Fiscal year 2022 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.
Each company listed discloses SRC 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 SRC in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Jackson Hsieh | $901,250 | $0 | $8,972,078 | $0 | $2,793,875 | $0 | $53,865 | $12,721,068 |
| President and Chief Executive Officer | ||||||||
| Ken Heimlich | 477,405 | 0 | 1,901,012 | 0 | 883,199 | 0 | 30,351 | 3,291,967 |
| Executive Vice President and Chief Investment Officer | ||||||||
| Michael Hughes | 477,405 | 0 | 1,901,012 | 0 | 883,199 | 0 | 22,540 | 3,284,156 |
| Executive Vice President and Chief Financial Officer | ||||||||
| Jay Young | 376,620 | 0 | 1,499,714 | 0 | 696,746 | 0 | 24,498 | 2,597,578 |
| Executive Vice President, Chief Administrative Officer and Chief Legal Officer | ||||||||
| Rochelle Thomas | 310,389 | 0 | 1,235,975 | 0 | 574,220 | 0 | 17,299 | 2,137,883 |
| Executive Vice President, General Counsel and Secretary | ||||||||
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.
| Named executive officer | FY2022 total | FY2021 total | FY2020 total | Δ FY2021→2022 |
|---|---|---|---|---|
| Jackson Hsieh | $12,721,068 | — | — | — |
| Ken Heimlich | 3,291,967 | — | — | — |
| Michael Hughes | 3,284,156 | — | — | — |
| Jay Young | 2,597,578 | — | — | — |
| Rochelle Thomas | 2,137,883 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
No insider equity transactions reported since the proxy statement.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Rochelle Thomas | RSU | 5,207 | — | $207,916 |
| Jackson Hsieh | PSU | 109,401 | — | 4,368,382 |
| Michael Hughes | RSU | 2,654 | — | 105,974 |
| Jay Young | RSU | 2,095 | — | 83,653 |
| Jackson Hsieh | PSU | 51,334 | — | 2,049,767 |
| Ken Heimlich | PSU | 19,440 | — | 776,239 |
| Jackson Hsieh | RSU | 12,527 | — | 500,203 |
| Ken Heimlich | RSU | 2,227 | — | 88,924 |
| Rochelle Thomas | RSU | 1,783 | — | 71,195 |
| Jay Young | PSU | 18,286 | — | 730,160 |
| Ken Heimlich | PSU | 10,876 | — | 434,279 |
| Jay Young | PSU | 8,580 | — | 342,599 |
| Rochelle Thomas | PSU | 7,071 | — | 282,345 |
| Michael Hughes | PSU | 23,180 | — | 925,577 |
| Michael Hughes | PSU | 10,876 | — | 434,279 |
Our compensation philosophy emphasizes pay-for-performance through an executive compensation program designed to align compensation with Company-wide financial and operational achievements. In 2022, 100% of long-term equity awards granted to our Named Executive Officers were performance based.
| CEO STI target (% of salary) | 150% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Ferguson Partners Consulting (FPC) |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | True |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2023 | 2023-05-03 | 120,647,862 | 4,249,040 | 260,268 | 96.6% | Passed |
| 2022 | 2022-05-18 | 105,262,518 | 3,591,368 | 248,653 | 96.7% | Passed |
| 2021 | 2021-05-19 | 84,509,343 | 16,247,277 | 144,332 | 83.87% | Passed |
| 2020 | 2020-06-08 | 83,912,592 | 4,382,983 | 349,362 | 95.04% | Passed |
| 2019 | 2019-05-09 | 39,254,549 | 32,008,761 | 1,799,351 | 55.08% | Passed |
| 2018 | 2018-06-27 | 267,567,903 | 93,348,333 | 3,007,219 | 74.14% | 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.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2023 | 2023-05-03 | 96.6%a |
| 2022 | 2022-05-18 | 96.7%b |
| 2021 | 2021-05-19 | 83.87%c |
a. Approved under the standard stated in the filing — “Abstentions will have no impact on the outcome of the vote for this Proposal.”.
b. Approved under the standard stated in the filing — “Abstentions will have no impact on the outcome of the vote for this Proposal.”.
c. Approved under the standard stated in the filing — “Abstentions will have no impact on the outcome of the vote for this Proposal.”.
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.
