DEF 14A of First Industrial Realty Trust Inc, Mar 30, 2026

DEF 14A of First Industrial Realty Trust Inc

Filed Mar 30, 2026 · FY20250000921825-26-000041

Open on EDGAR

  1. ELECTION OF DIRECTORS

    ELECTION OF DIRECTORS Pursuant to the Company’s charter, the maximum number of members allowed to serve on the Company’s Board of Directors is twelve. The Board of Directors currently consists of six seats. Each of the directors is serving for a term of one year and until such director’s successor is duly elected and qualified. The Company’s Nominating/Corporate Governance Committee identifies and recommends individuals for service on the Board of Directors, and the Board of Directors then either approves or rejects in whole all of such nominees.

  2. ELECTION OF DIRECTORS

    | Our Board of Directors urges you to vote “FOR” each of the director nominees: Peter E. Baccile, Teresa Bryce Bazemore, Matthew S. Dominski, H. Patrick Hackett, Jr., Denise A. Olsen and Marcus L. Smith. You can best support the Company—and ensure our continued progress—by following the instructions on the proxy card or voting instruction form to vote “FOR” each of these director nominees. |

  3. ELECTION OF DIRECTORS

    The Board of Directors has nominated Peter E. Baccile, Teresa Bryce Bazemore, Matthew S. Dominski, H. Patrick Hackett, Jr., Denise A. Olsen and Marcus L. Smith to serve as directors (collectively, the “Nominees”). All of the Nominees are currently serving as directors of the Company. Each of the Nominees has consented to be named as a nominee in this Proxy Statement. The Board of Directors anticipates that each of the Nominees will serve as a director if elected. However, if any person nominated by the Board of Directors is unable to accept election, the proxies will vote for the election of such other person or persons as the Board of Directors may recommend. John E. Rau served as a director of the Company since June 1994 and as Lead Independent Director since January 2016 until his passing in April 2025. He brought decades of leadership experience from the financial, academic and corporate sectors. The Board of Directors is deeply grateful for Mr. Rau’s longstanding service, strategic insight and dedication to the Company. The votes cast “For” a nominee must exceed the votes cast “Against” the nominee for the nominee to be elected. Neither abstentions nor broker non-votes, if any, will have any legal effect on whether this proposal is approved as they do not count as votes cast for such matter.

  4. INFORMATION REGARDING THE DIRECTOR NOMINEES

    INFORMATION REGARDING THE DIRECTOR NOMINEES The following biographical descriptions set forth certain information with respect to the six Nominees for election as directors and certain executive officers, based on information furnished to the Company by such persons. The following information is as of the date of this Proxy Statement unless otherwise specified.

  5. INFORMATION REGARDING THE DIRECTOR NOMINEES

    | Peter E. Baccile | | Director since 2016 Age: 64 | | | Peter E. Baccile has served as President of the Company since September 2016 and assumed the Chief Executive Officer position in December 2016. He brings more than 30 years of management, real estate and financial expertise to the Company. Prior to joining the Company, he served as Joint Global Head of the Real Estate, Lodging and Leisure Group within UBS Securities, LLC's investment banking division from June 2012 to September 2016. Prior to that, Mr. Baccile served in various senior leadership roles during his 26-year tenure at J.P. Morgan. Most recently, he was Vice Chairman of J.P. Morgan Securities Inc. He also served as Co-Head | | | of the General Industries Investment Banking Coverage Group, which encompassed Real Estate, Lodging, Gaming, Diversified Industrials, Paper Packing and Building Products, and Transportation. Before that, he served as Global Head of J.P. Morgan's Real Estate, Lodging and Gaming Investment Banking Group for 10 years. Mr. Baccile is a member of the National Association of Real Estate Investment Trusts (Nareit), where he serves as a member of the executive board, and The Real Estate Roundtable, where he was past Chairman of the Real Estate Capital Policy advisory committee. He is a past trustee of the International Council of Shopping Centers (ICSC) and the Urban Land Institute (ULI). Mr. Baccile’s extensive experience in real estate management and finance is critical to his ability to lead the Company as its Chief Executive Officer, and is a valuable asset to the Board of Directors. Moreover, as the Company's Chief Executive Officer, Mr. Baccile brings to the Board of Directors his in-depth knowledge of our business, strategy, operations, competition and financial position. Mr. Baccile's membership on the Board of Directors is critical to ensuring appropriate coordination and communication between the Company's executive officers and the Board of Directors. | | | | Board Committee: Investment Committee | | |

  6. INFORMATION REGARDING THE DIRECTOR NOMINEES

    | Teresa Bryce Bazemore | | Director since 2020 Age: 66 | | | Teresa Bryce Bazemore has been a director of the Company since May 2020 and Chairperson of the Audit Committee since May 2023. Ms. Bazemore served as the President and Chief Executive Officer of Federal Home Loan Bank of San Francisco from March 2021 through June 2024. From July 2008 through April 2017, she served as President of Radian Guaranty Inc., a subsidiary of Radian Group Inc. (NYSE: RDN), where she led strategic planning, business development and operations of Radian Guaranty’s mortgage insurance business line and information technology and governmental affairs for Radian Group. From October 2006 to July 2008, she also served in various capacities with Radian Group, including Executive Vice President, General Counsel, | | | Corporate Secretary and Chief Risk Officer. From June 2000 to May 2006, Ms. Bazemore was Senior Vice President, General Counsel and Secretary of Nexstar Financial Corporation. From March 1997 to June 2000, she served as General Counsel of the mortgage banking line of business at Bank of America (NYSE: BAC). Ms. Bazemore presently serves on the Board of Directors of T. Rowe Price Funds, Anza Mortgage Insurance Company (and serves as Audit Committee Chair), the Public Media Company (and serves as chair of the advisory board of the Public Media Bridge Fund, a subsidiary of the Public Media Company), The Gift Collaborative of Black Theological Education & Black Faith Traditions, and the Southern California Chapter of the International Women's Forum currently serving as Assistant Treasurer. She formerly served on the Board of Directors of the Federal Home Loan Bank of Pittsburgh and Chimera Investment Corporation (NYSE: CIM). Ms. Bazemore previously served on the Board of Trustees of the University of Virginia Foundation, for which she also served as the Chair of the Audit Committee, and formerly served as an Advisory Board member of the University of Virginia Center for Politics on which she is now an emeritus member. Ms. Bazemore holds a B.A. from the University of Virginia and a J.D. from Columbia University. Ms. Bazemore’s extensive legal, financial and operational experience in the banking and real estate industries is a valuable asset to the Board of Directors and the Company’s Audit Committee, and we have deemed her to be an “audit committee financial expert.” | | | | Board Committees: Audit Committee, Compensation Committee | | |

