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| | | | A-1 | | |
* Total stockholder return (“TSR”) is defined as common stock price appreciation plus dividends, assuming reinvestment of dividends into additional shares of common stock. ** Funds from operations (“FFO”) and net operating income (“NOI”) meet the definition of “non-GAAP financial measures” as set forth in Item 10(e) of Regulation S-K promulgated by the Securities and Exchange Commission (“SEC”). Please refer to Appendix A attached hereto for an explanation of why we consider these measures and reconciliations of the measures to the nearest measure under generally accepted accounting principles (“GAAP”). | ||||
| | ✔We pay for | | |
| | • Approximately | | |
| | • Annual base salaries are intended to be less than 25% of total | | |
| | • We do not guarantee annual base salary increases, but consider increases when | | |
| | ✔Our | | |
| | • Bonuses are based on | | |
| | • Our | | |
| | • We do not guarantee bonuses of a minimum amount (bonuses can be zero) and do not provide uncapped | | |
| | ✔Our goals. | | |
| | • Performance award share units (“performance units”) granted under the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “Equity Incentive Plan”), are based on our | | |
| | • Performance units will have zero value (no payout) for performance below the | | |
| | • We target outperformance; target payouts under the performance units are |
| | |||
| | ✔Stockholders have expressed support for our executive compensation practices. | | |
| | • At the | | |
| Annual election of directors to the | | | ✔ | |
| Majority voting standard for the election of directors (with a director resignation policy) | | | ✔ | |
| Regular executive sessions of independent directors | | | ✔ | |
| Independent | | | ✔ | |
| Designation of | | | ✔ | |
| All members of the | | | ✔ | |
| | | ✔ | | |
| Diverse | | | ✔ | |
| Annual | | | ✔ | |
| Regular | | | ✔ | |
| Stockholder ability to amend | | | ✔ | |
| No stockholder rights plan (i.e., “poison pill”) without stockholder approval or ratification | | | ✔ | |
| Opted out of Maryland control share acquisition and business combination statutes and may not opt back in without stockholder approval | | | ✔ | |
| Robust | | | ✔ | |
| Anti-hedging and anti-pledging policies | | | ✔ | |
| Recovery policy for incentive-based executive compensation (“Clawback Policy”) | | | ✔ | |
| Code of | | | ✔ | |
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In October 2023, we announced that we achieved a | | |
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| | • We pursue solar energy opportunities in our portfolio nationwide and have executed contracts for solar development or leasing in multiple states. As of December 31, 2023, our properties hosted or were undergoing construction for solar projects with more than 30.4 megawatts capacity in aggregate and we had identified up to 40 additional projects that we are vetting over the next five years. | | |
| | Green Lease Leader—Gold Level | | |
| | • In 2020, we were recognized by the Institute for Market Transformation as a Green Lease Leader at the “Gold” level. This Gold level recognition was renewed in 2023. We achieved this recognition by modifying our standard form of lease to require sharing of tenant utility usage so that we can identify those of our buildings that are outliers with respect to energy consumption. | | |
| | Reflective Roofing | | | |||||||||||
| | • Since 2015, the majority of our roof replacements utilized reflective roofing, which typically is a white membrane that reflects sunlight and reduces building heat load and utility consumption. As of December 31, | | |
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| | • As of December 31, | ||||||||||||||||
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• We established our Charitable Action Committee (the “CAC”) to promote quality interaction with our local community in Boston. The CAC is funded by our | | |
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| | • As an expression of our commitment to good corporate citizenship, we established the STAG Industrial Charitable Action Fund (the “Charitable Action Fund”) in cooperation with the Boston Foundation. The Charitable Action Fund supports our social responsibility endeavors, including promoting equality and inspiring children and young adults—particularly those at risk—to realize their potential and benefit future generations. | | | |
| | Proposal | | | Board Recommendation | | |
| | Proposal 1: Election of Directors | | | FOR | | |
| | Proposal 2: Ratification of Appointment of Independent Registered Public Accounting Firm | | | FOR | | |
| | Proposal 3: Advisory (Non-Binding) Vote on Executive Compensation | | | FOR | | |
| | Proposal 4: Advisory (Non-Binding) Vote on Frequency of Executive Compensation Votes | | | FOR | | |
A: | Proposal 1: | The election of the director nominees must be approved by a majority of the votes cast. |
| Director Nominees | | Age | | Principal Occupation | | Director Since | | Director Nominees | | Age | | Principal Occupation | | Director Since | | ||||||||||||||||||
| Benjamin S. Butcher | | | | 68 | | | Chief Executive Officer and Chairman of the Board | | | | 2010 | | | Benjamin S. Butcher | | | | 70 | | | Retired Chief Executive Officer | | | | 2010 | | | ||||||
| Jit Kee Chin | | | | 43 | | | Executive Vice President, Chief Data Officer and Chief Innovation Officer at Suffolk Construction | | | | 2020 | | | Jit Kee Chin | | | | 45 | | | Executive Vice President and Chief Technology Officer at Suffolk Construction | | | | 2020 | | | ||||||
| Virgis W. Colbert | | | | 82 | | | Retired Executive Vice President of Miller Brewing Company | | | | 2014 | | | Virgis W. Colbert | | | | 84 | | | Retired Executive Vice President of Miller Brewing Company | | | | 2014 | | | ||||||
| Michelle S. Dilley | | | | 50 | | | Chief Executive Officer of Awesome Leaders, NFP | | | | 2018 | | | William R. Crooker | | | | 44 | | | President and Chief Executive Officer | | | | 2022 | | | ||||||
| Jeffrey D. Furber | | | | 63 | | | Global Chief Executive Officer of AEW | | | | 2011 | | | Michelle S. Dilley | | | | 52 | | | Chief Executive Officer of Awesome Leaders, NFP | | | | 2018 | | | ||||||
| Larry T. Guillemette | | | | 66 | | | Retired Chairman, Chief Executive Officer and President of Amtrol | | | | 2011 | | | Jeffrey D. Furber | | | | 65 | | | Chairman Emeritus of AEW | | | | 2011 | | | ||||||
| Francis X. Jacoby III | | | | 60 | | | Chief Financial Officer and Executive Vice President of Leggat McCall Properties, LLC | | | | 2011 | | | Larry T. Guillemette | | | | 68 | | | Chairman of the Board / Retired Chief Executive Officer and President of Amtrol | | | | 2011 | | | ||||||
| Christopher P. Marr | | | | 57 | | | Chief Executive Officer and Trustee of CubeSmart | | | | 2012 | | | Francis X. Jacoby III | | | | 62 | | | Chief Financial Officer and Executive Vice President of Leggat McCall Properties, LLC | | | | 2011 | | | ||||||
| Hans S. Weger | | | | 58 | | | Strategic Consultant | | | | 2011 | | | Christopher P. Marr | | | | 59 | | | President and Chief Executive Officer of CubeSmart | | | | 2012 | | | ||||||
| Hans S. Weger | | | | 60 | | | Strategic Consultant | | | | 2011 | | |
| | | | Butcher | | | Chin | | | Colbert | | | Crooker | | | Dilley | | | Furber | | | Guillemette | | | Jacoby | | | Marr | | | Weger | | ||||||||||||||||||||||||||||||
| CEO/public company executive | | | | | • | | | | | | | | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | • | | |
| Data analytics | | | | | | | | | | | • | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Finance/accounting | | | | | | | | | | | | | | | | | | | | | | | • | | | | | | | | | | | | | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | |
| Industrial operations | | | | | • | | | | | | | | | | | | • | | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | | | | | | | | | | | | | | | |
| Logistics | | | | | • | | | | | | • | | | | | | | | | | | | | | | | | | • | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Real estate / construction / development / finance | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | | | | | | | • | | | | | | | | | | | | • | | | | | | • | | | | | | • | | |
| Real estate or property technology | | | | | | | | | | | • | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Risk management | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | • | | |
| Strategic planning | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | |
| Supply chain management | | | | | • | | | | | | | | | | | | • | | | | | | | | | | | | • | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Benjamin S. Butcher Committees: • Investment (Chair) Diversity Information: • Gender: Male • Race/Ethnicity: White | | | | Mr. Butcher In light of his extensive | | |
| | Jit Kee Chin Independent Director Committees: • Audit Diversity Information: • Gender: Female • Race/Ethnicity: Asian | | | | Dr. Jit Kee Chin has served since 2023 as In light of her extensive data, analytics and technology infrastructure expertise, including the development and implementation of strategic initiatives, the | | |
| | Virgis W. Colbert Independent Director Committees: • Compensation • Nominating and Corporate Governance Diversity Information: • Gender: Male • Race/Ethnicity: Black/African American | | | | Mr. Colbert served in a variety of key leadership positions with Miller Brewing Company from 1979 until his retirement in 2005, including In light of his extensive public company board and corporate governance experience and his significant operational experience, including | | |
