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Name of Beneficial Owner
|
| |
Amount and Nature of
Beneficial Ownership(1) |
| |
Percent of
Class(2) |
| ||||||
Richard Agree
|
| | | | 576,726(3) | | | | | | * | | |
Joel Agree
|
| | | | 479,589(4) | | | | | | * | | |
Peter Coughenour
|
| | | | 3,435 | | | | | | * | | |
Craig Erlich
|
| | | | 26,130(5) | | | | | | * | | |
Simon Leopold
|
| | | | 7,461(6) | | | | | | * | | |
Danielle Spehar
|
| | | | 8,608 | | | | | | * | | |
Clayton Thelen
|
| | | | 3,305(7) | | | | | | * | | |
Nicole Witteveen
|
| | | | 7,545 | | | | | | * | | |
Karen Dearing
|
| | | | 4,261 | | | | | | * | | |
Merrie S. Frankel
|
| | | | 5,587 | | | | | | * | | |
Michael Hollman
|
| | | | 2,518 | | | | | | * | | |
Michael Judlowe
|
| | | | 3,716(8) | | | | | | * | | |
Gregory Lehmkuhl
|
| | | | 12,556 | | | | | | * | | |
John Rakolta, Jr
|
| | | | 268,816 | | | | | | * | | |
Jerome Rossi
|
| | | | 5,112 | | | | | | * | | |
All directors and executive officers as a group
(14 persons, excluding former officers) |
| | | | 1,409,004(9) | | | | | | 2.0% | | |
Name of Beneficial Owner
|
| |
Amount and Nature of
Beneficial Ownership(1) |
| |
Percent of
Class(2) |
| ||||||
BlackRock, Inc
|
| | | | 13,667,653(3) | | | | | | 19.2% | | |
The Vanguard Group
|
| | | | 11,095,127(4) | | | | | | 15.4% | | |
State Street Corporation
|
| | | | 3,861,931(5) | | | | | | 5.4% | | |
Principal Real Estate Investors, LLC
|
| | | | 3,759,175(6) | | | | | | 5.3% | | |
Name
|
| |
Age
|
| |
Title
|
| |
Term Ending
|
|
Joel Agree(1) | | |
43
|
| | Chief Executive Officer and Director | | |
2022
|
|
Michael Judlowe(1) | | |
56
|
| | Independent Director | | |
2022
|
|
Gregory Lehmkuhl(1) | | |
49
|
| | Independent Director | | |
2022
|
|
Jerome Rossi(2) | | |
78
|
| | Independent Director | | |
2022
|
|
Merrie Frankel | | |
67
|
| | Independent Director | | |
2023
|
|
John Rakolta, Jr. | | |
74
|
| | Independent Director | | |
2023
|
|
Richard Agree | | |
78
|
| |
Executive Chairman of the Board and Director
|
| |
2024
|
|
Karen Dearing | | |
57
|
| | Independent Director | | |
2024
|
|
Michael Hollman | | |
41
|
| | Independent Director | | |
2024
|
|
Name
|
| |
Audit
|
| |
Compensation
|
| |
Nominating and
Governance |
| |
Executive
|
| ||||||||||||
Richard Agree
|
| | | | | | | | | | | | | | | | | | | | | | Chair | | |
Joel Agree
|
| | | | | | | | | | | | | | | | | | | | | | ✓ | | |
Karen Dearing
|
| | | | Chair | | | | | | | | | | | | | | | | | | | | |
Merrie S. Frankel
|
| | | | ✓ | | | | | | | | | | | | Chair | | | | | | | | |
Michael Hollman
|
| | | | ✓ | | | | | | | | | | | | ✓ | | | | | | | | |
Michael Judlowe
|
| | | | | | | | | | ✓ | | | | | | | | | | | | ✓ | | |
Gregory Lehmkuhl
|
| | | | | | | | | | Chair | | | | | | ✓ | | | | | | | | |
John Rakolta, Jr.
