| • To elect | |
| • To ratify the appointment of Grant Thornton LLP as our independent registered public accounting firm for | |
| • To approve (on an advisory basis), by non-binding vote, executive compensation; and | |
| • To approve | |
| | | | By Order of the Board of Directors | |
| | | | Peter Coughenour Chief Financial Officer and Secretary | |
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| | | | The Board recommends that you vote FOR the director nominees, FOR the ratification of the appointment of Grant Thornton, FOR executive compensation, and | | |
2019 | | | ✓ | | | Appointed a Lead Independent Director to further promote independence | | |
| | | | |||||
| | | | |||||
| 2020 | | | | | Increased ownership requirements for | | |
| ✓ | | | | ||||
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| | | | |||||
| 2021 | | | ✓ | | | Appointed Michael Judlowe to | |
| ✓ | | | Appointed Ambassador John Rakolta, Jr. to the Board of Directors | | |||
| ✓ | | | Created the ESG Steering Committee to execute the Company’s ESG strategy and | | |||
| ✓ | | | Aligned our ESG disclosures with the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-Related Financial Disclosures (TCFD) | | |||
| ✓ | | | Increased ownership requirements for | |
| 2022 | | | ✓ | | | Changed Long Term Incentive (“LTI”) plan awards to 55% performance-based and 45% time-based for all Named Executive Officers (“NEOs”) | |
| ✓ | | | Placed a cap on payouts under the LTI Plan of 100% if the Company’s absolute total shareholder return were negative | | |||
| ✓ | | | Increased the percentile of performance required to reach maximum payout under the LTI Plan to 200% for 90th percentile performance, from the previous 150% payout for 75th percentile performance | | |||
| ✓ | | | Increased ownership requirements for non-employee directors to five times their annual cash compensation | | |||
| ✓ | | | Disclosed management business objective (“MBO”) metrics and actual results for 2021 | | |||
| ✓ | | | Disclosed the net lease peer group that awards for performance units are measured against | | |||
| ✓ | | | Adopted a Human Rights Policy and enhanced our Whistleblower Policy | | |||
| ✓ | | | Adopted green lease language into our standard lease forms | | |||
| ✓ | | | Executed multiple green leases, achieving Gold Level recognition from Green Lease Leaders | | |||
| ✓ | | | Published an ESG Policy Statement and ESG Steering Committee charter | | |||
| ✓ | | | Enhanced due diligence and asset management processes to include an evaluation of tenants’ ESG policies | | |||
| ✓ | | | Completed Scope 1 and 2 greenhouse gas emissions inventory and calculated our Scope 3 downstream leased assets emissions data using actual data where available and using standard estimate methodologies to fill in gaps | | |||
| 2023 | | | ✓ | | | Adopted Anti-Corruption and Related-Party Transaction policies | |
| ✓ | | | Updated our CEO’s LTI awards to 60% performance-based and 40% time-based starting with the February 2024 award | | |||
| ✓ | | | Engaged tenants to discuss ESG and other sustainability initiatives | | |||
| ✓ | | | Systematically monitored ESG reporting across tenants in the portfolio | | |||
| ✓ | | | Employees participated in ESG and Diversity, Equity and Inclusion (“DEI”) training | | |||
| ✓ | | | Achieved Gold Level recognition from the Green Lease Leaders organization for the second year in a row | | |||
| 2024 | | | ✓ | | | Appointed Linglong He to the Board of Directors | |
| ✓ | | | Further enhanced our CEO’s LTI awards to 70% performance-based and 30% time-based starting with the February 2025 award | | |||
| ✓ | | | Improved our MBO disclosure by adding the CEO’s percentage weightings for each objective | |
| Do | | |||||||||
| ✔ | | | provide compensation that is aligned with performance by linking pay to the achievement of pre-established short and long-term goals | | | ✔ | | | allow for claw-backs of cash and equity awards | |
| ✔ | | | provide total compensation that is both fair and competitive | | | ✔ | | | require executives to own and retain shares of our common stock to further align their interests with those of our stockholders | |
| ✔ | | | attract, retain and motivate key executives who are critical to our operations | | | ✔ | | | engage a third-party consultant to advise the Compensation Committee on executive compensation matters | |
| ✔ | | | reward superior individual and company performance on both a short-term and long-term basis | | | ✔ | | | have a Compensation Committee comprised entirely of independent directors | |
| Do Not | | | | | |||||||||
| | | provide total compensation that is not linked to short and long-term company goals | | | | | overweight compensation that is not “at-risk” for executives | | | ||||
| | | provide incentives for executives to take excessive risk to reach short term targets | | | | | provide uncapped award opportunities to our executives | | | ||||
| | | provide executives with excessive perquisites or other personal benefits | | | | | guarantee annual base salary increases but instead consider increases if warranted | | | ||||
| | | permit executives to engage in derivative or hedging transactions in our securities | | | | | provide for excise tax gross-up payments or single trigger equity treatment in connection with a change in control | | |
| | | |
Proposal No. | | Description | | Board’s Recommendation | | Page | | | Description | | Board’s Recommendation | | Page | | ||||||
1 | | The election of three directors nominated by our Board of Directors and named in the accompanying Proxy Statement to hold office until the 2026 Annual Meeting | | For | | 49 | | | The election of four directors nominated by our Board of Directors and named in the accompanying Proxy Statement to hold office until the 2027 Annual Meeting | | For | | | |||||||
2 | | Ratification of the appointment of Grant Thornton as our independent registered public accounting firm for the year 2023 | | For | | 53 | | | Ratification of the appointment of Grant Thornton as our independent registered public accounting firm for the year 2024 | | For | | | |||||||
3 | | A non-binding vote to approve executive compensation of our named executive officers as described in the accompanying Proxy Statement. | | For | | 54 | | | A non-binding vote to approve executive compensation of our named executive officers as described in the accompanying Proxy Statement | | For | | | |||||||
4 | | A non-binding vote on whether an advisory vote on the compensation of our named executive officers should occur every one, two or three years | | Every Year | | 55 | | | Approval of the 2024 Omnibus Incentive Plan | | For | | |
Name of Beneficial Owner | | | Amount and Nature of Beneficial Ownership(1) | | | Percent of Class(2) | | ||||||
Richard Agree | | | | | | | | | | | * | | |
Joel Agree | | | | | | | | | | * | | | |
Peter Coughenour | | | | | | | | | | * | | | |
Craig Erlich | | | | | | | | | | * | | | |