| | William R. Crooker President, Chief Executive Officer and Director Committees: • Investment Diversity Information: • Gender: Male • Race/Ethnicity: White | | | | Mr. Crooker has served as our Chief Executive Officer and a director since 2022 and president since 2021. Previously, Mr. Crooker served as our Chief Financial Officer and Treasurer from 2016 to 2022, Executive Vice President from 2016 to 2021, Chief Accounting Officer from 2011 to 2016 and Senior Vice President of Capital Markets from 2015 to 2016. Prior to the formation of our Company, Mr. Crooker served as Chief Accounting Officer for STAG Capital Partners, LLC from 2010 to 2011. From 2002 to 2010, Mr. Crooker worked for KPMG LLP in its real estate practice, focusing primarily on publicly-traded REITs. He held various positions with KPMG LLP, including most recently as Senior Manager. Mr. Crooker is a certified public accountant and received his Bachelor of Science degree from Bentley University. In light of his extensive Company specific operational experience, his leadership abilities, and his financial and capital markets expertise, the Board believes that it is in the best interests of our Company and our stockholders for Mr. Crooker to continue to serve as a director on the Board, subject to stockholder approval at the annual meeting. | | |
| | Michelle S. Dilley Independent Director Committees: • Compensation • Nominating and Corporate Governance Diversity Information: • Gender: Female • Race/Ethnicity: White | | | | Ms. Dilley has served as the In light of her significant supply chain, finance and operational experience, including experience in the development and implementation of strategic initiatives, and her recent experience with diversity initiatives in the supply chain industry, the | | |
| | Jeffrey D. Furber Independent Director Committees: • Compensation (Chair) • Investment Diversity Information: • Gender: Male • Race/Ethnicity: White | | | | Jeffrey D. Furber is Chairman Emeritus of AEW. He served as the Global Chairman of AEW from 2020 until his retirement in December 2023. From 1999 until transitioning to the then newly created role of Global Chairman in 2020, Mr. Furber In light of his significant leadership, corporate governance and capital markets experience and his | | |
| | Larry T. Guillemette Committees: • Audit • Compensation Diversity Information: • Gender: Male • Race/Ethnicity: White | | | | Mr. Guillemette served as In light of his extensive leadership experience through his senior officer and director positions and his accounting and real estate experience, the | | |
| | Francis X. Jacoby III Independent Director Committees: • Audit • Investment • Nominating and Corporate Governance Diversity Information: • Gender: Male • Race/Ethnicity: White | | | | Since 2016, and from 1995 to 2001, Mr. Jacoby has served as In light of his extensive investment and capital markets experience and his significant financial and real estate investment experience, including structuring, negotiating and closing complex transactions, the | | |
| | Christopher P. Marr Independent Director Committees: • Audit • Nominating and Corporate Governance (Chair) Diversity Information: • Gender: Male • Race/Ethnicity: White | | | | Mr. Marr has served as In light of his public company leadership, financial reporting and operations experience as an executive officer of | | |
| | Hans S. Weger Independent Director Committees: • Audit (Chair) • Compensation • Investment Diversity Information: • Gender: Male • Race/Ethnicity: White | | | | Mr. Weger provides consulting services to real estate and other companies. Prior to that, Mr. Weger served as In light of his real estate and real estate financing knowledge and his financial reporting and operations experience as the chief financial officer of a publicly-traded | | |
| | Matts S. Pinard Executive Vice President, Chief Financial Officer and Treasurer Age: | | | | Mr. Pinard has served as our | | |
| | Jeffrey M. Sullivan Executive Vice President, General Counsel and Secretary Age: | | | | Mr. Sullivan has served as our | | |
| | Steven T. Kimball Executive Vice President—Real Estate Operations Age: 57 | | | | Mr. Kimball has served as our Executive Vice President—Real Estate Operations since March 2023. From 2021 to 2023, Mr. Kimball served as an Executive Director at PGIM Real Estate (“PGIM”), where he oversaw the asset management of a Northeastern industrial property portfolio, including active joint venture development projects. Before joining PGIM, Mr. Kimball held various positions at Prologis, Inc. (NYSE: PLD) (formerly AMB Property Corporation until 2011) from 1995 to 2021, including serving as Managing Director, Head of Operations, East Region from 2014 to 2021, as Senior Vice President, Head of Operations, East Region from 2005 to 2014, and as Senior Vice President, Regional Manager, Chicago from 2000 to 2005. Before joining AMB Property Corporation in 1995, Mr. Kimball held positions with financial and insurance companies involving real estate assets. Mr. Kimball holds a Bachelor of Science degree from University of Vermont and a Master of Business Administration from University Colorado Boulder. | | |
| | Michael C. Chase Executive Vice President, and Chief Investment Officer Age: 51 | | | | Mr. Chase has served as our Executive Vice President since July 2022 and as our Chief Investment Officer since 2020. Mr. Chase previously served as a Senior Vice President from 2011 to 2022. Prior to the formation of our Company, Mr. Chase served as Managing Director for STAG Capital Partners, LLC from 2003 to 2011, where he was responsible for managing an acquisition team in the sourcing, underwriting, negotiating and closing of deals with a territory of approximately half the country. Mr. Chase was the Vice President of Acquisitions at Paradigm Properties from March 1999 to June 2002, where he was responsible for originating, underwriting, analyzing and closing new investments. Mr. Chase holds a Bachelor of Science degree from the University of Vermont. | | |
| Director | | Investment Committee | | Audit Committee | | Compensation Committee | | Nominating and Corporate Governance Committee | | Director | | Investment Committee | | Audit Committee | | Compensation Committee | | Nominating and Corporate Governance Committee | | ||||||||
| Benjamin S. Butcher | | Chair | | | | | | | | Benjamin S. Butcher | | Chair | | | | | | | | ||||||||
| Jit Kee Chin | | | | • | | | | | | Jit Kee Chin | | | | • | | | | | | ||||||||
| Virgis W. Colbert | | | | | | • | | • | | William R. Crooker | | • | | | | | | | | ||||||||
| Michelle S. Dilley | | | | | | • | | • | | Virgis W. Colbert | | | | | | • | | • | | ||||||||
| Jeffrey D. Furber | | • | | | | Chair | | | | Michelle S. Dilley | | | | | | • | | • | | ||||||||
| Larry T. Guillemette | | | | • | | • | | | | Jeffrey D. Furber | | • | | | | Chair | | | | ||||||||
| Francis X. Jacoby III | | • | | • | | | | • | | Larry T. Guillemette | | | | • | | • | | | | ||||||||
| Christopher P. Marr | | | | • | | | | Chair | | Francis X. Jacoby III | | • | | • | | | | • | | ||||||||
| Hans S. Weger | | • | | Chair | | • | | | | Christopher P. Marr | | | | • | | | | Chair | | ||||||||
| Meetings Held in 2021 | | 6 | | 4 | | 6 | | 4 | | Hans S. Weger | | • | | Chair | | • | | | | ||||||||
| Meetings Held in 2023 | | 4 | | 4 | | 7 | | 4 | |
| | | |
| | BOARD OF DIRECTORS | | | ||||||||
| | One of the key functions of the • Strategic and operational risk management • Information security risks, including cybersecurity and data privacy risks (see “—Information Security” below) • Management and In addition, as discussed above under “—Board and Committee Evaluations,” the Board conducts an annual self-evaluation in order to evaluate its performance for the purpose of improving Board and committee processes and effectiveness. | | | ||||||||
| | Audit Committee | | | | Compensation Committee | | | | Nominating and Corporate Governance Committee | | |
| | • Financial risks, including our guidelines and policies to govern the process by which risk assessment and management is undertaken • Compliance with legal and regulatory requirements • Internal audit function | | | | • Risks related to our compensation policies and | | | | • Corporate governance risks, including our • ESG risks, including environmental sustainability risks, corporate social responsibility and related governance reporting | | |
| | SENIOR MANAGEMENT TEAM | | | ||||||||
| | Our senior management team reviews and prioritizes significant risks, allocates resources for mitigation and provides the | | | ||||||||
| | Information Security Risks | | | | Disclosure Risks | | | | Environmental Risks | | |
| | Our | | | | Our disclosure committee, consisting of certain executives and senior employees, reports to our | | | | Our senior vice | | |
| Position Held | | Annual Cash Fee(1) | | Annual Equity Grant(2) | | Position Held | | Annual Cash Fee(1) | | Annual Equity Grant(2) | | ||||||||||||||||
| Non-Management Director | | | $ | 50,000 | | | | $ | 100,000 | | | Non-Management Director | | | $ | 55,000 | | | | $ | 110,000 | | | ||||
| Lead Independent Director | | | $ | 25,000 | | | | | — | | | Independent Chairman of the Board | | | $ | 75,000 | | | | | — | | | ||||
| Audit Committee Chair | | | $ | 20,000 | | | | | — | | | Lead Independent Director | | | $ | 25,000 | | | | | — | | | ||||
| Compensation Committee Chair | | | $ | 15,000 | | | | | — | | | Audit Committee Chair | | | $ | 20,000 | | | | | — | | | ||||
| Nominating and Corporate Governance Committee Chair | | | $ | 12,500 | | | | | — | | | Compensation Committee Chair | | | $ | 15,000 | | | | | — | | | ||||
| Nominating and Corporate Governance Committee Chair | | | $ | 15,000 | | | | | — | | |
| Name | | Fees Earned(1) | | Stock Awards(2)(3) | | Total | | Name | | Fees Earned(1) | | Stock Awards(2)(3) | | Total | | ||||||||||||||||||||||||
| Jit Kee Chin | | | $ | 50,000 | | | | $ | 100,002 | | | | $ | 150,002 | | | Benjamin S. Butcher(4) | | | $ | 27,500 | | | | $ | — | | | | $ | 27,500 | | | ||||||
