendan T. CavanaghDEF 14A2026-04-090001193125-26-149656Section “Director Compensation”. As printed: 0. Filing ↗
18Section 02, Mary S. Chan 2026-04-13Form 42026-04-140001641154-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Mary S. Chan 2026-04-13Form 42026-04-140001641154-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Mary S. Chan 2026-04-13Form 42026-04-140001641154-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Jay L. Johnson 2026-05-01Form 42026-05-050001736249-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Amy E. Wilson 2026-05-01Form 42026-05-050001772229-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Jeffrey A. Stoops 2026-05-01Form 42026-05-050001106860-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Amy E. Wilson 2026-05-01Form 42026-05-050001772229-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Jay L. Johnson 2026-05-01Form 42026-05-050001736249-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Jack Langer 2026-05-01Form 42026-05-050001253093-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Jack Langer 2026-05-01Form 42026-05-050001253093-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, George R. Krouse, Jr 2026-05-01Form 42026-05-050001473955-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Kevin L. Beebe 2026-05-01Form 42026-05-050001187378-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Mary S. Chan 2026-05-01Form 42026-05-050001641154-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Laurie Bowen 2026-05-01Form 42026-05-050001978602-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Jeffrey A. Stoops 2026-05-01Form 42026-05-050001106860-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, George R. Krouse, Jr 2026-05-01Form 42026-05-050001473955-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Kevin L. Beebe 2026-05-01Form 42026-05-050001187378-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Jeffrey A. Stoops 2026-05-01Form 42026-05-050001106860-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Laurie Bowen 2026-05-01Form 42026-05-050001978602-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Jack Langer 2026-05-01Form 42026-05-050001253093-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Jack Langer 2026-05-01Form 42026-05-050001253093-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Kevin L. Beebe 2026-05-01Form 42026-05-050001187378-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Mary S. Chan 2026-05-01Form 42026-05-050001641154-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Jay L. Johnson 2026-05-01Form 42026-05-050001736249-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Amy E. Wilson 2026-05-01Form 42026-05-050001772229-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Jack Langer 2026-05-01Form 42026-05-050001253093-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Jack Langer 2026-05-01Form 42026-05-050001253093-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Jack Langer 2026-05-01Form 42026-05-050001253093-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Steven E. Bernstein 2026-05-01Form 42026-05-050001089833-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Steven E. Bernstein 2026-05-01Form 42026-05-050001089833-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Steven E. Bernstein 2026-05-01Form 42026-05-050001089833-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Steven E. Bernstein 2026-05-01Form 42026-05-050001089833-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Steven E. Bernstein 2026-05-01Form 42026-05-050001089833-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Steven E. Bernstein 2026-05-01Form 42026-05-050001089833-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, George R. Krouse, Jr 2026-05-01Form 42026-05-050001473955-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, George R. Krouse, Jr 2026-05-01Form 42026-05-050001473955-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, George R. Krouse, Jr 2026-05-01Form 42026-05-050001473955-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, George R. Krouse, Jr 2026-05-01Form 42026-05-050001473955-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, George R. Krouse, Jr 2026-05-01Form 42026-05-050001473955-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Kevin L. Beebe 2026-05-01Form 42026-05-050001187378-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Kevin L. Beebe 2026-05-01Form 42026-05-050001187378-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Kevin L. Beebe 