Danielle Spehar | | | | | | | | | | * | | | |
Nicole Witteveen | | | | | | | | | | * | | | |
Karen Dearing | | | | | | | | | | * | | | |
Merrie | | | | | | | | | | * | | | |
Linglong He | | | | | 3,217 | | | | | | * | | |
Michael Hollman | | | | | | | | | | * | | | |
Michael Judlowe | | | | | | | | | | * | | | |
Gregory Lehmkuhl | | | | | | | | | | * | | | |
John Rakolta, Jr. | | | | | | | | | | * | | | |
Jerome Rossi | | | | | | | | | | * | | | |
All directors and executive officers as a group (14 persons, excluding former officers) | | | | | | | | | | | |
Name of Beneficial Owner | | | Amount and Nature of Beneficial Ownership(1) | | | Percent of Class(2) | | ||||||
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State Street Corporation | | | | | | | | | | | |
Name | | Audit | | Compensation | | Nominating and Governance | | Executive | | | Audit | | Compensation | | Nominating and Governance | | Executive | | ||||||||
Richard Agree | | | | | | | | Chair | | | | | | | | | Chair | | ||||||||
Joel Agree | | | | | | | | ✓ | | | | | | | | | ✓ | | ||||||||
Karen Dearing | | Chair | | | | | | | | | Chair | | | | | | | | ||||||||
Merrie S. Frankel | | ✓ | | | | Chair | | | | |||||||||||||||||
Merrie Frankel | | ✓ | | | | Chair | | | | |||||||||||||||||
Linglong He(1) | | | | | | ✓ | | | | |||||||||||||||||
Michael Hollman | | ✓ | | | | ✓ | | | | | ✓ | | | | ✓ | | | | ||||||||
Michael Judlowe | | | | ✓ | | | | ✓ | | | | | ✓ | | | | ✓ | | ||||||||
Gregory Lehmkuhl | | | | Chair | | ✓ | | | | | | | Chair | | | | | | ||||||||
John Rakolta, Jr. | | | | | | | | ✓ | | | | | | | | | ✓ | | ||||||||
Jerome Rossi | | | | ✓ | | ✓ | | | | | | | ✓ | | ✓ | | | | ||||||||
Number of Meetings in 2022 | | 4 | | 2 | | 2 | | 1 | | |||||||||||||||||
Number of Meetings in 2023 | | 4 | | 2 | | 2 | | 1 | |
Knowledge, Skills & Experience | | | R. Agree | | | J. Agree | | | K. Dearing | | | M. Frankel | | | L. He | | | M. Hollman | | | M. Judlowe | | | G. Lehmkuhl | | | J. Rakolta, Jr. | | | J. Rossi | |
Board and Executive Experience “C-suite” or Board experience with a public company or large private company, or leadership experience as a division or department leader within a large public company; understanding of governance practices | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
REITs/Real Estate Experience serving as an executive or director for a REIT or real estate company, or working closely with REITs or real estate companies as an executive or director of a related business | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
Capital Markets/M&A Experience with debt and equity capital markets transactions, and/or mergers & acquisitions | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
Financial Experience or Literacy Knowledge of finance or financial reporting and an ability to analyze or evaluate financial statements | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
Strategic Planning Experience defining and driving the strategic direction and growth of the operations of a business or division/department within a complex organization | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
Information Technology/Cybersecurity Experience implementing technology strategies and managing/mitigating cybersecurity risks | | | | | | | | | ✓ | | | ✓ | | | ✓ | | | | | | | | | ✓ | | | | | | | |
Risk Management Experience managing complex risks in an organization including specific types of risks (financial, cyber, etc.) | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
Legal/Regulatory Knowledge acquired through a law degree or business experience in understanding legal risks and obligations | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | | | | | | | | | | | |
Leadership & Talent Development Experience or expertise in management and development of human capital as an executive or leader within an organization | | | ✓ | | | ✓ | | | ✓ | | | | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
Environmental, Social & Governance Experience in ESG and community affairs matters, including as an executive or director, or through positions with other organizations | | | | | | | | | ✓ | | | ✓ | | | ✓ | | | | | | | | | ✓ | | | ✓ | | | | |
Retail Experience Experience as an executive or director with a retail organization, or working closely with retail organizations as an executive or director at a related business | | | ✓ | | | ✓ | | | | | | | | | | | | | | | | | | | | | ✓ | | | ✓ | |
Independence Independent in accordance with NYSE listing standards and our Corporate Governance Guidelines | | | | | | | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
Demographics | | | R. Agree | | | J. Agree | | | K. Dearing | | | M. Frankel | | | L. He | | | M. Hollman | | | M. Judlowe | | | G. Lehmkuhl | | | J. Rakolta, Jr. | | | J. Rossi | |
Race/Ethnicity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
African American/Black | | | | | | | | | | | | | | | | | | ✓ | | | | | | | | | | | | | |
Asian/Hawaiian/Pacific Islander | | | | | | | | | | | | | | | ✓ | | | | | | | | | | | | | | | | |
White/Caucasian | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | | | | | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
Hispanic/Latino | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Native American | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gender | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Male | | | ✓ | | | ✓ | | | | | | | | | | | | ✓ | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
Female | | | | | | | | | ✓ | | | ✓ | | | ✓ | | | | | | | | | | | | | | | | |
Age | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Years (As of April 12, 2024) | | | 80 | | | 45 | | | 59 | | | 69 | | | 59 | | | 43 | | | 58 | | | 51 | | | 76 | | | 80 | |
Name | | | Fees Earned or Paid in Cash(1) | | | Stock Awards(2) | | ||||||
Karen Dearing(3) | | | | $ | 72,000 | | | | | $ | 66,000 | | |
Merrie S. Frankel(4) | | | | | 66,000 | | | | | | 66,000 | | |
Michael Hollman(5) | | | | | 66,000 | | | | | | 66,000 | | |
Michael Judlowe(6) | | | | | 66,000 | | | | | | 66,000 | | |
Gregory Lehmkuhl(7) | | | | | 72,000 | | | | | | 66,000 | | |
John Rakolta, Jr.(8) | | | | | 66,000 | | | | | | 66,000 | | |
Jerome Rossi(9) | | | | | 66,000 | | | | | | 66,000 | | |
Name | | | Fees Earned or Paid in Cash(1) | | | Stock Awards(2) | | ||||||
Karen Dearing(3) | | | | $ | 85,000 | | | | | $ | 110,000 | | |
Merrie Frankel(4) | | | | | 77,500 | | | | | | 110,000 | | |
Michael Hollman(5) | | | | | 70,000 | | | | | | 110,000 | | |
Michael Judlowe(6) | | | | | 70,000 | | | | | | 110,000 | | |
Gregory Lehmkuhl(7) | | | | | 92,500 | | | | | | 110,000 | | |
John Rakolta, Jr.(8) | | | | | 70,000 | | | | | | 110,000 | | |
Jerome Rossi(9) | | | | | 70,000 | | | | | | 110,000 | | |
Name | | | Age | | | Title | |
Richard Agree | | | | | Executive Chairman of the Board and Director | | |
Joel Agree | | | | | President, Chief Executive Officer and Director | | |
