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Pay vs Performance Disclosure
 1 Months Ended 11 Months Ended 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 13, 2022
USD ($)
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
Pay vs Performance Disclosure [Table]            
Pay vs Performance [Table Text Block]    

Pay Versus Performance Disclosure

 

In accordance with rules adopted by the SEC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our principal executive officers (“PEOs”) and our named executive officers other than our PEOs (“Non-PEO NEOs”) and Company performance for the fiscal years listed below. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.

 

    Summary   Summary           Average
Summary
Compensation		   Average
Compensation		   Value of Initial
Fixed $100
Investment
based on:4		        
Year  Compensation
Table Total for
PEO 1(1)
($)		  Compensation
Table Total for
PEO 2(1)
($)		  Compensation
Actually Paid
to PEO 1(1)(2)(3)
($)		  Compensation
Actually Paid
to PEO 2(1)(2)(3)
($)		  Table Total
for Non-PEO
NEOs(1)
($)		  Actually Paid
to Non-PEO
NEOs(1)(2)(3)
($)		  TSR
($)		   Peer
Group
TSR
($)		  Net
Income
($ Thousands)		  Core FFO
Per Share(5)
($)
2023  —  12,355,560  —  22,300,154  3,688,215  6,285,640   130.06  113.54  950,312  6.59
2022  23,695,471  6,835,895  (14,083,891) (6,498,305) 4,415,342  (1,811,344 )  92.96  99.82  380,325  6.70
2021  17,139,601  —  30,533,169  —  6,067,449  7,770,066  157.39  132.23  1,747,412  6.53
2020  17,789,395  —  40,467,482  —  5,765,543  9,310,477   120.46  92.43  362,730  6.21

 

 

(1) A. William Stein was our PEO from November 24, 2014 to December 13, 2022 (“PEO 1”). Andrew P. Power has been our PEO since December 13, 2022 (“PEO 2”). The individuals comprising the Non-PEO NEOs for each year presented are listed below.

 

  2020   2021   2022   2023
  Andrew P. Power   Andrew P. Power   Gregory S. Wright   Gregory S. Wright
  Gregory S. Wright   David C. Ruberg   Corey J. Dyer   Matthew Mercier
  Erich J. Sanchack   Gregory S. Wright   Christopher Sharp   Christopher Sharp
  Christopher Sharp   Corey J. Dyer       Cindy A. Fiedelman
              Corey J. Dyer

(2) The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company’s PEOs or Non-PEO NEOs. These amounts reflect the compensation reported in the “Total” column of the Summary Compensation Table Total for the applicable fiscal year with certain adjustments (which, for fiscal year 2023, are described in footnote 3 below).
(3) Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEOs and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the “Stock Awards” column of the Summary Compensation Table.

 

 

      Summary Compensation       Inclusion   Compensation  
      Table Total for   Exclusion of Stock Awards for   of Equity Values for   Actually Paid to  
      Andrew P. Power   Andrew P. Power   Andrew P. Power   Andrew P. Power  
  Year   ($)   ($)   ($)   ($)  
  2023   12,355,560   (8,952,335 ) 18,896,929   22,300,154  
                     
      Average Summary   Average Exclusion   Average Inclusion   Average Compensation  
      Compensation Table Total   of Stock Awards   of Equity Values   Actually Paid to  
      for Non-PEO NEOs   for Non-PEO NEOs   for Non-PEO NEOs   Non-PEO NEOs  
  Year   ($)   ($)   ($)   ($)  
  2023   3,688,215   (2,243,596 ) 4,841,021   6,285,640  

 

 

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

 

