NETSTREIT Corp DEF 14A, filed Mar 28, 2025

About this DEF 14A

NETSTREIT Corp. (NTST)

DEF 14A 2025-03-28 For: 2025-05-15

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Added on June 13, 2026

Our Board’s Recommendation

Election of Directors (page 9)

Approval of Amended and Restated 2019 Plan (page 23)

Ratification of Retention of Independent Registered Public Accounting Firm (page 55)

Advisory Vote to Approve Executive Compensation (page 56)

YOUR VOTE IS IMPORTANT. WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING, PLEASE VOTE YOUR SHARES OVER THE TELEPHONE, VIA THE INTERNET OR BY COMPLETING, DATING, SIGNING AND RETURNING A PROXY CARD, AS DESCRIBED IN THE PROXY STATEMENT. YOUR PROMPT COOPERATION IS GREATLY APPRECIATED.

NETSTREIT Corp filed this DEF 14A on March 28, 2025.

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	1			To elect the seven nominees to the Board of Directors (the “Board”) named in the accompanying proxy statement (the “Proxy Statement”) to hold office until the 2026 Annual Meeting of Stockholders or until their successors are duly elected and qualified (Proposal One);
	2			To approve the amendment and restatement of the NETSTREIT Corp. 2019 Omnibus Incentive Compensation Plan (the “2019 Plan”) (Proposal Two);
	3			To ratify the retention of KPMG LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2025 (Proposal Three);
	4			To approve, on an advisory basis, the compensation of the Company’s named executive officers as disclosed in the Proxy Statement (Proposal Four); and
	5			To transact such other business as may properly come before the Annual Meeting or any adjournments or postponements thereof.

	Page
	6			2025 PROXY STATEMENT SUMMARY
	6			2025 Annual Meeting of Stockholders
	7			Business Highlights
	8			Executive Compensation Highlights
	8			Corporate Responsibility Highlights
	9			ELECTION OF DIRECTORS
	10			DIRECTORS AND MANAGEMENT
	10			Director Biographical Information
	13			Board Experience, Qualifications and Skills
	14			Executive Officer Biographical Information
	15			CORPORATE GOVERNANCE
	15			Criteria for Selection of Directors
	15			Recommendation of Nominees by Stockholders
	15			Board and Committee Self-Evaluations
	15			Independence of Directors
	16			Board’s Role in Risk Oversight
	16			Corporate Responsibility
	18			Other Board Information
	20			Non-Employee Director Compensation
	21			Security Ownership of Certain Beneficial Owners, Directors and Management
	23			APPROVAL OF AN AMENDMENT AND RESTATEMENT OF THE 2019 OMNIBUS PLAN
	23			Why We Are Asking Our Stockholders to Approve the Restated 2019 Plan
	23			Why You Should Vote for the Restated 2019 Plan
	25			Description of the Restated 2019 Plan
	27			Certain U.S. Federal Income Tax Effects
	28			New Plan Benefits
	29			Plan Benefits
	29			Equity Compensation Plan Information
	30			COMPENSATION DISCUSSION AND ANALYSIS
	30			Overview of the Compensation Program
	30			Compensation Philosophy and Objectives
	30			Say on Pay Advisory Vote Results and Stockholder Outreach
	31			Setting Executive Compensation
	32			Executive Compensation Components
	36			Other Benefits
	36			Governance and Other Considerations
	39			COMPENSATION COMMITTEE REPORT
	40			EXECUTIVE COMPENSATION
	40			Summary Compensation Table
	41			Grants of Plan-Based Awards
	43			Outstanding Equity Awards at 2024 Fiscal Year-End
	44			Stock Vested in 2024

