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* 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 company performance goals (80%) and individual performance goals (20%). | | |
| | • Our | | |
| | • We do not guarantee bonuses of a minimum amount (bonuses can be zero) and do not provide uncapped | | |
| | ✔Our | | |
| | • Performance units granted under the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Equity Incentive Plan”), are based on our | | |
| | • Performance units will have zero value (no payout) for performance below the 30th | | |
| | • We target outperformance; target payouts under the performance units are | | |
| | ✔Stockholders have expressed support for our executive compensation | | |
| | • At the | | |
| Annual election of directors to the board of directors (the “board”) | | | ✔ | |
| Majority voting standard for the election of directors (with a director resignation policy) | | | ✔ | |
| Regular executive sessions of independent directors | | | ✔ | |
| Independent board; eight of our | | | ✔ | |
| Designation of an independent chair or lead independent director | | | ✔ | |
| All members of the audit, | | | ✔ | |
| Four of the five members of the audit committee qualify as “audit committee financial experts” as defined by the SEC | | | ✔ | |
| Diverse board; two of our directors are women, one of whom is Asian, and one of our directors is Black/African American | | | ✔ | |
| Annual board, committee and director self-evaluations, assisted by outside counsel | | | ✔ | |
| Regular board review of management succession plans | | | ✔ | |
| Stockholder ability to amend bylaws | | | ✔ | |
| 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 stock ownership guidelines for | | | ✔ | |
| Anti-hedging and anti-pledging policies | | | ✔ | |
| Code of business conduct and ethics for employees and directors | | | ✔ | |
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| | • In May 2022, we announced our deployment of WatchWire’s Sustainability & Energy Management Software to aggregate utility data for our portfolio. Through the software, we will track our efforts to optimize and reduce resource consumption (electricity, gas and water) and GHG emissions, which will over time provide more thorough accounting of our Scope 3 portfolio GHG emissions and allow us to allocate capital to the most impactful improvements within the portfolio. We also expect the software will facilitate integrations with the U.S. Environmental Protection Agency’s ENERGY STAR Portfolio Manager, the Global Real Estate Sustainability Benchmark (“GRESB”) and the CDP (formerly known as the Carbon Disclosure Project). | | |
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| | In October 2022, we announced that we had achieved a • The improved score triggered a sustainability-related interest rate reduction of two basis points for our unsecured revolving credit facility and certain unsecured term loans, effective October 17, 2022 through June 29, 2024. | | |
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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, 2022, 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 two years. | | |
| | 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 company and managed by volunteer employees with differing seniorities and responsibilities. We | | |
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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: Amendment to the 2011 Equity Incentive Plan | | | FOR | | |
| | Proposal 4: Advisory (Non-Binding) Vote on Executive Compensation | | | 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 | | | | 69 | | | Executive Chairman of the Board | | | | 2010 | | | ||||||
| Jit Kee Chin | | | | 43 | | | Executive Vice President, Chief Data Officer and Chief Innovation Officer at Suffolk Construction | | | | 2020 | | | Jit Kee Chin | | | | 44 | | | Executive Vice President, Chief Data Officer and Chief Innovation Officer at Suffolk Construction | | | | 2020 | | | ||||||
| Virgis W. Colbert | | | | 82 | | | Retired Executive Vice President of Miller Brewing Company | | | | 2014 | | | Virgis W. Colbert | | | | 83 | | | Retired Executive Vice President of Miller Brewing Company | | | | 2014 | | | ||||||
| Michelle S. Dilley | | | | 50 | | | Chief Executive Officer of Awesome Leaders, NFP | | | | 2018 | | | William R. Crooker | | | | 43 | | | President and Chief Executive Officer | | | | 2022 | | | ||||||
| Jeffrey D. Furber | | | | 63 | | | Global Chief Executive Officer of AEW | | | | 2011 | | | Michelle S. Dilley | | | | 51 | | | 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 | | | | 64 | | | Global Chairman of AEW | | | | 2011 | | | ||||||
| Francis X. Jacoby III | | | | 60 | | | Chief Financial Officer and Executive Vice President of Leggat McCall Properties, LLC | | | | 2011 | | | Larry T. Guillemette | | | | 67 | | | Retired Chairman, Chief Executive Officer and President of Amtrol | | | | 2011 | | | ||||||
| Christopher P. Marr | | | | 57 | | | Chief Executive Officer and Trustee of CubeSmart | | | | 2012 | | | Francis X. Jacoby III | | | | 61 | | | Chief Financial Officer and Executive Vice President of Leggat McCall Properties, LLC | | | | 2011 | | | ||||||
| Hans S. Weger | | | | 58 | | | Strategic Consultant | | | | 2011 | | | Christopher P. Marr | | | | 58 | | | President and Chief Executive Officer of CubeSmart | | | | 2012 | | | ||||||
| Hans S. Weger | | | | 59 | | | 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 | | | | | | | | | | | • | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Risk management | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | • | | |
| Strategic planning | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | |
| Supply chain management | | | | | • | | | | | | | | | | | | • | | | | | | | | | | | | • | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Benjamin S. Butcher Committees: • Investment (Chair) Diversity Information: • Gender: Male • Race/Ethnicity: White | | | | Mr. Butcher has served as our executive chairman of the board since July 2022. Previously, Mr. Butcher served as our chief executive officer and chairman of the board In light of his extensive company-specific operational, finance and market experience, his leadership abilities, his foundership of our company, and his expertise in the acquisition, ownership and management of single-tenant industrial properties, the board believes that it is in the best interests of our company and our stockholders for Mr. Butcher to continue to serve as a director on the board, subject to stockholder approval at the annual meeting. | | |
| | Jit Kee Chin Independent Director Committees: • Audit Diversity Information: • Gender: Female • Race/Ethnicity: Asian | | | | Dr. Jit Kee Chin has served as executive vice president and chief data officer at Suffolk Construction Corporation Inc. (“Suffolk”), a national privately-held general contractor, since 2017 and In light of her extensive data, analytics and technology infrastructure expertise, including the development and implementation of strategic initiatives, the board believes that it is in the best interests of our company and our stockholders for Dr. Chin to continue to serve as a director on the board, subject to stockholder approval at the annual meeting. | | |
| | 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 executive vice president of worldwide operations from 1997 to 2005 and senior vice president of operations from 1993 to 1997. As executive vice president, Mr. Colbert was responsible for plant operations, international operations, brewing, research and quality assurance, engineering, procurement, order production/planning and logistics. Since his retirement, he continues to serve as a senior advisor to In light of his extensive public company board and corporate governance experience and his significant operational experience, including | | |
