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Directors with Terms expiring at the Annual Meeting/Nominees | | | Class | | | Age | | | Position | | | Director Since | | | Current Term Expires | | | Expiration of Term For Which Nominated | |
M. Therese Antone | | | I | | | 81 | | | Independent Director, Audit Committee Chair | | | 2020 | | | 2021 | | | 2024 | |
Edward G. Rendell | | | I | | | 77 | | | Independent Director, Compensation Committee Chair | | | 2012 | | | 2021 | | | 2024 | |
Abby M. Wenzel | | | I | | | 60 | | | Independent Director | | | 2012 | | | 2021 | | | 2024 | |
Continuing Directors | | | | | | | | | | | | | | | | | | | |
Lee M. Elman | | | II | | | 84 | | | Independent Director, Conflicts Committee Chair | | | 2016 | | | 2022 | | | — | |
James L. Nelson | | | III | | | 71 | | | Director, Chief Executive Officer and President | | | 2017 | | | 2023 | | | — | |
P. Sue Perrotty | | | II | | | 67 | | | Non-Executive Chair, Nominating and Corporate Governance Committee Chair | | | 2015 | | | 2022 | | | — | |
Edward M. Weil, Jr. | | | III | | | 53 | | | Director | | | 2017 | | | 2023 | | | — | |
Executive Officers (not listed above) | | | | | | | | | | | | | | | | | | | |
Christopher J. Masterson | | | N/A | | | 38 | | | Chief Financial Officer, Treasurer and Secretary | | | N/A | | | N/A | | | N/A | |
Directors with Terms expiring at the Annual Meeting/Nominee | | | Class | | | Age | | | Position | | | Director Since | | | Current Term Expires | | | Expiration of Term For Which Nominated | |
James L. Nelson | | | III, Managing Director | | | 73 | | | Director; Chief Executive Officer and President | | | 2017 | | | 2023 | | | 2026 | |
Edward M. Weil, Jr. | | | III, Managing Director | | | 56 | | | Director | | | 2017 | | | 2023 | | | 2026 | |
Continuing Directors | | | | | | | | | | | | | | | | | | | |
P. Sue Perrotty | | | II | | | 69 | | | Non-Executive Chair, Nominating and Corporate Governance Committee Chair | | | 2015 | | | 2025 | | | | |
Dr. M. Therese Antone | | | I | | | 83 | | | Independent Director; Audit Committee Chair | | | 2020 | | | 2024 | | | — | |
Edward G. Rendell | | | I | | | 79 | | | Independent Director, Compensation Committee Chair | | | 2012 | | | 2024 | | | | |
Directors with Terms expiring at the Annual Meeting/Nominee | | | Class | | | Age | | | Position | | | Director Since | | | Current Term Expires | | | Expiration of Term For Which Nominated | |
Abby M. Wenzel | | | I | | | 62 | | | Independent Director | | | 2012 | | | 2024 | | | — | |
Executive Officer (not listed above) | | | | | | | | | | | | | | | | | | | |
Christopher J. Masterson | | | N/A | | | 40 | | | Chief Financial Officer, Treasurer and Secretary | | | N/A | | | N/A | | | N/A | |
Name and Principal Position | | Year | | Salary ($) | | Bonus ($) | | Stock Awards ($)(1) | | All Other Compensation ($)(2) | | Total ($) | | | Year | | Salary ($) | | Bonus ($) | | Stock Awards ($)(1) | | All Other Compensation ($)(2) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||
James L. Nelson, President and Chief Executive Officer | | | | | 2020 | | | | | — | | | | | — | | | | | 248,963 | | | | | 5,720 | | | | | 254,683 | | | | | | | 2022 | | | | $ | — | | | | $ | — | | | | $ | 500,175 | | | | $ | 52,445 | | | | $ | 552,620 | | | ||||||||||
| | | 2019 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2021 | | | | | — | | | | | — | | | | | 499,324 | | | | | 26,220 | | | | | 525,544 | | | |||||||||||||
| | | 2018 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2020 | | | | | — | | | | | — | | | | | 248,963 | | | | | 5,720 | | | | | 254,683 | | | |||||||||||||