Peter Coughenour | | | | | Chief Financial Officer and Secretary | | |
Craig Erlich | | | | | Chief | | |
Danielle Spehar | | | | | General Counsel | | |
Nicole Witteveen | | | | | |
2022 | | | |||
Enhanced disclosure by providing MBO metrics and actual results for 2021, and continued that practice in | | ||||
| |||||
Updated LTI awards to be 55% performance-based and 45% time-based for all NEOs starting in 2023 | | ||||
| • Improved disclosure by providing the Company-defined Peer Group used for performance units, and have continued that practice in subsequent proxy filings | | |||
| • Introduced a payout cap on performance units at 100% if absolute total shareholder return (“TSR”) is negative, starting with 2023 awards | | |||
| • Augmented disclosure by adding our prior period performance unit results to the proxy statement (previously only disclosed in Form 10-K), and have continued that practice | | |||
| • Determined a new compensation peer group that better aligns with the proxy advisory firms and is comprised of companies of comparable size and performance | | |||
| 2023 | | | • Enhanced our CEO’s target LTI awards to be 60% performance-based and 40% time- based starting with 2024 awards | |
| 2024 | | | • Further enhanced our CEO’s target LTI awards to be 70% performance-based and 30% time- based starting with 2025 awards | |
| • Expanded our Company-defined Peer Group for performance units to include two additional net lease peers, Broadstone Net Lease, Inc. and NETSTREIT Corporation | |
Component | | | Description | | | Objectives | |
Annual Base Salary | | | Fixed cash compensation. Reviewed and adjusted periodically. Annual base salaries for executives are a minority of total compensation. | | | Attract and retain key executives by providing reliable source of income. Help contribute to total cash compensation that is competitive but not in excess of the market. | |
Annual Cash Incentive | | | “At risk” variable cash compensation based on company performance goals and individual performance goals. | | | Encourages executives to perform at a high-level and achieve annual company and individual performance goals. | |
Restricted Shares | | | Awards vest in equal installments over a multi-year period. “At risk” given they are subject to continued service with the Company and may fluctuate in value based on the Company’s stock price. | | | Promotes long-term equity ownership by executives. Encourages the retention of executives and further aligns their interests with those of our stockholders. | |
Performance Units | | | “At risk” variable equity compensation based on company performance over three-year performance period. Awards are granted in the form of common stock. | | | Encourages executives to achieve long-term performance targets, while incentivizing retention. Further aligns executives’ interest with those of our stockholders. | |
| Acadia Realty Trust | | | LXP Industrial Trust | |
| Broadstone Net Lease | | | | |
| EastGroup Properties, Inc. | | | Retail Opportunity Investments Corp. | |
| EPR Properties | | | Rexford Industrial Realty, Inc. | |
| Essential Properties Realty Trust, Inc. | | | SITE Centers Corp. | |
| Kite Realty Group Trust | | | Spirit Realty Capital, Inc. | |
| | | | STAG Industrial, Inc. | |
Named Executive Officer | | 2021 Base Salary | | 2022 Base Salary | | Change in Salary (%) | | | 2022 Base Salary | | 2023 Base Salary | | Change in Salary (%) | | ||||||||||||||||||||||||
Chief Executive Officer | | | $ | 875,000 | | | | $ | 875,000 | | | | | 0% | | | | | $ | 875,000 | | | | $ | 900,000 | | | | | 3% | | | ||||||
Chief Financial Officer | | | $ | 350,000 | | | | $ | 350,000 | | | | | 0% | | | | | $ | 350,000 | | | | $ | 385,000 | | | | | 10% | | | ||||||
Chief Operating Officer | | | $ | 400,000 | | | | $ | 420,000 | | | | | 5% | | | | | $ | 236,000 | | | | $ | 432,600 | | | | | 83% | | | ||||||
Chief Growth Officer(1) | | | $ | 420,000 | | | | $ | 432,600 | | | | | 3% | | | ||||||||||||||||||||||
General Counsel | | | $ | 330,000 | | | | $ | 375,000 | | | | | 14% | | | | | $ | 375,000 | | | | $ | 386,250 | | | | | 3% | | | ||||||
EVP, People & Culture and Chief of Staff | | | $ | 225,000 | | | | $ | 236,000 | | | | | 5% | | |
| | 2022 Annual Cash Incentive Bonus Opportunity (as % of Base Salary) | | | 2023 Annual Cash Incentive Bonus Opportunity (as % of Base Salary) | | ||||||||||||||||||||
Position | | Threshold | | Target | | Maximum | | 2022 Actual | | | Threshold | | Target | | Maximum | | 2023 Actual | | ||||||||
Chief Executive Officer | | 75% | | 150% | | 350% | | 350% | | | 75% | | 150% | | 350% | | 340% | | ||||||||
Chief Financial Officer | | 50% | | 100% | | 150% | | 150% | | | 50% | | 100% | | 150% | | 150% | | ||||||||
Chief Operating Officer | | 50% | | 75% | | 150% | | 143% | | | 15% | | 30% | | 45% | | 45% | | ||||||||
Chief Growth Officer(1) | | 50% | | 75% | | 150% | | 134% | | |||||||||||||||||
General Counsel | | 25% | | 50% | | 100% | | 100% | | | 25% | | 50% | | 100% | | 75% | | ||||||||
EVP, People & Culture and Chief of Staff | | 25% | | 50% | | 75% | | 75% | |
| | | Threshold | | | Target | | | Maximum | | | 2022 Actual | |
AFFO Growth | | | 5.0% | | | 7.0% | | | 9.0% | | | 9.2% | |
Cash Award Summary | | | Threshold | | | Target | | | Maximum | | | 2022 Actual | | | Award % of Target | |
Chief Executive Officer | | | $328,125 | | | $656,250 | | | $1,531,250 | | | $1,531,250 | | | 233% | |
Chief Financial Officer | | | $ 87,500 | | | $175,000 | | | $ 262,500 | | | $ 262,500 | | | 150% | |
Chief Operating Officer | | | $105,000 | | | $157,500 | | | $ 315,000 | | | $ 315,000 | | | 200% | |
General Counsel | | | $ 46,875 | | | $ 93,750 | | | $ 187,500 | | | $ 187,500 | | | 200% | |
EVP, People & Culture and Chief of Staff | | | $ 29,500 | | | $ 59,000 | | | $ 88,500 | | | $ 88,500 | | | 150% | |
| | | Threshold | | | Target | | | Maximum | | | 2023 Actual | |
AFFO Growth | | | 0.0% | | | 1.5% | | | 3.0% | | | 3.1% | |
Cash Award Summary | | | Threshold | | | Target | | | Maximum | | | 2023 Actual | | | Award % of Target | |
Chief Executive Officer | | | $337,500 | | | $675,000 | | | $1,575,000 | | | $1,575,000 | | | 233% | |
Chief Financial Officer | | | $ 96,250 | | | $192,500 | | | $ 288,750 | | | $ 288,750 | | | 150% | |
Chief Operating Officer(1) | | | $ 32,500 | | | $ 65,000 | | | $ 97,500 | | | $ 97,500 | | | 150% | |
Chief Growth Officer(1) | | | $108,150 | | | $162,225 | | | $ 324,450 | | | $ 324,450 | | | 200% | |
General Counsel | | | $ 48,281 | | | $ 96,563 | | | $ 193,125 | | | $ 193,125 | | | 200% | |
Management Business Objectives | | | Threshold | | | Target | | | Maximum | | | Actual | |
Portfolio Occupancy | | | 96.5% | | | 97.5% | | | 98.5% | | | 99.7% | |
Investment Grade Tenants as % of Annualized Base Rent | | | 60.0% | | | 62.5% | | | 65.0% | | | 67.8% | |
Development & Partner Capital Solutions Commenced | | | $25.0 | | | $50.0 | | | $75.0 | | | $109.6 | |