  7. INFORMATION REGARDING THE DIRECTOR NOMINEES

    | Matthew S. Dominski | | Director since 2010 Age: 71 | | | Matthew S. Dominski has been a director of the Company since March 2010 and the Chairman of the Board of Directors since July 2020. He previously served as a director of CBL & Associates Properties, Inc., a shopping mall real estate investment trust in the United States, from 2005 to 2021. From 1993 through 2000, Mr. Dominski served as Chief Executive Officer of Urban Shopping Centers ("Urban"), formerly one of the largest regional mall property companies in the country and a publicly-traded real estate investment trust. Following the purchase of Urban by Rodamco North America in 2000, Mr. Dominski served as Urban's President until 2002. In 2003, Mr. Dominski formed Polaris Capital, LLC, a Chicago, Illinois-based real estate investment firm | | | of which he was joint owner through 2013. From 1998 until 2004, Mr. Dominski served as a member of the Board of Trustees of the International Council of Shopping Centers (ICSC). Mr. Dominski's extensive experience leading other public and private real estate companies, both as a senior executive and a director, is a valuable asset to the Board of Directors. | | | | Board Committees: Compensation Committee, Investment Committee, Nominating/Corporate Governance Committee | | |

  8. INFORMATION REGARDING THE DIRECTOR NOMINEES

    | H. Patrick Hackett, Jr. | | Director since 2009 Age: 74 | | | H. Patrick Hackett, Jr. has been a director of the Company since December 2009. Mr. Hackett is the principal of HHS Co., an investment company located in the Chicago area. Previously, he served as the President and Chief Executive Officer of RREEF Capital, Inc. and as principal of The RREEF Funds, an international commercial real estate investment management firm. Mr. Hackett taught real estate finance at the Kellogg Graduate School of Management for many years and also served on the real estate advisory boards of Kellogg and the Massachusetts Institute of Technology. He currently chairs the board of Wintrust Financial Corporation (NASDAQ: WTFC) and is a former trustee of Northwestern University. Mr. Hackett provides the Board of Directors | | | with valuable real estate investment and finance expertise. | | | | Board Committees: Compensation Committee, Investment Committee | | |

  9. INFORMATION REGARDING THE DIRECTOR NOMINEES

    | Denise A. Olsen | | Director since 2017 Age: 60 | | | Denise A. Olsen has been a director of the Company since November 2017 and served as the Chairperson of the Compensation Committee from May 2020 to May 2023. Ms. Olsen is a seasoned board member and accomplished business building executive who leverages expertise gained from 30 years in the investment management industry across the private and public markets of real estate, data infrastructure, credit, and liquid alternatives. She advises investment managers across the alternative investment landscape to develop and implement strategic growth solutions. Ms. Olsen is a board member of PRP Real Assets and Claros Mortgage Trust, Inc. (NYSE: CMTG). Ms. Olsen also serves on the Investment Advisory Committee of The Harry and Jeanette Weinberg Foundation, and is a member of Bain and Company’s expert advisory network. Formerly, she was a board member of CyrusOne, Inc. (Nasdaq: CONE), which was acquired by | | | KKR and GIP in a $15 billion public-to-private transaction in 2022. Ms. Olsen’s career spanned over 25-years at GEM Realty Capital, an integrated investment management company that invests in diversified real estate opportunities across the private and public markets. At GEM, Ms. Olsen was a senior partner leading business development and capital formation activities and was a longstanding member of the investment committee. Previously, Ms. Olsen had investment roles at JMB Realty Corporation and EVEREN Securities. Ms. Olsen received her Bachelor of Science in Economics from the Wharton School at the University of Pennsylvania. She served on the Executive Committee of the Zell Lurie Real Estate Center for ten years and continues to lecture and mentor at Wharton, University of Chicago, Yale and other academic institutions. Ms. Olsen's financial expertise is valuable to the Company's Audit Committee, on which she currently serves, and we have determined her to be an "audit committee financial expert." | | | | Board Committees: Audit Committee, Investment Committee, Nominating/Corporate Governance Committee | | |

  10. INFORMATION REGARDING THE DIRECTOR NOMINEES

    | Marcus L. Smith | | Director since 2021 Age: 59 | | | Marcus L. Smith has been a director of the Company since February 2021. Since 2017, Mr. Smith has served as a director for MSCI Inc. (NYSE: MSCI). He currently serves as a Trustee for certain Eaton Vance funds. Mr. Smith's previous board service also includes serving on the Board of Directors of NYSE listed DCT Industrial (DCT) from 2017 to 2018 when it was acquired by Prologis Inc. (PLD). Previous to his board service, Mr. Smith retired from a 23-year career at MFS Investment Management where he managed the MFS International Equity Fund (MIEIX) for 17 years and the MFS Concentrated International Fund for 10 years. During his tenure, the MFS International Equity portfolio grew from $120 million to $24 billion, the portfolio received the | | | Lipper Award in 2005 and 2010 for Best 3-year performance of 359 Large Capitalization international portfolios. In addition to his portfolio management duties, Mr. Smith served as Chief Investment Officer, Canada from 2012 to 2017, Chief Investment Officer, Asia from 2010 to 2012, Director of Asian Equity Research (Singapore based) from 2005 to 2010. Mr. Smith served on the MFS Equity Management committee from 2005 to 2017. Prior to joining MFS, Mr. Smith was a senior consultant at Accenture, working within their Financial Services Group. Mr. Smith served as a United States Army Reserve Officer from 1987 to 1992. Mr. Smith earned a Bachelor of Science, Cum Laude, in Computer Science from the University of Mount Union and a Masters of Business Administration from The Wharton School, University of Pennsylvania. Mr. Smith’s experience in the financial services sector and director service for other public companies are valuable assets to the Board of Directors, and we have determined him to be an "audit committee financial expert." | | | | Board Committees: Audit Committee, Investment Committee, Nominating/Corporate Governance Committee | | |

  11. DIRECTOR COMPENSATION

    DIRECTOR COMPENSATION Compensation of non-employee directors is periodically reviewed by the Compensation Committee of the Board of Directors, which makes any recommendations of compensation changes to the entire Board of Directors. The Company provided the following compensation to our non-employee directors in 2025: Non-employee directors are not entitled to retirement benefits, incentive compensation or perquisites for their service, although they are reimbursed for their out-of-pocket expenses for meeting attendance. The Company does not pay additional compensation to directors who are also employees of the Company, such as Mr. Baccile, our Chief Executive Officer. Additionally, no fees are paid for attendance at in-person or telephonic meetings of the Board of Directors and its committees. All cash fees payable to our non-employee directors are paid in quarterly installments.

  12. 2025 DIRECTOR COMPENSATION TABLE

    2025 DIRECTOR COMPENSATION TABLE

  13. 2025 DIRECTOR COMPENSATION TABLE

    | Name | Fees Earned or Paid in Cash ($) | Stock Awards(1) ($) | Total Compensation ($) | | Teresa Bryce Bazemore | 110,000 | 119,997 | 229,997 | | Matthew S. Dominski | 149,706 | 119,997 | 269,703 | | H. Patrick Hackett, Jr. | 115,000 | 119,997 | 234,997 | | Denise A. Olsen | 96,250 | 119,997 | 216,247 | | John E. Rau (deceased) 2 | 32,977 | — | 32,977 | | Marcus L. Smith | 97,005 | 119,997 | 217,002 |

  14. 2025 DIRECTOR COMPENSATION TABLE

    | (1) Represents 2,522 shares of either restricted stock units or Units (as hereinafter defined), at each director’s election, granted to each director in April 2025 as compensation for 12 months of board service. All such units vest on the earlier of the first anniversary of the grant date or the Company’s next annual stockholder meeting. Amounts are based on the Common Stock price as of the grant date, which was $47.58. | | (2) The amounts reflect fees earned by Mr. Rau through the date of his death. |