	Page
	44			Potential Payments Upon Termination or Change in Control
	46			Compensation and Risk
	47			Pay Ratio
	47			Policies and Practices Related to the Grant of Certain Equity Awards
	48			Pay Versus Performance
	52			AUDIT COMMITTEE REPORT
	53			FEES OF INDEPENDENT ACCOUNTANTS
	54			CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
	55			RATIFICATION OF RETENTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
	56			ADVISORY VOTE ON EXECUTIVE COMPENSATION
	57			QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING
	57			Why did you send me this Proxy Statement?
	57			Who can vote at the Annual Meeting?
	57			How many shares must be present to conduct the Annual Meeting?
	57			What matters are to be voted on at the Annual Meeting?
	57			How does the Board recommend that I vote?
	58			How do I vote at the Annual Meeting?
	58			What does it mean if I receive more than one notice of internet availability of proxy materials?
	58			May I change my vote?
	58			What vote is required to elect directors and approve the other matters described in this Proxy Statement?
	59			What is the difference between holding shares as a stockholder of record and as a beneficial owner?
	59			How do I vote if my bank or broker holds my shares in “street name”?
	59			How many votes do I have?
	59			How will the votes be counted at the Annual Meeting?
	59			How will the Company announce the voting results?
	60			Who pays for the Company’s solicitation of proxies?
	60			What is “householding” and how does it work?
	60			How do I participate in the Annual Meeting?
	61			STOCKHOLDER PROPOSALS AND NOMINATIONS FOR 2026 ANNUAL MEETING OF STOCKHOLDERS
	62			OTHER MATTERS
	A-1			APPENDIX A — RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
	B-1			APPENDIX B — NETSTREIT CORP. 2019 OMNIBUS INCENTIVE COMPENSATION PLAN

	= Chair of Board/Committee			= Member of Committee			Director Term: One Year			Board Meetings in 2024: 7
	Standard Board Committee Meetings in 2024: Audit (9), Compensation (6), Nominating (9), Investment (1)

Portfolio Metrics	December 31, 2024
Annualized Base Rent (“ABR”)(1) (in thousands)		$	165,070
Number of investments(2)			687
Number of states			45
Square feet			12,609,612
Tenants			98
Industries			26
Occupancy(3)			99.9%
Weighted average lease term remaining (years)(4)			9.8

	Environmental				Social				Governance
	• Consider tenants’ commitment to ESG as part of our investment process • As of December 31, 2024, 18 of our top 20 tenants had ESG commitments, representing 92% of ABR of our top 20 tenants and 63% of our total ABR • Elements of our headquarters, such as building automation systems, lighting controls, green cleaning, and recycling programs, significantly decrease natural resource use by conserving energy and water, minimizing waste, and reducing CO2 emissions • We incorporated a Sustainability Linked Loan in our $250.0 million senior unsecured term loan, which allows the Company to benefit from reduction on interest costs if certain key performance indicators are met (e.g., tenants with commitments to reduce GHG emissions per the Science Based Targets Initiative) • We adopted green lease language in our standard lease form and corporate policies, and have executed leases with numerous tenants to better collaborate with tenants in sharing data • Annual participation in GRESB public disclosure submission • Annual calculation of Scope 1 and Scope 2 Greenhouse Gas inventory				• Competitive compensation and benefits, including stock awards for all employees • Employee Experience Committee facilitates employee feedback on workplace experiences • Our Employee Recognition Program is a way to show appreciation for our employees’ dedication, celebrating their anniversaries and birthdays • We partner with local charities providing volunteer hours and financial contributions to give back to the community • Maintain Human Rights Policy to advance fundamental human rights within our Company • Annual Employee Engagement Survey				• 43% of our Board, including 50% of our independent directors, are women • 29% of our directors are racially or ethnically diverse • Six out of seven directors are independent • Independent committees • Separate Chair of the Board and CEO • Directors elected annually • Directors are elected by majority of votes cast in uncontested elections with a director resignation policy • Annual director and committee assessments • We have opted out of the Maryland Control Share Acquisition Act of the MGCL, and we may not opt into the provisions of the Maryland Control Share Acquisition Act without the approval of our stockholders • No poison pill or differential voting stock structure to chill shareholder participation • Our Bylaws may be amended by the vote of stockholders entitled to cast at least a majority of the votes entitled to be cast upon at a duly organized meeting of stockholders • Our Nominating and Corporate Governance Committee reviews and recommends ESG policies and procedures

	Name				Position
	Mark Manheimer				Director, President, Chief Executive Officer and Secretary
	Lori Wittman				Chair of the Board
	Michael Christodolou				Director
	Heidi Everett				Director
	Todd Minnis				Director
	Matthew Troxell				Director
	Robin Zeigler				Director

