Pay vs Performance Disclosure, Table


			Average Summary Compensation Table Total for Non-PEO Named Executive Officers ($)(3)	Average Compensation Actually Paid to Non-PEO Named Executive Officers ($)(2)	Value of Initial Fixed $100 Investment Based on:
Year	Summary Compensation Table Total for PEO ($)(1)	Compensation Actually Paid to PEO ($)(2)			Total Stockholder Return ($)(4)	Peer Group Total Stockholder Return ($)(4)	Net Income (Loss) ($ in 000’s)(5)	NFFO Per Share ($)(6)
(a)	(b)	(c)	(d)	(e)	(f)	(g)	(h)	(i)

2025	10,002,522	17,231,937	3,885,635	7,089,291	208.26	137.53	320,538	1.76
2024	9,620,494	12,084,961	3,778,167	4,917,515	169.91	123.47	125,080	1.50
2023	5,430,306	6,850,721	2,565,181	3,246,204	134.60	113.54	53,735	1.41
2022	3,938,909	2,915,967	1,511,853	483,338	105.83	99.82	(7,506)	1.49
2021	6,727,006	7,030,740	4,340,601	4,579,656	122.62	132.23	71,982	1.49

Company Selected Measure Name

normalized funds from operations, or NFFO

Named Executive Officers, Footnote

The dollar amounts reported in column (b) are the amounts of total compensation reported for Mr. Sedgwick for 2025, 2024, 2023 and 2022 and for Mr. Stapley, former Chief Executive Officer, for 2021 in the “Total” column of the Summary Compensation Table. Refer to “Executive

Compensation Tables — Summary Compensation Table — 2023-2025” for further detail on the total compensation paid to our named executive officers for the applicable years covered by the Summary Compensation Table.

The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s Non-PEO NEOs as a group in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the non-PEO NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2025, 2024 and 2023, William M. Wagner and James B. Callister, (ii) for 2022, Gregory K. Stapley, William M. Wagner, James B. Callister and Mark D. Lamb; and (iii) for 2021, David M. Sedgwick, William M. Wagner and Mark D. Lamb.

PEO Total Compensation Amount

$ 10,002,522

$ 9,620,494

$ 5,430,306

$ 3,938,909

$ 6,727,006

PEO Actually Paid Compensation Amount

$ 17,231,937

12,084,961

6,850,721

2,915,967

7,030,740

Adjustment To PEO Compensation, Footnote


	2021		2022		2023		2024		2025
Adjustments (a)	PEO ($)	Average Non-PEO NEOs ($)	PEO ($)	Average Non-PEO NEOs ($)	PEO ($)	Average Non-PEO NEOs ($)	PEO ($)	Average Non-PEO NEOs ($)	PEO ($)	Average Non-PEO NEOs ($)

Reported Summary Compensation Table Total	6,727,006	4,340,601	3,938,909	1,511,853	5,430,306	2,565,181	9,620,494	3,778,167	10,002,522	3,885,635
Deduction for Amounts Reported under “Stock Awards” Column in the Summary Compensation Table for Fiscal Year	(4,477,306)	(3,223,026)	(1,957,759)	(604,779)	(2,788,376)	(1,222,239)	(5,314,644)	(1,777,743)	(1,242,022)	(575,135)
Increase at Fiscal Year-End of Outstanding and Unvested Stock Awards Granted in Fiscal Year	4,619,799	3,397,044	1,839,474	568,763	2,777,535	1,218,873	5,223,480	1,750,708	1,698,924	786,709
Increase for Fair Value at Vesting of Stock Awards Granted in Fiscal Year That Vested During Fiscal Year	—	—	—	—	—	—	—	—	—	—
Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Fiscal Years	99,117	40,230	(691,447)	(355,498)	1,091,253	540,113	2,090,099	1,004,932	5,327,097	2,131,301
Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year	62,124	24,807	(148,030)	(598,019)	638,621	321,613	465,532	161,451	1,445,416	860,781
Fair Value as of Prior Fiscal Year-End of Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year	—	—	(65,180)	(38,982)	(298,618)	(177,337)	—	—	—	—


	2021		2022		2023		2024		2025
Adjustments (a)	PEO ($)	Average Non-PEO NEOs ($)	PEO ($)	Average Non-PEO NEOs ($)	PEO ($)	Average Non-PEO NEOs ($)	PEO ($)	Average Non-PEO NEOs ($)	PEO ($)	Average Non-PEO NEOs ($)