  15. OBJECTIVES AND DESIGN OF COMPENSATION PROGRAMS

    | HOW OBJECTIVES ARE ACCOMPLISHED | | •While we do not employ a formula, base salary generally comprises a minority portion of each Named Executive Officer’s total target compensation. •A significant portion of each Named Executive Officer’s total target compensation is structured as performance-based compensation using a combination of annual cash bonus, with appropriate caps on those payouts, and long-term incentive equity awards. •We utilize a variety of objective performance goals that we consider key drivers of value creation to minimize the potential risk associated with over-weighting any particular performance measure. Goals have historically included funds from operations, cash same store net operating income growth, and discretionary objectives. •The ultimate value of long-term performance-based incentive equity awards is dependent on the Company's total shareholder return as compared to both a REIT index and a select peer group. We think using both performance measures, together with time-based equity awards, provides a balanced approach that compensates for performance but does not motivate excessive risk taking. |

  16. COMPENSATION HIGHLIGHTS

    | Focus on At-Risk Pay | The majority of compensation is performance-based/at-risk pay. | | Majority Performance-Based Equity | Equity compensation mix is approximately 65% performance-based and 35% time-based. | | Performance Metrics | For the performance-based awards granted in 2025, 54% of performance-based awards are based on performance relative to the “Long-Term Incentive Peer Group” (as defined below) and 46% are based on performance relative to the FTSE Nareit All Equity REITs Index. | | Performance Measurement Period | Performance goals are measured based on relative total shareholder return over a 3-year period. | | Total Shareholder Return Goals | Total shareholder return metrics are based on a percentile level of performance relative to the companies in the peer group and index. | | Annual Cash Bonus Plan | Annual cash bonuses are based on weighted measures of Company performance, including FFO per diluted share/Unit, cash same store NOI growth, and other discretionary objectives. | | Base Salary | Base salaries are adjusted from time to time based on market trends and individual performance. |

  17. EXECUTIVE COMPENSATION COMPONENTS

    EXECUTIVE COMPENSATION COMPONENTS The Company’s executive compensation program consists of base salary, incentive bonuses, long-term incentive awards, benefits and perquisites. These components are designed to attract, retain and motivate talented executives. The Compensation Committee places a strong emphasis on equity-based awards to align management’s interests with those of the Company’s stockholders, as the value of these awards is tied to the Company’s common stock. Base salary provides a fixed level of compensation to the Named Executive Officers in recognition of their services. Adjustments to base salary are generally based on individual performance and prevailing economic conditions. Named Executive Officers, along with other employees, are eligible for benefits such as: term life, short-term and long-term disability insurance, health insurance and 401(k) matching contributions. Additionally, certain executives receive car allowances. Incentive bonuses, by contrast, are linked to, and are a function of, the achievement of performance criteria that are designed with the intention of incentivizing the Named Executive Officers to maximize the Company’s overall performance. Incentive bonuses are awarded in cash. The Company’s long-term incentive program includes a combination of performance-based and time-based equity awards. This program is designed to attract and retain high-caliber executives while linking a significant portion of their compensation to the Company’s long-term financial performance, particularly total shareholder return. Executives may choose to receive equity awards in either Common Stock or partnership interests in First Industrial, L.P. (“Units”), which are structured as “profits interests” for U.S. federal income tax purposes. Generally, Units entitle holders to distributions equivalent to dividends on an equivalent number of shares of Common Stock. However, these distributions may be delayed or contingent on vesting. Once vested and meeting the required capital account conditions, Units automatically convert into common partnership units, which may then be exchanged for Common Stock or a cash equivalent, at the Company’s option.

  18. Annual Performance-Based Bonuses

    Annual Performance-Based Bonuses The Company provides its senior executives with annual incentive compensation based on individual and company performance, which is paid entirely in cash. 2025 Employee Bonus Plan For 2025, each Named Executive Officer participated in the incentive compensation plan generally available to the Company’s employees (the “2025 Employee Bonus Plan”), which plan was recommended by the Compensation Committee and adopted by the Board of Directors on March 19, 2025. Under the 2025 Employee Bonus Plan, a “bonus pool” was funded based on the achievement by the Company of certain identified thresholds in three performance categories. For 2025, these categories were (i) FFO per diluted share/Unit (as described below), (ii) cash same store NOI (“SS NOI”) growth (as described below) and (iii) discretionary financial and non-financial objectives determined by the Company’s Chief Executive Officer. The Compensation Committee believes that FFO per diluted share/Unit is an important measure of the Company’s performance because, by excluding real estate asset depreciation and amortization, impairment charges recorded on real estate, gains or losses related to sales of real estate assets, adjusted for any associated income tax provision or benefit, and making similar adjustments from its share of net income from an unconsolidated joint venture, FFO captures the operating results of the long-term assets that form the core of the Company’s business and makes comparison of the Company’s operating results with those of other REITs more meaningful. The Compensation Committee believes that, because our success depends largely upon our ability to lease space and to recover the operating costs associated with those leases from our tenants, SS NOI is also an important measure of the Company’s performance. Each of these performance categories may be adjusted by the Compensation Committee in its discretion to exclude the effects of certain items. The Compensation Committee assigned weighting factors to each of the performance categories, such that performance in certain categories had a more pronounced impact on the bonus pool under the 2025 Employee Bonus Plan than did performance in other categories. The weighting factors were as follows:

  19. Annual Performance-Based Bonuses

    | Category | Weighted Factor | | FFO(1) per diluted share/Unit | 55% | | SS NOI(2) growth | 30% | | Discretionary objectives | 15% |

  20. Annual Performance-Based Bonuses

    (1)FFO is a non-GAAP financial measure created by Nareit as a supplemental measure of REIT operating performance that excludes certain items from net income determined in accordance with GAAP. FFO is calculated by the Company in accordance with the definition adopted by the Board of Governors of Nareit and therefore may not be comparable to other similarly titled measures of other companies. Please see the reconciliation of FFO to net income available to common stockholders and participating securities contained in our Annual Report on Form 10-K filed on February 11, 2026. (2)SS NOI is a non-GAAP financial measure that provides a measure of rental operations and that, as calculated by the Company, does not factor in joint venture fees, depreciation and amortization, general and administrative expense, joint venture development services expense, interest expense, equity in income and loss from joint venture, income tax benefit and expense and gains and losses on the sale of real estate. The Company defines SS NOI as revenues minus property expenses such as real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses, minus the net operating income of properties that are not same store properties and minus the impact of straight-line rent, the amortization of above/below market leases and lease termination fees. As so defined, SS NOI may not be comparable to same store net operating income or similar measures reported by other REITs that define same store properties or net operating income differently. The major factors influencing SS NOI are occupancy levels, changes in rental rates and fluctuations in tenant recoveries. Please see the reconciliation of same store revenues and property expenses to SS NOI contained in our Annual Report on Form 10-K filed on February 11, 2026. Under the 2025 Employee Bonus Plan, achievement by the Company of specifically identified levels of performance with respect to each performance category results in funding of the incentive pool for the 2025 Employee Bonus Plan of 0%, 25%, 50%, 75%, 100% or 125% of the bonus opportunity associated with that performance category. If performance falls between two identified payout levels, the resulting compensation that may be earned for such performance is prorated based on linear interpolation. The Compensation Committee established performance targets relating to each performance category for the 2025 Employee Bonus Plan. At target performance, the bonus pool is funded at the aggregate 75% level of achievement. At maximum performance, the bonus pool is funded at the aggregate 125% level of achievement. However, notwithstanding the level at which the bonus pool is funded, actual cash payouts under the 2025 Employee Bonus Plan are capped at 115% of an individual participant’s bonus opportunity. The Company’s 2025 performance in the identified performance categories resulted in the following funding of the bonus pool associated with that performance category:

