Velarion · Company Intelligence
Compensation Brief
Fiscal year 2022 · Filings through 2026-04-10

Life Storage (LSI)

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.

$5,722,466
Joseph Saffire total, FY2022
60th
CEO pay percentile vs peers
154:1
CEO-to-median pay ratio
94.13%
Say-on-pay support, latest vote
Companies that benchmark against LSI
1 company names LSI as a compensation peer

Each company listed discloses LSI 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 LSI 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 2022

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Joseph Saffire$740,000$0$3,645,433$0$1,332,000$0$5,033$5,722,466
Chief Executive Officer
David Dodman350,0000607,6060630,00005,0331,592,639
Chief Operating Officer
Andrew Gregoire465,750000838,35005,0331,309,133
Chief Financial Officer and Secretary through January 2, 2023

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 officerFY2022 totalFY2021 totalFY2020 totalΔ FY20212022
Joseph Saffire$5,722,466$5,168,691+553,775
David Dodman1,592,6391,592,639+0
Andrew Gregoire1,309,1332,219,643−910,510

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 2022

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Joseph SaffireRSU2022-12-1416,746$1,795,000
David DodmanPSU2022-12-146982,7915,582308,406
Joseph SaffirePSU2022-12-144,18716,74633,4921,850,433
David DodmanRSU2022-12-142,791299,200
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Joseph Saffire$1,795,000$1,850,433$050.8%
David Dodman299,200308,406050.8%

% 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 2022

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Andrew GregoirePSU6,914$681,029
Andrew GregoireRSU3,410335,836
Andrew GregoireRSU2,413237,681
Joseph SaffirePSU33,4923,298,962
David DodmanPSU5,582549,827
Joseph SaffirePSU36,6093,605,987
Joseph SaffirePSU35,4963,496,356
Joseph SaffirePSU22,4722,213,492
Joseph SaffireRSU16,7461,649,481
Andrew GregoirePSU12,0691,188,797
Andrew GregoirePSU11,3611,119,059
David DodmanPSU6,300620,550
David DodmanPSU4,148408,578
David DodmanPSU3,528347,508
David DodmanRSU2,791274,914
Andrew GregoireRSU2,766272,412
David DodmanRSU2,569253,047
David DodmanRSU2,520248,220
David DodmanRSU1,660163,530
David DodmanRSU85884,464
Joseph SaffireRSU10,9841,081,924
Joseph SaffireRSU8,989885,397
Joseph SaffireRSU7,101699,449
David DodmanRSU1,500147,750
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation philosophy is to provide compensation programs that reward its executive officers for improving operating results and profitability and align management's interests with those of shareholders. Compensation is designed to reward achievement of short-term goals and motivate the executive officers and other employees to create long-term shareholder value and increase total shareholder return.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantNFP
Clawback policyTrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20222022-05-2669,640,8694,342,03897,24594.13%Passed
20212021-05-2764,252,4603,949,343146,75094.21%Passed
20202020-05-2839,157,6391,238,618271,58796.93%Passed
20192019-05-3039,204,7711,002,54586,18397.51%Passed
20182018-05-3139,750,9731,753,793107,22595.77%Passed
20172017-05-1839,762,3271,468,777102,87196.44%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
20222022-05-2694.13%a
20212021-05-2794.21%b
20202020-05-2896.93%c

a. Approved under the standard stated in the filing — “For purposes of the vote on this proposal, abstentions and broker non-votes will not be counted as votes cast and will have no effect on the result of the vote, although they will be considered present for the purpose of determining the presence of a quorum.”.

b. Approved under the standard stated in the filing — “For purposes of the vote on this proposal, abstentions and broker non-votes will not be counted as votes cast and will have no effect on the result of the vote, although they will be considered present for the purpose of determining the presence of a quorum.”.

c. Approved under the standard stated in the filing — “For purposes of the vote on this proposal, abstentions and broker non-votes will not be counted as votes cast and will have no effect on the result of the vote, although they will be considered present for the purpose of determining the presence of a quorum.”.