	Mark Manheimer			Mr. Manheimer has served as our President, Chief Executive Officer and director since October 2019. Prior to that, Mr. Manheimer served as Chief Investment Officer of EB Arrow and Fund Manager of EB Arrow’s Single Tenant Net Lease Group from February 2018 to October 2019. From 2012 through 2016, Mr. Manheimer was Executive Vice President — Head of Asset Management of Spirit (NYSE: SRC), a REIT that invests primarily in single tenant net leased real estate. Mr. Manheimer was a member of Spirit’s Investment Committee and Executive Committee. Prior to Spirit, Mr. Manheimer was the Head of Sale Leaseback Acquisitions at Cole, a real estate investment services company, from 2009 to 2012. Mr. Manheimer previously worked at Realty Income Corporation (NYSE: O), a REIT that invests in free standing, single tenant commercial properties that are subject to triple net leases, underwriting net lease real estate transactions, at Patriarch Partners, a private investment firm, investing and managing distressed debt and equity investments, and at First Union Securities, a financial services firm, in their Leveraged Finance department. Mr. Manheimer holds a B.S. in Finance from the University of Florida and an M.B.A. from the University of Notre Dame. Mr. Manheimer’s industry experience, leadership abilities and strategic insight make him a valued member of the Board.

	Director, President, Chief Executive Officer and Secretary Age: 48 Board Committees: None

	Lori Wittman			Ms. Wittman has served as the Chair of the Board since October 2024, a director since December 2019 and served as our Interim Chief Financial Officer and Treasurer from November 2022 until April 2023. Since April 2023, Ms. Wittman has served as Executive Vice President and Chief Financial Officer of Aventine Property Group, Inc., a privately-held REIT. Ms. Wittman previously served as an advisor to Big Rock Partners Acquisition Corp. (“Big Rock”), a blank check company, from February 2020 until the closing of its business merger in May 2021. From September 2017 to February 2020, Ms. Wittman served as Chief Financial Officer and a member of the Board of Directors of Big Rock. From 2015 to 2017, Ms. Wittman was the Chief Financial Officer of Care Capital Properties, Inc. (NYSE: CCP), a public healthcare REIT with a diversified portfolio of triple net leased properties, which merged with Sabra Healthcare REIT, Inc. in 2017. Previously, Ms. Wittman was Senior Vice President of Capital Markets and Investor Relations at Ventas, Inc., a REIT focused on the healthcare sector from 2011 to 2015. Prior to her time at Ventas, Ms. Wittman served in a number of finance, accounting and capital markets related roles at various companies, including General Growth Properties, Big Rock Partners, LLC and Heitman Financial. Ms. Wittman was a director of IMH Financial Corporation (“IMH”), a real estate investment and finance company, from July 2014 until November 2020, and served as Chair of the Compensation Committee and as a member of the Audit Committee of IMH. Ms. Wittman has also served as a director of Global Medical REIT Inc. (NYSE: GMRE), a REIT engaged primarily in the acquisition of healthcare facilities, since May 2018, and currently serves as Chair of the Audit Committee and a member of the ESG Committee. Since January 1, 2025, Ms. Wittman is the lead independent director. Ms. Wittman served as a director of Freehold Properties, a real estate investment company, from May 2019 until March 2023 and served as the Chair of the Audit Committee during that time. Ms. Wittman received an M.B.A., Finance and Accounting from the University of Chicago, an M.C.P., Housing and Real Estate Finance from the University of Pennsylvania and a B.A. from Clark University. Ms. Wittman’s thorough knowledge of finance, accounting, capital markets, taxes, control systems and her experience with REITs make her a valued member of the Board.

	Chair of the Board Age: 66 Board Committees: • Audit Committee • Compensation Committee

	Michael Christodolou			Mr. Christodolou has served as a director since August 2020. Mr. Christodolou is the Manager of Inwood Capital Management LLC, an investment management firm he founded in 2000. From 1988 to 1999, Mr. Christodolou was employed by Bass Brothers/Taylor & Company, an investment firm. Mr. Christodolou has served as a director of Lindsay Corporation (NYSE: LNN), a manufacturer of agricultural irrigation and transportation infrastructure products, since 1999 and served as Chair of the Board of Lindsay Corporation from 2003 to 2015. He currently serves as a member of Lindsay Corporation’s Audit Committee and Corporate Governance and Nominating Committee. From 2016 until it was acquired in 2017, Mr. Christodolou served on the Board of Directors of Omega Protein Corporation, a nutritional products company. From 2015 to 2016, Mr. Christodolou served on the Board of Directors of Farmland Partners, Inc. (NYSE: FPI), a REIT that acquires and owns high quality North American farmland. Mr. Christodolou also previously served on the Board of Directors of XTRA Corporation from 1998 until 2001 when it was acquired by Berkshire Hathaway Inc. Mr. Christodolou received an M.B.A. and a B.S. in Economics from the Wharton School. Mr. Christodolou’s knowledge of the investment and capital markets and his experience as a director of public companies make him a valued member of the Board.

