Velarion · Company Intelligence
Compensation Brief
Fiscal year 2024 · Filings through 2026-04-24

Sila Realty Trust, Inc. (SILA)

Fiscal year 2024 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$5,510,455
Michael Seton total, FY2024
31st
CEO pay percentile vs peers
40:1
CEO-to-median pay ratio
95.4%
Say-on-pay support, latest vote
Companies that benchmark against SILA
14 companies name SILA as a compensation peer

Each company listed discloses SILA in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named SILA in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2024

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Michael Seton$825,000$0$2,275,000$0$1,949,063$0$461,392$5,510,455
President and Chief Executive Officer
Kay Neely525,00001,100,0000918,7500214,9482,758,698
Executive Vice President, Chief Financial Officer, Treasurer and Secretary
Christopher Flouhouse311,26901,040,9840310,178023,5231,685,954
Executive Vice President and Chief Investment Officer
Jon Sajeski79,3330325,0000001,121,9441,526,277
Former Chief Investment Officer
Robert Labenski66,2500250,000000779,2351,095,485
Former Chief Accounting Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2024 totalFY2023 totalFY2022 totalΔ FY20232024
Michael Seton$5,510,455$5,501,420$4,399,528+9,035
Kay Neely2,758,6982,454,2281,998,774+304,470
Christopher Flouhouse1,685,954
Jon Sajeski1,526,2771,209,7781,046,290+316,499
Robert Labenski1,095,485860,623+234,862

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2024

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Michael SetonRSU2024-01-0138,018$19,009
Robert LabenskiRSU2024-01-014,1782,089
Kay NeelyRSU2024-01-0118,3829,191
Christopher FlouhouseRSU2024-05-069,0414,520
Jon SajeskiRSU2024-01-015,4312,716
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Michael Seton$19,009$0$00.0%
Robert Labenski2,089000.0%
Kay Neely9,191000.0%
Christopher Flouhouse4,520000.0%
Jon Sajeski2,716000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2024

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Michael SetonRSU85,682$2,083,786
Michael SetonPSU34,595
Kay NeelyRSU38,308931,651
Christopher FlouhouseRSU25,751626,264
Christopher FlouhousePSU13,560
Kay NeelyPSU14,826
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is designed to accomplish the following key objectives: attract, motivate and retain highly qualified executives; align incentive compensation with annual and long-term performance objectives based on challenging but achievable goals; employ a balanced compensation structure that encourages prudent growth and does not encourage excessive risk taking; and ensure a high degree of alignment of the interests of our executives and our stockholders.

CEO STI target (% of salary)135%
CEO LTI target (% of salary)
Independent consultantFPC
Clawback policyTrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-05-2123,348,4161,124,6411,349,65095.4%Passed
20242024-06-2669,029,65218,153,73511,012,13479.18%Passed
20232023-05-3175,061,7939,378,34711,925,08288.89%Passed
20212021-07-0872,217,74410,056,88413,692,74287.78%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20252025-05-2195.4%a
20242024-06-2679.18%b
20232023-05-3188.89%c

a. Approved under the standard stated in the filing — “For purposes of this proposal, abstentions and broker non- votes, if any, will have no impact on the outcome of the vote.”.

b. Approved under the standard stated in the filing — “For purposes of this proposal, abstentions and broker non-votes, if any, will have no impact on the outcome of the vote.”.

c. Approved under the standard stated in the filing — “For purposes of this proposal, abstentions and broker non-votes, if any, will have no impact on the outcome of the vote.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)40 : 1
CEO total compensation$5,510,455
Median employee compensation$136,348
08

Director compensation — fiscal year 2024

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Jonathan KuchinIndependent · Board Chair · Audit$163,750$100,132$0$0$5,519$269,401
Z. Jamie BeharIndependent · Audit (Chair) · Nominating/Governance120,625100,132005,447226,204
Roger PrattIndependent · Nominating/Governance (Chair) · Compensation114,375100,132005,519220,026
Adrienne KirbyIndependent · Compensation (Chair) · Nominating/Governance114,375100,132005,447219,954
Verett MimsIndependent · Compensation · Audit109,375100,132005,447214,954
Michael A. SetonEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$90,000
Annual equity retainer$100,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 17,500 / 17,500
Stock ownership guideline$360,000
09b

Total cost of the board

ComponentFY2024
Cash retainers and fees$622,500
Equity awards (grant-date value)$500,660
All other compensation$27,379
Total cost of the board$1,150,539