Increase Based on Dividends or Other Earnings Paid on Outstanding and Unvested Stock Awards	—	—	—	—	—	—	—	—	—	—
Increase Based on Incremental Fair Value of Options/SARs Modified During Applicable Fiscal Year	—	—	—	—	—	—	—	—	—	—
Increase for Service Cost and, If Applicable, Prior Service Cost for Pension Plans	—	—	—	—	—	—	—	—	—	—
Compensation Actually Paid	$7,030,740	$4,579,656	$2,915,967	$483,338	$6,850,721	$3,246,204	$12,084,961	$4,917,515	$17,231,937	$7,089,291

a.In making each of the adjustments, the “value” of a stock award is the fair value of the award on the applicable date determined in accordance with FASB ASC Topic 718 using the valuation assumptions we then used to calculate the fair value of our equity awards for financial statement reporting purposes. For more information on the valuation of our equity awards, please see the notes to our financial statements that appear in our Annual Report on Form 10-K each fiscal year and the footnotes to the Summary Compensation Table that appears in our annual Proxy Statement.

Non-PEO NEO Average Total Compensation Amount

$ 3,885,635

3,778,167

2,565,181

1,511,853

4,340,601

Non-PEO NEO Average Compensation Actually Paid Amount

$ 7,089,291

4,917,515

3,246,204

483,338

4,579,656

Adjustment to Non-PEO NEO Compensation Footnote


	2021		2022		2023		2024		2025
Adjustments (a)	PEO ($)	Average Non-PEO NEOs ($)	PEO ($)	Average Non-PEO NEOs ($)	PEO ($)	Average Non-PEO NEOs ($)	PEO ($)	Average Non-PEO NEOs ($)	PEO ($)	Average Non-PEO NEOs ($)

Reported Summary Compensation Table Total	6,727,006	4,340,601	3,938,909	1,511,853	5,430,306	2,565,181	9,620,494	3,778,167	10,002,522	3,885,635
Deduction for Amounts Reported under “Stock Awards” Column in the Summary Compensation Table for Fiscal Year	(4,477,306)	(3,223,026)	(1,957,759)	(604,779)	(2,788,376)	(1,222,239)	(5,314,644)	(1,777,743)	(1,242,022)	(575,135)
Increase at Fiscal Year-End of Outstanding and Unvested Stock Awards Granted in Fiscal Year	4,619,799	3,397,044	1,839,474	568,763	2,777,535	1,218,873	5,223,480	1,750,708	1,698,924	786,709
Increase for Fair Value at Vesting of Stock Awards Granted in Fiscal Year That Vested During Fiscal Year	—	—	—	—	—	—	—	—	—	—
Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Fiscal Years	99,117	40,230	(691,447)	(355,498)	1,091,253	540,113	2,090,099	1,004,932	5,327,097	2,131,301
Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year	62,124	24,807	(148,030)	(598,019)	638,621	321,613	465,532	161,451	1,445,416	860,781
Fair Value as of Prior Fiscal Year-End of Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year	—	—	(65,180)	(38,982)	(298,618)	(177,337)	—	—	—	—


	2021		2022		2023		2024		2025
Adjustments (a)	PEO ($)	Average Non-PEO NEOs ($)	PEO ($)	Average Non-PEO NEOs ($)	PEO ($)	Average Non-PEO NEOs ($)	PEO ($)	Average Non-PEO NEOs ($)	PEO ($)	Average Non-PEO NEOs ($)

Increase Based on Dividends or Other Earnings Paid on Outstanding and Unvested Stock Awards	—	—	—	—	—	—	—	—	—	—
Increase Based on Incremental Fair Value of Options/SARs Modified During Applicable Fiscal Year	—	—	—	—	—	—	—	—	—	—
Increase for Service Cost and, If Applicable, Prior Service Cost for Pension Plans	—	—	—	—	—	—	—	—	—	—
Compensation Actually Paid	$7,030,740	$4,579,656	$2,915,967	$483,338	$6,850,721	$3,246,204	$12,084,961	$4,917,515	$17,231,937	$7,089,291

Compensation Actually Paid vs. Total Shareholder Return

The following chart illustrates the Compensation Actually Paid for our PEO and the average Compensation Actually Paid for our Non-PEO NEOs as presented in the table above for each of the last five fiscal years against our total stockholder return and the total stockholder return for the RMS (each calculated as described in footnote (4) of the table above) over that period of time.

