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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

Pay Versus Performance

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid and certain financial performance of the Company. For further information concerning the Company’s variable pay-for-performance philosophy and how the Company aligns executive compensation with the Company’s performance, refer to “Executive Compensation - Compensation Discussion and Analysis.” Fair value amounts below are computed in a manner consistent with the fair value methodology used to account for share-based payments in our financial statements under generally accepted accounting principles. Total shareholder return has been calculated in a manner consistent with Item 402(v) of Regulation S-K.

																Value of Initial Fixed $100 Investment Based on:
	Year⁽¹⁾			Summary Compensation Table Total for PEO ($)⁽²⁾			Compensation Actually Paid to PEO ($)⁽³⁾			Average Summary Compensation Table Total for Non-PEO Named Executive Officers ($)⁽⁴⁾			Average Compensation Actually Paid to Non-PEO Named Executive Officers ($)⁽⁵⁾			Total Shareholder Return ($)⁽⁶⁾			Peer Group Total Shareholder Return ($)⁽⁶⁾⁽⁷⁾			Net Income ($) (in thousands)⁽⁸⁾			AFFO ($) per share⁽⁹⁾
	2023			$2,796,476			$2,458,666			$1,792,227			$1,579,878			$111.13			$109.81			$60,151			$2.25
	2022			$2,210,657			$2,599,157			$1,499,777			$1,757,274			$121.71			$101.64			$90,043			$2.14
	2021			$1,917,849			$2,352,194			$1,331,808			$1,596,281			$107.74			$118.33			$62,860			$2.08
	2020			$1,714,764			$1,501,844			$971,034			$532,456			$89.04			$88.70			$69,388			$1.94

(1)	In accordance with the transitional relief under the SEC rules, only four years of information is required as this is the Company’s second year of disclosure under Item 402(v) of Regulation S-K.

(2)	For all years in question, our Principal Executive Officer (PEO) was the Company’s President and Chief Executive Officer, Christopher J. Constant.

(3)The following table sets forth the adjustments made to arrive at compensation “actually paid” to our PEO during 2023, as shown in the Pay Versus Performance Table:

	Adjustments to Determine Compensation “Actually Paid” for PEO			Deduction for Amounts Reported under the “Stock Awards” Column in the SCT			Increase for Fair Value of Awards Granted during the year that Remain Unvested as of Year End			Increase for Fair Value of Awards Granted during the year that Vest during year			Increase/deduction for 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			Increase/deduction for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year			Deduction of Fair Value of Awards Granted Prior to year that were Forfeited or Modified during year			Dollar Value of Dividends or other Earnings Paid on Stock Awards prior to Vesting Date not otherwise included in Total Compensation			Total Adjustments
	2023			$(1,615,000)			$1,387,950			$0			$(298,635)			$4,050			$0			$183,825			$(337,810)

(4)

During 2023, 2022 and 2021, our remaining NEOs consisted of Mark J. Olear (Chief Operating Officer and Chief Investment Officer), Joshua Dicker (General Counsel), and Brian R. Dickman (Chief Financial Officer). During 2020, our remaining NEOs were the same NEOs as 2021-2023 with the addition of Danion Fielding (former Chief Financial Officer) who resigned effective December 11, 2020. Mr. Dickman was appointed Chief Financial Officer effective December 14, 2020.

(5)	The following table sets forth the adjustments made to arrive at compensation “actually paid” to our Non-PEO Named Executive Officers during 2023, as shown in the Pay Versus Performance Table:

	Adjustments to Determine Compensation “Actually Paid” for Non-PEO Named Executive Officers			Deduction for Amounts Reported under the “Stock Awards” Column in the SCT			Increase for Fair Value of Awards Granted during the year that Remain Unvested as of Year End			Increase for Fair Value of Awards Granted during the year that Vest during year			Increase/deduction for 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			Increase/deduction for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year			Deduction of Fair Value of Awards Granted Prior to year that were Forfeited or Modified during year			Dollar Value of Dividends or other Earnings Paid on Stock Awards prior to Vesting Date not otherwise included in Total Compensation			Total Adjustments
	2023			$(952,000)			$818,160			$0			$(190,787)			$(1,764)			$0			$114,042			$(212,349)

(6)	Total shareholder return is calculated for each year based on a fixed investment of $100 from the beginning of the earliest year in the table (December 31, 2019) through the end of each applicable year in the table, assuming reinvestment of dividends.

