XML 46 R2.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Pay vs Performance Disclosure
12 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table

Average

Value of Initial Fixed $100

Summary

Average

Investment Based on:

Summary

Compensation

Compensation

Company

Peer Group(5)

Diluted FAD,

Compensation

Compensation

Table Total for

Actually Paid to

Total

Total

Excluding

Table Total for

Actually Paid

Non-PEO

Non-PEO

Stockholder

Stockholder

Non-recurring

Year

   

PEO

   

PEO(1)

   

NEO(2)

   

NEO(3)

   

Return(4)

   

Return(4)

   

Net Income

   

Items, per Share

2023

$

5,248,068

$

3,300,179

$

2,651,896

$

1,698,392

$

92.16

$

113.35

$

91,462,000

$

2.75

2022

4,662,529

 

4,140,950

 

2,349,485

 

2,091,383

 

95.26

 

99.66

 

100,584,000

$

2.68

2021

 

4,204,139

 

2,559,524

 

2,139,370

 

1,372,272

 

86.19

 

131.78

 

56,224,000

$

2.43

2020

 

4,200,356

4,054,561

2,118,714

2,041,151

92.44

92.00

95,677,000

$

2.97

(1)The calculation of “compensation actually paid” to PEO reflects the following adjustments:

Fiscal Year

Fiscal Year

Fiscal Year

Fiscal Year

    

2023

    

2022

    

2021

    

2020

Summary Compensation Table Total

$

5,248,068

$

4,662,529

$

4,204,139

$

4,200,356

Less: Grant Date Fair Value of Stock Awards in Fiscal Year

(2,950,000)

(2,500,000)

(2,500,000)

(2,500,000)

Fair Value of Equity Awards Granted During the Year and Unvested at Year End

2,124,068

2,592,074

1,879,475

1,886,213

Change in Fair Value of Equity Awards Granted in Prior Years and Unvested at Year End

(1,173,194)

(610,633)

(1,615,636)

(655,436)

Change in Fair Value of Equity Awards Granted in Prior Years and Vested During the Year

51,237

(3,020)

591,546

1,123,428

Compensation Actually Paid

$

3,300,179

$

4,140,950

$

2,559,524

$

4,054,561

(2)For fiscal years 2020 through 2023, Pamela Shelley-Kessler and Clint Malin are included as the non-PEO NEOs.
(3)The calculation of average “compensation actually paid” to Non-PEO NEOs reflects the following adjustments:

Fiscal Year

Fiscal Year

Fiscal Year

Fiscal Year

    

2023

    

2022

    

2021

    

2020

Summary Compensation Table Total

$

2,651,896

$

2,349,485

$

2,139,370

$

2,118,714

Less: Grant Date Fair Value of Stock Awards in Fiscal Year

(1,450,000)

(1,220,000)

(1,220,000)

(1,220,000)

Fair Value of Equity Awards Granted During the Year and Unvested at Year End

1,044,019

1,264,936

917,177

920,493

Change in Fair Value of Equity Awards Granted in Prior Years and Unvested at Year End

(572,520)

(301,523)

(848,551)

(395,908)

Change in Fair Value of Equity Awards Granted in Prior Years and Vested During the Year

24,997

(1,515)

384,276

617,852

Compensation Actually Paid

$

1,698,392

$

2,091,383

$

1,372,272

$

2,041,151

(4)TSR assumes $100 was invested on December 31, 2019 in our common stock and assumes the reinvestment of dividends.
(5)The peer group constitutes the National Association of Real Estate Investment Trusts (“NAREIT”) Equity Index.
     
Company Selected Measure Name Diluted FAD, Excluding Non-recurring Items, per Share      
Named Executive Officers, Footnote
(2)For fiscal years 2020 through 2023, Pamela Shelley-Kessler and Clint Malin are included as the non-PEO NEOs.
     
Peer Group Issuers, Footnote
(5)The peer group constitutes the National Association of Real Estate Investment Trusts (“NAREIT”) Equity Index.
     
PEO Total Compensation Amount $ 5,248,068 $ 4,662,529 $ 4,204,139 $ 4,200,356
PEO Actually Paid Compensation Amount $ 3,300,179 4,140,950 2,559,524 4,054,561
Adjustment To PEO Compensation, Footnote
(1)The calculation of “compensation actually paid” to PEO reflects the following adjustments:

Fiscal Year

Fiscal Year

Fiscal Year

Fiscal Year

    

2023

    

2022

    

2021

    

2020

Summary Compensation Table Total

$

5,248,068

$

4,662,529

$

4,204,139

$

4,200,356

Less: Grant Date Fair Value of Stock Awards in Fiscal Year

(2,950,000)

(2,500,000)

(2,500,000)

(2,500,000)

