Hamid Moghadam

Last updated
Hamid R. Moghadam
Born (1956-08-26) August 26, 1956 (age 68)
Tehran, Imperial State of Iran
CitizenshipAmerican
Alma mater Massachusetts Institute of Technology (SB; SM)
Stanford University (MBA)
Occupation(s) Chairman and CEO of Prologis
Years active1980s–present
Board member of Stanford Management Company
Stanford Graduate School of Business
Website Moghadam - Prologis

Hamid Moghadam (born August 26, 1956) is an Iranian-American business executive and philanthropist. [1] [2] [3] In 2011, Moghadam orchestrated the combination between AMB, [4] a firm he co-founded in 1983, [1] [2] and ProLogis to create Prologis, the largest logistics real estate company in the world. Moghadam currently serves as Prologis Chairman and CEO, with Prologis operating as a global logistics real estate investment trust (REIT) [4] [5] and S&P 100 company. [6]

Contents

Early life and education

Born on August 26, 1956, [7] in Iran, [8] he grew up in Tehran, [1] where his father was a businessman. [1] [8] In 1969 [8] he attended Aiglon College in Switzerland. [1] [9] [7] In 1973, he entered the Massachusetts Institute of Technology, [8] [9] where he received Bachelor and Master of Science degrees in engineering. [8] [10] In 1980 Moghadam received an MBA from the Stanford Graduate School of Business in California. [11] [1]

Career

Abbey, Moghadam & Company

After business school, Moghadam [2] [9] started his career at Homestake Mining Company. He later joined John McMahan Associates. [12] In 1983, he and Douglas Abbey founded Abbey, Moghadam & Company in San Francisco, California. [1] [2] [13] Although they planned to provide investment advisory services, according to Forbes, they soon became known for instead "helping investors revive underperforming assets." [2] They were joined by T. Robert Burke in 1984 and established AMB Institutional Realty Advisors, later named AMB Property Corp., [1] with initial investments in office, industrial and community shopping centers. [14]

Going public with AMB

In the late 1980s, AMB changed its investment strategy to focus on industrial parks and shopping centers in infill trade areas, [2] with the company beginning to exit the office market in 1987. [14] During the collapse of the office building market in the late 1980s, this shift in assets helped the company avoid significant financial repercussions. [2] AMB launched its first private equity fund in 1989, which focused on industrial and retail properties. [13] AMB consolidated several of its investment funds in 1997 [8] and went public as an REIT. [15] In late 1997, [13] AMB closed its IPO with more than US $2.8 billion in assets. [14]

Throughout 1999, Moghadam "made a series of moves that pared the company of most of its retail holdings, following the notion that e-commerce would become the high-margin road of the future." [1] Selling its retail business around 1999 to focus solely on the industrial sector, [13] starting that year AMB sold nearly $1 billion in retail assets to institutional investors and reallocated funds into warehouses in and around major consumption areas. [16] [17] By the end of 1999, AMB was the second-largest industrially focused REIT in the United States, with a total market capitalization of $3.5 billion. [1] President and CEO of AMB Property Corporation, [18] he became AMB chairman in 2000. [3] AMB made its first overseas investment in 2002, developing a facility for Procter & Gamble in Mexico City. [13] In 2002, AMB initiated an international expansion program [14] focused on buying and developing distribution facilities near global trade hubs, [2] particularly in growth markets such as Latin America, Asia, [2] and Europe. [19] [20] [21] [22] [23] AMB added an internal development division in 2004. [13] [3]

Prologis

In 2011 [13] Moghadam arranged the combination between AMB and ProLogis to create Prologis, the largest logistics real estate company in the world. [4] [5] With a market cap of approximately $24 billion [4] and corporate headquarters remaining in California, [5] the new Prologis had around $46 billion in assets under management (AUM) [5] and clients such as DHL, Home Depot Inc., Unilever, [5] and FedEx. [13] ProLogis CEO Walter Rakowich and Moghadam were appointed as the new company's co-CEOs, with Moghadam becoming the sole CEO [5] at the start of 2013. [9] [3] He oversaw IPOs in Japan in 2013 [24] and Mexico in 2014. [25]

Prologis continues to operate as a publicly traded real estate investment trust (REIT) [26] on the S&P 100, [27] [28] operating logistics and distribution facilities for customers in various industries [4] [5] [29] in the Americas, Europe, and Asia. [29] In 2018 he oversaw its acquisition of DCT Industrial Trust for $8.4 billion, [30] and in 2020, acquisitions of Liberty Property Trust for $13 billion and Industrial Property Trust for $4 billion, [31] then Duke Realty in 2022 for $23 billion. [32] The company's platform totals 1.2 billion square feet that is owned, managed or under development in 19 countries, [33] with about $196 billion in assets under management. [34] Moghadam frequently appears on major television networks to talk about the real estate industry, including CNBC, [35] Bloomberg TV, and Fox Business Network, as a real estate industry expert. [36]

In 2023, Moghadam's total compensation from Prologis was $50.9 million, representing a CEO-to-median worker pay ratio of 400-to-1 for that year. [37]

Industry boards and committees

In the 1990s, he joined the MIT Center for Real Estate's advisory committee, [18] and became a founding member of The Real Estate Roundtable [22] as vice chairman of the National Realty Committee. [18] He is a member of the national Business Roundtable, [38] [39] and served as a trustee of the Urban Land Institute, [22] joining the executive committee of its board of directors. [40] [41] He was also the chairman of National Association of Real Estate Investment Trusts (NAREIT) [42] in 2004. [43]

Philanthropy

Moghadam has served on various philanthropic and community boards in the San Francisco Bay Area. [44] He served on the boards of Town School for Boys, the California Academy of Sciences, and the Bay Area Discovery Museum, [22] and he was chairman of the Young Presidents Organization's Northern California chapter. [22] [45]

Previously a trustee of Stanford University, [46] [22] Moghadam is currently a board member of the Stanford Management Company, [22] [11] and was its former chairman. [11] [22] He and his wife established the Moghadam Family Professorship in the Stanford Graduate School of Business, where he serves on the advisory council, [11] after endowing the Stanford Hamid and Christina Moghadam Program in Iranian Studies in 2006, which focuses on undergraduate courses related to Iran. [47] [48]

Awards and recognition

Moghadam was named EY's 1998 Real Estate Award Winner for the Northern California Region. [49] In 2005, Moghadam was presented with an Industry Leadership Award from the National Association of Real Estate Investment Trusts (NAREIT). [50] [43] [51] He received a Lifetime of Building Award from the Commercial Real Estate Development Association (NAIOP) in 2007, and also that year he received the Wisconsin Alumni Center's Vision Setter Award. [50] Moghadam received the EY National Entrepreneur of the Year Overall Award in 2013, [52] as well as [53] the Ellis Island Medal of Honor from the National Ethnic Coalition of Organizations Foundations, Inc. (NECO). [53] Harvard Business Review named him one of the 100 Best-Performing CEOs in the World three times, [54] [55] and a number of industry publications have named him their CEO of the Year. [50]

Personal life

Moghadam and his wife Christina [11] have a son together. [1] [8] In American politics, as of 2016, Moghadam had endorsed both Republicans and Democrats. [56]

In July 2022, Moghdam was robbed at gunpoint outside his home in San Francisco. [57]

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