| • To elect four directors to serve until the annual meeting of stockholders in 2027; | |
| • To ratify the appointment of Grant Thornton LLP as our independent registered public accounting firm for 2024; | |
| • To approve (on an advisory basis), by non-binding vote, executive compensation; and | |
| • To approve the 2024 Omnibus Incentive Plan. | |
| | | | By Order of the Board of Directors | |
| | | | Peter Coughenour Chief Financial Officer and Secretary | |
| April 12, 2024 | | | ||
| Royal Oak, Michigan | | |
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| | | | The Board recommends that you vote FOR the director nominees, FOR the ratification of the appointment of Grant Thornton, FOR executive compensation, and FOR the 2024 Omnibus Incentive Plan. | | |
| 2019 | | | ✓ | | | Appointed a Lead Independent Director to further promote independence | |
| ✓ | | | Adopted an Insider Trading Policy | | |||
| ✓ | | | Adopted a succession plan for the Chief Executive Officer | | |||
| 2020 | | | ✓ | | | Increased ownership requirements for non-employee directors to three times their annual cash compensation | |
| ✓ | | | Appointed Karen Dearing to the Board of Directors | | |||
| ✓ | | | Appointed Michael Hollman to the Board of Directors | | |||
| ✓ | | | Published our inaugural ESG report committing to improving transparency and accountability for sustainability, social and corporate responsibility | | |||
| 2021 | | | ✓ | | | Appointed Michael Judlowe to the Board of Directors | |
| ✓ | | | Appointed Ambassador John Rakolta, Jr. to the Board of Directors | | |||
| ✓ | | | Created the ESG Steering Committee to execute the Company’s ESG strategy and define the Company’s ESG policies, practices and disclosure | | |||
| ✓ | | | Aligned our ESG disclosures with the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-Related Financial Disclosures (TCFD) | | |||
| ✓ | | | Increased ownership requirements for non-employee directors to four times their annual cash compensation | |
| 2022 | | | ✓ | | | Changed Long Term Incentive (“LTI”) plan awards to 55% performance-based and 45% time-based for all Named Executive Officers (“NEOs”) | |
| ✓ | | | Placed a cap on payouts under the LTI Plan of 100% if the Company’s absolute total shareholder return were negative | | |||
| ✓ | | | Increased the percentile of performance required to reach maximum payout under the LTI Plan to 200% for 90th percentile performance, from the previous 150% payout for 75th percentile performance | | |||
| ✓ | | | Increased ownership requirements for non-employee directors to five times their annual cash compensation | | |||
| ✓ | | | Disclosed management business objective (“MBO”) metrics and actual results for 2021 | | |||
| ✓ | | | Disclosed the net lease peer group that awards for performance units are measured against | | |||
| ✓ | | | Adopted a Human Rights Policy and enhanced our Whistleblower Policy | | |||
| ✓ | | | Adopted green lease language into our standard lease forms | | |||
| ✓ | | | Executed multiple green leases, achieving Gold Level recognition from Green Lease Leaders | | |||
| ✓ | | | Published an ESG Policy Statement and ESG Steering Committee charter | | |||
| ✓ | | | Enhanced due diligence and asset management processes to include an evaluation of tenants’ ESG policies | | |||
| ✓ | | | Completed Scope 1 and 2 greenhouse gas emissions inventory and calculated our Scope 3 downstream leased assets emissions data using actual data where available and using standard estimate methodologies to fill in gaps | | |||
| 2023 | | | ✓ | | | Adopted Anti-Corruption and Related-Party Transaction policies | |
| ✓ | | | Updated our CEO’s LTI awards to 60% performance-based and 40% time-based starting with the February 2024 award | | |||
| ✓ | | | Engaged tenants to discuss ESG and other sustainability initiatives | | |||
| ✓ | | | Systematically monitored ESG reporting across tenants in the portfolio | | |||
| ✓ | | | Employees participated in ESG and Diversity, Equity and Inclusion (“DEI”) training | | |||
| ✓ | | | Achieved Gold Level recognition from the Green Lease Leaders organization for the second year in a row | | |||
| 2024 | | | ✓ | | | Appointed Linglong He to the Board of Directors | |
| ✓ | | | Further enhanced our CEO’s LTI awards to 70% performance-based and 30% time-based starting with the February 2025 award | | |||
| ✓ | | | Improved our MBO disclosure by adding the CEO’s percentage weightings for each objective | |
| Do | | |||||||||
| ✔ | | | provide compensation that is aligned with performance by linking pay to the achievement of pre-established short and long-term goals | | | ✔ | | | allow for claw-backs of cash and equity awards | |
| ✔ | | | provide total compensation that is both fair and competitive | | | ✔ | | | require executives to own and retain shares of our common stock to further align their interests with those of our stockholders | |
| ✔ | | | attract, retain and motivate key executives who are critical to our operations | | | ✔ | | | engage a third-party consultant to advise the Compensation Committee on executive compensation matters | |
| ✔ | | | reward superior individual and company performance on both a short-term and long-term basis | | | ✔ | | | have a Compensation Committee comprised entirely of independent directors | |
| Do Not | | | | | |||||||||
| | | provide total compensation that is not linked to short and long-term company goals | | | | | overweight compensation that is not “at-risk” for executives | | | ||||
| | | provide incentives for executives to take excessive risk to reach short term targets | | | | | provide uncapped award opportunities to our executives | | | ||||
| | | provide executives with excessive perquisites or other personal benefits | | | | | guarantee annual base salary increases but instead consider increases if warranted | | | ||||
| | | permit executives to engage in derivative or hedging transactions in our securities | | | | | provide for excise tax gross-up payments or single trigger equity treatment in connection with a change in control | | |
| | | |
Proposal No. | | | Description | | | Board’s Recommendation | | | Page | |
1 | | | The election of four directors nominated by our Board of Directors and named in the accompanying Proxy Statement to hold office until the 2027 Annual Meeting | | | For | | | | |
2 | | | Ratification of the appointment of Grant Thornton as our independent registered public accounting firm for the year 2024 | | | For | | | | |
