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

Life Storage (LSI)

CEO Joseph Saffire was paid $5,722,466 in fiscal year 2022, ↑ up 10.7% from fiscal year 2021, the 30th percentile of its disclosed peer group (SEC filing 0001193125-23-100620 ↗): 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
30th
CEO pay percentile vs peers
154:1
CEO-to-median pay ratio
96.4%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Joseph Saffire (Chief Executive Officer), FY2022 total compensation $5,722,466 (base salary $740,000) [exec_comp, SEC accession 0001193125-23-100620, filed 2023-04-13]

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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

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 FY2021→2022
Joseph Saffire$5,722,466$5,168,691$4,442,454↑ +553,775
David Dodman1,592,6391,592,639—↑ +0
Andrew Gregoire1,309,1332,219,6432,028,782↓ −910,510

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

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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.

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 SaffireRSU2022-12-14——16,746—$1,795,000
David DodmanPSU2022-12-146982,791—5,582308,406
Joseph SaffirePSU2022-12-144,18716,746—33,4921,850,433
David DodmanRSU2022-12-14——2,791—299,200
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
Joseph SaffireRSU7,101—$699,449
David DodmanPSU5,582—549,827
David DodmanRSU2,791—274,914
David DodmanPSU6,300—620,550
Joseph SaffirePSU36,609—3,605,987
Joseph SaffirePSU35,496—3,496,356
Joseph SaffirePSU33,492—3,298,962
Joseph SaffirePSU22,472—2,213,492
David DodmanRSU2,569—253,047
Joseph SaffireRSU16,746—1,649,481
Andrew GregoirePSU12,069—1,188,797
Andrew GregoirePSU11,361—1,119,059
Joseph SaffireRSU10,984—1,081,924
Joseph SaffireRSU8,989—885,397
David DodmanRSU1,660—163,530
Andrew GregoirePSU6,914—681,029
David DodmanPSU4,148—408,578
David DodmanPSU3,528—347,508
Andrew GregoireRSU3,410—335,836
Andrew GregoireRSU2,766—272,412
David DodmanRSU2,520—248,220
Andrew GregoireRSU2,413—237,681
David DodmanRSU1,500—147,750
David DodmanRSU858—84,464
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
20232023-05-1871,991,4072,689,851121,61896.4%Passed
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

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
20232023-05-1896.4%a
20222022-05-2694.13%b
20212021-05-2794.21%c

a. Approved under the standard stated in the filing — “For purposes of this advisory vote, abstentions and broker non-voters 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 Responsibility113,500110,0000018,002241,502
Arthur L. Havener JrIndependent · Audit and Risk Management · Nominating, Governance and Corporate Responsibility108,500110,0000018,285236,785
Edward J. PettinellaIndependent · Audit and Risk Management · Nominating, Governance and Corporate Responsibility (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 director000—00
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 guideline$5
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
2UDR, Inc.2025Thomas Toomey900,0009,010,120009,933,438
3Lexington Realty Trust2025Peter Mavoides800,0006,853,00001,950,0009,634,000
4EastGroup Properties, Inc.2025Marshall Loeb885,0005,896,73802,340,0299,437,394
5CubeSmart2025Christopher Marr920,0003,679,9651,839,9972,523,6579,177,452
6Cousins Properties Incorporated2025M. Colin Connolly791,8136,154,83001,705,5648,688,925
7Kilroy Realty Corporation2025Angela Aman820,0004,433,57701,801,8507,072,527
8Lexington Realty Trust2025T. Wilson Eglin840,0004,044,98201,442,4386,645,384
9STAG Industrial, Inc.2025William Crooker800,0003,599,97001,427,9155,881,152
10Brandywine Realty Trust2025Gerard Sweeney800,0003,472,94001,520,0005,812,631
11Life Storage2022Joseph Saffire740,0003,645,43301,332,0005,722,466
12Camden Property Trust2025Alexander Jessett646,5963,010,54801,491,0315,151,175
13Highwoods Properties, Inc.2025Theodore Klinck772,0672,795,39701,291,1545,124,352
14National Storage Affiliates Trust2024David Cramer675,0003,620,0060491,1504,799,956
—PS Business Parks, Inc.——————not in coverage universe
—American Campus Communities, 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%PRSU 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 100Yes — Total Shareholder Return (TSR)CBIZ 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%not disclosedYes — TSR Compared to Nareit Equity Index ConstituentsFPC
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
Kilroy Realty Corporation125.6%PSU 75 · RSU 25Yes — TSR Percentile RankingKorn Ferry
Lexington Realty Trust163%PRSU 60 · RSU 40Yes — Relative TSRFerguson Partners Consulting L.P.
Lexington Realty Trustnot disclosedPSU 60 · RSU 40Yes — Relative TSR compared to MSCI US REIT IndexFerguson Partners Consulting, L.P.
National Storage Affiliates Trust61%PRSU 60 · LTIP Units 40Yes — 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
UDR, Inc.not disclosedPSU 100Yes — Relative cumulative TSR versus apartment peersFPL Associates