Acquisition Volume | | | $1,000.0 | | | $1,200.0 | | | $1,400.0 | | | $1,592.7 | |
Net Debt to Recurring EBITDA at Year-End(1) | | | 5.5x | | | 5.0x | | | 4.5x | | | 3.1x | |
Fixed Charge Coverage Ratio at Year-End | | | 4.50x | | | 4.75x | | | 5.00x | | | 5.01x | |
Management Business Objectives | | | Weightings | | | Threshold | | | Target | | | Maximum | | | Actual | |
Acquisition Volume | | | 15.0% | | | $800.0 | | | $1,000.0 | | | $1,200.0 | | | $1,192.9 | |
Development & Development Funding Platform Commenced | | | 5.0% | | | $25.0 | | | $50.0 | | | $75.0 | | | $53.5 | |
Fixed Charge Coverage Ratio at Year-End | | | 5.0% | | | 4.50x | | | 4.75x | | | 5.00x | | | 5.00x | |
Net Debt to Recurring EBITDA at Year-End(1) | | | 5.0% | | | 5.5x | | | 5.0x | | | 4.5x | | | 4.3x | |
Investment Grade Tenants as % of Annualized Base Rent | | | 2.5% | | | 60.0% | | | 62.5% | | | 65.0% | | | 69.1% | |
Portfolio Occupancy | | | 2.5% | | | 96.5% | | | 97.5% | | | 98.5% | | | 99.8% | |
Cash Award Summary | | Threshold | | Target | | Maximum | | 2022 Actual | | Award % of Target | | | Threshold | | Target | | Maximum | | 2023 Actual | | Award % of Target | | ||||||||||
Chief Executive Officer | | $229,688 | | $459,375 | | $1,071,875 | | $1,071,875 | | 233% | | | $236,250 | | $472,500 | | $1,102,500 | | $1,015,515 | | 215% | | ||||||||||
Chief Financial Officer | | $ 61,250 | | $122,500 | | $ 183,750 | | $ 183,750 | | 150% | | | $ 67,375 | | $134,750 | | $ 202,125 | | $ 201,442 | | 149% | | ||||||||||
Chief Operating Officer | | $ 84,000 | | $126,000 | | $ 252,000 | | $ 252,000 | | 200% | | |||||||||||||||||||||
Chief Growth Officer(1) | | $ 86,520 | | $129,780 | | $ 259,560 | | $ 235,178 | | 181% | | |||||||||||||||||||||
General Counsel | | N/A | | N/A | | N/A | | N/A | | N/A | | | N/A | | N/A | | N/A | | N/A | | N/A | | ||||||||||
EVP, People & Culture and Chief of Staff (1) | | N/A | | N/A | | N/A | | N/A | | N/A | | |||||||||||||||||||||
Chief Operating Officer(3) | | N/A | | N/A | | N/A | | N/A | | N/A | |
| ◦ EPR Properties ◦ Essential Properties Trust, Inc. ◦ Four Corners Property Trust, Inc. ◦ Getty Realty Corporation | | | ◦ ◦ Realty Income Corporation ◦ Spirit Realty Capital, Inc.(1) ◦ W.P. Carey Inc. | |
| Performance Level | | | 3-Year Relative TSR Positioning | | | % of Target Award Funded | |
| Below Threshold | | | Below 25th Percentile | | | 0% | |
| Threshold | | | 25th Percentile | | | 50% | |
| Target | | | 50th Percentile | | | 100% | |
| | | 75th Percentile | | | 150% | | |
| Maximum | | | 90th Percentile | | | 200% | |
Reporting Person | | | Transaction Date | | | Shares | | | Average Price | | | Total Purchase | | ||||||||||||
John Rakolta, Jr. | | | | | 5/8/2023 | | | | | | 10,495 | | | | | $ | 67.85 | | | | | $ | 712,086 | | |
John Rakolta, Jr. | | | | | 5/11/2023 | | | | | | 7,500 | | | | | | 66.45 | | | | | $ | 498,375 | | |
Joel Agree | | | | | 5/12/2023 | | | | | | 5,000 | | | | | | 66.36 | | | | | $ | 331,800 | | |
Joel Agree | | | | | 5/17/2023 | | | | | | 5,000 | | | | | | 65.35 | | | | | $ | 326,750 | | |
Craig Erlich | | | | | 5/17/2023 | | | | | | 1,500 | | | | | | 65.50 | | | | | $ | 98,250 | | |
Joel Agree | | | | | 5/24/2023 | | | | | | 5,000 | | | | | | 64.91 | | | | | $ | 324,550 | | |
Stephen Breslin | | | | | 5/25/2023 | | | | | | 375 | | | | | | 64.32 | | | | | $ | 24,120 | | |
Craig Erlich | | | | | 5/26/2023 | | | | | | 3,000 | | | | | | 64.09 | | | | | $ | 192,270 | | |
Peter Coughenour | | | | | 5/26/2023 | | | | | | 500 | | | | | | 64.25 | | | | | $ | 32,125 | | |
John Rakolta, Jr. | | | | | 8/2/2023 | | | | | | 30,000 | | | | | | 63.02 | | | | | $ | 1,890,600 | | |
Joel Agree | | | | | 8/2/2023 | | | | | | 10,000 | | | | | | 62.79 | | | | | $ | 627,900 | | |
Richard Agree | | | | | 8/2/2023 | | | | | | 11,751 | | | | | | 62.95 | | | | | $ | 739,725 | | |
Richard Agree | | | | | 8/3/2023 | | | | | | 18,249 | | | | | | 63.70 | | | | | $ | 1,162,461 | | |
Craig Erlich | | | | | 8/14/2023 | | | | | | 1,755 | | | | | | 62.36 | | | | | $ | 103,207 | | |
Peter Coughenour | | | | | 8/15/2023 | | | | | | 500 | | | | | | 61.79 | | | | | $ | 30,895 | | |
John Rakolta, Jr. | | | | | 9/21/2023 | | | | | | 30,000 | | | | | | 57.48 | | | | | $ | 1,724,400 | | |
Joel Agree | | | | | 9/26/2023 | | | | | | 10,000 | | | | | | 56.10 | | | | | $ | 561,000 | | |
John Rakolta, Jr. | | | | | 9/26/2023 | | | | | | 20,000 | | | | | | 55.73 | | | | | $ | 1,114,600 | | |
Craig Erlich | | | | | 9/28/2023 | | | | | | 1,800 | | | | | | 55.25 | | | | | $ | 99,447 | | |
Joel Agree | | | | | 10/2/2023 | | | | | | 4,000 | | | | | | 53.84 | | | | | $ | 215,360 | | |
Joel Agree | | | | | 12/11/2023 | | | | | | 1,350 | | | | | | 58.47 | | | | | $ | 78,935 | | |
Joel Agree | | | | | 12/11/2023 | | | | | | 1,300 | | | | | | 58.49 | | | | | $ | 76,037 | | |
Greg Lehmkuhl | | | | | 12/15/2023 | | | | | | 1,700 | | | | | | 61.17 | | | | | $ | 103,989 | | |
John Rakolta, Jr. | | | | | 12/20/2023 | | | | | | 13,000 | | | | | | 62.44 | | | | | $ | 811,720 | | |
John Rakolta, Jr. | | | | | 12/21/2023 | | | | | | 335 | | | | | | 62.41 | | | | | $ | 20,907 | | |
Richard Agree | | | | | 1/10/2024 | | | | | | 10,500 | | | | | | 62.57 | | | | | $ | 656,985 | | |
Joel Agree | | | | | 2/15/2024 | | | | | | 2,000 | | | | | | 57.56 | | | | | $ | 115,120 | | |
John Rakolta, Jr. | | | | | 2/16/2024 | | | | | | 20,430 | | | | | | 57.00 | | | | | $ | 1,164,510 | | |
John Rakolta, Jr. | | | | | 2/20/2024 | | | | | | 102 | | | | | | 57.09 | | | | | $ | 5,823 | | |
John Rakolta, Jr. | | | | | 2/21/2024 | | | | | | 20,000 | | | | | | 56.75 | | | | | $ | 1,135,000 | | |
Joel Agree | | | | | 2/21/2024 | | | | | | 3,500 | | | | | | 56.92 | | | | | $ | 199,220 | | |
Richard Agree | | | | | 2/29/2024 | | | | | | 16,000 | | | | | | 55.50 | | | | | $ | 888,000 | | |
Stephen Breslin | | | | | 3/14/2024 | | | | | | 450 | | | | | | 55.33 | | | | | $ | 24,899 | | |
Total | | | | | | | | | | | 267,092 | | | | | | | | | | | $ | 16,097,299 | | |
Name and Principal Position | | Year | | Salary ($) | | Bonus ($)(1) | | Stock Awards ($)(2) | | Non-Equity Incentive Plan Compensation ($)(3) | | All Other Compensation ($)(4) | | Total ($) | | | Year | | Salary ($) | | Stock Awards ($)(1) | | Non-Equity Incentive Plan Compensation ($)(2) | | All Other Compensation ($)(3) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Joel Agree President and Chief Executive Officer | | | | | 2022 | | | | $ | 875,000 | | | | $ | — | | | | $ | 3,666,730 | | | | $ | 3,062,500 | | | | $ | 51,842 | | | | $ | 7,656,072 | | | | | | | 2023 | | | | | 895,481 | | | | | 4,212,330 | | | | | 3,063,015 | | | | | 55,277 | | | | | 8,226,103 | | | |||||||||||
| | | 2021 | | | | | 875,000 | | | | | — | | | | | 3,469,080 | | | | | 2,947,365 | | | | | 50,180 | | | | | 7,341,625 | | | | | | 2022 | | | | | 875,000 | | | | | 3,666,730 | | | | | 3,062,500 | | | | | 51,842 | | | | | 7,656,072 | | | ||||||||||||||