| Virgis W. Colbert | | | $ | 50,000 | | | | $ | 100,002 | | | | $ | 150,002 | | | Jit Kee Chin | | | $ | 55,000 | | | | $ | 109,989 | | | | $ | 164,989 | | | ||||||
| Michelle S. Dilley | | | $ | 50,000 | | | | $ | 100,002 | | | | $ | 150,002 | | | Virgis W. Colbert | | | $ | 55,000 | | | | $ | 109,989 | | | | $ | 164,989 | | | ||||||
| Jeffrey D. Furber | | | $ | 65,000 | | | | $ | 100,002 | | | | $ | 165,002 | | | Michelle S. Dilley | | | $ | 55,000 | | | | $ | 109,989 | | | | $ | 164,989 | | | ||||||
| Larry T. Guillemette | | | $ | 75,000 | | | | $ | 100,002 | | | | $ | 175,002 | | | Jeffrey D. Furber | | | $ | 70,000 | | | | $ | 109,989 | | | | $ | 179,989 | | | ||||||
| Francis X. Jacoby III | | | $ | 50,000 | | | | $ | 100,002 | | | | $ | 150,002 | | | Larry T. Guillemette | | | $ | 105,000 | | | | $ | 109,989 | | | | $ | 214,989 | | | ||||||
| Christopher P. Marr | | | $ | 62,500 | | | | $ | 100,002 | | | | $ | 162,502 | | | Francis X. Jacoby III | | | $ | 55,000 | | | | $ | 109,989 | | | | $ | 164,989 | | | ||||||
| Hans S. Weger | | | $ | 70,000 | | | | $ | 100,002 | | | | $ | 170,002 | | | Christopher P. Marr | | | $ | 70,000 | | | | $ | 109,989 | | | | $ | 179,989 | | | ||||||
| Hans S. Weger | | | $ | 75,000 | | | | $ | 109,989 | | | | $ | 184,989 | | |
| Position Held | | Annual Cash Fee | | Annual Equity Grant | | Position Held | | Annual Cash Fee | | Annual Equity Grant | | ||||||||||||||||
| Non-Management Director | | | $ | 55,000 | | | | $ | 110,000 | | | Non-Management Director | | | $ | 65,000 | | | | $ | 120,000 | | | ||||
| Nominating and Corporate Governance Committee Chair | | | $ | 15,000 | | | | | — | | | Audit Committee Chair | | | $ | 25,000 | | | | | — | | | ||||
| Compensation Committee Chair | | | $ | 20,000 | | | | | — | | | ||||||||||||||||
| Nominating and Corporate Governance Committee Chair | | | $ | 17,500 | | | | | — | | |
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In October 2023, we announced that we achieved a | | |
| | | | |||||
| | • We pursue solar energy opportunities in our portfolio nationwide and have executed contracts for solar development or leasing in multiple states. As of December 31, 2023, our properties hosted or were undergoing construction for solar projects with more than 30.4 megawatts capacity in aggregate and we had identified up to 40 additional projects that we are vetting over the next five years. | | |
| | | | |||||||||
| | • In 2020, we were recognized by the Institute for Market Transformation as a Green Lease Leader at the “Gold” level. This Gold level recognition was renewed in 2023. We achieved this recognition by modifying our standard form of lease to require sharing of tenant utility usage so that we can identify those of our buildings that are outliers with respect to energy consumption. | | |
| | Reflective Roofing | | | |||||||||||
| | • Since 2015, the majority of our roof replacements utilized reflective roofing, which typically is a white membrane that reflects sunlight and reduces building heat load and utility consumption. As of December 31, | | |
| | | | |||||||||||||||
| | • As of December 31, | ||||||||||||||||
| |
| | Charitable Action Committee | | |
| | • We established the CAC to promote quality interaction with our local community in Boston. The CAC is funded by our Company and managed by volunteer employees with differing seniorities and responsibilities. We support several local and national charities, through a combination of financial support (both direct and employee matching) and volunteer activities (such as food and clothing distribution, habitat improvement, etc.), with a focus on supporting children, young adults, equality and social justice. | | |
| | Charitable Action Fund | | |
| | • As an expression of our commitment to good corporate citizenship, we established the Charitable Action Fund in cooperation with the Boston Foundation. The Charitable Action Fund supports our social responsibility endeavors, including promoting equality and inspiring children and young adults—particularly those at risk—to realize their potential and benefit future generations. The Charitable Action Fund was formed to be the predominant channel for our monetary charitable giving and augments our ongoing Company-wide volunteer programs. The Charitable Action Fund is a donor advised fund sponsored by the Boston Foundation, which is a non-profit organization qualified under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”). Our executive officers oversee the Charitable Action Fund, in conjunction with the CAC. | | |
| Annual election of directors to the | | | ✔ | |
| Majority voting standard for the election of directors (with a director resignation policy) | | | ✔ | |
| Regular executive sessions of independent directors | | | ✔ | |
| Independent | | | ✔ | |
| Designation of | | | ✔ | |
| All members of the audit, | | | ✔ | |
| | | ✔ | | |
| Diverse | | | ✔ | |
| Annual | | | ✔ | |
| Regular | | | ✔ | |
| Stockholder ability to amend | | | ✔ | |
| No stockholder rights plan (i.e., “poison pill”) without stockholder approval or ratification | | | ✔ | |
| Opted out of Maryland control share acquisition and business combination statutes and may not opt back in without stockholder approval | | | ✔ | |
| Robust | | | ✔ | |
| Anti-hedging and anti-pledging policies | | | ✔ | |
| Clawback Policy for incentive-based executive compensation | | | ✔ | |
| Code of | | | ✔ | |
| Stock Ownership Guidelines | | |||||||||||||||||||||
| Chief Executive Officer | | | • | | | • | | | • | | | • | | | • | | | • | | | 6x base salary | |
| Other Executive Officers | | | • | | | • | | | • | | | | | | | | | | | | 3x base salary | |
| Non-Management Directors | | | • | | | • | | | • | | | • | | | • | | | | | | 5x base salary | |
| | Our acquisition platform and process create significant external growth. | | |
| | Our balance sheet enables capital access and liquidity and facilitates our strategic growth. | | |
| | We continue to execute on our operational goals and maintained strong occupancy during the year. | | |
| | Our operating and financial performance has translated into significant long-term stockholder returns. | | |
| | Our investment strategy and execution generate significant cash flow and earnings growth. | | |
| | What We Do | | | | What We Don’t Do | | |
| | ✔ We mitigate undue risk, including utilizing retention provisions, multiple performance targets, and robust | | | | ✘ We do not believe the executive compensation program creates risks that are reasonably likely to pose a material adverse impact to our | | |
| | ✔ A substantial majority of compensation is tied to performance based on | | | | ✘ We do not guarantee annual base salary increases or bonuses of a minimum amount (bonuses can be zero). | | |
| | ✔ We measure performance against multiple metrics and indices to avoid the risk of poor correlation of performance and reward. | | | | ✘ We do not provide uncapped bonuses. | | |
| | ✔ We require positive TSR (25% or greater) as a condition to higher payouts under the performance units; relative TSR below the | | | | ✘ We do not reprice stock options or stock appreciation rights without stockholder approval; exercise or base prices may not be less than grant date fair market value of our common stock. | | |
| | ✔ The | | | | ✘ We prohibit liberal share recycling; we may not reuse shares withheld or delivered for tax withholdings or exercise prices or use “net share counting” for stock appreciation rights. | | |
| | ✔ We have reasonable severance provisions and generally provide for cash payments after a change of control only if an employee is also terminated within one year (a double-trigger). | | | | ✘ Our employment agreements do not include tax gross-up provisions with respect to payments contingent upon a change of control. We do not have pension plans. | | |
| | ✔ We provide | | | | ✘ We do not distribute dividends on unearned performance unit awards. | | |
| | ✔ The | | | | ✘ The compensation consulting firm did not provide any services to us not related to compensation, succession planning or executive assessments. | | |
| | ✔ We have | | | | ✘ We prohibit hedging and pledging of our common stock by executive officers and directors. | | |
| | | Performance Metrics | | | | Performance Result(1) | | Metric Payout Percentage | | | | Weighting | | Calculated Payout Percentage(2) | | | | | | | | Performance Metrics | | | | Performance Result(1) | | Metric Payout Percentage | | | | Weighting | | Calculated Payout Percentage(2) | | | | | | ||||||||||||||||||||||||
| Benchmark | | 30th Percentile | | 50th Percentile | | 75th Percentile | | 95th Percentile | | | | Benchmark | | 30th Percentile | | 50th Percentile | | 75th Percentile | | 95th Percentile | | | | ||||||||||||||||||||||||||||||||||||||||
| Size-Based Peer Group | | 50% earned | | 100% earned | | 200% earned | | N/A | | | | 74th percentile | | 197.6% | | | | 25% | | 49.4% | | | | Size-Based Peer Group | | 50% earned | | 100% earned | | 200% earned | | N/A | | | | 68% | | 166.1% | | | | 25% | | 41.5% | | | | ||||||||||||||||
| Industry Peer Group | | 50% earned | | 100% earned | | 200% earned | | N/A | | | | 37th percentile | | 67.1% | | | | 25% | | 16.8% | | | | Industry Peer Group | | 50% earned | | 100% earned | | 200% earned | | N/A | | | | 81% | | 200.0% | | | | 25% | | 50.0% | | | | ||||||||||||||||
| MSCI US REIT Index(3) | | 50% earned | | 100% earned | | 200% earned | | 300% earned | | | | 86th percentile | | 253.3% | | | | 50% | | 126.7% | | | | MSCI US REIT Index(3) | | 50% earned | | 100% earned | | 200% earned | | 300% earned | | | | 75% | | 200.1% | | | | 50% | | 100.1% | | | | ||||||||||||||||
| | | | | | | | | | | | | Total Calculated Payout Percentage: | | 192.9% | | | | | | | | | | | | | | | | Total Calculated Payout Percentage: | | 191.6% | | | |
| | | | ||
| EastGroup Properties, Inc. | | | | |
