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Hamid Moghadam

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Hamid R. Moghadam
File:Hamid Moghadam.jpg
Born (1956-08-26) August 26, 1956 (age 68)
Tehran, Iran
CitizenshipAmerican
Alma materMassachusetts Institute of Technology (SB; SM)
Stanford University (MBA)
Occupation(s)Chairman and CEO of Prologis
Years active1980s-present
Board member ofStanford Management Company
Stanford Graduate School of Business
WebsiteMoghadam - 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]

Early life and education

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

Career

Founding Abbey, Moghadam & Company

After business school, Moghadam[2][7] started his career at Homestake Mining Company. He later joined John McMahan Associates.[11] In 1983, he and Douglas Abbey founded Abbey, Moghadam & Company in San Francisco, California.[1][2][12] 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.[13]

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.[13] 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.[12] AMB consolidated several of its investment funds in 1997[8] and went public as an REIT.[14] In late 1997,[12] AMB closed its IPO with more than US $2.8 billion in assets.[13]

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,[12] 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.[15][16] 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,[17] he became AMB chairman in 2000.[3] AMB made its first overseas investment in 2002, developing a facility for Procter & Gamble in Mexico City.[12] In 2002, AMB initiated an international expansion program[13] focused on buying and developing distribution facilities near global trade hubs,[2] particularly in growth markets such as Latin America, Asia,[2] and Europe.[18][19][20][21][22] AMB added an internal development division in 2004.[12][3]

Creation of Prologis

In 2011[12] 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.[12] 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.[7][3] He oversaw IPOs in Japan in 2013[23] and Mexico in 2014.[24]

Prologis continues to operate as a publicly traded real estate investment trust (REIT)[25] on the S&P 100,[26][27] operating logistics and distribution facilities for customers in various industries[4][5][28] in the Americas, Europe, and Asia.[28] In 2018 he oversaw its acquisition of DCT Industrial Trust for $8.4 billion,[29] and in 2020, acquisitions of Liberty Property Trust for $13 billion and Industrial Property Trust for $4 billion,[30] then Duke Realty in 2022 for $23 billion.[31] The company's platform totals 1.2 billion square feet that is owned, managed or under development in 19 countries,[32] with about $196 billion in assets under management.[33] Moghadam frequently appears on major television networks to talk about the real estate industry, including CNBC,[34] Bloomberg TV, and Fox Business Network, as a real estate industry expert.[35]

Industry boards and committees

In the 1990s, he joined the MIT Center for Real Estate's advisory committee,[17] and became a founding member of The Real Estate Roundtable[21] as vice chairman of the National Realty Committee.[17] He served as a trustee of the Urban Land Institute,[21] and joined the executive committee of its board of directors.[36][37] He was also the chairman of National Association of Real Estate Investment Trusts (NAREIT)[38] in 2004.[39]

Philanthropy

Moghadam has served on various philanthropic and community boards in the San Francisco Bay Area.[40] He served on the boards of Town School for Boys, the California Academy of Sciences, and the Bay Area Discovery Museum,[21] and he was chairman of the Young Presidents Organization's Northern California chapter.[21][41]

Previously a trustee of Stanford University,[42][21] Moghadam is currently a board member of the Stanford Management Company,[21][10] and was its former chairman.[10][21] He and his wife established the Moghadam Family Professorship in the Stanford Graduate School of Business, where he serves on the advisory council,[10] after endowing the Stanford Hamid and Christina Moghadam Program in Iranian Studies in 2006, which focuses on undergraduate courses related to Iran.[43][44]

Awards and recognition

Moghadam was named EY's 1998 Real Estate Award Winner for the Northern California Region.[45] In 2005, Moghadam was presented with an Industry Leadership Award from the National Association of Real Estate Investment Trusts (NAREIT).[46][39][47] 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.[46] Moghadam received the EY National Entrepreneur of the Year Overall Award in 2013,[48] as well as[49] the Ellis Island Medal of Honor from the National Ethnic Coalition of Organizations Foundations, Inc. (NECO).[49] Harvard Business Review named him one of the 100 Best-Performing CEOs in the World three times,[50][51] and a number of industry publications have named him their CEO of the Year.[46]