| | William R. Crooker President and Chief Executive Officer 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 chief executive officer of Awesome Leaders, NFP since July 2020. AWESOME (Achieving Women’s Excellence in Supply Chain Operations, Management and Education) is the supply chain industry’s most active and prominent organization focused on advancing and transforming the future of supply chain leadership. Prior to joining AWESOME, Ms. Dilley served as chief supply chain transformation officer and additionally as chief operating officer at DSC Logistics, Inc. (“DSC”), a logistics and supply chain management organization, from 2017 to 2020. In these roles, she led the vision for the company’s operating platform, implemented strategic initiatives to deliver continuous improvement and was directly responsible for DSC’s network of logistics centers and supply chain packaging operations throughout North America. From 2014 to 2017, she served as senior vice president, operations at LaSalle Bristol, LP, a product distributor and manufacturer for factory-built housing, recreational vehicles and other markets, where she was accountable for supply chain operations and transportation throughout the United States and Canada. From 2009 to 2014, she served as vice president, supply chain at Ascension Health, a non-profit health system, where she led the supply chain business transformation and operational redesign. Ms. Dilley started her career at Whirlpool Corporation, where she served in a variety of roles, including general manager, global indirect goods & services sourcing from 2005 to 2009. Ms. Dilley holds a Bachelor of Arts degree from the University of Michigan. 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 board believes that it is in the best interests of our company and our stockholders for Ms. Dilley to continue to serve as a director on the board, subject to stockholder approval at the annual meeting. | | |
| | Jeffrey D. Furber Independent Director Committees: • Compensation (Chair) • Investment Diversity Information: • Gender: Male • Race/Ethnicity: White | | | | Mr. Furber In light of his significant leadership, corporate governance and capital markets experience and his | | |
| | Larry T. Guillemette Lead Independent Director Committees: • Audit • Compensation Diversity Information: • Gender: Male • Race/Ethnicity: White | | | | Mr. Guillemette served as chairman of the board of directors, chief executive officer and president of Amtrol Inc., a multi-national pressure vessel manufacturer (“Amtrol”), from 2006 until his retirement in 2017. Mr. Guillemette also served as executive vice president and chief financial officer of Amtrol from 2000 to 2006 and as executive vice president of marketing and business development from 1998 to 2000. Prior to joining Amtrol, Mr. Guillemette served as chief executive officer and president of Balcrank Products, Inc., a manufacturer of lubrication equipment for the automotive service market and other industrial product lines from 1991 to 1998. From 1990 to 1991, he served as senior vice president and senior financial officer of The O’Connor Group, a real estate investment, management and development firm. Prior to that, from 1986 to 1990, Mr. Guillemette served as a vice president for Hampton Partners/G.M. Cypres & Co., Inc., an investment banking partnership. From 1979 to 1986, Mr. Guillemette served in various management positions with units of the Henley Group and its predecessors, including Allied-Signal, The Signal Companies and Wheelabrator-Frye. Mr. Guillemette holds a Bachelor of Arts degree from Dartmouth College and a Master of Business Administration degree from the Tuck School of Business at Dartmouth. In light of his extensive leadership experience through his senior officer and director positions and his accounting and real estate experience, the board believes that it is in the best interests of our company and our stockholders for Mr. Guillemette to continue to serve as a director on the board, subject to stockholder approval at the annual meeting. | | |
| | 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 executive vice president and chief financial officer of Leggat McCall Properties, LLC, a real estate development company. From 2013 to 2016, Mr. Jacoby served as an independent consultant providing real estate finance, development and disposition related services. From 2008 to 2013, he served as president of Kensington Investment Company, Inc., the wealth management office for a family that owns travel-related businesses and passenger ships and makes investments in real estate, private equity and venture capital. In addition, in 2012, Mr. Jacoby served as the chief financial officer of Grand Circle Corporation, an affiliate of Kensington Investment Company, Inc. From 2001 to 2008, Mr. Jacoby served as the senior vice president and chief financial officer for GID Investment Advisers LLC, a family wealth management office whose primary focus is developing, acquiring and managing apartment communities, suburban office properties and flex industrial business parks throughout the United States for its own account and for joint ventures with institutional investors. From 1983 to 1995, Mr. Jacoby held a variety of senior management positions in the acquisitions, asset management and finance departments of Winthrop Financial Associates, a real estate investment company which owned and managed multiple property types. Mr. Jacoby holds a Bachelor of Arts degree from Dartmouth College and a Master of Business Administration degree from Boston University. 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 board believes that it is in the best interests of our company and our stockholders for Mr. Jacoby to continue to serve as a director on the board, subject to stockholder approval at the annual meeting. | | |
| | Christopher P. Marr Independent Director Committees: • Audit • Nominating and Corporate Governance (Chair) Diversity Information: • Gender: Male • Race/Ethnicity: White | | | | Mr. Marr has served as chief executive officer and member of the board of trustees of CubeSmart (NYSE: CUBE), a real estate company that acquires, owns, operates and develops self-storage facilities in the United States, since 2014 and as president of CubeSmart since 2008. Previously, he served as chief operating officer of CubeSmart from 2012 to 2014, 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 chief financial officer of Focus Brands Inc., the franchisor and operator of restaurants and cafes in the United States, Puerto Rico and 63 foreign countries, from 2014 to 2016. From 2012 to 2014, Mr. Weger served as chief financial officer of Outrigger Enterprises Group, a privately-held leisure lodging and hospitality company. From 1998 to 2011, Mr. Weger served as chief financial officer, executive vice president and treasurer of LaSalle Hotel Properties (NYSE: LHO), a REIT focused on the acquisition, ownership, redevelopment and leasing of primarily upscale and luxury full-service hotels. In addition, Mr. Weger served as secretary of LaSalle Hotel Properties from 1999 to 2011. Mr. Weger was responsible for all of the company’s financial, accounting, human resources and information technology activities. Prior to joining LaSalle Hotel Properties, Mr. Weger served as vice president and treasurer for La Quinta Inns, Inc. where he was responsible for all financing activities. From 1992 until 1997, Mr. Weger served in various management roles with Harrah’s Entertainment, Inc. where he was responsible for strategic planning, mergers and acquisitions and project financing. Mr. Weger holds a Bachelor of Science degree from the University of Southern Mississippi and a Master of Business Administration degree from the University of Chicago. 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 executive vice president, chief financial officer and treasurer since January 2022. Mr. Pinard served as senior vice president of capital markets and investor relations from 2019 to 2022. Previously, Mr. Pinard served as our vice president of capital markets and investor relations group from 2015 until 2019. Prior to joining our company in 2013, Mr. Pinard held various positions within capital markets and portfolio management. Mr. Pinard holds a Bachelor of Arts degree from Tufts University and a Master of Business Administration degree from Boston College. | | |