|
| | | | | | | | | | | | | | | | | | | | | | ✓ | | |
Jerome Rossi
|
| | | | | | | | | | ✓ | | | | | | ✓ | | | | | | | | |
Number of Meetings in 2021
|
| | | | 4 | | | | | | 2 | | | | | | 2 | | | | | | 1 | | |
Name Fees
|
| |
Earned or
Paid in Cash(1) |
| |||
Karen Dearing
|
| | | $ | 123,846 | | |
Merrie S. Frankel
|
| | | | 120,000 | | |
Michael Hollman
|
| | | | 120,000 | | |
Farris G. Kalil(2)
|
| | | | 45,234 | | |
Michael Judlowe(3)
|
| | | | 36,822 | | |
Gregory Lehmkuhl
|
| | | | 126,000 | | |
Simon Leopold(4)
|
| | | | 17,096 | | |
John Rakolta Jr
|
| | | | 102,904 | | |
Jerome Rossi
|
| | | | 120,000 | | |
William S. Rubenfaer
|
| | | | 120,000 | | |
Name
|
| |
Age
|
| |
Title
|
|
Richard Agree | | |
78
|
| | Executive Chairman of the Board and Director | |
Joel Agree | | |
43
|
| | President, Chief Executive Officer and Director | |
Peter Coughenour | | |
30
|
| | Chief Financial Officer and Secretary | |
Craig Erlich | | |
54
|
| | Chief Operating Officer | |
Danielle Spehar | | |
54
|
| | General Counsel | |
Nicole Witteveen | | |
32
|
| |
Executive Vice President of People & Culture, Chief of Staff
|
|
David A. Wolff | | |
52
|
| | Chief Accounting Officer | |
|
Acadia Realty Trust
|
| |
Retail Opportunity Investments Corporation
|
|
|
American Assets Trust, Inc.
|
| |
Rexford Industrial Realty, Inc.
|
|
|
EastGroup Properties, Inc.
|
| |
RPT Realty
|
|
|
Four Corners Property Trust, Inc.
|
| |
Seritage Growth Properties
|
|
|
Kite Realty Group Trust
|
| |
Spirit Realty Capital, Inc.
|
|
|
LXP Industrial Trust
|
| |
Terreno Realty Corporation
|
|
|
Monmouth Real Estate Investment Corporation
|
|
| | |
Company versus Peer Group Mean
|
| |||||||||||||||||||||
| | |
Base Salary
|
| |
Cash Incentive
Award |
| |
Long-Term
Incentive Grant Date Fair Value |
| |
Total Direct
Compensation |
| ||||||||||||
Chief Executive Officer
|
| | | | 17% | | | | | | 225% | | | | | | 0% | | | | | | 39% | | |
Chief Operating Officer
|
| | | | -9% | | | | | | 34% | | | | | | -57% | | | | | | -26% | | |
General Counsel
|
| | | | -13% | | | | | | -44% | | | | | | -48% | | | | | | -36% | | |
| | |
2021 Annual Cash Incentive Bonus Opportunity
(as % of Base Salary) |
| |||||||||||||||||||||
Position
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
2021 Actual
|
| ||||||||||||
Chief Executive Officer
|
| | | | 75.0% | | | | | | 150.0% | | | | | | 350.0% | | | | | | 336.8% | | |
Chief Operating Officer
|
| | | | 50.0% | | | | | | 75.0% | | | | | | 150.0% | | | | | | 144.3% | | |
General Counsel
|
| | | | 16.7% | | | | | | 33.3% | | | | | | 50.0% | | | | | | 50.0% | | |
| | |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
2021 Actual
|
| ||||||||||||
AFFO Growth
|
| | | | 5.0% | | | | | | 7.0% | | | | | | 9.0% | | | | | | 9.7% | | |
Cash Award Summary
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
2021 Actual
|
| |
Award %
of Target |
| |||||||||||||||
Chief Executive Officer
|
| | | $ | 328,125 | | | | | $ | 656,250 | | | | | $ | 1,531,250 | | | | | $ | 1,531,250 | | | | | | 233% | | |
Chief Operating Officer
|
| | | $ | 100,000 | | | | | $ | 150,000 | | | | | $ | 300,000 | | | | | $ | 300,000 | | | | | | 200% | | |
General Counsel
|
| | | $ | 27,500 | | | | | $ | 55,000 | | | | | $ | 82,500 | | | | | $ | 82,500 | | | | | | 150% | | |
Cash Award Summary
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