  21. Annual Performance-Based Bonuses

    | Category | Performance Target | Performance Result (3) | Actual Bonus Pool Funding % | | FFO per diluted share/Unit | $2.97(1) | $3.03(1) | 110% | | SS NOI growth | 6.00%(2) | 7.11%(2) | 125% | | Discretionary objectives | N/A | N/A | 100% | | | | | Overall: 113% |

  22. Annual Performance-Based Bonuses

    (1)Amount excludes accrual of cash bonuses. (2)The Compensation Committee calculates SS NOI growth using a cumulative quarterly average as opposed to the methodology traditionally utilized in our financial reporting, which measures the year-over-year growth of the year-end population of our properties. (3)The performance results reflect other adjustments to exclude the effects of certain non-recurring, one-time items and the impact of unbudgeted investments and dispositions, which adjustments were approved by the Compensation Committee and permitted by the 2025 Employee Bonus Plan. The Compensation Committee determined that the funding percentage for the bonus pool with respect to the discretionary objectives should be 100% based on the Company’s overall performance in 2025. The Compensation Committee authorized an aggregate bonus pool under the 2025 Employee Bonus Plan up to a 113% level of achievement for bonuses of all eligible employees, including the Named Executive Officers. After the Compensation Committee determined the aggregate bonus pool available and the specific amounts for each of the Named Executive Officers, the Compensation Committee and our Chief Executive Officer allocated the individual award recipients’ performance awards based on the individual award recipients’ performance. Bonuses for the Named Executive Officers at the 100% level of achievement under the 2025 Employee Bonus Plan were as follows:

  23. Annual Performance-Based Bonuses

    | Executive Officer | Cash Bonus at 100% Level of Achievement (% of Base Salary) | | Peter E. Baccile | 200% | | Johannson L. Yap | 200% | | Scott A. Musil | 150% | | Peter O. Schultz | 200% | | Jennifer E. Matthews Rice | 150% |

  24. Annual Performance-Based Bonuses

    The actual percentage of cash bonuses (the “Individual Cash Percentage”) awarded to the Named Executive Officers were determined as described below. For 2025, 85% of the annual bonus opportunity for the Named Executive Officers was based on overall company performance, as measured by FFO per diluted share/Unit (55% weighting) and SS NOI growth (30% weighting). The remaining 15% of Mr. Baccile’s annual bonus opportunity was determined by the Compensation Committee based upon its assessment of the Company’s overall performance and the Company’s achievement of the corporate performance goals under the 2025 Employee Bonus Plan. The remaining 15% of the annual bonus opportunity in 2025 for the Named Executive Officers other than Mr. Baccile was determined by the Compensation Committee, after recommendations from our Chief Executive Officer, based upon the respective officer’s achievement of the following individual performance objectives that were approved by the Board of Directors and communicated to the officer:

  25. Annual Performance-Based Bonuses

    | Executive Officer | Individual Performance Objectives | | Johannson L. Yap | Progress with respect to investments and divestitures, completing and leasing and overall performance of the West Region of the Company | | Scott A. Musil | Progress with respect to leverage and fixed charge coverage ratios, execution of the Company’s line of credit and term loan refinancings along with the $450 million public notes issuance, and overall investor relations efforts | | Peter O. Schultz | Progress with respect to investments and divestitures, completing and leasing and overall performance of the East Region of the Company | | Jennifer E. Matthews Rice | Progress with the legal matters of the Company, including measures to reduce risk and advance strategic objectives |

  26. Annual Performance-Based Bonuses

    The cash bonus payments made in the first quarter of 2026 to each of our Named Executive Officers in settlement of awards under the 2025 Employee Bonus Plan, together with the applicable Individual Cash Percentage (which reflects the actual cash bonus as a percentage of the respective 100% level of bonus achievement for each individual), are reflected in the following table:

  27. Annual Performance-Based Bonuses

    | Executive Officer | Cash Bonus Paid ($) | Individual Cash Percentage (%) | | Peter E. Baccile | $2,113,000 | 113% | | Johannson L. Yap | $1,324,000 | 113% | | Scott A. Musil | $726,000 | 113% | | Peter O. Schultz | $1,103,000 | 113% | | Jennifer E. Matthews Rice | $598,000 | 113% |

  28. Long-Term Incentive Program Awards

    Long-Term Incentive Program Awards Long-Term Incentive Program The Company offers certain of its employees, including the Named Executive Officers, long-term incentive program awards as part of their equity compensation, including awards that are subject to performance-based vesting, and others that are subject to time-based vesting. Certain of these awards consist of long-term equity that vests only if the Company achieves certain thresholds in comparison to our peers (the “Performance-Based Awards”), and certain of these awards consist of long-term equity that vests ratably over time (the “Time-Based Awards”). Performance-Based Awards are determined based on the anticipated dollar value of the award and then issued, at the grantee’s option, in a number of performance-based RSUs (“Performance RSUs”) or performance-based Units (such Units, “Performance Units”) corresponding to the appropriate dollar value. Performance-Based Awards The Compensation Committee authorizes grants of Performance-Based Awards under the 2024 Stock Incentive Plan to certain employees of the Company, including each Named Executive Officer. With respect to the Performance-Based Awards granted in 2025, 46% of each such Performance-Based Award vests based upon the relative total stockholder return of our Common Stock as compared to the total shareholder return of the companies comprising the FTSE Nareit All Equity REITs Index over the pre-established performance measurement period (the “Nareit All Equity Units”), while 54% of each Performance-Based Award vests based upon the relative total stockholder return of our Common Stock as compared to the total shareholder return of the following companies publicly traded on the New York Stock Exchange and NASDAQ stock exchange (the “Long-Term Incentive Peer Group”) over the pre-established performance measurement period (the “LTI Peer Group Units”):

  29. Long-Term Incentive Program Awards

    | Prologis, Inc. (PLD) | LXP Industrial Trust (LXP) | | Rexford Industrial Realty, Inc. (REXR) | STAG Industrial, Inc. (STAG) | | EastGroup Properties, Inc. (EGP) | Terreno Realty Corporation (TRNO) | | Industrial Logistics Properties Trust (ILPT) | |

  30. Long-Term Incentive Program Awards

    The Compensation Committee approved the removal of Plymouth Industrial REIT, Inc. (PLYM) from the Long-Term Incentive Peer Group because it was acquired and taken private in a transaction that closed in early 2026. With respect to the Performance-Based Awards granted in 2025 and 2026, 46% were Nareit All Equity Units and 54% were LTI Peer Group Units. The Nareit All Equity Units and the LTI Peer Group Units granted effective January 2, 2025 vest as follows:

  31. Long-Term Incentive Program Awards

    | 2025 Performance-Based Awards | | | | | Percentile Rank | Vesting Percentage | | Threshold | 30th Percentile | 50% | | Target | 50th Percentile | 100% | | Maximum | 80th Percentile | 225% |

  32. Long-Term Incentive Program Awards

    The Performance-Based Awards granted effective January 2, 2025 are summarized in the table below.