| First Industrial Realty Trust, Inc. | | | Prologis, Inc. | |
| Industrial Logistics Properties Trust | | | Rexford Industrial Realty, Inc. | |
| | | Terreno Realty Corporation | |
| | Element | | | Description | | | Objectives | | |
| | Annual Cash Compensation | | | ||||||
| | Annual Base Salary | | | Fixed cash compensation. Reviewed and adjusted periodically. Annual base salaries for | | | • Attract and retain executives • Provide steady source of income sufficient to permit executives to focus effectively on their professional responsibilities • Help ensure that total cash compensation is competitive but not in excess of market | | |
| | Annual Cash Incentive Bonus Program | | | “At risk” variable cash compensation based on | | | • Encourage executives to achieve annual • Align executives’ interests with the stockholders’ interests | | |
| | Equity Incentive Compensation Program | | | ||||||
| | LTIP Units | | | Awards vest in equal installments over multi-year periods, subject to continued service. Value of the award is “at risk” since (i) the award may never have any liquidation value in the absence of sufficient stock price appreciation, and (ii) the value fluctuates with | | | • Promote long-term equity ownership by executives • Encourage the retention of executives • Align executives’ interests with the stockholders’ interests | | |
| | Performance Units | | | “At risk” variable equity compensation based on | | | • Encourage executives to achieve long-term • Align executives’ interests with the stockholders’ interests • Attract and retain executives | | |
| | Core FFO per Share | | | |||
| | | | Why we use this measure: FFO is a widely recognized measure of the performance of REITs. We believe that Core FFO, which excludes items that by their nature are not comparable from period to period and tend to obscure actual operating results, is useful to compare our operating performance over a given time period to that of other companies and other time periods in a consistent manner. See Appendix A attached hereto for definitions of FFO and Core FFO. | | |
| | Acquisition Volume | | | |||
| | | | Why we use this measure: We are a growth-oriented company, and See the table below under “—2023 Company Performance Results.” | | |
| | Net Debt to Run Rate Adjusted EBITDAre | | | |||
| | | | Why we use this measure: We See the table below under “—2023 Company Performance Results.” | | |
| | Same Store Cash NOI Growth | | | |||
| | | | Why we use this measure: Same Store Cash NOI Growth is a measurement of our internal growth and a primary financial measure for evaluating the core operating performance of our properties. Comparing Cash NOI on a “same store” basis (i.e., looking at the exact same set of stabilized properties over the | | |
| | | | | | | | | | Points Available | | | Performance Goals | | | | | | Points Earned (CEO/Other NEOs) | | ||||||||||||||||||||||||
| Metrics | | | Weighting | | | Threshold (CEO/Other NEOs) | | | Target (CEO/Other NEOs) | | | Maximum (CEO/Other NEOs) | | | Threshold | | | Target | | | Maximum | | | Actual Performance | | ||||||||||||||||||
| Core FFO per Share | | | | | 50% | | | | | | 31.3/25.0 | | | | | | 62.5/50.0 | | | | | | 93.8/75.0 | | | | $2.22 | | | $2.24 | | | $2.26 | | | $2.29 | | | Maximum | | | 93.8/75.0 | |
| Acquisition Volume | | | | | 10% | | | | | | 6.3/5.0 | | | | | | 12.5/10.0 | | | | | | 18.8/15.0 | | | | $300M | | | $500M | | | $700M | | | $312.4 | | | Threshold | | | 6.6/5.3 | |
| Net Debt to Run Rate Adjusted EBITDAre | | | | | 10% | | | | | | 6.3/5.0 | | | | | | 12.5/10.0 | | | | | | 18.8/15.0 | | | | 5.5x | | | 5.25x | | | 5.00x | | | 4.90x | | | Maximum | | | 18.8/15.0 | |
| Same Store Cash NOI Growth | | | | | 10% | | | | | | 6.3/5.0 | | | | | | 12.5/10.0 | | | | | | 18.8/15.0 | | | | 4.5% | | | 4.88% | | | 5.25% | | | 5.60% | | | Maximum | | | 18.8/15.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | Total Percentage Points Earned (CEO/Other NEOs): | | | 138.0/110.3 | | | | | |
| | | | | | | | 2021 Annual Cash Incentive Bonus Opportunity | | Percentage Points Earned | | | | | | | | | | | | | | 2023 Annual Cash Incentive Bonus Opportunity | | Percentage Points Earned | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Executive | | 2021 Base Salary | | Below Threshold | | Threshold | | Target | | Maximum | | Company Performance | | Individual Performance | | Total | | 2021 Bonus | | Executive | | 2023 Base Salary | | Below Threshold | | Threshold | | Target | | Maximum | | Company Performance | | Individual Performance | | Total | | 2023 Bonus | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Benjamin S. Butcher | | | $ | 650,000 | | | | $ | 0 | | | | $ | 406,250 | | | | $ | 812,500 | | | | $ | 1,218,750 | | | | | 146.0% | | | | | 34.2% | | | | | 180.2% | | | | $ | 1,171,354 | | | William R. Crooker | | | $ | 675,000 | | | | $ | 0 | | | | $ | 421,875 | | | | $ | 843,750 | | | | $ | 1,265,625 | | | | | 138.0% | | | | | 34.9% | | | | | 172.9% | | | | $ | 1,166,999 | | | ||||||||||||||||||
| William R. Crooker | | | $ | 466,667 | | | | $ | 0 | | | | $ | 233,334 | | | | $ | 466,667 | | | | $ | 700,001 | | | | | 116.7% | | | | | 27.5% | | | | | 144.2% | | | | $ | 672,778 | | | Matts S. Pinard | | | $ | 412,500 | | | | $ | 0 | | | | $ | 206,250 | | | | $ | 412,500 | | | | $ | 618,750 | | | | | 110.3% | | | | | 26.0% | | | | | 136.3% | | | | $ | 562,283 | | | ||||||||||||||||||
| Stephen C. Mecke | | | $ | 450,000 | | | | $ | 0 | | | | $ | 225,000 | | | | $ | 450,000 | | | | $ | 675,000 | | | | | 116.7% | | | | | 27.5% | | | | | 144.2% | | | | $ | 648,750 | | | Jeffrey M. Sullivan | | | $ | 375,000 | | | | $ | 0 | | | | $ | 187,500 | | | | $ | 375,000 | | | | $ | 562,500 | | | | | 110.3% | | | | | 29.0% | | | | | 139.3% | | | | $ | 522,416 | | | ||||||||||||||||||
| Jeffrey M. Sullivan | | | $ | 300,000 | | | | $ | 0 | | | | $ | 150,000 | | | | $ | 300,000 | | | | $ | 450,000 | | | | | 116.7% | | | | | 27.5% | | | | | 144.2% | | | | $ | 432,500 | | | Steven T. Kimball | | | $ | 375,000 | | | | $ | 0 | | | | $ | 187,500 | | | | $ | 375,000 | | | | $ | 562,500 | | | | | 110.3% | | | | | 29.0% | | | | | 139.3% | | | | $ | 522,416 | | | ||||||||||||||||||
| Michael C. Chase | | | $ | 375,000 | | | | $ | 0 | | | | $ | 187,500 | | | | $ | 375,000 | | | | $ | 562,500 | | | | | 110.3% | | | | | 23.0% | | | | | 133.3% | | | | $ | 499,916 | | |
| Executive | | | Date of Grant | | | Number of LTIP Units Issued | | | Value of LTIP Unit Award | | ||||||
| Benjamin S. Butcher | | | January 7, 2021 | | | | | 32,350 | | | | | $ | 910,006 | | |
| William R. Crooker | | | January 7, 2021 | | | | | 13,686 | | | | | $ | 384,987 | | |
| Stephen C. Mecke | | | January 7, 2021 | | | | | 14,931 | | | | | $ | 420,009 | | |
| Jeffrey M. Sullivan | | | January 7, 2021 | | | | | 10,665 | | | | | $ | 300,006 | | |
| David G King(1) | | | January 7, 2021 | | | | | 10,665 | | | | | $ | 300,006 | | |
| Executive | | | Date of Grant | | | Number of LTIP Units Issued | | | Value of LTIP Unit Award | | ||||||
| William R. Crooker | | | January 11, 2023 | | | | | 22,046 | | | | | $ | 735,014 | | |
| Matts S. Pinard | | | January 11, 2023 | | | | | 9,842 | | | | | $ | 328,132 | | |
| Jeffrey M. Sullivan | | | January 11, 2023 | | | | | 9,842 | | | | | $ | 328,132 | | |
| Steven T. Kimball | | | March 31, 2023 | | | | | 19,345 | | | | | $ | 628,132 | | |
| Michael C. Chase | | | January 11, 2023 | | | | | 10,826 | | | | | $ | 360,939 | | |
| Benchmark | | | Below 30th Percentile | | | 30th Percentile | | | 55th Percentile | | | 75th Percentile | | | 95th Percentile | |
| (Allocated | | | 0% earned | | | 50% earned | | | 100% earned | | | 200% earned | | | for performance beyond 75th percentile | |
| |||||||||||||||||
MSCI US REIT Index(1) (Allocated 50% of the Target Amount) | | | 0% earned | | | 50% earned | | | 100% earned | | | 200% earned | | | 300% earned | |
| Executive | | | Date of Grant | | | Target Number of Performance Units Issued | | | Value of Performance Unit Award (at target amounts) | | ||||||
| Benjamin S. Butcher | | | January 7, 2021 | | | | | 50,919 | | | | | $ | 1,690,002 | | |
| William R. Crooker | | | January 7, 2021 | | | | | 21,543 | | | | | $ | 715,012 | | |
| Stephen C. Mecke | | | January 7, 2021 | | | | | 23,501 | | | | | $ | 779,998 | | |
| Jeffrey M. Sullivan | | | January 7, 2021 | | | | | 13,558 | | | | | $ | 449,990 | | |
| David G. King (1) | | | January 7, 2021 | | | | | 13,558 | | | | | $ | 449,990 | | |
| Executive | | | Date of Grant | | | Target Number of Performance Units Issued | | | Value of Performance Unit Award (at target) | | ||||||
| William R. Crooker | | | January 11, 2023 | | | | | 31,900 | | | | | $ | 1,365,001 | | |
| Matts S. Pinard | | | January 11, 2023 | | | | | 14,241 | | | | | $ | 609,372 | | |
| Jeffrey M. Sullivan | | | January 11, 2023 | | | | | 14,241 | | | | | $ | 609,372 | | |
| Steven T. Kimball | | | March 31, 2023 | | | | | 14,624 | | | | | $ | 609,382 | | |
| Michael C. Chase | | | January 11, 2023 | | | | | 15,665 | | | | | $ | 670,305 | | |
| Name and Principal Position | | Year | | Salary | | Bonus | | Stock Awards(1) | | Non-Equity Incentive Plan Compensation | | All Other Compensation(2) | | Total | | Name and Principal Position | | Year | | Salary | | Bonus | | Stock Awards(4) | | Non-Equity Incentive Plan Compensation | | All Other Compensation(5) | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Benjamin S. Butcher(3) Chief Executive Officer and Chairman of the Board; Former President | | | | | 2021 | | | | $ | 650,000 | | | | $ | — | | | | $ | 2,600,008 | | | | $ | 1,171,354 | | | | $ | 27,936 | | | | $ | 4,449,298 | | | William R. Crooker(1) President and Chief Executive Officer | | | | | 2023 | | | | $ | 675,000 | | | | $ | — | | | | $ | 2,100,015 | | | | $ | 1,166,999 | | | | $ | 46,854 | | | | $ | 3,988,868 | | | ||||||||||||