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Richard I. GilchristIndependent · Lead Independent Director · Compensation | $110,000 | $229,981 | $0 | $0 | $0 | $339,981 |
| Thomas J. SullivanIndependent · Compensation (Chair) | — | 241,575 | 0 | 0 | 0 | 241,575 |
| Michelle M. FrymireIndependent · Audit · Nominating and Corporate Governance | — | 237,730 | 0 | 0 | 0 | 237,730 |
| Kevin M. CharltonIndependent · Compensation | — | 237,089 | 0 | 0 | 0 | 237,089 |
| Elizabeth F. FrankIndependent · Audit · Nominating and Corporate Governance | 45,000 | 186,214 | 0 | 0 | 0 | 231,214 |
| Kristian M. GathrightIndependent · Nominating and Corporate Governance | — | 229,956 | 0 | 0 | 0 | 229,956 |
| Nicholas P. ShepherdIndependent · Compensation · Nominating and Corporate Governance (Chair) | 99,300 | 129,998 | 0 | 0 | 0 | 229,298 |
| Diana M. LaingIndependent · Audit (Chair) | 95,000 | 129,998 | 0 | 0 | 0 | 224,998 |
| Todd A. DunnIndependent · Departed during FY · Partial-year service | 36,038 | — | 0 | 0 | 0 | 36,038 |
| Jackson HsiehEmployee director · Board Chair | 0 | 0 | 0 | — | 0 | 0 |
| Annual cash retainer | $70,000 |
|---|---|
| Annual equity retainer | $130,000 |
| Per board meeting fee | $1,500 |
| Committee chair fees (audit / comp / nom-gov) | 25,000 / 25,000 / 25,000 |
| Stock ownership guideline | — |
| Component | FY2022 |
|---|---|
| Cash retainers and fees | $385,338 |
| Equity awards (grant-date value) | $1,622,541 |
| All other compensation | $0 |
| Total cost of the board | $2,007,879 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies Spirit Realty Capital 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 Spirit Realty Capital.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Macerich Company | 2025 | Jackson Hsieh | $1,000,000 | $10,826,050 | $0 | $0 | $15,047,450 |
| 2 | Omega Healthcare Investors, Inc. | 2025 | C. Taylor Pickett | 967,000 | 11,248,498 | 0 | 1,297,593 | 14,020,475 |
| 3 | Spirit Realty Capital | 2022 | Jackson Hsieh | 901,250 | 8,972,078 | 0 | 2,793,875 | 12,721,068 |
| 4 | EPR Properties | 2025 | Gregory Silvers | 933,400 | 7,266,155 | 0 | 0 | 10,901,683 |
| 5 | Federal Realty Investment Trust | 2025 | Donald Wood | 1,000,000 | 7,554,434 | 0 | 1,350,000 | 9,929,147 |
| 6 | Sabra Health Care REIT, Inc. | 2025 | Richard Matros | 1,000,000 | 5,026,721 | 0 | 2,526,000 | 8,552,721 |
| 7 | Urban Edge Properties | 2025 | Jeffrey Olson | 1,100,000 | 4,892,465 | 0 | 2,091,243 | 8,106,208 |
| 8 | STORE Capital Corporation | 2021 | Mary Fedewa | — | 4,535,096 | 0 | 1,756,265 | 7,028,435 |
| 9 | Acadia Realty Trust | 2025 | Kenneth Bernstein | 850,000 | 3,574,544 | 0 | 2,486,898 | 6,922,230 |
| 10 | LXP Industrial Trust | 2025 | T. Wilson Eglin | 840,000 | 4,044,982 | 0 | 1,442,438 | 6,645,384 |
| 11 | Pebblebrook Hotel Trust | 2025 | Jon Bortz | 840,000 | 3,592,193 | 0 | 2,085,000 | 6,589,254 |
| 12 | Seritage Growth Properties | 2025 | Andrea Olshan | 327,115 | 0 | 0 | 0 | 6,386,016 |
| 13 | Paramount Group, Inc. | 2024 | Albert Behler | 1,134,000 | 0 | 0 | 2,615,000 | 4,447,497 |
| — | Healthcare Trust of America, Inc. | — | — | — | — | — | — | not in coverage universe |
| — | Retail Properties of America, Inc. | — | — | — | — | — | — | not in coverage universe |
| — | Medical Properties Trust, Inc. | — | — | — | — | — | — | not in coverage universe |
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.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Spirit Realty Capital | 310% | PSU 100 | Yes — Relative TSR | Ferguson Partners Consulting (FPC) |