Personal life

Moghadam and his wife Christina[10] have a son together.[1][8] In American politics, as of 2016, Moghadam had endorsed both Republicans and Democrats.[52]

References

  1. ^ a b c d e f g h i j k Robson, Douglas (November 7, 1999). "Man of vision". San Francisco Business Times. Archived from the original on 11 August 2014. Retrieved 7 August 2014.
  2. ^ a b c d e f g h i Kacsmar, Mike (May 28, 2014). "Flexibility, Transparency And Values Drive Entrepreneur's Success". Forbes. Archived from the original on 14 July 2014. Retrieved 6 June 2014.
  3. ^ a b c d "Hamid R. Moghadam". Bloomberg. Archived from the original on April 16, 2018. Retrieved April 28, 2017.
  4. ^ a b c d e "ProLogis and AMB Property to Merge". New York Times. January 31, 2011. Archived from the original on 15 July 2014. Retrieved 7 August 2014.
  5. ^ a b c d e f g Troianovski, Anton (January 31, 2011). "Warehouse Giants AMB Property, ProLogis to Merge". The Wall Street Journal. Archived from the original on 27 February 2015. Retrieved 6 June 2014.
  6. ^ "Prologis, Inc - Why Invest - Why Invest".
  7. ^ a b c d e Feintzeig, Rachel (January 1, 2014). "Prologis CEO: A Life Changed By a Revolution". Wall Street Journal. Archived from the original on 10 August 2014. Retrieved 7 August 2014.
  8. ^ a b c d e f g h Moghadam, Hamid (June 21, 2008). "The Boss: Keep the Rejection Letters". New York Times. Archived from the original on 11 August 2014. Retrieved 7 August 2014.
  9. ^ "Donor Profile: Hamid Moghadam". MIT School of Architecture + Planning. Retrieved 7 August 2014.[dead link]
  10. ^ a b c d e "Investing in Faculty: the Moghadam Family Professorship". Stanford Graduate School of Business. Archived from the original on 25 January 2015. Retrieved 7 August 2014.
  11. ^ 30th Anniversary Site, Prologis, 2019
  12. ^ a b c d e f g h Robaton, Anna (May 2012). "Prologis Together". REIT.com. Archived from the original on 14 July 2014. Retrieved 6 June 2014.
  13. ^ a b c d "Company History". Prologis. Archived from the original on 13 August 2014. Retrieved 7 August 2014.
  14. ^ "Prologis, Inc". NYSE.com. Archived from the original on 24 January 2008. Retrieved 7 August 2014.
  15. ^ "1999 ? The Webvan Wager". Prologis. Archived from the original on 18 October 2014. Retrieved 7 August 2014.
  16. ^ Starkman, Dean. "AMB to Buy Airport Space From Aviation Facilities". Wall Street Journal. Archived from the original on 11 August 2014. Retrieved 7 August 2014.
  17. ^ a b c "Plum Creek Announces New Board Appointments". Plum Creek Timber Company, Inc. July 19, 1999. Archived from the original on 5 February 2017. Retrieved 7 August 2014.
  18. ^ "Company History". 3 February 2021.
  19. ^ "Prologis Corporate Profile" (PDF). Prologis. Archived from the original (PDF) on 4 March 2016. Retrieved 7 August 2014.
  20. ^ "About Us". Prologis. Archived from the original on 9 August 2014. Retrieved 7 August 2014.
  21. ^ a b c d e f g h "Senior Officers: Hamid R. Moghadam". Prologis. Archived from the original on January 12, 2017. Retrieved April 16, 2017.
  22. ^ "Executive Committee". Prologis. Archived from the original on 8 August 2014. Retrieved 7 August 2014.
  23. ^ Kathleen Chu and Katsuyo Kuwako (February 14, 2013). "Nippon Prologis Jumps in Debut After $1 Billion IPO: Tokyo Mover". Bloomberg. Archived from the original on July 14, 2014. Retrieved June 9, 2017.
  24. ^ Levin, Jonathan (June 4, 2014), Prologis Property REIT Unchanged in First Mexico IPO of 2014, Bloomberg, archived from the original on September 2, 2016, retrieved April 28, 2017
  25. ^ "Prologis, Inc". Google Finance. Archived from the original on 26 July 2014. Retrieved 7 August 2014.
  26. ^ "Prologis, Inc - Why Invest - Why Invest".
