| • To elect three directors to serve until the annual meeting of stockholders in 2026; | |
| • To ratify the appointment of Grant Thornton LLP as our independent registered public accounting firm for 2023; | |
| • To approve (on an advisory basis), by non-binding vote, executive compensation; and | |
| • To approve (on an advisory basis) whether an advisory vote on the compensation of our named executive officers should occur every one, two or three years. | |
| | | | By Order of the Board of Directors | |
| | | | Peter Coughenour Chief Financial Officer and Secretary | |
| March 31, 2023 | | | ||
| Bloomfield Hills, 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 EVERY YEAR on the frequency of executive compensation votes. | | |
Stockholder Feedback | | | Response | |
The Company does not have a cap on payouts if absolute total shareholder return (“TSR”) is negative | | | The Company introduced a payout cap on performance units at 100% if absolute TSR is negative, starting with 2023 awards | |
The Company does not disclose metrics and actual results for management business objectives (“MBOs”) | | | In additional definitive materials filed in April 2022, the Company disclosed MBO metrics and actual results for 2021, and has continued that practice in this proxy statement, disclosing MBO metrics and actual results for 2022 | |
The Company does not disclose the “net lease peer group” which is weighted 50% for TSR measurements for performance units | | | The Company disclosed its net lease peer group in the additional definitive materials filed in April 2022, and continued that practice in this proxy statement | |
With respect to performance units previously disclosed, the Company does not disclose its performance results for prior periods | | | The Company historically disclosed performance results for prior periods in its annual report on Form 10-K, and has now incorporated that disclosure into this proxy statement | |
Long-term incentive (“LTI”) awards are 50% performance-based and 50% time-based, and stockholders would like to see a heavier weighting towards performance-based awards | | | The Compensation Committed decided to change LTI awards to be 55% performance-based and 45% time-based for all Named Executive Officers (“NEOs”) for 2023 | |
| Do | | |||||||||
| ✔ | | | provide compensation that is aligned with performance by linking 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 in connection with a change in control | |
Proposal No. | | | Description | | | Board’s Recommendation | | | Page | |
1 | | | The election of three directors nominated by our Board of Directors and named in the accompanying Proxy Statement to hold office until the 2026 Annual Meeting | | | For | | | 49 | |
2 | | | Ratification of the appointment of Grant Thornton as our independent registered public accounting firm for the year 2023 | | | For | | | 53 | |
3 | | | A non-binding vote to approve executive compensation of our named executive officers as described in the accompanying Proxy Statement. | | | For | | | 54 | |
4 | | | A non-binding vote on whether an advisory vote on the compensation of our named executive officers should occur every one, two or three years | | | Every Year | | | 55 | |
Name of Beneficial Owner | | | Amount and Nature of Beneficial Ownership(1) | | | Percent of Class(2) | | ||||||
Richard Agree | | | | | | | | | | * | | | |
Joel Agree | | | | | | | | | | * | | | |
| | | | | | | | | * | | | ||
Craig Erlich | | | | | | | | | | * | | | |
| | | | | | | | | * | | | ||
| | | | | | | | | * | | | ||
| | | | | | | | | * | | | ||
| | | | | | | | | * | | | ||
| | | | | | | | | * | | | ||
Michael | | | | | | | | | | * | | | |
| | | | | | | | | * | | | ||
| | | | | | | | | * | | | ||
| | | | | | | | | * | | | ||
excluding former officers) | | | | | | | | | | ||||
| |
Name of Beneficial Owner | | | Amount and Nature of Beneficial Ownership(1) | | | Percent of Class(2) | | ||||||
BlackRock, Inc. | | | | | | | | | | | | ||
The Vanguard Group | | | | | | | | | | | | ||
| | | | | | | | | | |
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 S. Frankel | | | ✓ | | | | | | Chair | | | | |
