PAY VERSUS PERFORMANCE

The table below is provided in accordance with Item 402(v) of Regulation

S-K.

This information is being provided for compliance purposes. Neither the Compensation Committee

nor

the executives of our Company use the information in this table when making compensation decisions. In determining the “compensation actually paid” to our NEOs, we are required to make various adjustments to amounts that have been previously reported in the Summary Compensation Table in previous years, as the SEC’s valuation methods for this section differ from those required in the Summary Compensation Table. The table below summarizes compensation values both previously reported in our Summary Compensation Table, as well as the adjusted values required in this section for the 2020, 2021, and 2022 fiscal years. Note that for our NEOs other than our principal executive officer (the “PEO”), compensation is reported as an average of each of the NEOs’ total compensation for the respective fiscal year.



Year	Summary Compensation Table Total for PEO ($)		Compensation Actually Paid to PEO (1)(4) ($)		Average Summary Compensation Table Total for Non-PEO NEOs ($)		Average Compensation Actually Paid to Non-PEO NEOs (1)(4) ($)		Value of Initial Fixed $100 Investment Based On:				Net Income (Loss) ($ in 000’s)			Adjusted FFO Per Fully Diluted Share ($) (3)
Year	Summary Compensation Table Total for PEO ($)		Compensation Actually Paid to PEO (1)(4) ($)						TSR ($)		Peer Group TSR (2) ($)		Net Income (Loss) ($ in 000’s)			Adjusted FFO Per Fully Diluted Share ($) (3)
(a)		(b)		(c)		(d)		(e)		(f)		(g)		(h)			(i)
2022		2,423,711		2,347,865		1,500,597		1,435,406		142		94		(1,623	)		1.83
2021		2,357,788		4,535,058		947,655		1,595,876		148		97		27,615			1.45
2020		1,864,910		1,618,412		639,514		441,669		94		104		78,509			1.86

(1)	Amounts represent “compensation actually paid” (as defined below) to our PEO and the average compensation actually paid to our remaining NEOs for the relevant fiscal year, as determined under SEC rules, which includes the individuals indicated in the table below for each fiscal year:



Year	PEO	Non-PEO NEOs

2022	John Albright	Steven Greathouse, Matthew Partridge, Daniel Smith

2021	John Albright	Steven Greathouse, Matthew Partridge, Daniel Smith

2020	John Albright	Steven Greathouse, Matthew Partridge, Mark Patten, Daniel Smith

(2)	Represents the cumulative TSR (the “Peer Group TSR”) of the following peer groups, which were used for compensation benchmarking purposes as disclosed in the Company’s proxy statements:



2022		Armada Hoffler Properties, Inc.; Cedar Realty Trust, Inc.; Chatham Lodging Trust; City Office REIT, Inc.; Community Healthcare Trust Inc.; Four Corners Property Trust, Inc.; Getty Realty Corp.; NETSTREIT Corp.; One Liberty Properties Inc.; Plymouth Industrial REIT Inc.; Urstadt Biddle Properties Inc.; Whitestone REIT
2021		Armada Hoffler Properties, Inc.; Acadia Realty Trust; Chatham Lodging Trust; Clipper Realty Inc.; Four Corners Property Trust, Inc.; Getty Realty Corp.; Monmouth Real Estate Investment Trust; NETSTREIT Corp.; One Liberty Properties Inc.; Plymouth Industrial REIT Inc.; RPT Realty; Seritage Growth Properties; Whitestone REIT
2020		Agree Realty Corporation; Cedar Realty Trust Inc.; Five Point Holdings, LLC; Four Corners Property Trust, Inc.; Getty Realty Corp.; Lexington Realty Trust; One Liberty Properties Inc.; Rexford Industrial realty, Inc.; St. Joe Company, The; Stratus Properties Inc.; Tejon Ranch Co.; Trinity Place Holdings Inc.; Urstadt Biddle Properties Inc.; Whitestone REIT

(3)	For calculations of AFFO per diluted share, see pages 47-49 of our Annual Report on Form 10-K filed with the SEC on February 23, 2023, which also includes a GAAP reconciliation of this non-GAAP measure.

(4)

“Compensation Actually Paid” (“CAP”) to our NEOs represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year (see page 41 above), adjusted as follows. As our NEOs do not participate in any defined benefit plans, no adjustments were required to amounts reported in the Summary Compensation Table totals related to the value of benefits under such plans.