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)154 : 1
CEO total compensation$5,722,466
Median employee compensation$37,165
08

Director compensation — fiscal year 2022

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Mark G. BarberioIndependent · Board Chair · Compensation and Human Capital · Nominating, Governance and Corporate Responsibility$178,500$110,000$0$0$18,002$306,502
Stephen R. RusmiselIndependent · Audit and Risk Management · Compensation and Human Capital (Chair) · Nominating, Governance and Corporate Responsibility · Compensation andHuman Capital (Chair)113,500110,0000018,002241,502
Arthur L. Havener, JrIndependent · Audit and Risk Management (Chair) · Nominating, Governance and Corporate Responsibility108,500110,0000018,285236,785
Edward J. PettinellaIndependent · Audit and Risk Management · Nominating, Governance and Corporate Responsibility (Chair) · Nominating, Governanceand CorporateResponsibility (Chair)106,000110,0000018,320234,320
Dana HamiltonIndependent · Audit and Risk Management · Compensation and Human Capital98,500110,0000018,320226,820
Susan HarnettIndependent · Audit and Risk Management · Compensation and Human Capital98,500110,0000018,002226,502
David L. RogersNot independent81,000110,0000018,002209,002
Joseph V. SaffireEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$80,000
Annual equity retainer$110,000
Per board meeting fee$1,000
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 15,000
Stock ownership guidelineWe have implemented stock ownership guidelines that require NEOs to maintain consistent ownership of Life Storage stock based on five times the executive's annual base salary. New executive officers have five years to meet this goal.
09b

Total cost of the board

ComponentFY2022
Cash retainers and fees$784,500
Equity awards (grant-date value)$770,000
All other compensation$126,933
Total cost of the board$1,681,433

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

10

Disclosed peer group — fiscal year 2022

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 Life Storage 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 Life Storage.

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
1Extra Space Storage Inc.2025Joseph Margolis$940,000$11,138,715$0$1,616,213$14,186,887
2EastGroup Properties, Inc.2025Marshall Loeb885,0005,896,73802,340,0299,437,394
3CubeSmart2025Christopher Marr920,0003,679,9651,839,9972,523,6579,177,452
4Cousins Properties Incorporated2025M. Colin Connolly791,8136,154,83001,705,5648,688,925
5Lexington Realty Trust2025T. Wilson Eglin840,0004,044,98201,442,4386,645,384
6STAG Industrial, Inc.2025William Crooker800,0003,599,97001,427,9155,881,152
7Brandywine Realty Trust2025Gerard Sweeney800,0003,472,94001,520,0005,812,631
8Life Storage2022Joseph Saffire740,0003,645,43301,332,0005,722,466
9Camden Property Trust2025Alexander Jessett646,5963,010,54801,491,0315,151,175
10Highwoods Properties, Inc.2025Theodore Klinck772,0672,795,39701,291,1545,124,352
11National Storage Affiliates Trust2024David Cramer675,0003,620,0060491,1504,799,956
American Campus Communities, Inc.not in coverage universe
PS Business Parks, 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.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Life Storage180%PSU 50 · RSU 50Yes — Relative TSRNFP
American Campus Communities, Inc.not disclosednot disclosednot disclosednot disclosed
Brandywine Realty Trust95%RSU 50 · PSU 50NoPay Governance LLC
Camden Property Trustnot disclosedPSU 100not disclosedCBIZ Talent and Compensation Solutions
Cousins Properties Incorporated143.6%PSU 60 · RSU 40NoFerguson Partners Consulting
CubeSmart157%PSU 33 · RSU 33 · Options 33NoFerguson Partners
EastGroup Properties, Inc.137%PSU 70 · RSU 30Yes — TSR Compared to Nareit Equity Index ConstituentsFerguson Partners Consulting L.P.
Extra Space Storage Inc.98.25%PSU 75 · RSU 25Yes — Relative TSRMeridian
Highwoods Properties, Inc.119%RSU 50 · MSU 50Yes — Relative TSR vs FTSE NAREIT Equity Office IndexPearl Meyer
Lexington Realty Trustnot disclosedPSU 60 · RSU 40Yes — Relative TSR compared to MSCI US REIT IndexFerguson Partners Consulting, L.P.
National Storage Affiliates Trust61%LTIP Units 100Yes — 3-Year TSR versus MSCI US REIT IndexFPC
PS Business Parks, Inc.not disclosednot disclosednot disclosednot disclosed
STAG Industrial, Inc.178%PSU 65 · LTIP Units 35Yes — Relative TSR vs Industry Peer GroupFerguson Partners Consulting

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.