  33. Long-Term Incentive Program Awards

    | 2025 Performance-Based Awards | | | | | | | Executive Officer | Date of Grant | Form of Award | Target Units | Maximum Units | Performance Period | | Peter E. Baccile | 1/02/2025 | Performance Units | 58,327 | 131,235 | 1/1/2025 - 12/31/2027 | | Johannson L. Yap | 1/02/2025 | Performance Units | 22,372 | 50,337 | 1/1/2025 - 12/31/2027 | | Scott A. Musil | 1/02/2025 | Performance Units | 13,792 | 31,032 | 1/1/2025 - 12/31/2027 | | Peter O. Schultz | 1/02/2025 | Performance Units | 16,888 | 37,997 | 1/1/2025 - 12/31/2027 | | Jennifer E. Matthews Rice | 1/02/2025 | Performance Units | 6,626 | 14,909 | 1/1/2025 - 12/31/2027 |

  34. Long-Term Incentive Program Awards

    The Nareit All Equity Units and the LTI Peer Group Units granted effective January 1, 2026 vest as follows:

  35. Long-Term Incentive Program Awards

    | 2026 Performance-Based Awards | | | | | Percentile Rank | Vesting Percentage | | Threshold | 30th Percentile | 50% | | Target | 50th Percentile | 100% | | Maximum | 80th Percentile | 225% |

  36. Long-Term Incentive Program Awards

    The Performance-Based Awards granted effective January 1, 2026 are summarized in the table below.

  37. Long-Term Incentive Program Awards

    | 2026 Performance-Based Awards | | | | | | | Executive Officer | Date of Grant | Form of Award | Target Units | Maximum Units | Performance Period | | Peter E. Baccile | 1/01/2026 | Performance Units | 52,750 | 118,688 | 1/1/2026 - 12/31/2028 | | Johannson L. Yap | 1/01/2026 | Performance Units | 20,238 | 45,535 | 1/1/2026 - 12/31/2028 | | Scott A. Musil | 1/01/2026 | Performance Units | 12,691 | 28,555 | 1/1/2026 - 12/31/2028 | | Peter O. Schultz | 1/01/2026 | Performance Units | 15,275 | 34,369 | 1/1/2026 - 12/31/2028 | | Jennifer E. Matthews Rice | 1/01/2026 | Performance Units | 6,012 | 13,527 | 1/1/2026 - 12/31/2028 |

  38. Long-Term Incentive Program Awards

    If a Performance-Based Award is granted in the form of Performance RSUs, each Performance RSU represents the right to receive one share of Common Stock upon vesting, plus any accrued dividends from the date of issuance to the vesting date. If a Performance-Based Award is granted in the form of Performance Units, additional conditional Performance Units are awarded to represent anticipated dividends. These additional Performance Units are subject to the same restrictions as the underlying Performance Units and are subject to forfeiture upon vesting to the extent of dividends actually received with respect to the applicable Performance Units during the performance period. The number of Performance Units reflected as issued to each Named Executive Officer in the table above excludes such conditional Performance Units. If applicable vesting conditions and any other restrictions are not satisfied, recipients will forfeit their Performance Units. During the performance period, each Performance Unit entitles the holder to receive dividends equal to one-tenth of the dividends payable with respect to Units. Upon the consummation of a change in control of the Company, Performance-Based Awards vest based on the level of achievement of the applicable performance targets through the date of the change in control. If employment is terminated due to death or disability, vesting is similarly based on the level of achievement of the applicable performance targets through the date of death or disability. In cases of retirement, the grantee retains the Performance-Based Awards, and such Performance-Based Awards would vest at the end of the original performance period based on the actual level of achievement of the relevant performance targets. Performance to Date for Prior Grants The Company’s performance to date for Performance-Based Awards granted in 2023, 2024 and 2025 is shown below: (1)The Performance Period for these awards remains open and the payout percentage for these awards has not been determined and may be different than the amounts indicated on the table above. The Company’s actual performance for the Performance-Based Awards granted in 2023, which vested on December 31, 2025, was as follows: Time-Based Awards We also provide Time-Based Awards that vest in equal annual installments over a three-year period based on our executives’ continued service to the Company. Time-Based Awards are determined based on the anticipated dollar value of the award and then issued, at the grantee’s option, in a number of time-based RSUs (“Time-Based RSUs”), which represent the right to receive an equivalent number of shares of Common Stock upon vesting, or time-based Units (such Units, “Time-Based Units”) corresponding to the appropriate dollar value. On January 2, 2025, the Compensation Committee authorized grants of Time-Based Awards to certain employees of the Company, including each Named Executive Officer. These Time-Based Awards that were granted to the Named Executive Officers are summarized in the table below:

  39. Long-Term Incentive Program Awards

    | 2025 Time-Based Awards | | | | | Executive Officer | Date of Grant | Form of Award | Units Awarded | | Peter E. Baccile | 1/02/2025 | Time-Based Units | 31,407 | | Johannson L. Yap | 1/02/2025 | Time-Based Units | 12,048 | | Scott A. Musil | 1/02/2025 | Time-Based Units | 7,428 | | Peter O. Schultz | 1/02/2025 | Time-Based Units | 9,096 | | Jennifer E. Matthews Rice | 1/02/2025 | Time-Based Units | 3,570 |

  40. Long-Term Incentive Program Awards

    Effective January 1, 2026, the Compensation Committee authorized grants of Time-Based Awards to certain employees of the Company, including each Named Executive Officer. These Time-Based Awards that were granted to the Named Executive Officers are summarized in the table below:

  41. Long-Term Incentive Program Awards

    | 2026 Time-Based Awards | | | | | Executive Officer | Date of Grant | Form of Award | Units Awarded | | Peter E. Baccile | 1/01/2026 | Time-Based Units | 28,407 | | Johannson L. Yap | 1/01/2026 | Time-Based Units | 10,896 | | Scott A. Musil | 1/01/2026 | Time-Based Units | 6,834 | | Peter O. Schultz | 1/01/2026 | Time-Based Units | 8,226 | | Jennifer E. Matthews Rice | 1/01/2026 | Time-Based Units | 3,240 |

  42. Long-Term Incentive Program Awards

    Upon the consummation of a change in control of the Company, each grantee of a Time-Based Award would become fully vested in any unvested portion of the award. In the event of a termination of a grantee’s employment due to death, disability or retirement, the grantee would become fully vested in any unvested portion of the award. If a Time-Based Award is granted in the form of Time-Based RSUs, prior to vesting the recipient will not be entitled to receive dividends declared with respect to our Common Stock but, with respect to any cash dividends declared with respect to our Common Stock, will receive a cash payment equivalent to the amount of such dividend per share of Common Stock multiplied by the unvested portion of the Time-Based Award. If a Time-Based Award is granted in the form of Time-Based Units, such Time-Based Units entitle the holder to receive dividends prior to vesting.

