Pay vs Performance Disclosure
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12 Months Ended |
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Dec. 31, 2025
USD ($)
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Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
| Pay vs Performance Disclosure |
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| Pay vs Performance Disclosure, Table |
Pay Versus Performance Compensation Actually Paid The table below sets forth information concerning the “compensation actually paid,” as determined under SEC rules, to our principal executive officer and to our other NEOs (our “Non-PEO NEOs”) (on an average basis) compared to certain measures of company performance for the fiscal years ended December 2025, 2024, 2023, 2022, and 2021 (“PVP Table”):
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Year |
|
Summary
Compensation
Table Total
for PEO #1 |
|
Summary
Compensation
Table Total
for PEO #2 (1) |
|
Compensation
Actually
Paid to
PEO #1 (2) |
|
Compensation
Actually
Paid to
PEO #2 (1) (2) |
|
Average Summary
Compensation
Table
Total for
Non-PEO
NEOs (3) |
|
Average
Compensation
Actually
Paid to
Non-PEO
NEOs (2)(3) |
|
Value of Initial Fixed
$100 Investment
Based On: |
|
Company Net
Income
(Loss) (6) |
|
Company
Same-Store
NOI
Growth (7) |
| |
Company
Total
Shareholder
Return (4) |
|
Peer Group
Total
Shareholder
Return (4)(5) |
2025 |
|
|
$ |
4,846,581 |
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N/A |
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$ |
110,409 |
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N/A |
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$ |
1,719,763 |
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$ |
1,350,712 |
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$ |
92.60 |
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$ |
126.70 |
|
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|
$ |
(1,737,000 |
) |
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0.6 |
% |
2024 |
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$ |
5,109,915 |
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N/A |
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$ |
5,155,302 |
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N/A |
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$ |
921,871 |
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$ |
925,922 |
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$ |
166.00 |
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$ |
123.90 |
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|
$ |
(5,887,000 |
) |
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-1.7 |
% |
2023 |
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$ |
4,742,747 |
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N/A |
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$ |
6,123,197 |
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N/A |
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$ |
809,895 |
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$ |
943,121 |
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$ |
167.90 |
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$ |
118.10 |
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$ |
11,646,760 |
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3.1 |
% |
2022 |
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$ |
3,499,872 |
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N/A |
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$ |
3,797,556 |
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N/A |
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$ |
766,787 |
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$ |
797,477 |
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$ |
160.50 |
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$ |
106.00 |
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$ |
21,669,452 |
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16.5 |
% |
2021 |
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$ |
3,454,270 |
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$ |
536,443 |
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$ |
5,390,178 |
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$ |
831,624 |
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$ |
688,610 |
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$ |
884,798 |
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$ |
152.90 |
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$ |
141.30 |
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$ |
(19,564,718 |
) |
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24.5 |
% |
| (1) |
For the fiscal year ended December 31, 2021, Michael S. McClure (our “PEO #2”) was our principal executive officer until April 15, 2021, at which time H. Michael Schwartz (our “PEO #1”) became our principal executive officer. |
| (2) |
See tables below for the calculation of Compensation Actually Paid for each year presented. |
| (3) |
For the fiscal years ended December 31, 2025, 2024, 2023, 2022, and 2021 our Non-PEO NEOs consisted of: James Barry, Joe Robinson, Wayne Johnson, and Michael Terjung. |
| (4) |
Total Shareholder Return and Peer Group Total Shareholder Return assume $100 invested on December 31, 2020, including reinvestment of dividends. Reflected in the Total Shareholder Return is the change in price from previously-declared Net Asset Values to the publicly-traded price following the company’s listing on the New York Stock Exchange. |
