| |
Acquisitions
|
| | |
Top-Line Growth
|
| | |
Bottom-Line Results
|
| | |
Per Share Results
|
| |
| |
$2.0B of capital committed, a 53% increase from 2020(1)
103 total properties, a 56% increase from 2020
|
| | |
$204.6M in total revenues, a 75% increase from 2020
|
| | |
$112.6M in net income attributable to common stockholders
$175.0M in adjusted funds from operations (“AFFO”), a 78% increase from 2020(2)
|
| | |
$4.55 in net income attributable to common stockholders per share – diluted
$6.66 in AFFO per share – diluted, a 33% increase from 2020(2)
|
| |
|
Corporate Governance Highlights
|
| |||||||||
| ✓ | | | Six directors, including four independent directors, one female director and one Mexican-American director. | | | ✓ | | | Our directors conduct annual self-evaluations and participate in orientation and continuing education programs. | |
| ✓ | | | All directors subject to annual election. | | | ✓ | | | We annually submit our executive compensation to a “say-on-pay” advisory vote by our stockholders. | |
| ✓ | | | All Board committee members are independent. | | | ✓ | | | We amended our bylaws to allow stockholders to propose amendments to our bylaws. | |
| ✓ | | | Our directors, officers, and other employees are subject to a Code of Business Conduct and Ethics. | | | ✓ | | | The restricted stock and restricted stock unit awards for our named executive officers have “double-trigger” acceleration provisions. | |
| ✓ | | | Our directors, officers, and employees are subject to anti-hedging and anti-pledging policies. | | | ✓ | | | Our Board conducts regular executive sessions of independent directors. | |
| ✓ | | | Cash and equity incentive compensation is subject to a formal clawback policy. | | | ✓ | | | All directors attended at least 94% of Board and Board committee meetings in 2021, including eleven Board meetings. | |
| ✓ | | | Adopted Vendor Code of Conduct. | | | ✓ | | | Adopted Human Rights Policy. | |
| ✓ | | | Adopted Diversity, Equality and Inclusion Policy Statement. | | | ✓ | | | Independent vice chairman of the Board. | |
| ✓ | | | No stockholder rights plan is in effect. | | | ✓ | | | No tax gross-up provisions. | |
| | | | | 2 | | | |
| | | | | 4 | | | |
| | | | | 4 | | | |
| | | | | 4 | | | |
| | | | | 6 | | | |
| | | | | 12 | | | |
| | | | | 12 | | | |
| | | | | 13 | | | |
| | | | | 14 | | | |
| | | | | 14 | | | |
| | | | | 15 | | | |
| | | | | 16 | | | |
| | | | | 16 | | | |
| | | | | 16 | | | |
| | | | | 20 | | | |
| | | | | 22 | | | |
| | | | | 26 | | | |
| | | | | 27 | | | |
| | | | | 28 | | | |
| | | | | 28 | | | |
| | | | | 29 | | | |
| | | | | 29 | | | |
| | | | | 30 | | | |
| | | | | 30 | | | |
| | | | | 31 | | | |
| | | | | 32 | | | |
| | | | | 34 | | | |
| | | | | 35 | | | |
| | | | | 36 | | | |
| | | | | 37 | | | |
| | | | | 38 | | | |
| | | | | 39 | | | |
| | | | | 39 | | | |
| | | | | 39 | | | |
| | | | | 39 | | | |
| | | | | 40 | | |
| | | | | |
Alan
Gold |
| | |
Mary
Curran |
| | |
Gary
Kreitzer |
| | |
Scott
Shoemaker |
| | |
Paul
Smithers |
| | |
David
Stecher |
| | ||||||||||||||||||
| | Extensive commercial real estate experience | | | | | | X | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | |
| | Relevant executive experience | | | | | | X | | | | | | | X | | | | | | | X | | | | | | | | | | | | | | X | | | | | | | | | | |
| |
High level of financial and capital markets experience
|
| | | | | X | | | | | | | X | | | | | | | X | | | | | | | | | | | | | | | | | | | | | X | | | |
