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BY ORDER OF THE BOARD OF DIRECTORS | |||||
Christopher Eng Executive Vice President, General Counsel, Chief Risk Officer and Secretary |
Company's 2023 Highlights | ||||||||||||
Company’s Workforce Highlights as of March 31, 2024 | ||||||||||||
2023 Compensation Program | ||||||||||||
Name, Age | Director Since | Position | Service on Other U.S. Public Company Boards | ||||||||||||||||||||||||||||
Bjorn R. L. Hanson, | 2011 | Independent Director | N/A | ||||||||||||||||||||||||||||
Jeffrey W. Jones, | 2014 | Chairman of the Board and Chair of Audit Committee | Noodles & Company (NASDAQ: NDLS) | ||||||||||||||||||||||||||||
Kenneth J. Kay, | 2014 | Independent Director and Chair of Compensation Committee | (NYSE: GENI) | ||||||||||||||||||||||||||||
2022 | Independent Director | N/A | |||||||||||||||||||||||||||||
2021 | Independent Director | N/A | |||||||||||||||||||||||||||||
Jonathan P. Stanner, | 2021 | Director, President and Chief Executive Officer | N/A | ||||||||||||||||||||||||||||
Thomas W. Storey, | 2011 | Independent Director | N/A | ||||||||||||||||||||||||||||
Hope S. Taitz, | 2017 | Independent Director and Chair of Nominating and Corporate Governance Committee |
2023 | 2022 | 2021 | ||||||||||||||||||||||||
Stock Options/SARs Granted | — | — | — | |||||||||||||||||||||||
Stock Settled, Time-Vested Restricted Stock Granted | 449,148 | 316,643 | 536,980 | |||||||||||||||||||||||
Stock-Settled Performance Shares Earned* | 239,416 | 414,620 | 182,480 | |||||||||||||||||||||||
Stock Granted to Independent Directors | 113,141 | 84,899 | 60,546 | |||||||||||||||||||||||
Weighted-Average Basic Shares of Common Stock Outstanding | 105,548,911 | 105,141,743 | 104,471,038 | |||||||||||||||||||||||
Weighted-Average Operating Partnership Units Outstanding** | 15,970,386 | 15,360,724 | 144,664 | |||||||||||||||||||||||
Weighted Average Basic shares of Common Stock and Weighted-Average Operating Partnership Units Outstanding** | 121,519,297 | 120,502,467 | 104,615,702 | 3-Year Average Usage Rate | ||||||||||||||||||||||
Share Usage Rate | 0.66 | % | 0.68 | % | 0.75 | % | 0.69 | % |
Stock Options/SARs Outstanding | — | |||||||
Weighted-Average Exercise Price of Outstanding Stock Options/SARs | N/A | |||||||
Weighted-Average Remaining Term of Outstanding Stock Options/SARs | N/A | |||||||
Total Stock-Settled Full-Value Awards Outstanding* | 2,352,139 | |||||||
Number of Shares Available for Future Grants | 1,271,174 | |||||||
Shares of Common Stock and Operating Partnership Units Outstanding as of March 29, 2024** | 124,146,769 |
Name and Position | Dollar Value (S)(1) | Number of Shares (#) | ||||||||||||
Jonathan P. Stanner, Director, President and Chief Executive Officer | $ | — | — | |||||||||||
William H. Conkling, Executive Vice President and Chief Financial Officer | — | — | ||||||||||||
Christopher R. Eng, Executive Vice President, General Counsel, Chief Risk Officer and Secretary | — | — | ||||||||||||
Paul Ruiz, Senior Vice President and Chief Accounting Officer | — | — | ||||||||||||
Executive Group | — | — | ||||||||||||
Non-Executive Director Group (2) | 770,000 | (2) | ||||||||||||
Non-Executive Officer Employee Group | — | — |
Name | Multiple of Base Salary | ||||||||||||
Jonathan P. Stanner, President and Chief Executive Officer | 6x | ||||||||||||
William H. Conkling, EVP and Chief Financial Officer | 2x | ||||||||||||
Christopher R. Eng, EVP, General Counsel & Chief Risk Officer | 1x | ||||||||||||
Paul Ruiz, SVP & Chief Accounting Officer | 1x |
Name | | | Fees Earned or Paid in Cash ($) | | | Stock Awards ($)(1) | | | Total ($) | | |||||||||
Amina Belouizdad* | | | | | 50,625 | | | | | | 97,176 | | | | | | 147,801 | | |
Bjorn R. L. Hanson | | | | | 70,000 | | | | | | 97,176 | | | | | | 167,176 | | |
Jeffrey W. Jones | | | | | 105,000 | | | | | | 97,176 | | | | | | 202,176 | | |
Kenneth J. Kay | | | | | 82,500 | | | | | | 97,176 | | | | | | 179,676 | | |
Thomas W. Storey | | | | | 67,500 | | | | | | 97,176 | | | | | | 164,676 | | |
Hope S. Taitz | | | | | 77,500 | | | | | | 97,176 | | | | | | 174,676 | | |
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($)(1) | Total ($) | |||||||||||||||||
Bjorn R. L. Hanson | $ | 80,000 | $ | 107,807 | $ | 187,807 | ||||||||||||||
Jeffrey W. Jones | 197,500 | 107,807 | 305,307 | |||||||||||||||||
Kenneth J. Kay | 95,000 | 107,807 | 202,807 | |||||||||||||||||
Mehulkumar B. Patel | 60,000 | 107,807 | 167,807 | |||||||||||||||||
Amina Belouizdad Porter | 77,500 | 107,807 | 185,307 | |||||||||||||||||
Thomas W. Storey | 77,500 | 107,807 | 185,307 | |||||||||||||||||
Hope S. Taitz | 90,000 | 107,807 | 197,807 |
Name, Age | Position | |||||||
Jonathan P. Stanner, 43 | Director, President and Chief Executive Officer | |||||||
William H. Conkling, 49 | Executive Vice President and Chief Financial Officer | |||||||
Christopher R. Eng, 53 | Executive Vice President, General Counsel, Chief Risk Officer and Secretary | |||||||
Paul Ruiz, 58 | Senior Vice President and Chief Accounting Officer |
Name | Title | |||||||||
Jonathan P. Stanner | President and Chief Executive Officer | |||||||||
William H. Conkling | Executive Vice President and Chief Financial Officer | |||||||||
Christopher R. Eng | Executive Vice President, General Counsel, Chief Risk Officer and Secretary | |||||||||
Paul Ruiz | Senior Vice President and Chief Accounting Officer |
Gender | 45% of Company employees are women. | |||||||