| | Jeffrey M. Sullivan Executive Vice President, General Counsel and Secretary Age: | | | | Mr. Sullivan has served as our executive vice president, general counsel and secretary since 2015. From 2012 to 2014, Mr. Sullivan was a partner in the corporate group of Hunton & Williams LLP, and from 2005 to 2012, Mr. Sullivan was a partner in the finance group of DLA Piper LLP (US). Before joining DLA Piper LLP (US), Mr. Sullivan was an associate and then partner in the corporate transactions and securities group of Alston & Bird LLP from 1998 to 2005. While in private practice, Mr. Sullivan focused on securities law, mergers and acquisitions, corporate governance matters and general corporate law, primarily involving REITs and other real estate companies, private equity funds and underwriters. Mr. Sullivan holds a Bachelor of Arts degree from University of North Carolina at Chapel Hill and a Juris Doctor degree from Vanderbilt University Law School. | | |
| | Michael Chase Executive Vice President, and Chief Investment Officer Age: 50 | | | | 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 | | | | | | • | | • | | Virgis W. Colbert | | | | | | • | | • | | ||||||||
| Michelle S. Dilley | | | | | | • | | • | | William R. Crooker | | • | | | | | | | | ||||||||
| 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 2022 | | 2 | | 4 | | 6 | | 2 | |
| | | |
| | BOARD OF DIRECTORS | | | ||||||||
| | One of the key functions of the board is informed oversight of our risk management process. The full board has primary responsibility for overseeing and evaluating: • Strategic and operational risk management • Information security risks (see “—Information Security” below) • Management and board succession planning (see “—Management Succession Plans” below) 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 corporate governance guidelines to prevent illegal or improper liability-creating conduct • 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 board or the applicable board committee with regular reports on potential risks, | | | ||||||||
| | Information Security Risks | | | | Disclosure Risks | | | | Environmental Risks | | |
| | Our chief | | | | Our disclosure committee, consisting of certain executives and senior employees, reports to our chief financial officer and meets at least quarterly to ensure the accuracy, completeness and timeliness of our disclosure statements and to evaluate the effectiveness of our disclosure controls and procedures. | | | | 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 | | | | | — | | | Lead Independent Director | | | $ | 25,000 | | | | | — | | | ||||
| Audit Committee Chair | | | $ | 20,000 | | | | | — | | | Audit Committee Chair | | | $ | 20,000 | | | | | — | | | ||||
| Compensation Committee Chair | | | $ | 15,000 | | | | | — | | | Compensation Committee Chair | | | $ | 15,000 | | | | | — | | | ||||
| Nominating and Corporate Governance Committee Chair | | | $ | 12,500 | | | | | — | | | 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 | | | Jit Kee Chin | | | $ | 55,000 | | | | $ | 110,013 | | | | $ | 165,013 | | | ||||||
| Virgis W. Colbert | | | $ | 50,000 | | | | $ | 100,002 | | | | $ | 150,002 | | | Virgis W. Colbert | | | $ | 55,000 | | | | $ | 110,013 | | | | $ | 165,013 | | | ||||||
| Michelle S. Dilley | | | $ | 50,000 | | | | $ | 100,002 | | | | $ | 150,002 | | | Michelle S. Dilley | | | $ | 55,000 | | | | $ | 110,013 | | | | $ | 165,013 | | | ||||||
| Jeffrey D. Furber | | | $ | 65,000 | | | | $ | 100,002 | | | | $ | 165,002 | | | Jeffrey D. Furber | | | $ | 70,000 | | | | $ | 110,013 | | | | $ | 180,013 | | | ||||||
| Larry T. Guillemette | | | $ | 75,000 | | | | $ | 100,002 | | | | $ | 175,002 | | | Larry T. Guillemette | | | $ | 80,000 | | | | $ | 110,013 | | | | $ | 190,013 | | | ||||||
| Francis X. Jacoby III | | | $ | 50,000 | | | | $ | 100,002 | | | | $ | 150,002 | | | Francis X. Jacoby III | | | $ | 55,000 | | | | $ | 110,013 | | | | $ | 165,013 | | | ||||||
| Christopher P. Marr | | | $ | 62,500 | | | | $ | 100,002 | | | | $ | 162,502 | | | Christopher P. Marr | | | $ | 70,000 | | | | $ | 110,013 | | | | $ | 180,013 | | | ||||||
| Hans S. Weger | | | $ | 70,000 | | | | $ | 100,002 | | | | $ | 170,002 | | | Hans S. Weger | | | $ | 75,000 | | | | $ | 110,013 | | | | $ | 185,013 | | |
| Position Held | | | Annual Cash Fee | | | Annual Equity Grant | | ||||||
| Non-Management Director | | | | $ | 55,000 | | | | | $ | 110,000 | | |
| Nominating and Corporate Governance Committee Chair | | | | $ | 15,000 | | | | | | — | | |
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| | • In May 2022, we announced our deployment of WatchWire’s Sustainability & Energy Management Software to aggregate utility data for our portfolio. Through the software, we will track our efforts to optimize and reduce resource consumption (electricity, gas and water) and GHG emissions, which will over time provide more thorough accounting of our Scope 3 portfolio GHG emissions and allow us to allocate capital to the most impactful improvements within the portfolio. We also expect the software will facilitate integrations with the U.S. Environmental Protection Agency’s ENERGY STAR Portfolio Manager, GRESB and the CDP (formerly known as the Carbon Disclosure Project). | | |
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In October 2022, we announced that we had achieved a • The improved score triggered a sustainability-related interest rate reduction of two basis points for our unsecured revolving credit facility and certain unsecured term loans, effective October 17, 2022 through June 29, 2024. | | |
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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, 2022, 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 two years. | | |
| | 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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| | 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 board | | | ✔ | |
| Majority voting standard for the election of directors (with a director resignation policy) | | | ✔ | |
| Regular executive sessions of independent directors | | | ✔ | |
| Independent board; eight of our | | | ✔ | |
| Designation of an independent chair or lead independent director | | | ✔ | |
| All members of the audit, | | | ✔ | |
| Four of the five members of the audit committee qualify as “audit committee financial experts” as defined by the SEC | | | ✔ | |
| Diverse board; two of our directors are women, one of whom is Asian, and one of our directors is Black/African American | | | ✔ | |