| |
Deep understanding of potential medical applications for cannabis
|
| | | | | X | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | |
| | Strong regulatory and legal knowledge | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | X | | | | | | | | | | |
| | Risk oversight experience | | | | | | X | | | | | | | X | | | | | | | X | | | | | | | X | | | | | | | X | | | | | | | X | | | |
|
Name
|
| |
Position
|
| |
Age
|
| |||
| Alan Gold | | | Executive Chairman | | | | | 61 | | |
| Gary Kreitzer | | | Vice Chairman | | | | | 67 | | |
| Mary Curran | | | Director | | | | | 65 | | |
| Scott Shoemaker | | | Director | | | | | 55 | | |
| Paul Smithers | | | President, Chief Executive Officer and Director | | | | | 65 | | |
| David Stecher | | | Director | | | | | 61 | | |
|
Name(1)
|
| |
Fees Earned or
Paid in Cash(2) |
| |
Stock Awards(3)
|
| |
Total
|
| |||||||||
| Gary Kreitzer | | | | $ | 155,000 | | | | | $ | 200,122 | | | | | $ | 355,122 | | |
| Mary Curran | | | | | 75,000 | | | | | | 160,061 | | | | | | 235,061 | | |
| Scott Shoemaker, M.D. | | | | | 80,000 | | | | | | 160,061 | | | | | | 240,061 | | |
| David Stecher | | | | | 85,000 | | | | | | 160,061 | | | | | | 245,061 | | |
| | | |
Audit Committee
|
| |
Compensation
Committee |
| |
Nominating and Corporate
Governance Committee |
|
| Gary Kreitzer | | |
X
|
| |
Chair
|
| |
X
|
|
| Mary Curran | | |
X
|
| | | | |
X
|
|
| Scott Shoemaker, M.D. | | | | | |
X
|
| |
Chair
|
|
| David Stecher | | |
Chair
|
| |
X
|
| | | |
| Number of Meetings in 2021 | | |
4
|
| |
3
|
| |
2
|
|
| | | |
2021
|
| |
2020
|
|
| Audit Fees(1) | | |
$581
|
| |
$450
|
|
| Audit Related Fees | | |
—
|
| |
—
|
|
| Tax Fees | | |
105
|
| |
82
|
|
| All Other Fees | | |
—
|
| |
—
|
|
| Total | | |
$686
|
| |
$532
|
|
|
Name
|
| |
Position
|
|
| Alan Gold | | | Executive Chairman | |
| Paul Smithers | | | President and Chief Executive Officer | |
| Catherine Hastings | | | Chief Financial Officer and Treasurer | |
| Brian Wolfe | | | Vice President, General Counsel and Secretary | |
|
![]() |
| |
![]() |
|
|
Executive
|
| |
2020 Annual
Base Salary |
| |
2021 Annual
Base Salary |
| |
Percentage Change
from 2020 to 2021 |
| |||||||||
| Alan Gold | | | | $ | 682,500 | | | | | $ | 1,023,750 | | | | | | 50.0% | | |
| Paul Smithers | | | | | 420,000 | | | | | | 840,000 | | | | | | 100.0% | | |
| Catherine Hastings | | | | | 246,750 | | | | | | 308,500 | | | | | | 25.0% | | |
| Brian Wolfe | | | | | 241,500 | | | | | | 295,000 | | | | | | 22.2% | | |
|
Executive
|
| |
2021
Restricted Stock(1) |
| |
2021
RSUs(1) |
| |
2022
Restricted Stock(2) |
| |
2022
RSUs(2) |
| ||||||||||||
| Alan Gold | | | | | — | | | | | | 12,612 | | | | | | — | | | | | | 16,218 | | |
| Paul Smithers | | | | | — | | | | | | 6,654 | | | | | | 11,583 | | | | | | — | | |
| Catherine Hastings | | | | | — | | | | | | 2,607 | | | | | | — | | | | | | 4,635 | | |
| Brian Wolfe | | | | | 2,553 | | | | | | — | | | | | | 4,170 | | | | | | — | | |
|
The Company’s TSR Ranking within the Two Comparator Groups
|
| |
The Company’s TSR Ranking within the
Two Comparator Groups |
|
|
At or above 80th percentile TSR
|
| |
150%
|
|
|
Between the 80th percentile TSR and 55th percentile TSR
|
| |
Determined by linear interpolation(1)
|
|
|
At the 55th percentile TSR
|
| |
100%
|
|
|
Between the 25th percentile TSR and 55th percentile TSR
|
| |
Determined by linear interpolation(2)