     Year   Year-End Fair
Value of Equity
Awards Granted
During Year That
Remained Unvested
as of Last Day of
Year for
Andrew P. Power
($)		   Change in Fair
Value from Last
Day of Prior Year
to Last Day of
Year of Unvested
Equity Awards for
Andrew P. Power
($)		   Vesting-Date Fair
Value of Equity
Awards Granted
During Year that
Vested During
Year for
Andrew P. Power
($)		   Change in Fair
Value from Last
Day of Prior Year
to Vesting Date
of Unvested
Equity Awards
that Vested
During Year for
Andrew P. Power
($)		   Fair Value at Last Day
of Prior Year of Equity
Awards Forfeited
During Year for
Andrew P. Power
($)		   Value of Dividends
or Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
Andrew P. Power
($)		   Total - Inclusion
of Equity Values
for Andrew
P. Power
($)		  
  2023  15,003,788  3,595,956  —  297,185  —  —  18,896,929  
                          
  Year  Average
Year-End Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of Year
for Non-PEO
NEOs
($)		  Average
Change in Fair
Value from Last
Day of Prior Year
to Last Day of
Year of Unvested
Equity Awards for
Non-PEO NEOs
($)		  Average
Vesting-Date Fair
Value of Equity
Awards Granted
During Year that
Vested During
Year for
Non-PEO NEOs
($)		  Average Change
in Fair Value from
Last Day of Prior
Year to Vesting
Date of Unvested
Equity Awards
that Vested
During Year for
Non-PEO NEOs
($)		  Average Fair Value at
Last Day of Prior Year
of Equity Awards
Forfeited During Year
for Non-PEO NEOs
($)		  Average Value
of Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
Non-PEO NEOs
($)		  Total - Average
Inclusion of
Equity Values for
Non-PEO NEOs
($)		  
  2023  3,243,906  1,174,598  422,534  157,348  (157,365)  —  4,841,021  

 

 

 

(4) The Peer Group TSR set forth in this table utilizes the MSCI US REIT Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Company’s and Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2023. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the MSCI US REIT Index, respectively, assuming that all dividends (if any) were reinvested. Historical stock performance is not necessarily indicative of future stock performance.

(5) We determined Core FFO to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and Non-PEO NEOs in 2023. Core FFO may not have been the most important financial performance measure for prior years and we may determine a different financial performance measure to be the most important financial performance measure in future years. Core FFO is a non-GAAP metric. A reconciliation of net income to FFO and FFO to Core FFO is available in the Appendix of this Proxy Statement.
      
Company Selected Measure Name     Core FFO      
Named Executive Officers, Footnote [Text Block]    

 

 

(1) A. William Stein was our PEO from November 24, 2014 to December 13, 2022 (“PEO 1”). Andrew P. Power has been our PEO since December 13, 2022 (“PEO 2”). The individuals comprising the Non-PEO NEOs for each year presented are listed below.

 

  2020   2021   2022   2023
  Andrew P. Power   Andrew P. Power   Gregory S. Wright   Gregory S. Wright
  Gregory S. Wright   David C. Ruberg   Corey J. Dyer   Matthew Mercier
  Erich J. Sanchack   Gregory S. Wright   Christopher Sharp   Christopher Sharp
  Christopher Sharp   Corey J. Dyer       Cindy A. Fiedelman
              Corey J. Dyer
      
Peer Group Issuers, Footnote [Text Block]    

 

(4) The Peer Group TSR set forth in this table utilizes the MSCI US REIT Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Company’s and Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2023. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the MSCI US REIT Index, respectively, assuming that all dividends (if any) were reinvested. Historical stock performance is not necessarily indicative of future stock performance.
      
Adjustment To PEO Compensation, Footnote [Text Block]    

 

 

      Summary Compensation       Inclusion   Compensation  
      Table Total for   Exclusion of Stock Awards for   of Equity Values for   Actually Paid to  
      Andrew P. Power   Andrew P. Power   Andrew P. Power   Andrew P. Power  
  Year   ($)   ($)   ($)   ($)  
  2023   12,355,560   (8,952,335 ) 18,896,929   22,300,154  
                     
      Average Summary   Average Exclusion   Average Inclusion   Average Compensation  
      Compensation Table Total   of Stock Awards   of Equity Values   Actually Paid to  
      for Non-PEO NEOs   for Non-PEO NEOs   for Non-PEO NEOs   Non-PEO NEOs  
  Year   ($)   ($)   ($)   ($)  
  2023   3,688,215   (2,243,596 ) 4,841,021   6,285,640  