3 | | | A non-binding vote to approve executive compensation of our named executive officers as described in the accompanying Proxy Statement | | | For | | | | |
4 | | | Approval of the 2024 Omnibus Incentive Plan | | | For | | | |
Name of Beneficial Owner | | | Amount and Nature of Beneficial Ownership(1) | | | Percent of Class(2) | | ||||||
Richard Agree | | | | | | | | | | * | | | |
Joel Agree | | | | | | | | | | * | | | |
| | | | | | | | | * | | | ||
Craig Erlich | | | | | | | | | | * | | | |
| | | | | | | | | * | | | ||
| | | | | | | | | * | | | ||
| | | | | | | | | * | | | ||
| | | | | | | | | * | | | ||
| | | | | | | | | * | | | ||
Michael Hollman | | | | | | | | | | * | | | |
| | | | | | | | | * | | | ||
Gregory Lehmkuhl | | | | | | | | | | * | | | |
John Rakolta, Jr. | | | | | | | | | | * | | | |
Jerome Rossi | | | | | | | | | | * | | | |
excluding former officers) | | | | | | | | | | ||||
| |
Name of Beneficial Owner | | | Amount and Nature of Beneficial Ownership(1) | | | Percent of Class(2) | | ||||||
| | | | | | | | | | | |||
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Name | | | Age | | | Title | | | Term Ending | |
Richard Agree(1) | | | 77 | | | Executive Chairman of the Board and Director | | | 2021 | |
Karen Dearing(1) | | | 56 | | | Independent Director | | | 2021 | |
Michael Hollman(1) | | | 40 | | | Independent Director | | | 2021 | |
Farris G. Kalil(2) | | | 82 | | | Independent Director | | | 2021 | |
John Rakolta, Jr.(3) | | | 73 | | | Independent Director | | | 2021 | |
Jerome Rossi(4) | | | 77 | | | Independent Director | | | 2021 | |
Joel Agree | | | 42 | | | Chief Executive Officer and Director | | | 2022 | |
Gregory Lehmkuhl | | | 48 | | | Independent Director | | | 2022 | |
Merrie Frankel | | | 66 | | | Independent Director | | | 2023 | |
William S. Rubenfaer | | | 76 | | | Independent Director | | | 2023 | |
Name | | | Audit | | | Compensation | | | Nominating and Governance | | | Executive | |
Richard Agree | | | | | | | | | | | | Chair | |
Joel Agree | | | | | | | | | | | | ✓ | |
Karen Dearing | | | ✓ | | | | | | | | | | |
Merrie S. Frankel | | | | | | | | | Chair | | | | |
Michael Hollman | | | | | | | | | ✓ | | | | |
Farris G. Kalil | | | Chair | | | ✓ | �� | | | | | | |
Gregory Lehmkuhl | | | | | | ✓ | | | ✓ | | | | |
John Rakolta, Jr. | | | | | | | | | | | | | |
Jerome Rossi | | | | | | ✓ | | | ✓ | | | ✓ | |
William S. Rubenfaer | | | ✓ | | | Chair | | | | | | ✓ | |
Number of Meetings in 2020 | | | 5 | | | 2 | | | 2 | | | 0 | |
Name | | | Audit | | | Compensation | | | Nominating and Governance | | | Executive | |
Richard Agree | | | | | | | | | | | | Chair | |
Joel Agree | | | | | | | | | | | | ✓ | |
Karen Dearing | | | Chair | | | | | | | | | | |
Merrie Frankel | | | ✓ | | | | | | Chair | | | | |
Linglong He(1) | | | | | | | | | ✓ | | | | |
Michael Hollman | | | ✓ | | | | | | ✓ | | | | |
Michael Judlowe | | | | | | ✓ | | | | | | ✓ | |
Gregory Lehmkuhl | | | | | | Chair | | | | | | | |
John Rakolta, Jr. | | | | | | | | | | | | ✓ | |
Jerome Rossi | | | | | | ✓ | | | ✓ | | | | |
Number of Meetings in 2023 | | | 4 | | | 2 | | | 2 | | | 1 | |
Knowledge, Skills & Experience | | | R. Agree | | | J. Agree | | | K. Dearing | | | M. Frankel | | | L. He | | | M. Hollman | | | M. Judlowe | | | G. Lehmkuhl | | | J. Rakolta, Jr. | | | J. Rossi | |
Board and Executive Experience “C-suite” or Board experience with a public company or large private company, or leadership experience as a division or department leader within a large public company; understanding of governance practices | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
REITs/Real Estate Experience serving as an executive or director for a REIT or real estate company, or working closely with REITs or real estate companies as an executive or director of a related business | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
Capital Markets/M&A Experience with debt and equity capital markets transactions, and/or mergers & acquisitions | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
Financial Experience or Literacy Knowledge of finance or financial reporting and an ability to analyze or evaluate financial statements | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
Strategic Planning Experience defining and driving the strategic direction and growth of the operations of a business or division/department within a complex organization | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
Information Technology/Cybersecurity Experience implementing technology strategies and managing/mitigating cybersecurity risks | | | | | | | | | ✓ | | | ✓ | | | ✓ | | | | | | | | | ✓ | | | | | | | |
Risk Management Experience managing complex risks in an organization including specific types of risks (financial, cyber, etc.) | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
Legal/Regulatory Knowledge acquired through a law degree or business experience in understanding legal risks and obligations | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | | | | | | | | | | | |
Leadership & Talent Development Experience or expertise in management and development of human capital as an executive or leader within an organization | | | ✓ | | | ✓ | | | ✓ | | | | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
Environmental, Social & Governance Experience in ESG and community affairs matters, including as an executive or director, or through positions with other organizations | | | | | | | | | ✓ | | | ✓ | | | ✓ | | | | | | | | | ✓ | | | ✓ | | | | |
Retail Experience Experience as an executive or director with a retail organization, or working closely with retail organizations as an executive or director at a related business | | | ✓ | | | ✓ | | | | | | | | | | | | | | | | | | | | | ✓ | | | ✓ | |
Independence Independent in accordance with NYSE listing standards and our Corporate Governance Guidelines | | | | | | | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
Demographics | | | R. Agree | | | J. Agree | | | K. Dearing | | | M. Frankel | | | L. He | | | M. Hollman | | | M. Judlowe | | | G. Lehmkuhl | | | J. Rakolta, Jr. | | | J. Rossi | |
Race/Ethnicity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
African American/Black | | | | | | | | | | | | | | | | | | ✓ | | | | | | | | | | | | | |
Asian/Hawaiian/Pacific Islander | | | | | | | | | | | | | | | ✓ | | | | | | | | | | | | | | | | |
White/Caucasian | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | | | | | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