Race & Ethnicity | 22% of Company employees are from racially/ethnically underrepresented groups. | |||||||
Upward Mobility | Company promotions since March 1, 2023 were comprised of 56% women. |
Compensation Component | Description and Objectives | |||||||||||||||||||||
Base Salary | Fixed cash compensation set at a level reflective of each executive’s performance, market conditions, and competitive rates. | The Compensation Committee considered competitive salary information for the Company’s peer group when establishing | ||||||||||||||||||||
Annual Cash Incentive Compensation | Performance-based cash incentive that rewards achievement of annual company-specific |
Long-Term Equity Incentives | Equity incentives that align executive compensation with total stockholder return over multi-year performance and vesting periods that encourage the retention of key talent. | In Based on our 3-year TSR beginning on March |
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DiamondRock Hospitality | Sunstone Hotel Investors, Inc. | ||||||||||
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LTC Properties, Inc. | Xenia Hotels & Resorts |
Name | Salary ($) | Annual Cash Incentive ($)(1) | Long-Term Incentives ($)(2) | Target TDC ($) | ||||||||||||||||||||||
Jonathan P. Stanner | 700,000 | 1,050,000 | 3,300,000 | 5,050,000 | ||||||||||||||||||||||
William H. Conkling | 470,000 | 470,000 | 1,200,000 | 2,140,000 | ||||||||||||||||||||||
Christopher R. Eng | 400,000 | 400,000 | 500,000 | 1,300,000 | ||||||||||||||||||||||
Paul Ruiz | 315,000 | 267,750 | 480,000 | 1,062,750 |
Name | | | Salary ($) | | | Annual Cash Incentive ($)(1) | | | Long-Term Incentives ($)(2) | | | Target TDC ($) | | ||||||||||||
Daniel P. Hansen | | | | | 500,000 | | | | | | — | | | | | | 1,500,000 | | | | | | 2,000,000 | | |
Jonathan P. Stanner | | | | | 600,000 | | | | | | 900,000 | | | | | | 2,500,000 | | | | | | 4,000,000 | | |
William H. Conkling(3) | | | | | 450,000 | | | | | | 450,000 | | | | | | 1,100,000(4) | | | | | | 2,000,000 | | |
Craig J. Aniszewski | | | | | 450,000 | | | | | | 450,000 | | | | | | 1,100,000 | | | | | | 2,000,000 | | |
Christopher R. Eng | | | | | 375,000 | | | | | | 375,000 | | | | | | 450,000 | | | | | | 1,200,000 | | |
Paul Ruiz | | | | | 300,000 | | | | | | 210,000 | | | | | | 400,000 | | | | | | 910,000 | | |
Name | | 2021 ($) | | 2020 ($) | | Percentage Increase/(Decrease) | | Name | 2023 ($) | 2022 ($) | Percentage Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||
Daniel P. Hansen | | | | 500,000 | | | | | 700,000 | | | | | (29)% | | | ||||||||||||||||||||||||||||||||||
Jonathan P. Stanner | | | | 600,000 | | | | | 450,000 | | | | | 33% | | | Jonathan P. Stanner | 700,000 | 700,000 | 700,000 | — | — | % | |||||||||||||||||||||||||||
William H. Conkling | | | | 450,000 | | | | | — | | | N/A | | William H. Conkling | 470,000 | 470,000 | 470,000 | — | — | % | ||||||||||||||||||||||||||||||
Craig J. Aniszewski | | | | 450,000 | | | | | 450,000 | | | | | —% | | | ||||||||||||||||||||||||||||||||||
Christopher R. Eng | | | | 375,000 | | | | | 375,000 | | | | | —% | | | Christopher R. Eng | 400,000 | 375,000 | 375,000 | 6.67 | 6.67 | % | |||||||||||||||||||||||||||
Paul Ruiz | | | | 300,000 | | | | | 300,000 | | | | | —% | | | Paul Ruiz | 315,000 | 315,000 | 315,000 | — | — | % |
Corporate Performance Measure | Total Weight | ||||||||||||
Balance Sheet Objective | |||||||||||||
Transactions Objective | |||||||||||||
Total |
| | 2021 Annual Cash Incentive Opportunity (% of Base Salary) | | 2021 Annual Cash Incentive Earned | | 2021 Annual Cash Incentive Earned | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 Annual Cash Incentive Opportunity (% of Base Salary) | 2023 Annual Cash Incentive Opportunity (% of Base Salary) | 2023 Annual Cash Incentive Earned | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | | Threshold | | Target | | Maximum | | % of Target | | $ | | Name | Threshold | Target | Maximum | % of Target | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jonathan P. Stanner | | | | 75% | | | | | 150% | | | | | 300% | | | | | 140% | | | | | 1,260,000 | | | Jonathan P. Stanner | 75.0% | 150% | 300% | 98% | 1,033,711 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
William H. Conkling | | | | 50% | | | | | 100% | | | | | 200% | | | | | 146% | | | | | 657,000 | | | William H. Conkling | 50.0% | 100% | 200% | 98% | 462,709 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Craig J. Aniszewski | | | | 50% | | | | | 100% | | | | | 200% | | | | | 142% | | | | | 639,000 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Christopher R. Eng | | | | 50% | | | | | 100% | | | | | 200% | | | | | 140% | | | | | 525,000 | | | Christopher R. Eng | 50.0% | 100% | 200% | 98% | 393,795 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paul Ruiz | | | | 35% | | | | | 70% | | | | | 140% | | | | | 146% | | | | | 306,600 | | | Paul Ruiz | 42.5% | 85% | 170% | 98% | 263,597 |
Name | | | Operating Objective Payout ($) | | | Balance Sheet Objective Payout ($) | | | Transactions Objective Payout ($) | | | ESG Objective Payout ($) | | | Individual Performance Objective Payout ($) | | | Total 2021 Annual Cash Incentive Payout ($) | | ||||||||||||||||||
Jonathan P. Stanner | | | | | 450,000 | | | | | | 225,000 | | | | | | 270,000 | | | | | | 135,000 | | | | | | 180,000 | | | | | | 1,260,000 | | |
William H. Conkling | | | | | 225,000 | | | | | | 112,500 | | | | | | 135,000 | | | | | | 67,500 | | | | | | 117,000 | | | | | | 657,000 | | |