| | | 2020 | | | | $ | 650,000 | | | | $ | — | | | | $ | 2,600,008 | | | | $ | 912,708 | | | | $ | 25,534 | | | | $ | 4,188,250 | | | | | | 2022 | | | | $ | 550,000 | | | | $ | — | | | | $ | 1,737,484 | | | | $ | 855,938 | | | | $ | 44,950 | | | | $ | 3,188,372 | | | |||||||||||||||||
| | | 2019 | | | | $ | 650,000 | | | | $ | — | | | | $ | 2,599,969 | | | | $ | 1,027,813 | | | | $ | 24,731 | | | | $ | 4,302,513 | | | | | | 2021 | | | | $ | 466,667 | | | | $ | — | | | | $ | 1,099,999 | | | | $ | 672,778 | | | | $ | 42,646 | | | | $ | 2,282,090 | | | |||||||||||||||||
| William R. Crooker(4) President; Former Chief Financial Officer, Executive Vice President and Treasurer | | | | | 2021 | | | | $ | 466,667 | | | | $ | — | | | | $ | 1,099,999 | | | | $ | 672,778 | | | | $ | 42,646 | | | | $ | 2,282,090 | | | Matts S. Pinard(2) Executive Vice President, Chief Financial Officer and Treasurer | | | | | 2023 | | | | $ | 412,500 | | | | $ | — | | | | $ | 937,504 | | | | $ | 562,283 | | | | $ | 44,342 | | | | $ | 1,956,629 | | | ||||||||||||
| | | 2020 | | | | $ | 400,000 | | | | $ | — | | | | $ | 1,099,985 | | | | $ | 453,333 | | | | $ | 38,761 | | | | $ | 1,992,079 | | | | | | 2022 | | | | $ | 371,329 | | | | $ | — | | | | $ | 925,022 | | | | $ | 464,162 | | | | $ | 42,658 | | | | $ | 1,803,171 | | | |||||||||||||||||
| | | 2019 | | | | $ | 400,000 | | | | $ | — | | | | $ | 1,099,983 | | | | $ | 518,000 | | | | $ | 36,938 | | | | $ | 2,054,921 | | | Jeffrey M Sullivan Executive Vice President, General Counsel and Secretary | | | | | 2023 | | | | $ | 375,000 | | | | $ | — | | | | $ | 937,504 | | | | $ | 522,416 | | | | $ | 40,514 | | | | $ | 1,875,434 | | | |||||||||||||||
| Stephen C. Mecke Chief Operating Officer and Executive Vice President | | | | | 2021 | | | | $ | 450,000 | | | | $ | — | | | | $ | 1,200,007 | | | | $ | 648,750 | | | | $ | 42,646 | | | | $ | 2,341,403 | | | | | | 2022 | | | | $ | 332,188 | | | | $ | — | | | | $ | 750,000 | | | | $ | 408,951 | | | | $ | 42,609 | | | | $ | 1,533,748 | | | ||||||||||||||
| | | 2020 | | | | $ | 450,000 | | | | $ | — | | | | $ | 1,200,011 | | | | $ | 510,000 | | | | $ | 38,761 | | | | $ | 2,198,772 | | | | | | 2021 | | | | $ | 300,000 | | | | $ | — | | | | $ | 749,996 | | | | $ | 432,500 | | | | $ | 41,358 | | | | $ | 1,523,854 | | | |||||||||||||||||
| | | 2019 | | | | $ | 450,000 | | | | $ | — | | | | $ | 1,199,972 | | | | $ | 569,250 | | | | $ | 36,938 | | | | $ | 2,256,160 | | | Steven T. Kimball(3) Executive Vice President—Real Estate Operations | | | | 2023 | | | | $ | 281,971 | | | | $ | — | | | | $ | 1,237,514 | | | | $ | 522,416 | | | | $ | 15,969 | | | | $ | 2,057,870 | | | ||||||||||||||||
| Jeffrey M. Sullivan Executive Vice President, General Counsel and Secretary | | | | | 2021 | | | | $ | 300,000 | | | | $ | — | | | | $ | 749,996 | | | | $ | 432,500 | | | | $ | 41,358 | | | | $ | 1,523,854 | | | Michael C. Chase Executive Vice President and Chief Investment Officer | | | | 2023 | | | | $ | 375,000 | | | | $ | — | | | | $ | 1,031,244 | | | | $ | 499,916 | | | | $ | 42,236 | | | | $ | 1,948,396 | | | |||||||||||||
| | | 2020 | | | | $ | 300,000 | | | | $ | — | | | | $ | 750,012 | | | | $ | 337,000 | | | | $ | 37,248 | | | | $ | 1,424,260 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2019 | | | | $ | 300,000 | | | | $ | — | | | | $ | 749,985 | | | | $ | 379,500 | | | | $ | 34,900 | | | | $ | 1,464,385 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| David G. King(5) Former Executive Vice President and Director of Real Estate Operations | | | | | 2021 | | | | $ | 212,500 | | | | $ | — | | | | $ | 749,996 | | | | $ | 240,055 | | | | $ | 1,331,460 | | | | $ | 2,534,011 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | $ | 300,000 | | | | $ | — | | | | $ | 750,012 | | | | $ | 337,000 | | | | $ | 38,761 | | | | $ | 1,425,773 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2019 | | | | $ | 300,000 | | | | $ | — | | | | $ | 749,985 | | | | $ | 385,500 | | | | $ | 36,938 | | | | $ | 1,472,423 | | |
| Name | | | Insurance Premiums | | | 401(K) Matching Contributions | | | Commuting/ Parking Allowances | | | Severance Payments | | | Total | | |||||||||||||||
| Benjamin S. Butcher | | | | $ | 18,900 | | | | | $ | 8,700 | | | | | $ | 336 | | | | | | — | | | | | $ | 27,936 | | |
| William R. Crooker | | | | $ | 27,946 | | | | | $ | 8,700 | | | | | $ | 6,000 | | | | | | — | | | | | $ | 42,646 | | |
| Stephen C. Mecke | | | | $ | 27,946 | | | | | $ | 8,700 | | | | | $ | 6,000 | | | | | | — | | | | | $ | 42,646 | | |
| Jeffrey M. Sullivan | | | | $ | 27,946 | | | | | $ | 8,700 | | | | | $ | 4,712 | | | | | | — | | | | | $ | 41,358 | | |
| David G. King | | | | $ | 27,806 | | | | | $ | 8,700 | | | | | $ | 4,500 | | | | | $ | 1,290,454 | | | | | $ | 1,331,460 | | |
| Name | | | Insurance Premiums | | | 401(K) Matching Contributions | | | Commuting/ Parking Allowances | | | Total | | ||||||||||||
| William R. Crooker | | | | $ | 30,614 | | | | | $ | 9,900 | | | | | $ | 6,340 | | | | | $ | 46,854 | | |
| Matts S. Pinard | | | | $ | 30,614 | | | | | $ | 9,900 | | | | | $ | 3,828 | | | | | $ | 44,342 | | |
| Jeffrey M. Sullivan | | | | $ | 30,614 | | | | | $ | 9,900 | | | | | $ | — | | | | | $ | 40,514 | | |
| Steven T. Kimball | | | | $ | 15,621 | | | | | $ | — | | | | | $ | 348 | | | | | $ | 15,969 | | |
| Michael C. Chase | | | | $ | 30,614 | | | | | $ | 9,900 | | | | | $ | 1,722 | | | | | $ | 42,236 | | |
| | | | | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards(1) | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares or Units (#)(3) | | | | | | | | | | | | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards(1) | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares or Units (#)(3) | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | | Date of Grant | | Threshold ($) | | Target ($) | | Maximum ($) | | Threshold (#) | | Target (#) | | Maximum (#) | | Grant Date Fair Value(4) | | Name | | Date of Grant | | Threshold ($) | | Target ($) | | Maximum ($) | | Threshold (#) | | Target (#) | | Maximum (#) | | Grant Date Fair Value(4) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Benjamin S. Butcher | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | William R. Crooker | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Annual cash incentive bonus | | | | | $ | 406,250 | | | | $ | 812,500 | | | | $ | 1,218,750 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Annual cash incentive bonus | | | | | $ | 421,875 | | | | $ | 843,750 | | | | $ | 1,265,625 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| LTIP units | | January 7, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 32,350 | | | | $ | 910,006 | | | LTIP units | | January 11, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 22,046 | | | | $ | 735,014 | | | ||||||||||||||||||
| Performance units | | January 7, 2021 | | | | | | | | | | | | | | | | | | | — | | | | | 50,919 | | | | | 127,297 | | | | | | | | | $ | 1,690,002 | | | Performance units | | January 11, 2023 | | | | | | | | | | | | | | | | | | | — | | | | | 31,900 | | | | | 79,750 | | | | | | | | | $ | 1,365,001 | | | ||||||||||||||||||
| William R. Crooker | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Matts S. Pinard | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Annual cash incentive bonus | | | | | $ | 233,334 | | | | $ | 466,667 | | | | $ | 700,001 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Annual cash incentive bonus | | | | | $ | 206,250 | | | | $ | 412,500 | | | | $ | 618,750 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| LTIP units | | January 7, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13,686 | | | | $ | 384,987 | | | LTIP units | | January 11, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,842 | | | | $ | 328,132 | | | ||||||||||||||||||
| Performance units | | January 7, 2021 | | | | | | | | | | | | | | | | | | | — | | | | | 21,543 | | | | | 53,857 | | | | | | | | | $ | 715,012 | | | Performance units | | January 11, 2023 | | | | | | | | | | | | | | | | | | | — | | | | | 14,241 | | | | | 35,602 | | | | | | | | | $ | 609,372 | | | ||||||||||||||||||
| Stephen C. Mecke | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Jeffrey M. Sullivan | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Annual cash incentive bonus | | | | | $ | 225,000 | | | | $ | 450,000 | | | | $ | 675,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Annual cash incentive bonus | | | | | $ | 187,500 | | | | $ | 375,000 | | | | $ | 562,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| LTIP units | | January 7, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 14,931 | | | | $ | 420,009 | | | LTIP units | | January 11, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,842 | | | | $ | 328,132 | | | ||||||||||||||||||
| Performance units | | January 7, 2021 | | | | | | | | | | | | | | | | | | | — | | | | | 23,501 | | | | | 58,752 | | | | | | | | | $ | 779,998 | | | Performance units | | January 11, 2023 | | | | | | | | | | | | | | | | | | | — | | | | | 14,241 | | | | | 35,602 | | | | | | | | | $ | 609,372 | | | ||||||||||||||||||
| Jeffrey M. Sullivan | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Steven T. Kimball | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Annual cash incentive bonus | | | | | $ | 150,000 | | | | $ | 300,000 | | | | $ | 450,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Annual cash incentive bonus | | | | | $ | 187,500 | | | | $ | 375,000 | | | | $ | 562,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| LTIP units | | January 7, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,665 | | | | $ | 300,006 | | | LTIP units | | March 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 19,345 | | | | $ | 628,132 | | | ||||||||||||||||||