Hispanic/Latino | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Native American | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gender | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Male | | | ✓ | | | ✓ | | | | | | | | | | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
Female | | | | | | | | | ✓ | | | ✓ | | | ✓ | | | | | | | | | | | | | | | | |
Age | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Years (As of April 12, 2024) | | | 80 | | | 45 | | | 59 | | | 69 | | | 59 | | | 43 | | | 58 | | | 51 | | | 76 | | | 80 | |
Name | | | Fees Earned or Paid in Cash(1) | | | Stock Awards(2) | | ||||||
Karen Dearing(3) | | | | $ | 85,000 | | | | | $ | 110,000 | | |
Merrie Frankel(4) | | | | | 77,500 | | | | | | 110,000 | | |
Michael Hollman(5) | | | | | 70,000 | | | | | | 110,000 | | |
Michael Judlowe(6) | | | | | 70,000 | | | | | | 110,000 | | |
Gregory Lehmkuhl(7) | | | | | 92,500 | | | | | | 110,000 | | |
John Rakolta, Jr.(8) | | | | | 70,000 | | | | | | 110,000 | | |
Jerome Rossi(9) | | | | | 70,000 | | | | | | 110,000 | | |
Name | | | Fees Earned or Paid in Cash(1) | | |||
Karen Dearing(2) | | | | $ | 5,096 | | |
Craig Erlich(3) | | | | | 41,589 | | |
Merrie S. Frankel | | | | | 60,000 | | |
Michael Hollman(4) | | | | | 22,356 | | |
Farris G. Kalil | | | | | 66,000 | | |
Gregory Lehmkuhl | | | | | 60,510 | | |
Simon Leopold | | | | | 60,000 | | |
Jerome Rossi | | | | | 60,000 | | |
William S. Rubenfaer | | | | | 60,000 | | |
Name | | | Age | | | Title | |
Richard Agree | | | | | Executive Chairman of the Board and Director | | |
Joel Agree | | | | | President, Chief Executive Officer and Director | | |
| | | | | |||
Craig Erlich | | | | | Chief | | |
| | | | | |||
| | | | ||||
Chief | |
| 2022 | | | • Enhanced disclosure by providing MBO metrics and actual results for 2021, and have continued that practice in subsequent proxy filings | |
| • Updated LTI awards to be 55% performance-based and 45% time-based for all NEOs starting in 2023 | | |||
| • Improved disclosure by providing the Company-defined Peer Group used for performance units, and have continued that practice in subsequent proxy filings | | |||
| • Introduced a payout cap on performance units at 100% if absolute total shareholder return (“TSR”) is negative, starting with 2023 awards | | |||
| • Augmented disclosure by adding our prior period performance unit results to the proxy statement (previously only disclosed in Form 10-K), and have continued that practice | | |||
| • Determined a new compensation peer group that better aligns with the proxy advisory firms and is comprised of companies of comparable size and performance | | |||
| 2023 | | | • Enhanced our CEO’s target LTI awards to be 60% performance-based and 40% time- based starting with 2024 awards | |
| 2024 | | | • Further enhanced our CEO’s target LTI awards to be 70% performance-based and 30% time- based starting with 2025 awards | |
| • Expanded our Company-defined Peer Group for performance units to include two additional net lease peers, Broadstone Net Lease, Inc. and NETSTREIT Corporation | |
Component | | | Description | | | Objectives | |
Annual Base Salary | | | Fixed cash compensation. Reviewed and adjusted periodically. Annual base salaries for executives are a minority of total compensation. | | | Attract and retain key executives by providing reliable source of income. Help contribute to total cash compensation that is competitive but not in excess of the market. | |
Annual Cash Incentive | | | “At risk” variable cash compensation based on company performance goals and individual performance goals. | | | Encourages executives to perform at a high-level and achieve annual company and individual performance goals. | |
Restricted Shares | | | Awards vest in equal installments over a multi-year period. “At risk” given they are subject to continued service with the Company and may fluctuate in value based on the Company’s stock price. | | | Promotes long-term equity ownership by executives. Encourages the retention of executives and further aligns their interests with those of our stockholders. | |
Performance Units | | | “At risk” variable equity compensation based on company performance over three-year performance period. Awards are granted in the form of common stock. | | | Encourages executives to achieve long-term performance targets, while incentivizing retention. Further aligns executives’ interest with those of our stockholders. | |
| Acadia Realty Trust | | | LXP Industrial Trust | | |||||||||
| | | NNN REIT, Inc. | | ||||||||||
| EastGroup Properties, Inc. | | | Retail Opportunity Investments | | |||||||||
| EPR Properties | | | Rexford Industrial Realty, Inc. | | |||||||||
| Essential Properties Realty Trust, Inc. | | | SITE Centers Corp. | | |||||||||
| Kite Realty Group Trust | | | Spirit Realty Capital, Inc. | | |||||||||
| | | | |||||||||||
|
| | | Company versus Peer Group Mean | | |||||||||||||||||||||
| | | Base Salary | | | Cash Incentive Award | | | Long-Term Incentive Grant Date Fair Value | | | Total Direct Compensation | | ||||||||||||
Chief Executive Officer(1) | | | | | 6% | | | | | | 67% | | | | | | 27% | | | | | | 31% | | |
Chief Financial Officer(2) | | | | | -28% | | | | | | -21% | | | | | | N/A | | | | | | N/A | | |
Chief Operating Officer | | | | | -32% | | | | | | -46% | | | | | | -52% | | | | | | -45% | | |
General Counsel | | | | | -22% | | | | | | -51% | | | | | | -34% | | | | | | -34% | | |
Named Executive Officer | | | 2022 Base Salary | | | 2023 Base Salary | | | Change in Salary (%) | | |||||||||
Chief Executive Officer | | | | $ | 875,000 | | | | | $ | 900,000 | | | | | | 3% | | |
Chief Financial Officer | | | | $ | 350,000 | | | | | $ | 385,000 | | | | | | 10% | | |
Chief Operating Officer(1) | | | | $ | 236,000 | | | | | $ | 432,600 | | | | | | 83% | | |
Chief Growth Officer(1) | | | | $ | 420,000 | | | | | $ | 432,600 | | | | | | 3% | | |
General Counsel | | | | $ | 375,000 | | | | | $ | 386,250 | | | | | | 3% | | |
| | 2020 Annual Cash Incentive Bonus Opportunity (as % of Base Salary) | | | 2023 Annual Cash Incentive Bonus Opportunity (as % of Base Salary) | | ||||||||||||||||||||||||||||||||
Position | | Threshold | | Target | | Maximum | | 2020 Actual | | | Threshold | | Target | | Maximum | | 2023 Actual | | ||||||||||||||||||||
Chief Executive Officer | | | | 62.5% | | | | | 125.0% | | | | | 187.5% | | | | | 185.9% | | | | 75% | | 150% | | 350% | | 340% | | ||||||||
Chief Financial Officer | | | | 33.0% | | | | | 66.0% | | | | | 100.0% | | | | | 89.1% | | | | 50% | | 100% | | 150% | | 150% | | ||||||||