  27. ^ "S&P 500 Index". CNNMoney.com. Archived from the original on 14 July 2014. Retrieved 7 August 2014.
  28. ^ a b Slatin, Peter (June 20, 2011). "Prologis Becomes World's Biggest Industrial Property Company--Now What?". Forbes. Archived from the original on 14 July 2014. Retrieved 6 June 2014.
  29. ^ Prologis to Buy DCT Industrial Trust for $8.4 Billion, Wall Street Journal, 2018, archived from the original on 2019-05-18, retrieved 2019-06-19
  30. ^ As Warehouse Stocks Slump, Prologis Doubles Down With A $26 Billion Takeover by Kevin Dowd; Forbes. June 14, 2022.
  31. ^ Prologis, the world’s largest warehouse operator, agreed to acquire rival real-estate company Duke Realty in a $23 billion deal The Wall Street Journal. June 14, 2022.
  32. ^ "About Prologis, Inc." REIT Notes. Accessed February 25, 2023.
  33. ^ Investor Relations Prologis. Accessed February 25, 2023.
  34. ^ "Prologis, Inc". CNBC. Archived from the original on 11 August 2014. Retrieved 7 August 2014.
  35. ^ "Broadcast Coverage". Prologis. Archived from the original on 13 August 2014. Retrieved 7 August 2014.
  36. ^ "Board of Directors". Urban Land Institute. Archived from the original on 25 June 2014. Retrieved 7 August 2014.
  37. ^ "Hamid R. Moghadam". Stanford Professionals In Real Estate. Archived from the original on 3 March 2016. Retrieved 7 August 2014.
  38. ^ Bechard, Matthew. "REITs@50: Industry Reflections, Hamid Moghadam of AMB Property Corp". NAREIT. Archived from the original on 8 September 2015. Retrieved 7 August 2014.
  39. ^ a b "REIT Industry Honors AMB's Hamid Moghadam" (PDF). National Association of Real Estate Investment Trusts (NAREIT). Archived (PDF) from the original on 6 September 2015. Retrieved 7 August 2014.
  40. ^ "Board of Directors". Making Waves Foundation. Archived from the original on 22 October 2014. Retrieved 7 August 2014.
  41. ^ "Seven New Members Elected to Serve on the California Academy of Sciences Board of Trustees". California Academy of Sciences. Archived from the original on 11 August 2014. Retrieved 7 August 2014.
  42. ^ "2014 Board of Trustees". Stanford University. Archived from the original on 2 July 2014. Retrieved 7 August 2014.
  43. ^ Stanford Hamid and Christina Moghadam Program in Iranian Studies Mission & History, Stanford University, 2017, archived from the original on 2017-06-11, retrieved 22 June 2023
  44. ^ Moghadam Award, Stanford University, 2017, archived from the original on June 11, 2017, retrieved April 28, 2017
  45. ^ "Hamid R. Moghadam". EY. Archived from the original on June 14, 2006. Retrieved April 24, 2017.
  46. ^ a b c "Hamid Moghadam". Walker's Research. Archived from the original on 12 August 2014. Retrieved 7 August 2014.
  47. ^ "NAREIT Industry Leadership Award Recipients". National Association of Real Estate Investment Trusts. Archived from the original on 19 July 2014. Retrieved 7 August 2014.
  48. ^ "2013 EY Entrepreneur Of The Year". Ernst & Young Global Limited. Archived from the original on 7 July 2014. Retrieved 7 August 2014.
  49. ^ a b "Iranian American Ellis Island Honorees". Public Affairs Alliance of Iranian Americans, Inc. Archived from the original on 18 August 2014. Retrieved 7 August 2014.
  50. ^ "Prologis' Moghadam Rises on Harvard Business Review's 2018 Best-Performing CEO List". 29 October 2018. Archived from the original on 2019-10-14. Retrieved 2019-10-14.
  51. ^ "The Best-Performing CEOs in the World". Harvard Business Review. November 2016. Archived from the original on May 30, 2017. Retrieved April 28, 2017.
  52. ^ Epstein, Jennifer (June 23, 2016). "Republicans Are Among Business Leaders Backing Clinton". Bloomberg. Archived from the original on April 16, 2017. Retrieved April 16, 2017.
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