General Growth Properties Inc. Chief Executive Officer Sandeep Mathrani’s compensation surged more than fivefold to $22.1 million last year, boosted by the value of stock-option awards.
About $17.3 million of the compensation for Mathrani, 51, came in the form of options, according to a filing today with the U.S. Securities and Exchange Commission. He also received a $3 million cash bonus after meeting goals set by the compensation committee, including 92 percent occupancy for General Growth’s portfolio, the Chicago-based company said.
“The compensation committee determined that Mr. Mathrani accomplished each of the objectives set forth,” General Growth said in the filing.
General Growth, the second-largest U.S.-based mall owner, is sprucing up its retail centers to increase sales and has sold off properties and investments that aren’t central to its operations. The company’s funds from operations, which gauges a property company’s ability to generate cash, climbed to $1.16 a share last year from 98 cents in 2012.
Mathrani received 3.4 million stock options last year after not receiving any in 2012, according to the filing. His total compensation in 2012 was $4.22 million.
The filing was made after the close of regular U.S. trading. General Growth was little changed at $22.02 today. The shares climbed 1.1 percent in 2013. The company is the biggest U.S.-based mall landlord after Simon Property Group Inc.