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ecd:NonPeoNeoMember 2022-01-01 2022-12-31 0000752642 UMH:MinusGrantDateFairValueOfAwardsGrantedDuringYearMember ecd:NonPeoNeoMember 2021-01-01 2021-12-31 0000752642 UMH:PlusMinusEquityAwardAdjustmentsMember ecd:NonPeoNeoMember 2021-01-01 2021-12-31 0000752642 UMH:MinusGrantDateFairValueOfAwardsGrantedDuringYearMember ecd:NonPeoNeoMember 2020-01-01 2020-12-31 0000752642 UMH:PlusMinusEquityAwardAdjustmentsMember ecd:NonPeoNeoMember 2020-01-01 2020-12-31 0000752642 UMH:YearEndValueOfCurrentYearAwardsOutstandingAsOfYearEndMember ecd:NonPeoNeoMember 2023-01-01 2023-12-31 0000752642 UMH:ChangeInValueAsOfYearEndForPriorYearAwardsOutstandingAsOfYearEndMember ecd:NonPeoNeoMember 2023-01-01 2023-12-31 0000752642 UMH:ChangeInValueAsOfVestingDateForPriorYearAwardsThatVestedDuringTheYearIncludingDividendsMember ecd:NonPeoNeoMember 2023-01-01 2023-12-31 0000752642 UMH:TotalEquityAwardAdjustmentsMember ecd:NonPeoNeoMember 2023-01-01 2023-12-31 0000752642 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UMH:YearEndValueOfCurrentYearAwardsOutstandingAsOfYearEndMember ecd:NonPeoNeoMember 2020-01-01 2020-12-31 0000752642 UMH:ChangeInValueAsOfYearEndForPriorYearAwardsOutstandingAsOfYearEndMember ecd:NonPeoNeoMember 2020-01-01 2020-12-31 0000752642 UMH:ChangeInValueAsOfVestingDateForPriorYearAwardsThatVestedDuringTheYearIncludingDividendsMember ecd:NonPeoNeoMember 2020-01-01 2020-12-31 0000752642 UMH:TotalEquityAwardAdjustmentsMember ecd:NonPeoNeoMember 2020-01-01 2020-12-31 iso4217:USD shares iso4217:USD shares pure false 0000752642 DEF 14A UMH Properties, Inc. <table cellpadding="0" cellspacing="0" id="xdx_88D_eecd--PvpTableTextBlock_zNhVMTSYK1rd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Pay vs Performance Disclosure"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; padding-bottom: 1.5pt; text-align: left"> </td> <td style="display: none"> </td> <td colspan="2" id="xdx_48E_eecd--PeoTotalCompAmt_zktneMp1ii38" style="border-bottom: Black 1.5pt solid; display: none; font-weight: bold; text-align: center">Summary Compensation Table Total for PEO (1)</td><td style="display: none; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_482_eecd--PeoActuallyPaidCompAmt_zLnrKaVGJpq1" style="border-bottom: Black 1.5pt solid; display: none; font-weight: bold; text-align: center">Compensation Actually Paid to PEO (2)</td><td style="display: none; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_48E_eecd--NonPeoNeoAvgTotalCompAmt_zLkFuG68uF0d" style="border-bottom: Black 1.5pt solid; display: none; font-weight: bold; text-align: center">Average Summary Compensation Table Total for Non-PEO NEOs (3)</td><td style="display: none; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_489_eecd--NonPeoNeoAvgCompActuallyPaidAmt_z2ujFGmSn4Fh" style="border-bottom: Black 1.5pt solid; display: none; font-weight: bold; text-align: center">Average Compensation Actually Paid to Non-PEO NEOs (4)</td><td style="display: none; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_48F_eecd--TotalShareholderRtnAmt_pp2d_zPA2C5rUznwg" style="border-bottom: Black 1.5pt solid; display: none; font-weight: bold; text-align: center">Total Shareholder Return (“TSR”)</td><td style="display: none; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_480_eecd--PeerGroupTotalShareholderRtnAmt_pp2d_z88uQvBDLGP4" style="border-bottom: Black 1.5pt solid; display: none; font-weight: bold; text-align: center">FTSE Nareit All REIT TSR (5)</td><td style="display: none; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_48E_eus-gaap--NetIncomeLoss_pn3n3_zAE31TmuPJm6" style="border-bottom: Black 1.5pt solid; display: none; font-weight: bold; text-align: center">Net Income (Loss) to Common Shareholders (in thousands)</td><td style="display: none; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_487_eecd--CoSelectedMeasureAmt_pn3n3_uUSD_zp62Ll4jbtHf" style="border-bottom: Black 1.5pt solid; display: none; font-weight: bold; text-align: center">Normalized FFO (in thousands)</td><td style="display: none; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td> </td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Value of Initial Fixed $100 Investment Based on:</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Summary Compensation Table Total for PEO (1)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Compensation Actually Paid to PEO (2)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Average Summary Compensation Table Total for Non-PEO NEOs (3)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Average Compensation Actually Paid to Non-PEO NEOs (4)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total Shareholder Return (“TSR”)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">FTSE Nareit All REIT TSR (5)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Net Income (Loss) to Common Shareholders (in thousands)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Normalized FFO (in thousands)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td> <td> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td></tr> <tr id="xdx_413_20230101__20231231_zR3DGAl5ta55" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 9%; text-align: left; padding-bottom: 1.5pt">2023</td> <td style="width: 2%"> </td> <td style="padding-bottom: 1.5pt; width: 1%; text-align: left">$</td><td style="padding-bottom: 1.5pt; width: 9%; text-align: right">2,067,604</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; width: 1%; text-align: left">$</td><td style="padding-bottom: 1.5pt; width: 8%; text-align: right">1,524,425</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; width: 1%; text-align: left">$</td><td style="padding-bottom: 1.5pt; width: 7%; text-align: right">1,045,115</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; width: 1%; text-align: left">$</td><td style="padding-bottom: 1.5pt; width: 7%; text-align: right">18,149</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; width: 1%; text-align: left">$</td><td style="padding-bottom: 1.5pt; width: 7%; text-align: right">116.79</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; width: 1%; text-align: left">$</td><td style="padding-bottom: 1.5pt; width: 7%; text-align: right">109.95</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; width: 1%; text-align: left">$</td><td style="padding-bottom: 1.5pt; width: 7%; text-align: right">(8,714</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; width: 1%; text-align: left">$</td><td style="padding-bottom: 1.5pt; width: 7%; text-align: right">54,533</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_417_20220101__20221231_zddGqPakVsKf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">2022</td> <td> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">3,015,035</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">152,145</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">1,270,427</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">617,951</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">116.61</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">98.62</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">(36,265</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">46,840</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_41B_20210101__20211231_z71bKy4X3tZ5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">2021</td> <td> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">5,219,968</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">8,425,139</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">1,828,776</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">3,607,647</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">190.07</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">131.68</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">21,249</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">41,144</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_416_20200101__20201231_zXBU8zrOyued" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">2020</td> <td> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">3,000,284</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">2,622,270</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">1,025,213</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">820,884</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">99.29</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">94.14</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">(29,759</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">29,154</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> 2067604 1524425 1045115 18149 116.79 109.95