 

 

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

 

     Year   Year-End Fair
Value of Equity
Awards Granted
During Year That
Remained Unvested
as of Last Day of
Year for
Andrew P. Power
($)		   Change in Fair
Value from Last
Day of Prior Year
to Last Day of
Year of Unvested
Equity Awards for
Andrew P. Power
($)		   Vesting-Date Fair
Value of Equity
Awards Granted
During Year that
Vested During
Year for
Andrew P. Power
($)		   Change in Fair
Value from Last
Day of Prior Year
to Vesting Date
of Unvested
Equity Awards
that Vested
During Year for
Andrew P. Power
($)		   Fair Value at Last Day
of Prior Year of Equity
Awards Forfeited
During Year for
Andrew P. Power
($)		   Value of Dividends
or Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
Andrew P. Power
($)		   Total - Inclusion
of Equity Values
for Andrew
P. Power
($)		  
  2023  15,003,788  3,595,956  —  297,185  —  —  18,896,929  
                          
  Year  Average
Year-End Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of Year
for Non-PEO
NEOs
($)		  Average
Change in Fair
Value from Last
Day of Prior Year
to Last Day of
Year of Unvested
Equity Awards for
Non-PEO NEOs
($)		  Average
Vesting-Date Fair
Value of Equity
Awards Granted
During Year that
Vested During
Year for
Non-PEO NEOs
($)		  Average Change
in Fair Value from
Last Day of Prior
Year to Vesting
Date of Unvested
Equity Awards
that Vested
During Year for
Non-PEO NEOs
($)		  Average Fair Value at
Last Day of Prior Year
of Equity Awards
Forfeited During Year
for Non-PEO NEOs
($)		  Average Value
of Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
Non-PEO NEOs
($)		  Total - Average
Inclusion of
Equity Values for
Non-PEO NEOs
($)		  
  2023  3,243,906  1,174,598  422,534  157,348  (157,365)  —  4,841,021  

 

      
Non-PEO NEO Average Total Compensation Amount [1]     $ 3,688,215 $ 4,415,342 $ 6,067,449 $ 5,765,543
Non-PEO NEO Average Compensation Actually Paid Amount [1],[2],[3]     $ 6,285,640 (1,811,344) 7,770,066 9,310,477
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]    

 

      Summary Compensation       Inclusion   Compensation  
      Table Total for   Exclusion of Stock Awards for   of Equity Values for   Actually Paid to  
      Andrew P. Power   Andrew P. Power   Andrew P. Power   Andrew P. Power  
  Year   ($)   ($)   ($)   ($)  
  2023   12,355,560   (8,952,335 ) 18,896,929   22,300,154  
                     
      Average Summary   Average Exclusion   Average Inclusion   Average Compensation  
      Compensation Table Total   of Stock Awards   of Equity Values   Actually Paid to  
      for Non-PEO NEOs   for Non-PEO NEOs   for Non-PEO NEOs   Non-PEO NEOs  
  Year   ($)   ($)   ($)   ($)  
  2023   3,688,215   (2,243,596 ) 4,841,021   6,285,640  

 

 

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

 

     Year   Year-End Fair
Value of Equity
Awards Granted
During Year That
Remained Unvested
as of Last Day of
Year for
Andrew P. Power
($)		   Change in Fair
Value from Last
Day of Prior Year
to Last Day of
Year of Unvested
Equity Awards for
Andrew P. Power
($)		   Vesting-Date Fair
Value of Equity
Awards Granted
During Year that
Vested During
Year for
Andrew P. Power
($)		   Change in Fair
Value from Last
Day of Prior Year
to Vesting Date
of Unvested
Equity Awards
that Vested
During Year for
Andrew P. Power
($)		   Fair Value at Last Day
of Prior Year of Equity
Awards Forfeited
During Year for
Andrew P. Power
($)		   Value of Dividends
or Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
Andrew P. Power
($)		   Total - Inclusion
of Equity Values
for Andrew
P. Power
($)		  
  2023  15,003,788  3,595,956  —  297,185  —  —  18,896,929  
                          
