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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 [Table]          
Pay vs Performance Disclosure, Table

PAY VERSUS PERFORMANCE DISCLOSURE

Pay Versus Performance Table

         

Value of Initial Fixed $100 Investment Based On:

    

Year

Summary Compensation Table Total for PEOP(1)

Compensation Actually Paid to PEO

Average Summary Compensation Table Total for Non-PEO NEOsP(2)

Average Compensation Actually Paid to Non-PEO NEOs

Total Shareholder Return

Peer Group Total Shareholder ReturnP(3)

Net Income ($000s)

Company Selected Metric – Adjusted Company FFO ($000s)P(4)

2024 $ 5,681,325 $          2,505,110 $ 2,310,009 $     1,464,203 $         86.82 $      108.75 $ 37,922 $ 189,360
2023 $ 5,380,014 $ 3,519,916 $ 2,073,324 $ 1,605,010 $ 104.33 $ 113.74 $  42,835 $ 206,191
2022 $ 5,231,778 $ (641,147) $ 1,852,425 $ 711,912 $ 67.04 $ 75.49 $   116,243 $ 193,061
2021 $ 6,196,943 $ 14,286,704 $ 1,660,901 $ 2,843,214 $ 152.23 $ 143.06 $ 385,091 $ 223,196
2020 $ 4,867,205 $ 8,380,988 $ 1,300,728 $ 1,716,613 $ 104.19 $ 92.43 $ 186,391 $ 209,542

 

 

(1)Mr. Eglin was our principal executive officer for all years shown. The following are the adjustments made during each year to arrive at compensation actually paid to our principal executive officer during each fiscal year:

 

Adjustments

2024

2023

2022

2021

2020

Amounts reported under “Stock Awards” in Summary Compensation Table $ (3,840,487) $ (3,474,977) $ (3,444,528) $ (3,216,612) $ (2,664,761)
Change in Fair Value of Awards Granted in Year and Unvested as of Year-End $ 2,225,516 $ 2,348,293 $ 1,627,607 $ 4,938,791 $ 2,930,295
Change in Fair Value from Prior Year-End to Current Year-End of Awards Granted Prior to Year that were Outstanding and Unvested as of Year-End $ (1,314,936) $ (446,572) $ (2,384,351) $ 1,797,122 $ 573,917
Fair Value of Awards Granted and Vested in During Year at Vesting Date $ 383,045 $ 372,595 $ 274,919 $ 555,135 $ 320,331
Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to Year that Vested During Year $ (116,993) $ 185,638 $ (1,278,917) $ 2,218,082 $ 1,509,825
Fair Value at Year End of Awards Granted Prior to Year that Failed to Meet the Applicable Vesting Conditions During Year $ (633,952) $ (1,164,718) $ (1,498,393) $ — $ —
Dividends or Other Earnings Paid During Year prior to Vesting Date of Award Not Otherwise Included in Total Compensation for the Year $ 121,592 $ 319,632 $ 830,738 $ 1,797,242 $ 844,177

 
 

(2)For 2023 and 2022, our other NEOs consisted of Beth Boulerice, Joseph S. Bonventre, Brendan Mullinix and James Dudley. For 2021 and 2020, our other NEOs consisted of Beth Boulerice, Joseph S. Bonventre, Brendan Mullinix and Lara Johnson. The following are the adjustments made during each year to arrive at the average compensation actually paid to our other NEOs during each year:

 

Adjustments

2024

2023

2022

2021

2020

Amounts reported under “Stock Awards” in Summary Compensation Table $ (1,289,931) $ (1,071,475) $ (898,500) $ (580,851) $ (387,287)
Change in Fair Value of Awards Granted in Year and Unvested as of Year-End $ 828,171 $ 724,074 $ 424,599 $ 891,805 $ 425,852
Change in Fair Value from Prior Year-End to Current Year-End of Awards Granted Prior to Year that were Outstanding and Unvested as of Year-End $ (339,694) $ (116,481) $ (430,524) $ 261,156 $ 90,552
Fair Value of Awards Granted and Vested in During Year at Vesting Date $ 90,138 $ 114,888 $ 71,718 $ 100,269 $ 46,569
Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to Year that Vested During Year $ (28,374) $ 33,296 $ (184,578) $ 331,771 $ 148,409
Fair Value at Year End of Awards Granted Prior to Year that Failed to Meet the Applicable Vesting Conditions During Year $ (139,999) $ (210,303) $ (217,740) $ — $ —
Dividends or Other Earnings Paid During Year prior to Vesting Date of Award Not Otherwise Included in Total Compensation for the Year $ 33,882 $ 57,687 $ 94,551 $ 178,163 $ 91,789

 

(3)Peer group is the MSCI US REIT Index, which is the index in the performance graph provided pursuant to Item 201(e) of Regulation S-K and the index used in our long-term incentive opportunity. Our long-term incentive opportunity also uses a competitor peer group. Our Compensation Discussion and Analysis discloses two peer groups, a sized-based peer group and a competitor peer group, which the Compensation Committee generally uses to compare our overall compensation practices against peer groups.
 50 

 

(4)We have identified Adjusted Company FFO as the most important additional financial metric used to link pay and performance. A definition of Adjusted Company FFO and a reconciliation of Adjusted Company FFO to net income is included in Appendix A.  
        