2021 Actual
|
| |
Award %
of Target |
| |||||||||||||||
Chief Executive Officer
|
| | | $ | 229,688 | | | | | $ | 459,375 | | | | | $ | 1,071,875 | | | | | $ | 956,740 | | | | | | 208% | | |
Chief Operating Officer
|
| | | $ | 80,000 | | | | | $ | 120,000 | | | | | $ | 240,000 | | | | | $ | 217,369 | | | | | | 181% | | |
General Counsel(1)
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
|
Performance Level
|
| |
3-Year Relative
TSR Positioning |
| |
% of Target
Award Funded |
|
|
Below Threshold
|
| |
Below 25th Percentile
|
| |
0%
|
|
|
Threshold
|
| |
25th Percentile
|
| |
50%
|
|
|
Target
|
| |
50th Percentile
|
| |
100%
|
|
|
Maximum
|
| |
75th Percentile
|
| |
150%
|
|
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($)(1) |
| |
Stock
Awards ($)(2) |
| |
Non-Equity
Incentive Plan Compensation ($)(3) |
| |
All Other
Compensation ($)(4) |
| |
Total
($) |
| |||||||||||||||||||||
Joel Agree
|
| | | | 2021 | | | | | | 875,000 | | | | | | — | | | | | | 3,499,957 | | | | | | 2,947,365 | | | | | | 50,180 | | | | | | 7,372,502 | | |
President and Chief Executive Officer
|
| | | | 2020 | | | | | | 792,788 | | | | | | 1,500,000 | | | | | | 3,500,056 | | | | | | 1,446,744 | | | | | | 46,025 | | | | | | 7,285,613 | | |
| | | | | 2019 | | | | | | 664,615 | | | | | | — | | | | | | 3,500,016 | | | | | | 1,195,000 | | | | | | 45,793 | | | | | | 5,405,424 | | |
Peter Coughenour(5) | | | | | 2021 | | | | | | 163,365 | | | | | | — | | | | | | 89,985 | | | | | | 90,000 | | | | | | 9,457 | | | | | | 352,807 | | |
Chief Financial Officer, Secretary
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Craig Erlich(6) | | | | | 2021 | | | | | | 392,308 | | | | | | — | | | | | | 449,987 | | | | | | 577,369 | | | | | | 41,630 | | | | | | 1,461,294 | | |
Chief Operating Officer
|
| | | | 2020 | | | | | | 125,912 | | | | | | 299,978 | | | | | | 112,464 | | | | | | 112,432 | | | | | | 11,563 | | | | | | 661,629 | | |
Simon Leopold(7) | | | | | 2021 | | | | | | 206,827 | | | | | | 1,299,980 | | | | | | — | | | | | | — | | | | | | 241,163 | | | | | | 1,747,970 | | |
Former Chief Financial Officer, Secretary
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Danielle Spehar(8) | | | | | 2021 | | | | | | 324,808 | | | | | | — | | | | | | 299,950 | | | | | | 165,000 | | | | | | 36,213 | | | | | | 825,970 | | |
General Counsel
|
| | | | 2020 | | | | | | 300,961 | | | | | | — | | | | | | 299,946 | | | | | | 150,000 | | | | | | 32,946 | | | | | | 783,853 | | |
| | | | | 2019 | | | | | | 238,279 | | | | | | — | | | | | | 200,005 | | | | | | 120,000 | | | | | | 27,355 | | | | | | 585,639 | | |
Clayton Thelen(9) | | | | | 2021 | | | | | | 48,211 | | | | | | — | | | | | | — | | | | | | — | | | | | | 319,369 | | | | | | 367,580 | | |
Former Chief Financial Officer, Secretary
|
| | | | 2020 | | | | | | 319,942 | | | | | | — | | | | | | — | | | | | | 279,774 | | | | | | 31,185 | | | | | | 630,901 | | |
| | | | | 2019 | | | | | | 277,731 | | | | | | — | | | | | | 275,007 | | | | | | 211,969 | | | | | | 29,909 | | | | | | 794,616 | | |
Nicole Witteveen(10) | | | | | 2021 | | | | | | 161,699 | | | | | | 250,013 | | | | | | 149,975 | | | | | | 100,000 | | | | | | 10,047 | | | | | | 671,734 | | |
Executive Vice President, People &
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Culture and Chief of Staff