Chief Operating Officer | | | | 25.0% | | | | | 50.0% | | | | | 75.0% | | | | | 64.2% | | | | 15% | | 30% | | 45% | | 45% | | ||||||||
Chief Growth Officer(1) | | 50% | | 75% | | 150% | | 134% | | |||||||||||||||||||||||||||||
General Counsel | | | | 16.7% | | | | | 33.3% | | | | | 50.0% | | | | | 50.0% | | | | 25% | | 50% | | 100% | | 75% | |
| | | Threshold | | | Target | | | Maximum | | | 2020 Actual | | ||||||||||||
AFFO Growth | | | | | 4.0% | | | | | | 6.0% | | | | | | 8.0% | | | | | | 6.0% | | |
Cash Award Summary | | | Threshold | | | Target | | | Maximum | | | 2020 Actual | | | Award % of Target | | |||||||||||||||
Chief Executive Officer | | | | $ | 243,258 | | | | | $ | 486,515 | | | | | $ | 729,773 | | | | | $ | 729,773 | | | | | | 150% | | |
Chief Financial Officer | | | | | 51,810 | | | | | | 103,620 | | | | | | 155,430 | | | | | | 155,430 | | | | | | 150% | | |
Chief Operating Officer | | | | | 39,375 | | | | | | 78,750 | | | | | | 118,125 | | | | | | 118,125 | | | | | | 150% | | |
General Counsel | | | | | 25,000 | | | | | | 50,000 | | | | | | 75,000 | | | | | | 75,000 | | | | | | 150% | | |
| | | Threshold | | | Target | | | Maximum | | | 2023 Actual | |
AFFO Growth | | | 0.0% | | | 1.5% | | | 3.0% | | | 3.1% | |
Cash Award Summary | | | Threshold | | | Target | | | Maximum | | | 2023 Actual | | | Award % of Target | |
Chief Executive Officer | | | $337,500 | | | $675,000 | | | $1,575,000 | | | $1,575,000 | | | 233% | |
Chief Financial Officer | | | $ 96,250 | | | $192,500 | | | $ 288,750 | | | $ 288,750 | | | 150% | |
Chief Operating Officer(1) | | | $ 32,500 | | | $ 65,000 | | | $ 97,500 | | | $ 97,500 | | | 150% | |
Chief Growth Officer(1) | | | $108,150 | | | $162,225 | | | $ 324,450 | | | $ 324,450 | | | 200% | |
General Counsel | | | $ 48,281 | | | $ 96,563 | | | $ 193,125 | | | $ 193,125 | | | 200% | |
Management Business Objectives | | | Weightings | | | Threshold | | | Target | | | Maximum | | | Actual | |
Acquisition Volume | | | 15.0% | | | $800.0 | | | $1,000.0 | | | $1,200.0 | | | $1,192.9 | |
Development & Development Funding Platform Commenced | | | 5.0% | | | $25.0 | | | $50.0 | | | $75.0 | | | $53.5 | |
Fixed Charge Coverage Ratio at Year-End | | | 5.0% | | | 4.50x | | | 4.75x | | | 5.00x | | | 5.00x | |
Net Debt to Recurring EBITDA at Year-End(1) | | | 5.0% | | | 5.5x | | | 5.0x | | | 4.5x | | | 4.3x | |
Investment Grade Tenants as % of Annualized Base Rent | | | 2.5% | | | 60.0% | | | 62.5% | | | 65.0% | | | 69.1% | |
Portfolio Occupancy | | | 2.5% | | | 96.5% | | | 97.5% | | | 98.5% | | | 99.8% | |
Cash Award Summary | | Threshold | | Target | | Maximum | | 2020 Actual | | Award % of Target | | | Threshold | | Target | | Maximum | | 2023 Actual | | Award % of Target | | |||||||||||||||||||||||||
Chief Executive Officer | | | $ | 170,280 | | | | $ | 340,561 | | | | $ | 510,841 | | | | $ | 498,038 | | | | | 146% | | | | $236,250 | | $472,500 | | $1,102,500 | | $1,015,515 | | 215% | | ||||||||||
Chief Financial Officer | | | | 36,267 | | | | | 72,534 | | | | | 109,900 | | | | | 108,081 | | | | | 150% | | | | $ 67,375 | | $134,750 | | $ 202,125 | | $ 201,442 | | 149% | | ||||||||||
Chief Operating Officer | | | | 27,563 | | | | | 55,125 | | | | | 82,688 | | | | | 72,196 | | | | | 131% | | | |||||||||||||||||||||
Chief Growth Officer(1) | | $ 86,520 | | $129,780 | | $ 259,560 | | $ 235,178 | | 181% | | ||||||||||||||||||||||||||||||||||||
General Counsel | | | | N/A | | | | | N/A | | | | | N/A | | | | | N/A | | | | | N/A | | | | N/A | | N/A | | N/A | | N/A | | N/A | | ||||||||||
Chief Operating Officer(3) | | N/A | | N/A | | N/A | | N/A | | N/A | |
| ◦ EPR Properties ◦ Essential Properties Trust, Inc. ◦ Four Corners Property Trust, Inc. ◦ Getty Realty Corporation | | | ◦ NNN REIT, Inc. ◦ Realty Income Corporation ◦ Spirit Realty Capital, Inc.(1) ◦ W.P. Carey Inc. | |
| Performance Level | | | 3-Year Relative TSR Positioning | | | % of Target Award Funded | |
| Below Threshold | | | Below | | | 0% | |
| Threshold | | | 25th Percentile | | | 50% | |
| Target | | | 50th Percentile | | | 100% | |
| | | 75th Percentile | | | 150% | | |
| Maximum | | | 90th Percentile | | | 200% | |
Reporting Person | | | Transaction Date | | | Shares | | | Average Price | | | Total Purchase | | ||||||||||||
John Rakolta, Jr. | | | | | 5/8/2023 | | | | | | 10,495 | | | | | $ | 67.85 | | | | | $ | 712,086 | | |
John Rakolta, Jr. | | | | | 5/11/2023 | | | | | | 7,500 | | | | | | 66.45 | | | | | $ | 498,375 | | |
Joel Agree | | | | | 5/12/2023 | | | | | | 5,000 | | | | | | 66.36 | | | | | $ | 331,800 | | |
Joel Agree | | | | | 5/17/2023 | | | | | | 5,000 | | | | | | 65.35 | | | | | $ | 326,750 | | |
Craig Erlich | | | | | 5/17/2023 | | | | | | 1,500 | | | | | | 65.50 | | | | | $ | 98,250 | | |
Joel Agree | | | | | 5/24/2023 | | | | | | 5,000 | | | | | | 64.91 | | | | | $ | 324,550 | | |
Stephen Breslin | | | | | 5/25/2023 | | | | | | 375 | | | | | | 64.32 | | | | | $ | 24,120 | | |
Craig Erlich | | | | | 5/26/2023 | | | | | | 3,000 | | | | | | 64.09 | | | | | $ | 192,270 | | |
Peter Coughenour | | | | | 5/26/2023 | | | | | | 500 | | | | | | 64.25 | | | | | $ | 32,125 | | |
John Rakolta, Jr. | | | | | 8/2/2023 | | | | | | 30,000 | | | | | | 63.02 | | | | | $ | 1,890,600 | | |
Joel Agree | | | | | 8/2/2023 | | | | | | 10,000 | | | | | | 62.79 | | | | | $ | 627,900 | | |
Richard Agree | | | | | 8/2/2023 | | | | | | 11,751 | | | | | | 62.95 | | | | | $ | 739,725 | | |
Richard Agree | | | | | 8/3/2023 | | | | | | 18,249 | | | | | | 63.70 | | | | | $ | 1,162,461 | | |
Craig Erlich | | | | | 8/14/2023 | | | | | | 1,755 | | | | | | 62.36 | | | | | $ | 103,207 | | |
Peter Coughenour | | | | | 8/15/2023 | | | | | | 500 | | | | | | 61.79 | | | | | $ | 30,895 | | |
John Rakolta, Jr. | | | | | 9/21/2023 | | | | | | 30,000 | | | | | | 57.48 | | | | | $ | 1,724,400 | | |
Joel Agree | | | | | 9/26/2023 | | | | | | 10,000 | | | | | | 56.10 | | | | | $ | 561,000 | | |
John Rakolta, Jr. | | | | | 9/26/2023 | | | | | | 20,000 | | | | | | 55.73 | | | | | $ | 1,114,600 | | |
Craig Erlich | | | | | 9/28/2023 | | | | | | 1,800 | | | | | | 55.25 | | | | | $ | 99,447 | | |
Joel Agree | | | | | 10/2/2023 | | | | | | 4,000 | | | | | | 53.84 | | | | | $ | 215,360 | | |
Joel Agree | | | | | 12/11/2023 | | | | | | 1,350 | | | | | | 58.47 | | | | | $ | 78,935 | | |
Joel Agree | | | | | 12/11/2023 | | | | | | 1,300 | | | | | | 58.49 | | | | | $ | 76,037 | | |
