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Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2025

USD ($)

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

PAY VERSUS PERFORMANCE TABLE

The following table sets forth information concerning the compensation of our NEOs for each of the fiscal years ended December 31, 2021, 2022, 2023, 2024, and 2025, and our financial performance for each such fiscal year as required by Item 402(v) of Regulation S-K. For more information on the Company’s pay philosophy and pay for performance, please see the Compensation Discussion & Analysis on p. 25.


Year			Summary Compensation Table Total for PEO^(1)(2)(3)			Compensation Actually Paid to PEO			Average Summary Compensation Table Total for Non-PEO NEOs			Average Compensation Actually Paid to Non- PEO NEOs			Value of Initial Fixed $100 Investment Based On:						Net Income in thousands			AFFO Share Growth⁽⁶⁾
Year			Summary Compensation Table Total for PEO^(1)(2)(3)			Compensation Actually Paid to PEO			Average Summary Compensation Table Total for Non-PEO NEOs			Average Compensation Actually Paid to Non- PEO NEOs			Total Shareholder Return⁽⁴⁾			Peer Group Total Shareholder Return⁽⁵⁾			Net Income in thousands			AFFO Share Growth⁽⁶⁾
2025			$5,701,486			$2,036,560			$1,755,574			$1,258,826			$101.99			$127.34			$112,488			2.9%
2024			$4,616,714			$5,658,067			$1,481,834			$1,358,102			$114.11			$93.38			$100,595			3.6%
2023			$5,342,066			$4,031,813			$1,889,298			$1,557,658			$98.26			$122.84			$95,462			1.8%
2022			$3,629,462			$2,571,203			$1,298,087			$1,018,139			$110.91			$99.82			$97,908			5.1%
2021			$2,779,420			$1,916,694			$1,020,880			$803,582			$113.81			$132.23			$85,745			8.3%

(1)	Amounts represent summary compensation total paid to our PEO.

(2)	Amounts outlined in this table represent “compensation actually paid” to our PEO and the average “compensation actually paid” to our non-PEO NEOs for the relevant SEC rules, which includes the following individuals for each fiscal year:


Year			PEO			Non-PEO NEOs
2025			William H. Lenehan			James L. Brat and Patrick Wernig
2024			William H. Lenehan			Gerald R. Morgan, James L. Brat and Patrick Wernig
2023			William H. Lenehan			Gerald R. Morgan and James L. Brat
2022			William H. Lenehan			Gerald R. Morgan and James L. Brat
2021			William H. Lenehan			Gerald R. Morgan and James L. Brat

(3)	The following table set forth on the next page outlines information concerning the calculation of the adjustment between the Summary Compensation and Compensation Actually Paid for each of the applicable fiscal years.

(4)

Absolute TSR for fiscal years 2025, 2024, 2023, 2022, and 2021 reflected as a percentage, is equal to 2%, 14.1%, -1.7%, 10.9% and 13.8%, respectively. Absolute TSR is one of the metrics we use in our long-term annual compensation program, as described in our Compensation Discussion & Analysis on p.25.

(5)	For the relevant fiscal year, the peer group represents the cumulative TSR of the MSCI U.S. REIT Index.

(6)

AFFO Share Growth is the Company’s Selected Measure for purposes of the SEC rules. Percentages shown in the table reflect the percentage growth in AFFO Share Growth in each applicable year. AFFO Share Growth may not have been the most important financial performance measure for prior years and we may determine a different financial performance measure to be the most important financial performance measure in future years. For more information on AFFO Share Growth, please see our Compensation Discussion & Analysis on p. 25.


	2025
				PEO			Average non-PEO NEOs
	Deduction for Amounts Reported under the “Stock Awards” Column in the Summary Compensation Table for Applicable FY			$(3,705,794)			$(844,155)
	Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End			2,016,093			429,663
	Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date			603,846			251,786
	Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End			(2,610,715)			(337,413)
	Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date			31,644			3,371
	Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End			—			—
	Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date			—			—
	Increase based on Incremental Fair Value of Options/SARs Modified during Applicable FY			—			—
	Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table for Applicable FY			—			—
	Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans			—			—
	Total Adjustment			$(3,664,926)			$(496,748)

Company Selected Measure Name

AFFO Share Growth

Named Executive Officers, Footnote

(2)	Amounts outlined in this table represent “compensation actually paid” to our PEO and the average “compensation actually paid” to our non-PEO NEOs for the relevant SEC rules, which includes the following individuals for each fiscal year:


Year			PEO			Non-PEO NEOs
2025			William H. Lenehan			James L. Brat and Patrick Wernig
2024			William H. Lenehan			Gerald R. Morgan, James L. Brat and Patrick Wernig
2023			William H. Lenehan			Gerald R. Morgan and James L. Brat
2022			William H. Lenehan			Gerald R. Morgan and James L. Brat
2021			William H. Lenehan			Gerald R. Morgan and James L. Brat

Peer Group Issuers, Footnote

(5)	For the relevant fiscal year, the peer group represents the cumulative TSR of the MSCI U.S. REIT Index.