|
|
|
At or below the 25th percentile TSR
|
| |
0%
|
|
|
Executive
|
| |
2021 Target PSUs
|
| |||
| Alan Gold | | | | | 31,857 | | |
| Paul Smithers | | | | | 21,238 | | |
| Catherine Hastings | | | | | 8,496 | | |
| Brian Wolfe | | | | | 7,080 | | |
|
Executive
|
| |
2022 Target PSUs
|
| |||
| Alan Gold | | | | | 46,188 | | |
| Paul Smithers | | | | | 30,792 | | |
| Catherine Hastings | | | | | 12,317 | | |
| Brian Wolfe | | | | | 10,264 | | |
|
Name and Principal Position
|
| |
Year
|
| |
Salary
|
| |
Bonus
|
| |
Stock
Awards |
| |
All Other
Compensation(1) |
| |
Total
|
| ||||||||||||||||||
|
Alan Gold
Executive Chairman |
| | | | 2021 | | | | | $ | 1,023,750 | | | | | $ | 2,303,438 | | | | | $ | 7,788,919(2) | | | | | $ | 8,700 | | | | | $ | 11,124,807 | | |
| | | 2020 | | | | | | 682,500 | | | | | | 1,535,625 | | | | | | 1,200,108(3) | | | | | | 8,550 | | | | | | 3,426,783 | | | |||
| | | 2019 | | | | | | 650,000 | | | | | | 1,300,000 | | | | | | 900,077(4) | | | | | | 8,400 | | | | | | 2,858,477 | | | |||
|
Paul Smithers
President and Chief Executive Officer |
| | | | 2021 | | | | | | 840,000 | | | | | | 1,260,000 | | | | | | 4,860,388(2) | | | | | | 8,700 | | | | | | 6,969,088 | | |
| | | 2020 | | | | | | 420,000 | | | | | | 630,000 | | | | | | 800,147(3) | | | | | | 8,550 | | | | | | 1,858,697 | | | |||
| | | 2019 | | | | | | 400,000 | | | | | | 400,000 | | | | | | 600,157(4) | | | | | | 8,400 | | | | | | 1,408,557 | | | |||
|
Catherine Hastings
Chief Financial Officer and Treasurer |
| | | | 2021 | | | | | | 308,500 | | | | | | 462,750 | | | | | | 1,933,949(2) | | | | | | 8,700 | | | | | | 2,713,899 | | |
| | | 2020 | | | | | | 246,750 | | | | | | 370,125 | | | | | | 550,031(3) | | | | | | 8,550 | | | | | | 1,175,456 | | | |||
| | | 2019 | | | | | | 235,000 | | | | | | 235,000 | | | | | | 400,104(4) | | | | | | 8,400 | | | | | | 878,504 | | | |||
|
Brian Wolfe
Vice President, General Counsel and Secretary |
| | | | 2021 | | | | | | 295,000 | | | | | | 442,500 | | | | | | 1,683,695(2) | | | | | | 8,700 | | | | | | 2,429,895 | | |
| | | 2020 | | | | | | 241,500 | | | | | | 362,250 | | | | | | 500,007(3) | | | | | | 8,550 | | | | | | 1,112,307 | | | |||
| | | 2019 | | | | | | 230,000 | | | | | | 230,000 | | | | | | 400,104(4) | | | | | | 8,400 | | | | | | 868,504 | | |
| | | | | | | | | | | | | | | |
Estimated Future Payouts Under Equity
Incentive Plan Awards(1) |
| |
All Other Stock
Awards: Number of Shares of Stock or Units(2) |
| |
Grant Date
Fair Value of Stock Awards(3) |
| |||||||||||||||||||||
|
Name
|
| |
Grant Type
|
| |
Grant Date
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |||||||||||||||||||||||||||
|
Alan Gold
|
| | | | RSUs | | | | | | 1/11/21 | | | | | | | | | | | | | | | | | | | | | | | | 12,612 | | | | | $ | 2,388,839 | | |
| | | PSUs | | | | | | 1/11/21 | | | | | | — | | | | | | 31,857 | | | | | | 47,786 | | | | | | | | | | | | 5,400,080 | | | |||
|
Paul Smithers
|
| | | | RSUs | | | | | | 1/11/21 | | | | | | | | | | | | | | | | | | | | | | | | 6,654 | | | | | | 1,260,335 | | |
| | | PSUs | | | | | | 1/11/21 | | | | | | — | | | | | | 21,238 | | | | | | 31,857 | | | | | | | | | | | | 3,600,053 | | | |||
|
Catherine Hastings
|
| | | | RSUs | | | | | | 1/11/21 | | | | | | | | | | | | | | | | | | | | | | | | 2,607 | | | | | | 493,792 | | |
| | | PSUs | | | | | | 1/11/21 | | | | | | — | | | | | | 8,496 | | | | | | 12,744 | | | | | | | | | | | | 1,440,157 | | | |||