2026-05-01Form 42026-05-050001187378-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Mary S. Chan 2026-05-01Form 42026-05-050001641154-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Mary S. Chan 2026-05-01Form 42026-05-050001641154-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Mary S. Chan 2026-05-01Form 42026-05-050001641154-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, Mary S. Chan 2026-05-01Form 42026-05-050001641154-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Mary S. Chan 2026-05-01Form 42026-05-050001641154-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, Jay L. Johnson 2026-05-01Form 42026-05-050001736249-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, Jay L. Johnson 2026-05-01Form 42026-05-050001736249-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
67Section 02, Jay L. Johnson 2026-05-01Form 42026-05-050001736249-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
68Section 02, Laurie Bowen 2026-05-01Form 42026-05-050001978602-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
69Section 02, Laurie Bowen 2026-05-01Form 42026-05-050001978602-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
70Section 02, Laurie Bowen 2026-05-01Form 42026-05-050001978602-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
71Section 02, Amy E. Wilson 2026-05-01Form 42026-05-050001772229-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
72Section 02, Amy E. Wilson 2026-05-01Form 42026-05-050001772229-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
73Section 02, Amy E. Wilson 2026-05-01Form 42026-05-050001772229-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
74Section 02, Jeffrey A. Stoops 2026-05-01Form 42026-05-050001106860-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
75Section 02, Jay L. Johnson 2026-05-01Form 42026-05-050001736249-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
76Section 02, Laurie Bowen 2026-05-01Form 42026-05-050001978602-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
77Section 02, Laurie Bowen 2026-05-01Form 42026-05-050001978602-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
78Section 02, George R. Krouse, Jr 2026-05-13Form 42026-05-150001473955-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
79Section 02, Jack Langer 2026-05-13Form 42026-05-150001253093-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
80Section 02, Steven E. Bernstein 2026-05-13Form 42026-05-150001089833-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
81Section 02, Jack Langer 2026-05-13Form 42026-05-150001253093-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
82Section 02, George R. Krouse, Jr 2026-05-13Form 42026-05-150001473955-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
83Section 02, Steven E. Bernstein 2026-05-13Form 42026-05-150001089833-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
84Section 02, Jack Langer 2026-05-13Form 42026-05-150001253093-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
85Section 02, Kevin L. Beebe 2026-05-13Form 42026-05-150001187378-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
86Section 02, Kevin L. Beebe 2026-05-13Form 42026-05-150001187378-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
87Section 02, Kevin L. Beebe 2026-05-13Form 42026-05-150001187378-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
88Section 02, Steven E. Bernstein 2026-05-13Form 42026-05-150001089833-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
89Section 02, George R. Krouse, Jr 2026-05-13Form 42026-05-150001473955-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
90Section 02, Amy E. Wilson 2026-05-22Form 42026-05-270001772229-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
91Section 02, Jack Langer 2026-05-22Form 42026-05-270001253093-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
92Section 02, Laurie Bowen 2026-05-22Form 42026-05-270001978602-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
93Section 02, Kevin L. Beebe 2026-05-22Form 42026-05-270001187378-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
94Section 02, Jay L. Johnson 2026-05-22Form 42026-05-270001736249-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
95Section 02, Jeffrey A. Stoops 2026-05-22Form 42026-05-270001106860-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
96Section 02, Steven E. Bernstein 2026-05-22Form 42026-05-270001089833-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
97Section 02, Mary S. Chan 2026-05-22Form 42026-05-270001641154-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