| Performance units | | January 7, 2021 | | | | | | | | | | | | | | | | | | | — | | | | | 13,558 | | | | | 33,895 | | | | | | | | | $ | 449,990 | | | Performance units | | March 31, 2023 | | | | | | | | | | | | | | | | | | | — | | | | | 14,624 | | | | | 36,560 | | | | | | | | | $ | 609,382 | | | ||||||||||||||||||
| David G. King(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Michael C. Chase | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Annual cash incentive bonus | | | | | $ | 150,000 | | | | $ | 300,000 | | | | $ | 450,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Annual cash incentive bonus | | | | | $ | 187,500 | | | | $ | 375,000 | | | | $ | 562,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| LTIP units | | January 7, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,665 | | | | $ | 300,006 | | | LTIP units | | January 11, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,826 | | | | $ | 360,939 | | | ||||||||||||||||||
| Performance units | | January 7, 2021 | | | | | | | | | | | | | | | | | | | — | | | | | 13,558 | | | | | 33,895 | | | | | | | | | $ | 449,990 | | | Performance units | | January 11, 2023 | | | | | | | | | | | | | | | | | | | — | | | | | 15,665 | | | | | 39,162 | | | | | | | | | $ | 670,305 | | |
| | | Stock Awards | | | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||
| Name | | Number of Shares of Stock or Units that Have Not Vested(1) | | Market Value of Shares or Units that Have Not Vested(2) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(3) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that Have Not Vested(3)(4) | | Name | | Number of Shares of Stock or Units that Have Not Vested(1) | | Market Value of Shares or Units that Have Not Vested(2) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(3) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that Have Not Vested(3)(4) | | ||||||||||||||||||||||||||||||||
| Benjamin S. Butcher | | | | 49,377 | | | | $ | 2,368,121 | | | | | 229,876 | | | | $ | 11,024,853 | | | William R. Crooker | | | | 27,182 | | | | $ | 1,067,165 | | | | | 100,609 | | | | $ | 3,949,909 | | | ||||||||
| William R. Crooker | | | | 20,890 | | | | $ | 1,001,884 | | | | | 97,254 | | | | $ | 4,664,302 | | | Matts S. Pinard | | | | 12,016 | | | | $ | 471,748 | | | | | 31,792 | | | | $ | 1,248,154 | | | ||||||||
| Stephen C. Mecke | | | | 22,790 | | | | $ | 1,093,008 | | | | | 106,096 | | | | $ | 5,088,364 | | | Jeffrey M. Sullivan | | | | 13,167 | | | | $ | 516,936 | | | | | 53,108 | | | | $ | 2,085,020 | | | ||||||||
| Jeffrey M. Sullivan | | | | 16,279 | | | | $ | 780,741 | | | | | 61,209 | | | | $ | 2,935,584 | | | Steven T. Kimball | | | | 14,509 | | | | $ | 569,623 | | | | | 14,624 | | | | $ | 574,138 | | | ||||||||
| David G. King(5) | | | | — | | | | $ | — | | | | | — | | | | $ | — | | | Michael C. Chase | | | | 12,190 | | | | $ | 478,579 | | | | | 32,273 | | | | $ | 1,267,038 | | |
| | | | | | | | Number of Units | | | | | | | | | | | Number of Units | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Grant Date | | Grant Date Fair Value | | Butcher | | Crooker | | Mecke | | Sullivan | | Vesting Periods | | Grant Date | | Grant Date Fair Value | | Crooker | | Pinard | | Sullivan | | Kimball | | Chase | | Vesting Periods | | ||||||||||||||||||||||||||||||||||||||||||||||
| January 7, 2019 | | | $ | 23.51 | | | | | 38,706 | | | | | 16,376 | | | | | 17,864 | | | | | 12,760 | | | Over four years in equal installments on a quarterly basis | | January 7, 2021 | | | $ | 28.13 | | | | | 13,686 | | | | | 3,149 | | | | | 10,665 | | | | | — | | | | | 6,968 | | | Units vest over four years in equal installments on a quarterly basis | | |||||||||||||
| January 8, 2020 | | | $ | 29.47 | | | | | 30,879 | | | | | 13,064 | | | | | 14,252 | | | | | 10,180 | | | Over four years in equal installments on a quarterly basis | | January 10, 2022 | | | $ | 42.07 | | | | | 14,455 | | | | | 7,696 | | | | | 6,240 | | | | | — | | | | | 4,659 | | | Units vest over four years in equal installments on a quarterly basis | | |||||||||||||
| January 7, 2021 | | | $ | 28.13 | | | | | 32,350 | | | | | 13,686 | | | | | 14,931 | | | | | 10,665 | | | Over four years in equal installments on a quarterly basis | | January 11, 2023 | | | $ | 33.34 | | | | | 22,046 | | | | | 9,842 | | | | | 9,842 | | | | | — | | | | | 10,826 | | | Units vest over four years in equal installments on a quarterly basis | | |||||||||||||
| March 31, 2023 | | | $ | 32.47 | | | | | — | | | | | — | | | | | — | | | | | 19,345 | | | | | — | | | Units vest over four years in equal installments on a quarterly basis | |
| | | | | | | | Number of Performance Units | | | | | | | | | | | Number of Performance Units | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Grant Date | | Grant Date Fair Value | | Butcher | | Crooker | | Mecke | | Sullivan | | Vesting Periods | | Grant Date | | Grant Date Fair Value | | Crooker | | Pinard | | Sullivan | | Kimball | | Chase | | Vesting Periods | | ||||||||||||||||||||||||||||||||||||||||||||||
| January 7, 2019 | | | $ | 28.19 | | | | | 59,950 | | | | | 25,363 | | | | | 27,669 | | | | | 15,963 | | | All earned shares vest immediately in full | | January 7, 2021 | | | $ | 33.19 | | | | | 21,543 | | | | | 2,669 | | | | | 13,558 | | | | | — | | | | | 5,905 | | | Earned shares/units vest immediately | | |||||||||||||
| January 8, 2020 | | | $ | 36.18 | | | | | 46,711 | | | | | 19,762 | | | | | 21,559 | | | | | 12,438 | | | All earned shares vest immediately in full | | January 10, 2022 | | | $ | 51.04 | | | | | 22,127 | | | | | 11,780 | | | | | 9,551 | | | | | — | | | | | 3,840 | | | Earned shares/units vest immediately | | |||||||||||||
| January 7, 2021 | | | $ | 33.19 | | | | | 50,919 | | | | | 21,543 | | | | | 23,501 | | | | | 13,558 | | | All earned shares vest immediately in full | | January 11, 2023 | | | $ | 42.79 | | | | | 31,900 | | | | | 14,241 | | | | | 14,241 | | | | | — | | | | | 15,665 | | | Earned shares/units vest immediately | | |||||||||||||
| March 31, 2023 | | | $ | 41.67 | | | | | — | | | | | — | | | | | — | | | | | 14,624 | | | | | — | | | Earned shares/units vest immediately | |
| Name | | Vesting Date | | Closing Market Price | | Number of Shares Acquired on Vesting(1)(2) | | Value Realized on Vesting | | Name | | Vesting Date | | Closing Market Price | | Number of Shares Acquired on Vesting(1)(2) | | Value Realized on Vesting | | ||||||||||||||||||||||||||
| Benjamin S. Butcher | | | January 7, 2021 | | | $ | 29.77 | | | | | 57,984 | | | | $ | 1,726,184 | | | William R. Crooker | | ||||||||||||||||||||||||
| March 31, 2021 | | | $ | 33.61 | | | | | 8,642 | | | | $ | 290,458 | | | | | January 11, 2023 | | | $ | 34.73 | | | | | 30,427 | | | | $ | 1,056,730 | | | ||||||||||
| May 4, 2021 | | | $ | 36.16 | | | | | 16,667 | | | | $ | 602,679 | | | | | March 31, 2023 | | | $ | 33.82 | | | | | 3,953 | | | | $ | 133,690 | | | ||||||||||
| June 30, 2021 | | | $ | 37.43 | | | | | 8,641 | | | | $ | 323,433 | | | | | June 30, 2023 | | | $ | 35.88 | | | | | 3,954 | | | | $ | 141,870 | | | ||||||||||
| September 30, 2021 | | | $ | 39.25 | | | | | 8,642 | | | | $ | 339,199 | | | | | September 30, 2023 | | | $ | 34.51 | | | | | 3,953 | | | | $ | 136,418 | | | ||||||||||
| December 31, 2021 | | | $ | 47.96 | | | | | 52,237 | | | | $ | 2,505,287 | | | | | December 31, 2023 | | | $ | 39.26 | | | | | 3,954 | | | | $ | 155,234 | | | ||||||||||
| William R. Crooker | | | January 7, 2021 | | | $ | 29.77 | | | | | 22,078 | | | | $ | 657,262 | | | Matts S. Pinard | | ||||||||||||||||||||||||
| March 31, 2021 | | | $ | 33.61 | | | | | 3,561 | | | | $ | 119,685 | | | | | January 11, 2023 | | | $ | 34.73 | | | | | 3,153 | | | | $ | 109,504 | | | ||||||||||
| June 30, 2021 | | | $ | 37.43 | | | | | 3,559 | | | | $ | 133,213 | | | | | March 31, 2023 | | | $ | 33.82 | | | | | 1,449 | | | | $ | 49,005 | | | ||||||||||
| September 30, 2021 | | | $ | 39.25 | | | | | 3,561 | | | | $ | 139,769 | | | | | June 30, 2023 | | | $ | 35.88 | | | | | 1,450 | | | | $ | 52,026 | | | ||||||||||
| December 31, 2021 | | | $ | 47.96 | | | | | 20,158 | | | | $ | 966,778 | | | | | September 30, 2023 | | | $ | 34.51 | | | | | 1,450 | | | | $ | 50,040 | | | ||||||||||
| Stephen C. Mecke | | | January 7, 2021 | | | $ | 29.77 | | | | | 27,658 | | | | $ | 823,379 | | | | | December 31, 2023 | | | $ | 39.26 | | | | | 1,451 | | | | $ | 56,966 | | | |||||||
| March 31, 2021 | | | $ | 33.61 | | | | | 4,087 | | | | $ | 137,364 | | | Jeffrey M. Sullivan | | |||||||||||||||||||||||||||
| June 30, 2021 | | | $ | 37.43 | | | | | 4,086 | | | | $ | 152,939 | | | | | January 11, 2023 | | | $ | 34.73 | | | | | 19,150 | | | | $ | 665,080 | | | ||||||||||
| September 30, 2021 | | | $ | 39.25 | | | | | 4,087 | | | | $ | 160,415 | | | | | March 31, 2023 | | | $ | 33.82 | | | | | 2,307 | | | | $ | 78,023 | | | ||||||||||
| December 31, 2021 | | | $ | 47.96 | | | | | 26,092 | | | | $ | 1,251,372 | | | | | June 30, 2023 | | | $ | 35.88 | | | | | 2,309 | | | | $ | 82,847 | | | ||||||||||
| Jeffrey M. Sullivan | | | January 7, 2021 | | | $ | 29.77 | | | | | 15,440 | | | | $ | 459,649 | | | | | September 30, 2023 | | | $ | 34.51 | | | | | 2,307 | | | | $ | 79,615 | | | |||||||
| March 31, 2021 | | | $ | 33.61 | | | | | 2,850 | | | | $ | 95,789 | | | | | December 31, 2023 | | | $ | 39.26 | | | | | 2,309 | | | | $ | 90,651 | | | ||||||||||
| June 30, 2021 | | | $ | 37.43 | | | | | 2,848 | | | | $ | 106,601 | �� | | Steven T. Kimball | | |||||||||||||||||||||||||||
| September 30, 2021 | | | $ | 39.25 | | | | | 2,850 | | | | $ | 111,863 | | | | | March 31, 2023 | | | $ | 33.82 | | | | | 1,209 | | | | $ | 40,888 | | | ||||||||||
| December 31, 2021 | | | $ | 47.96 | | | | | 14,454 | | | | $ | 693,214 | | | | | June 30, 2023 | | | $ | 35.88 | | | | | 1,209 | | | | $ | 43,379 | | | ||||||||||
| David G. King | | | January 7, 2021 | | | $ | 29.77 | | | | | 15,440 | | | | $ | 459,649 | | | | | September 30, 2023 | | | $ | 34.51 | | | | | 1,209 | | | | $ | 41,723 | | | |||||||