-8714000

54533000 3015035 152145 1270427 617951 116.61 98.62

-36265000

46840000 5219968 8425139 1828776 3607647 190.07 131.68

21249000

41144000 3000284 2622270 1025213 820884 99.29 94.14

-29759000

29154000 Samuel A. Landy Samuel A. Landy Samuel A. Landy Samuel A. Landy <table cellpadding="0" cellspacing="0" id="xdx_880_eecd--AdjToPeoCompFnTextBlock_zUCkUcoXPsL8" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto" summary="xdx: Disclosure - Pay vs Performance Disclosure"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_489_eecd--PeoTotalCompAmt_zm1t4gP6UORb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Summary Compensation Table Total for PEO</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_482_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--MinusGrantDateFairValueOfAwardsGrantedDuringYearMember__ecd--ExecutiveCategoryAxis__ecd--PeoMember_zmdfJAtD9PDi" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Minus Grant Date Fair Value of Awards Granted During Year (a)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_48C_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--PlusMinusEquityAwardAdjustmentsMember__ecd--ExecutiveCategoryAxis__ecd--PeoMember_zS4TzRhN2Ct1" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Plus (Minus) Equity Award Adjustments (b)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_489_eecd--PeoActuallyPaidCompAmt_zIa4Ybe20BE6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Compensation Actually Paid to PEO</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td></tr> <tr id="xdx_419_20230101__20231231_zBHmhKHhIfye" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 21%; text-align: left; padding-bottom: 1.5pt">2023</td> <td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; width: 1%; text-align: left">$</td><td style="padding-bottom: 1.5pt; width: 17%; text-align: right">2,067,604</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; width: 1%; text-align: left">$</td><td style="padding-bottom: 1.5pt; width: 16%; text-align: right">(876,942</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; width: 1%; text-align: left">$</td><td style="padding-bottom: 1.5pt; width: 15%; text-align: right">333,763</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; width: 1%; text-align: left">$</td><td style="padding-bottom: 1.5pt; width: 15%; text-align: right">1,524,425</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_417_20220101__20221231_zwRCQVpXhqsi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">2022</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">3,015,035</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">(1,030,973</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">(1,831,917</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">152,145</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_419_20210101__20211231_zioEKKXRkQV8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">2021</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">5,219,968</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">(2,048,214</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">5,253,385</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">8,425,139</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_415_20200101__20201231_zFuQEwM5EbRj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">3,000,284</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">(155,271</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">(222,743</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">2,622,270</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> 2067604 -876942 333763 1524425 3015035 -1030973 -1831917 152145 5219968 -2048214 5253385 8425139 3000284 -155271 -222743 2622270 <table cellpadding="0" cellspacing="0" id="xdx_88D_eecd--EquityValuationAssumptionDifferenceFnTextBlock_zI7NgOXlY3z2" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto" summary="xdx: Disclosure - Pay vs Performance Disclosure"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_48A_eecd--AdjToCompAmt_hecd--ExecutiveCategoryAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--YearEndValueOfCurrentYearAwardsOutstandingAsOfYearEndMember_zyO4gTgbOoZ2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year End Value of Current Year Awards Outstanding as of Year End</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_48E_eecd--AdjToCompAmt_hecd--ExecutiveCategoryAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--ChangeInValueAsOfYearEndForPriorYearAwardsOutstandingAsOfYearEndMember_ztveuug6urm5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Change in Value as of Year End for Prior Year Awards Outstanding as of Year End</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_48D_eecd--AdjToCompAmt_hecd--ExecutiveCategoryAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--ChangeInValueAsOfVestingDateForPriorYearAwardsThatVestedDuringTheYearIncludingDividendsMember_zMu8v3CYEUxg" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Change in Value as of Vesting Date for Prior Year Awards That Vested During the Year (including dividends)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_480_eecd--AdjToCompAmt_hecd--ExecutiveCategoryAxis__ecd--PeoMember_zyEkfwXaVzCg" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total Equity Award Adjustments</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td></tr> <tr id="xdx_41E_20230101__20231231_z8SaRh6ib7z" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-bottom: 1.5pt">2023</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 11%; text-align: right">944,252</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 11%; text-align: right">(497,846</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 11%; text-align: right">(112,643</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 11%; text-align: right">333,763</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_41F_20220101__20221231_zO4Bmm9RPGsb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">2022</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">722,231</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,638,757</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(915,391</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,831,917</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_41F_20210101__20211231_zGtMRuV0zfya" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">2021</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,437,407</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,643,084</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">172,894</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,253,385</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_419_20200101__20201231_z5YLLpBeUVkg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">2020</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">164,116</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(215,598</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(171,260</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(222,743</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> </table> 944252 -497846 -112643 333763 722231 -1638757 -915391 -1831917 3437407 1643084 172894 5253385 164116 -215598 -171260 -222743 <table cellpadding="0" cellspacing="0" id="xdx_88C_eecd--AdjToNonPeoNeoCompFnTextBlock_z1hUN13839N8" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto" summary="xdx: Disclosure - Pay vs Performance Disclosure"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_481_eecd--NonPeoNeoAvgTotalCompAmt_zzeHs16yV4Kf" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Average Summary Compensation Table for Non-PEO NEOs</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_48B_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--MinusGrantDateFairValueOfAwardsGrantedDuringYearMember__ecd--ExecutiveCategoryAxis__ecd--NonPeoNeoMember_zHGhUkSrNIg4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Minus