98Section 02, George R. Krouse, Jr 2026-05-22Form 42026-05-270001473955-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
99Section 06, 2026 voteForm 8-K2026-05-220001193125-26-236935Item 5.07 · say-on-pay result. As reported: 94.05% (votes for as printed: 88,353,112). Filing ↗
100Section 06, 2025 voteForm 8-K2025-05-230001193125-25-125883Item 5.07 · say-on-pay result. As reported: 95.17% (votes for as printed: 92,881,987). Filing ↗
101Section 06, 2024 voteForm 8-K2024-05-240001193125-24-147065Item 5.07 · say-on-pay result. As reported: 96.1% (votes for as printed: 88,158,433). Filing ↗
102Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
103Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
104Section 09b board cost (computed)ComputedcomputedCash 1,179,285 + equity 2,053,287 + all other 0 = 3,232,572, summed across the director compensation table rows.machine: formula: Σ = 3,232,572
105Welltower, Inc., Section 10b CEO totalDEF 14A2026-04-100000766704-26-000014CEO total compensation as printed in Welltower, Inc.'s own proxy. As printed: 821,090,355. Filing ↗machine: t141 · r3 · c12 · span 1124520–1124531
106Equinix, Inc., Section 10b CEO totalDEF 14A2026-04-020001101239-26-000073CEO total compensation as printed in Equinix, Inc.'s own proxy. As printed: 22,654,885. Filing ↗machine: span 1101160–1101170
107Digital Realty Trust, Inc., Section 10b CEO totalDEF 14A2026-04-170001308179-26-000296CEO total compensation as printed in Digital Realty Trust, Inc.'s own proxy. As printed: 21,071,498. Filing ↗machine: r2 · c14 · span 644147–644157
108Ventas, Inc., Section 10b CEO totalDEF 14A2026-04-010000740260-26-000010CEO total compensation as printed in Ventas, Inc.'s own proxy. As printed: 17,501,073. Filing ↗machine: r2 · c42 · span 1775799–1775810
109Iron Mountain Inc., Section 10b CEO totalDEF 14A2026-03-240001020569-26-000026CEO total compensation as printed in Iron Mountain Inc.'s own proxy. As printed: 17,047,480. Filing ↗machine: t114 · r3 · c26 · span 952014–952024
110Realty Income, Section 10b CEO totalDEF 14A2026-03-250000726728-26-000021CEO total compensation as printed in Realty Income's own proxy. As printed: 16,251,931. Filing ↗machine: r3 · c18 · span 1118130–1118140
111Prologis Inc., Section 10b CEO totalDEF 14A2026-03-190001193125-26-115132CEO total compensation as printed in Prologis Inc.'s own proxy. As printed: 15,190,625. Filing ↗machine: span 926776–926786
112American Tower Corporation, Section 10b CEO totalDEF 14A2026-04-080001053507-26-000088CEO total compensation as printed in American Tower Corporation's own proxy. As printed: 14,854,505. Filing ↗machine: span 1362503–1362513
113Viasat, Inc., Section 10b CEO totalDEF 14A2026-07-270001193125-26-318060CEO total compensation as printed in Viasat, Inc.'s own proxy. As printed: 14,208,178. Filing ↗machine: r2 · c39 · span 764367–764377
114Extra Space Storage, Inc., Section 10b CEO totalDEF 14A2026-04-010001289490-26-000027CEO total compensation as printed in Extra Space Storage, Inc.'s own proxy. As printed: 14,186,887. Filing ↗machine: r2 · c21 · span 521873–521883
115Crown Castle, Inc., Section 10b CEO totalDEF 14A2026-04-060001051470-26-000039CEO total compensation as printed in Crown Castle, Inc.'s own proxy. As printed: 14,154,801. Filing ↗machine: r3 · c42 · span 809142–809152
116Equity Residential, Section 10b CEO totalDEF 14A2026-04-140001193125-26-155007CEO total compensation as printed in Equity Residential's own proxy. As printed: 12,759,187. Filing ↗machine: t125 · r5 · c25 · span 1751090–1751100
117SBA Communications Corp. (subject), Section 10b CEO totalDEF 14A2026-04-090001193125-26-149656CEO total compensation as printed in SBA Communications Corp.'s own proxy. As printed: 11,358,715. Filing ↗machine: r3 · c23 · span 1023490–1023500
118Essex Property Trust, Inc., Section 10b CEO totalDEF 14A2026-03-270000920522-26-000011CEO total compensation as printed in Essex Property Trust, Inc.'s own proxy. As printed: 10,096,804. Filing ↗machine: r2 · c21 · span 1017592–1017602
119Healthpeak Properties, Inc., Section 10b CEO totalDEF 14A2026-03-120001104659-26-027086CEO total compensation as printed in Healthpeak Properties, Inc.'s own proxy. As printed: 10,072,994. Filing ↗machine: t197 · r7 · c18 · span 1414974–1414984
120Public Storage, Section 10b CEO totalDEF 14A2026-03-270001193125-26-128991CEO total compensation as printed in Public Storage's own proxy. As printed: 9,909,777. Filing ↗machine: t75 · r4 · c29 · span 2764941–2764950