Michael Hollman | | | ✓ | | | | | | ✓ | | | | |
Michael Judlowe | | | | | | ✓ | | | | | | ✓ | |
Gregory Lehmkuhl | | | | | | Chair | | | ✓ | | | | |
John Rakolta, Jr. | | | | | | | | | | | | ✓ | |
Jerome Rossi | | | | | | ✓ | | | ✓ | | | | |
Number of Meetings in 2022 | | | 4 | | | 2 | | | 2 | | | 1 | |
Name | | | Fees Earned or Paid in Cash(1) | | | Stock Awards(2) | | ||||||
Karen Dearing(3) | | | | $ | 72,000 | | | | | $ | 66,000 | | |
Merrie S. Frankel(4) | | | | | 66,000 | | | | | | 66,000 | | |
Michael Hollman(5) | | | | | 66,000 | | | | | | 66,000 | | |
Michael Judlowe(6) | | | | | 66,000 | | | | | | 66,000 | | |
Gregory Lehmkuhl(7) | | | | | 72,000 | | | | | | 66,000 | | |
John Rakolta, Jr.(8) | | | | | 66,000 | | | | | | 66,000 | | |
Jerome Rossi(9) | | | | | 66,000 | | | | | | 66,000 | | |
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 Operating Officer | | |
| | | | | |||
| | | | ||||
Executive Vice President of People & Culture, Chief | |
Stockholder Feedback | | | Response | |
The Company does not have a cap on payouts if absolute TSR is negative | | | The Company introduced a payout cap on performance units at 100% if absolute TSR is negative, starting with 2023 awards | |
The Company does not disclose metrics and actual results for MBOs | | | In additional definitive materials filed in April 2022, the Company disclosed MBO metrics and actual results for 2021, and has continued that practice in this proxy statement, disclosing MBO metrics and actual results for 2022 | |
The Company does not disclose the “net lease peer group” which is weighted 50% for TSR measurements for performance units | | | The Company disclosed its net lease peer group in the additional definitive materials filed in April 2022, and continued that practice in this proxy statement | |
With respect to performance units previously disclosed, the Company does not disclose its performance results for prior periods | | | The Company historically disclosed performance results for prior periods in its annual report on Form 10-K, and has now incorporated that disclosure into this proxy statement | |
LTI awards are 50% performance-based and 50% time-based, and stockholders would like to see a heavier weighting towards performance-based awards | | | The Compensation Committed decided to change LTI awards to be 55% performance-based and 45% time-based for all NEOs for 2023 | |
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 | | |||||||||
| | | National Retail Properties, 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 | | | 2021 Base Salary | | | 2022 Base Salary | | | Change in Salary (%) | | |||||||||
Chief Executive Officer | | | | $ | 875,000 | | | | | $ | 875,000 | | | | | | 0% | | |
Chief Financial Officer | | | | $ | 350,000 | | | | | $ | 350,000 | | | | | | 0% | | |
Chief Operating Officer | | | | $ | 400,000 | | | | | $ | 420,000 | | | | | | 5% | | |
General Counsel | | | | $ | 330,000 | | | | | $ | 375,000 | | | | | | 14% | | |
EVP, People & Culture and Chief of Staff | | | | $ | 225,000 | | | | | $ | 236,000 | | | | | | 5% | | |
| | 2020 Annual Cash Incentive Bonus Opportunity (as % of Base Salary) | | | 2022 Annual Cash Incentive Bonus Opportunity (as % of Base Salary) | | ||||||||||||||||||||||||||||||||
Position | | Threshold | | Target | | Maximum | | 2020 Actual | | | Threshold | | Target | | Maximum | | 2022 Actual | | ||||||||||||||||||||
Chief Executive Officer | | | | 62.5% | | | | | 125.0% | | | | | 187.5% | | | | | 185.9% | | | | 75% | | 150% | | 350% | | 350% | | ||||||||
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% | | | | 50% | | 75% | | 150% | | 143% | | ||||||||
General Counsel | | | | 16.7% | | | | | 33.3% | | | | | 50.0% | | | | | 50.0% | | | | 25% | | 50% | | 100% | | 100% | | ||||||||
EVP, People & Culture and Chief of Staff | | 25% | | 50% | | 75% | | 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 | | | 2022 Actual | |
AFFO Growth | | | 5.0% | | | 7.0% | | | 9.0% | | | 9.2% | |
Cash Award Summary | | | Threshold | | | Target | | | Maximum | | | 2022 Actual | | | Award % of Target | |