| (5) |
The Peer Group referenced for Peer Group Total Shareholder Return consists of the FTSE Nareit All Equity Index. |
| (6) |
Net Income (Loss) represents the net income or loss generated in each calendar year for the Company and all of its consolidated subsidiaries, calculated in accordance with GAAP. |
| (7) |
We have identified Same-Store NOI Growth as our most important financial measure used by us to link compensation paid to our NEOs to company performance. Same-Store NOI is a non-GAAP measure. See Appendix A for a reconciliation to the most directly comparable GAAP financial measure. | Calculation of Compensation Actually Paid:
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| |
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| |
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Summary Compensation Table Total |
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$ |
4,846,581 |
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$ |
1,719,763 |
|
Deduction for amounts reported in “Stock Awards” column of the Summary Compensation Table |
|
$ |
(3,800,000 |
) |
|
$ |
(1,222,239 |
) |
Increase for fair value of awards granted during year presented that remain unvested as of year end presented |
|
$ |
1,877,934 |
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$ |
1,083,826 |
|
Increase for fair value of awards granted during year presented that vested during the year presented |
|
$ |
377,839 |
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$ |
35,552 |
|
Decrease for change in fair value from prior year-end presented to year-end presented of awards granted prior to year presented that were outstanding and unvested as of year-end presented |
|
$ |
(2,493,172 |
) |
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$ |
(229,535 |
) |
Decrease for change in fair value from prior year-end presented to vesting date of awards granted prior to year presented that vested during year presented |
|
$ |
(930,828 |
) |
|
$ |
(93,158 |
) |
Deduction of fair value of awards granted prior to year presented that were forfeited during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based upon incremental fair value of awards modified during year presented |
|
$ |
— |
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|
$ |
— |
|
Increase based on dividends or other earnings paid during year presented, prior to vesting date of award |
|
$ |
232,055 |
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$ |
56,503 |
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Compensation Actually Paid |
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| |
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| |
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Summary Compensation Table Total |
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$ |
5,109,915 |
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$ |
921,871 |
|
Deduction for amounts reported in “Stock Awards” column of the Summary Compensation Table |
|
$ |
(3,800,000 |
) |
|
$ |
(357,500 |
) |
Increase for fair value of awards granted during year presented that remain unvested as of year end presented |
|
$ |
3,182,193 |
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$ |
299,385 |
|
Increase for fair value of awards granted during year presented that vested during the year presented |
|
$ |
640,259 |
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$ |
60,236 |
|
Decrease for change in fair value from prior year-end presented to year-end presented of awards granted prior to year presented that were outstanding and unvested as of year-end presented |
|
$ |
(178,414 |
) |
|
$ |
(17,090 |
) |
Decrease for change in fair value from prior year-end presented to vesting date of awards granted prior to year presented that vested during year presented |
|
$ |
(79,091 |
) |
|
$ |
(7,706 |
) |
Deduction of fair value of awards granted prior to year presented that were forfeited during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based upon incremental fair value of awards modified during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based on dividends or other earnings paid during year presented, prior to vesting date of award |
|
$ |
280,440 |
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$ |
26,726 |
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|
Compensation Actually Paid |
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| |
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| |
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|
Summary Compensation Table Total |
|
$ |
4,742,747 |
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|
$ |
809,895 |
|
Deduction for amounts reported in “Stock Awards” column of the Summary Compensation Table |
|
$ |
(3,800,000 |
) |
|
$ |
(343,750 |
) |
Increase for fair value of awards granted during year presented that remain unvested as of year end presented |
|
$ |
3,409,691 |
|
|
$ |
308,451 |
|
Increase for fair value of awards granted during year presented that vested during the year presented |
|
$ |
686,034 |
|
|
$ |
62,061 |
|
Increase for change in fair value from prior year-end presented to year-end presented of awards granted prior to year presented that were outstanding and unvested as of year-end presented |
|
$ |
809,195 |
|
|
$ |