	Director Age: 63 Board Committee: • Audit Committee (Chair) • Investment Committee

	Heidi Everett			Ms. Everett has served as a director since August 2020. Ms. Everett is the President and Chief Executive Officer of Star Cypress Partners, LLC, a management consulting company that she founded in 2012. Previously, Ms. Everett was Vice President of The Wentworth Group, a private equity firm, and a Board Director for the Stafford Family Foundation. Prior to that, Ms. Everett was Lead Associate at Booz Allen Hamilton, an information technology consulting firm, within the Strategy & Organization Team from 2004 to 2011. From 1999 to 2003, Ms. Everett served as a Captain in the United States Air Force. Ms. Everett received an M.B.A. in Strategy and Operations from Georgetown University — The McDonough School of Business and a B.S. in Biology from Duke University. Ms. Everett’s broad consulting experience, in particular in strategy and organizational development, change management and workforce development, gives her a unique perspective that makes her a valued member of the Board.

	Director Age: 47 Board Committees: • Compensation Committee • Nominating Committee

	Todd Minnis			Mr. Minnis has served as a director since October 2019 and served as Chair of the Board from October 2019 until October 2024. Mr. Minnis founded EB Arrow, a real estate investment platform specializing in retail property investment, in 2009 as its Managing Partner and served as its Chief Executive Officer from May 2009 until May 2023. Prior to EB Arrow, Mr. Minnis served as the Managing Director of Cypress Equities, the development subsidiary of The Staubach Company, from 2003 to 2009 and worked at The Staubach Company from 1992 to 2003. Mr. Minnis holds a B.S. in Economics and a B.A. in Foreign Languages from Southern Methodist University and an M.B.A. from the University of Texas at Austin McCombs School of Business. Mr. Minnis’ leadership, executive and business experience, along with over 25 years of experience in the commercial real estate investment industry make him a valued member of the Board.

	Director Age: 54 Board Committees: • Nominating Committee • Investment Committee (Chair)

	Matthew Troxell, CFA®			Mr. Troxell has served as a director since December 2019. From 1994 through December 2019, Mr. Troxell was a Managing Director of AEW Capital Management, LP (“AEW”), a real estate investment manager, where he served on both the Management and Risk Management Committees. He started and headed AEW’s Real Estate Securities Group, whose assets under management grew to $10 billion. As Senior Portfolio Manager, he was responsible for all of AEW’s U.S. and global REIT portfolios, and managed a team with offices in Boston, London, and Singapore. Prior to joining AEW, he was a Vice President of Landmark Land Company, a diversified real estate and financial services company, from 1984 to 1992. From 1980 to 1984, he was an equity securities analyst covering financials at A.G. Becker Paribas. Mr. Troxell received his B.A. in Economics from Tufts University and is a CFA charterholder. Mr. Troxell’s REIT investment experience and strategic insight make him a valued member of the Board.

	Director Age: 67 Board Committees: • Audit Committee • Compensation Committee (Chair)

	Robin Zeigler			Ms. Zeigler has served as a director since July 2020. Ms. Zeigler has served as the Founder and Chief Executive Officer of MURAL Real Estate Partners, a commercial real estate services firm, since May 2022. Since January 2022, Ms. Zeigler has served as a trustee of RLJ Lodging Trust (NYSE: RLJ), a lodging REIT. Ms. Zeigler has also served as a director of JLL Income Property Trust (Nasdaq: ZIPTMX), a non-traded REIT since July 2021. From March 2016 to May 2022, Ms. Zeigler served as Chief Operating Officer, Executive Vice President of Cedar Realty Investment Trust (NYSE: CDR), an equity REIT. From 2015 to 2016, Ms. Zeigler served as Executive Vice President — Head of Operations of Penzance, a commercial real estate investment company. Prior to that, Ms. Zeigler served as Chief Operating Officer, Mid-Atlantic Region of Federal Realty Investment Trust (NYSE: FRT), an equity REIT, from 2004 to 2015. Earlier in her career, Ms. Zeigler served in various roles at KeyBank Real Estate Capital, Lendlease Real Estate Investments and Ernst & Young LLP. Ms. Zeigler received an M.B.A. in Real Estate from Georgia State University and a B.S. in Accounting from Florida A&M University. Ms. Zeigler’s real estate investment experience and public company experience make her a valued member of the Board.