| Acadia Realty Trust | 145% | LTIP Units 100 | Yes — Relative TSR vs. Nareit Shopping Center Index | Ferguson Partners Consulting (FPC) |
| EPR Properties | 276.2% | PSU 70 · RSU 30 | Yes — TSR vs. TSR of Triple-Net Peer Group | Ferguson Partners Consulting L.P. |
| Federal Realty Investment Trust | 120% | not disclosed | No | Semler Brossy Consulting Group |
| Healthcare Trust of America, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| LXP Industrial Trust | not disclosed | PSU 60 · RSU 40 | Yes — Relative TSR compared to MSCI US REIT Index | Ferguson Partners Consulting, L.P. |
| Macerich Company | 200% | LTIP Units 100 | Yes — Relative TSR vs. Equity Peer REITs | Meridian (effective June 25, 2025); FW Cook (prior to June 25, 2025) |
| Medical Properties Trust, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Omega Healthcare Investors, Inc. | 149.0% | PSU 60 · RSU 40 | Yes — Relative TSR vs. FTSE Nareit Equity Health Care Index | Ferguson Partners Consulting L.P. |
| Paramount Group, Inc. | 154% | PSU 60 · RSU 40 | No | Frederic W. Cook & Co., Inc. |
| Pebblebrook Hotel Trust | 150% | PSU 60 · LTIP Units 40 | Yes — Relative TSR | not disclosed |
| Retail Properties of America, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Sabra Health Care REIT, Inc. | 168.4% | PSU 65 · RSU 35 | Yes | FW Cook |
| Seritage Growth Properties | not disclosed | Cash LTI 100 | not disclosed | not disclosed |
| STORE Capital Corporation | 84.7% | PSU 75 · RSU 25 | Yes — Relative Compounded Annual TSR | Korn Ferry |
| Urban Edge Properties | 190% | LTIP Units 100 | Yes — Absolute TSR | Farient Advisors |
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.
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.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Jackson Hsieh | DEF 14A | 2023-03-23 | 0001193125-23-077255 | Section “Summary Compensation Table”. As printed: 12,721,068. Filing ↗machine: r4 · c22 · span 697594–697604 |
| 2 | Section 01, Ken Heimlich | DEF 14A | 2023-03-23 | 0001193125-23-077255 | Section “Summary Compensation Table”. As printed: 3,291,967. Filing ↗machine: r12 · c22 · span 717290–717299 |
| 3 | Section 01, Michael Hughes | DEF 14A | 2023-03-23 | 0001193125-23-077255 | Section “Summary Compensation Table”. As printed: 3,284,156. Filing ↗machine: r8 · c22 · span 707445–707454 |
| 4 | Section 01, Jay Young | DEF 14A | 2023-03-23 | 0001193125-23-077255 | Section “Summary Compensation Table”. As printed: 2,597,578. Filing ↗machine: r16 · c22 · span 727287–727296 |
| 5 | Section 01, Rochelle Thomas | DEF 14A | 2023-03-23 | 0001193125-23-077255 | Section “Summary Compensation Table”. As printed: 2,137,883. Filing ↗machine: r20 · c22 · span 736401–736410 |
| 6 | Section 08, Richard I. Gilchrist | DEF 14A | 2023-03-23 | 0001193125-23-077255 | Section “Director Compensation”. As printed: 339,981. Filing ↗machine: t241 · r14 · c11 · span 1083473–1083480 |
| 7 | Section 08, Thomas J. Sullivan | DEF 14A | 2023-03-23 | 0001193125-23-077255 | Section “Director Compensation”. As printed: 241,575. Filing ↗machine: t241 · r20 · c7 · span 1088136–1088143 |
| 8 | Section 08, Michelle M. Frymire | DEF 14A | 2023-03-23 | 0001193125-23-077255 | Section “Director Compensation”. As printed: 237,730. Filing ↗machine: t241 · r10 · c7 · span 1079679–1079686 |
| 9 | Section 08, Kevin M. Charlton | DEF 14A | 2023-03-23 | 0001193125-23-077255 | Section “Director Compensation”. As printed: 237,089. Filing ↗machine: t241 · r4 · c7 · span 1074487–1074494 |
| 10 | Section 08, Elizabeth F. Frank | DEF 14A | 2023-03-23 | 0001193125-23-077255 | Section “Director Compensation”. As printed: 231,214. Filing ↗machine: t241 · r8 · c11 · span 1078323–1078330 |