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, Joseph SaffireDEF 14A2023-04-130001193125-23-100620Section “Summary Compensation Table”. As printed: 5,722,466. Filing ↗machine: t297 · r2 · c25 · span 776189–776198
2Section 01, David DodmanDEF 14A2023-04-130001193125-23-100620Section “Summary Compensation Table”. As printed: 1,592,639. Filing ↗machine: r10 · c25 · span 800059–800069
3Section 01, Andrew GregoireDEF 14A2023-04-130001193125-23-100620Section “Summary Compensation Table”. As printed: 1,309,133. Filing ↗machine: r6 · c25 · span 787942–787952
4Section 03, Joseph Saffire RSUDEF 14A2023-04-130001193125-23-100620Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t307 · r3 · c35 · span 828827–828836
5Section 03, David Dodman PSUDEF 14A2023-04-130001193125-23-100620Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t307 · r8 · c35 · span 850485–850492
6Section 03, Joseph Saffire PSUDEF 14A2023-04-130001193125-23-100620Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t307 · r4 · c35 · span 833004–833013
7Section 03, David Dodman RSUDEF 14A2023-04-130001193125-23-100620Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t307 · r7 · c35 · span 846313–846320
8Section 07, pay ratioDEF 14A2023-04-130001193125-23-100620Section “CEO Pay Ratio”. As printed: 154 : 1. Filing ↗machine: t376 · r6 · c3 · span 1161379–1161382
9Section 08, Mark G. BarberioDEF 14A2023-04-130001193125-23-100620Section “Director Compensation”. As printed: 306,502. Filing ↗machine: t174 · r2 · c19 · span 374157–374165
10Section 08, Stephen R. RusmiselDEF 14A2023-04-130001193125-23-100620Section “Director Compensation”. As printed: 241,502. Filing ↗machine: t174 · r3 · c19 · span 377109–377117
11Section 08, Arthur L. Havener, JrDEF 14A2023-04-130001193125-23-100620Section “Director Compensation”. As printed: 236,785. Filing ↗machine: t174 · r4 · c19 · span 378899–378907
12Section 08, Edward J. PettinellaDEF 14A2023-04-130001193125-23-100620Section “Director Compensation”. As printed: 234,320. Filing ↗machine: t174 · r6 · c19 · span 383689–383697
13Section 08, Dana HamiltonDEF 14A2023-04-130001193125-23-100620Section “Director Compensation”. As printed: 226,820. Filing ↗machine: t174 · r5 · c19 · span 381901–381909
14Section 08, Susan HarnettDEF 14A2023-04-130001193125-23-100620Section “Director Compensation”. As printed: 226,502. Filing ↗machine: t174 · r8 · c19 · span 389124–389132
15Section 08, David L. RogersDEF 14A2023-04-130001193125-23-100620Section “Director Compensation”. As printed: 209,002. Filing ↗machine: t174 · r7 · c19 · span 386636–386644
16Section 08, Joseph V. SaffireDEF 14A2023-04-130001193125-23-100620Section “Director Compensation”. As printed: 0. Filing ↗
17Section 06, 2022 voteForm 8-K2022-05-310001193125-22-163952Item 5.07 · say-on-pay result. As reported: 94.13%. Filing ↗
18Section 06, 2021 voteForm 8-K2021-06-010001193125-21-178613Item 5.07 · say-on-pay result. As reported: 94.21%. Filing ↗
19Section 06, 2020 voteForm 8-K2020-05-280001193125-20-154372Item 5.07 · say-on-pay result. As reported: 96.93%. Filing ↗
20Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
21Section 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
22Section 09b board cost (computed)ComputedcomputedCash 784,500 + equity 770,000 + all other 126,933 = 1,681,433, summed across the director compensation table rows.machine: formula: Σ = 1,681,433
23Extra Space Storage Inc., Section 10b CEO totalDEF 14A2026-04-010001289490-26-000027CEO total compensation as printed in Extra Space Storage Inc.'s own proxy. As printed: 14,186,887. Filing ↗machine: r2 · c21 · span 521873–521883
24EastGroup Properties, Inc., Section 10b CEO totalDEF 14A2026-04-100000049600-26-000019CEO total compensation as printed in EastGroup Properties, Inc.'s own proxy. As printed: 9,437,394. Filing ↗machine: r2 · c21 · span 1059338–1059347