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.

10d

Frequently asked questions

Who was the highest-paid executive at Life Storage in fiscal 2022?
As disclosed, Joseph Saffire (Chief Executive Officer) was the highest-paid executive at Life Storage in fiscal 2022, with total compensation of $5,722,466.
How does Life Storage's chief executive pay compare to its disclosed peer group?
As disclosed, Joseph Saffire's total compensation ranked at the 30th percentile of Life Storage's disclosed peer group.
What is Life Storage's CEO-to-median employee pay ratio?
As disclosed, Life Storage's CEO-to-median employee pay ratio was 154:1.
How did shareholders vote on Life Storage's executive compensation?
As disclosed, 96.4% of shareholders supported Life Storage's executive compensation in the latest say-on-pay vote.
How much does Life Storage spend in total on board compensation for fiscal 2022?
As disclosed, Life Storage reported total board compensation of $1,681,433 for fiscal 2022.

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, Joseph SaffireDEF 14A2023-04-130001193125-23-100620Section “Executive Compensation”. As printed: 5,722,466. Filing ↗machine: r2 · c25 · span 776188–776198
2Section 01, David DodmanDEF 14A2023-04-130001193125-23-100620Section “Executive Compensation”. As printed: 1,592,639. Filing ↗machine: r10 · c25 · span 800058–800068
3Section 01, Andrew GregoireDEF 14A2023-04-130001193125-23-100620Section “Executive Compensation”. As printed: 1,309,133. Filing ↗machine: r6 · c25 · span 787941–787951
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: span 1161379–1161382
9Section 08, Mark G. BarberioDEF 14A2023-04-130001193125-23-100620Section “Director Compensation”. As printed: 306,502. Filing ↗machine: span 374156–374164
10Section 08, Stephen R. RusmiselDEF 14A2023-04-130001193125-23-100620Section “Director Compensation”. As printed: 241,502. Filing ↗machine: span 377108–377116
11Section 08, Arthur L. Havener JrDEF 14A2023-04-130001193125-23-100620Section “Director Compensation”. As printed: 236,785. Filing ↗machine: span 378898–378906
12Section 08, Edward J. PettinellaDEF 14A2023-04-130001193125-23-100620Section “Director Compensation”. As printed: 234,320. Filing ↗machine: span 383688–383696
13Section 08, Dana HamiltonDEF 14A2023-04-130001193125-23-100620Section “Director Compensation”. As printed: 226,820. Filing ↗machine: span 381900–381908
14Section 08, Susan HarnettDEF 14A2023-04-130001193125-23-100620Section “Director Compensation”. As printed: 226,502. Filing ↗machine: span 389123–389131
15Section 08, David L. RogersDEF 14A2023-04-130001193125-23-100620Section “Director Compensation”. As printed: 209,002. Filing ↗machine: span 386635–386643
16Section 08, Joseph V. SaffireDEF 14A2023-04-130001193125-23-100620Section “Director Compensation”. As printed: 0. Filing ↗
17Section 06, 2023 voteForm 8-K2023-05-240001193125-23-152495Item 5.07 · say-on-pay result. As reported: 96.4% (votes for as printed: 71,991,407). Filing ↗
18Section 06, 2022 voteForm 8-K2022-05-310001193125-22-163952Item 5.07 · say-on-pay result. As reported: 94.13% (votes for as printed: 69,640,869). Filing ↗
19Section 06, 2021 voteForm 8-K2021-06-010001193125-21-178613Item 5.07 · say-on-pay result. As reported: 94.21% (votes for as printed: 64,252,460). Filing ↗
20Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
21Section 03b vehicle mix (computed)Computed——RSU / 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)Computed——Cash 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