79,121 |
|
Increase for change in fair value from prior year-end presented to vesting date of awards granted prior to year presented that vested during year presented |
|
$ |
30,184 |
|
|
$ |
3,358 |
|
Deduction of fair value of awards granted prior to year presented that were forfeited during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based upon incremental fair value of awards modified during year presented |
|
$ |
— |
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|
$ |
— |
|
Increase based on dividends or other earnings paid during year presented, prior to vesting date of award |
|
$ |
245,346 |
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$ |
23,985 |
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Compensation Actually Paid |
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| |
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| |
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|
Summary Compensation Table Total |
|
$ |
3,499,872 |
|
|
$ |
766,787 |
|
Deduction for amounts reported in “Stock Awards” column of the Summary Compensation Table |
|
$ |
(1,900,000 |
) |
|
$ |
(212,500 |
) |
Increase for fair value of awards granted during year presented that remain unvested as of year end presented |
|
$ |
1,557,805 |
|
|
$ |
174,228 |
|
Increase for fair value of awards granted during year presented that vested during the year presented |
|
$ |
359,494 |
|
|
$ |
40,207 |
|
Increase for change in fair value from prior year-end presented to year-end presented of awards granted prior to year presented that were outstanding and unvested as of year-end presented |
|
$ |
29,782 |
|
|
$ |
3,049 |
|
Increase for change in fair value from prior year-end presented to vesting date of awards granted prior to year presented that vested during year presented |
|
$ |
20,469 |
|
|
$ |
2,027 |
|
Deduction of fair value of awards granted prior to year presented that were forfeited during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based upon incremental fair value of awards modified during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based on dividends or other earnings paid during year presented, prior to vesting date of award |
|
$ |
230,134 |
|
|
$ |
23,679 |
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|
Compensation Actually Paid |
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|
|
|
|
|
|
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|
|
|
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|
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| |
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|
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| |
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|
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|
Summary Compensation Table Total |
|
$ |
3,454,270 |
|
|
$ |
536,443 |
|
|
$ |
688,610 |
|
Deduction for amounts reported in “Stock Awards” column of the Summary Compensation Table |
|
$ |
(1,850,000 |
) |
|
$ |
— |
|
|
$ |
(177,500 |
) |
Increase for fair value of awards granted during year presented that remain unvested as of year end presented |
|
$ |
2,291,862 |
|
|
$ |
— |
|
|
$ |
219,895 |
|
Increase for fair value of awards granted during year presented that vested during the year presented |
|
$ |
528,891 |
|
|
$ |
— |
|
|
$ |
50,745 |
|
Increase for change in fair value from prior year-end presented to year-end presented of awards granted prior to year presented that were outstanding and unvested as of year-end presented |
|
$ |
676,181 |
|
|
$ |
314,251 |
|
|
$ |
72,481 |
|
Increase for change in fair value from prior year-end presented to vesting date of awards granted prior to year presented that vested during year presented |
|
$ |
107,776 |
|
|
$ |
56,044 |
|
|
$ |
12,394 |
|
Deduction of fair value of awards granted prior to year presented that were forfeited during year presented |
|
$ |
— |
|
|
$ |
119,179 |
|
|
$ |
— |
|
Increase based upon incremental fair value of awards modified during year presented |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Increase based on dividends or other earnings paid during year presented, prior to vesting date of award |
|
$ |
181,198 |
|
|
$ |
44,065 |
|
|
$ |
18,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation Actually Paid |
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| Company Selected Measure Name |
Same-Store NOI Growth
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| Named Executive Officers, Footnote |
For the fiscal years ended December 31, 2025, 2024, 2023, 2022, and 2021 our Non-PEO NEOs consisted of: James Barry, Joe Robinson, Wayne Johnson, and Michael Terjung.
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| Peer Group Issuers, Footnote |
The Peer Group referenced for Peer Group Total Shareholder Return consists of the FTSE Nareit All Equity Index.
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| Adjustment To PEO Compensation, Footnote |
Calculation of Compensation Actually Paid:
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| |
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| |
|
|
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|
Summary Compensation Table Total |
|
$ |
4,846,581 |
|
|
$ |
1,719,763 |
|
Deduction for amounts reported in “Stock Awards” column of the Summary Compensation Table |
|
$ |
(3,800,000 |
) |
|
$ |
(1,222,239 |
) |