Craig J. Aniszewski | | | | | 225,000 | | | | | | 112,500 | | | | | | 135,000 | | | | | | 67,500 | | | | | | 99,000 | | | | | | 639,000 | | |
Christopher R. Eng | | | | | 187,500 | | | | | | 93,750 | | | | | | 112,500 | | | | | | 56,250 | | | | | | 75,000 | | | | | | 525,000 | | |
Paul Ruiz | | | | | 105,000 | | | | | | 52,500 | | | | | | 63,000 | | | | | | 31,500 | | | | | | 54,600 | | | | | | 306,600 | | |
Name | Same Store EBITDA Payout ($) | Balance Sheet Payout ($) | Transaction Objective Payout ($) | Capital Expenditure Payout ($) | Strategic Plan Payout ($) | Total 2023 Annual Cash Incentive Payout ($) | ||||||||||||||||||||||||||||||||
Jonathan P. Stanner | $ | 460,568 | $ | 210,000 | $ | 100,643 | $ | 52,500 | $ | 210,000 | $ | 1,033,711 | ||||||||||||||||||||||||||
William H. Conkling | 206,159 | 94,000 | 45,050 | 23,500 | 94,000 | 462,709 | ||||||||||||||||||||||||||||||||
Christopher R. Eng | 175,455 | 80,000 | 38,340 | 20,000 | 80,000 | 393,795 | ||||||||||||||||||||||||||||||||
Paul Ruiz | 117,445 | 53,550 | 25,664 | 13,388 | 53,550 | 263,597 |
Name | Performance-Based Stock Target Value ($) | Time-Based Stock Value ($) | Total LTI Grant Value at Target ($) | |||||||||||||||||
Jonathan P. Stanner | 1,980,000 | 1,320,000 | 3,300,000 | |||||||||||||||||
William H. Conkling | 720,000 | 480,000 | 1,200,000 | |||||||||||||||||
Christopher R. Eng | 300,000 | 200,000 | 500,000 | |||||||||||||||||
Paul Ruiz | 288,000 | 192,000 | 480,000 |
Name | | | Performance-Based Stock Target Value ($) | | | Time-Based Stock Value ($) | | | Total LTI Grant Value at Target ($) | | |||||||||
Daniel P. Hansen(1) | | | | | — | | | | | | 1,500,000 | | | | | | 1,500,000 | | |
Jonathan P. Stanner | | | | | 1,500,000 | | | | | | 1,000,000 | | | | | | 2,500,000 | | |
William H. Conkling(2) | | | | | 660,000 | | | | | | 1,190,000 | | | | | | 1,850,000 | | |
Craig J. Aniszewski | | | | | 660,000 | | | | | | 440,000 | | | | | | 1,100,000 | | |
Christopher R. Eng | | | | | 270,000 | | | | | | 180,000 | | | | | | 450,000 | | |
Paul Ruiz | | | | | 240,000 | | | | | | 160,000 | | | | | | 400,000 | | |
Company 3-Year TSR Percentile Rank vs. Index Companies | Percent of Target Shares Earned | ||||||||||||
< 30th Percentile | |||||||||||||
30th Percentile | |||||||||||||
55th Percentile | |||||||||||||
≥ 80th Percentile |
Name and Principal Position | | | Year | | | Base Salary ($) | | | Stock Awards ($)(1) | | | Non-Equity Incentive Plan Compensation ($)(2) | | | All Other Compensation ($)(3) | | | Total ($) | | ||||||||||||||||||
Daniel P. Hansen | | | | | 2021 | | | | | | 510,769 | | | | | | 3,055,440 | | | | | | — | | | | | | 11,600 | | | | | | 3,577,809 | | |
Executive Chairman (prior President & CEO)* | | | | | 2020 | | | | | | 673,078 | | | | | | 2,707,920 | | | | | | 798,000 | | | | | | 11,400 | | | | | | 4,190,398 | | |
| | | | | 2019 | | | | | | 700,000 | | | | | | 2,946,123 | | | | | | 1,352,400 | | | | | | 11,200 | | | | | | 5,009,723 | | |
Jonathan P. Stanner | | | | | 2021 | | | | | | 591,923 | | | | | | 3,068,586 | | | | | | 1,260,000 | | | | | | 11,600 | | | | | | 4,932,109 | | |
President & CEO (prior EVP & CFO)* | | | | | 2020 | | | | | | 432,692 | | | | | | 1,063,816 | | | | | | 351,000 | | | | | | 11,400 | | | | | | 1,858,908 | | |
| | | | | 2019 | | | | | | 450,000 | | | | | | 1,157,404 | | | | | | 597,600 | | | | | | 11,200 | | | | | | 2,216,204 | | |
William H. Conkling | | | | | 2021 | | | | | | 276,923 | | | | | | 2,076,275 | | | | | | 657,000 | | | | | | 57 | | | | | | 3,010,255 | | |
EVP, CFO** | | | | | 2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Craig J. Aniszewski | | | | | 2021 | | | | | | 450,000 | | | | | | 1,350,175 | | | | | | 639,000 | | | | | | 11,600 | | | | | | 2,450,775 | | |
EVP, COO | | | | | 2020 | | | | | | 432,692 | | | | | | 1,063,816 | | | | | | 324,000 | | | | | | 11,400 | | | | | | 1,831,908 | | |
| | | | | 2019 | | | | | | 450,000 | | | | | | 1,157,404 | | | | | | 570,600 | | | | | | 11,200 | | | | | | 2,189,204 | | |
Christopher R. Eng | | | | | 2021 | | | | | | 375,000 | | | | | | 552,339 | | | | | | 525,000 | | | | | | 11,600 | | | | | | 1,463,939 | | |
EVP, CRO, GC | | | | | 2020 | | | | | | 360,578 | | | | | | 435,198 | | | | | | 277,500 | | | | | | 11,400 | | | | | | 1,084,676 | | |
| | | | | 2019 | | | | | | 375,000 | | | | | | 473,487 | | | | | | 490,500 | | | | | | 11,200 | | | | | | 1,350,187 | | |
Paul Ruiz | | | | | 2021 | | | | | | 300,000 | | | | | | 490,980 | | | | | | 306,600 | | | | | | 11,600 | | | | | | 1,109,180 | | |
SVP, CAO | | | | | 2020 | | | | | | 288,461 | | | | | | 386,840 | | | | | | 155,400 | | | | | | 11,400 | | | | | | 842,101 | | |
| | | | | 2019 | | | | | | 300,000 | | | | | | 420,873 | | | | | | 266,280 | | | | | | 11,200 | | | | | | 998,353 | | |
Name and Principal Position | Year | Base Salary ($) | Stock Awards ($)(1) | Non-Equity Incentive Plan Compensation ($)(2) | All Other Compensation ($)(3) | Total ($) | ||||||||||||||||||||||||||||||||
Jonathan P. Stanner | 2023 | 700,000 | 3,905,300 | 1,033,711 | 13,200 | 5,652,211 | ||||||||||||||||||||||||||||||||
President & CEO | 2022 | 700,000 | 3,458,856 | 1,254,000 | 12,200 | 5,425,056 | ||||||||||||||||||||||||||||||||
2021 | 591,923 | 3,068,586 | 1,260,000 | 11,600 | 4,932,109 | |||||||||||||||||||||||||||||||||
William H. Conkling | 2023 | 470,000 | 1,420,100 | 462,709 | 13,200 | 2,366,009 | ||||||||||||||||||||||||||||||||
EVP & CFO | 2022 | 470,000 | 1,268,315 | 570,000 | 12,200 | 2,320,515 | ||||||||||||||||||||||||||||||||