| 11 | Section 08, Kristian M. Gathright | DEF 14A | 2023-03-23 | 0001193125-23-077255 | Section “Director Compensation”. As printed: 229,956. Filing ↗machine: t241 · r12 · c7 · span 1081376–1081383 |
| 12 | Section 08, Nicholas P. Shepherd | DEF 14A | 2023-03-23 | 0001193125-23-077255 | Section “Director Compensation”. As printed: 229,298. Filing ↗machine: t241 · r18 · c11 · span 1086831–1086838 |
| 13 | Section 08, Diana M. Laing | DEF 14A | 2023-03-23 | 0001193125-23-077255 | Section “Director Compensation”. As printed: 224,998. Filing ↗machine: t241 · r16 · c11 · span 1085124–1085131 |
| 14 | Section 08, Todd A. Dunn | DEF 14A | 2023-03-23 | 0001193125-23-077255 | Section “Director Compensation”. As printed: 36,038. Filing ↗machine: t241 · r6 · c3 · span 1075854–1075860 |
| 15 | Section 08, Jackson Hsieh | DEF 14A | 2023-03-23 | 0001193125-23-077255 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 16 | Section 06, 2023 vote | Form 8-K | 2023-05-04 | 0000950170-23-017954 | Item 5.07 · say-on-pay result. As reported: 96.6% (votes for as printed: 120,647,862). Filing ↗ |
| 17 | Section 06, 2022 vote | Form 8-K | 2022-05-20 | 0001564590-22-020882 | Item 5.07 · say-on-pay result. As reported: 96.7%. Filing ↗ |
| 18 | Section 06, 2021 vote | Form 8-K | 2021-05-20 | 0001564590-21-029074 | Item 5.07 · say-on-pay result. As reported: 83.87%. Filing ↗ |
| 19 | Section 09b board cost (computed) | Computed | — | computed | Cash 385,338 + equity 1,622,541 + all other 0 = 2,007,879, summed across the director compensation table rows.machine: formula: Σ = 2,007,879 |
| 20 | Macerich Company, Section 10b CEO total | DEF 14A | 2026-04-22 | 0001193125-26-170447 | CEO total compensation as printed in Macerich Company's own proxy. As printed: 15,047,450. Filing ↗machine: r3 · c27 · span 743436–743446 |
| 21 | Omega Healthcare Investors, Inc., Section 10b CEO total | DEF 14A | 2026-04-21 | 0001104659-26-045753 | CEO total compensation as printed in Omega Healthcare Investors, Inc.'s own proxy. As printed: 14,020,475. Filing ↗machine: t146 · r7 · c16 · span 1713701–1713711 |
| 22 | Spirit Realty Capital (subject), Section 10b CEO total | DEF 14A | 2023-03-23 | 0001193125-23-077255 | CEO total compensation as printed in Spirit Realty Capital's own proxy. As printed: 12,721,068. Filing ↗machine: r4 · c22 · span 697594–697604 |
| 23 | EPR Properties, Section 10b CEO total | DEF 14A | 2026-03-26 | 0001045450-26-000016 | CEO total compensation as printed in EPR Properties's own proxy. As printed: 10,901,683. Filing ↗machine: r3 · c45 · span 794198–794208 |
| 24 | Federal Realty Investment Trust, Section 10b CEO total | DEF 14A | 2026-03-27 | 0001193125-26-127642 | CEO total compensation as printed in Federal Realty Investment Trust's own proxy. As printed: 9,929,147. Filing ↗machine: t136 · r3 · c27 · span 657645–657654 |
| 25 | Sabra Health Care REIT, Inc., Section 10b CEO total | DEF 14A | 2026-04-24 | 0001193125-26-175398 | CEO total compensation as printed in Sabra Health Care REIT, Inc.'s own proxy. As printed: 8,552,721. Filing ↗machine: span 570037–570046 |
| 26 | Urban Edge Properties, Section 10b CEO total | DEF 14A | 2026-03-24 | 0001140361-26-010899 | CEO total compensation as printed in Urban Edge Properties's own proxy. As printed: 8,106,208. Filing ↗machine: r2 · c21 · span 876925–876934 |
| 27 | STORE Capital Corporation, Section 10b CEO total | DEF 14A | 2022-04-14 | 0001193125-22-105761 | CEO total compensation as printed in STORE Capital Corporation's own proxy. As printed: 7,028,435. Filing ↗ |