Increase for fair value of awards granted during year presented that remain unvested as of year end presented |
|
$ |
1,877,934 |
|
|
$ |
1,083,826 |
|
Increase for fair value of awards granted during year presented that vested during the year presented |
|
$ |
377,839 |
|
|
$ |
35,552 |
|
Decrease for change in fair value from prior year-end presented to year-end presented of awards granted prior to year presented that were outstanding and unvested as of year-end presented |
|
$ |
(2,493,172 |
) |
|
$ |
(229,535 |
) |
Decrease for change in fair value from prior year-end presented to vesting date of awards granted prior to year presented that vested during year presented |
|
$ |
(930,828 |
) |
|
$ |
(93,158 |
) |
Deduction of fair value of awards granted prior to year presented that were forfeited during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based upon incremental fair value of awards modified during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based on dividends or other earnings paid during year presented, prior to vesting date of award |
|
$ |
232,055 |
|
|
$ |
56,503 |
|
|
|
|
|
|
|
|
|
|
Compensation Actually Paid |
|
|
|
|
|
|
|
|
|
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| |
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|
| |
|
|
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|
Summary Compensation Table Total |
|
$ |
5,109,915 |
|
|
$ |
921,871 |
|
Deduction for amounts reported in “Stock Awards” column of the Summary Compensation Table |
|
$ |
(3,800,000 |
) |
|
$ |
(357,500 |
) |
Increase for fair value of awards granted during year presented that remain unvested as of year end presented |
|
$ |
3,182,193 |
|
|
$ |
299,385 |
|
Increase for fair value of awards granted during year presented that vested during the year presented |
|
$ |
640,259 |
|
|
$ |
60,236 |
|
Decrease for change in fair value from prior year-end presented to year-end presented of awards granted prior to year presented that were outstanding and unvested as of year-end presented |
|
$ |
(178,414 |
) |
|
$ |
(17,090 |
) |
Decrease for change in fair value from prior year-end presented to vesting date of awards granted prior to year presented that vested during year presented |
|
$ |
(79,091 |
) |
|
$ |
(7,706 |
) |
Deduction of fair value of awards granted prior to year presented that were forfeited during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based upon incremental fair value of awards modified during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based on dividends or other earnings paid during year presented, prior to vesting date of award |
|
$ |
280,440 |
|
|
$ |
26,726 |
|
|
|
|
|
|
|
|
|
|
Compensation Actually Paid |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
Summary Compensation Table Total |
|
$ |
4,742,747 |
|
|
$ |
809,895 |
|
Deduction for amounts reported in “Stock Awards” column of the Summary Compensation Table |
|
$ |
(3,800,000 |
) |
|
$ |
(343,750 |
) |
Increase for fair value of awards granted during year presented that remain unvested as of year end presented |
|
$ |
3,409,691 |
|
|
$ |
308,451 |
|
Increase for fair value of awards granted during year presented that vested during the year presented |
|
$ |
686,034 |
|
|
$ |
62,061 |
|
Increase for change in fair value from prior year-end presented to year-end presented of awards granted prior to year presented that were outstanding and unvested as of year-end presented |
|
$ |
809,195 |
|
|
$ |
79,121 |
|
Increase for change in fair value from prior year-end presented to vesting date of awards granted prior to year presented that vested during year presented |
|
$ |
30,184 |
|
|
$ |
3,358 |
|
Deduction of fair value of awards granted prior to year presented that were forfeited during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based upon incremental fair value of awards modified during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based on dividends or other earnings paid during year presented, prior to vesting date of award |
|
$ |
245,346 |
|
|
$ |
23,985 |
|
|
|
|
|
|
|
|
|
|
Compensation Actually Paid |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
Summary Compensation Table Total |
|
$ |
3,499,872 |
|
|
$ |
766,787 |
|
Deduction for amounts reported in “Stock Awards” column of the Summary Compensation Table |
|
$ |
(1,900,000 |
) |
|
$ |
(212,500 |
) |
Increase for fair value of awards granted during year presented that remain unvested as of year end presented |
|
$ |
1,557,805 |
|
|
$ |
174,228 |
|
Increase for fair value of awards granted during year presented that vested during the year presented |
|
$ |
359,494 |
|
|
$ |
40,207 |
|
Increase for change in fair value from prior year-end presented to year-end presented of awards granted prior to year presented that were outstanding and unvested as of year-end presented |
|
$ |
29,782 |
|
|
$ |
3,049 |
|
Increase for change in fair value from prior year-end presented to vesting date of awards granted prior to year presented that vested during year presented |
|
$ |
20,469 |
|
|
$ |
2,027 |
|
Deduction of fair value of awards granted prior to year presented that were forfeited during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based upon incremental fair value of awards modified during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based on dividends or other earnings paid during year presented, prior to vesting date of award |
|
$ |
230,134 |
|
|
$ |
23,679 |
|
|
|
|
|
|
|
|
|
|