2021 | 276,923 | 2,076,275 | * | 657,000 | — | 3,010,198 | ||||||||||||||||||||||||||||||||
Christopher R. Eng | 2023 | 400,000 | 591,700 | 393,795 | 13,200 | 1,398,695 | ||||||||||||||||||||||||||||||||
EVP, CRO, GC | 2022 | 375,000 | 518,825 | 450,000 | 12,200 | 1,356,025 | ||||||||||||||||||||||||||||||||
2021 | 375,000 | 552,339 | 525,000 | 11,600 | 1,463,939 | |||||||||||||||||||||||||||||||||
Paul Ruiz | 2023 | 315,000 | 568,000 | 263,597 | 13,200 | 1,159,797 | ||||||||||||||||||||||||||||||||
SVP, CAO | 2022 | 315,000 | 518,825 | 252,000 | 12,200 | 1,098,025 | ||||||||||||||||||||||||||||||||
2021 | 300,000 | 490,980 | 306,600 | 11,600 | 1,109,180 |
Estimated Future Payouts Under Non-2011 Plan Awards | Estimated Future Payouts Under 2011 Plan Awards | All Other Stock Awards: Number of Shares of Stock (#) | All Other Option Awards: Number of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($/Share) | Grant Date Fair Value of Awards ($)(4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jonathan P. | 3/8/2023 | (1) | 525,000 | 1,050,000 | 2,100,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stanner | 3/8/2023 | (2) | — | — | — | 64,119 | 256,477 | 512,954 | — | — | — | 2,585,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/8/2023 | (3) | — | — | — | — | — | — | 170,984 | — | — | 1,320,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
William H. | 3/8/2023 | (1) | 235,000 | 470,000 | 940,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conkling | 3/8/2023 | (2) | — | — | — | 23,316 | 93,264 | 186,528 | — | — | — | 940,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/8/2023 | (3) | — | — | — | — | — | — | 62,176 | — | — | 480,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Christopher | 3/8/2023 | (1) | 200,000 | 400,000 | 800,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
R. Eng | 3/8/2023 | (2) | — | — | — | 9,715 | 38,860 | 77,720 | — | — | — | 391,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/8/2023 | (3) | — | — | — | — | — | — | 25,907 | — | — | 200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paul Ruiz | 3/8/2023 | (1) | 133,875 | 267,750 | 535,500 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/8/2023 | (2) | — | — | — | 9,327 | 37,306 | 74,612 | — | — | — | 376,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/8/2023 | (3) | — | — | — | — | — | — | 24,870 | — | — | 192,000 |
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 (#) | | | All Other Option Awards: Number of Securities Underlying Options (#) | | | Exercise or Base Price of Option Awards ($/Share) | | | | | | | | | Grant Date Fair Value of Awards ($)(4) | | |||||||||||||||||||||||||||||||||||||||||||||
| Threshold ($) | | | Target ($) | | | Maximum ($) | | | Threshold (#) | | | Target (#) | | | Maximum (#) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Daniel P. Hansen | | | | | 3/8/21(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 145,914 | | | | | | — | | | | | | — | | | | | | | | | | | | 1,527,720 | | |
| | | 3/7/19(5) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 144,703 | | | | | | — | | | | | | — | | | | | | | | | | | | 2,137,408 | | | ||
| | | 3/7/19(5) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 96,469 | | | | | | — | | | | | | — | | | | | | | | | | | | 470,774 | | | ||
| | | 3/7/20(5) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 180,258 | | | | | | — | | | | | | — | | | | | | | | | | | | 2,080,898 | | | ||
| | | 3/7/20(5) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 120,172 | | | | | | — | | | | | | — | | | | | | | | | | | | 879,659 | | | ||
| | | 3/8/21(5) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 145,914 | | | | | | — | | | | | | — | | | | | | | | | | | | 1,068,086 | | | ||
Jonathan P. Stanner | | | | | 3/8/21(1) | | | | | | 450,000 | | | | | | 900,000 | | | | | | 1,800,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | 3/8/21(2) | | | | | | — | | | | | | — | | | | | | — | | | | | | 36,479 | | | | | | 145,915 | | | | | | 291,830 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 2,050,106 | | | ||
| | | 3/8/21(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 97,276 | | | | | | — | | | | | | — | | | | | | | | | | | | 1,018,480 | | | ||
William H. Conkling | | | | | 5/17/21(1) | | | | | | 225,000 | | | | | | 450,000 | | | | | | 900,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 5/17/21(2) | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,051 | | | | | | 64,202 | | | | | | 128,404 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 902,038 | | | ||
| | | 5/17/21(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 119,333 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,174,237 | | | ||
Craig J. Aniszewski | | | | | 3/8/21(1) | | | | | | 225,000 | | | | | | 450,000 | | | | | | 900,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | 3/8/21(2) | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,051 | | | | | | 64,202 | | | | | | 128,404 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 902,038 | | | ||
| | | 3/8/21(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 42,802 | | | | | | — | | | | | | — | | | | | | | | | | | | 448,137 | | | ||
Christopher R. Eng | | | | | 3/8/21(1) | | | | | | 187,500 | | | | | | 375,000 | | | | | | 750,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | 3/8/21(2) | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,566 | | | | | | 26,264 | | | | | | 52,528 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 369,009 | | | ||