| Annual board, committee and director self-evaluations, assisted by outside counsel | | | ✔ | |
| Regular board review of management succession plans | | | ✔ | |
| Stockholder ability to amend bylaws | | | ✔ | |
| 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 stock ownership guidelines for | | | ✔ | |
| Anti-hedging and anti-pledging policies | | | ✔ | |
| Code of business conduct and ethics for employees and directors | | | ✔ | |
| Stock Ownership Guidelines | | |||||||||||||||||||||
| Chief Executive Officer | | | • | | | • | | | • | | | • | | | • | | | • | | | 6x base salary | |
| Other Executive Officers | | | • | | | • | | | • | | | | | | | | | | | | 3x base salary | |
| Non-Management Directors | | | • | | | • | | | • | | | • | | | • | | | | | | 5x annual cash retainer | |
| | 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 board and management processes to identify risk. | | | | ✘ We do not believe the executive compensation program creates risks that are reasonably likely to pose a material adverse impact to our company. | | |
| | ✔ 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 30th percentile would result in no payout under the performance units. | | | | ✘ 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 2011 Equity Incentive Plan generally requires a minimum one-year vesting period for stock options and stock appreciation rights. | | | | ✘ 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 compensation committee benefits from its utilization of an independent compensation consulting firm. | | | | ✘ The compensation consulting firm did not provide any services to us not related to compensation, succession planning or executive assessments. | | |
| | ✔ We have stock ownership guidelines for executive officers and directors. | | | | ✘ 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 | | | | 77% | | 200.0% | | | | 25% | | 50.0% | | | | ||||||||||||||||
| 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 | | | | 59% | | 118.8% | | | | 25% | | 29.7% | | | | ||||||||||||||||
| 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 | | | | 80% | | 100.0% | | | | 50% | | 50.0% | | | | ||||||||||||||||
| | | | | | | | | | | | | Total Calculated Payout Percentage: | | 192.9% | | | | | | | | | | | | | | | | Total Calculated Payout Percentage: | | 129.7% | | | |
| | | Lexington Realty Trust | | | Rexford Industrial Realty, Inc. | | |
| EastGroup Properties, Inc. | | | National Retail Properties, Inc. | | | Spirit Realty Capital, Inc. | |
| First Industrial Realty Trust, Inc. | | | Physicians Realty Trust | | | STORE Capital Corporation | |
| | | PS Business Parks, Inc.(1) | | | Terreno Realty Corporation | | |
| Duke Realty Corporation(1) | | | | | PS Business Parks, Inc.(1) | | |
| EastGroup Properties, Inc. | | | | | Rexford Industrial Realty, Inc. | | |
| First Industrial Realty Trust, 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 company performance goals and individual performance goals. | | | • Encourage executives to achieve annual company and individual performance goals • 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 company performance over three-year performance period. Awards are paid in common stock or LTIP units. Performance units for executives should generally constitute approximately | | | • Encourage executives to achieve long-term company performance goals • 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 much of our growth is external, from acquisitions. Moreover, a significant portion of our employees and resources are directed toward acquisitions. Accordingly, our annual Acquisition Volume measures one of our core operations. See the table below under “—2022 Company Performance Results.” | | |
| | Net Debt to Run Rate Adjusted EBITDAre | | | |||
| | | | Why we use this measure: We See the table below under “—2022 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 (CEOs/Other NEOs) | | ||||||||||||||||||||||||
| Metrics | | | Weighting | | | Threshold (CEOs/Other NEOs) | | | Target (CEOs/Other NEOs) | | | Maximum (CEOs/Other NEOs) | | | Threshold | | | Target | | | Maximum | | | Actual Performance | | ||||||||||||||||||
| Core FFO per Share | | | | | 50% | | | | | | 31.3/25.0 | | | | | | 62.5/50.0 | | | | | | 93.8/75.0 | | | | $2.15 | | | $2.17 | | | $2.19 | | | $2.21 | | | Maximum | | | 93.8/75.0 | |
| Acquisition Volume | | | | | 10% | | | | | | 6.3/5.0 | | | | | | 12.5/10.0 | | | | | | 18.8/15.0 | | | | $1.0B | | | $1.1B | | | $1.2B | | | $472.6M | | | Below Threshold | | | 0.0/0.0 | |
| Net Debt to Run Rate Adjusted EBITDAre | | | | | 10% | | | | | | 6.3/5.0 | | | | | | 12.5/10.0 | | | | | | 18.8/15.0 | | | | 5.5x | | | 5.13x | | | 4.75x | | | 5.20x | | | Between Threshold and Target | | | 11.3/9.0 | |
| Same Store Cash NOI Growth | | | | | 10% | | | | | | 6.3/5.0 | | | | | | 12.5/10.0 | | | | | | 18.8/15.0 | | | | 3.5% | | | 4.0% | | | 4.5% | | | 5.0% | | | Maximum | | | 18.8/15.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | Total Percentage Points Earned (CEOs/Other NEOs): | | | 123.9/99.0 | | | | | |
| | | | | | | | 2021 Annual Cash Incentive Bonus Opportunity | | Percentage Points Earned | | | | | | | | | | | | | | 2022 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 | | 2022 Base Salary | | Below Threshold | | Threshold | | Target | | Maximum | | Company Performance | | Individual Performance | | Total | | 2022 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 | | | $ | 550,000 | | | | $ | 0 | | | | $ | 343,750 | | | | $ | 687,500 | | | | $ | 1,031,250 | | | | | 123.9% | | | | | 31.7% | | | | | 155.6% | | | | $ | 855,938 | | | ||||||||||||||||||
| William R. Crooker | | | $ | 466,667 | | | | $ | 0 | | | | $ | 233,334 | | | | $ | 466,667 | | | | $ | 700,001 | | | | | 116.7% | | | | | 27.5% | | | | | 144.2% | | | | $ | 672,778 | | | Benjamin S. Butcher | | | $ | 487,500 | | | | $ | 0 | | | | $ | 304,688 | | | | $ | 609,375 | | | | | 914,063 | | | | | 123.9% | | | | | 31.7% | | | | | 155.6% | | | | $ | 758,672 | | | ||||||||||||||||||
| Stephen C. Mecke | | | $ | 450,000 | | | | $ | 0 | | | | $ | 225,000 | | | | $ | 450,000 | | | | $ | 675,000 | | | | | 116.7% | | | | | 27.5% | | | | | 144.2% | | | | $ | 648,750 | | | Matts S. Pinard | | | $ | 371,329 | | | | $ | 0 | | | | $ | 185,665 | | | | $ | 371,329 | | | | $ | 556,994 | | | | | 99.0% | | | | | 26.0% | | | | | 125.0% | | | | $ | 464,162 | | | ||||||||||||||||||
| Jeffrey M. Sullivan | | | $ | 300,000 | | | | $ | 0 | | | | $ | 150,000 | | | | $ | 300,000 | | | | $ | 450,000 | | | | | 116.7% | | | | | 27.5% | | | | | 144.2% | | | | $ | 432,500 | | | Jeffrey M. Sullivan | | | $ | 332,188 | | | | $ | 0 | | | | $ | 166,094 | | | | $ | 332,188 | | | | $ | 498,282 | | | | | 99.0% | | | | | 24.0% | | | | | 123.0% | | | | $ | 408,951 | | | ||||||||||||||||||
| Stephen C. Mecke | | | $ | 450,000 | | | | $ | 0 | | | | $ | 225,000 | | | | $ | 450,000 | | | | $ | 675,000 | | | | | 99.0% | | | | | 28.0% | | | | | 127.0% | | | | $ | 571,500 | | |
| 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 10, 2022 | | | | | 14,455 | | | | | $ | 608,122 | | |
| Benjamin S. Butcher | | | January 10, 2022 | | | | | 21,631 | | | | | $ | 910,016 | | |
| Matts S. Pinard | | | January 10, 2022 | | | | | 7,696 | | | | | $ | 323,771 | | |
| Jeffrey M. Sullivan | | | January 10, 2022 | | | | | 6,240 | | | | | $ | 262,517 | | |
| Stephen C. Mecke | | | January 10, 2022 | | | | | 9,983 | | | | | $ | 419,985 | | |
| Benchmark | | | Below 30th Percentile | | | 30th Percentile | | | 55th Percentile | | | 75th Percentile | | | 95th Percentile | |
| Size-Based Peer Group (Allocated 25% of the Target Amount) | | | 0% earned | | | 50% earned | | | 100% earned | | | 200% earned | | | [No increase for performance beyond 75%.] | |