  43. Termination and Change in Control Triggers

    Termination and Change in Control Triggers Mr. Baccile is the only Named Executive Officer with an employment agreement. His agreement, along with the separate agreements with respect to his equity awards granted, specify events, including a change in control, that trigger the payment of cash and, as discussed above, vesting in his equity awards. His employment agreement is described in greater detail on page 40 under “Employment Agreement with Mr. Baccile.” Each of the other Named Executive Officers has an agreement with respect to each of their equity awards granted that specify events, including a change in control, that trigger the vesting of such awards. Additionally, each of the other Named Executive Officers is subject to a change in control policy, which provides for specified severance if such person’s employment with the Company is terminated without cause or by the employee for good reason, from four months prior to, until 18 months following, a change in control of the Company. This change in control policy is described in greater detail on page 41 under “Change in Control Policy.” In addition to the foregoing, equity awards granted to our Named Executive Officers provide certain continued rights if the termination of employment is due to retirement (as defined in the applicable equity awards). The Company believes having such events as triggers for the payment of cash and/or accelerated equity award vesting promotes stability and continuity of management. See “Potential Payments Upon Termination or Change in Control” starting on page 40 for more information on the payments triggered by such events.

  44. Policies and Practices Related to the Grant of Certain Equity Awards

    Policies and Practices Related to the Grant of Certain Equity Awards The Company does not currently grant new awards of stock options, stock appreciation rights, or similar option-like instruments (“Options”). Accordingly, the Company has no specific policy or practice on the timing of awards of Options in relation to the disclosure of material nonpublic information by the Company. In the event the Company determines to grant new awards of Options, the Board of Directors will evaluate the appropriate steps to take in relation to the foregoing.

  45. SUMMARY COMPENSATION TABLE

    SUMMARY COMPENSATION TABLE The Summary Compensation Table below sets forth the aggregate compensation for Peter E. Baccile, the Company’s President and Chief Executive Officer; Scott A. Musil, the Company’s Chief Financial Officer; and certain of the Company’s other highly compensated executive officers as required by SEC rules. The 2025 Grants of Plan-Based Awards table following the Summary Compensation Table provides additional information regarding incentive compensation granted by the Company to these officers in 2025.

  46. SUMMARY COMPENSATION TABLE

    | Name and Principal Position | Year | Salary ($) | Stock Awards ($)(1) (2) | Non-Equity Incentive Plan Compensation ($)(3) | All Other Compensation ($)(4) | Total ($) | | Peter E. Baccile President and Chief Executive Officer | 2025 | 935,000 | 5,212,199 | 2,113,000 | 28,167 | 8,288,366 | | | 2024 | 865,500 | 3,810,539 | 1,904,000 | 37,467 | 6,617,506 | | | 2023 | 836,000 | 3,714,199 | 1,832,500 | 31,037 | 6,413,736 | | Johannson L. Yap Chief Investment Officer and Executive Vice President — West Region | 2025 | 586,000 | 1,999,278 | 1,324,000 | 37,767 | 3,947,045 | | | 2024 | 543,000 | 1,569,457 | 1,194,500 | 42,853 | 3,349,810 | | | 2023 | 522,000 | 1,526,341 | 1,144,000 | 31,037 | 3,223,378 | | Scott A. Musil Chief Financial Officer | 2025 | 428,000 | 1,232,552 | 726,000 | 31,757 | 2,418,309 | | | 2024 | 396,500 | 928,202 | 654,000 | 27,214 | 2,005,916 | | | 2023 | 376,000 | 889,757 | 618,000 | 21,437 | 1,905,194 | | Peter O. Schultz Executive Vice President — East Region | 2025 | 488,000 | 1,509,233 | 1,103,000 | 36,838 | 3,137,071 | | | 2024 | 451,500 | 955,310 | 993,500 | 36,538 | 2,436,848 | | | 2023 | 434,000 | 928,899 | 951,500 | 32,438 | 2,346,837 | | Jennifer E. Matthews Rice General Counsel and Secretary | 2025 | 353,000 | 592,228 | 598,000 | 25,643 | 1,568,871 | | | 2024 | 326,500 | 523,178 | 449,000 | 25,878 | 1,324,556 | | | 2023 | 314,000 | 508,760 | 430,000 | 21,437 | 1,274,197 |

  47. SUMMARY COMPENSATION TABLE

    | (1) Amounts reflect the aggregate grant date fair value of each award as determined under FASB ASC Topic 718. See Note 11 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 for a discussion of the assumptions used in valuing the 2025 awards. Amounts reflected will only vest upon achievement of sufficient future performance and do not necessarily reflect the amounts that will actually be realized under the respective awards. | | (2) Amounts reflect (a) awards of 31,407, 12,048, 7,428, 9,096 and 3,570 of Time-Based Units granted to Messrs. Baccile, Yap, Musil, Schultz and Ms. Matthews Rice, respectively, all granted in 2025 in connection with our long-term incentive program, and (b) awards of 131,235, 50,337, 31,032, 37,997 and 14,909 Performance Units granted to Messrs. Baccile, Yap, Musil, Schultz and Ms. Matthews Rice, respectively, all granted on January 2, 2025. These Performance Units vest on December 31, 2027, and, at anticipated performance, the grant date fair values are $2,760,155, $1,058,720, $652,664, $799,179 and $313,589 for Messrs. Baccile, Yap, Musil and Schultz and Ms. Matthews Rice, respectively. At maximum performance, the grant date fair values of these Performance Units are $6,216,602, $2,384,464 $1,469,986, $1,799,918 and $706,239 for Messrs. Baccile, Yap, Musil and Schultz and Ms. Matthews Rice, respectively. | | (3) Amounts for 2025 reflect cash awards paid in February 2026 under the 2025 Employee Bonus Plan. The material terms of awards under the 2025 Employee Bonus Plan are described in the Compensation Discussion and Analysis under “2025 Employee Bonus Plan.” | | (4) Amounts for 2025 include car allowances paid on behalf of Messrs. Yap and Schultz, an anniversary gift for Mr. Musil, term life, short-term and long-term disability insurance premiums and 401(k) matching contributions of $21,000 paid on behalf of each Named Executive Officer. |

  48. 2025 GRANTS OF PLAN-BASED AWARDS

    2025 GRANTS OF PLAN-BASED AWARDS

  49. 2025 GRANTS OF PLAN-BASED AWARDS

    | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | | | Estimated Future Payouts Under Equity Incentive Plan Awards(5) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(6) | Grant Date Fair Value of Stock and Option Awards ($)(7) | | Name | Grant Date(1) | Threshold(2) ($) | Target(3) ($) | Maximum(4) ($) | Threshold (#) | Target (#) | Maximum (#) | | | | Peter E. Baccile | 1/2/2025 | — | — | — | 29,134 | 58,327 | 131,235 | — | 3,724,449 | | | 1/2/2025 | — | — | — | — | — | — | 31,407 | 1,487,750 | | | 2/19/2025 | — | 1,298,250 | 2,163,750 | — | — | — | — | — | | Johannson L. | 1/2/2025 | — | — | — | 11,175 | 22,372 | 50,337 | — | 1,428,564 | | Yap | 1/2/2025 | — | — | — | — | — | — | 12,048 | 570,714 | | | 2/19/2025 | — | 814,500 | 1,357,500 | — | — | — | — | — | | Scott A. Musil | 1/2/2025 | — | — | — | 6,889 | 13,792 | 31,032 | — | 880,688 | | | 1/2/2025 | — | — | — | — | — | — | 7,428 | 351,864 | | | 2/19/2025 | — | 446,063 | 743,438 | — | — | — | — | — | | Peter O. Schultz | 1/2/2025 | — | — | — | 8,435 | 16,888 | 37,997 | — | 1,078,355 | | | 1/2/2025 | — | — | — | — | — | — | 9,096 | 430,878 | | | 2/19/2025 | — | 677,250 | 1,128,750 | — | — | — | — | — | | Jennifer E. | 1/2/2025 | — | — | — | 3,310 | 6,626 | 14,909 | — | 423,117 | | Matthews Rice | 1/2/2025 | — | — | — | — | — | — | 3,570 | 169,111 | | | 2/19/2025 | — | 306,094 | 510,156 | — | — | — | — | — |