Greg Lehmkuhl | | | | | 12/15/2023 | | | | | | 1,700 | | | | | | 61.17 | | | | | $ | 103,989 | | |
John Rakolta, Jr. | | | | | 12/20/2023 | | | | | | 13,000 | | | | | | 62.44 | | | | | $ | 811,720 | | |
John Rakolta, Jr. | | | | | 12/21/2023 | | | | | | 335 | | | | | | 62.41 | | | | | $ | 20,907 | | |
Richard Agree | | | | | 1/10/2024 | | | | | | 10,500 | | | | | | 62.57 | | | | | $ | 656,985 | | |
Joel Agree | | | | | 2/15/2024 | | | | | | 2,000 | | | | | | 57.56 | | | | | $ | 115,120 | | |
John Rakolta, Jr. | | | | | 2/16/2024 | | | | | | 20,430 | | | | | | 57.00 | | | | | $ | 1,164,510 | | |
John Rakolta, Jr. | | | | | 2/20/2024 | | | | | | 102 | | | | | | 57.09 | | | | | $ | 5,823 | | |
John Rakolta, Jr. | | | | | 2/21/2024 | | | | | | 20,000 | | | | | | 56.75 | | | | | $ | 1,135,000 | | |
Joel Agree | | | | | 2/21/2024 | | | | | | 3,500 | | | | | | 56.92 | | | | | $ | 199,220 | | |
Richard Agree | | | | | 2/29/2024 | | | | | | 16,000 | | | | | | 55.50 | | | | | $ | 888,000 | | |
Stephen Breslin | | | | | 3/14/2024 | | | | | | 450 | | | | | | 55.33 | | | | | $ | 24,899 | | |
Total | | | | | | | | | | | 267,092 | | | | | | | | | | | $ | 16,097,299 | | |
Name and Principal Position | | | Year | | | Salary ($) | | | Bonus ($)(1) | | | Stock Awards ($)(2) | | | Non-Equity Incentive Plan Compensation ($)(3) | | | All Other Compensation ($)(4) | | | Total ($) | | |||||||||||||||||||||
Joel Agree | | | | | 2020 | | | | | $ | 792,788 | | | | | $ | 1,500,000 | | | | | $ | 3,500,056 | | | | | $ | 1,446,744 | | | | | $ | 46,025 | | | | | $ | 7,285,613 | | |
President and Chief | | | | | 2019 | | | | | | 664,615 | | | | | | — | | | | | | 3,500,016 | | | | | | 1,195,000 | | | | | | 45,793 | | | | | | 5,405,424 | | |
Executive Officer | | | | | 2018 | | | | | | 609,712 | | | | | | — | | | | | | 3,362,974 | | | | | | 877,000 | | | | | | 45,579 | | | | | | 4,895,265 | | |
Clayton Thelen | | | | | 2020 | | | | | $ | 319,942 | | | | | $ | — | | | | | $ | — | | | | | $ | 279,774 | | | | | $ | 31,185 | | | | | $ | 630,901 | | |
Chief Financial Officer, Secretary(5) | | | | | 2019 | | | | | | 277,731 | | | | | | — | | | | | | 275,007 | | | | | | 211,969 | | | | | | 29,909 | | | | | | 794,616 | | |
| | | | | 2018 | | | | | | 250,000 | | | | | | — | | | | | | 224,032 | | | | | | 149,250 | | | | | | 31,778 | | | | | | 655,060 | | |
Laith Hermiz | | | | | 2020 | | | | | $ | 327,115 | | | | | $ | — | | | | | $ | 350,044 | | | | | $ | 202,133 | | | | | $ | 40,087 | | | | | $ | 919,379 | | |
Chief Operating Officer, | | | | | 2019 | | | | | | 311,885 | | | | | | — | | | | | | 300,008 | | | | | | 158,708 | | | | | | 39,346 | | | | | | 809,947 | | |
Executive Vice President(6) | | | | | 2018 | | | | | | 296,942 | | | | | | — | | | | | | 386,606 | | | | | | 155,000 | | | | | | 39,186 | | | | | | 877,734 | | |
Craig Erlich | | | | | 2020 | | | | | $ | 125,912 | | | | | $ | 299,978 | | | | | $ | 112,464 | | | | | $ | 112,432 | | | | | $ | 11,563 | | | | | $ | 661,629 | | |
Chief Investment Officer(7) | | | | | | | | | |||||||||||||||||||||||||||||||||||
Danielle Spehar | | | | | 2020 | | | | | $ | 300,961 | | | | | $ | | | | | $ | 299,946 | | | | | $ | 150,000 | | | | | $ | 32,946 | | | | | $ | 783,853 | | | |
General Counsel(8) | | | | | 2019 | | | | | | 238,279 | | | | | | — | | | | | | 200,005 | | | | | | 120,000 | | | | | | 27,355 | | | | | | 585,639 | | |
Name and Principal Position | | | Year | | | Salary ($) | | | Stock Awards ($)(1) | | | Non-Equity Incentive Plan Compensation ($)(2) | | | All Other Compensation ($)(3) | | | Total ($) | | ||||||||||||||||||
Joel Agree President and Chief Executive Officer | | | | | 2023 | | | | | | 895,481 | | | | | | 4,212,330 | | | | | | 3,063,015 | | | | | | 55,277 | | | | | | 8,226,103 | | |
| | | 2022 | | | | | | 875,000 | | | | | | 3,666,730 | | | | | | 3,062,500 | | | | | | 51,842 | | | | | | 7,656,072 | | | ||
| | | 2021 | | | | | | 875,000 | | | | | | 3,469,080 | | | | | | 2,947,365 | | | | | | 50,180 | | | | | | 7,341,625 | | | ||
Peter Coughenour Chief Financial Officer, Secretary(4) | | | | | 2023 | | | | | | 378,673 | | | | | | 421,287 | | | | | | 576,817 | | | | | | 18,193 | | | | | | 1,394,970 | | |
| | | 2022 | | | | | | 350,000 | | | | | | 89,985 | | | | | | 525,000 | | | | | | 15,657 | | | | | | 980,641 | | | ||
| | | 2021 | | | | | | 163,365 | | | | | | 44,998 | | | | | | 90,000 | | | | | | 9,457 | | | | | | 307,820 | | | ||
Craig Erlich(5) Chief Growth Officer | | | | | 2023 | | | | | | 430,322 | | | | | | 1,053,061 | | | | | | 581,258 | | | | | | 37,623 | | | | | | 2,102,264 | | |
| | | 2022 | | | | | | 416,462 | | | | | | 471,429 | | | | | | 598,500 | | | | | | 44,868 | | | | | | 1,531,259 | | | ||
| | | 2021 | | | | | | 392,308 | | | | | | 111,468 | | | | | | 577,369 | | | | | | 41,630 | | | | | | 1,122,775 | | | ||
Danielle Spehar General Counsel | | | | | 2023 | | | | | | 384,216 | | | | | | 631,854 | | | | | | 289,688 | | | | | | 37,623 | | | | | | 1,343,381 | | |
| | | 2022 | | | | | | 367,039 | | | | | | 314,242 | | | | | | 375,000 | | | | | | 39,140 | | | | | | 1,095,421 | | | ||
| | | 2021 | | | | | | 324,808 | | | | | | 297,291 | | | | | | 165,000 | | | | | | 36,213 | | | | | | 823,312 | | | ||
Nicole Witteveen(6) Chief Operating Officer | | | | | 2023 | | | | | | 290,331 | | | | | | 263,269 | | | | | | 195,000 | | | | | | 33,161 | | | | | | 781,761 | | |
| | | 2022 | | | | | | 234,054 | | | | | | 149,975 | | | | | | 177,000 | | | | | | 24,694 | | | | | | 585,722 | | | ||
| | | 2021 | | | | | | 161,699 | | | | | | 309,989 | | | | | | 100,000 | | | | | | 10,047 | | | | | | 581,735 | | |
| | | | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards ($) | | Estimated Future Payouts Under Equity Incentive Plan Awards (#) | | All Other Stock Awards; Number of Shares of Stock or Units (#)(1) | | Grant Date Fair Value of Stock and Option Awards ($)(2) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | | Grant Date | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards ($) | | Estimated Future Payouts Under Equity Incentive Plan Awards (#) | | | All Other Stock Awards; Number of Shares of Units (#)(1) | | Grant Date Fair Value of Stock and Awards ($)(2) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Grant Date | | Threshold | | Target | | Maximum | | Threshold | | Target | | Maximum | | | | | | | | | | | | | Threshold | | Target | | Maximum | | Threshold | | Target | | Maximum | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Joel Agree | | | | 2/10/2020 | | | | | 486,515 | | | | | 973,091 | | | | | 1,459,546 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2/3/2023 | | | | $ | 675,000 | | | | $ | 1,350,000 | | | | $ | 3,150,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