Compensation Actually Paid |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
|
|
|
Summary Compensation Table Total |
|
$ |
3,454,270 |
|
|
$ |
536,443 |
|
|
$ |
688,610 |
|
Deduction for amounts reported in “Stock Awards” column of the Summary Compensation Table |
|
$ |
(1,850,000 |
) |
|
$ |
— |
|
|
$ |
(177,500 |
) |
Increase for fair value of awards granted during year presented that remain unvested as of year end presented |
|
$ |
2,291,862 |
|
|
$ |
— |
|
|
$ |
219,895 |
|
Increase for fair value of awards granted during year presented that vested during the year presented |
|
$ |
528,891 |
|
|
$ |
— |
|
|
$ |
50,745 |
|
Increase for change in fair value from prior year-end presented to year-end presented of awards granted prior to year presented that were outstanding and unvested as of year-end presented |
|
$ |
676,181 |
|
|
$ |
314,251 |
|
|
$ |
72,481 |
|
Increase for change in fair value from prior year-end presented to vesting date of awards granted prior to year presented that vested during year presented |
|
$ |
107,776 |
|
|
$ |
56,044 |
|
|
$ |
12,394 |
|
Deduction of fair value of awards granted prior to year presented that were forfeited during year presented |
|
$ |
— |
|
|
$ |
119,179 |
|
|
$ |
— |
|
Increase based upon incremental fair value of awards modified during year presented |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Increase based on dividends or other earnings paid during year presented, prior to vesting date of award |
|
$ |
181,198 |
|
|
$ |
44,065 |
|
|
$ |
18,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation Actually Paid |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-PEO NEO Average Total Compensation Amount |
$ 1,719,763
|
$ 921,871
|
$ 809,895
|
$ 766,787
|
$ 688,610
|
| Non-PEO NEO Average Compensation Actually Paid Amount |
$ 1,350,712
|
925,922
|
943,121
|
797,477
|
884,798
|
| Adjustment to Non-PEO NEO Compensation Footnote |
Calculation of Compensation Actually Paid:
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
Summary Compensation Table Total |
|
$ |
4,846,581 |
|
|
$ |
1,719,763 |
|
Deduction for amounts reported in “Stock Awards” column of the Summary Compensation Table |
|
$ |
(3,800,000 |
) |
|
$ |
(1,222,239 |
) |
Increase for fair value of awards granted during year presented that remain unvested as of year end presented |
|
$ |
1,877,934 |
|
|
$ |
1,083,826 |
|
Increase for fair value of awards granted during year presented that vested during the year presented |
|
$ |
377,839 |
|
|
$ |
35,552 |
|
Decrease for change in fair value from prior year-end presented to year-end presented of awards granted prior to year presented that were outstanding and unvested as of year-end presented |
|
$ |
(2,493,172 |
) |
|
$ |
(229,535 |
) |
Decrease for change in fair value from prior year-end presented to vesting date of awards granted prior to year presented that vested during year presented |
|
$ |
(930,828 |
) |
|
$ |
(93,158 |
) |
Deduction of fair value of awards granted prior to year presented that were forfeited during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based upon incremental fair value of awards modified during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based on dividends or other earnings paid during year presented, prior to vesting date of award |
|
$ |
232,055 |
|
|
$ |
56,503 |
|
|
|
|
|
|
|
|
|
|
Compensation Actually Paid |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
Summary Compensation Table Total |
|
$ |
5,109,915 |
|
|
$ |
921,871 |
|
Deduction for amounts reported in “Stock Awards” column of the Summary Compensation Table |
|
$ |
(3,800,000 |
) |
|
$ |
(357,500 |
) |
Increase for fair value of awards granted during year presented that remain unvested as of year end presented |
|
$ |
3,182,193 |
|
|
$ |
299,385 |
|
Increase for fair value of awards granted during year presented that vested during the year presented |
|
$ |
640,259 |
|
|
$ |
60,236 |
|
Decrease for change in fair value from prior year-end presented to year-end presented of awards granted prior to year presented that were outstanding and unvested as of year-end presented |
|
$ |
(178,414 |
) |
|
$ |
(17,090 |
) |
Decrease for change in fair value from prior year-end presented to vesting date of awards granted prior to year presented that vested during year presented |
|
$ |
(79,091 |
) |
|
$ |
(7,706 |
) |
Deduction of fair value of awards granted prior to year presented that were forfeited during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based upon incremental fair value of awards modified during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based on dividends or other earnings paid during year presented, prior to vesting date of award |
|
$ |
280,440 |
|
|
$ |
26,726 |
|
|
|
|
|
|
|
|
|
|
Compensation Actually Paid |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
Summary Compensation Table Total |
|
$ |
4,742,747 |
|
|
$ |
809,895 |
|
Deduction for amounts reported in “Stock Awards” column of the Summary Compensation Table |
|
$ |
(3,800,000 |
) |
|
$ |
(343,750 |
) |
Increase for fair value of awards granted during year presented that remain unvested as of year end presented |
|
$ |
3,409,691 |
|
|
$ |
308,451 |
|
Increase for fair value of awards granted during year presented that vested during the year presented |
|
$ |
686,034 |
|
|
$ |
62,061 |
|