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Grant
Date |
| |
Estimated Future Payouts Under Non-
Equity Incentive Plan Awards ($) |
| |
Estimated Future Payouts Under
Equity Incentive Plan Awards (#) |
| |
All Other
Stock Awards; Number of Shares of Stock or Units (#)(1) |
| |
Grant Date
Fair Value of Stock and Option Awards ($)(2) |
| | | |||||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| | | | | | | ||||||||||||||||||||||||||||||||||||
Joel Agree
|
| | | | 2/4/2021 | | | | | | 656,250 | | | | | | 1,312,500 | | | | | | 3,062,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Joel Agree
|
| | | | 2/23/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 27,107 | | | | | | 1,750,028 | | | | | ||||
Joel Agree
|
| | | | 2/23/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,554 | | | | | | 27,107 | | | | | | 40,661 | | | | | | — | | | | | | 1,719,052 | | | | | ||||
Peter Coughenour
|
| | | | 2/23/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 697 | | | | | | 44,998 | | | | | ||||
Craig Erlich
|
| | | | 2/4/2021 | | | | | | 200,000 | | | | | | 300,000 | | | | | | 600,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Craig Erlich
|
| | | | 2/23/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 871 | | | | | | 56,232 | | | | | ||||
Craig Erlich
|
| | | | 2/23/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | 436 | | | | | | 871 | | | | | | 1,307 | | | | | | — | | | | | | 55,236 | | | | | ||||
Simon Leopold(3)
|
| | | | 2/23/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,068 | | | | | | 649,990 | | | | | ||||
Simon Leopold(3)
|
| | | | 2/23/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,034 | | | | | | 10,068 | | | | | | 15,102 | | | | | | — | | | | | | 638,485 | | | | | ||||
Danielle Spehar
|
| | | | 2/4/2021 | | | | | | 55,000 | | | | | | 110,000 | | | | | | 165,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Danielle Spehar
|
| | | | 2/23/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,323 | | | | | | 149,973 | | | | | ||||
Danielle Spehar
|
| | | | 2/23/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,162 | | | | | | 2,323 | | | | | | 3,485 | | | | | | — | | | | | | 147,318 | | | | | ||||
Nicole Witteveen
|
| | | | 2/23/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 929 | | | | | | 59,976 | | | | | ||||
Nicole Witteveen
|
| | | | 8/17/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,369 | | | | | | 250,013 | | | | |
| | |
Stock Awards
|
| |||||||||||||||||||||
Name
|
| |
Number of
Shares or Units of Stock That Have Not Vested (#)(1) |
| |
Market Value of
Shares or Units of Stock That Have Not Vested ($)(2) |
| |
Equity Incentive
Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(1) |
| |
Equity Incentive
Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) |
| ||||||||||||
Joel Agree
|
| | | | 109,013 | | | | | | 7,779,168 | | | | | | 76,233 | | | | | | 5,439,987 | | |
Peter Coughenour
|
| | | | 1,640 | | | | | | 117,030 | | | | | | — | | | | | | — | | |
Craig Erlich
|
| | | | 4,504 | | | | | | 321,405 | | | | | | 871 | | | | | | 62,155 | | |
Danielle Spehar
|
| | | | 5,269 | | | | | | 375,996 | | | | | | 2,323 | | | | | | 165,769 | | |
Nicole Witteveen
|
| | | | 5,025 | | | | | | 358,584 | | | | | | — | | | | | | — | | |
| | |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |||||||||||||||
Joel Agree