Christopher J. Masterson, Chief Financial Officer, Treasurer and Secretary | | | | | 2020 | | | | | — | | | | | — | | | | | 211,532 | | | | | 4,860 | | | | | 216,392 | | | | | | | 2022 | | | | $ | — | | | | $ | — | | | | $ | 440,325 | | | | $ | 67,449 | | | | $ | 507,774 | | | ||||||||||
| | | 2019 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2021 | | | | | — | | | | | — | | | | | 399,364 | | | | | 22,506 | | | | | 421,870 | | | |||||||||||||
| | | 2018 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2020 | | | | | — | | | | | — | | | | | 211,532 | | | | | 4,860 | | | | | 216,392 | | |
| | | | | | | | | | | | All Other Stock Awards: | | | | | | | | | | | | All Other Stock Awards: | | | ||||||||||||||||||
Name | | Grant Date(1) | | Committee Approval Date | | Number of Shares of Stock (#) | | Grant Date Fair Value of Awards ($)(2) | | | Grant Date(1) | | Committee Approval Date | | Number of Shares of Stock or Units (#) | | Grant Date Fair Value of Stock and Option Awards ($)(2) | | ||||||||||||||||||||||||||
James L. Nelson | | | | 9/15/20 | | | | | 9/15/20 | | | | | 14,300 | | | | $ | 248,963 | | | | May 5, 2022 | | March 7, 2022 | | | | 35,100 | | | | $ | 500,175 | | | ||||||||
Christopher J. Masterson | | | | 9/15/20 | | | | | 9/15/20 | | | | | 12,150 | | | | $ | 211,532 | | | | April 25, 2022 | | March 7, 2022 | | | | 30,900 | | | | $ | 440,325 | | |
| | | Number of Shares or Units of Stock That Have Not Vested (#) | | | Market Value of or Units of Stock That Have Not Vested ($) | | ||||||
James L. Nelson | | | | | | | | | $ | | | ||
Christopher J. Masterson | | | | | | | | | | |
| | | OPTION AWARDS | | | STOCK AWARDS | | ||||||||||||||||||
Name | | | Number of Shares Acquired on Exercise (#) | | | Value Realized on Exercise ($) | | | Number of Shares Acquired on Vesting (#)(1) | | | Value Realized on Vesting ($)(2) | | ||||||||||||
James L. Nelson | | | | | — | | | | | $ | — | | | | | | 45,231 | | | | | $ | 637,067 | | |
Christopher J. Masterson | | | | | — | | | | | $ | — | | | | | | 8,281 | | | | | $ | 111,807 | | |
Name | | | Fees Paid in Cash ($) | | | Stock Awards ($)(1) | | | Option Awards ($) | | | Non-Equity Incentive Plan Compensation ($) | | | Changes in Pension Value and Nonqualified Deferred Compensation Earnings ($) | | | All Other Compensation ($)(2) | | | Total Compensation ($) | | |||||||||||||||||||||
M. Therese Antone | | | | | 58,059 | | | | | | 65,000(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 123,059 | | |
Lee M. Elman | | | | | 106,250 | | | | | | 65,000(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 171,250 | | |
James L. Nelson | | | | | — | | | | | | —(4) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
P. Sue Perrotty | | | | | 159,000 | | | | | | 117,500(5) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 276,500 | | |
Edward G. Rendell | | | | | 103,000 | | | | | | 65,000(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 168,000 | | |
Edward M. Weil, Jr. | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Abby M. Wenzel | | | | | 106,500 | | | | | | 65,000(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 171,500 | | |
Name | | | Fees Paid in Cash ($) | | | Stock Awards ($)(1) | | | Option Awards ($) | | | Non-Equity Incentive Plan Compensation ($) | | | Changes in Pension Value and Nonqualified Deferred Compensation Earnings ($) | | | All Other Compensation ($)(2) | | | Total Compensation ($) | | |||||||||||||||||||||
Dr. M. Therese Antone | | | | $ | 99,500 | | | | | $ | 65,000(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 164,500 | | |