Chief Executive Officer | | | $328,125 | | | $656,250 | | | $1,531,250 | | | $1,531,250 | | | 233% | |
Chief Financial Officer | | | $ 87,500 | | | $175,000 | | | $ 262,500 | | | $ 262,500 | | | 150% | |
Chief Operating Officer | | | $105,000 | | | $157,500 | | | $ 315,000 | | | $ 315,000 | | | 200% | |
General Counsel | | | $ 46,875 | | | $ 93,750 | | | $ 187,500 | | | $ 187,500 | | | 200% | |
EVP, People & Culture and Chief of Staff | | | $ 29,500 | | | $ 59,000 | | | $ 88,500 | | | $ 88,500 | | | 150% | |
Management Business Objectives | | | Threshold | | | Target | | | Maximum | | | Actual | |
Portfolio Occupancy | | | 96.5% | | | 97.5% | | | 98.5% | | | 99.7% | |
Investment Grade Tenants as % of Annualized Base Rent | | | 60.0% | | | 62.5% | | | 65.0% | | | 67.8% | |
Development & Partner Capital Solutions Commenced | | | $25.0 | | | $50.0 | | | $75.0 | | | $109.6 | |
Acquisition Volume | | | $1,000.0 | | | $1,200.0 | | | $1,400.0 | | | $1,592.7 | |
Net Debt to Recurring EBITDA at Year-End(1) | | | 5.5x | | | 5.0x | | | 4.5x | | | 3.1x | |
Fixed Charge Coverage Ratio at Year-End | | | 4.50x | | | 4.75x | | | 5.00x | | | 5.01x | |
Cash Award Summary | | Threshold | | Target | | Maximum | | 2020 Actual | | Award % of Target | | | Threshold | | Target | | Maximum | | 2022 Actual | | Award % of Target | | |||||||||||||||||||||||||
Chief Executive Officer | | | $ | 170,280 | | | | $ | 340,561 | | | | $ | 510,841 | | | | $ | 498,038 | | | | | 146% | | | | $229,688 | | $459,375 | | $1,071,875 | | $1,071,875 | | 233% | | ||||||||||
Chief Financial Officer | | | | 36,267 | | | | | 72,534 | | | | | 109,900 | | | | | 108,081 | | | | | 150% | | | | $ 61,250 | | $122,500 | | $ 183,750 | | $ 183,750 | | 150% | | ||||||||||
Chief Operating Officer | | | | 27,563 | | | | | 55,125 | | | | | 82,688 | | | | | 72,196 | | | | | 131% | | | | $ 84,000 | | $126,000 | | $ 252,000 | | $ 252,000 | | 200% | | ||||||||||
General Counsel(1) | | | | N/A | | | | | N/A | | | | | N/A | | | | | N/A | | | | | N/A | | | | N/A | | N/A | | N/A | | N/A | | N/A | | ||||||||||
EVP, People & Culture and Chief of Staff (1) | | N/A | | N/A | | N/A | | N/A | | N/A | |
| ◦ EPR Properties ◦ Essential Properties Trust, Inc. ◦ Four Corners Property Trust, Inc. ◦ Getty Realty Corporation | | | ◦ National Retail Properties, Inc. ◦ Realty Income Corporation ◦ Spirit Realty Capital, Inc. ◦ 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% | |
| Maximum | | | 75th Percentile | | | 150% | |
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 ($) | | | Bonus ($)(1) | | | Stock Awards ($)(2) | | | Non-Equity Incentive Plan Compensation ($)(3) | | | All Other Compensation ($)(4) | | | Total ($) | | |||||||||||||||||||||
Joel Agree President and Chief Executive Officer | | | | | 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 | | | ||
| | | 2020 | | | | | | 792,788 | | | | | | 1,500,000 | | | | | | 3,731,809 | | | | | | 1,446,744 | | | | | | 46,025 | | | | | | 7,517,366 | | | ||
Peter Coughenour(5) Chief Financial Officer, Secretary | | | | | 2022 | | | | | $ | 350,000 | | | | | $ | — | | | | | $ | 89,985 | | | | | $ | 525,000 | | | | | $ | 15,657 | | | | | $ | 980,642 | | |
| | | 2021 | | | | | | 163,365 | | | | | | — | | | | | | 44,998 | | | | | | 90,000 | | | | | | 9,457 | | | | | | 307,820 | | | ||
Craig Erlich(6) Chief Operating Officer | | | | | 2022 | | | | | $ | 416,462 | | | | | $ | — | | | | | $ | 471,429 | | | | | $ | 598,500 | | | | | $ | 44,868 | | | | | $ | 1,531,259 | | |
| | | 2021 | | | | | | 392,308 | | | | | | — | | | | | | 111,468 | | | | | | 577,369 | | | | | | 41,630 | | | | | | 1,122,775 | | | ||
| | | 2020 | | | | | | 125,912 | | | | | | — | | | | | | 299,978 | | | | | | 112,432 | | | | | | 11,563 | | | | | | 549,885 | | | ||
Danielle Spehar General Counsel | | | | | 2022 | | | | | $ | 367,039 | | | | | $ | — | | | | | $ | 314,242 | | | | | $ | 375,000 | | | | | $ | 39,140 | | | | | $ | 1,095,421 | | |
| | | 2021 | | | | | | 324,808 | | | | | | — | | | | | | 297,291 | | | | | | 165,000 | | | | | | 36,213 | | | | | | 823,312 | | | ||