| | | 2020 | | | | | 792,788 | | | | | 1,500,000 | | | | | 3,731,809 | | | | | 1,446,744 | | | | | 46,025 | | | | | 7,517,366 | | | | | | 2021 | | | | | 875,000 | | | | | 3,469,080 | | | | | 2,947,365 | | | | | 50,180 | | | | | 7,341,625 | | | ||||||||||||||
Peter Coughenour (5) Chief Financial Officer, Secretary | | | | | 2022 | | | | $ | 350,000 | | | | $ | — | | | | $ | 89,985 | | | | $ | 525,000 | | | | $ | 15,657 | | | | $ | 980,642 | | | |||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 163,365 | | | | | — | | | | | 44,998 | | | | | 90,000 | | | | | 9,457 | | | | | 307,820 | | | |||||||||||||||||||||||||||||||||||||||||||||
Craig Erlich (6) Chief Operating Officer | | | | | 2022 | | | | $ | 416,462 | | | | $ | — | | | | $ | 471,429 | | | | $ | 598,500 | | | | $ | 44,868 | | | | $ | 1,531,259 | | | |||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 392,308 | | | | | — | | | | | 111,468 | | | | | 577,369 | | | | | 41,630 | | | | | 1,122,775 | | | |||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | | 125,912 | | | | | — | | | | | 299,978 | | | | | 112,432 | | | | | 11,563 | | | | | 549,885 | | | |||||||||||||||||||||||||||||||||||||||||||||
Peter Coughenour Chief Financial Officer, Secretary (4) | | | | | 2023 | | | | | 378,673 | | | | | 421,287 | | | | | 576,817 | | | | | 18,193 | | | | | 1,394,970 | | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | | 350,000 | | | | | 89,985 | | | | | 525,000 | | | | | 15,657 | | | | | 980,641 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 163,365 | | | | | 44,998 | | | | | 90,000 | | | | | 9,457 | | | | | 307,820 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Craig Erlich (5) Chief Growth Officer | | | | | 2023 | | | | | 430,322 | | | | | 1,053,061 | | | | | 581,258 | | | | | 37,623 | | | | | 2,102,264 | | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | | 416,462 | | | | | 471,429 | | | | | 598,500 | | | | | 44,868 | | | | | 1,531,259 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 392,308 | | | | | 111,468 | | | | | 577,369 | | | | | 41,630 | | | | | 1,122,775 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Danielle Spehar General Counsel | | | | | 2022 | | | | $ | 367,039 | | | | $ | — | | | | $ | 314,242 | | | | $ | 375,000 | | | | $ | 39,140 | | | | $ | 1,095,421 | | | | | | | 2023 | | | | | 384,216 | | | | | 631,854 | | | | | 289,688 | | | | | 37,623 | | | | | 1,343,381 | | | |||||||||||
| | | 2021 | | | | | 324,808 | | | | | — | | | | | 297,291 | | | | | 165,000 | | | | | 36,213 | | | | | 823,312 | | | | | | 2022 | | | | | 367,039 | | | | | 314,242 | | | | | 375,000 | | | | | 39,140 | | | | | 1,095,421 | | | ||||||||||||||
| | | 2020 | | | | | 300,961 | | | | | — | | | | | 200,005 | | | | | 150,000 | | | | | 32,946 | | | | | 683,912 | | | | | | 2021 | | | | | 324,808 | | | | | 297,291 | | | | | 165,000 | | | | | 36,213 | | | | | 823,312 | | | ||||||||||||||
Nicole Witteveen (7) Executive Vice President, People & Culture, Chief of Staff | | | | | 2022 | | | | $ | 234,054 | | | | $ | — | | | | $ | 149,975 | | | | $ | 177,000 | | | | $ | 24,694 | | | | $ | 585,723 | | | |||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 161,699 | | | | | — | | | | | 309,989 | | | | | 100,000 | | | | | 10,047 | | | | | 581,735 | | | |||||||||||||||||||||||||||||||||||||||||||||
Nicole Witteveen (6) Chief Operating Officer | | | | | 2023 | | | | | 290,331 | | | | | 263,269 | | | | | 195,000 | | | | | 33,161 | | | | | 781,761 | | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | | 234,054 | | | | | 149,975 | | | | | 177,000 | | | | | 24,694 | | | | | 585,722 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 161,699 | | | | | 309,989 | | | | | 100,000 | | | | | 10,047 | | | | | 581,735 | | |
Name | | Grant Date | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards ($) | | Estimated Future Payouts Under Equity Incentive Plan Awards (#) | | | All Other Stock Awards; Number of Shares of Stock or Units (#)(1) | | Grant Date Fair Value of Stock and Option Awards ($)(2) | | | Grant Date | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards ($) | | Estimated Future Payouts Under Equity Incentive Plan Awards (#) | | | All Other Stock Awards; Number of Shares of Units (#)(1) | | Grant Date Fair Value of Stock and Awards ($)(2) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Threshold | | Target | | Maximum | | Threshold | | Target | | Maximum | | | Threshold | | Target | | Maximum | | Threshold | | Target | | Maximum | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Joel Agree | | | | 2/4/2022 | | | | $ | 656,250 | | | | $ | 1,312,500 | | | | $ | 3,062,500 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2/3/2023 | | | | $ | 675,000 | | | | $ | 1,350,000 | | | | $ | 3,150,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
Joel Agree | | | | 2/23/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 27,946 | | | | | 1,749,979 | | | | | | 2/23/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 24,567 | | | | | 1,800,024 | | | ||||||||||||||||||
Joel Agree | | | | 2/23/2022 | | | | | — | | | | | — | | | | | — | | | | | 13,973 | | | | | 27,946 | | | | | 41,919 | | | | | — | | | | | 1,916,751 | | | | | | 2/23/2023 | | | | | — | | | | | — | | | | | — | | | | | 15,013 | | | | | 30,026 | | | | | 60,052 | | | | | — | | | | | 2,412,306 | | | ||||||||||||||||||
Peter Coughenour | | | | 2/4/2022 | | | | $ | 175,000 | | | | $ | 350,000 | | | | $ | 525,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Peter Coughenour(3) | | | | 2/3/2023 | | | | $ | 192,500 | | | | $ | 385,000 | | | | $ | 577,500 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Peter Coughenour | | | | 2/23/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,437 | | | | | 89,985 | | | | | | 2/23/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,457 | | | | | 180,024 | | | ||||||||||||||||||
Peter Coughenour | | | | 2/23/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2/23/2023 | | | | | — | | | | | — | | | | | — | | | | | 1,502 | | | | | 3,003 | | | | | 6,006 | | | | | — | | | | | 241,263 | | | ||||||||||||||||||
Craig Erlich | | | | 2/4/2022 | | | | $ | 210,000 | | | | $ | 315,000 | | | | $ | 630,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2/3/2023 | | | | $ | 216,300 | | | | $ | 324,450 | | | | $ | 648,900 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
Craig Erlich | | | | 2/23/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 3,593 | | | | | 224,994 | | | | | | 2/23/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 6,142 | | | | | 450,024 | | | ||||||||||||||||||
Craig Erlich | | | | 2/23/2022 | | | | | — | | | | | — | | | | | — | | | | | 1,797 | | | | | 3,593 | | | | | 5,390 | | | | | — | | | | | 246,436 | | | | | | 2/23/2023 | | | | | — | | | | | — | | | | | — | | | | | 3,753 | | | | | 7,506 | | | | | 15,012 | | | | | — | | | | | 603,036 | | | ||||||||||||||||||