James L. Nelson | | | | | — | | | | | | —(4) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
P. Sue Perrotty | | | | $ | 149,500 | | | | | $ | 117,500(5) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 267,000 | | |
Edward G. Rendell | | | | $ | 95,500 | | | | | $ | 65,000(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 160,500 | | |
Edward M. Weil, Jr. | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Abby M. Wenzel | | | | $ | 96,500 | | | | | $ | 65,000(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 161,500 | | |
Lee M. Elman | | | | $ | 122,000 | | | | | $ | 65,000(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 187,000 | | |
Plan Category | | | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights | | | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights | | | Number of Securities Remaining Available For Future Issuance Under Equity Compensation Plans Securities Reflected in Column (a) | | |||||||||
| | | (a) | | | (b) | | | (c) | | |||||||||
Equity Compensation Plans approved by security holders | | | | | 2,545,040(1) | | | | | | — | | | | | | 1,619,464 | | |
Equity Compensation Plans not approved by security holders | | | | | — | | | | | | — | | | | | | 0 | | |
| | | | | | | | | — | | | | | | |||||
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Value of Initial Fixed $100 Investment Based On(4): | | | ||||||||||||||
Year | | | Summary Compensation Table Total for PEO(1) | | | Compensation Actually Paid to PEO(1)(2) | | | Average Summary Compensation Table Total for Non-PEO NEOs(2)(3) | | | Average Compensation Actually Paid to Non-PEO NEOs(3) | | | Total Shareholder Return | | | Peer Group Total Shareholder Return | | | Net Loss Attributable to Common Stockholders (in thousands) | | |||||||||||||||||||||
2022 | | | | $ | 552,620 | | | | | $ | 462,027 | | | | | $ | 507,774 | | | | | $ | 382,037 | | | | | $ | 86.50 | | | | | $ | 99.58 | | | | | $ | (8,363) | | |
2021 | | | | $ | 525,544 | | | | | $ | 405,202 | | | | | $ | 421,870 | | | | | $ | 324,536 | | | | | $ | 93.15 | | | | | $ | 131.65 | | | | | $ | (8,698) | | |
2020 | | | | $ | 254,683 | | | | | $ | 250,822 | | | | | $ | 216,392 | | | | | $ | 213,111 | | | | | $ | 95.13 | | | | | $ | 93.69 | | | | | $ | (7,775) | | |
| | | | | | | | | | | | | | | Additions to SCT Total(2) | | | ||||||||||||||||||||
Fiscal Year | | | SCT Total | | | Deductions from SCT Total(1) | | | Fair Value of Current Year Equity Awards | | | Change in Fair Value of Prior Years’ Awards Unvested | | | Change in Fair Value of Prior Years’ Awards that Vested | | | CAP | | ||||||||||||||||||
2022 | | | | $ | 552,620 | | | | | $ | 500,175 | | | | | $ | 500,175 | | | | | $ | (72,679) | | | | | $ | (17,914) | | | | | $ | 462,027 | | |
2021 | | | | $ | 525,544 | | | | | $ | 499,324 | | | | | $ | 400,718 | | | | | $ | (19,949) | | | | | $ | (1,787) | | | | | $ | 405,202 | | |
2020 | | | | $ | 254,683 | | | | | $ | 248,963 | | | | | $ | 245,102 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 250,822 | | |
| | | | | | | | | | | | | | | Additions to SCT(2) | | | ||||||||||||||||||||
Fiscal Year | | | SCT Total | | | Deductions from SCT Total(1) | | | Fair Value of Current Year Equity Awards | | | Change in Fair Value of Prior Years’ Awards Unvested | | | Change in Fair Value of Prior Years’ Awards that Vested | | | CAP | | ||||||||||||||||||
2022 | | | | $ | 507,774 | | | | | $ | 440,325 | | | | | $ | 388,413 | | | | | $ | (59,095) | | | | | $ | (14,730) | | | | | $ | 382,037 | | |
2021 | | | | $ | 421,870 | | | | | $ | 399,364 | | | | | $ | 320,498 | | | | | $ | (16,949) | | | | | $ | (1,519) | | | | | $ | 324,536 | | |