| | | 2020 | | | | | | 300,961 | | | | | | — | | | | | | 200,005 | | | | | | 150,000 | | | | | | 32,946 | | | | | | 683,912 | | | ||
Nicole Witteveen(7) Executive Vice President, People & Culture, Chief of Staff | | | | | 2022 | | | | | $ | 234,054 | | | | | $ | — | | | | | $ | 149,975 | | | | | $ | 177,000 | | | | | $ | 24,694 | | | | | $ | 585,723 | | |
| | | 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 ($) | | Estimated Future Payouts Under Equity Incentive Plan Awards (#) | | | All Other Stock Awards; Number of Shares of Stock or Units (#)(1) | | Grant Date Fair Value of Stock and Option Awards ($)(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 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2/4/2022 | | | | $ | 656,250 | | | | $ | 1,312,500 | | | | $ | 3,062,500 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
Joel Agree | | | | 2/23/2020 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 21,979 | | | | | 1,749,968 | | | | | | 2/23/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 27,946 | | | | | 1,749,979 | | | ||||||||||||||||||
Joel Agree | | | | 2/23/2020 | | | | | — | | | | | — | | | | | — | | | | | 10,990 | | | | | 21,980 | | | | | 32,970 | | | | | — | | | | | 1,981,841 | | | | | | 2/23/2022 | | | | | — | | | | | — | | | | | — | | | | | 13,973 | | | | | 27,946 | | | | | 41,919 | | | | | — | | | | | 1,916,751 | | | ||||||||||||||||||
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 | | | | 2/4/2022 | | | | $ | 175,000 | | | | $ | 350,000 | | | | $ | 525,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Peter Coughenour | | | | 2/23/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,437 | | | | | 89,985 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Peter Coughenour | | | | 2/23/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Craig Erlich | | | | 2/4/2022 | | | | $ | 210,000 | | | | $ | 315,000 | | | | $ | 630,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Craig Erlich | | | | 2/23/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 3,593 | | | | | 224,994 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Craig Erlich | | | | 8/19/2020 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 4,541 | | | | | 299,978 | | | | | | 2/23/2022 | | | | | — | | | | | — | | | | | — | | | | | 1,797 | | | | | 3,593 | | | | | 5,390 | | | | | — | | | | | 246,436 | | | ||||||||||||||||||
Danielle Spehar | | | | 2/10/2020 | | | | | 50,000 | | | | | 100,000 | | | | | 150,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2/4/2022 | | | | $ | 93,750 | | | | $ | 187,500 | | | | $ | 375,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
Danielle Spehar | | | | 2/23/2020 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,512 | | | | | 200,005 | | | | | | 2/23/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,395 | | | | | 149,975 | | | ||||||||||||||||||
Danielle Spehar | | | | 2/23/2022 | | | | | — | | | | | — | | | | | — | | | | | 1,198 | | | | | 2,395 | | | | | 3,593 | | | | | — | | | | | 164,268 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nicole Witteveen | | | | 2/4/2022 | | | | $ | 59,000 | | | | $ | 118,000 | | | | $ | 177,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nicole Witteveen | | | | 2/23/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,395 | | | | | 149,975 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nicole Witteveen | | | | 2/23/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | |
| | 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 | | | | | | 2/23/2022 | | | | | 46,043 | | | | | 3,265,830 | | | | | 27,946 | | | | | 1,982,210 | | | |||||||||
Clayton Thelen(3) | | | | 7,154 | | | | | 476,313 | | | | | 3,433 | | | | | 228,569 | | | |||||||||||||||||||||||||||||||||||
Laith Hermiz | | | | 10,105 | | | | | 672,791 | | | | | 10,116 | | | | | 673,523 | | | |||||||||||||||||||||||||||||||||||
| | | | 2/23/2021 | | | | | 35,498 | | | | | 2,517,873 | | | | | 27,107 | | | | | 1,922,700 | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2020 | | | | | 13,187 | | | | | 935,354 | | | | | 21,980 | | | | | 1,559,041 | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2019 | | | | | 10,243 | | | | | 726,536 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2018 | | | | | 5,524 | | | | | 391,817 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