Danielle Spehar(3) | | | | 2/3/2023 | | | | $ | 96,563 | | | | $ | 193,125 | | | | $ | 386,250 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Danielle Spehar | | | | 2/4/2022 | | | | $ | 93,750 | | | | $ | 187,500 | | | | $ | 375,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2/23/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 3,685 | | | | | 270,000 | | | ||||||||||||||||||
Danielle Spehar | | | | 2/23/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,395 | | | | | 149,975 | | | | | | 2/23/2023 | | | | | — | | | | | — | | | | | — | | | | | 2,252 | | | | | 4,504 | | | | | 9,008 | | | | | — | | | | | 361,854 | | | ||||||||||||||||||
Danielle Spehar | | | | 2/23/2022 | | | | | — | | | | | — | | | | | — | | | | | 1,198 | | | | | 2,395 | | | | | 3,593 | | | | | — | | | | | 164,268 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nicole Witteveen(3) | | | | 2/3/2023 | | | | $ | 65,000 | | | | $ | 130,000 | | | | $ | 195,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nicole Witteveen | | | | 2/4/2022 | | | | $ | 59,000 | | | | $ | 118,000 | | | | $ | 177,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2/23/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,535 | | | | | 112,469 | | | ||||||||||||||||||
Nicole Witteveen | | | | 2/23/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,395 | | | | | 149,975 | | | | | | 2/23/2023 | | | | | — | | | | | — | | | | | — | | | | | 939 | | | | | 1,877 | | | | | 3,754 | | | | | — | | | | | 150,799 | | | ||||||||||||||||||
Nicole Witteveen | | | | 2/23/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | |
| | | | | | | Stock Awards | | | | | | | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||||
Name | | Grant Date | | Number of Shares or Units of Stock That Have Not Vested (#)(1) | | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(1) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) | | | Grant Date | | Number of Shares or Units of Stock That Have Not Vested (#)(1) | | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(1) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) | | ||||||||||||||||||||||||||||||||||||||||
Joel Agree | | | | 2/23/2022 | | | | | 46,043 | | | | | 3,265,830 | | | | | 27,946 | | | | | 1,982,210 | | | | | | 2/23/2023 | | | | | 46,547 | | | | | 2,930,134 | | | | | 30,026 | | | | | 1,890,137 | | | ||||||||||
| | | | 2/23/2021 | | | | | 35,498 | | | | | 2,517,873 | | | | | 27,107 | | | | | 1,922,700 | | | | | | 2/23/2022 | | | | | 31,404 | | | | | 1,976,882 | | | | | 27,946 | | | | | 1,759,201 | | | ||||||||||
| | | | 2/23/2020 | | | | | 13,187 | | | | | 935,354 | | | | | 21,980 | | | | | 1,559,041 | | | | | | 2/23/2021 | | | | | 16,265 | | | | | 1,023,882 | | | | | 27,107 | | | | | 1,706,386 | | | ||||||||||
| | | | 2/23/2019 | | | | | 10,243 | | | | | 726,536 | | | | | — | | | | | — | | | | | | 2/23/2020 | | | | | 8,791 | | | | | 553,393 | | | | | — | | | | | — | | | ||||||||||
| | | | 2/23/2018 | | | | | 5,524 | | | | | 391,817 | | | | | — | | | | | — | | | | | | 2/23/2019 | | | | | 5,121 | | | | | 322,367 | | | | | — | | | | | — | | | ||||||||||
Peter Coughenour | | | | 2/23/2022 | | | | | 1,437 | | | | | 101,926 | | | | | — | | | | | — | | | | | | 2/23/2023 | | | | | 2,457 | | | | | 154,668 | | | | | 3,003 | | | | | 189,039 | | | ||||||||||
| | | | 2/23/2021 | | | | | 558 | | | | | 39,579 | | | | | — | | | | | — | | | | | | 2/23/2022 | | | | | 1,150 | | | | | 72,393 | | | | | — | | | | | — | | | ||||||||||
| | | | 2/23/2020 | | | | | 283 | | | | | 20,073 | | | | | — | | | | | — | | | | | | 2/23/2021 | | | | | 419 | | | | | 26,376 | | | | | — | | | | | — | | | ||||||||||
| | | | 2/23/2019 | | | | | 182 | | | | | 12,909 | | | | | — | | | | | — | | | | | | 2/23/2020 | | | | | 189 | | | | | 11,898 | | | | | — | | | | | — | | | ||||||||||
| | | | 2/23/2018 | | | | | 104 | | | | | 7,377 | | | | | — | | | | | — | | | | | | 2/23/2019 | | | | | 91 | | | | | 5,728 | | | | | — | | | | | — | | | ||||||||||
Craig Erlich | | | | 2/23/2022 | | | | | 3,593 | | | | | 254,841 | | | | | 3,593 | | | | | 254,851 | | | | | | 2/23/2023 | | | | | 6,142 | | | | | 386,639 | | | | | 7,506 | | | | | 472,503 | | | ||||||||||
| | | | 2/23/2021 | | | | | 697 | | | | | 49,438 | | | | | 871 | | | | | 61,780 | | | | | | 2/23/2022 | | | | | 2,874 | | | | | 180,918 | | | | | 3,593 | | | | | 226,179 | | | ||||||||||
| | | | 8/19/2020 | | | | | 2,724 | | | | | 193,213 | | | | | — | | | | | — | | | | | | 2/23/2021 | | | | | 523 | | | | | 32,923 | | | | | 871 | | | | | 54,829 | | | ||||||||||
| | | | 2/23/2020 | | | | | 1,816 | | | | | 114,317 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Danielle Spehar | | | | 2/23/2022 | | | | | 2,395 | | | | | 169,877 | | | | | 2,395 | | | | | 169,877 | | | | | | 2/23/2023 | | | | | 3,685 | | | | | 231,971 | | | | | 4,504 | | | | | 283,527 | | | ||||||||||
| | | | 2/23/2021 | | | | | 1,858 | | | | | 131,788 | | | | | 2,323 | | | | | 164,770 | | | | | | 2/23/2022 | | | | | 1,916 | | | | | 120,612 | | | | | 2,395 | | | | | 150,765 | | | ||||||||||
| | | | 2/23/2020 | | | | | 1,508 | | | | | 106,962 | | | | | — | | | | | — | | | | | | 2/23/2021 | | | | | 1,393 | | | | | 87,689 | | | | | 2,323 | | | | | 146,233 | | | ||||||||||
| | | | 2/23/2019 | | | | | 365 | | | | | 25,889 | | | | | — | | | | | — | | | | | | 2/23/2020 | | | | | 1,006 | | | | | 63,328 | | | | | — | | | | | — | | | ||||||||||
| | | | 2/232018 | | | | | 193 | | | | | 13,689 | | | | | — | | | | | — | | | | | | 2/23/2019 | | | | | 182 | | | | | 11,457 | | | | | — | | | | | — | | | ||||||||||
Nicole Witteveen | | | | 2/23/2022 | | | | | 2,395 | | | | | 169,877 | | | | | — | | | | | — | | | | | | 2/23/2023 | | | | | 1,535 | | | | | 96,628 | | | | | 1,877 | | | | | 118,157 | | | ||||||||||
| | | | 2/23/2021 | | | | | 743 | | | | | 52,701 | | | | | — | | | | | — | | | | | | 2/23/2022 | | | | | 1,916 | | | | | 120,612 | | | | | — | | | | | — | | | ||||||||||
| | | | 8/17/2021 | | | | | 2,695 | | | | | 191,156 | | | | | — | | | | | — | | | | | | 2/23/2021 | | | | | 2,578 | | | | | 162,285 | | | | | — | | | | | — | | | ||||||||||
| | | | 2/23/2020 | | | | | 227 | | | | | 16,101 | | | | | — | | | | | — | | | | | | 2/23/2020 | | | | | 152 | | | | | 9,568 | | | | | — | | | | | — | | | ||||||||||
| | | | 8/13/2019 | | | | | 282 | | | | | 20,002 | | | | | — | | | | | — | | | | | | 2/23/2019 | | | | | 141 | | | | | 8,876 | | | | | — | | | | | — | | |
| | 2023 | | 2024 | | 2025 | | 2026 | | 2027 | | | 2024 | | 2025 | | 2026 | | 2027 | | ||||||||||||||||||||||||||||||||||||
Joel Agree | | | | 56,241 | | | | | 45,938 | | | | | 41,083 | | | | | 29,362 | | | | | 14,904 | | | | | | 57,790 | | | | | 52,936 | | | | | 67,577 | | | | | 14,904 | | | |||||||||
Peter Coughenour | | | | 715 | | | | | 611 | | | | | 522 | | | | | 428 | | | | | 288 | | | | | | 1,430 | | | | | 1,341 | | | | | 4,250 | | | | | 288 | | | |||||||||
Craig Erlich | | | | 1,801 | | | | | 2,092 | | | | | 3,289 | | | | | 2,381 | | | | | 1,915 | | | | | | 4,141 | | | | | 5,336 | | | | | 11,933 | | | | | 1,915 | | | |||||||||