| Industry Peer Group (Allocated 25% of the Target Amount) | | | 0% earned | | | 50% earned | | | 100% earned | | | 200% earned | | | [No increase for performance beyond 75%.] | |
| 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 10, 2022 | | | | | 22,127 | | | | | $ | 1,129,362 | | |
| Benjamin S. Butcher | | | January 10, 2022 | | | | | 33,111 | | | | | $ | 1,689,985 | | |
| Matts S. Pinard | | | January 10, 2022 | | | | | 11,780 | | | | | $ | 601,251 | | |
| Jeffrey M. Sullivan | | | January 10, 2022 | | | | | 9,551 | | | | | $ | 487,483 | | |
| Stephen C. Mecke | | | January 10, 2022 | | | | | 15,282 | | | | | $ | 779,993 | | |
| 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(5) | | Non-Equity Incentive Plan Compensation | | All Other Compensation(6) | | 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; Former Chief Financial Officer and Treasurer | | | | | 2022 | | | | $ | 550,000 | | | | $ | — | | | | $ | 1,737,484 | | | | $ | 855,938 | | | | $ | 44,950 | | | | $ | 3,188,372 | | | ||||||||||||
| | | 2020 | | | | $ | 650,000 | | | | $ | — | | | | $ | 2,600,008 | | | | $ | 912,708 | | | | $ | 25,534 | | | | $ | 4,188,250 | | | | | | 2021 | | | | $ | 466,667 | | | | $ | — | | | | $ | 1,099,999 | | | | $ | 672,778 | | | | $ | 42,646 | | | | $ | 2,282,090 | | | |||||||||||||||||
| | | 2019 | | | | $ | 650,000 | | | | $ | — | | | | $ | 2,599,969 | | | | $ | 1,027,813 | | | | $ | 24,731 | | | | $ | 4,302,513 | | | | | | 2020 | | | | $ | 400,000 | | | | $ | — | | | | $ | 1,099,985 | | | | $ | 453,333 | | | | $ | 38,761 | | | | $ | 1,992,079 | | | |||||||||||||||||
| 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 | | | Benjamin S. Butcher(2) Executive Chairman of the Board; Former Chief Executive Officer | | | | | 2022 | | | | $ | 487,500 | | | | $ | — | | | | $ | 2,600,001 | | | | $ | 758,672 | | | | $ | 30,058 | | | | $ | 3,876,231 | | | ||||||||||||
| | | 2020 | | | | $ | 400,000 | | | | $ | — | | | | $ | 1,099,985 | | | | $ | 453,333 | | | | $ | 38,761 | | | | $ | 1,992,079 | | | | | | 2021 | | | | $ | 650,000 | | | | $ | — | | | | $ | 2,600,008 | | | | $ | 1,171,354 | | | | $ | 27,936 | | | | $ | 4,449,298 | | | |||||||||||||||||
| | | 2019 | | | | $ | 400,000 | | | | $ | — | | | | $ | 1,099,983 | | | | $ | 518,000 | | | | $ | 36,938 | | | | $ | 2,054,921 | | | | | | 2020 | | | | $ | 650,000 | | | | $ | — | | | | $ | 2,600,008 | | | | $ | 912,708 | | | | $ | 25,534 | | | | $ | 4,188,250 | | | |||||||||||||||||
| Stephen C. Mecke Chief Operating Officer and Executive Vice President | | | | | 2021 | | | | $ | 450,000 | | | | $ | — | | | | $ | 1,200,007 | | | | $ | 648,750 | | | | $ | 42,646 | | | | $ | 2,341,403 | | | Matts S. Pinard(3) Executive Vice President, Chief Financial Officer and Treasurer | | | | 2022 | | | | $ | 371,329 | | | | $ | — | | | | $ | 925,022 | | | | $ | 464,162 | | | | $ | 42,658 | | | | $ | 1,803,171 | | | |||||||||||||
| | | 2020 | | | | $ | 450,000 | | | | $ | — | | | | $ | 1,200,011 | | | | $ | 510,000 | | | | $ | 38,761 | | | | $ | 2,198,772 | | | Jeffrey M. Sullivan Executive Vice President, General Counsel and Secretary | | | | | 2022 | | | | $ | 332,188 | | | | $ | — | | | | $ | 750,000 | | | | $ | 408,951 | | | | $ | 42,609 | | | | $ | 1,533,748 | | | |||||||||||||||
| | | 2019 | | | | $ | 450,000 | | | | $ | — | | | | $ | 1,199,972 | | | | $ | 569,250 | | | | $ | 36,938 | | | | $ | 2,256,160 | | | | | | 2021 | | | | $ | 300,000 | | | | $ | — | | | | $ | 749,996 | | | | $ | 432,500 | | | | $ | 41,358 | | | | $ | 1,523,854 | | | |||||||||||||||||
| Jeffrey M. Sullivan Executive Vice President, General Counsel and Secretary | | | | | 2021 | | | | $ | 300,000 | | | | $ | — | | | | $ | 749,996 | | | | $ | 432,500 | | | | $ | 41,358 | | | | $ | 1,523,854 | | | | | | 2020 | | | | $ | 300,000 | | | | $ | — | | | | $ | 750,012 | | | | $ | 337,000 | | | | $ | 37,248 | | | | $ | 1,424,260 | | | ||||||||||||||
| | | 2020 | | | | $ | 300,000 | | | | $ | — | | | | $ | 750,012 | | | | $ | 337,000 | | | | $ | 37,248 | | | | $ | 1,424,260 | | | Stephen C. Mecke(4) Former Chief Operating Officer and Executive Vice President | | | | | 2022 | | | | $ | 450,000 | | | | $ | — | | | | $ | 1,199,978 | | | | $ | 571,500 | | | | $ | 44,830 | | | | $ | 2,266,308 | | | |||||||||||||||
| | | 2019 | | | | $ | 300,000 | | | | $ | — | | | | $ | 749,985 | | | | $ | 379,500 | | | | $ | 34,900 | | | | $ | 1,464,385 | | | | | | 2021 | | | | $ | 450,000 | | | | $ | — | | | | $ | 1,200,007 | | | | $ | 648,750 | | | | $ | 42,646 | | | | $ | 2,341,403 | | | |||||||||||||||||
| 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 | | | | $ | 450,000 | | | | $ | — | | | | $ | 1,200,011 | | | | $ | 510,000 | | | | $ | 38,761 | | | | $ | 2,198,772 | | | ||||||||||||||
| | | 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 | | | | $ | 29,680 | | | | | $ | 9,150 | | | | | $ | 6,120 | | | | | $ | 44,950 | | |
| Benjamin S. Butcher | | | | $ | 20,055 | | | | | $ | 9,150 | | | | | $ | 853 | | | | | $ | 30,058 | | |
| Matts S. Pinard | | | | $ | 29,680 | | | | | $ | 9,150 | | | | | $ | 3,828 | | | | | $ | 42,658 | | |
| Jeffrey M. Sullivan | | | | $ | 29,680 | | | | | $ | 9,150 | | | | | $ | 3,779 | | | | | $ | 42,609 | | |
| Stephen C. Mecke | | | | $ | 29,680 | | | | | $ | 9,150 | | | | | $ | 6,000 | | | | | $ | 44,830 | | |
| | | | | 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 | | | | | $ | 343,750 | | | | $ | 687,500 | | | | $ | 1,031,250 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| LTIP units | | January 7, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 32,350 | | | | $ | 910,006 | | | LTIP units | | January 10, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 14,455 | | | | $ | 608,122 | | | ||||||||||||||||||
| Performance units | | January 7, 2021 | | | | | | | | | | | | | | | | | | | — | | | | | 50,919 | | | | | 127,297 | | | | | | | | | $ | 1,690,002 | | | Performance units | | January 10, 2022 | | | | | | | | | | | | | | | | | | | — | | | | | 22,127 | | | | | 55,317 | | | | | | | | | $ | 1,129,362 | | | ||||||||||||||||||
| William R. Crooker | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Benjamin S. Butcher | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Annual cash incentive bonus | | | | | $ | 233,334 | | | | $ | 466,667 | | | | $ | 700,001 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Annual cash incentive bonus | | | | | $ | 304,688 | | | | $ | 609,375 | | | | $ | 914,063 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| LTIP units | | January 7, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13,686 | | | | $ | 384,987 | | | LTIP units | | January 10, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 21,631 | | | | $ | 910,016 | | | ||||||||||||||||||
| Performance units | | January 7, 2021 | | | | | | | | | | | | | | | | | | | — | | | | | 21,543 | | | | | 53,857 | | | | | | | | | $ | 715,012 | | | Performance units | | January 10, 2022 | | | | | | | | | | | | | | | | | | | — | | | | | 33,111 | | | | | 82,777 | | | | | | | | | $ | 1,689,985 | | | ||||||||||||||||||
| Stephen C. Mecke | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Matts S. Pinard | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Annual cash incentive bonus | | | | | $ | 225,000 | | | | $ | 450,000 | | | | $ | 675,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Annual cash incentive bonus | | | | | $ | 185,665 | | | | $ | 371,329 | | | | $ | 556,994 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| LTIP units | | January 7, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 14,931 | | | | $ | 420,009 | | | LTIP units | | January 10, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,696 | | | | $ | 323,771 | | | ||||||||||||||||||