|
| | | | 53,610 | | | | | | 50,653 | | | | | | 40,349 | | | | | | 26,178 | | | | | | 14,456 | | |
Peter Coughenour
|
| | | | 511 | | | | | | 429 | | | | | | 325 | | | | | | 234 | | | | | | 141 | | |
Craig Erlich
|
| | | | 1,372 | | | | | | 1,372 | | | | | | 1,373 | | | | | | 1,083 | | | | | | 175 | | |
Danielle Spehar
|
| | | | 2,118 | | | | | | 2,118 | | | | | | 1,925 | | | | | | 967 | | | | | | 464 | | |
Nicole Witteveen
|
| | | | 1,077 | | | | | | 1,077 | | | | | | 1,077 | | | | | | 936 | | | | | | 858 | | |
| | |
Stock Awards
|
| |||||||||
Name
|
| |
Number of Shares
Acquired on Vesting (#) |
| |
Value Realized
on Vesting ($)(1) |
| ||||||
Joel Agree
|
| | | | 47,711 | | | | | | 3,080,222 | | |
Peter Coughenour
|
| | | | 373 | | | | | | 24,081 | | |
Craig Erlich
|
| | | | 909 | | | | | | 67,457 | | |
Danielle Spehar
|
| | | | 1,099 | | | | | | 72,249 | | |
Nicole Witteveen
|
| | | | 217 | | | | | | 15,405 | | |
Simon Leopold
|
| | | | — | | | | | | — | | |
Clayton Thelen
|
| | | | 3,124 | | | | | | 198,662 | | |
Named Executive Officer
|
| |
Base Salary
|
| |
Bonus
|
| |
Early Vesting of
Stock Awards(1) |
| |
Other(2)
|
| |
Total
|
| |||||||||||||||
Joel Agree(3)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Death or Disability
|
| | | $ | 145,833 | | | | | $ | 1,312,500 | | | | | $ | 7,779,168 | | | | | $ | 23,621 | | | | | $ | 9,261,122 | | |
Change in Control
|
| | | | 2,625,000 | | | | | | 17,401,950 | | | | | | 13,109,474 | | | | | | 23,621 | | | | | | 33,160,045 | | |
Other (except for cause)
|
| | | | 1,750,000 | | | | | | 10,726,300 | | | | | | 13,109,474 | | | | | | 23,621 | | | | | | 25,609,395 | | |
Peter Coughenour(4)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Death or Disability
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Change in Control
|
| | | | 700,000 | | | | | | 700,000 | | | | | | 117,030 | | | | | | — | | | | | | 1,517,030 | | |
Other (except for cause)
|
| | | | 350,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 350,000 | | |
Craig Erlich(5)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Death or Disability
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Change in Control
|
| | | | 1,040,000 | | | | | | 600,000 | | | | | | 383,560 | | | | | | — | | | | | | 2,023,560 | | |
Other (except for cause)
|
| | | | 265,808 | | | | | | 300,000 | | | | | | 383,560 | | | | | | — | | | | | | 949,368 | | |
Danielle Spehar(6)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Death or Disability
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Change in Control
|
| | | | — | | | | | | — | | | | | | 541,765 | | | | | | — | | | | | | 541,765 | | |
Other (except for cause)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Nicole Witteveen(6)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Death or Disability
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Change in Control
|
| | | | — | | | | | | — | | | | | | 358,584 | | | | | | — | | | | | | 358,584 | | |
Other (except for cause)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
2021
|
| |
2020
|
| ||||||
Audit Fees
|
| | | $ | 875,875 | | | | | $ | 923,968 | | |
Audit-Related Fees
|
| | | | — | | | | | | — | | |
Tax Fees
|
| | | | — | | | | | | — | | |
All Other Fees
|
| | | | — | | | | | | — | | |
| | | | $ | 875,875 | | | | | $ | 923,968 | | |
| | | | | | | | | | | | | |