|
Brian Wolfe
|
| |
Restricted stock
|
| | | | 1/11/21 | | | | | | | | | | | | | | | | | | | | | | | | 2,553 | | | | | | 483,564 | | | |||
| | | PSUs | | | | | | 1/11/21 | | | | | | — | | | | | | 7,080 | | | | | | 10,620 | | | | | | | | | | | | 1,200,131 | | |
| | | |
Stock Awards
|
| |||||||||||||||||||||
|
Name
|
| |
Number of Shares or
Units of Stock That Have Not Vested |
| |
Market Value of
Shares or Units of Stock That Have Not Vested(1) |
| |
Equity Incentive
Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(2) |
| |
Equity Incentive Plan
Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(3) |
| ||||||||||||
| Alan Gold | | | | | 28,942(4) | | | | | $ | 7,609,141 | | | | | | 47,786 | | | | | $ | 12,563,417 | | |
| Paul Smithers | | | | | 17,542(5) | | | | | | 4,611,967 | | | | | | 31,857 | | | | | | 8,375,524 | | |
| Catherine Hastings | | | | | 10,013(6) | | | | | | 2,632,518 | | | | | | 12,744 | | | | | | 3,350,525 | | |
| Brian Wolfe | | | | | 9,515(7) | | | | | | 2,501,589 | | | | | | 10,620 | | | | | | 2,792,104 | | |
| | | |
Stock Awards
|
| |||||||||
|
Name
|
| |
Number of Shares or
Units Acquired on Vesting (#)(1) |
| |
Value Realized on
Vesting ($)(2) |
| ||||||
| Alan Gold | | | | | 24,587 | | | | | $ | 4,502,617 | | |
| Paul Smithers | | | | | 11,299 | | | | | | 2,069,186 | | |
| Catherine Hastings | | | | | 7,229 | | | | | | 1,323,847 | | |
| Brian Wolfe | | | | | 7,007 | | | | | | 1,283,192 | | |
|
Name
|
| |
Executive
Contributions in Last Fiscal Year($)(1) |
| |
Registrant
Contributions in Last Fiscal Year($) |
| |
Aggregate
Earnings in Last Fiscal Year($)(2) |
| |
Aggregate
Withdrawals / Distributions($)(3) |
| |
Aggregate Balance
at Last Fiscal Year End($)(4) |
| |||||||||||||||
| Alan Gold | | | | $ | 975,350 | | | | | $ | — | | | | | $ | 565,371 | | | | | $ | 140,463 | | | | | $ | 1,400,258 | | |
| Paul Smithers | | | | | 650,295 | | | | | | — | | | | | | 369,544 | | | | | | 86,245 | | | | | | 933,594 | | |
| Catherine Hastings | | | | | 447,020 | | | | | | — | | | | | | 245,728 | | | | | | 50,985 | | | | | | 641,763 | | |
| Brian Wolfe | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Named Executive Officer and Trigger
|
| |
Severance
Payments(1) |
| |
Medical
Benefits(2) |
| |
Value of
Accelerated or Continued Vesting of Restricted Stock or RSUs(3) |
| |
Value of
Accelerated or Continued Vesting of PSUs(4) |
| |
Total
|
| |||||||||||||||
| Alan Gold | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Qualifying Termination (other than within two years of a “change of control”)
|
| | | $ | 8,210,313 | | | | | $ | 19,987 | | | | | $ | 5,827,760 | | | | | $ | 5,400,080 | | | | | $ | 19,458,140 | | |
|
Qualifying Termination (within two years
of a “change of control”) |
| | | | 8,210,313 | | | | | | 19,987 | | | | | | 7,609,141 | | | | | | 5,400,080 | | | | | | 21,239,521 | | |
| Qualifying Retirement | | | | | — | | | | | | — | | | | | | 7,609,141 | | | | | | 5,400,080 | | | | | | 13,009,221 | | |
| Death | | | | | — | | | | | | — | | | | | | 7,609,141 | | | | | | 5,400,080 | | | | | | 13,009,221 | | |
| Disability | | | | | — | | | | | | — | | | | | | 7,609,141 | | | | | | 5,400,080 | | | | | | 13,009,221 | | |
| Paul Smithers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Qualifying Termination (other than within two years of a “change of control”)
|
| | | $ | 4,810,000 | | | | | $ | 49,241 | | | | | $ | 3,606,484 | | | | | $ | 3,600,053 | | | | | $ | 12,065,778 | | |