Company Selected Measure Name FFO        
Named Executive Officers, Footnote [Text Block]

(1)Mr. Eglin was our principal executive officer for all years shown. The following are the adjustments made during each year to arrive at compensation actually paid to our principal executive officer during each fiscal year:

(2)For 2023 and 2022, our other NEOs consisted of Beth Boulerice, Joseph S. Bonventre, Brendan Mullinix and James Dudley. For 2021 and 2020, our other NEOs consisted of Beth Boulerice, Joseph S. Bonventre, Brendan Mullinix and Lara Johnson. The following are the adjustments made during each year to arrive at the average compensation actually paid to our other NEOs during each year:
        
Peer Group Issuers, Footnote Peer group is the MSCI US REIT Index, which is the index in the performance graph provided pursuant to Item 201(e) of Regulation S-K and the index used in our long-term incentive opportunity. Our long-term incentive opportunity also uses a competitor peer group. Our Compensation Discussion and Analysis discloses two peer groups, a sized-based peer group and a competitor peer group, which the Compensation Committee generally uses to compare our overall compensation practices against peer groups.        
PEO Total Compensation Amount [1] $ 5,681,325 $ 5,380,014 $ 5,231,778 $ 6,196,943 $ 4,867,205
PEO Actually Paid Compensation Amount $ 2,505,110 3,519,916 (641,147) 14,286,704 8,380,988
Adjustment To PEO Compensation, Footnote

 

Adjustments

2024

2023

2022

2021

2020

Amounts reported under “Stock Awards” in Summary Compensation Table $ (3,840,487) $ (3,474,977) $ (3,444,528) $ (3,216,612) $ (2,664,761)
Change in Fair Value of Awards Granted in Year and Unvested as of Year-End $ 2,225,516 $ 2,348,293 $ 1,627,607 $ 4,938,791 $ 2,930,295
Change in Fair Value from Prior Year-End to Current Year-End of Awards Granted Prior to Year that were Outstanding and Unvested as of Year-End $ (1,314,936) $ (446,572) $ (2,384,351) $ 1,797,122 $ 573,917
Fair Value of Awards Granted and Vested in During Year at Vesting Date $ 383,045 $ 372,595 $ 274,919 $ 555,135 $ 320,331
Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to Year that Vested During Year $ (116,993) $ 185,638 $ (1,278,917) $ 2,218,082 $ 1,509,825
Fair Value at Year End of Awards Granted Prior to Year that Failed to Meet the Applicable Vesting Conditions During Year $ (633,952) $ (1,164,718) $ (1,498,393) $ — $ —
Dividends or Other Earnings Paid During Year prior to Vesting Date of Award Not Otherwise Included in Total Compensation for the Year $ 121,592 $ 319,632 $ 830,738 $ 1,797,242 $ 844,177
        
Non-PEO NEO Average Total Compensation Amount [2] $ 2,310,009 2,073,324 1,852,425 1,660,901 1,300,728
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,464,203 1,605,010 711,912 2,843,214 1,716,613
Adjustment to Non-PEO NEO Compensation Footnote

 

Adjustments

2024

2023

2022

2021

2020

Amounts reported under “Stock Awards” in Summary Compensation Table $ (1,289,931) $ (1,071,475) $ (898,500) $ (580,851) $ (387,287)
Change in Fair Value of Awards Granted in Year and Unvested as of Year-End $ 828,171 $ 724,074 $ 424,599 $ 891,805 $ 425,852
Change in Fair Value from Prior Year-End to Current Year-End of Awards Granted Prior to Year that were Outstanding and Unvested as of Year-End $ (339,694) $ (116,481) $ (430,524) $ 261,156 $ 90,552
Fair Value of Awards Granted and Vested in During Year at Vesting Date $ 90,138 $ 114,888 $ 71,718 $ 100,269 $ 46,569
Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to Year that Vested During Year $ (28,374) $ 33,296 $ (184,578) $ 331,771 $ 148,409
Fair Value at Year End of Awards Granted Prior to Year that Failed to Meet the Applicable Vesting Conditions During Year $ (139,999) $ (210,303) $ (217,740) $ — $ —
Dividends or Other Earnings Paid During Year prior to Vesting Date of Award Not Otherwise Included in Total Compensation for the Year $ 33,882 $ 57,687 $ 94,551 $ 178,163 $ 91,789
        
Compensation Actually Paid vs. Total Shareholder Return

The relationship between compensation actually paid and company performance for the years presented above aligns with our TSR due to the high percentage of total compensation that consists of equity awards.

        
Compensation Actually Paid vs. Net Income

Net income is not used in our executive compensation program due to fluctuations in net income experienced by real estate companies due to the impact of items such as depreciation and amortization and gains/losses on sales of properties, which was heavily impacted by the disposition volume in recent years as part of our portfolio transition from diversified to industrial. Although, net income is used to determine certain non-GAAP financial measures used in our executive compensation plan.