| | | 3/8/21(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,510 | | | | | | — | | | | | | — | | | | | | | | | | | | 183,330 | | | ||
Paul Ruiz | | | | | 3/8/21(1) | | | | | | 105,000 | | | | | | 210,000 | | | | | | 420,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | 3/8/21(2) | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,837 | | | | | | 23,347 | | | | | | 46,694 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 328,025 | | | ||
| | | 3/8/21(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,564 | | | | | | — | | | | | | — | | | | | | | | | | | | 162,955 | | |
Name | | | Number of Shares or Units of Stock That Have Not Vested (#)(2) | | | Market Value of Shares or Units of Stock That Have Not Vested ($)(1) | | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(3) | | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(1) | | ||||||||||||
Daniel P. Hansen | | | | | — | | | | | | — | | | | | | 378,708 | | | | | | 3,696,190 | | |
Jonathan P. Stanner | | | | | 151,631 | | | | | | 1,479,919 | | | | | | 440,608 | | | | | | 4,300,334 | | |
William H. Conkling | | | | | 119,333 | | | | | | 1,164,690 | | | | | | 128,404 | | | | | | 1,253,223 | | |
Craig J. Aniszewski | | | | | 97,157 | | | | | | 948,252 | | | | | | 277,182 | | | | | | 2,705,296 | | |
Christopher R. Eng | | | | | 39,747 | | | | | | 387,931 | | | | | | 113,392 | | | | | | 1,106,706 | | |
Paul Ruiz | | | | | 35,330 | | | | | | 344,821 | | | | | | 100,795 | | | | | | 983,759 | | |
Name | Grant Date | Number of Shares or Units of Stock That Have Not Vested (#)(2) | Market Value of Shares or Units of Stock That Have Not Vested ($)(1) | 2011 Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(3) | 2011 Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(1) | |||||||||||||||||||||||||||
Jonathan P. | 3/8/2021 | 48,638 | 326,847 | 36,479 | 245,139 | |||||||||||||||||||||||||||
Stanner | 3/8/2022 | 91,931 | 617,776 | 45,965 | 308,886 | |||||||||||||||||||||||||||
3/8/2023 | 170,984 | 1,149,012 | 64,119 | 430,881 | ||||||||||||||||||||||||||||
William H. | 5/17/2021 | 59,665 | 400,949 | 16,051 | 107,859 | |||||||||||||||||||||||||||
Conkling | 3/8/2022 | 33,708 | 226,518 | 16,854 | 113,259 | |||||||||||||||||||||||||||
3/8/2023 | 62,176 | 417,823 | 23,316 | 156,684 | ||||||||||||||||||||||||||||
Christopher | 3/8/2021 | 8,754 | 58,827 | 6,566 | 44,124 | |||||||||||||||||||||||||||
R. Eng | 3/8/2022 | 13,790 | 92,669 | 6,895 | 46,333 | |||||||||||||||||||||||||||
3/8/2023 | 25,907 | 174,095 | 9,715 | 65,285 | ||||||||||||||||||||||||||||
Paul Ruiz | 3/8/2021 | 7,782 | 52,295 | 5,837 | 39,223 | |||||||||||||||||||||||||||
3/8/2022 | 13,790 | 92,669 | 6,895 | 46,333 | ||||||||||||||||||||||||||||
3/8/2023 | 24,870 | 167,126 | 9,327 | 62,674 |
Vesting Date | | | Hansen | | | Stanner | | | Conkling | | | Aniszewski | | | Eng | | | Ruiz | | ||||||||||||||||||
March 9, 2022 | | | | | — | | | | | | 55,070 | | | | | | 10,701 | | | | | | 41,452 | | | | | | 16,958 | | | | | | 15,074 | | |
May 17, 2022 | | | | | — | | | | | | — | | | | | | 19,133 | | | | | | — | | | | | | — | | | | | | — | | |
March 9, 2023 | | | | | — | | | | | | 47,923 | | | | | | 10,701 | | | | | | 34,305 | | | | | | 14,035 | | | | | | 12,474 | | |
May 17, 2023 | | | | | — | | | | | | — | | | | | | 19,133 | | | | | | — | | | | | | — | | | | | | — | | |
March 9, 2024 | | | | | — | | | | | | 48,638 | | | | | | 21,400 | | | | | | 21,400 | | | | | | 8,754 | | | | | | 7,782 | | |
May 17, 2024 | | | | | — | | | | | | — | | | | | | 38,265 | | | | | | — | | | | | | — | | | | | | — | | |
Vesting Date | Stanner | Conkling | Eng | Ruiz | ||||||||||||||||||||||
March 9, 2024 | 122,027 | 48,180 | 19,827 | 18,596 | ||||||||||||||||||||||
May 17, 2024 | — | 38,265 | — | — | ||||||||||||||||||||||
March 9, 2025 | 104,034 | 38,016 | 15,671 | 15,411 | ||||||||||||||||||||||
March 9, 2026 | 85,492 | 31,088 | 12,953 | 12,435 |
Vesting Date | | | Hansen | | | Stanner | | | Conkling | | | Aniszewski | | | Eng | | | Ruiz | | ||||||||||||||||||
March 7, 2022(4) | | | | | 198,450 | | | | | | 77,963 | | | | | | — | | | | | | 77,963 | | | | | | 31,894 | | | | | | 28,350 | | |
March 7, 2023(5) | | | | | 180,258 | | | | | | 70,815 | | | | | | — | | | | | | 70,815 | | | | | | 28,970 | | | | | | 25,751 | | |
March 8, 2024(6) | | | | | — | | | | | | 291,830 | | | | | | 128,404 | | | | | | 128,404 | | | | | | 52,528 | | | | | | 46,694 | | |
Vesting Date | Stanner | Conkling | Eng | Ruiz | ||||||||||||||||||||||
March 8, 2024(4) | 36,479 | 16,051 | 6,566 | 5,837 | ||||||||||||||||||||||
March 8, 2025(5) | 45,965 | 16,854 | 6,895 | 6,895 | ||||||||||||||||||||||
March 8, 2026(6) | 64,119 | 23,316 | 9,715 | 9,327 |
| | | Option Awards | | | Stock Awards | | ||||||||||||||||||
Name | | | Number of Shares Acquired on Exercise (#) | | | Value Realized on Exercise ($) | | | Number of Shares Acquired on Vesting (#) | | | Value Realized on Vesting ($)(1) | | ||||||||||||
Daniel P. Hansen | | | | | — | | | | | | — | | | | | | 469,019 | | | | | | 4,674,949 | | |
Jonathan P. Stanner | | | | | — | | | | | | — | | | | | | 64,804 | | | | | | 666,895 | | |
William H. Conkling | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Craig J. Aniszewski | | | | | — | | | | | | — | | | | | | 74,477 | | | | | | 766,065 | | |
Christopher R. Eng | | | | | — | | | | | | — | | | | | | 30,469 | | | | | | 313,402 | | |
Paul Ruiz | | | | | — | | | | | | — | | | | | | 22,246 | | | | | | 228,983 | | |
Stock Awards | ||||||||||||||