  Year  Average
Year-End Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of Year
for Non-PEO
NEOs
($)		  Average
Change in Fair
Value from Last
Day of Prior Year
to Last Day of
Year of Unvested
Equity Awards for
Non-PEO NEOs
($)		  Average
Vesting-Date Fair
Value of Equity
Awards Granted
During Year that
Vested During
Year for
Non-PEO NEOs
($)		  Average Change
in Fair Value from
Last Day of Prior
Year to Vesting
Date of Unvested
Equity Awards
that Vested
During Year for
Non-PEO NEOs
($)		  Average Fair Value at
Last Day of Prior Year
of Equity Awards
Forfeited During Year
for Non-PEO NEOs
($)		  Average Value
of Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
Non-PEO NEOs
($)		  Total - Average
Inclusion of
Equity Values for
Non-PEO NEOs
($)		  
  2023  3,243,906  1,174,598  422,534  157,348  (157,365)  —  4,841,021  
      
Compensation Actually Paid vs. Total Shareholder Return [Text Block]    

Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Total Shareholder Return (“TSR”)

 

The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, the Company’s cumulative TSR over the four most recently completed fiscal years, and the Peer Group TSR over the same period.

 

PEO and Average Non-PEO NEO Compensation Actually Paid Versus TSR

 

      
Compensation Actually Paid vs. Net Income [Text Block]    

Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Net Income

 

The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, and our Net Income during the four most recently completed fiscal years.

 

PEO and Average Non-PEO NEO Compensation Actually Paid
Versus Net Income

 

 

      
Compensation Actually Paid vs. Company Selected Measure [Text Block]    

Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Core Funds From Operations Per Share

 

The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, and our Core FFO during the four most recently completed fiscal years. Core FFO is a non-GAAP metric. A reconciliation of net income to FFO and FFO to Core FFO is available in the Appendix of this Proxy Statement.

 

PEO and Average Non-PEO NEO Compensation Actually Paid
Versus Core Funds From Operations Per Share

 

      
Tabular List [Table Text Block]    

The following table presents the financial performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our PEO and Non-PEO NEOs for 2023 to Company performance. The measures in this table are not ranked.

 

    Core Funds From Operations Per Share    
  Relative TSR  
  Net Income from Operations  
      