Increase for change in fair value from prior year-end presented to year-end presented of awards granted prior to year presented that were outstanding and unvested as of year-end presented |
|
$ |
809,195 |
|
|
$ |
79,121 |
|
Increase for change in fair value from prior year-end presented to vesting date of awards granted prior to year presented that vested during year presented |
|
$ |
30,184 |
|
|
$ |
3,358 |
|
Deduction of fair value of awards granted prior to year presented that were forfeited during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based upon incremental fair value of awards modified during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based on dividends or other earnings paid during year presented, prior to vesting date of award |
|
$ |
245,346 |
|
|
$ |
23,985 |
|
|
|
|
|
|
|
|
|
|
Compensation Actually Paid |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
Summary Compensation Table Total |
|
$ |
3,499,872 |
|
|
$ |
766,787 |
|
Deduction for amounts reported in “Stock Awards” column of the Summary Compensation Table |
|
$ |
(1,900,000 |
) |
|
$ |
(212,500 |
) |
Increase for fair value of awards granted during year presented that remain unvested as of year end presented |
|
$ |
1,557,805 |
|
|
$ |
174,228 |
|
Increase for fair value of awards granted during year presented that vested during the year presented |
|
$ |
359,494 |
|
|
$ |
40,207 |
|
Increase for change in fair value from prior year-end presented to year-end presented of awards granted prior to year presented that were outstanding and unvested as of year-end presented |
|
$ |
29,782 |
|
|
$ |
3,049 |
|
Increase for change in fair value from prior year-end presented to vesting date of awards granted prior to year presented that vested during year presented |
|
$ |
20,469 |
|
|
$ |
2,027 |
|
Deduction of fair value of awards granted prior to year presented that were forfeited during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based upon incremental fair value of awards modified during year presented |
|
$ |
— |
|
|
$ |
— |
|
Increase based on dividends or other earnings paid during year presented, prior to vesting date of award |
|
$ |
230,134 |
|
|
$ |
23,679 |
|
|
|
|
|
|
|
|
|
|
Compensation Actually Paid |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
|
|
|
Summary Compensation Table Total |
|
$ |
3,454,270 |
|
|
$ |
536,443 |
|
|
$ |
688,610 |
|
Deduction for amounts reported in “Stock Awards” column of the Summary Compensation Table |
|
$ |
(1,850,000 |
) |
|
$ |
— |
|
|
$ |
(177,500 |
) |
Increase for fair value of awards granted during year presented that remain unvested as of year end presented |
|
$ |
2,291,862 |
|
|
$ |
— |
|
|
$ |
219,895 |
|
Increase for fair value of awards granted during year presented that vested during the year presented |
|
$ |
528,891 |
|
|
$ |
— |
|
|
$ |
50,745 |
|
Increase for change in fair value from prior year-end presented to year-end presented of awards granted prior to year presented that were outstanding and unvested as of year-end presented |
|
$ |
676,181 |
|
|
$ |
314,251 |
|
|
$ |
72,481 |
|
Increase for change in fair value from prior year-end presented to vesting date of awards granted prior to year presented that vested during year presented |
|
$ |
107,776 |
|
|
$ |
56,044 |
|
|
$ |
12,394 |
|
Deduction of fair value of awards granted prior to year presented that were forfeited during year presented |
|
$ |
— |
|
|
$ |
119,179 |
|
|
$ |
— |
|
Increase based upon incremental fair value of awards modified during year presented |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Increase based on dividends or other earnings paid during year presented, prior to vesting date of award |
|
$ |
181,198 |
|
|
$ |
44,065 |
|
|
$ |
18,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation Actually Paid |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation Actually Paid vs. Total Shareholder Return |
|
|
|
|
|
| Compensation Actually Paid vs. Net Income |
|
|
|
|
|
| Compensation Actually Paid vs. Company Selected Measure |
|
|
|
|
|
| Total Shareholder Return Vs Peer Group |
|
|
|
|
|
| Tabular List, Table |
Relationship between Compensation Actually Paid and Company Performance Metrics When determining the compensation of our executives, we consider certain financial and non-financial metrics. The following is an unranked list of the most important financial and non-financial measures we used to link “compensation actually paid” to our NEOs for the fiscal year ended December 31, 2024 to company performance:
| |
• |
|
Same-store revenue growth |
| |
• |
|
FFO, as adjusted (per share) |
|
|
|
|
|
| Total Shareholder Return Amount |
$ 92.6
|
166
|
167.9
|
160.5
|
152.9
|
| Peer Group Total Shareholder Return Amount |
126.7
|
123.9
|
118.1
|
106
|
141.3
|
| Net Income (Loss) |
$ (1,737,000)
|
$ (5,887,000)
|
$ 11,646,760
|
$ 21,669,452
|
$ (19,564,718)
|
| Company Selected Measure Amount |
0.006
|
(0.017)
|
0.031
|
0.165
|
0.245
|
| Measure:: 1 |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Name |
Same-store revenue growth
|
|
|
|
|
| Measure:: 2 |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Name |
Same-store NOI growth
|
|
|
|
|
| Non-GAAP Measure Description |
We have identified Same-Store NOI Growth as our most important financial measure used by us to link compensation paid to our NEOs to company performance. Same-Store NOI is a non-GAAP measure. See Appendix A for a reconciliation to the most directly comparable GAAP financial measure.