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2024

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Sila Realty Trust, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Sila Realty Trust, Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Easterly Government Properties, Inc.2025Darrell Crate$825,000$8,508,519$0$930,000$10,277,519
2CareTrust REIT, Inc.2025David Sedgwick1,000,0001,242,02207,750,00010,002,522
3Essential Properties Realty Trust, Inc.2025Peter Mavoides800,0006,853,00001,950,0009,634,000
4Sabra Health Care REIT, Inc.2025Richard Matros1,000,0005,026,72102,526,0008,552,721
5InvenTrust Properties Corp.2025Daniel Busch950,0004,627,08402,012,8137,597,244
6American Healthcare REIT, Inc.2025Danny Prosky800,0004,355,8290840,0006,685,948
7LXP Industrial Trust2025T. Wilson Eglin840,0004,044,98201,442,4386,645,384
8Broadstone Net Lease, Inc.2025John Moragne600,0003,918,50601,187,7706,065,001
9Four Corners Property Trust, Inc.2025William Lenehan724,6053,705,794005,701,486
10Sila Realty Trust, Inc.2024Michael Seton825,0002,275,00001,949,0635,510,455
11NETSTREIT Corp.2025Mark Manheimer700,0003,194,41601,253,1755,165,527
12LTC Properties, Inc.2025Pamela Shelley-Kessler650,0002,250,00001,117,1884,027,538
13Community Healthcare Trust Incorporated2025David Dupuy666,6681,147,5020620,0012,448,171

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Sila Realty Trust, Inc.175%PSU 50 · RSU 50NoFPC
American Healthcare REIT, Inc.150%RSU 50 · PSU 50Yes — Total Shareholder Return (TSR) relative to performance peer groupFerguson Partners Consulting, L.P.
Broadstone Net Lease, Inc.198%PSU 60 · RSU 40Yes — Relative Total Shareholder Return vs rTSR Peer GroupFerguson Partners Consulting, L.P.
CareTrust REIT, Inc.310%PSU 50 · RSU 50Yes — Relative TSRPearl Meyer
Community Healthcare Trust Incorporated62%PSU 65 · RSU 35Yes — Relative TSR vs. Peer GroupFerguson Partners Consulting
Easterly Government Properties, Inc.78%LTIP Units 100Yes — Absolute TSRFTI Consulting
Essential Properties Realty Trust, Inc.163%LTIP Units 100Yes — Relative TSRFerguson Partners Consulting L.P.
Four Corners Property Trust, Inc.125%PSU 50 · RSU 50Yes — Absolute Total Stockholder Return (TSR)Semler Brossy
InvenTrust Properties Corp.212%RSU 100NoFerguson Partners Consulting
LTC Properties, Inc.137.5%RSU 50 · PSU 50Yes — Absolute TSRFrederic W. Cook & Co., Inc.
LXP Industrial Trustnot disclosedPSU 60 · RSU 40Yes — Relative TSR compared to MSCI US REIT IndexFerguson Partners Consulting, L.P.
NETSTREIT Corp.179.0%PSU 60 · RSU 40Yes — Absolute TSRFPC and Farient
Sabra Health Care REIT, Inc.168.4%PSU 65 · RSU 35YesFW Cook