Danielle Spehar | | | | 1,823 | | | | | 2,403 | | | | | 3,019 | | | | | 2,515 | | | | | 1,277 | | | | | | 3,632 | | | | | 4,247 | | | | | 8,248 | | | | | 1,277 | | | |||||||||
Nicole Witteveen | | | | 1,555 | | | | | 1,556 | | | | | 1,415 | | | | | 1,337 | | | | | 479 | | | | | | 2,068 | | | | | 1,927 | | | | | 3,725 | | | | | 479 | | |
| | Stock Awards | | | Stock Awards | | ||||||||||||||||||||
Name | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($)(1) | | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($)(1) | | ||||||||||||||||
Joel Agree | | | | 53,608 | | | | | 3,356,933 | | | | | | 59,904 | | | | | 4,389,166 | | | ||||
Peter Coughenour | | | | 511 | | | | | 31,999 | | | | | | 715 | | | | | 52,388 | | | ||||
Craig Erlich | | | | 1,082 | | | | | 82,909 | | | | | | 1,801 | | | | | 121,154 | | | ||||
Danielle Spehar | | | | 1,344 | | | | | 84,161 | | | | | | 1,822 | | | | | 133,498 | | | ||||
Nicole Witteveen | | | | 1,077 | | | | | 81,013 | | | | | | 1,555 | | | | | 104,576 | | |
Named Executive Officer | | Base Salary | | Bonus | | Early Vesting of Stock Awards(1) | | Other(2) | | Total | | | Base Salary | | Bonus | | Early Vesting of Stock Awards | | Other(3) | | Total | | ||||||||||||||||||||||||||||||||||||||||
Joel Agree | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Death or Disability | | | $ | 145,833 | | | | $ | 1,312,500 | | | | $ | 7,837,410 | | | | $ | 17,074 | | | | $ | 9,312,818 | | | | | $ | 150,000 | | | | $ | 1,350,000 | | | | $ | 6,806,658 | | | | $ | 18,623 | | | | $ | 8,325,281 | | | ||||||||||
Change in Control | | | | 2,625,000 | | | | | 6,901,609 | | | | | 13,301,361 | | | | | 17,074 | | | | | 22,845,044 | | | | | | 2,700,000 | | | | | 8,806,609 | | | | | 12,162,381(2) | | | | | 18,623 | | | | | 23,687,613 | | | ||||||||||
Other (except for cause) | | | | 1,750,000 | | | | | 3,726,073 | | | | | 13,301,361 | | | | | 17,074 | | | | | 18,794,508 | | | | | | 1,800,000 | | | | | 4,971,073 | | | | | 12,162,381 | | | | | 18,623 | | | | | 18,952,077 | | | ||||||||||
Peter Coughenour | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Death or Disability | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Change in Control(1) | | | | 385,000 | | | | | 1,525,000 | | | | | 460,102(2) | | | | | — | | | | | 2,370,102 | | | ||||||||||||||||||||||||||||||||||||
Other (except for cause) | | | | 385,000 | | | | | — | | | | | 18,067 | | | | | — | | | | | 403,067 | | | ||||||||||||||||||||||||||||||||||||
Craig Erlich | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Change in Control(1) | | | | 432,600 | | | | | 1,598,500 | | | | | 1,468,309(2) | | | | | — | | | | | 3,499,409 | | | ||||||||||||||||||||||||||||||||||||
Danielle Spehar | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Change in Control | | | | 700,000 | | | | | 580,000 | | | | | 181,865 | | | | | — | | | | | 1,461,865 | | | | | | — | | | | | — | | | | | 1,095,582(2) | | | | | — | | | | | 1,095,582 | | | ||||||||||
Other (except for cause) | | | | 350,000 | | | | | — | | | | | — | | | | | — | | | | | 350,000 | | | ||||||||||||||||||||||||||||||||||||
Craig Erlich(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Death or Disability | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Nicole Witteveen | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Change in Control | | | | 420,000 | | | | | 1,577,369 | | | | | 814,135 | | | | | — | | | | | 2,811,504 | | | | | | — | | | | | — | | | | | 516,127(2) | | | | | — | | | | | 516,127 | | | ||||||||||
Other (except for cause) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Danielle Spehar(6) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Death or Disability | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Change in Control | | | | — | | | | | — | | | | | 782,854 | | | | | — | | | | | 782,854 | | | ||||||||||||||||||||||||||||||||||||
Other (except for cause) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Nicole Witteveen(6) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Death or Disability | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Change in Control | | | | — | | | | | — | | | | | 449,838 | | | | | — | | | | | 449,838 | | | ||||||||||||||||||||||||||||||||||||
Other (except for cause) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | |
Year | | Summary Compensation Table Total for PEO(1) | | Compensation Actually Paid to PEO(2) | | Average Summary Compensation Table Total for Non-PEO NEOs(3) | | Average Compensation Actually Paid to Non-PEO NEOs(4) | | | Value of Initial Fixed td00 Investment Based On: | | | Net Income (thousands)(7) | | AFFO (per diluted common share and partnership unit)(8) | | | Summary Compensation Table Total for PEO(1) | | Compensation Actually Paid to PEO(2) | | Average Summary Compensation Table Total for Non-PEO NEOs(3) | | Average Compensation Actually Paid to Non-PEO NEOs(4) | | | Value of Initial Fixed td00 Investment Based On: | | | Net Income (thousands)(7) | | AFFO (per diluted common share and partnership unit)(8) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Shareholder Return(5) | | Peer Group Total Shareholder Return(6) | | | Total Shareholder Return(5) | | Peer Group Total Shareholder Return(6) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) | | (b) | | (c) | | (d) | | (e) | | (f) | | (g) | | (h) | | (i) | | | (b) | | (c) | | (d) | | (e) | | (f) | | (g) | | (h) | | (i) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | | | $ | 8,226,103 | | | | $ | 5,888,290 | | | | $ | 1,405,594 | | | | $ | 1,234,150 | | | | $ | 105.37 | | | | $ | 113.54 | | | | $ | 170,547 | | | | $ | 3.95 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | | | $ | 7,656,072 | | | | $ | 9,778,145 | | | | $ | 1,048,261 | | | | $ | 1,110,318 | | | | $ | 113.42 | | | | $ | 99.82 | | | | $ | 153,035 | | | | $ | 3.83 | | | | | $ | 7,656,072 | | | | $ | 9,778,145 | | | | $ | 1,048,261 | | | | $ | 1,110,318 | | | | $ | 113.42 | | | | $ | 99.82 | | | | $ | 153,035 | | | | $ | 3.83 | | | ||||||||||||||||
2021 | | | $ | 7,341,625 | | | | $ | 8,465,147 | | | | $ | 825,199 | | | | $ | 508,644 | | | | $ | 109.60 | | | | $ | 132.23 | | | | $ | 122,876 | | | | $ | 3.51 | | | | | $ | 7,341,625 | | | | $ | 8,465,147 | | | | $ | 825,199 | | | | $ | 508,644 | | | | $ | 109.60 | | | | $ | 132.23 | | | | $ | 122,876 | | | | $ | 3.51 | | | ||||||||||||||||
2020 | | | $ | 7,517,366 | | | | $ | 7,975,373 | | | | $ | 761,782 | | | | $ | 764,191 | | | | $ | 98.51 | | | | $ | 92.43 | | | | $ | 91,972 | | | | $ | 3.20 | | | | | $ | 7,517,366 | | | | $ | 7,975,373 | | | | $ | 761,782 | | | | $ | 764,191 | | | | $ | 98.51 | | | | $ | 92.43 | | | | $ | 91,972 | | | | $ | 3.20 | | |
Year | | Reported Summary Compensation Table Total for PEO | | Reported Value of Equity Awards(a) | | Equity Award Adjustments(b) | | Compensation Actually Paid to PEO | | | Reported Summary Compensation Table Total for PEO | | Reported Value of Equity Awards(a) | | Equity Award Adjustments(b) | | Compensation Actually Paid to PEO | | ||||||||||||||||||||||||||||||||