Name | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(1) | ||||||||||||
Jonathan P. Stanner | 123,584 | 946,415 | ||||||||||||
William H. Conkling | 41,070 | 300,223 | ||||||||||||
Christopher R. Eng | 37,048 | 282,880 | ||||||||||||
Paul Ruiz | 33,440 | 255,374 |
Plan Category | (i) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | (ii) Weighted Average Exercise Price of Outstanding Options, Warrants and Rights ($) | (iii) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (i)) | |||||||||||||||||
Equity Compensation Plans Approved by Security Holders (1) | — | — | 2,002,788 | |||||||||||||||||
Equity Compensation Plans Not Approved by Security Holders | — | — | — | |||||||||||||||||
Total | — | — | 2,002,788 |
| | | Termination Without Cause or Voluntary Termination for Good Reason (No Change in Control) ($) | | | Termination Without Cause or Voluntary Termination for Good Reason (Change in Control) ($) | | | Death or Disability(1) ($) | | |||||||||
Daniel P. Hansen | | | | | | | | | | | | | | | | | | | |
Cash Severance Payment(2) | | | | | 1,000,000 | | | | | | — | | | | | | — | | |
Medical/Welfare Benefits(3) | | | | | 23,280 | | | | | | — | | | | | | — | | |
Acceleration of Equity Awards(4) | | | | | 3,171,619 | | | | | | — | | | | | | 3,171,619 | | |
Total(5) | | | | | 4,194,899 | | | | | | | | | | | | 3,171,619 | | |
Jonathan P. Stanner | | | | | | | | | | | | | | | | | | | |
Cash Severance Payment(2) | | | | | 3,351,000 | | | | | | 4,851,000 | | | | | | — | | |
Medical/Welfare Benefits(3) | | | | | 20,000 | | | | | | 20,000 | | | | | | — | | |
Acceleration of Equity Awards(4) | | | | | 4,150,040 | | | | | | 4,150,040 | | | | | | 4,150,040 | | |
Total(5) | | | | | 7,521,040 | | | | | | 9,021,040 | | | | | | 4,150,040 | | |
William H. Conkling | | | | | | | | | | | | | | | | | | | |
Cash Severance Payment(2) | | | | | 1,350,000 | | | | | | 1,800,000 | | | | | | | | |
Medical/Welfare Benefits(3) | | | | | 18,000 | | | | | | 18,000 | | | | | | | | |
Acceleration of Equity Awards(4) | | | | | 1,791,302 | | | | | | 1,791,302 | | | | | | 1,791,302 | | |
Total(5) | | | | | 3,159,302 | | | | | | 3,615,302 | | | | | | 1,791,302 | | |
Craig J. Aniszewski | | | | | | | | | | | | | | | | | | | |
Cash Severance Payment(2) | | | | | 1,674,000 | | | | | | 2,124,000 | | | | | | — | | |
Medical/Welfare Benefits(3) | | | | | 16,956 | | | | | | 16,956 | | | | | | — | | |
Acceleration of Equity Awards(4) | | | | | 2,820,854 | | | | | | 2,820,854 | | | | | | 2,820,854 | | |
Total(5) | | | | | 4,511,810 | | | | | | 4,961,810 | | | | | | 2,820,854 | | |
Christopher R. Eng | | | | | | | | | | | | | | | | | | | |
Cash Severance Payment(2) | | | | | 1,402,500 | | | | | | 1,777,500 | | | | | | — | | |
Medical/Welfare Benefits(3) | | | | | 22,000 | | | | | | 22,000 | | | | | | — | | |
Acceleration of Equity Awards(4) | | | | | 1,153,993 | | | | | | 1,153,993 | | | | | | 1,153,993 | | |
Total(5) | | | | | 2,578,493 | | | | | | 2,953,493 | | | | | | 1,153,993 | | |
Paul Ruiz | | | | | | | | | | | | | | | | | | | |
Cash Severance Payment(2) | | | | | 920,400 | | | | | | 1,175,400 | | | | | | — | | |
Medical/Welfare Benefits(3) | | | | | 20,000 | | | | | | 20,000 | | | | | | — | | |
Acceleration of Equity Awards(4) | | | | | 1,025,776 | | | | | | 1,025,776 | | | | | | 1,025,776 | | |
Total(5) | | | | | 1,966,176 | | | | | | 2,221,176 | | | | | | 1,025,776 | | |
Termination Without Cause or Voluntary Termination for Good Reason (No Change in Control) ($) | Termination Without Cause or Voluntary Termination for Good Reason (Change in Control) ($) | Death or Disability(1) ($) | ||||||||||||||||||
Jonathan P. Stanner | ||||||||||||||||||||
Cash Severance Payment(2) | 4,754,000 | 6,504,000 | — | |||||||||||||||||
Medical/Welfare Benefits(3) | 19,834 | 19,834 | — | |||||||||||||||||
Acceleration of Equity Awards(4) | 3,078,540 | 3,078,540 | 3,078,540 | |||||||||||||||||
Total(5) | 7,852,374 | 9,602,374 | 3,078,540 | |||||||||||||||||
William H. Conkling | ||||||||||||||||||||
Cash Severance Payment(2) | 1,980,000 | 2,450,000 | — | |||||||||||||||||
Medical/Welfare Benefits(3) | 7,732 | 7,732 | — | |||||||||||||||||
Acceleration of Equity Awards(4) | 1,423,094 | 1,423,094 | 1,423,094 | |||||||||||||||||
Total(5) | 3,410,826 | 3,880,826 | 1,423,094 | |||||||||||||||||
Christopher R. Eng | ||||||||||||||||||||
Cash Severance Payment(2) | 1,650,000 | 2,050,000 | — | |||||||||||||||||
Medical/Welfare Benefits(3) | 19,834 | 19,834 | — | |||||||||||||||||
Acceleration of Equity Awards(4) | 481,333 | 481,333 | 481,333 | |||||||||||||||||
Total(5) | 2,151,167 | 2,551,167 | 481,333 | |||||||||||||||||
Paul Ruiz | ||||||||||||||||||||
Cash Severance Payment(2) | 1,126,125 | 1,417,500 | — | |||||||||||||||||
Medical/Welfare Benefits(3) | 20,429 | 20,429 | — | |||||||||||||||||
Acceleration of Equity Awards(4) | 460,327 | 460,327 | 460,327 | |||||||||||||||||
Total(5) | 1,606,881 | 1,898,256 | 460,327 |