| Performance units | | January 7, 2021 | | | | | | | | | | | | | | | | | | | — | | | | | 23,501 | | | | | 58,752 | | | | | | | | | $ | 779,998 | | | Performance units | | January 10, 2022 | | | | | | | | | | | | | | | | | | | — | | | | | 11,780 | | | | | 29,450 | | | | | | | | | $ | 601,251 | | | ||||||||||||||||||
| Jeffrey M. Sullivan | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Jeffrey M. Sullivan | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Annual cash incentive bonus | | | | | $ | 150,000 | | | | $ | 300,000 | | | | $ | 450,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Annual cash incentive bonus | | | | | $ | 166,094 | | | | $ | 332,188 | | | | $ | 498,282 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| LTIP units | | January 7, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,665 | | | | $ | 300,006 | | | LTIP units | | January 10, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,240 | | | | $ | 262,517 | | | ||||||||||||||||||
| Performance units | | January 7, 2021 | | | | | | | | | | | | | | | | | | | — | | | | | 13,558 | | | | | 33,895 | | | | | | | | | $ | 449,990 | | | Performance units | | January 10, 2022 | | | | | | | | | | | | | | | | | | | — | | | | | 9,551 | | | | | 23,877 | | | | | | | | | $ | 487,483 | | | ||||||||||||||||||
| David G. King(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Stephen C. Mecke | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Annual cash incentive bonus | | | | | $ | 150,000 | | | | $ | 300,000 | | | | $ | 450,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Annual cash incentive bonus | | | | | $ | 225,000 | | | | $ | 450,000 | | | | $ | 675,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| LTIP units | | January 7, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,665 | | | | $ | 300,006 | | | LTIP units | | January 10, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,983 | | | | $ | 419,985 | | | ||||||||||||||||||
| Performance units | | January 7, 2021 | | | | | | | | | | | | | | | | | | | — | | | | | 13,558 | | | | | 33,895 | | | | | | | | | $ | 449,990 | | | Performance units | | January 10, 2022 | | | | | | | | | | | | | | | | | | | — | | | | | 15,282 | | | | | 38,205 | | | | | | | | | $ | 779,993 | | |
| | | 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 | | | | 20,950 | | | | $ | 676,895 | | | | | 72,879 | | | | $ | 2,354,720 | | | ||||||||
| William R. Crooker | | | | 20,890 | | | | $ | 1,001,884 | | | | | 97,254 | | | | $ | 4,664,302 | | | Benjamin S. Butcher | | | | 40,118 | | | | $ | 1,296,213 | | | | | 153,071 | | | | $ | 4,945,724 | | | ||||||||
| Stephen C. Mecke | | | | 22,790 | | | | $ | 1,093,008 | | | | | 106,096 | | | | $ | 5,088,364 | | | Matts S. Pinard | | | | 7,974 | | | | $ | 257,640 | | | | | 17,476 | | | | $ | 564,650 | | | ||||||||
| Jeffrey M. Sullivan | | | | 16,279 | | | | $ | 780,741 | | | | | 61,209 | | | | $ | 2,935,584 | | | Jeffrey M. Sullivan | | | | 12,557 | | | | $ | 405,717 | | | | | 41,493 | | | | $ | 1,340,639 | | | ||||||||
| David G. King(5) | | | | — | | | | $ | — | | | | | — | | | | $ | — | | | Stephen C. Mecke | | | | — | | | | $ | — | | | | | 52,626 | | | | $ | 1,700,346 | | |
| | | | | | | | 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 | | Butcher | | Pinard | | Sullivan | | Mecke | | 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 8, 2020 | | | $ | 29.47 | | | | | 13,064 | | | | | 30,879 | | | | | 2,514 | | | | | 10,180 | | | | | 14,252 | | | 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 7, 2021 | | | $ | 28.13 | | | | | 13,686 | | | | | 32,350 | | | | | 3,149 | | | | | 10,665 | | | | | 14,931 | | | 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 10, 2022 | | | $ | 42.07 | | | | | 14,455 | | | | | 21,631 | | | | | 7,696 | | | | | 6,240 | | | | | 9,983 | | | 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 | | Butcher | | Pinard | | Sullivan | | Mecke | | Vesting Periods | | ||||||||||||||||||||||||||||||||||||||||||||||
| January 7, 2019 | | | $ | 28.19 | | | | | 59,950 | | | | | 25,363 | | | | | 27,669 | | | | | 15,963 | | | All earned shares vest immediately in full | | January 8, 2020 | | | $ | 36.18 | | | | | 19,762 | | | | | 46,711 | | | | | 2,048 | | | | | 12,438 | | | | | 21,559 | | | 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 7, 2021 | | | $ | 33.19 | | | | | 21,543 | | | | | 50,919 | | | | | 2,669 | | | | | 13,558 | | | | | 23,501 | | | 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 10, 2022 | | | $ | 51.04 | | | | | 22,127 | | | | | 33,111 | | | | | 11,780 | | | | | 9,551 | | | | | 15,282 | | | 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 10, 2022 | | | $ | 44.19 | | | | | 58,768 | | | | $ | 2,596,958 | | | ||||||||||
| May 4, 2021 | | | $ | 36.16 | | | | | 16,667 | | | | $ | 602,679 | | | | | March 31, 2022 | | | $ | 41.35 | | | | | 3,599 | | | | $ | 148,819 | | | ||||||||||
| June 30, 2021 | | | $ | 37.43 | | | | | 8,641 | | | | $ | 323,433 | | | | | June 30, 2022 | | | $ | 30.88 | | | | | 3,598 | | | | $ | 111,106 | | | ||||||||||
| September 30, 2021 | | | $ | 39.25 | | | | | 8,642 | | | | $ | 339,199 | | | | | September 30, 2022 | | | $ | 28.43 | | | | | 3,600 | | | | $ | 102,348 | | | ||||||||||
| December 31, 2021 | | | $ | 47.96 | | | | | 52,237 | | | | $ | 2,505,287 | | | | | December 31, 2022 | | | $ | 32.31 | | | | | 3,598 | | | | $ | 116,251 | | | ||||||||||
| William R. Crooker | | | January 7, 2021 | | | $ | 29.77 | | | | | 22,078 | | | | $ | 657,262 | | | Benjamin S. Butcher | | ||||||||||||||||||||||||
| March 31, 2021 | | | $ | 33.61 | | | | | 3,561 | | | | $ | 119,685 | | | | | January 10, 2022 | | | $ | 44.19 | | | | | 138,910 | | | | $ | 6,138,433 | | | ||||||||||
| June 30, 2021 | | | $ | 37.43 | | | | | 3,559 | | | | $ | 133,213 | | | | | March 31, 2022 | | | $ | 41.35 | | | | | 7,721 | | | | $ | 319,263 | | | ||||||||||
| September 30, 2021 | | | $ | 39.25 | | | | | 3,561 | | | | $ | 139,769 | | | | | June 30, 2022 | | | $ | 30.88 | | | | | 7,723 | | | | $ | 238,486 | | | ||||||||||
| December 31, 2021 | | | $ | 47.96 | | | | | 20,158 | | | | $ | 966,778 | | | | | September 30, 2022 | | | $ | 28.43 | | | | | 7,723 | | | | $ | 219,565 | | | ||||||||||
| Stephen C. Mecke | | | January 7, 2021 | | | $ | 29.77 | | | | | 27,658 | | | | $ | 823,379 | | | | | December 31, 2022 | | | $ | 32.31 | | | | | 7,723 | | | | $ | 249,530 | | | |||||||
| March 31, 2021 | | | $ | 33.61 | | | | | 4,087 | | | | $ | 137,364 | | | Matts S. Pinard | | |||||||||||||||||||||||||||
| June 30, 2021 | | | $ | 37.43 | | | | | 4,086 | | | | $ | 152,939 | | | | | January 1, 2022 | | | $ | 47.96 | | | | | 710 | | | | $ | 34,052 | | | ||||||||||
| September 30, 2021 | | | $ | 39.25 | | | | | 4,087 | | | | $ | 160,415 | | | | | January 10, 2022 | | | $ | 44.19 | | | | | 5,753 | | | | $ | 254,225 | | | ||||||||||
| December 31, 2021 | | | $ | 47.96 | | | | | 26,092 | | | | $ | 1,251,372 | | | | | March 31, 2022 | | | $ | 41.35 | | | | | 1,021 | | | | $ | 42,218 | | | ||||||||||
| Jeffrey M. Sullivan | | | January 7, 2021 | | | $ | 29.77 | | | | | 15,440 | | | | $ | 459,649 | | | | | June 30, 2022 | | | $ | 30.88 | | | | | 1,021 | | | | $ | 31,528 | | | |||||||
| March 31, 2021 | | | $ | 33.61 | | | | | 2,850 | | | | $ | 95,789 | | | | | September 30, 2022 | | | $ | 28.43 | | | | | 1,021 | | | | $ | 29,027 | | | ||||||||||
| June 30, 2021 | | | $ | 37.43 | | | | | 2,848 | | | | $ | 106,601 | �� | | | | December 31, 2022 | | | $ | 32.31 | | | | | 1,022 | | | | $ | 33,021 | | | ||||||||||