Peter Coughenour | | | | 2/23/2022 | | | | | 1,437 | | | | | 101,926 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2021 | | | | | 558 | | | | | 39,579 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2020 | | | | | 283 | | | | | 20,073 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2019 | | | | | 182 | | | | | 12,909 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2018 | | | | | 104 | | | | | 7,377 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
Craig Erlich | | | | 4,541 | | | | | 302,340 | | | | | — | | | | | — | | | | | | 2/23/2022 | | | | | 3,593 | | | | | 254,841 | | | | | 3,593 | | | | | 254,851 | | | |||||||||
| | | | 2/23/2021 | | | | | 697 | | | | | 49,438 | | | | | 871 | | | | | 61,780 | | | ||||||||||||||||||||||||||||||
| | | | 8/19/2020 | | | | | 2,724 | | | | | 193,213 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
Danielle Spehar | | | | 4,045 | | | | | 269,316 | | | | | — | | | | | — | | | | | | 2/23/2022 | | | | | 2,395 | | | | | 169,877 | | | | | 2,395 | | | | | 169,877 | | | |||||||||
| | | | 2/23/2021 | | | | | 1,858 | | | | | 131,788 | | | | | 2,323 | | | | | 164,770 | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2020 | | | | | 1,508 | | | | | 106,962 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2019 | | | | | 365 | | | | | 25,889 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| | | | 2/232018 | | | | | 193 | | | | | 13,689 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
Nicole Witteveen | | | | 2/23/2022 | | | | | 2,395 | | | | | 169,877 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2021 | | | | | 743 | | | | | 52,701 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| | | | 8/17/2021 | | | | | 2,695 | | | | | 191,156 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| | | | 2/23/2020 | | | | | 227 | | | | | 16,101 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| | | | 8/13/2019 | | | | | 282 | | | | | 20,002 | | | | | — | | | | | — | | |
| | | 2023 | | | 2024 | | | 2025 | | | 2026 | | | 2027 | | |||||||||||||||
Joel Agree | | | | | 56,241 | | | | | | 45,938 | | | | | | 41,083 | | | | | | 29,362 | | | | | | 14,904 | | |
Peter Coughenour | | | | | 715 | | | | | | 611 | | | | | | 522 | | | | | | 428 | | | | | | 288 | | |
Craig Erlich | | | | | 1,801 | | | | | | 2,092 | | | | | | 3,289 | | | | | | 2,381 | | | | | | 1,915 | | |
Danielle Spehar | | | | | 1,823 | | | | | | 2,403 | | | | | | 3,019 | | | | | | 2,515 | | | | | | 1,277 | | |
Nicole Witteveen | | | | | 1,555 | | | | | | 1,556 | | | | | | 1,415 | | | | | | 1,337 | | | | | | 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 | | | | | | 53,608 | | | | | 3,356,933 | | | ||||
Clayton Thelen | | | | 341 | | | | | 27,150 | | | |||||||||||||||
Laith Hermiz | | | | 4,476 | | | | | 353,764 | | | |||||||||||||||
Peter Coughenour | | | | 511 | | | | | 31,999 | | | |||||||||||||||
Craig Erlich | | | | — | | | | | — | | | | | | 1,082 | | | | | 82,909 | | | ||||
Danielle Spehar | | | | 598 | | | | | 44,338 | | | | | | 1,344 | | | | | 84,161 | | | ||||
Nicole Witteveen | | | | 1,077 | | | | | 81,013 | | |
Named Executive Officer | | Base Salary | | Bonus | | Early Vesting of Stock Awards(1) | | Other(2) | | Total | | | Base Salary | | Bonus | | Early Vesting of Stock Awards(1) | | Other(2) | | Total | | ||||||||||||||||||||||||||||||||||||||||
Joel Agree(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Death or Disability | | | $ | 145,833 | | | | $ | 973,031 | | | | $ | 5,871,024 | | | | $ | 15,340 | | | | $ | 7,005,229 | | | | | $ | 145,833 | | | | $ | 1,312,500 | | | | $ | 7,837,410 | | | | $ | 17,074 | | | | $ | 9,312,818 | | | ||||||||||
Change in Control | | | | 2,625,000 | | | | | 14,855,133 | | | | | 5,871,024 | | | | | 15,340 | | | | | 23,366,498 | | | | | | 2,625,000 | | | | | 6,901,609 | | | | | 13,301,361 | | | | | 17,074 | | | | | 22,845,044 | | | ||||||||||