Joel Agree | | | | 2/23/2020 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 21,979 | | | | | 1,749,968 | | | | | | 2/23/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 24,567 | | | | | 1,800,024 | | | ||||||||||||||||||
Joel Agree | | | | 2/23/2020 | | | | | — | | | | | — | | | | | — | | | | | 10,990 | | | | | 21,980 | | | | | 32,970 | | | | | — | | | | | 1,981,841 | | | | | | 2/23/2023 | | | | | — | | | | | — | | | | | — | | | | | 15,013 | | | | | 30,026 | | | | | 60,052 | | | | | — | | | | | 2,412,306 | | | ||||||||||||||||||
Clayton Thelen(3) | | | | 2/10/2020 | | | | | 103,620 | | | | | 207,240 | | | | | 314,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clayton Thelen(3) | | | | 2/23/2020 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,727 | | | | | 137,504 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clayton Thelen(3) | | | | 2/23/2020 | | | | | — | | | | | — | | | | | — | | | | | 864 | | | | | 1,727 | | | | | 2,591 | | | | | — | | | | | 155,716 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Laith Hermiz | | | | 2/10/2020 | | | | | 78,750 | | | | | 157,500 | | | | | 236,250 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Laith Hermiz | | | | 2/23/2020 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,884 | | | | | 150,004 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Laith Hermiz | | | | 2/23/2020 | | | | | — | | | | | — | | | | | — | | | | | 942 | | | | | 1,884 | | | | | 2,826 | | | | | — | | | | | 169,872 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Craig Erlich(4) | | | | 8/19/2020 | | | | | 48,185 | | | | | 80,308 | | | | | 112,432 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Peter Coughenour(3) | | | | 2/3/2023 | | | | $ | 192,500 | | | | $ | 385,000 | | | | $ | 577,500 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Peter Coughenour | | | | 2/23/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,457 | | | | | 180,024 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Peter Coughenour | | | | 2/23/2023 | | | | | — | | | | | — | | | | | — | | | | | 1,502 | | | | | 3,003 | | | | | 6,006 | | | | | — | | | | | 241,263 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Craig Erlich(3) | | | | 2/3/2023 | | | | $ | 216,300 | | | | $ | 324,450 | | | | $ | 648,900 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Craig Erlich | | | | 8/19/2020 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 4,541 | | | | | 299,978 | | | | | | 2/23/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 6,142 | | | | | 450,024 | | | ||||||||||||||||||
Craig Erlich | | | | 2/23/2023 | | | | | — | | | | | — | | | | | — | | | | | 3,753 | | | | | 7,506 | | | | | 15,012 | | | | | — | | | | | 603,036 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Danielle Spehar(3) | | | | 2/3/2023 | | | | $ | 96,563 | | | | $ | 193,125 | | | | $ | 386,250 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Danielle Spehar | | | | 2/10/2020 | | | | | 50,000 | | | | | 100,000 | | | | | 150,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2/23/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 3,685 | | | | | 270,000 | | | ||||||||||||||||||
Danielle Spehar | | | | 2/23/2020 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,512 | | | | | 200,005 | | | | | | 2/23/2023 | | | | | — | | | | | — | | | | | — | | | | | 2,252 | | | | | 4,504 | | | | | 9,008 | | | | | — | | | | | 361,854 | | | ||||||||||||||||||
Nicole Witteveen(3) | | | | 2/3/2023 | | | | $ | 65,000 | | | | $ | 130,000 | | | | $ | 195,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nicole Witteveen | | | | 2/23/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,535 | | | | | 112,469 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nicole Witteveen | | | | 2/23/2023 | | | | | — | | | | | — | | | | | — | | | | | 939 | | | | | 1,877 | | | | | 3,754 | | | | | — | | | | | 150,799 | | |
| | Stock Awards | | | | | | | | Stock Awards | | |||||||||||||||||||||||||||||||||||||||||||||
Name | | Number of Shares or Units of Stock That Have Not Vested (#)(1) | | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(1) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) | | | Grant Date | | Number of Shares or Units of Stock That Have Not Vested (#)(1) | | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(1) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) | | ||||||||||||||||||||||||||||||||||||
Joel Agree | | | | 88,180 | | | | | 5,871,024 | | | | | 89,025 | | | | | 5,927,285 | | | | | | 2/23/2023 | | | | | 46,547 | | | | | 2,930,134 | | | | | 30,026 | | | | | 1,890,137 | | | |||||||||
Clayton Thelen(3) | | | | 7,154 | | | | | 476,313 | | | | | 3,433 | | | | | 228,569 | | | |||||||||||||||||||||||||||||||||||
Laith Hermiz | | | | 10,105 | | | | | 672,791 | | | | | 10,116 | | | | | 673,523 | | | |||||||||||||||||||||||||||||||||||
| | | | 2/23/2022 | | | | | 31,404 | | | | | 1,976,882 | | | | | 27,946 | | | | | 1,759,201 | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2021 | | | | | 16,265 | | | | | 1,023,882 | | | | | 27,107 | | | | | 1,706,386 | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2020 | | | | | 8,791 | | | | | 553,393 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2019 | | | | | 5,121 | | | | | 322,367 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
Peter Coughenour | | | | 2/23/2023 | | | | | 2,457 | | | | | 154,668 | | | | | 3,003 | | | | | 189,039 | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2022 | | | | | 1,150 | | | | | 72,393 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2021 | | | | | 419 | | | | | 26,376 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2020 | | | | | 189 | | | | | 11,898 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2019 | | | | | 91 | | | | | 5,728 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
Craig Erlich | | | | 4,541 | | | | | 302,340 | | | | | — | | | | | — | | | | | | 2/23/2023 | | | | | 6,142 | | | | | 386,639 | | | | | 7,506 | | | | | 472,503 | | | |||||||||
| | | | 2/23/2022 | | | | | 2,874 | | | | | 180,918 | | | | | 3,593 | | | | | 226,179 | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2021 | | | | | 523 | | | | | 32,923 | | | | | 871 | | | | | 54,829 | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2020 | | | | | 1,816 | | | | | 114,317 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