  50. 2025 GRANTS OF PLAN-BASED AWARDS

    | (1) Reflects the date such awards were made effective and parameters for the 2025 Employee Bonus Plan were approved by the Compensation Committee or the Board of Directors, as applicable. | | (2) There was no threshold payout amount under the 2025 Employee Bonus Plan. | | (3) Amounts reflect a 75% level of achievement under the 2025 Employee Bonus Plan. | | (4) Amounts reflect a 125% level of achievement under the 2025 Employee Bonus Plan. | | (5) Reflects Performance Units granted under our Long-Term Incentive Program, the material terms of which are described in the Compensation Discussion and Analysis under “Long-Term Incentive Program.” The amounts actually earned with respect to such Performance Units, if any, would not be earned until the end of the applicable performance period. | | (6) Amounts reflect Time-Based Units granted in 2025 for service in 2024 under the 2024 Employee Bonus Plan. Such Time-Based Units vest ratably over a period of three years. | | (7) Amounts reflect the aggregate grant date fair value of each stock award as determined under FASB ASC Topic 718. Amounts reflected were not actually received in 2025 and do not necessarily reflect the amounts that will actually be realized with respect to the equity-based awards. |

  51. OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END 2025

    OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END 2025

  52. OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END 2025

    | Name | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($)(1) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(2) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(1) | | Peter E. Baccile | 53,454(3) | 3,061,311 | 188,113 | 10,773,232 | | Johannson L. Yap | 20,881(4) | 1,195,855 | 75,244 | 4,309,224 | | Scott A. Musil | 12,631(5) | 723,377 | 45,398 | 2,599,943 | | Peter O. Schultz | 14,619(6) | 837,230 | 50,827 | 2,910,862 | | Jennifer E. Matthews Rice | 6,589(7) | 377,352 | 23,600 | 1,351,572 |

  53. OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END 2025

    | (1) These amounts are based upon the closing price of our Common Stock on December 31, 2025 ($57.27), the last trading day of the year. | | (2) Amounts reflect unvested Performance Units granted in 2024 and 2025 and dividend equivalents accrued through December 31, 2025. The vesting and other material terms of the awards are described in the Compensation Discussion and Analysis under “Long-Term Incentive Program.” The number of unvested Performance Units and related accrued dividend equivalents granted in 2024 for all Named Executive Officers is calculated by taking the maximum number of Performance Units multiplied times 100.0%, which is the weighted average percentage under the assumption of a maximum achievement of both the Nareit All Equity Index Units and the Peer Group Units through December 31, 2025. The number of unvested Performance Units and related accrued dividend equivalents granted in 2025 for all Named Executive Officers is calculated by taking the maximum number of Performance Units multiplied times 70.0%, which is the weighted average percentage under the assumption of maximum achievement of the Nareit All Equity Index Units and a target achievement of the Peer Group Units through December 31, 2025. 93,679, 39,022, 23,068, 23,485 and 12,872 of Performance Units vest on December 31, 2026 and 94,434, 36,222, 22,330, 27,342 and 10,728 of Performance Units vest on December 31, 2027, subject to satisfaction of performance criteria for Messrs. Baccile, Yap, Musil and Schultz and Ms. Matthews Rice, respectively. | | (3) Of the Time-Based Units reported here, 25,321 vest in January 2026, 17,664 vest in January 2027 and 10,469 vest in January 2028. | | (4) Of the Time-Based Units reported here, 9,964 vest in January 2026, 6,901 vest in January 2027 and 4,016 vest in January 2028. | | (5) Of the Time-Based Units reported here, 5,971 vest in January 2026, 4,184 vest in January 2027 and 2,476 vest in January 2028. | | (6) Of the Time-Based Units reported here, 6,751 vest in January 2026, 4,836 vest in January 2027 and 3,032 vest in January 2028. | | (7) Of the Time-Based Units reported here, 3,223 vest in January 2026, 2,176 vest in January 2027 and 1,190 vest in January 2028. |

  54. 2025 OPTION EXERCISES AND STOCK VESTED

    2025 OPTION EXERCISES AND STOCK VESTED The following table sets forth the aggregate number of Time-Based Units and Performance Units that vested in 2025. The Performance Units are inclusive of accrued dividend equivalents related thereto. As of December 31, 2025, the Company had no outstanding options to acquire Common Stock.

  55. 2025 OPTION EXERCISES AND STOCK VESTED

    | Name | Number of Shares Acquired on Vesting (#)(1) | Value Realized on Vesting ($) | | Peter E. Baccile | 117,856 | 6,589,708 | | Johannson L. Yap | 48,664 | 2,722,969 | | Scott A. Musil | 28,390 | 1,588,348 | | Peter O. Schultz | 29,479 | 1,648,237 | | Jennifer E. Matthews Rice | 16,151 | 903,086 |

  56. 2025 OPTION EXERCISES AND STOCK VESTED

    (1)The number of Units or shares reported were acquired as a result of: (a) the vesting of 20,527, 8,218, 4,820, 5,138 and 2,809 Time-Based Units on January 2, 2025 consisting of Units for Messrs. Baccile, Yap, Musil, Schultz and Ms. Matthews Rice , respectively, the value of which is based on the closing price of our Common Stock on January 2, 2025 ($49.48), the first trading day following the date of vesting of such awards and (b) the vesting of Performance Units granted in 2023 and related accrued dividend equivalents based at an achievement of 95.19% on December 31, 2025 consisting of 97,329, 40,446, 23,570, 24,341 and 13,342 Units for Messrs. Baccile, Yap, Musil, Schultz and Ms. Matthews Rice, respectively the value of which is based on the closing price of our Common Stock on December 31, 2025, the last trading day of the year ($57.27).

  57. POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL

    POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL

  58. PAY VERSUS PERFORMANCE COMPARISON

    PAY VERSUS PERFORMANCE COMPARISON The information below presents the relationship between the compensation of our Named Executive Officers and certain performance measures in accordance with Item 402(v) of Regulation S-K. The amounts presented in the tables below do not necessarily represent amounts actually earned or realized by our Named Executive Officers for the respective years. For a detailed discussion of our compensation programs and pay for performance philosophy, please refer to the “Compensation Discussion and Analysis” section above.