| September 30, 2021 | | | $ | 39.25 | | | | | 2,850 | | | | $ | 111,863 | | | Jeffrey M. Sullivan | | |||||||||||||||||||||||||||
| December 31, 2021 | | | $ | 47.96 | | | | | 14,454 | | | | $ | 693,214 | | | | | January 10, 2022 | | | $ | 44.19 | | | | | 36,987 | | | | $ | 1,634,456 | | | ||||||||||
| David G. King | | | January 7, 2021 | | | $ | 29.77 | | | | | 15,440 | | | | $ | 459,649 | | | | | March 31, 2022 | | | $ | 41.35 | | | | | 2,491 | | | | $ | 103,003 | | | |||||||
| March 31, 2021 | | | $ | 33.61 | | | | | 2,850 | | | | $ | 95,789 | | | | | June 30, 2022 | | | $ | 30.88 | | | | | 2,490 | | | | $ | 76,891 | | | ||||||||||
| June 30, 2021 | | | $ | 37.43 | | | | | 2,848 | | | | $ | 106,601 | | | | | September 30, 2022 | | | $ | 28.43 | | | | | 2,491 | | | | $ | 70,819 | | | ||||||||||
| September 17, 2021(3) | | | $ | 41.82 | | | | | 33,583 | | | | $ | 1,404,441 | | | | | December 31, 2022 | | | $ | 32.31 | | | | | 2,490 | | | | $ | 80,452 | | | ||||||||||
| October 15, 2021(3) | | | $ | 42.74 | | | | | 57,100 | | | | $ | 2,440,454 | | | Stephen C. Mecke | | |||||||||||||||||||||||||||
| | | January 10, 2022 | | | $ | 44.19 | | | | | 64,112 | | | | $ | 2,833,109 | | | |||||||||||||||||||||||||||
| | | March 31, 2022 | | | $ | 41.35 | | | | | 3,565 | | | | $ | 147,413 | | | |||||||||||||||||||||||||||
| | | June 30, 2022 | | | $ | 30.88 | | | | | 3,564 | | | | $ | 110,056 | | | |||||||||||||||||||||||||||
| | | September 30, 2022 | | | $ | 28.43 | | | | | 3,564 | | | | $ | 101,325 | | | |||||||||||||||||||||||||||
| | | December 31, 2022 | | | $ | 32.31 | | | | | 22,080 | | | | $ | 713,405 | | |
| 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) | | | | 2,314,076 | | | | | — | | | | | 1,269,097 | | | ||||||
| Equity compensation plans not approved by security holders | | | | — | | | | | — | | | | | — | | | Equity compensation plans not approved by security holders | | | | — | | | | | — | | | | | — | | | ||||||
| Total | | | | 1,949,124 | | | | | — | | | | | 1,634,019 | | | Total | | | | 2,314,076 | | | | | — | | | | | 1,269,097 | | |
| Year(1) | | | Summary Compensation Table Total for CEO (Butcher) | | | Summary Compensation Table Total for CEO (Crooker) | | | Compensation Actually Paid to CEO (Butcher)(2)(3) | | | Compensation Actually Paid to CEO (Crooker)(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 | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | | | | $ | 3,876,231 | | | | | $ | 3,188,372 | | | | | $ | (1,626,373) | | | | | $ | 651,843 | | | | | $ | 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 | | ||||||||||||
| 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 | | | Summary Compensation Table Total | | | “Stock Awards” Column of Summary Compensation Table | | | Equity Award Adjustments | | | Compensation Actually Paid | | ||||||||||||
| 2022 | | | | $ | 3,188,372 | | | | | $ | (1,737,484) | | | | | $ | (799,045) | | | | | $ | 651,843 | | |
| Year | | | Average Summary Compensation Table Total | | | Average “Stock Awards” Column of Summary Compensation Table | | | Average Equity Award Adjustments | | | Average Compensation Actually Paid | | ||||||||||||
| 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 size-based peer group, 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 | | |||||||||
| Benjamin S. Butcher | | | | | | | | | | | | | | | | | | | |
| Voluntary termination, retirement or involuntary termination for cause | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Qualifying retirement(3) | | | | $ | — | | | | | $ | 13,337,532 | | | | | $ | 13,337,532 | | |
| Termination by company without cause or by employee for good reason | | | | $ | 5,492,412 | | | | | $ | 13,337,532 | | | | | $ | 18,829,944 | | |
| Accelerated vesting upon change of control(2) | | | | $ | — | | | | | $ | 17,958,094 | | | | | $ | 17,958,094 | | |
| Notice of non-renewal within 12 months following change of control | | | | $ | 5,492,412 | | | | | $ | 17,958,094 | | | | | $ | 23,450,506 | | |
| Death or disability(4) | | | | $ | 1,199,704 | | | | | $ | 13,337,532 | | | | | $ | 14,537,236 | | |
| William R. Crooker | | | | | | | | | | | | | | | | | | | |
| Voluntary termination, retirement or involuntary termination for cause | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Qualifying retirement | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Termination by company without cause or by employee for good reason | | | | $ | 2,387,475 | | | | | $ | 5,642,734 | | | | | $ | 8,030,209 | | |
| Accelerated vesting upon change of control(2) | | | | $ | — | | | | | $ | 7,597,583 | | | | | $ | 7,597,583 | | |
| Notice of non-renewal within 12 months following change of control | | | | $ | 2,387,475 | | | | | $ | 7,597,583 | | | | | $ | 9,985,058 | | |
| Death or disability(4) | | | | $ | 714,697 | | | | | $ | 5,642,734 | | | | | $ | 6,357,431 | | |
| | | | | | |||||||||||||||
| Stephen C. Mecke | | | | | | | | | | | | | | | | | | | |
| Voluntary termination, retirement or involuntary termination for cause | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Qualifying retirement(3) | | | | $ | — | | | | | $ | 6,155,762 | | | | | $ | 6,155,762 | | |
| 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) | | | | $ | — | | | | | $ | 8,288,351 | | | | | $ | 8,288,351 | | |
| Notice of non-renewal within 12 months following change of control | | | | $ | 2,239,419 | | | | | $ | 8,288,351 | | | | | $ | 10,527,770 | | |
| Death or disability(4) | | | | $ | 648,750 | | | | | $ | 6,155,762 | | | | | $ | 6,804,512 | | |
| Jeffrey M. Sullivan | | | | | | | | | | | | | | | | | | | |
| Voluntary termination, retirement or involuntary termination for cause | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Qualifying retirement | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| 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) | | | | $ | — | | | | | $ | 4,931,871 | | | | | $ | 4,931,871 | | |
| Notice of non-renewal within 12 months following change of control | | | | $ | 1,506,919 | | | | | $ | 4,931,871 | | | | | $ | 6,438,790 | | |
| Death or disability(4) | | | | $ | 473,864 | | | | | $ | 3,701,553 | | | | | $ | 4,175,417 | | |
| Name and Termination or Change of Control Scenario | | | Cash Payment | | | Acceleration of Vesting of Equity Awards(1)(2) | | | Total | | |||||||||
| William R. Crooker | | | | | | | | | | | | | | | | | | | |
| Voluntary termination, retirement or involuntary termination for cause | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Qualifying retirement | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Termination by company without cause or by employee for good reason | | | | $ | 2,700,458 | | | | | $ | 2,349,874 | | | | | $ | 5,050,332 | | |
| Accelerated vesting upon change of control(2) | | | | $ | — | | | | | $ | 2,994,103 | | | | | $ | 2,994,103 | | |
| Notice of non-renewal within 12 months following change of control | | | | $ | 2,700,458 | | | | | $ | 2,349,874 | | | | | $ | 5,050,332 | | |
| Death or disability(3) | | | | $ | 900,458 | | | | | $ | 2,349,874 | | | | | $ | 3,250,332 | | |
| Benjamin S. Butcher | | | | | | | | | | | | | | | | | | | |
| Voluntary termination, retirement or involuntary termination for cause | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Qualifying retirement(4) | | | | $ | — | | | | | $ | 5,088,890 | | | | | $ | 5,088,890 | | |
| Termination by company without cause or by employee for good reason | | | | $ | 1,438,755 | | | | | $ | 5,088,890 | | | | | $ | 6,527,645 | | |
| Accelerated vesting upon change of control(2) | | | | $ | — | | | | | $ | 6,288,301 | | | | | $ | 6,288,301 | | |