25CubeSmart, Section 10b CEO totalDEF 14A2026-04-030001104659-26-039457CEO total compensation as printed in CubeSmart's own proxy. As printed: 9,177,452. Filing ↗
26Cousins Properties Incorporated, Section 10b CEO totalDEF 14A2026-03-180000025232-26-000031CEO total compensation as printed in Cousins Properties Incorporated's own proxy. As printed: 8,688,925. Filing ↗machine: r2 · c6 · span 1749369–1749379
27Lexington Realty Trust, Section 10b CEO totalDEF 14A2026-04-030000910108-26-000015CEO total compensation as printed in Lexington Realty Trust's own proxy. As printed: 6,645,384. Filing ↗machine: t65 · r2 · c15 · span 653567–653576
28STAG Industrial, Inc., Section 10b CEO totalDEF 14A2026-03-180001104659-26-031046CEO total compensation as printed in STAG Industrial, Inc.'s own proxy. As printed: 5,881,152. Filing ↗machine: span 1074440–1074449
29Brandywine Realty Trust, Section 10b CEO totalDEF 14A2026-04-070001193125-26-145566CEO total compensation as printed in Brandywine Realty Trust's own proxy. As printed: 5,812,631. Filing ↗machine: t214 · r4 · c24 · span 3086750–3086759
30Life Storage (subject), Section 10b CEO totalDEF 14A2023-04-130001193125-23-100620CEO total compensation as printed in Life Storage's own proxy. As printed: 5,722,466. Filing ↗machine: t297 · r2 · c25 · span 776189–776198
31Camden Property Trust, Section 10b CEO totalDEF 14A2026-03-270001628280-26-021581CEO total compensation as printed in Camden Property Trust's own proxy. As printed: 5,151,175. Filing ↗machine: span 767748–767757
32Highwoods Properties, Inc., Section 10b CEO totalDEF 14A2026-03-270000921082-26-000030CEO total compensation as printed in Highwoods Properties, Inc.'s own proxy. As printed: 5,124,352. Filing ↗machine: t16 · r2 · c3 · span 333023–333032
33National Storage Affiliates Trust, Section 10b CEO totalDEF 14A2025-03-280001628280-25-015431CEO total compensation as printed in National Storage Affiliates Trust's own proxy. As printed: 4,799,956. Filing ↗machine: t95 · r5 · c18 · span 799334–799343
34Section 10a, National Storage Affiliates Trust reciprocityDEF 14A0001628280-25-015431National Storage Affiliates Trust names Life Storage in its own disclosed peer group (read from its most recent proxy). Filing ↗
35Section 10a, Extra Space Storage Inc. reciprocityDEF 14A0001289490-26-000027Extra Space Storage Inc.'s most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗
36Section 10a, EastGroup Properties, Inc. reciprocityDEF 14A0000049600-26-000019EastGroup Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗
37Section 10a, Cousins Properties Incorporated reciprocityDEF 14A0000025232-26-000031Cousins Properties Incorporated's most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗
38Section 10a, STAG Industrial, Inc. reciprocityDEF 14A0001104659-26-031046STAG Industrial, Inc.'s most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗
39Section 10a, Brandywine Realty Trust reciprocityDEF 14A0001193125-26-145566Brandywine Realty Trust's most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗
40Section 10a, Lexington Realty Trust reciprocityDEF 14A0000910108-26-000015Lexington Realty Trust's most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗
41Section 10a, Camden Property Trust reciprocityDEF 14A0000906345-25-000014Camden Property Trust's most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗
42Section 10a, CubeSmart reciprocityDEF 14A0001104659-26-039457CubeSmart's most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗
43Section 10a, Highwoods Properties, Inc. reciprocityDEF 14A0000921082-26-000030Highwoods Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