Danielle Spehar | | | | 4,045 | | | | | 269,316 | | | | | — | | | | | — | | | | | | 2/23/2023 | | | | | 3,685 | | | | | 231,971 | | | | | 4,504 | | | | | 283,527 | | | |||||||||
| | | | 2/23/2022 | | | | | 1,916 | | | | | 120,612 | | | | | 2,395 | | | | | 150,765 | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2021 | | | | | 1,393 | | | | | 87,689 | | | | | 2,323 | | | | | 146,233 | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2020 | | | | | 1,006 | | | | | 63,328 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2019 | | | | | 182 | | | | | 11,457 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
Nicole Witteveen | | | | 2/23/2023 | | | | | 1,535 | | | | | 96,628 | | | | | 1,877 | | | | | 118,157 | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2022 | | | | | 1,916 | | | | | 120,612 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2021 | | | | | 2,578 | | | | | 162,285 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2020 | | | | | 152 | | | | | 9,568 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2019 | | | | | 141 | | | | | 8,876 | | | | | — | | | | | — | | |
| | | 2024 | | | 2025 | | | 2026 | | | 2027 | | ||||||||||||
Joel Agree | | | | | 57,790 | | | | | | 52,936 | | | | | | 67,577 | | | | | | 14,904 | | |
Peter Coughenour | | | | | 1,430 | | | | | | 1,341 | | | | | | 4,250 | | | | | | 288 | | |
Craig Erlich | | | | | 4,141 | | | | | | 5,336 | | | | | | 11,933 | | | | | | 1,915 | | |
Danielle Spehar | | | | | 3,632 | | | | | | 4,247 | | | | | | 8,248 | | | | | | 1,277 | | |
Nicole Witteveen | | | | | 2,068 | | | | | | 1,927 | | | | | | 3,725 | | | | | | 479 | | |
| | | 2021 | | | 2022 | | | 2023 | | | 2024 | | | 2025 | | |||||||||||||||
Joel Agree | | | | | 47,711 | | | | | | 47,675 | | | | | | 44,717 | | | | | | 25,381 | | | | | | 11,721 | | |
Clayton Thelen(3) | | | | | 686 | | | | | | 5,318 | | | | | | 1,831 | | | | | | 1,831 | | | | | | 921 | | |
Laith Hermiz | | | | | 6,113 | | | | | | 5,487 | | | | | | 5,042 | | | | | | 2,575 | | | | | | 1,004 | | |
Craig Erlich | | | | | 908 | | | | | | 908 | | | | | | 908 | | | | | | 908 | | | | | | 909 | | |
Danielle Spehar | | | | | 1,100 | | | | | | 879 | | | | | | 878 | | | | | | 685 | | | | | | 503 | | |
| | Stock Awards | | | Stock Awards | | ||||||||||||||||||||
Name | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($)(1) | | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($)(1) | | ||||||||||||||||
Joel Agree | | | | 38,146 | | | | | 2,992,241 | | | | | | 59,904 | | | | | 4,389,166 | | | ||||
Clayton Thelen | | | | 341 | | | | | 27,150 | | | |||||||||||||||
Laith Hermiz | | | | 4,476 | | | | | 353,764 | | | |||||||||||||||
Peter Coughenour | | | | 715 | | | | | 52,388 | | | |||||||||||||||
Craig Erlich | | | | — | | | | | — | | | | | | 1,801 | | | | | 121,154 | | | ||||
Danielle Spehar | | | | 598 | | | | | 44,338 | | | | | | 1,822 | | | | | 133,498 | | | ||||
Nicole Witteveen | | | | 1,555 | | | | | 104,576 | | |
Named Executive Officer | | Base Salary | | Bonus | | Early Vesting of Stock Awards(1) | | Other(2) | | Total | | | Base Salary | | Bonus | | Early Vesting of Stock Awards | | Other(3) | | Total | | ||||||||||||||||||||||||||||||||||||||||
Joel Agree | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Death or Disability | | | $ | 145,833 | | | | $ | 973,031 | | | | $ | 5,871,024 | | | | $ | 15,340 | | | | $ | 7,005,229 | | | | | $ | 150,000 | | | | $ | 1,350,000 | | | | $ | 6,806,658 | | | | $ | 18,623 | | | | $ | 8,325,281 | | | ||||||||||
Change in Control | | | | 2,625,000 | | | | | 14,855,133 | | | | | 5,871,024 | | | | | 15,340 | | | | | 23,366,498 | | | | | | 2,700,000 | | | | | 8,806,609 | | | | | 12,162,381(2) | | | | | 18,623 | | | | | 23,687,613 | | | ||||||||||
Other (except for cause) | | | | 1,750,000 | | | | | 9,254,735 | | | | | 5,871,024 | | | | | 15,340 | | | | | 16,891,100 | | | | | | 1,800,000 | | | | | 4,971,073 | | | | | 12,162,381 | | | | | 18,623 | | | | | 18,952,077 | | | ||||||||||
Clayton Thelen(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Death or Disability | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||||||||||||||||||||
Peter Coughenour | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Change in Control(1) | | | | 385,000 | | | | | 1,525,000 | | | | | 460,102(2) | | | | | — | | | | | 2,370,102 | | | ||||||||||||||||||||||||||||||||||||
Other (except for cause) | | | | 385,000 | | | | | — | | | | | 18,067 | | | | | — | | | | | 403,067 | | | ||||||||||||||||||||||||||||||||||||
Craig Erlich | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Change in Control(1) | | | | 432,600 | | | | | 1,598,500 | | | | | 1,468,309(2) | | | | | — | | | | | 3,499,409 | | | ||||||||||||||||||||||||||||||||||||
Danielle Spehar | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Change in Control | | | | 314,000 | | | | | 711,969 | | | | | 476,313 | | | | | — | | | | | 1,502,282 | | | | | | — | | | | | — | | | | | 1,095,582(2) | | | | | — | | | | | 1,095,582 | | | ||||||||||
Other (except for cause) | | | | 314,000 | | | | | — | | | | | 166,459 | | | | | — | | | | | 480,459 | | | ||||||||||||||||||||||||||||||||||||
Laith Hermiz(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Death or Disability | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||||||||||||||||||||
Nicole Witteveen | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Change in Control | | | | — | | | | | — | | | | | 672,791 | | | | | — | | | | | 672,791 | | | | | | — | | | | | — | | | | | 516,127(2) | | | | | — | | | | | 516,127 | | | ||||||||||
Other (except for cause) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Craig Erlich(6) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Death or Disability | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||||||||||||||||||||
Change in Control | | | | 900,000 | | | | | 656,250 | | | | | 302,340 | | | | | — | | | | | 1,858,590 | | | ||||||||||||||||||||||||||||||||||||
Other (except for cause) | | | | 221,507 | | | | | 80,308 | | | | | 302,340 | | | | | 13,407 | | | | | 617,562 | | | ||||||||||||||||||||||||||||||||||||
Danielle Spehar(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Death or Disability | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||||||||||||||||||||
Change in Control | | | | — | | | | | — | | | | | 269,316 | | | | | — | | | | | 269,316 | | | ||||||||||||||||||||||||||||||||||||
Other (except for cause) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | |