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at Sila Realty Trust, Inc. in fiscal 2024?
Michael Seton, serving as President and Chief Executive Officer, was the highest-paid executive at Sila Realty Trust, Inc. in fiscal 2024 with total compensation of $5,510,455.
How does Sila Realty Trust, Inc.'s chief executive pay compare to its disclosed peer group?
The company reported that the CEO's pay placed him in the 31st percentile of the disclosed peer group.
What is Sila Realty Trust, Inc.'s CEO-to-median employee pay ratio?
The filing shows a CEO-to-median employee pay ratio of 40:1 for fiscal 2024.
How did shareholders vote on Sila Realty Trust, Inc.'s executive compensation?
Shareholders approved the executive compensation plan with 95.4% support in the latest vote.
How much does Sila Realty Trust, Inc. spend in total on board compensation for fiscal 2024?
Total board compensation for fiscal 2024 was $1,150,539.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Michael SetonDEF 14A2025-04-040001567925-25-000036Section “Summary Compensation Table”. As printed: 5,510,455. Filing ↗machine: span 1479805–1479814
2Section 01, Kay NeelyDEF 14A2025-04-040001567925-25-000036Section “Summary Compensation Table”. As printed: 2,758,698. Filing ↗machine: span 1499702–1499711
3Section 01, Christopher FlouhouseDEF 14A2025-04-040001567925-25-000036Section “Summary Compensation Table”. As printed: 1,685,954. Filing ↗machine: span 1520324–1520333
4Section 01, Jon SajeskiDEF 14A2025-04-040001567925-25-000036Section “Summary Compensation Table”. As printed: 1,526,277. Filing ↗machine: t40 · r9 · c14 · span 1528831–1528840
5Section 01, Robert LabenskiDEF 14A2025-04-040001567925-25-000036Section “Summary Compensation Table”. As printed: 1,095,485. Filing ↗machine: t40 · r12 · c14 · span 1549471–1549480
6Section 03, Michael Seton RSUDEF 14A2025-04-040001567925-25-000036Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t42 · r5 · c11 · span 1651512–1651518
7Section 03, Robert Labenski RSUDEF 14A2025-04-040001567925-25-000036Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t42 · r17 · c11 · span 1752794–1752799
8Section 03, Kay Neely RSUDEF 14A2025-04-040001567925-25-000036Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t42 · r8 · c11 · span 1675938–1675943
9Section 03, Christopher Flouhouse RSUDEF 14A2025-04-040001567925-25-000036Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t42 · r11 · c11 · span 1700846–1700851
10Section 03, Jon Sajeski RSUDEF 14A2025-04-040001567925-25-000036Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t42 · r14 · c11 · span 1726768–1726773
11Section 07, pay ratioDEF 14A2025-04-040001567925-25-000036Section “CEO Pay Ratio”. As printed: 40 : 1. Filing ↗machine: span 2387649–2387651
12Section 08, Jonathan KuchinDEFA14A2025-04-040001567925-25-000037Section “Director Compensation”. As printed: 269,401. Filing ↗machine: t17 · r2 · c8 · span 947195–947202
13Section 08, Z. Jamie BeharDEFA14A2025-04-040001567925-25-000037Section “Director Compensation”. As printed: 226,204. Filing ↗machine: t17 · r3 · c8 · span 952349–952356
14Section 08, Roger PrattDEFA14A2025-04-040001567925-25-000037Section “Director Compensation”. As printed: 220,026. Filing ↗machine: t17 · r5 · c8 · span 962623–962630
15Section 08, Adrienne KirbyDEFA14A2025-04-040001567925-25-000037Section “Director Compensation”. As printed: 219,954. Filing ↗machine: t17 · r4 · c8 · span 957498–957505
16Section 08, Verett MimsDEFA14A2025-04-040001567925-25-000037Section “Director Compensation”. As printed: 214,954. Filing ↗machine: t17 · r6 · c8 · span 967795–967802
17Section 08, Michael A. SetonDEF 14A2025-04-040001567925-25-000037Section “Director Compensation”. As printed: 0. Filing ↗
18Section 06, 2025 voteForm 8-K2025-05-210001567925-25-000047Item 5.07 · say-on-pay result. As reported: 95.4% (votes for as printed: 23,348,416). Filing ↗
19Section 06, 2024 voteForm 8-K2024-06-260001567925-24-000061Item 5.07 · say-on-pay result. As reported: 79.18% (votes for as printed: 69,029,652.68). Filing ↗
20Section 06, 2023 voteForm 8-K2023-05-310001567925-23-000033Item 5.07 · say-on-pay result. As reported: 88.89% (votes for as printed: 75,061,793.33). Filing ↗
21Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
22Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
23Section 09b board cost (computed)ComputedcomputedCash 622,500 + equity 500,660 + all other 27,379 = 1,150,539, summed across the director compensation table rows.machine: formula: Σ = 1,150,539
24Easterly Government Properties, Inc., Section 10b CEO totalDEF 14A2026-03-230001622194-26-000008CEO total compensation as printed in Easterly Government Properties, Inc.'s own proxy. As printed: 10,277,519. Filing ↗machine: t32 · r4 · c14 · span 1314670–1314680
