REIT boards need to retain top talent to effectively navigate this challenging time, the report notes. But earnings, cash flow and stock prices are down at many REITs and, "there is a growing expectation that good leadership means shared sacrifice."

The median reduction for chief executive officers at REITs that have reduced compensation is 50%, while the median cut for other named executive officers and directors is 25%, according to the report. The majority of those reductions are slated to remain in place though the end of 2020.

In addition to considering compensation cuts from a business perspective, REITs should also think about how those reductions are perceived by employees and external stakeholders, the report advises.

"Employees may view any executive and board pay reductions as a precursor to broader compensation reductions or even furloughs/layoffs," it reads. "Shareholders may perceive it as a signal of material cash flow or rent collection concerns or if competitors are making pay concessions, shareholders might want to understand if other REITs will follow."