|
Qualifying Termination (within two years
of a “change of control”) |
| | | | 4,810,000 | | | | | | 49,241 | | | | | | 4,611,967 | | | | | | 3,600,053 | | | | | | 13,071,261 | | |
| Qualifying Retirement | | | | | — | | | | | | — | | | | | | 4,611,967 | | | | | | 3,600,053 | | | | | | 8,212,020 | | |
| Death | | | | | — | | | | | | — | | | | | | 4,611,967 | | | | | | 3,600,053 | | | | | | 8,212,020 | | |
| Disability | | | | | — | | | | | | — | | | | | | 4,611,967 | | | | | | 3,600,053 | | | | | | 8,212,020 | | |
| Catherine Hastings | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Qualifying Termination (other than within two years of a “change of control”)
|
| | | $ | 1,328,917 | | | | | $ | 49,241 | | | | | $ | 2,145,612 | | | | | $ | 1,440,157 | | | | | $ | 4,963,927 | | |
|
Qualifying Termination (within two years
of a “change of control”) |
| | | | 1,328,917 | | | | | | 49,241 | | | | | | 2,632,518 | | | | | | 1,440,157 | | | | | | 5,450,833 | | |
| Qualifying Retirement | | | | | — | | | | | | — | | | | | | 2,632,518 | | | | | | 1,440,157 | | | | | | 4,072,675 | | |
| Death | | | | | — | | | | | | — | | | | | | 2,632,518 | | | | | | 1,440,157 | | | | | | 4,072,675 | | |
| Disability | | | | | — | | | | | | — | | | | | | 2,632,518 | | | | | | 1,440,157 | | | | | | 4,072,675 | | |
| Brian Wolfe | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Qualifying Termination (other than within two years of a “change of control”)
|
| | | $ | 1,279,833 | | | | | $ | 49,241 | | | | | $ | 2,039,896 | | | | | $ | 1,200,131 | | | | | $ | 4,569,101 | | |
|
Qualifying Termination (within two years
of a “change of control”) |
| | | | 1,279,833 | | | | | | 49,241 | | | | | | 2,501,589 | | | | | | 1,200,131 | | | | | | 5,030,794 | | |
| Qualifying Retirement | | | | | — | | | | | | — | | | | | | 2,501,589 | | | | | | 1,200,131 | | | | | | 3,701,720 | | |
| Death | | | | | — | | | | | | — | | | | | | 2,501,589 | | | | | | 1,200,131 | | | | | | 3,701,720 | | |
| Disability | | | | | — | | | | | | — | | | | | | 2,501,589 | | | | | | 1,200,131 | | | | | | 3,701,720 | | |
|
Plan Category
|
| |
Number of Securities
to be Issued Upon Exercise of Outstanding Options, Warrants and Rights |
| |
Weighted Average
Exercise Price of Outstanding Options, Warrants and Rights |
| |
Number of Securities
Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in First Column) |
|
|
Equity compensation plans approved by stockholders(1)
|
| |
131,121
|
| |
—
|
| |
768,576
|
|
|
Equity compensation plans not approved by stockholders
|
| |
—
|
| |
—
|
| |
—
|
|
|
Total
|
| |
131,121
|
| |
—
|
| |
768,576
|
|
|
Name of Beneficial Owner
|
| |
Number of Shares
Beneficially Owned |
| |
Percent of
All Shares(1) |
| ||||||
| Alan Gold(2) | | | | | 267,808 | | | | | | 1.0% | | |
| Paul Smithers(3) | | | | | 38,026 | | | | | | * | | |
| Gary Kreitzer(4) | | | | | 37,818 | | | | | | * | | |
| Brian Wolfe(5) | | | | | 11,449 | | | | | | * | | |
| Catherine Hastings(6) | | | | | 10,599 | | | | | | * | | |
| David Stecher(7) | | | | | 6,603 | | | | | | * | | |
| Mary Curran(8) | | | | | 2,390 | | | | | | * | | |
| Scott Shoemaker(8) | | | | | 1,700 | | | | | | * | | |
| All directors and officers as a group (eight persons) | | | | | 376,393 | | | | | | 1.5% | | |
| BlackRock, Inc.(9) | | | | | 4,292,781 | | | | | | 16.7% | | |
| Vanguard Group, Inc.(10) | | | | | 3,809,378 | | | | | | 14.8% | | |