25CareTrust REIT, Inc., Section 10b CEO totalDEF 14A2026-03-130001628280-26-017386CEO total compensation as printed in CareTrust REIT, Inc.'s own proxy. As printed: 10,002,522. Filing ↗machine: r3 · c21 · span 586779–586789
26Essential Properties Realty Trust, Inc., Section 10b CEO totalDEF 14A2026-03-310001193125-26-134683CEO total compensation as printed in Essential Properties Realty Trust, Inc.'s own proxy. As printed: 9,634,000. Filing ↗
27Sabra Health Care REIT, Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-175398CEO total compensation as printed in Sabra Health Care REIT, Inc.'s own proxy. As printed: 8,552,721. Filing ↗machine: span 570037–570046
28InvenTrust Properties Corp., Section 10b CEO totalDEF 14A2026-03-190001307748-26-000097CEO total compensation as printed in InvenTrust Properties Corp.'s own proxy. As printed: 7,597,244. Filing ↗machine: t86 · r3 · c7 · span 1486834–1486843
29American Healthcare REIT, Inc., Section 10b CEO totalDEF 14A2026-04-090001193125-26-149677CEO total compensation as printed in American Healthcare REIT, Inc.'s own proxy. As printed: 6,685,948. Filing ↗machine: r3 · c25 · span 905119–905128
30LXP Industrial Trust, Section 10b CEO totalDEF 14A2026-04-030000910108-26-000015CEO total compensation as printed in LXP Industrial Trust's own proxy. As printed: 6,645,384. Filing ↗machine: t65 · r2 · c15 · span 653567–653576
31Broadstone Net Lease, Inc., Section 10b CEO totalDEF 14A2026-03-200001424182-26-000025CEO total compensation as printed in Broadstone Net Lease, Inc.'s own proxy. As printed: 6,065,001. Filing ↗machine: span 1494368–1494377
32Four Corners Property Trust, Inc., Section 10b CEO totalDEF 14A2026-04-160001140361-26-015137CEO total compensation as printed in Four Corners Property Trust, Inc.'s own proxy. As printed: 5,701,486. Filing ↗machine: r2 · c18 · span 641840–641849
33Sila Realty Trust, Inc. (subject), Section 10b CEO totalDEF 14A2025-04-040001567925-25-000036CEO total compensation as printed in Sila Realty Trust, Inc.'s own proxy. As printed: 5,510,455. Filing ↗machine: span 1479805–1479814
34NETSTREIT Corp., Section 10b CEO totalDEF 14A2026-04-010001628280-26-022557CEO total compensation as printed in NETSTREIT Corp.'s own proxy. As printed: 5,165,527. Filing ↗machine: r2 · c13 · span 1458631–1458640
35LTC Properties, Inc., Section 10b CEO totalDEF 14A2026-04-080001104659-26-040921CEO total compensation as printed in LTC Properties, Inc.'s own proxy. As printed: 4,027,538. Filing ↗machine: t203 · r7 · c20 · span 1255138–1255147
36Community Healthcare Trust Incorporated, Section 10b CEO totalDEF 14A2026-03-120001631569-26-000021CEO total compensation as printed in Community Healthcare Trust Incorporated's own proxy. As printed: 2,448,171. Filing ↗machine: t78 · r5 · c14 · span 606124–606133
37Section 10a, Essential Properties Realty Trust, Inc. reciprocityDEF 14A0001193125-26-134683Essential Properties Realty Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include Sila Realty Trust, Inc.. Filing ↗
38Section 10a, Four Corners Property Trust, Inc. reciprocityDEF 14A0001140361-26-015137Four Corners Property Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include Sila Realty Trust, Inc.. Filing ↗
39Section 10a, Community Healthcare Trust Incorporated reciprocityDEF 14A0001631569-26-000021Community Healthcare Trust Incorporated names Sila Realty Trust, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
40Section 10a, Sabra Health Care REIT, Inc. reciprocityDEF 14A0001193125-26-175398Sabra Health Care REIT, Inc.'s most recent proxy was read; its disclosed peer group does not include Sila Realty Trust, Inc.. Filing ↗
41Section 10a, LXP Industrial Trust reciprocityDEF 14A0000910108-26-000015LXP Industrial Trust's most recent proxy was read; its disclosed peer group does not include Sila Realty Trust, Inc.. Filing ↗
42Section 10a, Broadstone Net Lease, Inc. reciprocityDEF 14A0001424182-26-000025Broadstone Net Lease, Inc. names Sila Realty Trust, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
43Section 10a, Easterly Government Properties, Inc. reciprocityDEF 14A0001622194-26-000008Easterly Government Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Sila Realty Trust, Inc.. Filing ↗
44Section 10a, American Healthcare REIT, Inc. reciprocityDEF 14A0001193125-26-149677American Healthcare REIT, Inc. names Sila Realty Trust, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
45Section 10a, LTC Properties, Inc. reciprocityDEF 14A0001104659-26-040921LTC Properties, Inc. names Sila Realty Trust, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
46Section 10a, NETSTREIT Corp. reciprocityDEF 14A0001628280-26-022557NETSTREIT Corp. names Sila Realty Trust, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