2020 | | | | $ | 216,392 | | | | | $ | 211,532 | | | | | $ | 208,251 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 213,111 | | |
Beneficial Owner(1) | | | Number of Shares Beneficially Owned | | | Percent of Class | | ||||||
BlackRock, Inc.(2) | | | | | 15,409,603 | | | | | | 17.0% | | |
The Vanguard Group(3) | | | | | 13,875,175 | | | | | | 15.3% | | |
State Street Corporation(4) | | | | | 4,563,474 | | | | | | 5.0% | | |
James L. Nelson(5) | | | | | 28,300 | | | | | | * | | |
Christopher J. Masterson(6) | | | | | 12,150 | | | | | | * | | |
Edward M. Weil, Jr.(7) | | | | | 22,018 | | | | | | * | | |
M. Therese Antone(8) | | | | | — | | | | | | | | |
Lee M. Elman(9) | | | | | 11,841 | | | | | | * | | |
P. Sue Perrotty(10) | | | | | 37,661 | | | | | | * | | |
Edward G. Rendell(11) | | | | | 29,299 | | | | | | * | | |
Abby M. Wenzel(12) | | | | | 29,237 | | | | | | * | | |
All directors and executive officers as a group (eight persons) | | | | | 170,506 | | | | | | * | | |
Beneficial Owner(1) | | | Number of Shares Beneficially Owned | | | Percent of Class | | ||||||
BlackRock, Inc.(2) | | | | | 18,389,888 | | | | | | [•] | | |
The Vanguard Group(3) | | | | | 17,046,642 | | | | | | [•] | | |
State Street Corporation(4) | | | | | 6,867,671 | | | | | | [•] | | |
James L. Nelson(5) | | | | | [•] | | | | | | [•] | | |
Christopher J. Masterson(6) | | | | | [•] | | | | | | [•] | | |
Edward M. Weil, Jr.(7) | | | | | [•] | | | | | | [•] | | |
Dr. M. Therese Antone(8) | | | | | [•] | | | | | | [•] | | |
P. Sue Perrotty(9) | | | | | [•] | | | | | | [•] | | |
Edward G. Rendell(10) | | | | | [•] | | | | | | [•] | | |
Abby M. Wenzel(11) | | | | | [•] | | | | | | [•] | | |
All directors and executive officers as a group (seven persons)(12) | | | | | [•] | | | | | | [•] | | |
| | | (In thousands) | | |||
Ongoing fees: | | | | | | | |
Asset management fees(1) | | | | $ | 32,549 | | |
Property management fees | | | | | 7,573 | | |
Expense reimbursements(2) | | | | | 1,138 | | |
Total fees and expenses reimbursed to related parties | | | | $ | 41,260 | | |
Performance Level (% of Absolute TSR LTIP Units Earned) | | | | | | | | | Absolute TSR | | | Number of Absolute TSR LTIP Units Earned | | |||
Below Threshold | | | | | —% | | | | Less than 24% | | | | | — | | |
Threshold | | | | | 25% | | | | 24% | | | | | 319,366 | | |
Target | | | | | 50% | | | | 30% | | | | | 638,733 | | |
Maximum | | | | | 100% | | | | 36% or higher | | | | | 1,277,465 | | |
Performance Level (% of Relative TSR LTIP Units Earned) | | | | | | | | | Relative TSR Excess | | | Number of Absolute TSR LTIP Units Earned | | |||
Below Threshold | | | | | —% | | | | Less than -600 basis points | | | | | — | | |
Threshold | | | | | 25% | | | | -600 basis points | | | | | 319,366 | | |
Target | | | | | 50% | | | | - basis points | | | | | 638,733 | | |
Maximum | | | | | 100% | | | | +600 basis points | | | | | 1,277,465 | | |
Performance Level | | | % of Relative TSR LTIP Units Earned | | | Absolute TSR | | | Number of LTIP Units Earned — 2021 OPP | | ||||||
Below Threshold | | | | | 0% | | | | Less than 24% | | | | | 0 | | |
Threshold | | | | | 25% | | | | 24% | | | | | 312,500 | | |
Target | | | | | 50% | | | | 30% | | | | | 625,000 | | |
Maximum | | | | | 100% | | | | 36% or higher | | | | | 1,250,000 | | |
Performance Level | | | % of Relative TSR LTIP Units Earned | | | Relative TSR Excess | | | Number of LTIP Units Earned — 2021 OPP | | ||||||
Below Threshold | | | | | 0% | | | | Less than -600 bps | | | | | 0 | | |