(a) | (b) | (bb) | (c) | (cc) | (d) | (e) | (f) | (g) | (h) | (i) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year | Summary Compensation Table Total for PEO (Daniel Hansen) ($) | Summary Compensation Table Total for PEO (Jonathan Stanner) ($) | Compensation Actually Paid to PEO (Daniel Hansen) ($)(1)(2) | Compensation Actually Paid to PEO (Jonathan Stanner) ($)(1)(2) | Average Summary Compensation Table Total for Non-PEO NEOs ($)(1) | Average Compensation Actually Paid to Non-PEO NEOs ($)(1)(2) | Value of Initial Fixed $100 Investment Based on: Total Shareholder Return ($) | Value of Initial Fixed $100 Investment Based on: Peer Group Total Shareholder Return ($)(3) | Net Income (Loss) ($)(in thousands) | Company Selected Measure (Same Store Hotel EBITDA) (in thousands)(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | N/A | 5,652,211 | N/A | 2,346,004 | 1,641,500 | 1,064,557 | $ | 57.75 | $ | 81.91 | $ | (28,116) | $ | 246,743 | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | N/A | 5,425,056 | N/A | 2,237,567 | 1,218,111 | 497,242 | $ | 59.98 | $ | 71.42 | $ | 1,217 | $ | 179,563 | ||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 3,577,809 | 4,932,109 | 2,957,229 | 3,659,557 | 2,011,423 | 1,309,123 | $ | 80.32 | $ | 84.40 | $ | (68,584) | $ | 106,027 | ||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 4,190,398 | N/A | 2,959,388 | N/A | 939,671 | 842,826 | $ | 74.15 | $ | 73.69 | $ | (149,245) | $ | 27,792 |
Year | PEO | Non-PEO NEOs | ||||||||||||
2023 | Jonathan Stanner | William Conkling, Christopher Eng and Paul Ruiz | ||||||||||||
2022 | Jonathan Stanner | Craig Aniszewski, William Conkling, Christopher Eng and Paul Ruiz | ||||||||||||
2021 | Jonathan Stanner and Daniel Hansen* | Craig Aniszewski, William Conkling, Christopher Eng and Paul Ruiz | ||||||||||||
2020 | Daniel Hansen | Craig Aniszewski, Christopher Eng, Paul Ruiz and Jonathan Stanner |
2020 | 2021 | 2022 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Adjustments | PEO Daniel Hansen) | Average Non-PEO NEOs | PEO (Jonathan Stanner) | Average Non-PEO NEOs | PEO (Jonathan Stanner) | Average Non-PEO NEOs | PEO (Jonathan Stanner) | Average Non-PEO NEOs | ||||||||||||||||||||||||||||||||||||||||||
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY | $ | (2,708,677) | $ | (590,099) | $ | (3,068,585) | $ | (1,117,442) | $ | (3,458,856) | $ | (768,635) | $ | (3,905,300) | $ | (859,933) | ||||||||||||||||||||||||||||||||||
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End | 2,202,113 | 599,678 | 1,796,033 | 547,786 | 1,243,530 | 276,340 | 2,325,504 | 512,080 | ||||||||||||||||||||||||||||||||||||||||||
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End | (659,498) | (90,187) | — | (95,227) | (972,163) | (269,544) | (1,835,941) | (278,176) | ||||||||||||||||||||||||||||||||||||||||||
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date | (64,948) | (16,237) | — | (37,417) | — | 40,969 | 39,283 | 29,428 | ||||||||||||||||||||||||||||||||||||||||||
Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date | — | — | — | — | — | — | 70,247 | 19,657 | ||||||||||||||||||||||||||||||||||||||||||
TOTAL ADJUSTMENTS | $ | (1,231,010) | $ | (96,845) | $ | (1,272,552) | $ | (702,300) | $ | (3,187,489) | $ | (720,869) | $ | (3,306,207) | $ | (576,944) |
| | | Year Ended December 31, 2021 | | | Year Ended December 31, 2020 | | ||||||
Audit Fees | | | | $ | 1,033,650* | | | | | $ | 921,250 | | |
Audit-Related Fees | | | | | 5,000 | | | | | | 4,421 | | |
Tax Fees | | | | | — | | | | | | 38,625 | | |
All Other Fees | | | | | — | | | | | | — | | |
Total | | | | $ | 1,038,650* | | | | | $ | 964,296 | | |
Year Ended | |||||||||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||||||||
Audit Fees | $ | 1,460,750 | (1) | $ | 1,565,000 | (2) | |||||||||||
Audit-Related Fees | — | — | |||||||||||||||
Tax Fees | 47,500 | 74,350 | |||||||||||||||
All Other Fees | — | — | |||||||||||||||
Total | $ | 1,508,250 | $ | 1,639,350 |
Name of Beneficial Owner | | | Number of Shares of Common Stock and OP Units Beneficially Owned | | | Percentage of All Shares(1) | | | Percentage of All Shares and OP Units(2) | | |||||||||
BlackRock, Inc.(3) | | | | | 18,890,040 | | | | | | 17.66% | | | | | | 15.43% | | |
The Vanguard Group, Inc.(4) | | | | | 15,085,524 | | | | | | 14.10% | | | | | | 12.32% | | |
Bright Force Investment, LLC(5) | | | | | 13,990,697 | | | | | | 13.08% | | | | | | 11.43% | | |
Barclays PLC(6) | | | | | 8,346,570 | | | | | | 7.80% | | | | | | 6.82% | | |
State Street Corporation(7) | | | | | 6,191,987 | | | | | | 5.79% | | | | | | 5.06% | | |
Name of Beneficial Owner | Number of Shares of Common Stock and OP Units Beneficially Owned | Percentage of All Shares(1) | Percentage of All Shares and OP Units(2) | |||||||||||||||||
BlackRock, Inc.(3) | 21,046,483 | 19.56% | 17.04% | |||||||||||||||||
Bright Force Investment, LLC(4) | 14,906,084 | 13.85% | 12.07% | |||||||||||||||||
The Vanguard Group, Inc.(5) | 14,691,296 | 13.65% | 11.89% | |||||||||||||||||
State Street Corporation(6) | 6,999,270 | 6.51% | 5.67% | |||||||||||||||||
JP Morgan Chase & Co. (7) | 6,656,890 | 6.19% | 5.39% | |||||||||||||||||
Prudential Financial, Inc. (8) | 5,282,282 | 4.91% | 4.28% | |||||||||||||||||
Jennison Associates, LLC (9) | 4,977,915 | 4.63% | 4.03% |
Name of Beneficial Owner(1) | | | Number of Shares Beneficially Owned | | | Percentage of All Shares(2) | | ||||||
Jonathan P. Stanner(4) | | | | | 799,607 | | | | | | * | | |
Daniel P. Hansen(3) | | | | | 681,966 | | | | | | * | | |
William H. Conkling(4) | | | | | 295,895 | | | | | | * | | |
Christopher R. Eng(4) | | | | | 239,633 | | | | | | * | | |
Paul Ruiz(4) | | | | | 209,710 | | | | | | * | | |
Thomas W. Storey | | | | | 141,908 | | | | | | * | | |
Bjorn R. L. Hanson | | | | | 84,811 | | | | | | * | | |
Jeffrey W. Jones | | | | | 71,383 | | | | | | * | | |
Kenneth J. Kay | | | | | 71,383 | | | | | | * | | |
Hope S. Taitz | | | | | 48,300 | | | | | | * | | |
Amina Belouizdad | | | | | 10,091 | | | | | | * | | |
Mehul Patel(5) | | | | | 485,529 | | | | | | * | | |