| March 31, 2021 | | | $ | 33.61 | | | | | 2,850 | | | | $ | 95,789 | | | | | December 31, 2023 | | | $ | 39.26 | | | | | 1,209 | | | | $ | 47,465 | | | ||||||||||
| June 30, 2021 | | | $ | 37.43 | | | | | 2,848 | | | | $ | 106,601 | | | Michael C. Chase | | |||||||||||||||||||||||||||
| September 17, 2021(3) | | | $ | 41.82 | | | | | 33,583 | | | | $ | 1,404,441 | | | | | January 1, 2023 | | | $ | 32.31 | | | | | 1,725 | | | | $ | 55,735 | | | ||||||||||
| October 15, 2021(3) | | | $ | 42.74 | | | | | 57,100 | | | | $ | 2,440,454 | | | | | January 11, 2023 | | | $ | 34.73 | | | | | 7,745 | | | | $ | 268,984 | | | ||||||||||
| | | March 31, 2023 | | | $ | 33.82 | | | | | 1,790 | | | | $ | 60,538 | | | |||||||||||||||||||||||||||
| | | June 30, 2023 | | | $ | 35.88 | | | | | 1,788 | | | | $ | 64,153 | | | |||||||||||||||||||||||||||
| | | September 30, 2023 | | | $ | 34.51 | | | | | 1,790 | | | | $ | 61,773 | | | |||||||||||||||||||||||||||
| | | December 31, 2023 | | | $ | 39.26 | | | | | 1,790 | | | | $ | 70,275 | | |
| Plan Category | | Number of securities to be issued upon exercise of outstanding options, warrants and rights(1) | | Weighted-average exercise price of outstanding options, warrants and rights | | Number of securities remaining available for future issuance under equity compensation plans | | Plan Category | | Number of securities to be issued upon exercise of outstanding options, warrants and rights(1) | | Weighted-average exercise price of outstanding options, warrants and rights | | Number of securities remaining available for future issuance under equity compensation plans | | ||||||||||||||||||||||||
| Equity compensation plans approved by security holders(2) | | | | 1,949,124 | | | | | — | | | | | 1,634,019 | | | Equity compensation plans approved by security holders(2) | | | | 2,361,920 | | | | | — | | | | | 4,226,328 | | | ||||||
| Equity compensation plans not approved by security holders | | | | — | | | | | — | | | | | — | | | Equity compensation plans not approved by security holders | | | | — | | | | | — | | | | | — | | | ||||||
| Total | | | | 1,949,124 | | | | | — | | | | | 1,634,019 | | | Total | | | | 2,361,920 | | | | | — | | | | | 4,226,328 | | |
| Year(1) | | | Summary Compensation Table Total for CEO (Crooker) | | | Summary Compensation Table Total for CEO (Butcher) | | | Compensation Actually Paid to CEO (Crooker)(2)(3) | | | Compensation Actually Paid to CEO (Butcher)(2)(4) | | | Average Summary Compensation Table Total for Non-CEO NEOs | | | Average Compensation Actually Paid for Non-CEO NEOs(2)(5) | | | Value of Initial Fixed $100 Investment Based on: | | | | | | | | | Company Selected Measure | | ||||||||||||||||||||||||||||||
| Company TSR | | | MSCI US REIT Index TSR | | | Net Income(6) | | | Core FFO per Share | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | | | | $ | 3,988,868 | | | | | | — | | | | | $ | 6,100,902 | | | | | | — | | | | | $ | 1,959,582 | | | | | $ | 3,424,011 | | | | | $ | 147.63 | | | | | $ | 113.54 | | | | | $ | 197,201 | | | | | $ | 2.29 | | |
| 2022 | | | | $ | 3,188,372 | | | | | $ | 3,876,231 | | | | | $ | 651,843 | | | | | $ | (1,626,373) | | | | | $ | 1,867,742 | | | | | $ | (465,690) | | | | | $ | 116.52 | | | | | $ | 99.82 | | | | | $ | 182,234 | | | | | $ | 2.21 | | |
| 2021 | | | | | — | | | | | $ | 4,449,298 | | | | | | — | | | | | $ | 15,236,732 | | | | | $ | 2,170,340 | | | | | $ | 5,496,820 | | | | | $ | 165.73 | | | | | $ | 132.23 | | | | | $ | 196,432 | | | | | $ | 2.06 | | |
| 2020 | | | | | — | | | | | $ | 4,188,250 | | | | | | — | | | | | $ | 5,077,126 | | | | | $ | 1,760,221 | | | | | $ | 2,107,975 | | | | | $ | 104.19 | | | | | $ | 92.43 | | | | | $ | 206,795 | | | | | $ | 1.89 | | |
| Year | | | Summary Compensation Table Total | | | “Stock Awards” Column of Summary Compensation Table | | | Equity Award Adjustments | | | Compensation Actually Paid | | ||||||||||||
| 2023 | | | | $ | 3,988,868 | | | | | $ | (2,100,015) | | | | | $ | 4,212,049 | | | | | $ | 6,100,902 | | |
| 2022 | | | | $ | 3,188,372 | | | | | $ | (1,737,484) | | | | | $ | (799,045) | | | | | $ | 651,843 | | |
| Year | | | Summary Compensation Table Total | | | “Stock Awards” Column of Summary Compensation Table | | | Equity Award Adjustments | | | Compensation Actually Paid | | ||||||||||||
| 2022 | | | | $ | 3,876,231 | | | | | $ | (2,600,001) | | | | | $ | (2,902,603) | | | | | $ | (1,626,373) | | |
| 2021 | | | | $ | 4,449,298 | | | | | $ | (2,600,008) | | | | | $ | 13,387,442 | | | | | $ | 15,236,732 | | |
| 2020 | | | | $ | 4,188,250 | | | | | $ | (2,600,008) | | | | | $ | 3,488,884 | | | | | $ | 5,077,126 | | |
| Year | | | Average Summary Compensation Table Total | | | Average “Stock Awards” Column of Summary Compensation Table | | | Average Equity Award Adjustments | | | Average Compensation Actually Paid | | ||||||||||||
| 2023 | | | | $ | 1,959,582 | | | | | $ | (1,035,942) | | | | | $ | 2,500,371 | | | | | $ | 3,424,011 | | |
| 2022 | | | | $ | 1,867,742 | | | | | $ | (958,333) | | | | | $ | (1,375,099) | | | | | $ | (465,690) | | |
| 2021 | | | | $ | 2,170,340 | | | | | $ | (950,000) | | | | | $ | 4,276,480 | | | | | $ | 5,496,820 | | |
| 2020 | | | | $ | 1,760,221 | | | | | $ | (950,005) | | | | | $ | 1,297,759 | | | | | $ | 2,107,975 | | |
| | Most Important Performance Measures | | |
| | • Relative TSR (our TSR as compared to the industry peer group and the MSCI US REIT Index) • Core FFO per Share • Net Debt to Run Rate Adjusted EBITDAre • Same Store Cash NOI Growth | | |
| Name and Termination or Change of Control Scenario | | Cash Payment | | Acceleration of Vesting of Equity Awards(1)(2) | | Total | | Name and Termination or Change of Control Scenario | | Cash Payment | | Acceleration of Vesting of Equity Awards(1)(2) | | Total | | ||||||||||||||||||||||||
| Benjamin S. Butcher | | | | | | | | | | | | | | | | | William R. Crooker | | | | | | | | | | | | | | | | | ||||||
| Voluntary termination, retirement or involuntary termination for cause | | | $ | — | | | | $ | — | | | | $ | — | | | Voluntary termination, retirement or involuntary termination for cause | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||
| Qualifying retirement(3) | | | $ | — | | | | $ | 13,337,532 | | | | $ | 13,337,532 | | | Qualifying retirement | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||
| Termination by company without cause or by employee for good reason | | | $ | 5,492,412 | | | | $ | 13,337,532 | | | | $ | 18,829,944 | | | Termination by Company without cause or by employee for good reason | | | $ | 3,462,920 | | | | $ | 4,671,233 | | | | $ | 8,134,153 | | | ||||||
| Accelerated vesting upon change of control(2) | | | $ | — | | | | $ | 17,958,094 | | | | $ | 17,958,094 | | | Accelerated vesting upon change of control(2) | | | $ | — | | | | $ | 6,976,620 | | | | $ | 6,976,620 | | | ||||||
| Notice of non-renewal within 12 months following change of control | | | $ | 5,492,412 | | | | $ | 17,958,094 | | | | $ | 23,450,506 | | | Notice of non-renewal within 12 months following change of control | | | $ | 3,462,920 | | | | $ | 4,671,233 | | | | $ | 8,134,153 | | | ||||||
| Death or disability(4) | | | $ | 1,199,704 | | | | $ | 13,337,532 | | | | $ | 14,537,236 | | | Death or disability(3) | | | $ | 1,212,920 | | | | $ | 4,671,233 | | | | $ | 5,884,153 | | | ||||||
| William R. Crooker | | | | | | | | | | | | | | | | | Matts S. Pinard | | | | | | | | | | | | | | | | | ||||||
| Voluntary termination, retirement or involuntary termination for cause | | | $ | — | | | | $ | — | | | | $ | — | | | Voluntary termination, retirement or involuntary termination for cause | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||
| Qualifying retirement | | | $ | — | | | | $ | — | | | | $ | — | | | Qualifying retirement | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||
| Termination by company without cause or by employee for good reason | | | $ | 2,387,475 | | | | $ | 5,642,734 | | | | $ | 8,030,209 | | | Termination by Company without cause or by employee for good reason | | | $ | 1,508,204 | | | | $ | 1,562,195 | | | | $ | 3,070,399 | | | ||||||
| Accelerated vesting upon change of control(2) | | | $ | — | | | | $ | 7,597,583 | | | | $ | 7,597,583 | | | Accelerated vesting upon change of control(2) | | | $ | — | | | | $ | 2,627,083 | | | | $ | 2,627,083 | | | ||||||
| Notice of non-renewal within 12 months following change of control | | | $ | 2,387,475 | | | | $ | 7,597,583 | | | | $ | 9,985,058 | | | Notice of non-renewal within 12 months following change of control | | | $ | 1,508,204 | | | | $ | 1,562,195 | | | | $ | 3,070,399 | | | ||||||
| Death or disability(4) | | | $ | 714,697 | | | | $ | 5,642,734 | | | | $ | 6,357,431 | | | Death or disability(3) | | | $ | 608,204 | | | | $ | 1,562,195 | | | | $ | 2,170,399 | | | ||||||
| | | | Jeffrey M. Sullivan | | | | | | | | | | | | | | | | | ||||||||||||||||||||
| Stephen C. Mecke | | | | | | | | | | | | | | | | | Voluntary termination, retirement or involuntary termination for cause | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||
| Voluntary termination, retirement or involuntary termination for cause | | | $ | — | | | | $ | — | | | | $ | — | | | Qualifying retirement | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||
| Qualifying retirement(3) | | | $ | — | | | | $ | 6,155,762 | | | | $ | 6,155,762 | | | Termination by Company without cause or by employee for good reason | | | $ | 1,318,337 | | | | $ | 2,448,136 | | | | $ | 3,766,473 | | | ||||||
| Termination by company without cause or by employee for good reason | | | $ | 2,239,419 | | | | $ | 6,155,762 | | | | $ | 8,395,181 | | | Accelerated vesting upon change of control(2) | | | $ | — | | | | $ | 3,471,212 | | | | $ | 3,471,212 | | | ||||||