| 28 | Acadia Realty Trust, Section 10b CEO total | DEF 14A | 2026-03-31 | 0001193125-26-134606 | CEO total compensation as printed in Acadia Realty Trust's own proxy. As printed: 6,922,230. Filing ↗machine: span 777495–777504 |
| 29 | LXP Industrial Trust, Section 10b CEO total | DEF 14A | 2026-04-03 | 0000910108-26-000015 | CEO total compensation as printed in LXP Industrial Trust's own proxy. As printed: 6,645,384. Filing ↗machine: t65 · r2 · c15 · span 653567–653576 |
| 30 | Pebblebrook Hotel Trust, Section 10b CEO total | DEF 14A | 2026-04-17 | 0001474098-26-000030 | CEO total compensation as printed in Pebblebrook Hotel Trust's own proxy. As printed: 6,589,254. Filing ↗machine: t79 · r2 · c12 · span 636311–636320 |
| 31 | Seritage Growth Properties, Section 10b CEO total | DEF 14A | 2026-04-27 | 0001174947-26-000519 | CEO total compensation as printed in Seritage Growth Properties's own proxy. As printed: 6,386,016. Filing ↗machine: t85 · r5 · c5 · span 266478–266487 |
| 32 | Paramount Group, Inc., Section 10b CEO total | DEF 14A | 2025-04-03 | 0001558370-25-004397 | CEO total compensation as printed in Paramount Group, Inc.'s own proxy. As printed: 4,447,497. Filing ↗machine: span 1533974–1533983 |
| 33 | Section 10a, Federal Realty Investment Trust reciprocity | DEF 14A | — | 0001193125-25-066328 | Federal Realty Investment Trust's most recent proxy was read; its disclosed peer group does not include Spirit Realty Capital. Filing ↗ |
| 34 | Section 10a, Urban Edge Properties reciprocity | DEF 14A | — | 0001140361-26-010899 | Urban Edge Properties's most recent proxy was read; its disclosed peer group does not include Spirit Realty Capital. Filing ↗ |
| 35 | Section 10a, Acadia Realty Trust reciprocity | DEF 14A | — | 0001193125-26-134606 | Acadia Realty Trust's most recent proxy was read; its disclosed peer group does not include Spirit Realty Capital. Filing ↗ |
| 36 | Section 10a, Pebblebrook Hotel Trust reciprocity | DEF 14A | — | 0001474098-26-000030 | Pebblebrook Hotel Trust's most recent proxy was read; its disclosed peer group does not include Spirit Realty Capital. Filing ↗ |
| 37 | Section 10a, Paramount Group, Inc. reciprocity | DEF 14A | — | 0001558370-25-004397 | Paramount Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Spirit Realty Capital. Filing ↗ |
| 38 | Section 10a, Sabra Health Care REIT, Inc. reciprocity | DEF 14A | — | 0001193125-26-175398 | Sabra Health Care REIT, Inc.'s most recent proxy was read; its disclosed peer group does not include Spirit Realty Capital. Filing ↗ |
| 39 | Section 10a, Macerich Company reciprocity | DEF 14A | — | 0001193125-26-170447 | Macerich Company's most recent proxy was read; its disclosed peer group does not include Spirit Realty Capital. Filing ↗ |
| 40 | Section 10a, EPR Properties reciprocity | DEF 14A | — | 0001045450-26-000016 | EPR Properties's most recent proxy was read; its disclosed peer group does not include Spirit Realty Capital. Filing ↗ |
| 41 | Section 10a, Omega Healthcare Investors, Inc. reciprocity | DEF 14A | — | 0001104659-26-045753 | Omega Healthcare Investors, Inc.'s most recent proxy was read; its disclosed peer group does not include Spirit Realty Capital. Filing ↗ |
| 42 | Section 10a, LXP Industrial Trust reciprocity | DEF 14A | — | 0000910108-26-000015 | LXP Industrial Trust's most recent proxy was read; its disclosed peer group does not include Spirit Realty Capital. Filing ↗ |
| 43 | Section 10a, Medical Properties Trust, Inc. reciprocity | DEF 14A | — | 0000950170-25-055431 | Medical Properties Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include Spirit Realty Capital. Filing ↗ |