24UDR, Inc., Section 10b CEO totalDEF 14A2026-04-020000074208-26-000037CEO total compensation as printed in UDR, Inc.'s own proxy. As printed: 9,933,438. Filing ↗machine: t322 · r11 · c18 · span 3007170–3007179
25Lexington Realty Trust, Section 10b CEO totalDEF 14A2026-03-310001193125-26-134683CEO total compensation as printed in Lexington Realty Trust's own proxy. As printed: 9,634,000. Filing ↗machine: span 537248–537253
26EastGroup 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
27CubeSmart, Section 10b CEO totalDEF 14A2026-04-030001104659-26-039457CEO total compensation as printed in CubeSmart's own proxy. As printed: 9,177,452. Filing ↗
28Cousins 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
29Kilroy Realty Corporation, Section 10b CEO totalDEF 14A2026-04-090001193125-26-149727CEO total compensation as printed in Kilroy Realty Corporation's own proxy. As printed: 7,072,527. Filing ↗machine: r4 · c27 · span 996331–996340
30Lexington 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
31STAG 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
32Brandywine 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
33Life 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: r2 · c25 · span 776188–776198
34Camden 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
35Highwoods 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
36National 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: span 799334–799343
37Section 10a, EastGroup Properties, Inc. reciprocityDEF 14A—0000049600-26-000019EastGroup Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗
38Section 10a, CubeSmart reciprocityDEF 14A—0001104659-26-039457CubeSmart's most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗
39Section 10a, National Storage Affiliates Trust reciprocityDEF 14A—0001628280-25-015431National Storage Affiliates Trust's most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗
40Section 10a, Extra Space Storage Inc. reciprocityDEF 14A—0001289490-26-000027Extra Space Storage Inc.'s most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗
41Section 10a, Lexington Realty Trust reciprocityDEF 14A—0001193125-26-134683Lexington Realty Trust's most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗
42Section 10a, UDR, Inc. reciprocityDEF 14A—0000074208-26-000037UDR, Inc.'s most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗
43Section 10a, Highwoods Properties, Inc. reciprocityDEF 14A—0000921082-26-000030Highwoods Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗
44Section 10a, Brandywine Realty Trust reciprocityDEF 14A—0001193125-26-145566Brandywine Realty Trust's most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗
45Section 10a, Camden Property Trust reciprocityDEF 14A—0000906345-25-000014Camden Property Trust's most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗
46Section 10a, Cousins Properties Incorporated reciprocityDEF 14A—0000025232-26-000031Cousins Properties Incorporated's most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗
47Section 10a, Lexington Realty Trust reciprocityDEF 14A—0000910108-26-000015Lexington Realty Trust's most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗
48Section 10a, STAG Industrial, Inc. reciprocityDEF 14A—0001104659-26-031046STAG Industrial, Inc.'s most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗
49Section 10a, Kilroy Realty Corporation reciprocityDEF 14A—0001193125-26-149727Kilroy Realty Corporation's most recent proxy was read; its disclosed peer group does not include Life Storage. Filing ↗

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