XML 36 R2.htm IDEA: XBRL DOCUMENT v3.25.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Year
Summary Compensation Table Total for PEO1 ($)
Compensation Actually Paid to PEO1,2,3 ($)
Average Summary Compensation Table Total for Non-PEO NEOs1 ($)
Average Compensation Actually Paid to Non-PEO NEOs1,2,3 ($)
Value of Initial Fixed $100 Investment based on:4
Net Income ($ Millions)
Normalized Funds Available for Distribution ($ Millions)5
TSR ($)Peer Group TSR ($)
(a)(b)(c)(d)(e)(f)(g)(h)(i)
20242,246,596 2,672,083 1,082,821 1,370,141 116.46 123.47137 204 
20232,084,567 1,981,719 1,137,701 1,073,457 88.93 113.54134 188 
20222,664,983 1,839,729 1,134,515 799,629 77.75 99.8266 201 
20212,567,353 2,103,364 1,112,834 937,282 80.40 132.23112 209 
20201,789,030 3,117,622 718,720 1,149,376 90.97 92.43185 240 
        
Company Selected Measure Name Normalized Funds Available for Distribution (“Funds Available for Distribution” and “Normalized FAD”)        
Named Executive Officers, Footnote
1 D. Eric Mendelsohn was our PEO for each year presented. The individuals comprising the Non-PEO NEOs for each year presented are Kristin S. Gaines, Kevin C. Pascoe, John L. Spaid, and David L. Travis.
        
Peer Group Issuers, Footnote 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 Annual Report for the year ended December 31, 2024. 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. Historical stock performance is not necessarily indicative of future stock performance.        
PEO Total Compensation Amount $ 2,246,596 $ 2,084,567 $ 2,664,983 $ 2,567,353 $ 1,789,030
PEO Actually Paid Compensation Amount $ 2,672,083 1,981,719 1,839,729 2,103,364 3,117,622
Adjustment To PEO Compensation, Footnote
3 Compensation Actually Paid for 2024 reflects the exclusions and inclusions of certain amounts for the PEO 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 and Option Awards column reflect the totals from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table.

YearSummary Compensation Table Total for PEOExclusion of Stock and Option Awards for PEO Inclusion of Equity Values for PEO Compensation Actually Paid to PEO
($)($)($)($)
20242,246,596 (488,500)913,987 2,672,083 
The amounts in the Inclusion of Equity Values columns in the tables above are derived from the amounts set forth in the following tables:
YearYear-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for PEOChange in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for PEOVesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year for PEO Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for PEO Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for PEO Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included for PEO Total - Inclusion of
Equity Values for PEO
($)($)($)($)($)($)($)
2024574,124 172,729 94,387 72,747 — — 913,987 
        
Non-PEO NEO Average Total Compensation Amount $ 1,082,821 1,137,701 1,134,515 1,112,834 718,720
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,370,141 1,073,457 799,629 937,282 1,149,376
Adjustment to Non-PEO NEO Compensation Footnote Compensation Actually Paid for 2024 reflects the exclusions and inclusions of certain amounts for the PEO 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 and Option Awards column reflect the totals from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table.
YearAverage Summary Compensation Table Total for Non-PEO NEOsAverage Exclusion of Stock and Option Awards for Non-PEO NEOsAverage Inclusion of Equity Values for Non-PEO NEOsAverage Compensation Actually Paid to Non-PEO NEOs
($)($)($)($)
20241,082,821 (372,263)659,583 1,370,141 
YearAverage Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Non-PEO NEOsAverage Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Non-PEO NEOsAverage 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 NEOsAverage Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Non-PEO NEOsAverage Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included for Non-PEO NEOsTotal - Average Inclusion of
Equity Values for Non-PEO NEOs
($)($)($)($)($)($)($)
2024443,061 120,543 59,582 36,397 — — 659,583 
        
Compensation Actually Paid vs. Total Shareholder Return
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs and the Company’s cumulative TSR over the five most recently completed fiscal years. The chart also compares the Company’s cumulative TSR to that of the MSCI US REIT Index over the same period.
Picture1.jpg
        
Compensation Actually Paid vs. Net Income
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and our net income during the five most recently completed fiscal years.


Picture2.jpg
        
Compensation Actually Paid vs. Company Selected Measure
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and our Funds Available for Distribution during the five most recently completed fiscal years.


Picture3.jpg
        
Total Shareholder Return Vs Peer Group
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs and the Company’s cumulative TSR over the five most recently completed fiscal years. The chart also compares the Company’s cumulative TSR to that of the MSCI US REIT Index over the same period.
Picture1.jpg
        
Tabular List, Table Normalized FAD increases
•Normalized FAD payout ratio
•New investment yield
•SHOP revenue increases
•Deferral collections
        
Total Shareholder Return Amount $ 116.46 88.93 77.75 80.40 90.97
Peer Group Total Shareholder Return Amount 123.47 113.54 99.82 132.23 92.43
Net Income (Loss) $ 137,000,000 $ 134,000,000 $ 66,000,000 $ 112,000,000 $ 185,000,000
Company Selected Measure Amount 204,000,000 188,000,000 201,000,000 209,000,000 240,000,000
PEO Name D. Eric Mendelsohn        
Additional 402(v) Disclosure
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 NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.
        
Measure:: 1          
Pay vs Performance Disclosure          
Name Normalized FAD increases        
Non-GAAP Measure Description 5 We determined Normalized Funds Available for Distribution (“Funds Available for Distribution” and “Normalized FAD”) 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 2024. See Appendix B for a description of Normalized Funds Available for Distribution and how it is calculated.        
Measure:: 2          
Pay vs Performance Disclosure          
Name Normalized FAD payout ratio        
Measure:: 3          
Pay vs Performance Disclosure          
Name New investment yield        
Measure:: 4          
Pay vs Performance Disclosure          
Name SHOP revenue increases        
Measure:: 5          
Pay vs Performance Disclosure          
Name Deferral collections        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (488,500)        
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 913,987        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 574,124        
PEO | 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 172,729        
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 94,387        
PEO | 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 72,747        
PEO | 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        
PEO | 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 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 (372,263)        
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 659,583        
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 443,061        
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 120,543        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 59,582        
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 36,397        
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        
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 $ 0