2023 | | | $ | 8,226,103 | | | | $ | (4,212,330) | | | | $ | 1,874,517 | | | | $ | 5,888,290 | | | |||||||||||||||||||||||||||||
2022 | | | $ | 7,656,072 | | | | $ | (3,666,730) | | | | $ | 5,788,803 | | | | $ | 9,778,145 | | | | | $ | 7,656,072 | | | | $ | (3,666,730) | | | | $ | 5,788,803 | | | | $ | 9,778,145 | | | ||||||||
2021 | | | $ | 7,341,625 | | | | $ | (3,469,080) | | | | $ | 4,592,602 | | | | $ | 8,465,147 | | | | | $ | 7,341,625 | | | | $ | (3,469,080) | | | | $ | 4,592,602 | | | | $ | 8,465,147 | | | ||||||||
2020 | | | $ | 7,517,366 | | | | $ | (3,731,809) | | | | $ | 4,189,816 | | | | $ | 7,975,373 | | | | | $ | 7,517,366 | | | | $ | (3,731,809) | | | | $ | 4,189,816 | | | | $ | 7,975,373 | | |
Year | | Year End Fair Value of Equity Awards Granted During the Year That are Outstanding and Unvested as of the End of the Year | | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | | Total Equity Award Adjustments | | | Year End Fair Value of Equity Awards Granted During the Year That are Outstanding and Unvested as of the End of the Year | | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | | Total Equity Award Adjustments | | ||||||||||||||||||||||||||||||||||||||||
2023 | | | $ | 3,152,283 | | | | $ | (1,999,494) | | | | $ | 140,175 | | | | $ | 581,553 | | | | $ | 1,874,517 | | | ||||||||||||||||||||||||||||||||||||
2022 | | | $ | 4,562,604 | | | | $ | 1,182,878 | | | | $ | (468,543) | | | | $ | 511,864 | | | | $ | 5,788,803 | | | | | $ | 4,562,604 | | | | $ | 1,182,878 | | | | $ | (468,543) | | | | $ | 511,864 | | | | $ | 5,788,803 | | | ||||||||||
2021 | | | $ | 3,963,450 | | | | $ | 124,045 | | | | $ | (96,376) | | | | $ | 601,483 | | | | $ | 4,592,602 | | | | | $ | 3,963,450 | | | | $ | 124,045 | | | | $ | (96,376) | | | | $ | 601,483 | | | | $ | 4,592,602 | | | ||||||||||
2020 | | | $ | 3,257,260 | | | | $ | 375,176 | | | | $ | 360,480 | | | | $ | 196,900 | | | | $ | 4,189,816 | | | | | $ | 3,257,260 | | | | $ | 375,176 | | | | $ | 360,480 | | | | $ | 196,900 | | | | $ | 4,189,816 | | |
Year | | Average Reported Summary Compensation Table Total for Non-PEO NEOs | | Average Reported Value of Equity Awards | | Average Equity Award Adjustments(a) | | Average Compensation Actually Paid to Non-PEO NEOs | | | Average Reported Summary Compensation Table Total for Non-PEO NEOs | | Average Reported Value of Equity Awards | | Average Equity Award Adjustments(a) | | Average Compensation Actually Paid to Non-PEO NEOs | | ||||||||||||||||||||||||||||||||
2023 | | | $ | 1,405,594 | | | | $ | (592,368) | | | | $ | 420,924 | | | | $ | 1,234,150 | | | |||||||||||||||||||||||||||||
2022 | | | $ | 1,048,261 | | | | $ | (256,408) | | | | $ | 318,465 | | | | $ | 1,110,318 | | | | | $ | 1,048,261 | | | | $ | (256,408) | | | | $ | 318,465 | | | | $ | 1,110,318 | | | ||||||||
2021 | | | $ | 825,199 | | | | $ | (343,954) | | | | $ | 27,399 | | | | $ | 508,644 | | | | | $ | 825,199 | | | | $ | (343,954) | | | | $ | 27,399 | | | | $ | 508,644 | | | ||||||||
2020 | | | $ | 761,782 | | | | $ | (278,270) | | | | $ | 280,679 | | | | $ | 764,191 | | | | | $ | 761,782 | | | | $ | (278,270) | | | | $ | 280,679 | | | | $ | 764,191 | | |
Year | | | Average Year End Fair Value of Equity Awards Granted During the Year That are Outstanding and Unvested as of the End of the Year | | | Average Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | | | Average Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | | Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | | | Average Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | | | Average Total Equity Award Adjustments | | ||||||||||||||||||
2022 | | | | $ | 312,359 | | | | | $ | (589) | | | | | $ | (8,771) | | | | | $ | 0 | | | | | $ | 15,466 | | | | | $ | 318,465 | | |
2021 | | | | $ | 108,261 | | | | | $ | 6,572 | | | | | $ | (1,852) | | | | | $ | (95,249) | | | | | $ | 9,667 | | | | | $ | 27,399 | | |
2020 | | | | $ | 250,810 | | | | | $ | 11,216 | | | | | $ | 7,286 | | | | | $ | 0 | | | | | $ | 11,367 | | | | | $ | 280,679 | | |
Year | | | Average Year End Fair Value of Equity Awards Granted During the Year That are Outstanding and Unvested as of the End of the Year | | | Average Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | | | Average Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | | Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | | | Average Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | | | Average Total Equity Award Adjustments | | ||||||||||||||||||
2023 | | | | $ | 487,138 | | | | | $ | (86,237) | | | | | $ | (1,612) | | | | | $ | — | | | | | $ | 21,635 | | | | | $ | 420,924 | | |
2022 | | | | $ | 312,359 | | | | | $ | (589) | | | | | $ | (8,771) | | | | | $ | — | | | | | $ | 15,466 | | | | | $ | 318,465 | | |
2021 | | | | $ | 108,261 | | | | | $ | 6,572 | | | | | $ | (1,852) | | | | | $ | (95,249) | | | | | $ | 9,667 | | | | | $ | 27,399 | | |
2020 | | | | $ | 250,810 | | | | | $ | 11,216 | | | | | $ | 7,286 | | | | | $ | — | | | | | $ | 11,367 | | | | | $ | 280,679 | | |
| | 2022 | | 2021 | | | 2023 | | 2022 | | ||||||||||||||||
Audit Fees | | | $ | 971,250 | | | | $ | 875,875 | | | | | $ | 761,250 | | | | $ | 971,250 | | | ||||
Audit-Related Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Tax Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
All Other Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
| | | $ | 971,250 | | | | $ | 875,875 | | | | | $ | 761,250 | | | | $ | 971,250 | | |
Name | | | Age | | | Title | | | Term Ending | |
Jerome Rossi(1) | | | 79 | | | Independent Director | | | 2023 | |
Merrie Frankel(1) | | | 68 | | | Independent Director | | | 2023 | |
John Rakolta, Jr..(1) | | | 75 | | | Independent Director | | | 2023 | |
Richard Agree | | | 79 | | | Executive Chairman of the Board and Director | | | 2024 | |
Karen Dearing | | | 58 | | | Independent Director | | | 2024 | |
Michael Hollman | | | 42 | | | Independent Director | | | 2024 | |
Joel Agree | | | 44 | | | Chief Executive Officer and Director | | | 2025 | |
Michael Judlowe | | | 57 | | | Independent Director | | | 2025 | |
Gregory Lehmkuhl | | | 50 | | | Independent Director | | | 2025 | |
Name | | | Age | | | Title | | | Term Ending | |
Richard Agree(1) | | | 80 | | | Executive Chairman of the Board and Director | | | 2024 | |
Karen Dearing(1) | | | 59 | | | Independent Director | | | 2024 | |
Michael Hollman(1) | | | 43 | | | Independent Director | | | 2024 | |
Linglong He(2) | | | 59 | | | Independent Director | | | 2024 | |
Joel Agree | | | 45 | | | Chief Executive Officer and Director | | | 2025 | |
Michael Judlowe | | | 58 | | | Independent Director | | | 2025 | |
Gregory Lehmkuhl | | | 51 | | | Independent Director | | | 2025 | |
Jerome Rossi | | | 80 | | | Independent Director | | | 2026 | |
Merrie Frankel | | | 69 | | | Independent Director | | | 2026 | |
John Rakolta, Jr. | | | 76 | | | Independent Director | | | 2026 | |