Regarding the qualitative portion of the Annual Incentive Plan for 2021, the Compensation
Committees determinations regarding eligibility for such portion for each of our NEOs is set forth below.
During 2021, under the leadership of
Mr. Albright, the Company accomplished the following:
Total Stockholder Return. The Company delivered total stockholder return
(TSR) of 57% during 2021, through a combination of share price appreciation and our $1.00 per share quarterly dividend, which we established at the end of 2020. Our TSR of 57% outpaced the MSCI US REIT Index, the S&P 500 Index and
the Companys peer group average. Our $1.00 per share quarterly dividend represented an annualized yield of 6.5% based on the closing price of our common stock on December 31, 2021.
Portfolio Growth and Repositioning. We acquired eight multi-tenant retail and mixed-use properties at a
weighted-average going-in cash cap rate of 7.2% for total acquisition volume of $249.1 million. The newly acquired properties are in well-located submarkets of the high-growth cities of Las Vegas, Nevada;
Salt Lake City, Utah; Dallas, Texas; Raleigh, North Carolina; Santa Fe, New Mexico; Orlando, Florida and Atlanta, Georgia. In addition, we strategically recycled capital by disposing of 15 of our income properties for $162.3 million in proceeds
at a weighted average exit cap rate of 6.0% for aggregate gains of $28.2 million, and by monetizing non-income producing assets including the remaining interest in our legacy Daytona Beach land joint
venture, our six-acre downtown Daytona Beach land parcel, and 84,900 acres of subsurface rights.
Balance
Sheet Enhancement. We issued 3,000,000 shares of 6.375% Series A Preferred stock for total net proceeds of $72.4 million, and closed on two 5-year, fixed rate term loans for total proceeds of
$165 million at a 1.99% initial rate; and further improved our balance sheet by repurchasing $11.4 million of 2025 Convertible Senior Notes at an average premium of 113.6%, and repurchasing 40,553 common shares at an average price of
$54.48 per share.
Alpine Growth. We continued to successfully execute the acquisition growth strategy for Alpine, an externally advised, net-lease REIT managed by the Company that was formed in November 2019. During 2021, Alpine acquired 68 net lease retail properties for total acquisition volume of $260.3 million, reflecting a weighted-average going-in cash cap rate of 6.8%. Alpine also closed on its first follow-on equity offering of 3.2 million shares, issued an additional 761,902 shares under its ATM
program, and closed on two fixed-rate term loans totaling $140 million.
Operations. We reported net income of $4.69 per diluted share,
and FFO, Core FFO and AFFO per diluted share of $3.35, $3.93 and $4.36,1 respectively. We also signed 406,240 square feet of leases, extensions and renewals at an average per square foot rent of
$15.85. Finally, we opened our Winter Park corporate headquarters in temporary space at our newly-acquired 369 N. New York Avenue building, and began the design process for our new permanent headquarters location.
Mr. Albright reviewed Mr. Greathouses performance for 2021 with input from the Board. His most significant accomplishments and
contributions to the Companys success included his key role in leading the Companys asset acquisition and disposition efforts, as both the Companys and Alpines portfolios grew substantially during the year; his continued
success in leading the Companys asset management team to strong leasing, occupancy and rent collections; and his key role in the Companys strategic objective to substantially exit the legacy Daytona Beach land business. In February 2022,
the Board, upon the recommendation of Mr. Albright and the Compensation Committee, determined that Mr. Greathouse was eligible for 150% of the qualitative component under the Annual Incentive Plan.
1 |
For calculations of FFO per diluted share, Core FFO per diluted share, and AFFO per diluted share, see page 59 of our
Annual Report on Form 10-K filed with the SEC on February 24, 2022, which also includes a GAAP reconciliation of these non-GAAP measures. |
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