	Director Age: 52 Board Committees: • Nominating Committee (Chair) • Investment Committee

	Daniel Donlan			Mr. Donlan has served as our Chief Financial Officer and Treasurer since April 2023. He previously served as Senior Vice President, Head of Capital Markets at Essential Properties Realty Trust, Inc. (NYSE: EPRT), a net lease REIT focused on sale-leaseback transactions with middle-market tenants, from February 2018 through March 2023. Prior to that, Mr. Donlan was a Managing Director at Ladenburg Thalmann & Co., a financial services firm, from January 2013 to January 2018, where he served as the company’s lead REIT research analyst. Prior to that, Mr. Donlan was as a Vice President at Janney Capital Markets, a financial services firm, where he worked from June 2007 to January 2013, and an associate research analyst at BB&T Capital Markets, a financial services firm, where he worked from April 2004 to May 2007. Mr. Donlan began his career as a sales and leasing associate at Thalhimer Cushman & Wakefield, a commercial real estate services firm, in Richmond, VA. Mr. Donlan received a B.B.A. in Finance from the University of Notre Dame.

	Chief Financial Officer and Treasurer Age: 43

Name	Fees Earned or Paid in Cash ($)		Stock Awards ($)(1)		Total ($)
Lori Wittman		91,250(2)		90,000		181,250
Michael Christodolou		73,511(2)		90,000		163,511
Heidi Everett		75,000		90,000		165,000
Todd Minnis		83,658(2)		90,000		173,658
Matthew Troxell		86,011		90,000		176,011
Robin Zeigler		83,511		90,000		173,511

	Fiscal Year
	2024		2023		2022
Total number of shares of common stock subject to stock options granted		—		—		—
Total number of shares of common stock subject to full value awards granted		379,735		243,508		255,558
Weighted-average number of shares of common stock and OP Units outstanding		76,942,723		64,402,271		50,031,444
Burn Rate(1)		0.49%		0.38%		0.51%
3-Year Average Burn Rate				0.46%

	As of March 18, 2025
Total number of shares of common stock subject to outstanding stock options(1)			—
Total number of shares of common stock subject to outstanding full value awards			860,448
Total number of shares of common stock available for grant under the 2019 Plan(2)			426,573
Total number of shares of common stock outstanding			81,698,942
Total number of shares of Class A units of limited partnership of the operating partnership convertible into shares of common stock			424,956
Per-share closing price of common stock as reported on The New York Stock Exchange		$	15.42

Name and Position	Dollar Value ($)		Number of Shares (#)
Mark Manheimer President, Chief Executive Officer and Secretary		(1)		(1)
Daniel Donlan Chief Financial Officer and Treasurer		(1)		(1)
All current executive officers as a group		(1)		(1)
All current directors who are not executive officers as a group		(2)		(2)
All employees, including current officers who are not executive officers, as a group		(1)		(1)

Name and Position	Number of Shares (#)
Mark Manheimer President, Chief Executive Officer and Secretary		1,096,178
Daniel Donlan Chief Financial Officer and Treasurer		150,811
All current executive officers as a group		1,246,989
All current directors who are not executive officers as a group		168,887
Each nominee for election as a director		1,265,065
Mark Manheimer		1,096,178
Lori Wittman		28,998
Michael Christodolou		26,764
Heidi Everett		26,764
Todd Minnis		30,264
Matthew Troxell		28,998
Robin Zeigler		27,099
Each associate of any executive officers, current directors, or director nominees		—
Each other person who received or is to receive 5% of awards		239,259
All employees, including current officers who are not executive officers, as a group		639,160

Plan Category	Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a)(2)		Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (b)		Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a)) (c)
Equity compensation plans approved by security holders(1)		617,429		—		737,897
Equity compensation plans not approved by security holders		—		—		—
Total		617,429		—		737,897

	Named Executive Officer				Title
	Mark Manheimer				President, Chief Executive Officer and Secretary
	Daniel Donlan				Chief Financial Officer and Treasurer

Compensation Factor	Feedback and Analysis	Actions Taken
Peer Group Composition	• Peer group should include better size comparisons to ensure the Company makes appropriate pay level decisions	• Removed 4 of the largest companies from our peer group • Added 3 additional REITs, all of whom are smaller than us in terms of implied equity market capitalization
Stockholder Alignment and Governance Enhancements	• Based on a market review of current best practices from our independent compensation consultant, it was noted that best practice includes strong alignment between stockholder and management interests and a transparent, pay-for-performance structure (no stockholder feedback was negative about any of our current practices)	• To further strengthen the alignment between our executive officers and our stockholders: ◦ increased the CEO’s stock ownership requirement from 5X to 6X annual salary; and ◦ provided executive officers with the ability to elect to receive RSUs in lieu of up to 75% (increased from 50%) of STI compensation under the Alignment of Interest Program, which is described in the section entitled “Alignment of Interest” Program below