(7)

Our peer group is the same peer group as reported in our Form 10-K pursuant to Item 201(e) of Regulation S-K: Agree Realty Corporation, EPR Properties, Essential Properties Realty Trust, Four Corners Properties Trust, NETSTREIT Corp (was not publicly traded in 2019), and One Liberty Properties. We have chosen these companies as our Peer Group because a substantial segment of each of their businesses is owning and leasing single tenant net lease retail properties.

(8)	Net income is reported as Net Earnings in the Company’s financial statements.

(9)	The Company selected Adjusted Funds from Operations (AFFO) as its Company-selected measure for the reasons set forth below.

Company Selected Measure Name

Adjusted Funds from Operations (AFFO)

Named Executive Officers, Footnote

(2)	For all years in question, our Principal Executive Officer (PEO) was the Company’s President and Chief Executive Officer, Christopher J. Constant.

(4)

During 2023, 2022 and 2021, our remaining NEOs consisted of Mark J. Olear (Chief Operating Officer and Chief Investment Officer), Joshua Dicker (General Counsel), and Brian R. Dickman (Chief Financial Officer). During 2020, our remaining NEOs were the same NEOs as 2021-2023 with the addition of Danion Fielding (former Chief Financial Officer) who resigned effective December 11, 2020. Mr. Dickman was appointed Chief Financial Officer effective December 14, 2020.

Peer Group Issuers, Footnote

(7)

Our peer group is the same peer group as reported in our Form 10-K pursuant to Item 201(e) of Regulation S-K: Agree Realty Corporation, EPR Properties, Essential Properties Realty Trust, Four Corners Properties Trust, NETSTREIT Corp (was not publicly traded in 2019), and One Liberty Properties. We have chosen these companies as our Peer Group because a substantial segment of each of their businesses is owning and leasing single tenant net lease retail properties.

PEO Total Compensation Amount

$ 2,796,476

$ 2,210,657

$ 1,917,849

$ 1,714,764

PEO Actually Paid Compensation Amount

$ 2,458,666

2,599,157

2,352,194

1,501,844

Adjustment To PEO Compensation, Footnote

(3)The following table sets forth the adjustments made to arrive at compensation “actually paid” to our PEO during 2023, as shown in the Pay Versus Performance Table:

	Adjustments to Determine Compensation “Actually Paid” for PEO			Deduction for Amounts Reported under the “Stock Awards” Column in the SCT			Increase for Fair Value of Awards Granted during the year that Remain Unvested as of Year End			Increase for Fair Value of Awards Granted during the year that Vest during year			Increase/deduction for 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			Increase/deduction for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year			Deduction of Fair Value of Awards Granted Prior to year that were Forfeited or Modified during year			Dollar Value of Dividends or other Earnings Paid on Stock Awards prior to Vesting Date not otherwise included in Total Compensation			Total Adjustments
	2023			$(1,615,000)			$1,387,950			$0			$(298,635)			$4,050			$0			$183,825			$(337,810)

Non-PEO NEO Average Total Compensation Amount

$ 1,792,227

1,499,777

1,331,808

971,034

Non-PEO NEO Average Compensation Actually Paid Amount

$ 1,579,878

1,757,274

1,596,281

532,456

Adjustment to Non-PEO NEO Compensation Footnote

(5)	The following table sets forth the adjustments made to arrive at compensation “actually paid” to our Non-PEO Named Executive Officers during 2023, as shown in the Pay Versus Performance Table:

	Adjustments to Determine Compensation “Actually Paid” for Non-PEO Named Executive Officers			Deduction for Amounts Reported under the “Stock Awards” Column in the SCT			Increase for Fair Value of Awards Granted during the year that Remain Unvested as of Year End			Increase for Fair Value of Awards Granted during the year that Vest during year			Increase/deduction for 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			Increase/deduction for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year			Deduction of Fair Value of Awards Granted Prior to year that were Forfeited or Modified during year			Dollar Value of Dividends or other Earnings Paid on Stock Awards prior to Vesting Date not otherwise included in Total Compensation			Total Adjustments
	2023			$(952,000)			$818,160			$0			$(190,787)			$(1,764)			$0			$114,042			$(212,349)

Compensation Actually Paid vs. Total Shareholder Return

Pay Versus Performance Relationship Disclosures

The chart below provides a comparison between the Company total shareholder return against the total shareholder return of our peer group for 2020, 2021, 2022, and 2023.