PEO Total Compensation Amount

$ 5,701,486

$ 4,616,714

$ 5,342,066

$ 3,629,462

$ 2,779,420

PEO Actually Paid Compensation Amount

$ 2,036,560

5,658,067

4,031,813

2,571,203

1,916,694

Adjustment To PEO Compensation, Footnote

(3)	The following table set forth on the next page outlines information concerning the calculation of the adjustment between the Summary Compensation and Compensation Actually Paid for each of the applicable fiscal years.


	2025
				PEO			Average non-PEO NEOs
	Deduction for Amounts Reported under the “Stock Awards” Column in the Summary Compensation Table for Applicable FY			$(3,705,794)			$(844,155)
	Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End			2,016,093			429,663
	Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date			603,846			251,786
	Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End			(2,610,715)			(337,413)
	Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date			31,644			3,371
	Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End			—			—
	Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date			—			—
	Increase based on Incremental Fair Value of Options/SARs Modified during Applicable FY			—			—
	Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table for Applicable FY			—			—
	Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans			—			—
	Total Adjustment			$(3,664,926)			$(496,748)

Non-PEO NEO Average Total Compensation Amount

$ 1,755,574

1,481,834

1,889,298

1,298,087

1,020,880

Non-PEO NEO Average Compensation Actually Paid Amount

$ 1,258,826

1,358,102

1,557,658

1,018,139

803,582

Adjustment to Non-PEO NEO Compensation Footnote

(3)	The following table set forth on the next page outlines information concerning the calculation of the adjustment between the Summary Compensation and Compensation Actually Paid for each of the applicable fiscal years.


	2025
				PEO			Average non-PEO NEOs
	Deduction for Amounts Reported under the “Stock Awards” Column in the Summary Compensation Table for Applicable FY			$(3,705,794)			$(844,155)
	Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End			2,016,093			429,663
	Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date			603,846			251,786
	Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End			(2,610,715)			(337,413)
	Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date			31,644			3,371
	Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End			—			—
	Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date			—			—
	Increase based on Incremental Fair Value of Options/SARs Modified during Applicable FY			—			—
	Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table for Applicable FY			—			—
	Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans			—			—
	Total Adjustment			$(3,664,926)			$(496,748)

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Total Shareholder Return Vs Peer Group

Tabular List, Table

Pay Versus Performance Tabular List for fiscal year ended December 31, 2025

We believe the following performance measures represent the most important financial performance measures used by us in 2025 to link compensation actually paid to our PEO and NEOs for fiscal year ended December 31, 2025:

•	Absolute Total Rate of Return to Stockholders; and

•	AFFO Share Growth.

Total Shareholder Return Amount

$ 101.99

114.11

98.26

110.91

113.81

Peer Group Total Shareholder Return Amount

$ 127.34

$ 93.38

$ 122.84

$ 99.82

$ 132.23

Company Selected Measure Amount

0.029

0.036

0.018

0.051

0.083

William H. Lenehan

William H. Lenehan

William H. Lenehan

William H. Lenehan

William H. Lenehan

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

$ 112,488,000

$ 100,595,000

$ 95,462,000

$ 97,908,000

$ 85,745,000

Percentage of Absolute Total Shareholder Return

2.00%

14.10%

(1.70%)

10.90%

13.80%

Pay vs Performance Disclosure

Absolute Total Rate of Return to Stockholders

Pay vs Performance Disclosure

AFFO Share Growth

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (3,664,926)

PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

PEO | Aggregate Pension Adjustments Service Cost

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(3,705,794)

PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

2,016,093

PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(2,610,715)

PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

603,846

PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

31,644

PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

PEO | Incremental Fair Value of Options/SARs Modified During Applicable FY [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(496,748)

Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

Non-PEO NEO | Aggregate Pension Adjustments Service Cost

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(844,155)

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

429,663

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(337,413)

Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

251,786

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

3,371

Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

Non-PEO NEO | Incremental Fair Value of Options/SARs Modified During Applicable FY [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 0