        
Compensation Actually Paid vs. Company Selected Measure

Adjusted Company FFO was not used in our executive compensation program for the years presented above due to the impact of our portfolio transition and first-generation vacancy. The portfolio transition entailed selling higher yielding, but riskier office and other assets and recycling the proceeds into lower yielding, but less risky warehouse and distribution assets that have greater rent growth and releasing potential, which impacted Adjusted Company FFO growth in the years presented above. First-generation vacancy impacted year-over-year Adjusted Company FFO growth in 2024. As a result of such impacts, Adjusted Company FFO may not have been aligned with compensation actually paid.

        
Total Shareholder Return Vs Peer Group

The following illustrates our cumulative TSR for the period beginning December 31, 2019 versus the MSCI US REIT Index.

        
Total Shareholder Return Amount $ 86.82 104.33 67.04 152.23 104.19
Peer Group Total Shareholder Return Amount [3] 108.75 113.74 75.49 143.06 92.43
Net Income (Loss) Attributable to Parent $ 37,922,000 $ 42,835,000 $ 116,243,000 $ 385,091,000 $ 186,391,000
Company Selected Measure Amount [4] 189,360,000 206,191,000 193,061,000 223,196,000 209,542,000
PEO [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount $ (3,840,487) $ (3,474,977) $ (3,444,528) $ (3,216,612) $ (2,664,761)
PEO [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 2,225,516 2,348,293 1,627,607 4,938,791 2,930,295
PEO [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount (1,314,936) (446,572) (2,384,351) 1,797,122 573,917
PEO [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 383,045 372,595 274,919 555,135 320,331
PEO [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount (116,993) 185,638 (1,278,917) 2,218,082 1,509,825
PEO [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount (633,952) (1,164,718) (1,498,393)
PEO [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount $ 121,592 $ 319,632 $ 830,738 $ 1,797,242 $ 844,177
PEO [Member] | T. Wilson Eglin          
Pay vs Performance Disclosure [Table]          
PEO Name Mr. Eglin Mr. Eglin Mr. Eglin Mr. Eglin Mr. Eglin
Non-PEO NEO [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount $ (1,289,931) $ (1,071,475) $ (898,500) $ (580,851) $ (387,287)
Non-PEO NEO [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 828,171 724,074 424,599 891,805 425,852
Non-PEO NEO [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount (339,694) (116,481) (430,524) 261,156 90,552
Non-PEO NEO [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 90,138 114,888 71,718 100,269 46,569
Non-PEO NEO [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount (28,374) 33,296 (184,578) 331,771 148,409
Non-PEO NEO [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount (139,999) (210,303) (217,740)
Non-PEO NEO [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount $ 33,882 $ 57,687 $ 94,551 $ 178,163 $ 91,789
Non-PEO NEO [Member] | Beth Boulerice          
Pay vs Performance Disclosure [Table]          
PEO Name   Beth Boulerice Beth Boulerice Beth Boulerice Beth Boulerice
Non-PEO NEO [Member] | Joseph S. Bonventre          
Pay vs Performance Disclosure [Table]          
PEO Name   Joseph S. Bonventre Joseph S. Bonventre Joseph S. Bonventre Joseph S. Bonventre
Non-PEO NEO [Member] | Brendan P. Mullinix          
Pay vs Performance Disclosure [Table]          
PEO Name   Brendan Mullinix Brendan Mullinix Brendan Mullinix Brendan Mullinix
Non-PEO NEO [Member] | James Dudley          
Pay vs Performance Disclosure [Table]          
PEO Name   James Dudley James Dudley    
Non-PEO NEO [Member] | Lara Johnson          
Pay vs Performance Disclosure [Table]          
PEO Name       Lara Johnson Lara Johnson
[1] Mr. Eglin was our principal executive officer for all years shown. The following are the adjustments made during each year to arrive at compensation actually paid to our principal executive officer during each fiscal year:
[2] For 2023 and 2022, our other NEOs consisted of Beth Boulerice, Joseph S. Bonventre, Brendan Mullinix and James Dudley. For 2021 and 2020, our other NEOs consisted of Beth Boulerice, Joseph S. Bonventre, Brendan Mullinix and Lara Johnson. The following are the adjustments made during each year to arrive at the average compensation actually paid to our other NEOs during each year:
[3] Peer group is the MSCI US REIT Index, which is the index in the performance graph provided pursuant to Item 201(e) of Regulation S-K and the index used in our long-term incentive opportunity. Our long-term incentive opportunity also uses a competitor peer group. Our Compensation Discussion and Analysis discloses two peer groups, a sized-based peer group and a competitor peer group, which the Compensation Committee generally uses to compare our overall compensation practices against peer groups.
[4] We have identified Adjusted Company FFO as the most important additional financial metric used to link pay and performance. A definition of Adjusted Company FFO and a reconciliation of Adjusted Company FFO to net income is included in Appendix A.