| Accelerated vesting upon change of control(2) | | | $ | — | | | | $ | 8,288,351 | | | | $ | 8,288,351 | | | Notice of non-renewal within 12 months following change of control | | | $ | 1,318,337 | | | | $ | 2,448,136 | | | | $ | 3,766,473 | | | ||||||
| Notice of non-renewal within 12 months following change of control | | | $ | 2,239,419 | | | | $ | 8,288,351 | | | | $ | 10,527,770 | | | Death or disability(3) | | | $ | 568,337 | | | | $ | 2,448,136 | | | | $ | 3,016,473 | | | ||||||
| Death or disability(4) | | | $ | 648,750 | | | | $ | 6,155,762 | | | | $ | 6,804,512 | | | Steven T. Kimball | | | | | | | | | | | | | | | | | ||||||
| Jeffrey M. Sullivan | | | | | | | | | | | | | | | | | Voluntary termination, retirement or involuntary termination for cause | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||
| Voluntary termination, retirement or involuntary termination for cause | | | $ | — | | | | $ | — | | | | $ | — | | | Qualifying retirement | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||
| Qualifying retirement | | | $ | — | | | | $ | — | | | | $ | — | | | Termination by Company without cause or by employee for good reason | | | $ | 1,295,848 | | | | $ | 1,002,897 | | | | $ | 2,298,745 | | | ||||||
| Termination by company without cause or by employee for good reason | | | $ | 1,506,919 | | | | $ | 3,701,553 | | | | $ | 5,208,472 | | | Accelerated vesting upon change of control(2) | | | $ | — | | | | $ | 1,869,483 | | | | $ | 1,869,483 | | | ||||||
| Accelerated vesting upon change of control(2) | | | $ | — | | | | $ | 4,931,871 | | | | $ | 4,931,871 | | | Notice of non-renewal within 12 months following change of control | | | $ | 1,295,848 | | | | $ | 1,002,897 | | | | $ | 2,298,745 | | | ||||||
| Notice of non-renewal within 12 months following change of control | | | $ | 1,506,919 | | | | $ | 4,931,871 | | | | $ | 6,438,790 | | | Death or disability(3) | | | $ | 545,848 | | | | $ | 1,002,897 | | | | $ | 1,548,745 | | | ||||||
| Death or disability(4) | | | $ | 473,864 | | | | $ | 3,701,553 | | | | $ | 4,175,417 | | | Michael C. Chase | | | | | | | | | | | | | | | | | ||||||
| Voluntary termination, retirement or involuntary termination for cause | | | $ | — | | | | $ | — | | | | $ | — | | | |||||||||||||||||||||||
| Qualifying retirement | | | $ | — | | | | $ | — | | | | $ | — | | | |||||||||||||||||||||||
| Termination by Company without cause or by employee for good reason | | | $ | 1,295,837 | | | | $ | 1,588,028 | | | | $ | 2,883,865 | | | |||||||||||||||||||||||
| Accelerated vesting upon change of control(2) | | | $ | — | | | | $ | 2,588,333 | | | | $ | 2,588,333 | | | |||||||||||||||||||||||
| Notice of non-renewal within 12 months following change of control | | | $ | 1,295,837 | | | | $ | 1,588,028 | | | | $ | 2,883,865 | | | |||||||||||||||||||||||
| Death or disability(3) | | | $ | 545,837 | | | | $ | 1,588,028 | | | | $ | 2,133,865 | | |
| | | Year Ended December 31, 2021 | | Year Ended December 31, 2020 | | | | Year Ended December 31, 2023 | | Year Ended December 31, 2022 | | ||||||||||||||||
| Audit Fees | | | $ | 1,132,500 | | | | $ | 997,553 | | | Audit Fees | | | $ | 1,191,928 | | | | $ | 1,072,450 | | | ||||
| Tax Fees | | | | — | | | | | — | | | Tax Fees | | | | — | | | | | — | | | ||||
| Audit-Related Fees | | | | — | | | | | — | | | Audit-Related Fees | | | | — | | | | | — | | | ||||
| All Other Fees | | | | 2,700 | | | | | 2,700 | | | All Other Fees | | | $ | 3,081 | | | | $ | 2,900 | | | ||||
| Total | | | $ | 1,135,200 | | | | $ | 1,000,253 | | | Total | | | $ | 1,195,009 | | | | $ | 1,075,350 | | |
| Name of Beneficial Owner | | Number of Shares and/or Common Units Beneficially Owned(1) | | Percent of All Shares(2) | | Percent of All Shares and Common Units(3) | | Name of Beneficial Owner | | Number of Shares and Common Units Beneficially Owned(1) | | Percent of All Shares(2) | | Percent of All Shares and Common Units(3) | | ||||||||||||||||||||||||
| BlackRock, Inc.(4) | | | | 19,066,196 | | | | | 10.7% | | | | | 10.5% | | | Holders of 5% or More | | | | | | | | | | | | | | | | | ||||||
| The Vanguard Group—23-1945930(5) | | | | 24,668,275 | | | | | 13.9% | | | | | 13.6% | | | BlackRock, Inc.(4) | | | | 21,749,644 | | | | | 12.0% | | | | | 11.7% | | | ||||||
| Benjamin S. Butcher(6) | | | | 860,635 | | | | | * | | | | | * | | | State Street Corporation(5) | | | | 10,044,432 | | | | | 5.5% | | | | | 5.4% | | | ||||||
| William R. Crooker(6) | | | | 205,641 | | | | | * | | | | | * | | | The Vanguard Group—23-1945930(6) | | | | 26,060,931 | | | | | 14.3% | | | | | 14.0% | | | ||||||
| Stephen C. Mecke(6) | | | | 331,371 | | | | | * | | | | | * | | | Directors and Executive Officers | | | | | | | | | | | | | | | | | ||||||
| Jeffrey M. Sullivan(6) | | | | 210,389 | | | | | * | | | | | * | | | William R. Crooker(7) | | | | 314,836 | | | | | * | | | | | * | | | ||||||
| Jit Kee Chin(7) | | | | 12,598 | | | | | * | | | | | * | | | Matts S. Pinard(7) | | | | 53,645 | | | | | * | | | | | * | | | ||||||
| Virgis W. Colbert(7) | | | | 45,418 | | | | | * | | | | | * | | | Jeffrey M. Sullivan(7) | | | | 259,492 | | | | | * | | | | | * | | | ||||||
| Michelle S. Dilley(7) | | | | 23,546 | | | | | * | | | | | * | | | Stephen T. Kimball(7) | | | | 28,213 | | | | | * | | | | | * | | | ||||||
| Jeffrey D. Furber(7) | | | | 90,819 | | | | | * | | | | | * | | | Michael C. Chase(7) | | | | 84,192 | | | | | * | | | | | * | | | ||||||
| Larry T. Guillemette(7) | | | | 80,646 | | | | | * | | | | | * | | | Benjamin S. Butcher(8) | | | | 760,652 | | | | | * | | | | | * | | | ||||||
| Francis X. Jacoby III(7) | | | | 71,756 | | | | | * | | | | | * | | | Jit Kee Chin(8) | | | | 22,366 | | | | | * | | | | | * | | | ||||||
| Christopher P. Marr(7) | | | | 57,541 | | | | | * | | | | | * | | | Virgis W. Colbert(8) | | | | 31,275 | | | | | * | | | | | * | | | ||||||
| Hans S. Weger(7)(8) | | | | 79,780 | | | | | * | | | | | * | | | Michelle S. Dilley(8) | | | | 33,314 | | | | | * | | | | | * | | | ||||||
| All directors and named executive officers as a group (12 persons) | | | | 2,070,140 | | | | | 1.2% | | | | | 1.1% | | | Jeffrey D. Furber(8) | | | | 101,465 | | | | | * | | | | | * | | | ||||||
| Larry T. Guillemette(8) | | | | 92,565 | | | | | * | | | | | * | | | |||||||||||||||||||||||
| Francis X. Jacoby III(8) | | | | 81,524 | | | | | * | | | | | * | | | |||||||||||||||||||||||
| Christopher P. Marr(8)(9) | | | | 69,187 | | | | | * | | | | | * | | | |||||||||||||||||||||||
| Hans S. Weger(8)(10) | | | | 90,722 | | | | | * | | | | | * | | | |||||||||||||||||||||||
| All directors and named executive officers as a group (14 persons) | | | | 2,023,448 | | | | | 1.1% | | | | | 1.1% | | |
| | | Year ended December 31, | | | | Year ended December 31, | | ||||||||||||||||||||
| Reconciliation of Net Income to FFO (in thousands) | | 2021 | | 2020 | | Reconciliation of Net Income to FFO (in thousands) | | 2023 | | 2022 | | ||||||||||||||||
| Net income | | | $ | 196,432 | | | | $ | 206,795 | | | Net income | | | $ | 197,201 | | | | $ | 182,234 | | | ||||
| Rental property depreciation and amortization | | | | 238,487 | | | | | 214,464 | | | Rental property depreciation and amortization | | | | 278,216 | | | | | 274,823 | | | ||||
| Loss on impairments | | | | — | | | | | 5,577 | | | Loss on impairments | | | | — | | | | | 1,783 | | | ||||
| Gain on the sales of rental property, net | | | | (97,980) | | | | | (135,733) | | | Gain on the sales of rental property, net | | | | (54,100) | | | | | (57,487) | | | ||||
| FFO | | | $ | 336,939 | | | | $ | 291,103 | | | FFO | | | $ | 421,317 | | | | $ | 401,353 | | | ||||
| Preferred stock dividends | | | | (1,289) | | | | | (5,156) | | | Amount allocated to restricted shares of common stock and unvested units | | | | (546) | | | | | (558) | | | ||||
| Redemption of preferred stock | | | | (2,582) | | | | | — | | | FFO attributable to common stockholders and unit holders | | | $ | 420,771 | | | | $ | 400,795 | | | ||||
| Amount allocated to restricted shares of common stock and unvested units | | | | (838) | | | | | (756) | | | ||||||||||||||||
| FFO attributable to common stockholders and unit holders | | | $ | 332,230 | | | | $ | 285,191 | | |
| | | | Year ended December 31, | | |||||||||
| Reconciliation of Net Income to NOI (in thousands) | | | 2021 | | | 2020 | | ||||||
| Net income | | | | $ | 196,432 | | | | | $ | 206,795 | | |
| General and administrative | | | | | 48,629 | | | | | | 40,072 | | |
| Transaction costs | | | | | 347 | | | | | | 159 | | |
| Depreciation and amortization | | | | | 238,699 | | | | | | 214,738 | | |
| Interest and other income | | | | | (121) | | | | | | (446) | | |
| Interest expense | | | | | 63,484 | | | | | | 62,343 | | |
| Loss on impairments | | | | | — | | | | | | 5,577 | | |
| Gain on involuntary conversion | | | | | — | | | | | | (2,157) | | |
| Debt extinguishment and modification expenses | | | | | 2,152 | | | | | | 834 | | |
| Other expenses | | | | | 2,531 | | | | | | 1,870 | | |
| Gain on the sales of rental property, net | | | | | (97,980) | | | | | | (135,733) | | |
| NOI | | | | $ | 454,173 | | | | | $ | 394,052 | | |
| | | | Year ended December 31, | | |||||||||
| Reconciliation of Net Income to NOI (in thousands) | | | 2023 | | | 2022 | | ||||||
| Net income | | | | $ | 197,201 | | | | | $ | 182,234 | | |
| General and administrative | | | | | 47,491 | | | | | | 46,958 | | |
| Depreciation and amortization | | | | | 278,447 | | | | | | 275,040 | | |
| Interest and other income | | | | | (68) | | | | | | (103) | | |
| Interest expense | | | | | 94,575 | | | | | | 78,018 | | |
| Loss on impairments | | | | | — | | | | | | 1,783 | | |
| Debt extinguishment and modification expenses | | | | | — | | | | | | 838 | | |
| Other expenses | | | | | 4,693 | | | | | | 4,363 | | |
| Gain on the sales of rental property, net | | | | | (54,100) | | | | | | (57,487) | | |
| NOI | | | | $ | 568,239 | | | | | $ | 531,644 | | |