Year | | | Summary Compensation Table Total for PEO(1) | | | Compensation Actually Paid to PEO(2) | | | Average Summary Compensation Table Total for Non-PEO NEOs(3) | | | Average Compensation Actually Paid to Non-PEO NEOs(4) | | | Value of Initial Fixed $100 Investment Based On: | | | Net Income (thousands)(7) | | | AFFO (per diluted common share and partnership unit)(8) | | |||||||||||||||||||||||||||
| Total Shareholder Return(5) | | | Peer Group Total Shareholder Return(6) | | ||||||||||||||||||||||||||||||||||||||||||||
(a) | | | (b) | | | (c) | | | (d) | | | (e) | | | (f) | | | (g) | | | (h) | | | (i) | | ||||||||||||||||||||||||
2023 | | | | $ | 8,226,103 | | | | | $ | 5,888,290 | | | | | $ | 1,405,594 | | | | | $ | 1,234,150 | | | | | $ | 105.37 | | | | | $ | 113.54 | | | | | $ | 170,547 | | | | | $ | 3.95 | | |
2022 | | | | $ | 7,656,072 | | | | | $ | 9,778,145 | | | | | $ | 1,048,261 | | | | | $ | 1,110,318 | | | | | $ | 113.42 | | | | | $ | 99.82 | | | | | $ | 153,035 | | | | | $ | 3.83 | | |
2021 | | | | $ | 7,341,625 | | | | | $ | 8,465,147 | | | | | $ | 825,199 | | | | | $ | 508,644 | | | | | $ | 109.60 | | | | | $ | 132.23 | | | | | $ | 122,876 | | | | | $ | 3.51 | | |
2020 | | | | $ | 7,517,366 | | | | | $ | 7,975,373 | | | | | $ | 761,782 | | | | | $ | 764,191 | | | | | $ | 98.51 | | | | | $ | 92.43 | | | | | $ | 91,972 | | | | | $ | 3.20 | | |
Year | | | Reported Summary Compensation Table Total for PEO | | | Reported Value of Equity Awards(a) | | | Equity Award Adjustments(b) | | | Compensation Actually Paid to PEO | | ||||||||||||
2023 | | | | $ | 8,226,103 | | | | | $ | (4,212,330) | | | | | $ | 1,874,517 | | | | | $ | 5,888,290 | | |
2022 | | | | $ | 7,656,072 | | | | | $ | (3,666,730) | | | | | $ | 5,788,803 | | | | | $ | 9,778,145 | | |
2021 | | | | $ | 7,341,625 | | | | | $ | (3,469,080) | | | | | $ | 4,592,602 | | | | | $ | 8,465,147 | | |
2020 | | | | $ | 7,517,366 | | | | | $ | (3,731,809) | | | | | $ | 4,189,816 | | | | | $ | 7,975,373 | | |
Year | | | Year End Fair Value of Equity Awards Granted During the Year That are Outstanding and Unvested as of the End of the Year | | | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | | | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | | Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | | | Total Equity Award Adjustments | | |||||||||||||||
2023 | | | | $ | 3,152,283 | | | | | $ | (1,999,494) | | | | | $ | 140,175 | | | | | $ | 581,553 | | | | | $ | 1,874,517 | | |
2022 | | | | $ | 4,562,604 | | | | | $ | 1,182,878 | | | | | $ | (468,543) | | | | | $ | 511,864 | | | | | $ | 5,788,803 | | |
2021 | | | | $ | 3,963,450 | | | | | $ | 124,045 | | | | | $ | (96,376) | | | | | $ | 601,483 | | | | | $ | 4,592,602 | | |
2020 | | | | $ | 3,257,260 | | | | | $ | 375,176 | | | | | $ | 360,480 | | | | | $ | 196,900 | | | | | $ | 4,189,816 | | |
Year | | | Average Reported Summary Compensation Table Total for Non-PEO NEOs | | | Average Reported Value of Equity Awards | | | Average Equity Award Adjustments(a) | | | Average Compensation Actually Paid to Non-PEO NEOs | | ||||||||||||
2023 | | | | $ | 1,405,594 | | | | | $ | (592,368) | | | | | $ | 420,924 | | | | | $ | 1,234,150 | | |
2022 | | | | $ | 1,048,261 | | | | | $ | (256,408) | | | | | $ | 318,465 | | | | | $ | 1,110,318 | | |
2021 | | | | $ | 825,199 | | | | | $ | (343,954) | | | | | $ | 27,399 | | | | | $ | 508,644 | | |
2020 | | | | $ | 761,782 | | | | | $ | (278,270) | | | | | $ | 280,679 | | | | | $ | 764,191 | | |
Year | | | Average Year End Fair Value of Equity Awards Granted During the Year That are Outstanding and Unvested as of the End of the Year | | | Average Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | | | Average Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | | Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | | | Average Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | | | Average Total Equity Award Adjustments | | ||||||||||||||||||
2023 | | | | $ | 487,138 | | | | | $ | (86,237) | | | | | $ | (1,612) | | | | | $ | — | | | | | $ | 21,635 | | | | | $ | 420,924 | | |
2022 | | | | $ | 312,359 | | | | | $ | (589) | | | | | $ | (8,771) | | | | | $ | — | | | | | $ | 15,466 | | | | | $ | 318,465 | | |
2021 | | | | $ | 108,261 | | | | | $ | 6,572 | | | | | $ | (1,852) | | | | | $ | (95,249) | | | | | $ | 9,667 | | | | | $ | 27,399 | | |
2020 | | | | $ | 250,810 | | | | | $ | 11,216 | | | | | $ | 7,286 | | | | | $ | — | | | | | $ | 11,367 | | | | | $ | 280,679 | | |
| | 2020 | | 2019 | | | 2023 | | 2022 | | ||||||||||||||||
Audit Fees | | | $ | 923,968 | | | | $ | 592,750 | | | | | $ | 761,250 | | | | $ | 971,250 | | | ||||
Audit-Related Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Tax Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
All Other Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
| | | $ | 923,968 | | | | $ | 592,750 | | | | | $ | 761,250 | | | | $ | 971,250 | | |
Name | | | Age | | | Title | | | Term Ending | |
Richard Agree(1) | | | 80 | | | Executive Chairman of the Board and Director | | | 2024 | |
Karen Dearing(1) | | | 59 | | | Independent Director | | | 2024 | |
Michael Hollman(1) | | | 43 | | | Independent Director | | | 2024 | |
Linglong He(2) | | | 59 | | | Independent Director | | | 2024 | |
Joel Agree | | | 45 | | | Chief Executive Officer and Director | | | 2025 | |
Michael Judlowe | | | 58 | | | Independent Director | | | 2025 | |
Gregory Lehmkuhl | | | 51 | | | Independent Director | | | 2025 | |
Jerome Rossi | | | 80 | | | Independent Director | | | 2026 | |
Merrie Frankel | | | 69 | | | Independent Director | | | 2026 | |
John Rakolta, Jr. | | | 76 | | | Independent Director | | | 2026 | |
| Authorized | | | Issued and Outstanding | | | Available for Issuance | | | Reserved for Future Issuance(1) | | | Unissued, Unreserved Shares of Common Stock | |
| 90,000,000 | | | 63,573,009 | | | 26,426,991 | | | 23,432,644 | | | 2,994,347 | |
(ii) net income, (iii) earnings per share, (iv) funds from operations (as defined by Nareit), (v) funds from operations per share, (vi) return on equity, (vii) return on assets, (viii) return on invested capital, (ix) increase in the market price of shares or other securities, (x) achieving specified reductions in costs or targeted levels in costs; (xi) achieving specified improvements in collection of outstanding accounts or specified reductions in non-performing debts; (xii) acquiring or developing a prescribed number of (or dollar volume related to) real estate properties, or maintaining a prescribed number of (or dollar volume related to) existing real estate properties; |