Other (except for cause) | | | | 1,750,000 | | | | | 9,254,735 | | | | | 5,871,024 | | | | | 15,340 | | | | | 16,891,100 | | | | | | 1,750,000 | | | | | 3,726,073 | | | | | 13,301,361 | | | | | 17,074 | | | | | 18,794,508 | | | ||||||||||
Clayton Thelen(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Peter Coughenour(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Death or Disability | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Change in Control | | | | 314,000 | | | | | 711,969 | | | | | 476,313 | | | | | — | | | | | 1,502,282 | | | | | | 700,000 | | | | | 580,000 | | | | | 181,865 | | | | | — | | | | | 1,461,865 | | | ||||||||||
Other (except for cause) | | | | 314,000 | | | | | — | | | | | 166,459 | | | | | — | | | | | 480,459 | | | | | | 350,000 | | | | | — | | | | | — | | | | | — | | | | | 350,000 | | | ||||||||||
Laith Hermiz(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Craig Erlich(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Death or Disability | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Change in Control | | | | — | | | | | — | | | | | 672,791 | | | | | — | | | | | 672,791 | | | | | | 420,000 | | | | | 1,577,369 | | | | | 814,135 | | | | | — | | | | | 2,811,504 | | | ||||||||||
Other (except for cause) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Craig Erlich(6) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Danielle Spehar(6) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Death or Disability | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Change in Control | | | | 900,000 | | | | | 656,250 | | | | | 302,340 | | | | | — | | | | | 1,858,590 | | | | | | — | | | | | — | | | | | 782,854 | | | | | — | | | | | 782,854 | | | ||||||||||
Other (except for cause) | | | | 221,507 | | | | | 80,308 | | | | | 302,340 | | | | | 13,407 | | | | | 617,562 | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Danielle Spehar(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Nicole Witteveen(6) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Death or Disability | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Change in Control | | | | — | | | | | — | | | | | 269,316 | | | | | — | | | | | 269,316 | | | | | | — | | | | | — | | | | | 449,838 | | | | | — | | | | | 449,838 | | | ||||||||||
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) | | ||||||||||||||||||||||||
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 | | ||||||||||||
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 | | |||||||||||||||
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 | | ||||||||||||
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 | | ||||||||||||||||||
2022 | | | | $ | 312,359 | | | | | $ | (589) | | | | | $ | (8,771) | | | | | $ | 0 | | | | | $ | 15,466 | | | | | $ | 318,465 | | |
2021 | | | | $ | 108,261 | | | | | $ | 6,572 | | | | | $ | (1,852) | | | | | $ | (95,249) | | | | | $ | 9,667 | | | | | $ | 27,399 | | |
2020 | | | | $ | 250,810 | | | | | $ | 11,216 | | | | | $ | 7,286 | | | | | $ | 0 | | | | | $ | 11,367 | | | | | $ | 280,679 | | |
| | 2020 | | 2019 | | | 2022 | | 2021 | | ||||||||||||||||
Audit Fees | | | $ | 923,968 | | | | $ | 592,750 | | | | | $ | 971,250 | | | | $ | 875,875 | | | ||||
Audit-Related Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Tax Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
All Other Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
| | | $ | 923,968 | | | | $ | 592,750 | | | | | $ | 971,250 | | | | $ | 875,875 | | |
Name | | | Age | | | Title | | | Term Ending | |
Jerome Rossi(1) | | | 79 | | | Independent Director | | | 2023 | |
Merrie Frankel(1) | | | 68 | | | Independent Director | | | 2023 | |
John Rakolta, Jr..(1) | | | 75 | | | Independent Director | | | 2023 | |
Richard Agree | | | 79 | | | Executive Chairman of the Board and Director | | | 2024 | |
Karen Dearing | | | 58 | | | Independent Director | | | 2024 | |
Michael Hollman | | | 42 | | | Independent Director | | | 2024 | |
Joel Agree | | | 44 | | | Chief Executive Officer and Director | | | 2025 | |
Michael Judlowe | | | 57 | | | Independent Director | | | 2025 | |
Gregory Lehmkuhl | | | 50 | | | Independent Director | | | 2025 | |
| 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 | |