  59. PAY VERSUS PERFORMANCE COMPARISON

    | Year | Summary Compensation Table Total for CEO ($)(1) | Compensation Actually Paid to CEO ($)(2) | Average Summary Compensation Table Total for Non-CEO NEOs ($)(3) | Average Compensation Actually Paid to Non-CEO NEOs ($)(2)(3) | Value of Initial Fixed $100 Investment Based On: | | Net Income ($) (In Millions) | FFO per Diluted Share/Unit(5) | | | | | | | Total Shareholder Return ($) | Peer Group Total Shareholder Return ($)(4) | | | | 2025 | 8,288,366 | 14,919,391 | 2,767,824 | 4,489,078 | 155.0 | 126.7 | 264.0 | 2.96 | | 2024 | 6,617,506 | 6,952,717 | 2,279,283 | 2,367,001 | 136.6 | 117.6 | 296.0 | 2.65 | | 2023 | 6,413,736 | 6,471,113 | 2,187,401 | 2,179,595 | 139.5 | 112.0 | 285.8 | 2.44 | | 2022 | 5,675,125 | 5,009,154 | 1,946,025 | 1,758,889 | 124.7 | 100.6 | 381.6 | 2.28 | | 2021 | 5,242,451 | 10,913,430 | 1,853,333 | 3,779,800 | 167.0 | 134.1 | 277.2 | 1.97 |

  60. PAY VERSUS PERFORMANCE COMPARISON

    (1)The dollar amounts reported are the amounts of total compensation reported for our CEO, Mr. Baccile, in the Summary Compensation Table for the years ended December 31, 2025, 2024, 2023, 2022 and 2021. (2)The dollar amounts represent the amount of “compensation actually paid,” as computed in accordance with Item 402(v) of Regulation S-K. The tables below these footnotes show the steps taken to compute such amounts paid to the CEO and non-CEO NEOs in accordance with Item 402(v) of Regulation S-K. (3)The dollar amounts reported reflect the average compensation reported for our NEOs, other than our CEO, in the Summary Compensation Table for the years ended December 31, 2025, 2024, 2023, 2022 and 2021. (4)Reflects cumulative total shareholder return of the FTSE Nareit All Equity REITs Index (the “FTSE Index”), which is the index used by the Company for purposes of Item 201(e) of Regulation S-K under the Exchange Act in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. (5)FFO represents net income available to common stockholders, unitholders and participating securities, plus depreciation and other amortization of real estate, plus impairment of real estate, minus gain (or plus loss) on sale of real estate, adjusted for any associated income tax provision or benefit. Similar adjustments are made for our share of net income from an unconsolidated joint venture. FFO is a non-GAAP financial measure created by Nareit as a supplemental measure of REIT operating performance that excludes certain items from net income determined in accordance with GAAP. FFO is calculated by the Company in accordance with the definition adopted by the Board of Governors of Nareit and therefore may not be comparable to other similarly titled measures of other companies.

  61. PAY VERSUS PERFORMANCE COMPARISON

    | Year | 2025 | 2024 | 2023 | 2022 | 2021 | | CEO | | | | | | | Summary Compensation Table (SCT) Total Compensation ($) | 8,288,366 | 6,617,506 | 6,413,736 | 5,675,125 | 5,242,451 | | Adjustments for stock awards: | | | | | | | Reported Value of Equity Awards in SCT ($) | (5,212,199) | (3,810,539) | (3,714,199) | (3,165,627) | (2,113,787) | | Fair Value of Equity Awards Granted in the Year and Unvested ($) | 7,200,241 | 3,898,748 | 3,758,544 | 2,957,058 | 3,873,565 | | Change in Fair Value of Outstanding and Unvested Equity Awards from Prior Years ($) | 1,590,083 | 223,528 | 102,783 | (938,114) | 2,695,084 | | Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($) | 2,490,672 | (207,851) | (292,753) | 199,495 | 1,017,850 | | Value of Dividends or other Earnings Paid on Awards ($) | 562,228 | 231,325 | 203,002 | 281,217 | 198,267 | | Compensation Actually Paid ($)(1)(2) | 14,919,391 | 6,952,717 | 6,471,113 | 5,009,154 | 10,913,430 |

  62. PAY VERSUS PERFORMANCE COMPARISON

    | Non-CEO NEOs | | | | | | | SCT Total Compensation ($) | 2,767,824 | 2,279,283 | 2,187,401 | 1,946,025 | 1,853,333 | | Adjustments for stock awards: | | | | | | | Reported Value of Equity Awards in SCT ($) | (1,333,323) | (994,037) | (963,439) | (807,314) | (702,519) | | Fair Value of Equity Awards Granted in the Year and Unvested ($) | 1,841,865 | 1,017,590 | 974,392 | 754,115 | 1,287,373 | | Change in Fair Value of Outstanding and Unvested Equity Awards from Prior Years ($) | 416,696 | 58,722 | 27,602 | (293,287) | 797,355 | | Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($) | 649,770 | (53,806) | (107,620) | 69,244 | 463,324 | | Value of Dividends or other Earnings Paid on Awards ($) | 146,246 | 59,249 | 61,259 | 90,106 | 80,934 | | Compensation Actually Paid ($)(1)(2) | 4,489,078 | 2,367,001 | 2,179,595 | 1,758,889 | 3,779,800 |

  63. PAY VERSUS PERFORMANCE COMPARISON

    (1)Fair value or change in fair value, as applicable, of equity awards in “Compensation Actually Paid” was determined by reference to (a) for Time-Based Units and Time-Based RSUs, closing price on applicable year-end dates ($66.20, $48.26, $52.67, $50.13 and $57.27 as of December 31, 2021, 2022, 2023, 2024 and 2025, respectively) or, in the case of vesting dates, the actual vesting price, and (b) for Performance Units and Performance RSUs, the fair value calculated by a Monte Carlo simulation model as of the applicable year-end date(s) or in the case of vesting date, the actual vesting price, determined based on the same methodology as used to determine grant date fair values but using the closing stock price on the applicable revaluation date as the current market price and based on volatility, dividend rates and risk free rates determined as of the revaluation date. (2)As previously discussed in the Company’s 2021 proxy statement, during the year ended December 31, 2020, each NEO received one-time transitional equity grants in connection with the transition of the historical compensation program to our current compensation program. Specifically, the 2020 grants included one-year, two-year and three-year vesting or performance periods as one-time only grants in order maintain an appropriate level of overall long-term compensation opportunity during the transition between the two programs. For the years ended December 31, 2022 and 2021, the value of these one-time transition awards included in Compensation Actually Paid for the CEO was $(74,205) and $743,580, respectively. For the years ended December 31, 2022 and 2021, the value of these one-time transition awards included in Compensation Actually Paid for the Non-CEO NEOs was $(40,450) and $111,154, respectively.

  64. CEO PAY RATIO

    CEO PAY RATIO As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(u) of Regulation S-K, we are providing the following information with respect to the annual total compensation of our median employee, excluding Mr. Baccile, the annual total compensation of Mr. Baccile, and the ratio of those two values: •The 2025 annual total compensation of the median employee of the Company (other than Mr. Baccile) was $158,762; •The 2025 annual total compensation of our CEO, Mr. Baccile, was $8,288,366; and •For 2025, the ratio of the annual total compensation of Mr. Baccile to the median annual total compensation of all our employees was approximately 52 to 1.