Grant Date Fair Value of Awards Granted During Year (a)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_48D_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--PlusMinusEquityAwardAdjustmentsMember__ecd--ExecutiveCategoryAxis__ecd--NonPeoNeoMember_zm8cTlQ1piy5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Plus (Minus) Equity Award Adjustments (b)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_48F_eecd--NonPeoNeoAvgCompActuallyPaidAmt_zOkCrWI0s372" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Average Compensation Actually Paid to Non-PEO NEOs</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td></tr> <tr id="xdx_41B_20230101__20231231_zFgOm6MVLt6i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left; padding-bottom: 1.5pt">2023</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 10%; text-align: right">1,045,115</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 10%; text-align: right">(431,042</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 10%; text-align: right">(595,924</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 10%; text-align: right">18,149</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_41D_20220101__20221231_z4VNWmJdjH72" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">2022</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,270,427</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(508,554</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(143,922</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">617,951</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_41A_20210101__20211231_zJ7pnInjXmo6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">2021</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,828,776</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(773,689</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,552,560</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,607,647</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_41E_20200101__20201231_zEHEaGjCXYT2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">2020</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,025,213</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(124,419</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(79,910</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">820,884</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> 1045115 -431042 -595924 18149 1270427 -508554 -143922 617951 1828776 -773689 2552560 3607647 1025213 -124419 -79910 820884 394561 -964433 -26052 -595924 469020 -119934 -493008 -143922 1247008 1031180 274372 2552560 122225 -157259 -44876 -79910 Pursuant to SEC rules, the TSR figures assume an initial investment of $100 on December 31, 2020. As permitted by SEC rules, the index referenced for the purpose of TSR comparison is the group of companies included in the FTSE Nareit All REIT Index, which is the peer group used for purposes of Item 201(e) of Regulation S-K. The separate peer group used by the Compensation Committee, together with information from the Survey, for purposes of determining compensation paid to our executive officers is described on page 34. Compensation Actually Paid and Total Shareholder Return Company TSR and Nareit All REIT Index TSR are computed in accordance with Item 402(v) of Regulation S-K. These metrics are based on dividends and stock prices for each period presented. While the Company’s TSR exceeded the TSR for the Nareit All REIT Index for each of the four years in the chart, the Company did not use this metric in determining executive compensation for the years 2020 through 2022. The 2023 employment agreements entered into by the named executive officers described in the Compensation Discussion and Analysis section of this proxy statement, do incorporate Total Shareholder Return as a metric to be used when determining the short-term cash bonus and long-term equity compensation awarded under the agreements. TSR, Normalized FFO, same property NOI growth; acquisition targets; expansions and development of sites (including the Joint Venture); and capital raising/refinancing; are the most important financial performance measures that the Company used to link compensation actually paid to our NEOs for fiscal year 2023. Compensation Actually Paid and Net Income The amount of compensation actually paid to our executive officers is not directly linked to net income. The Company is a real estate investment trust (REIT) with its real estate portfolio as its largest asset. Though real estate over the long-term generally increases in value, the assets are depreciated over the useful life of each asset on our consolidated financial statements in accordance with generally accepted accounting principles. Consequently, depreciation expense continues to grow as our real estate portfolio grows which significantly reduces the Company’s net income. Compensation Actually Paid and Normalized FFO As described in the Compensation Discussion and Analysis section of this proxy statement, the Company considers Normalized FFO to be an important measure of an equity REIT’s operating performance. Normalized FFO excludes historical cost depreciation as an expense and may facilitate the comparison of REITs which have a different cost basis. The Company considers Normalized FFO to be meaningful, additional measure of operating performance primarily because it excludes the assumption that the value of its real estate assets diminishes predictably over time and because industry analysts have accepted it as a performance measure. Normalized FFO has increased each year from 2020 through 2024. This metric has been utilized by the Compensation Committee in determining executive compensation. Normalized FFO Reflects the total compensation of Samuel A. Landy, President and Chief Executive Officer, who is our PEO. Amounts shown are as calculated in the Summary Compensation Table (SCT) for each of the years shown. The dollar amounts shown in these columns reflect CAP to Mr. Samuel A. Landy, calculated in accordance with SEC rules. The CAP was calculated beginning with the PEO’s SCT total. The below amounts were deducted from and added to the applicable SCT total compensation: Reflects the average total compensation of the Company’s NEOs, Mr. Eugene W. Landy, Chairman of the Board; Ms. Anna T. Chew, Executive Vice President, Chief Financial Officer and Treasurer, Mr. Craig Koster, Executive Vice President, General Counsel and Secretary and Mr. Brett Taft, Executive Vice President and Chief Operating Officer. Amounts shown are calculated in the Summary Compensation Table (SCT) for each of the years shown. The dollar amounts shown in these columns reflect average CAP to the Non-PEO NEOs, calculated in accordance with SEC rules. The average CAP was calculated beginning with the Non-PEO NEO’s average SCT total. The below amounts were deducted from and added to the applicable SCT total compensation: Pursuant to SEC rules, the TSR figures assume an initial investment of $100 on December 31, 2020. As permitted by SEC rules, the index referenced for the purpose of TSR comparison is the group of companies included in the FTSE Nareit All REIT Index, which is the peer group used for purposes of Item 201(e) of Regulation S-K. The separate peer group used by the Compensation Committee, together with information from the Survey, for purposes of determining compensation paid to our executive officers is described on page 34. Represents the total of the amounts reported in the Grant of Plan-Based Awards section for the applicable year. The values of the shares underlying options were established using the Black-Scholes stock option valuation model.