| Notice of non-renewal within 12 months following change of control | | | | $ | 1,438,755 | | | | | $ | 5,088,890 | | | | | $ | 6,527,645 | | |
| Death or disability(3) | | | | $ | 788,755 | | | | | $ | 5,088,890 | | | | | $ | 5,877,645 | | |
| Matts S. Pinard | | | | | | | | | | | | | | | | | | | |
| Voluntary termination, retirement or involuntary termination for cause | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Qualifying retirement | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Termination by company without cause or by employee for good reason | | | | $ | 1,258,682 | | | | | $ | 521,903 | | | | | $ | 1,780,585 | | |
| Accelerated vesting upon change of control(2) | | | | $ | — | | | | | $ | 754,018 | | | | | $ | 754,018 | | |
| Notice of non-renewal within 12 months following change of control | | | | $ | 1,258,682 | | | | | $ | 521,903 | | | | | $ | 1,780,585 | | |
| Death or disability(3) | | | | $ | 508,682 | | | | | $ | 521,903 | | | | | $ | 1,030,585 | | |
| Jeffrey M. Sullivan | | | | | | | | | | | | | | | | | | | |
| Voluntary termination, retirement or involuntary termination for cause | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Qualifying retirement | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Termination by company without cause or by employee for good reason | | | | $ | 1,203,471 | | | | | $ | 1,421,802 | | | | | $ | 2,625,273 | | |
| Accelerated vesting upon change of control(2) | | | | $ | — | | | | | $ | 1,753,528 | | | | | $ | 1,753,528 | | |
| Notice of non-renewal within 12 months following change of control | | | | $ | 1,203,471 | | | | | $ | 1,421,802 | | | | | $ | 2,625,273 | | |
| Death or disability(3) | | | | $ | 453,471 | | | | | $ | 1,421,802 | | | | | $ | 1,875,273 | | |
| | | Year Ended December 31, 2021 | | Year Ended December 31, 2020 | | | | Year Ended December 31, 2022 | | Year Ended December 31, 2021 | | ||||||||||||||||
| Audit Fees | | | $ | 1,132,500 | | | | $ | 997,553 | | | Audit Fees | | | $ | 1,072,450 | | | | $ | 1,132,500 | | | ||||
| Tax Fees | | | | — | | | | | — | | | Tax Fees | | | | — | | | | | — | | | ||||
| Audit-Related Fees | | | | — | | | | | — | | | Audit-Related Fees | | | | — | | | | | — | | | ||||
| All Other Fees | | | | 2,700 | | | | | 2,700 | | | All Other Fees | | | $ | 2,900 | | | | | 2,700 | | | ||||
| Total | | | $ | 1,135,200 | | | | $ | 1,000,253 | | | Total | | | $ | 1,075,350 | | | | $ | 1,135,200 | | |
| 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) | | | | 18,458,311 | | | | | 10.3% | | | | | 10.1% | | | ||||||
| Benjamin S. Butcher(6) | | | | 860,635 | | | | | * | | | | | * | | | The Vanguard Group—23-1945930(5) | | | | 26,524,865 | | | | | 14.8% | | | | | 14.5% | | | ||||||
| William R. Crooker(6) | | | | 205,641 | | | | | * | | | | | * | | | Directors and Named Executive Officers | | | | | | | | | | | | | | | | | ||||||
| Stephen C. Mecke(6) | | | | 331,371 | | | | | * | | | | | * | | | William R. Crooker(6) | | | | 258,114 | | | | | * | | | | | * | | | ||||||
| Jeffrey M. Sullivan(6) | | | | 210,389 | | | | | * | | | | | * | | | Benjamin S. Butcher(6) | | | | 921,623 | | | | | * | | | | | * | | | ||||||
| Jit Kee Chin(7) | | | | 12,598 | | | | | * | | | | | * | | | Matts S. Pinard(6) | | | | 36,035 | | | | | * | | | | | * | | | ||||||
| Virgis W. Colbert(7) | | | | 45,418 | | | | | * | | | | | * | | | Jeffrey M. Sullivan(6) | | | | 239,381 | | | | | * | | | | | * | | | ||||||
| Michelle S. Dilley(7) | | | | 23,546 | | | | | * | | | | | * | | | Jit Kee Chin(7) | | | | 17,577 | | | | | * | | | | | * | | | ||||||
| Jeffrey D. Furber(7) | | | | 90,819 | | | | | * | | | | | * | | | Virgis W. Colbert(7) | | | | 50,397 | | | | | * | | | | | * | | | ||||||
| Larry T. Guillemette(7) | | | | 80,646 | | | | | * | | | | | * | | | Michelle S. Dilley(7) | | | | 28,525 | | | | | * | | | | | * | | | ||||||
| Francis X. Jacoby III(7) | | | | 71,756 | | | | | * | | | | | * | | | Jeffrey D. Furber(7) | | | | 96,255 | | | | | * | | | | | * | | | ||||||
| Christopher P. Marr(7) | | | | 57,541 | | | | | * | | | | | * | | | Larry T. Guillemette(7) | | | | 86,389 | | | | | * | | | | | * | | | ||||||
| Hans S. Weger(7)(8) | | | | 79,780 | | | | | * | | | | | * | | | Francis X. Jacoby III(7) | | | | 76,735 | | | | | * | | | | | * | | | ||||||
| All directors and named executive officers as a group (12 persons) | | | | 2,070,140 | | | | | 1.2% | | | | | 1.1% | | | Christopher P. Marr(7)(8) | | | | 62,977 | | | | | * | | | | | * | | | ||||||
| Hans S. Weger(7)(9) | | | | 85,371 | | | | | * | | | | | * | | | |||||||||||||||||||||||
| All directors and named executive officers as a group (12 persons) | | | | 1,959,419 | | | | | 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) | | 2022 | | 2021 | | ||||||||||||||||
| Net income | | | $ | 196,432 | | | | $ | 206,795 | | | Net income | | | $ | 182,234 | | | | $ | 196,432 | | | ||||
| Rental property depreciation and amortization | | | | 238,487 | | | | | 214,464 | | | Rental property depreciation and amortization | | | | 274,823 | | | | | 238,487 | | | ||||
| 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 | | | | (57,487) | | | | | (97,980) | | | ||||
| FFO | | | $ | 336,939 | | | | $ | 291,103 | | | FFO | | | $ | 401,353 | | | | $ | 336,939 | | | ||||
| Preferred stock dividends | | | | (1,289) | | | | | (5,156) | | | Preferred stock dividends | | | | — | | | | | (1,289) | | | ||||
| Redemption of preferred stock | | | | (2,582) | | | | | — | | | Redemption of preferred stock | | | | — | | | | | (2,582) | | | ||||
| Amount allocated to restricted shares of common stock and unvested units | | | | (838) | | | | | (756) | | | Amount allocated to restricted shares of common stock and unvested units | | | | (558) | | | | | (838) | | | ||||
| FFO attributable to common stockholders and unit holders | | | $ | 332,230 | | | | $ | 285,191 | | | FFO attributable to common stockholders and unit holders | | | $ | 400,795 | | | | $ | 332,230 | | |
| | | Year ended December 31, | | | | Year ended December 31, | | ||||||||||||||||||||
| Reconciliation of Net Income to NOI (in thousands) | | 2021 | | 2020 | | Reconciliation of Net Income to NOI (in thousands) | | 2022 | | 2021 | | ||||||||||||||||
| Net income | | | $ | 196,432 | | | | $ | 206,795 | | | Net income | | | $ | 182,234 | | | | $ | 196,432 | | | ||||
| General and administrative | | | | 48,629 | | | | | 40,072 | | | General and administrative | | | | 46,958 | | | | | 48,629 | | | ||||
| Transaction costs | | | | 347 | | | | | 159 | | | Depreciation and amortization | | | | 275,040 | | | | | 238,699 | | | ||||
| Depreciation and amortization | | | | 238,699 | | | | | 214,738 | | | Interest and other income | | | | (103) | | | | | (121) | | | ||||
| Interest and other income | | | | (121) | | | | | (446) | | | Interest expense | | | | 78,018 | | | | | 63,484 | | | ||||
| Interest expense | | | | 63,484 | | | | | 62,343 | | | Loss on impairments | | | | 1,783 | | | | | — | | | ||||
| Loss on impairments | | | | — | | | | | 5,577 | | | Debt extinguishment and modification expenses | | | | 838 | | | | | 2,152 | | | ||||
| Gain on involuntary conversion | | | | — | | | | | (2,157) | | | Other expenses | | | | 4,363 | | | | | 2,878 | | | ||||
| Debt extinguishment and modification expenses | | | | 2,152 | | | | | 834 | | | Gain on the sales of rental property, net | | | | (57,487) | | | | | (97,980) | | | ||||
| Other expenses | | | | 2,531 | | | | | 1,870 | | | NOI | | | $ | 531,644 | | | | $ | 454,173 | | | ||||
| Gain on the sales of rental property, net | | | | (97,980) | | | | | (135,733) | | | ||||||||||||||||
| NOI | | | $ | 454,173 | | | | $ | 394,052 | | |
By: | |