Real estate investment trust Hudson Pacific Properties increased its chief executive's compensation last year, even as the company's losses mounted.

CEO Victor Coleman's total compensation rose from $8.4M in 2023 to $24.8M in 2024, according to an April proxy statement from HPP. At the same time, HPP reported a net loss of $364M, up from a $192M loss in 2023.

Coleman's base salary was $1M, but his compensation includes a bonus and roughly $21.6M worth of stock awards, the proxy statement shows.

Hudson Pacific had said 2024’s less-than-stellar performance was largely due to losses incurred when selling assets. The company is invested in office properties and the soundstage and studio business, both of which are struggling. In its first-quarter earnings call, the company reported a net loss attributable to common stockholders of $74M, up from $52M in Q1 2024.

The noticeable gap between CEO compensation and company earnings wasn't a trend among leaders of other LA-based companies, The Real Deal reported. Of the top executives at 10 other publicly traded LA-based companies, TRD found that none had such a disconnect between losses, profits and executive pay.

Kennedy Wilson Chair and CEO William McMorrow’s total compensation last year was valued at almost $16M, just about $2M more than in 2023. The company managed to stanch its bleeding, with its losses in 2024 significantly lower than in 2023.

Kilroy Realty CEO Angela Aman's 2024 compensation came in at about $11M and included a one-time equity boost to lure her to the job, TRD reported. Aman replaced John Kilroy, who held the post for decades and who earned about $12.5M in the position in 2023.