Total Shareholder Return Amount [4]     $ 130.06 92.96 157.39 120.46
Peer Group Total Shareholder Return Amount [4]     113.54 99.82 132.23 92.43
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest     $ 950,312,000 $ 380,325,000 $ 1,747,412,000 $ 362,730,000
Company Selected Measure Amount | $ / shares [5]     6.59 6.70 6.53 6.21
PEO Name     Andrew P. Power A. William Stein A. William Stein A. William Stein
Measure [Axis]: 1            
Pay vs Performance Disclosure [Table]            
Measure Name     Core Funds From Operations Per Share      
Measure [Axis]: 2            
Pay vs Performance Disclosure [Table]            
Measure Name     Relative TSR      
Measure [Axis]: 3            
Pay vs Performance Disclosure [Table]            
Measure Name     Net Income from Operations      
PEO [Member] | Exclusion of Stock Awards for Andrew P. Power            
Pay vs Performance Disclosure [Table]            
Adjustment to Compensation Amount     $ (8,952,335)      
PEO [Member] | Inclusion of Equity Values for Andrew P. Power            
Pay vs Performance Disclosure [Table]            
Adjustment to Compensation Amount     18,896,929      
PEO [Member] | Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Andrew P. Power            
Pay vs Performance Disclosure [Table]            
Adjustment to Compensation Amount     15,003,788      
PEO [Member] | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Andrew P. Power            
Pay vs Performance Disclosure [Table]            
Adjustment to Compensation Amount     3,595,956      
PEO [Member] | Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year for Andrew P. Power            
Pay vs Performance Disclosure [Table]            
Adjustment to Compensation Amount          
PEO [Member] | Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Andrew P. Power            
Pay vs Performance Disclosure [Table]            
Adjustment to Compensation Amount     297,185      
PEO [Member] | Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Andrew P. Power            
Pay vs Performance Disclosure [Table]            
Adjustment to Compensation Amount          
PEO [Member] | Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included for Andrew P. Power            
Pay vs Performance Disclosure [Table]            
Adjustment to Compensation Amount          
PEO [Member] | Total Inclusion of Equity Values for Andrew P. Power            
Pay vs Performance Disclosure [Table]            
Adjustment to Compensation Amount     18,896,929      
Non-PEO NEO [Member] | Average Exclusion of Stock Awards for Non-PEO NEOs            
Pay vs Performance Disclosure [Table]            
Adjustment to Compensation Amount     (2,243,596)      
Non-PEO NEO [Member] | Average Inclusion of Equity Values for Non-PEO NEOs            
Pay vs Performance Disclosure [Table]            
Adjustment to Compensation Amount     4,841,021      
Non-PEO NEO [Member] | Average Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Non-PEO NEOs            
Pay vs Performance Disclosure [Table]            
Adjustment to Compensation Amount     3,243,906      
Non-PEO NEO [Member] | Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Non-PEO NEOs            
Pay vs Performance Disclosure [Table]            
Adjustment to Compensation Amount     1,174,598      
Non-PEO NEO [Member] | Average Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year for Non-PEO NEOs            
Pay vs Performance Disclosure [Table]            
Adjustment to Compensation Amount     422,534      
Non-PEO NEO [Member] | Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Non-PEO NEOs            
Pay vs Performance Disclosure [Table]            
Adjustment to Compensation Amount     157,348      
Non-PEO NEO [Member] | Average Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Non-PEO NEOs            
Pay vs Performance Disclosure [Table]            
Adjustment to Compensation Amount     (157,365)      
Non-PEO NEO [Member] | Average Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included for Non-PEO NEOs            
Pay vs Performance Disclosure [Table]            
Adjustment to Compensation Amount          
Non-PEO NEO [Member] | Total Average of Equity Values for Non-PEO NEOs            
Pay vs Performance Disclosure [Table]            
Adjustment to Compensation Amount     4,841,021      
PEO1 [Member]            
Pay vs Performance Disclosure [Table]            
PEO Total Compensation Amount [1]   $ 23,695,471   $ 17,139,601 $ 17,789,395
PEO Actually Paid Compensation Amount [1],[2],[3]   $ (14,083,891)   30,533,169 40,467,482
PEO2 [Member]            
Pay vs Performance Disclosure [Table]            
PEO Total Compensation Amount [1] $ 6,835,895   12,355,560  
PEO Actually Paid Compensation Amount [1],[2],[3] $ (6,498,305)   $ 22,300,154  
[1] A. William Stein was our PEO from November 24, 2014 to December 13, 2022 (“PEO 1”). Andrew P. Power has been our PEO since December 13, 2022 (“PEO 2”). The individuals comprising the Non-PEO NEOs for each year presented are listed below.
[2] Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEOs and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the “Stock Awards” column of the Summary Compensation Table.
[3] The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company’s PEOs or Non-PEO NEOs. These amounts reflect the compensation reported in the “Total” column of the Summary Compensation Table Total for the applicable fiscal year with certain adjustments (which, for fiscal year 2023, are described in footnote 3 below).
[4] The Peer Group TSR set forth in this table utilizes the MSCI US REIT Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Company’s and Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2023. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the MSCI US REIT Index, respectively, assuming that all dividends (if any) were reinvested. Historical stock performance is not necessarily indicative of future stock performance.
[5] We determined Core FFO to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and Non-PEO NEOs in 2023. Core FFO may not have been the most important financial performance measure for prior years and we may determine a different financial performance measure to be the most important financial performance measure in future years. Core FFO is a non-GAAP metric. A reconciliation of net income to FFO and FFO to Core FFO is available in the Appendix of this Proxy Statement.