Daniel Donlan
About Daniel Donlan
Daniel P. Donlan is Chief Financial Officer and Treasurer of NETSTREIT Corp., appointed effective April 10, 2023; age 43 as of March 18, 2025. He holds a B.B.A. in Finance from the University of Notre Dame and oversees corporate finance, accounting, treasury, capital markets, investor relations, HR, and IT functions . Company performance in 2024 featured AFFO per diluted share of $1.26, leverage at 3.75x (better than max target), and cash G&A of $13.0 million (better than max target), which drove a 118.8% STI payout for executives .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Essential Properties Realty Trust (NYSE: EPRT) | SVP, Head of Capital Markets | 2018–2023 | Led corporate finance, capital raising, and IR at a net lease REIT |
| Ladenburg Thalmann & Co. | Managing Director; Lead REIT research analyst | 2013–2018 | Sell-side leadership covering REITs |
| Janney Capital Markets | Vice President | 2007–2013 | REIT research and capital markets experience |
| BB&T Capital Markets | Associate research analyst | 2004–2007 | REIT research foundation |
| Thalhimer Cushman & Wakefield | Sales & leasing associate | Early career | Ground-level real estate operations experience |
External Roles
None disclosed (no public company board roles mentioned for Donlan) .
Fixed Compensation
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Base Salary ($) | 350,000 | 375,000 | 400,000 |
| Target STI ($) | 350,000 | 425,000 | — |
| Actual STI Paid ($) | 489,213 | 505,006 | — |
Performance Compensation
Short-Term Incentive (STI) – 2024 outcome
| Metric | Weighting | Target | Actual | Achievement (% of Target) | Weighted Payout |
|---|---|---|---|---|---|
| AFFO/Share | 35% | $1.27 | $1.26 | 87.5% | 30.6% |
| Investment Grade/IG Profile % | 15% | 80% | 78.8% | 88.0% | 13.2% |
| Leverage (Adj. Net Debt/EBITDA) | 15% | 4.75x | 3.75x | 200.0% | 30.0% |
| Cash G&A ($mm) | 15% | $14.0 | $13.0 | 200.0% | 30.0% |
| Subjective | 20% | 3 | 2 | 75.0% | 15.0% |
| Total Payout | 100% | — | — | — | 118.8% |
Notes:
- Donlan’s 2024 STI payout was $505,006 at 118.8% of target; he elected to receive 50% as RSUs under the Alignment of Interest Program, with the remaining 50% in cash .
Long-Term Incentives and Vesting
| Award Type | Grant Date | Units (#) | Fair Value ($) | Vesting | Performance Structure |
|---|---|---|---|---|---|
| Annual RSU (2024) | 2/16/2024 | 16,157 | 280,001 | Vest annually over 3 years starting 2/16/2025 | Time-based |
| PSU (2024 target) | 2/16/2024 | 26,626 | 420,008 | Vest at end of 3-year period (12/31/2026) based on performance | 60% Absolute TSR: 18%/24%/30% for 50/100/200% payout; 40% Relative TSR: 35th/55th/75th percentile for 50/100/200% payout |
| New Hire RSU (2023) | 4/10/2023 | 35,040 | 650,000 | Vest annually over 3 years starting 4/10/2024 | Time-based |
Alignment of Interest Program:
- Executives may elect up to 75% of STI (50% in 2023; 75% cap increased in 2024) to be paid in RSUs, with an additional 0.25x RSU grant (“Alignment Multiplier”); RSUs vest over 3 years, and accelerate in full upon termination without cause or resignation for good reason .
Equity Ownership & Alignment
| Ownership Metric | Amount | Notes |
|---|---|---|
| Shares beneficially owned (3/18/2025) | 27,571 | Includes 11,681 RSUs vesting within 60 days; excludes 64,618 unvested RSUs; less than 1% of outstanding shares |
| Shares outstanding (record date) | 81,698,942 | As of March 18, 2025 |
| Pledged shares | None | Company policy prohibits pledging; proxy states no pledges by executives/directors |
| Hedging | Prohibited | Insider Trading Policy forbids hedging and pledging |
| Stock ownership guidelines | In compliance | All executives and directors were in compliance as of 12/31/2024; 50% net-share retention until guideline met |
| Options outstanding | None | No stock options have been granted under the 2019 Plan |
Employment Terms
| Term | Detail |
|---|---|
| Start date; title | Effective April 10, 2023; Chief Financial Officer & Treasurer |
| Agreement term | 3 years, auto-renewal by successive 1-year periods (non-renewal by Company deemed termination without cause) |
| Base salary | $350,000 at hire; reviews possible; increased to $375,000 in 2024 and $400,000 in 2025 via Compensation Committee (per proxy) |
| Target bonus | 100% of base salary; actual 0–200% based on Committee-set metrics |
| Initial equity grant | $650,000 RSUs vesting over 3 years (new hire award) |
| Severance (non-CIC) | 1x base salary + 1x target bonus; pro-rated current-year bonus (actual); immediate full vesting of time-based equity; pro-rated PSUs based on actual performance; Company-paid COBRA up to 18 months (subject to law) |
| Severance (CIC; double trigger) | 2x base salary + 2x target bonus (lump sum); same treatment for bonus and equity as non-CIC; COBRA up to 18 months |
| Death/Disability | 2 months’ base salary; prior-year earned bonus; pro-rated current-year bonus; equity vesting as above; COBRA up to 18 months |
| Good Reason (definition) | Material salary reduction; material diminution of duties; relocation >50 miles; material breach by Company (with notice/cure) |
| Non-compete / non-solicit | 1-year post-termination, except waived after Qualifying CIC termination or resignation for Good Reason; scope covers competitive retail net lease real estate in U.S. and markets served |
| Clawback | Bonus and incentive comp subject to clawback policies and applicable rules; Company maintains Dodd-Frank compliant clawback |
| 280G cutback | Payments reduced if it results in higher after-tax outcome to avoid excise tax; no golden parachute tax gross-up |
| Arbitration; law | AAA arbitration in Dallas County; Delaware law; jury trial waived |
Perquisites and other:
- Relocation reimbursement up to $25,000; company provided a tax gross-up on relocation expenses (reported $42,032 in 2023 proxy) .
Investment Implications
- Strong pay-for-performance alignment: STI metrics tied to AFFO/share, leverage, portfolio credit quality, and cash G&A, with formulaic weighting (80% financial) and above-target payout for 2024 reflecting operational execution .
- Equity retention and anti-hedging/pledging policies reduce near-term selling pressure and improve alignment; PSUs include a one-year post-vest holding period requirement for performance awards and executives must retain 50% of net shares until ownership guidelines are met .
- Double-trigger CIC severance (2x base+bonus) and accelerated vesting ensure continuity while limiting single-trigger windfalls; no Section 280G gross-up—cutback provision applies, which is shareholder-friendly .
- Ownership is modest (<1% of outstanding), but ongoing RSU/PSU balances and deferral elections under the Alignment Program increase long-term exposure; beneficial ownership shows zero pledging, mitigating financing-related sell risk .
- Governance signals: 2024 say-on-pay support improved to ~91% after program refinements (peer group recalibration, higher CEO ownership requirement), indicating investor acceptance of compensation design direction .