Compensation Actually Paid vs. Net Income

Pay Versus Performance Relationship Disclosures

The chart below illustrates the correlation between NEO compensation actually paid (CAP) and net income for 2020, 2021, 2022, and 2023.

*Net income for the year ended December 31, 2022, included a credit of $22.2 million related to the removal of reserves for unknown environmental remediation obligations at certain properties.

Compensation Actually Paid vs. Company Selected Measure

Pay Versus Performance Relationship Disclosures

The chart below illustrates the correlation between NEO compensation actually paid (CAP) and AFFO per share for 2020, 2021, 2022, and 2023.

Total Shareholder Return Vs Peer Group

Pay Versus Performance Relationship Disclosures

The chart below provides a comparison between the Company total shareholder return against the total shareholder return of our peer group for 2020, 2021, 2022, and 2023.

Tabular List, Table

List of Most Important Financial Performance Measures

The following table outlines what we believe to be our NEO’s key performance measures, in no particular order, given our status as a REIT. These key performance measures are further described in “2023 Company Performance Highlights” section on page 39 of this Proxy Statement.

	KEY PERFORMANCE MEASURES
	Adjusted Funds from Operations (AFFO) per share			Net Debt to EBITDA
	Annual Base Rent			Portfolio Diversification

We believe Adjusted Funds from Operations (AFFO) per share to be the most significant measure in determining the compensation of our NEOs because we believe it best reflects the core operating performance of our portfolio. In addition, AFFO per share is generally considered by analysts and investors to be an appropriate supplemental non-GAAP measure of performance for REITs and has utility in comparing our core operating performance between periods and to the core operating performance of comparable real estate companies.

Total Shareholder Return Amount

$ 111.13

121.71

107.74

89.04

Peer Group Total Shareholder Return Amount

109.81

101.64

118.33

88.7

Net Income (Loss)

$ 60,151,000

$ 90,043,000

$ 62,860,000

$ 69,388,000

Company Selected Measure Amount | $ / shares

2.25

2.14

2.08

1.94

Christopher J. Constant

Christopher J. Constant

Christopher J. Constant

Christopher J. Constant

Pay vs Performance Disclosure

Adjusted Funds from Operations (AFFO) per share

Non-GAAP Measure Description

We believe Adjusted Funds from Operations (AFFO) per share to be the most significant measure in determining the compensation of our NEOs because we believe it best reflects the core operating performance of our portfolio. In addition, AFFO per share is generally considered by analysts and investors to be an appropriate supplemental non-GAAP measure of performance for REITs and has utility in comparing our core operating performance between periods and to the core operating performance of comparable real estate companies.

Pay vs Performance Disclosure

Annual Base Rent

Pay vs Performance Disclosure

Net Debt to EBITDA

Pay vs Performance Disclosure

Portfolio Diversification

PEO | Total Adjustments [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (337,810)

PEO | Amounts Reported Under the “Stock Awards” Column in the SCT [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(1,615,000)

PEO | Fair Value of Awards Granted During the Year that Remain Unvested as of Year End [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,387,950

PEO | Fair Value of Awards Granted During the Year that Vest During Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

PEO | 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 [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(298,635)

PEO | Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to Year that Vested During Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

4,050

PEO | Fair Value of Awards Granted Prior to Year that were Forfeited or Modified During Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

PEO | Dollar Value of Dividends or Other Earnings Paid on Stock Awards Prior to Vesting Date not Otherwise Included in Total Compensation [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

183,825

Non-PEO NEO | Total Adjustments [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(212,349)

Non-PEO NEO | Amounts Reported Under the “Stock Awards” Column in the SCT [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(952,000)

Non-PEO NEO | Fair Value of Awards Granted During the Year that Remain Unvested as of Year End [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

818,160

Non-PEO NEO | Fair Value of Awards Granted During the Year that Vest During Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

Non-PEO NEO | 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 [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(190,787)

Non-PEO NEO | Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to Year that Vested During Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(1,764)

Non-PEO NEO | Fair Value of Awards Granted Prior to Year that were Forfeited or Modified During Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

Non-PEO NEO | Dollar Value of Dividends or Other Earnings Paid on Stock Awards Prior to Vesting Date not Otherwise Included in Total Compensation [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 114,042