|
|
|
|
|
| Measure:: 3 |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Name |
FFO, as adjusted (per share)
|
|
|
|
|
| Measure:: 4 |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Name |
G&A expense
|
|
|
|
|
| H. Michael Schwartz [Member] |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| PEO Total Compensation Amount |
$ 4,846,581
|
$ 5,109,915
|
$ 4,742,747
|
$ 3,499,872
|
$ 3,454,270
|
| PEO Actually Paid Compensation Amount |
$ 110,409
|
5,155,302
|
6,123,197
|
3,797,556
|
5,390,178
|
| PEO Name |
H. Michael Schwartz
|
|
|
|
|
| Michael S. McClure [Member] |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| PEO Total Compensation Amount |
|
|
|
|
536,443
|
| PEO Actually Paid Compensation Amount |
|
|
|
|
831,624
|
| PEO Name |
Michael S. McClure
|
|
|
|
|
| PEO | H. Michael Schwartz [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
$ (3,800,000)
|
(3,800,000)
|
(3,800,000)
|
(1,900,000)
|
(1,850,000)
|
| PEO | H. Michael Schwartz [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
1,877,934
|
3,182,193
|
3,409,691
|
1,557,805
|
2,291,862
|
| PEO | H. Michael Schwartz [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
(2,493,172)
|
(178,414)
|
809,195
|
29,782
|
676,181
|
| PEO | H. Michael Schwartz [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
377,839
|
640,259
|
686,034
|
359,494
|
528,891
|
| PEO | H. Michael Schwartz [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
(930,828)
|
(79,091)
|
30,184
|
20,469
|
107,776
|
| PEO | H. Michael Schwartz [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
0
|
0
|
0
|
0
|
0
|
| PEO | H. Michael Schwartz [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
232,055
|
280,440
|
245,346
|
230,134
|
181,198
|
| PEO | H. Michael Schwartz [Member] | Incremental Fair Value of Awards Modified During Year Presented [Member] |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
0
|
0
|
0
|
0
|
0
|
| PEO | Michael S. McClure [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
|
|
|
|
0
|
| PEO | Michael S. McClure [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
|
|
|
|
0
|
| PEO | Michael S. McClure [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
|
|
|
|
314,251
|
| PEO | Michael S. McClure [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
|
|
|
|
0
|
| PEO | Michael S. McClure [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
|
|
|
|
56,044
|
| PEO | Michael S. McClure [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
|
|
|
|
(119,179)
|
| PEO | Michael S. McClure [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
|
|
|
|
44,065
|
| PEO | Michael S. McClure [Member] | Incremental Fair Value of Awards Modified During Year Presented [Member] |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
|
|
|
|
0
|
| Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
(1,222,239)
|
(357,500)
|
(343,750)
|
(212,500)
|
(177,500)
|
| Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
1,083,826
|
299,385
|
308,451
|
174,228
|
219,895
|
| Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
(229,535)
|
(17,090)
|
79,121
|
3,049
|
72,481
|
| Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
35,552
|
60,236
|
62,061
|
40,207
|
50,745
|
| Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
(93,158)
|
(7,706)
|
3,358
|
2,027
|
12,394
|
| Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
0
|
0
|
0
|
0
|
0
|
| Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
56,503
|
26,726
|
23,985
|
23,679
|
18,173
|
| Non-PEO NEO | Incremental Fair Value of Awards Modified During Year Presented [Member] |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