Threshold | | | | | 25% | | | | -600 bps | | | | | 312,500 | | |
Target | | | | | 50% | | | | 0 bps | | | | | 625,000 | | |
Maximum | | | | | 100% | | | | 600 bps | | | | | 1,250,000 | | |
| | | 2022 | | | 2021 | | ||||||
Audit Fees | | | | $ | 1,975,751 | | | | | $ | 2,400,000 | | |
Audit Related Fees | | | | | — | | | | | | — | | |
Tax Fees | | | | | — | | | | | | — | | |
All Other Fees | | | | | — | | | | | | — | | |
Total | | | | $ | 1,975,751 | | | | | $ | 2,400,000 | | |
Name | | | Transaction Date | | | Number of Shares of Common Stock | | | Acquisition (A) or Disposition (D) | | | Transaction Description Code | | |||
Abby M Wenzel | | | 4/15/2021 | | | | | 3,474 | | | | A | | | A | |
Abby M Wenzel | | | 4/22/2022 | | | | | 4,281 | | | | A | | | A | |
Christopher J. Masterson | | | 6/24/2021 | | | | | 20,975 | | | | A | | | A | |
Christopher J. Masterson | | | 9/15/2021 | | | | | 1,161 | | | | D | | | F | |
Christopher J. Masterson | | | 4/25/2022 | | | | | 30,900 | | | | A | | | A | |
Christopher J. Masterson | | | 5/3/2022 | | | | | 1,895 | | | | D | | | F | |
Christopher J. Masterson | | | 9/15/2022 | | | | | 1,096 | | | | D | | | F | |
Edward G Rendell | | | 4/15/2021 | | | | | 3,474 | | | | A | | | A | |
Edward G Rendell | | | 4/22/2022 | | | | | 4,281 | | | | A | | | A | |
Edward M. Weil, Jr. | | | 6/3/2021 | | | | | 2,500,000(1)(2) | | | | A | | | A | |
Name | | | Transaction Date | | | Number of Shares of Common Stock | | | Acquisition (A) or Disposition (D) | | | Transaction Description Code | | |||
Edward M. Weil, Jr. | | | 6/14/2021 | | | | | 419,434(2)(3) | | | | D | | | D | |
Edward M. Weil, Jr. | | | 6/14/2021 | | | | | 2,135,496(2)(3) | | | | D | | | C | |
Edward M. Weil, Jr. | | | 6/14/2021 | | | | | 2,135,496(2)(3)(4) | | | | A | | | C | |
Edward M. Weil, Jr. | | | 6/18/2021 | | | | | 2,135,496(2)(3)(4)(5) | | | | A | | | C | |
Edward M. Weil, Jr. | | | 6/18/2021 | | | | | 2,135,496(2)(3)(4)(5) | | | | D | | | J | |
Edward M. Weil, Jr. | | | 6/18/2021 | | | | | 67,653(2)(4)(5) | | | | A | | | J | |
Edward M. Weil, Jr. | | | 6/18/2021 | | | | | 2,135,496(3)(4)(5) | | | | D | | | C | |
Edward M. Weil, Jr. | | | 6/25/2021 | | | | | 35,000 | | | | D | | | S | |
Edward M. Weil, Jr. | | | 6/28/2021 | | | | | 32,653 | | | | D | | | S | |
James Larry Nelson | | | 6/3/2021 | | | | | 2,500,000(1)(6)(7) | | | | A | | | A | |
James Larry Nelson | | | 6/14/2021 | | | | | 419,434(3)(6)(7) | | | | D | | | D | |
James Larry Nelson | | | 6/14/2021 | | | | | 2,135,496(3)(6)(7) | | | | D | | | C | |
James Larry Nelson | | | 6/14/2021 | | | | | 2,135,496(3)(6)(7) | | | | A | | | C | |
James Larry Nelson | | | 6/18/2021 | | | | | 2,135,496(3)(6)(7) | | | | A | | | C | |
James Larry Nelson | | | 6/18/2021 | | | | | 2,135,496(3)(6)(7) | | | | D | | | C | |
James Larry Nelson | | | 6/21/2021 | | | | | 106,774 | | | | A | | | S | |
James Larry Nelson | | | 6/24/2021 | | | | | 26,225(8) | | | | A | | | A | |
James Larry Nelson | | | 5/3/2022 | | | | | 1,597(9) | | | | D | | | F | |
James Larry Nelson | | | 5/5/2022 | | | | | 35,100(8) | | | | A | | | A | |
James Larry Nelson | | | 5/10/2022 | | | | | 13,745(9) | | | | D | | | F | |
James Larry Nelson | | | 9/15/2022 | | | | | 1,407(9) | | | | D | | | F | |
Lee M Elman | | | 4/15/2021 | | | | | 3,474 | | | | A | | | A | |
Lee M Elman | | | 4/22/2022 | | | | | 4,281 | | | | A | | | A | |
Portia Sue Perrotty | | | 4/15/2021 | | | | | 6,280 | | | | A | | | A | |
Portia Sue Perrotty | | | 4/22/2022 | | | | | 7,740 | | | | A | | | A | |
Therese M Antone | | | 4/22/2022 | | | | | 4,281 | | | | A | | | A | |