Executive Compensation Component	Mark Manheimer(1)	Daniel Donlan(2)
Base Salary ($) (year-over-year change)	700,000 (no change)	375,000 (increased from 350,000)
Target STI ($) (year-over-year change)	700,000 (no change)	425,000 (increased from 350,000)
Target LTI ($) (year-over-year change)	3,000,000 (increased from 2,600,000)	700,000 (increased from 650,000)(3)
Target Total Compensation ($) (year-over-year change)	4,400,000 (increased from 4,000,000)	1,500,000 (increased from 1,350,000)

Name	2024 Base Salary Rate ($) (Effective January 1, 2024)
Mark Manheimer		700,000
Daniel Donlan		375,000

	Short-Term Incentive Opportunity as % of Base Salary(1)
Name	Threshold		Target		Maximum		Target STI ($)
Mark Manheimer		50%		100%		200%		700,000
Daniel Donlan		57%		113%		227%		425,000

Corporate Performance Goal	Weighting		Threshold (50%)	Target (100%)	Maximum (200%)	Actual Performance	Achievement Level (% of Target)	Weighted Payout
AFFO/Share(1)		35%	$1.23	$1.27	$1.30	$1.26	87.5%		30.6%
Portfolio Investment Grade/Investment Grade Profile %(2)		15%	75%	80%	85%	78.8%	88.0%		13.2%
Leverage(3)		15%	5.25x	4.75x	4.25x	3.75x	200.0%		30.0%
Cash G&A (in millions)(4)		15%	$14.5	$14.0	$13.5	$13.0	200.0%		30.0%
Subjective(5)		20%	1	3	5	2	75.0%		15.0%
Total:		100%							118.8%

Name	2024 Annual STI Payout Percentage (% of Target)		2024 Annual STI ($)(1)
Mark Manheimer		118.8%		831,775
Daniel Donlan		118.8%		505,006

Name	Shares Underlying RSU Grant (#)		Aggregate Fair Value of RSU Grant ($)
Mark Manheimer		69,244		1,199,999
Daniel Donlan		16,157		280,001

Name	Target Shares Underlying PSU Grant (#)		Aggregate Fair Value of PSU Grant ($)
Mark Manheimer		114,109		1,799,995
Daniel Donlan		26,626		420,008

2024 PSU Awards — RTSR Comparator Group
Agree Realty	Global Medical REIT	Peakstone Realty Trust
Alexandria Real Estate	Global Net Lease	Physicians Realty Trust
CareTrust REIT	LTC Properties	Plymouth Industrial REIT
Community Healthcare Trust	LXP Industrial Trust	Postal Realty Trust
EPR Properties	Medical Properties Trust	Realty Income
Essential Properties Realty Trust	National Health Investors	Sabra Health Care REIT
Four Corners Property Trust	Net Lease Office Properties	Safehold
Gaming and Leisure Properties	NNN REIT	STAG Industrial
Getty Realty	Omega Healthcare Investors	VICI Properties
Gladstone Commercial	One Liberty Properties	W. P. Carey
	Orion Office REIT

Name and Principal Position	Year		Salary ($)		Stock Awards ($)(1)		Non-Equity Incentive Plan Compensation ($)(2)		All Other Compensation ($)(3)		Total ($)
Mark Manheimer President, Chief Executive Officer and Secretary		2024		700,000		3,375,044		831,775		13,928		4,920,747
		2023		700,000		2,385,917		978,426		13,872		4,078,215
		2022		600,000		2,410,250		687,334		12,260		3,709,844
Daniel Donlan(4) Chief Financial Officer and Treasurer		2024		375,000		700,009		505,006		13,297		1,593,312
Daniel Donlan(4) Chief Financial Officer and Treasurer		2023		255,208		650,000		489,213		107,912		1,502,333

	PSU Grant Date Value ($)		RSU Grant Date Value ($)		Supplemental RSU Grant Date Value ($)		2024 Additional RSU Grant Date Value ($)		Total Grant Date Value ($)
Mark Manheimer		1,799,995		1,199,999		252,752		122,298		3,375,044
Daniel Donlan		420,008		280,001		—		—		700,009