Compensation Actually Paid vs. Net Income

The following chart illustrates the Compensation Actually Paid for our PEO and the average Compensation Actually Paid for our Non-PEO NEOs as reported in the table above for each of the last five fiscal years against our net income (loss) in each of those years.

Compensation Actually Paid vs. Company Selected Measure

Total Shareholder Return Vs Peer Group

Tabular List, Table

NFFO per share (used for our annual cash incentive plan)

•Average Quarterly Net Debt to Normalized Run Rate EBITDA (used for our annual cash incentive plan)

•Capital Deployment (used for our annual cash incentive plan)

•Relative TSR (used for our long-term incentive plan)

Total Shareholder Return Amount

$ 208.26

169.91

134.60

105.83

122.62

Peer Group Total Shareholder Return Amount

137.53

123.47

113.54

99.82

132.23

Net Income (Loss)

$ 320,538

$ 125,080

$ 53,735

$ (7,506)

$ 71,982

Company Selected Measure Amount | $ / shares

1.76

1.50

1.41

1.49

PEO Name

Mr. Sedgwick

Mr. Stapley, former Chief Executive Officer,

Additional 402(v) Disclosure

The dollar amounts reported in columns (c) and (e) represent the amount of “compensation actually paid” to our PEO and the average of our non-PEO NEOs in each applicable year, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned or paid during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to total compensation for each year to determine the compensation actually paid:Total stockholder return represents cumulative total stockholder return on a fixed investment of $100 in our Common Stock for the period beginning on the last trading day of 2020 through the end of the applicable fiscal year, and is calculated assuming the reinvestment of dividends before consideration of income taxes. Peer total stockholder return represents cumulative total stockholder return on a fixed investment of $100 in the MSCI U.S. Total Return Index (RMS) for the period beginning on the last trading day of 2020 through the end of the applicable fiscal year, and is calculated assuming the reinvestment of dividends before consideration of income taxes. Represents our net income (loss) reported in our audited financial statements for the applicable year.

Measure:: 1

Non-GAAP Measure Description

NFFO per share

Represents our normalized funds from operations, or NFFO, per share. NFFO is an important supplemental measure not computed in accordance with GAAP. We define NFFO as FFO defined in accordance with Nareit’s definition (calculated as net income computed in accordance with GAAP, excluding gains or losses from real estate dispositions, real estate depreciation and amortization and impairment charges, and adjustments for unconsolidated partnerships and joint ventures), and adjusted for certain revenue and expense items that we do not believe are indicative of our ongoing operating results, such as write-off of deferred financing costs, gains or losses on foreign currency transactions, accelerated amortization of lease intangibles, net of noncontrolling interests’ share, provision for loan losses, provision for doubtful accounts and lease restructuring, recovery of previously reversed rent, lease termination revenue, accelerated amortization of stock-based compensation, non-routine transaction costs, loss on extinguishment of debt, extraordinary incentive plan payment, unrealized gain or loss on other real estate related investments and property operating expenses.

Measure:: 2

Average Quarterly Net Debt to Normalized Run Rate EBITDA

Measure:: 3

Capital Deployment

Measure:: 4

PEO | Pension Adjustments Service Cost

Relative TSR

PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

$ 0

PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

(1,242,022)

(5,314,644)

(2,788,376)

(1,957,759)

(4,477,306)

PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

1,698,924

5,223,480

2,777,535

1,839,474

4,619,799

PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

5,327,097

2,090,099

1,091,253

(691,447)

99,117

PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

1,445,416

465,532

638,621

(148,030)

62,124

PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

(298,618)

(65,180)

PEO | Adjustment Of Fair Value Of Options/SARs Modified During Year [Member]

Non-PEO NEO | Pension Adjustments Service Cost

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

(575,135)

(1,777,743)

(1,222,239)

(604,779)

(3,223,026)

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

786,709

1,750,708

1,218,873

568,763

3,397,044

Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

2,131,301

1,004,932

540,113

(355,498)

40,230

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

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

860,781

161,451

321,613

(598,019)

24,807

Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

(177,337)

(38,982)

Non-PEO NEO | Adjustment Of Fair Value Of Options/SARs Modified During Year [Member]