Adjustments	2022						2021						2020
Adjustments	PEO			Average of non-PEO NEOs			PEO			Average of non-PEO NEOs			PEO			Average of non-PEO NEOs
Deduction for Amounts Reported under “Stock Awards” Column in the Summary Compensation table for Applicable Fiscal Year		(1,141,117	)		(734,921	)		(1,135,825	)		(382,239	)		(929,602	)		(328,875	)
Increase based on ASC 718 Fair Value of Awards Granted during Applicable Fiscal Year that Remain Unvested as of Applicable Fiscal Year End, determined as of Applicable Fiscal Year End		1,220,410			716,807			2,066,282			686,661			792,893			239,386
Increase based on ASC 718 Fair Value of Awards Granted during Applicable Fiscal Year that Vested during Applicable Fiscal Year, determined as of Vesting Date		—			—			—			—			—			—
Increase/deduction for Awards Granted during Prior Fiscal Year that were Outstanding and Unvested as of Applicable Fiscal Year End, determined based on change in ASC 718 Fair Value from Prior Fiscal Year End to Applicable Fiscal Year End		(51,182	)		(17,031	)		1,184,425			332,595			(143,285	)		(20,377	)
Increase/deduction for Awards Granted during Prior Fiscal Year that Vested During Applicable Fiscal Year, determined based on change in ASC 718 Fair Value from Prior Fiscal Year End to Vesting Date		(103,957	)		(30,046	)		62,388			11,206			33,496			8,839
Deduction of ASC 718 Fair Value of Awards Granted during Prior Fiscal Year that were Forfeited during Applicable Fiscal Year, determined as of Prior Fiscal Year End		—			—			—			—			—			(96,818	)
Increase based on Dividends or Other Earnings Paid during Applicable Fiscal Year prior to Vesting Date		—			—			—			—			—			—
Increase based on Incremental Fair Value of Options/SARs Modified during Applicable Fiscal Year		—			—			—			—			—			—
TOTAL ADJUSTMENTS TO DETERMINE CAP		(75,846	)		(65,191	)		2,177,270			648,222			(246,498	)		(197,845	)

Named Executive Officers, Footnote [Text Block]



Year	PEO	Non-PEO NEOs

2022	John Albright	Steven Greathouse, Matthew Partridge, Daniel Smith

2021	John Albright	Steven Greathouse, Matthew Partridge, Daniel Smith

2020	John Albright	Steven Greathouse, Matthew Partridge, Mark Patten, Daniel Smith

PEO Total Compensation Amount

$ 2,423,711

$ 2,357,788

$ 1,864,910

Adjustment To PEO Compensation, Footnote [Text Block]



Adjustments	2022						2021						2020
Adjustments	PEO			Average of non-PEO NEOs			PEO			Average of non-PEO NEOs			PEO			Average of non-PEO NEOs
Deduction for Amounts Reported under “Stock Awards” Column in the Summary Compensation table for Applicable Fiscal Year		(1,141,117	)		(734,921	)		(1,135,825	)		(382,239	)		(929,602	)		(328,875	)
Increase based on ASC 718 Fair Value of Awards Granted during Applicable Fiscal Year that Remain Unvested as of Applicable Fiscal Year End, determined as of Applicable Fiscal Year End		1,220,410			716,807			2,066,282			686,661			792,893			239,386
Increase based on ASC 718 Fair Value of Awards Granted during Applicable Fiscal Year that Vested during Applicable Fiscal Year, determined as of Vesting Date		—			—			—			—			—			—
Increase/deduction for Awards Granted during Prior Fiscal Year that were Outstanding and Unvested as of Applicable Fiscal Year End, determined based on change in ASC 718 Fair Value from Prior Fiscal Year End to Applicable Fiscal Year End		(51,182	)		(17,031	)		1,184,425			332,595			(143,285	)		(20,377	)
Increase/deduction for Awards Granted during Prior Fiscal Year that Vested During Applicable Fiscal Year, determined based on change in ASC 718 Fair Value from Prior Fiscal Year End to Vesting Date		(103,957	)		(30,046	)		62,388			11,206			33,496			8,839
Deduction of ASC 718 Fair Value of Awards Granted during Prior Fiscal Year that were Forfeited during Applicable Fiscal Year, determined as of Prior Fiscal Year End		—			—			—			—			—			(96,818	)
Increase based on Dividends or Other Earnings Paid during Applicable Fiscal Year prior to Vesting Date		—			—			—			—			—			—
Increase based on Incremental Fair Value of Options/SARs Modified during Applicable Fiscal Year		—			—			—			—			—			—
TOTAL ADJUSTMENTS TO DETERMINE CAP		(75,846	)		(65,191	)		2,177,270			648,222			(246,498	)		(197,845	)

Non-PEO NEO Average Compensation Actually Paid Amount

$ 1,435,406

1,595,876

441,669

Compensation Actually Paid vs. Total Shareholder Return [Text Block]

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

Tabular List [Table Text Block]

Performance Measures

We believe the following performance measures represent the most important financial performance measures used by us to link our NEOs’ CAP for the fiscal year ended December 31, 2022:

●

Our TSR over a

3-year

performance period versus the performance of the Index

●

Adjusted FFO per fully diluted share

●

Alpine growth

●

Same-store leased occupancy change