Fair Value of Equity Awards Granted During the Year and Unvested at Year End

2,124,068

2,592,074

1,879,475

1,886,213

Change in Fair Value of Equity Awards Granted in Prior Years and Unvested at Year End

(1,173,194)

(610,633)

(1,615,636)

(655,436)

Change in Fair Value of Equity Awards Granted in Prior Years and Vested During the Year

51,237

(3,020)

591,546

1,123,428

Compensation Actually Paid

$

3,300,179

$

4,140,950

$

2,559,524

$

4,054,561

     
Non-PEO NEO Average Total Compensation Amount $ 2,651,896 2,349,485 2,139,370 2,118,714
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,698,392 2,091,383 1,372,272 2,041,151
Adjustment to Non-PEO NEO Compensation Footnote
(3)The calculation of average “compensation actually paid” to Non-PEO NEOs reflects the following adjustments:

Fiscal Year

Fiscal Year

Fiscal Year

Fiscal Year

    

2023

    

2022

    

2021

    

2020

Summary Compensation Table Total

$

2,651,896

$

2,349,485

$

2,139,370

$

2,118,714

Less: Grant Date Fair Value of Stock Awards in Fiscal Year

(1,450,000)

(1,220,000)

(1,220,000)

(1,220,000)

Fair Value of Equity Awards Granted During the Year and Unvested at Year End

1,044,019

1,264,936

917,177

920,493

Change in Fair Value of Equity Awards Granted in Prior Years and Unvested at Year End

(572,520)

(301,523)

(848,551)

(395,908)

Change in Fair Value of Equity Awards Granted in Prior Years and Vested During the Year

24,997

(1,515)

384,276

617,852

Compensation Actually Paid

$

1,698,392

$

2,091,383

$

1,372,272

$

2,041,151

     
Compensation Actually Paid vs. Total Shareholder Return

Graphic

     
Compensation Actually Paid vs. Net Income

Graphic

     
Compensation Actually Paid vs. Company Selected Measure

Graphic

     
Total Shareholder Return Vs Peer Group

Graphic

     
Tabular List, Table

Financial Performance Measures

As further described and defined in the “Executive Compensation Discussion and Analysis” above, the following is an unranked list of financial performance measures that we consider most important in linking the “compensation actually paid” to our NEOs for 2023 with our performance.

Diluted FFO, excluding non-recurring items, per share
Diluted FAD, excluding non-recurring items, per share
Adjusted FAD per share
Return on Equity
Cumulative TSR

In addition to the financial performance measures listed above, we view our stock price, upon which the value of all of our long-term incentive awards is dependent, as a key performance-based component of our executive compensation program in order to further align the interests of our senior management team with the interests of our stockholders.

     
Total Shareholder Return Amount $ 92.16 95.26 86.19 92.44
Peer Group Total Shareholder Return Amount 113.35 99.66 131.78 92.00
Net Income (Loss) $ 91,462,000 $ 100,584,000 $ 56,224,000 $ 95,677,000
Company Selected Measure Amount | $ / shares 2.75 2.68 2.43 2.97
PEO Name Wendy L. Simpson      
Measure:: 1        
Pay vs Performance Disclosure        
Name Diluted FFO, excluding non-recurring items, per share      
Measure:: 2        
Pay vs Performance Disclosure        
Name Diluted FAD, excluding non-recurring items, per share      
Measure:: 3        
Pay vs Performance Disclosure        
Name Adjusted FAD per share      
Measure:: 4        
Pay vs Performance Disclosure        
Name Return on Equity      
Measure:: 5        
Pay vs Performance Disclosure        
Name Cumulative TSR      
PEO | Less: Grant Date Fair Value of Stock Awards in Fiscal Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (2,950,000) $ (2,500,000) $ (2,500,000) $ (2,500,000)
PEO | Fair Value of Equity Awards Granted During the Year and Unvested at Year End        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,124,068 2,592,074 1,879,475 1,886,213
PEO | Change in Fair Value of Equity Awards Granted in Prior Years and Unvested at year end        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,173,194) (610,633) (1,615,636) (655,436)
PEO | Change in Fair Value of Equity Awards Granted in Prior Years and Vested During the Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 51,237 (3,020) 591,546 1,123,428
Non-PEO NEO | Less: Grant Date Fair Value of Stock Awards in Fiscal Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,450,000) (1,220,000) (1,220,000) (1,220,000)
Non-PEO NEO | Fair Value of Equity Awards Granted During the Year and Unvested at Year End        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,044,019 1,264,936 917,177 920,493
Non-PEO NEO | Change in Fair Value of Equity Awards Granted in Prior Years and Unvested at year end        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (572,520) (301,523) (848,551) (395,908)
Non-PEO NEO | Change in Fair Value of Equity Awards Granted in Prior Years and Vested During the Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 24,997 $ (1,515) $ 384,276 $ 617,852