All directors and executive officers as a group (12 persons) | | | | | 3,140,216 | | | | | | 2.94% | | |
Name of Beneficial Owner(1) | Number of Shares Beneficially Owned | Percentage of All Shares(2) | ||||||||||||
Jonathan P. Stanner(3) | 1,426,675 | 1.32% | ||||||||||||
William H. Conkling(3) | 523,358 | * | ||||||||||||
Christopher R. Eng(3) | 310,072 | * | ||||||||||||
Paul Ruiz(3) | 276,583 | * | ||||||||||||
Mehulkumar B. Patel(4) | 507,357 | * | ||||||||||||
Thomas W. Storey | 169,736 | * | ||||||||||||
Bjorn R. L. Hanson | 112,639 | * | ||||||||||||
Jeffrey W. Jones | 99,211 | * | ||||||||||||
Kenneth J. Kay | 99,211 | * | ||||||||||||
Hope S. Taitz | 81,128 | * | ||||||||||||
Amina Belouizdad Porter | 37,919 | * | ||||||||||||
All directors and executive officers as a group (11 persons) | 3,643,889 | 3.37% |
2023 | 2022 | 2021 | ||||||||||||||||||
Net (loss) income | $ | (28,116) | $ | 1,217 | $ | (68,584) | ||||||||||||||
Preferred dividends | (15,875) | (15,875) | (15,431) | |||||||||||||||||
Distributions to and accretion of redeemable non-controlling interests | (2,626) | (2,520) | — | |||||||||||||||||
Premium on redemption of preferred stock | — | — | (2,710) | |||||||||||||||||
Loss (income) related to non-controlling interests in consolidated joint ventures | 14,824 | (2,321) | 2,896 | |||||||||||||||||
Net loss applicable to common shares and common units | (31,793) | (19,499) | (83,829) | |||||||||||||||||
Real estate-related depreciation | 146,187 | 145,492 | 105,462 | |||||||||||||||||
Loss on write-down of assets | 16,661 | 10,420 | 4,361 | |||||||||||||||||
Loss (gain) on disposal of assets and other dispositions, net | 385 | (20,315) | (240) | |||||||||||||||||
Adjustments related to non-controlling interests in consolidated joint ventures | (34,662) | (20,845) | (8,454) | |||||||||||||||||
FFO applicable to common shares and common units | 96,778 | 95,253 | 17,300 | |||||||||||||||||
Recoveries of credit losses | (1,230) | (1,100) | (2,632) | |||||||||||||||||
Amortization of lease-related intangible assets | — | — | 87 | |||||||||||||||||
Amortization of deferred financing costs | 5,910 | 5,708 | 4,353 | |||||||||||||||||
Amortization of franchise fees | 595 | 663 | 493 | |||||||||||||||||
Amortization of intangible assets, net | 3,642 | 3,643 | — | |||||||||||||||||
Equity-based compensation (1) | 7,743 | 8,446 | 10,681 | |||||||||||||||||
Executive transition costs (2) | — | — | 1,065 | |||||||||||||||||
Transaction costs | 13 | 749 | 3,849 | |||||||||||||||||
Debt transaction costs | 461 | 1,528 | 220 | |||||||||||||||||
Premium on redemption of preferred stock | — | — | 2,710 | |||||||||||||||||
Non-cash interest income | (531) | (113) | (1,042) | |||||||||||||||||
Non-cash lease expense, net | 481 | 505 | 521 | |||||||||||||||||
Casualty losses, net | 2,112 | 2,505 | 468 | |||||||||||||||||
Decrease in deferred tax asset valuation allowance | 84 | — | — | |||||||||||||||||
Adjustments related to non-controlling interests in consolidated joint ventures | (3,612) | (3,400) | (1,291) | |||||||||||||||||
Special allocation related to sale of joint venture asset(3) | — | (417) | — | |||||||||||||||||
Non-cash state taxes and other, net | 447 | — | — | |||||||||||||||||
AFFO applicable to common shares and common units | $ | 112,893 | $ | 113,970 | $ | 36,782 | ||||||||||||||
FFO per common share/common unit | $ | 0.79 | $ | 0.79 | $ | 0.16 | ||||||||||||||
AFFO per common share/common unit (4) | $ | 0.92 | $ | 0.94 | $ | 0.35 | ||||||||||||||
Weighted average diluted common shares/common units: | ||||||||||||||||||||
FFO and AFFO (5)(6) | 122,355 | 121,163 | 105,455 |
2023 | 2022 | 2021 | ||||||||||||||||||
Net (loss) income | $ | (28,116) | $ | 1,217 | $ | (68,584) | ||||||||||||||
Depreciation and amortization | 150,924 | 150,160 | 105,955 | |||||||||||||||||
Interest expense | 86,798 | 65,581 | 43,368 | |||||||||||||||||
Interest income | (568) | (65) | (8) | |||||||||||||||||
Income tax expense | 2,798 | 3,611 | 1,473 | |||||||||||||||||
EBITDA | 211,836 | 220,504 | 82,204 | |||||||||||||||||
Loss on write-down of assets | 16,661 | 10,420 | 4,361 | |||||||||||||||||
Loss (gain) on disposal of assets and other dispositions, net | 385 | (20,315) | (240) | |||||||||||||||||
EBITDAre | 228,882 | 210,609 | 86,325 | |||||||||||||||||
Recoveries of credit losses | (1,230) | (1,100) | (2,632) | |||||||||||||||||
Amortization of lease-related intangible assets | — | — | 87 | |||||||||||||||||
Amortization of key money liabilities | (498) | (363) | — | |||||||||||||||||
Equity-based compensation(1) | 7,743 | 8,446 | 10,681 | |||||||||||||||||
Executive transition costs(2) | — | — | 1,065 | |||||||||||||||||
Transaction costs | 13 | 749 | 3,849 | |||||||||||||||||
Debt transaction costs | 461 | 1,528 | 220 | |||||||||||||||||
Non-cash interest income | (531) | (113) | (1,042) | |||||||||||||||||
Non-cash lease expense, net | 481 | 505 | 521 | |||||||||||||||||
Casualty losses, net | 2,112 | 2,505 | 468 | |||||||||||||||||
Loss (income) related to non-controlling interests in consolidated joint ventures | 14,824 | (2,321) | 2,896 | |||||||||||||||||
Adjustments related to non-controlling interests in consolidated joint ventures | (62,681) | (39,213) | (11,943) | |||||||||||||||||
Special allocation related to sale of joint venture asset(3) | — | (417) | — | |||||||||||||||||
Non-cash state taxes and other, net | 447 | — | — | |||||||||||||||||
Adjusted EBITDAre | $ | 190,023 | $ | 180,815 | $ | 90,495 |