121AvalonBay Communities, Inc., Section 10b CEO totalDEF 14A2026-04-060001104659-26-039943CEO total compensation as printed in AvalonBay Communities, Inc.'s own proxy. As printed: 9,663,500. Filing ↗machine: t263 · r9 · c18 · span 1661086–1661095
122Uniti Group Inc., Section 10b CEO totalDEF 14A2026-04-210001104659-26-045735CEO total compensation as printed in Uniti Group Inc.'s own proxy. As printed: 9,194,673. Filing ↗machine: r1 · c54 · span 914734–914743
123Lamar Advertising Company, Section 10b CEO totalDEF 14A2026-04-020001193125-26-140058CEO total compensation as printed in Lamar Advertising Company's own proxy. As printed: 8,463,353. Filing ↗machine: r5 · c22 · span 310159–310168
124OUTFRONT Media, Inc., Section 10b CEO totalDEF 14A2026-04-210001579877-26-000012CEO total compensation as printed in OUTFRONT Media, Inc.'s own proxy. As printed: 5,883,153. Filing ↗
125Camden Property Trust, Section 10b CEO totalDEF 14A2026-03-270001628280-26-021581CEO total compensation as printed in Camden Property Trust's own proxy. As printed: 5,151,175. Filing ↗machine: span 767748–767757
126Section 10a, Realty Income reciprocityDEF 14A0000726728-26-000021Realty Income's most recent proxy was read; its disclosed peer group does not include SBA Communications Corp.. Filing ↗
127Section 10a, Digital Realty Trust, Inc. reciprocityDEF 14A0001308179-26-000296Digital Realty Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include SBA Communications Corp.. Filing ↗
128Section 10a, Healthpeak Properties, Inc. reciprocityDEF 14A0001104659-26-027086Healthpeak Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include SBA Communications Corp.. Filing ↗
129Section 10a, Lamar Advertising Company reciprocityDEF 14A0001193125-25-073398Lamar Advertising Company's most recent proxy was read; its disclosed peer group does not include SBA Communications Corp.. Filing ↗
130Section 10a, Public Storage reciprocityDEF 14A0001193125-26-128991Public Storage names SBA Communications Corp. in its own disclosed peer group (read from its most recent proxy). Filing ↗
131Section 10a, Equity Residential reciprocityDEF 14A0001193125-26-155007Equity Residential's most recent proxy was read; its disclosed peer group does not include SBA Communications Corp.. Filing ↗
132Section 10a, American Tower Corporation reciprocityDEF 14A0001053507-26-000088American Tower Corporation names SBA Communications Corp. in its own disclosed peer group (read from its most recent proxy). Filing ↗
133Section 10a, Camden Property Trust reciprocityDEF 14A0000906345-25-000014Camden Property Trust's most recent proxy was read; its disclosed peer group does not include SBA Communications Corp.. Filing ↗
134Section 10a, Uniti Group Inc. reciprocityDEF 14A0001104659-26-045735Uniti Group Inc. names SBA Communications Corp. in its own disclosed peer group (read from its most recent proxy). Filing ↗
135Section 10a, Equinix, Inc. reciprocityDEF 14A0001101239-26-000073Equinix, Inc.'s most recent proxy was read; its disclosed peer group does not include SBA Communications Corp.. Filing ↗
136Section 10a, Essex Property Trust, Inc. reciprocityDEF 14A0000920522-26-000011Essex Property Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include SBA Communications Corp.. Filing ↗
137Section 10a, Extra Space Storage, Inc. reciprocityDEF 14A0001289490-26-000027Extra Space Storage, Inc. names SBA Communications Corp. in its own disclosed peer group (read from its most recent proxy). Filing ↗
138Section 10a, Iron Mountain Inc. reciprocityDEF 14A0001020569-26-000026Iron Mountain Inc. names SBA Communications Corp. in its own disclosed peer group (read from its most recent proxy). Filing ↗
139Section 10a, OUTFRONT Media, Inc. reciprocityDEF 14A0001579877-26-000012OUTFRONT Media, Inc.'s most recent proxy was read; its disclosed peer group does not include SBA Communications Corp.. Filing ↗
140Section 10a, Ventas, Inc. reciprocityDEF 14A0000740260-26-000010Ventas, Inc.'s most recent proxy was read; its disclosed peer group does not include SBA Communications Corp.. Filing ↗
141Section 10a, Prologis Inc. reciprocityDEF 14A0001193125-26-115132Prologis Inc.'s most recent proxy was read; its disclosed peer group does not include SBA Communications Corp.. Filing ↗
142Section 10a, Welltower, Inc. reciprocityDEF 14A0000766704-26-000014Welltower, Inc.'s most recent proxy was read; its disclosed peer group does not include SBA Communications Corp.. Filing ↗