Hamid Moghadam

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Hamid R. Moghadam
Hamid Moghadam.jpg
Born (1956-08-26) August 26, 1956 (age 64)
CitizenshipAmerican
Alma materMassachusetts Institute of Technology (SB; SM)
Stanford University (MBA)
OccupationChairman and CEO of Prologis
Years active1980s-present
Board member ofStanford Management Company
WebsiteMoghadam - Prologis

Hamid Moghadam (born August 26, 1956) is an Iranian-American business executive and philanthropist.[1][2][3] In 2011 Moghadam orchestrated the "merger of equals" 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 multinational logistics real estate investment trust (REIT) and S&P 500 company.[4][5] Among other accolades,[6][7] Moghadam is a recipient of the Ellis Island Medal of Honor.[8]

Early life and education[edit]

Born in 1956[9] in Iran,[10] Hamid Moghadam grew up in Tehran,[1] where his father was a businessman.[1][10] In 1969[10] he attended Aiglon College in Switzerland.[1][9][10] In 1973 Moghadam entered the Massachusetts Institute of Technology,[10][9] where he received Bachelor and Master of Science degrees in engineering.[10][11] In 1980 Moghadam received an MBA from the Stanford Graduate School of Business in California.[12][1]

Career[edit]

Founding Abbey, Moghadam & Company[edit]

After business school, Moghadam stayed in the United States[2][9] and started his career at Homestake Mining Company. He later joined John McMahan & Associates.[13] In 1983, he and Douglas Abbey founded Abbey, Moghadam & Company.[1][2] They used a $50,000 line of credit to start[14] the firm[15] in a small office in San Francisco, California, with the partners initially taking no salary.[10] 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] AMB invested in office, industrial and community shopping centers on behalf of large institutional investors.[14]

Going public with AMB[edit]

In the late 1980s, Moghadam changed AMB's 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.[15] AMB consolidated several of its investment funds in 1997[10] and also went public as an REIT.[16] In late 1997,[15] AMB closed its IPO with more than US $2.8 billion under management.[14] Joining AMB's board of directors,[17] Moghadam became CEO of AMB Property Corporation in November 1997.[3]

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,[15] starting that year AMB sold nearly $1 billion in retail assets to institutional investors and reallocated funds into warehouse spaces.[18][19] 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,[20] he became AMB chairman in 2000.[3] AMB made its first overseas investment in 2002, developing a facility for Procter & Gamble in Mexico City.[15] 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 and Asia.[2] AMB added an internal development division in 2004.[15][3]

Creation of Prologis[edit]

In 2011[15] Moghadam announced a "merger of equals" between AMB and ProLogis to create Prologis, the largest logistics real estate company in the world.[4][5] With market value estimated at $24 billion[4] and corporate headquarters remaining in California,[5] the new Prologis had around $46 billion in assets under management[5] and clients such as DHL, Home Depot Inc., Unilever,[5] and FedEx.[15] ProLogis CEO Walter Rakowich and Moghadam were appointed as the new company's co-chiefs, with Moghadam becoming the sole CEO[5] at the start of 2013.[9][3] He oversaw IPOs in Japan in 2013[21] and Mexico in 2014.[22] In 2014, Prologis operated nearly 3,000 logistics and distribution facilities for 4,700 customers across a diverse range of industries in the Americas, Asia and Europe.[23][24][25][26]

Prologis continues to operate as a publicly traded real estate investment trust (REIT)[27] on the S&P 500,[4][5][28] operating around 3,717[29][30] logistics and distribution facilities for customers in various industries[4][5][31] in the Americas, Europe, and Asia.[31] The company's platform totals 772 million square feet that is owned, managed or under development in 19 countries, with around $97 billion in assets under management.[29][30] In 2018 he oversaw its acquisition of DCT Industrial Trust for $8.4 billion.[32] Moghadam frequently appears on major television networks to talk about the real estate industry, including CNBC,[33] Bloomberg TV, and Fox Business Network, as a real estate industry expert.[34]

Industry boards and committees[edit]

In the 1990s, he served on the MIT Center for Real Estate's advisory committee,[20] and was a founding member of The Real Estate Roundtable.[25] He was also vice chairman of the National Realty Committee.[20] Moghadam was previously a trustee of the Urban Land Institute,[25] and served on the executive committee of its board of directors.[35][17] He was also the chairman of National Association of Real Estate Investment Trusts (NAREIT)[6] in 2004.[36]

Philanthropy[edit]

Moghadam has served on various philanthropic and community boards in the San Francisco Bay Area.[37] He has served on the boards of organizations including the California Academy of Sciences and the Bay Area Discovery Museum,[25] and he was chairman of the Young Presidents Organization's Northern California chapter.[25][38]

Previously a trustee of Stanford University,[39][25] Moghadam is currently a board member of the Stanford Management Company,[25][12] and was formerly chairman.[12][25] Moghadam and his wife also established the Moghadam Family Professorship in the Stanford Graduate School of Business,[12] and the Stanford Hamid and Christina Moghadam Program in Iranian Studies focuses on undergraduate courses related to Iran.[40][41]

Awards and recognition[edit]

Moghadam was named EY's 1998 Real Estate Award Winner for the Northern California Region.[42] In 2005, Moghadam was presented with an Industry Leadership Award from the National Association of Real Estate Investment Trusts (NAREIT).[43][36][44] 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.[43] Moghadam received the EY National Entrepreneur of the Year Overall Award in 2013,[45] as well as[8] the Ellis Island Medal of Honor from the National Ethnic Coalition of Organizations Foundations, Inc. (NECO).[8] In 2018, Moghadam was named by Harvard Business Review as one of the 100 Best-Performing CEOs in the World for the third consecutive year,[46][7] and a number of industry publications have named him their CEO of the Year.[43]

Personal life[edit]

Moghadam and his wife Christina[12] have a son together.[1][10] Moghadam, a lifelong Republican, endorsed former Secretary of State Hillary Clinton for president in 2016.[47]

References[edit]

  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 e "Hamid R. Moghadam". Bloomberg. Archived from the original on April 16, 2018. Retrieved April 28, 2017.
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  5. ^ a b c d e f g h Troianovski, Anton (January 31, 2011). "Warehouse Giants AMB Property, ProLogis to Merge". Wall Street Journal. Archived from the original on 27 February 2015. Retrieved 6 June 2014.
  6. ^ a b 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.
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  10. ^ a b c d e f g h i 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.
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  22. ^ 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
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  24. ^ "About Us". Prologis. Archived from the original on 9 August 2014. Retrieved 7 August 2014.
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  34. ^ "Broadcast Coverage". Prologis. Archived from the original on 13 August 2014. Retrieved 7 August 2014.
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  37. ^ "Board of Directors". Making Waves Foundation. Archived from the original on 22 October 2014. Retrieved 7 August 2014.
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  40. ^ Stanford Hamid and Christina Moghadam Program in Iranian Studies, Stanford University, 2017, archived from the original on 2017-06-11
  41. ^ Moghadam Award, Stanford University, 2017, archived from the original on June 11, 2017, retrieved April 28, 2017
  42. ^ "Hamid R. Moghadam". EY. Archived from the original on June 14, 2006. Retrieved April 24, 2017.
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  47. ^ 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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