CompBrief BY VELARION

Companies Life Storage

Life Storage (LSI): executive pay, fiscal 2022

Free brief. Every figure links to the company’s own filing.

Life Storage no longer files a proxy statement; its last pay data is FY2022.

All products and prices

CEO total pay$5,722,466CEO Joseph Saffire · source
Say-on-pay support96.4%Latest vote · source
CEO vs. named peers30th pct.Of 26 peer CEOs
CEO pay ratio154:1To the median employee · source

CEO pay, last three years

  • $4,442,454FY2020
  • $5,168,691FY2021
  • $5,722,466FY2022

CEO total pay was $5,722,466 in fiscal 2022, up from $5,168,691 in fiscal 2021.

FY2022: salary $740,000 · bonus $0 · stock awards $3,645,433 · option awards $0

Full detail

Every table from the filing. Open any section.

Summary compensation table
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.

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
Equity grants and outstanding awards

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

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.

Outstanding equity awards at fiscal year-end 2022

ExecutiveAwardShares unvestedExercise priceMarket value unvested
David DodmanRSU858—$84,464
David DodmanRSU1,500—147,750
David DodmanRSU1,660—163,530
Andrew GregoireRSU2,413—237,681
David DodmanRSU2,520—248,220
David DodmanRSU2,569—253,047
Andrew GregoireRSU2,766—272,412
David DodmanRSU2,791—274,914
Andrew GregoireRSU3,410—335,836
David DodmanPSU3,528—347,508
David DodmanPSU4,148—408,578
David DodmanPSU5,582—549,827
David DodmanPSU6,300—620,550
Andrew GregoirePSU6,914—681,029
Joseph SaffireRSU7,101—699,449
Joseph SaffireRSU8,989—885,397
Joseph SaffireRSU10,984—1,081,924
Andrew GregoirePSU11,361—1,119,059
Andrew GregoirePSU12,069—1,188,797
Joseph SaffireRSU16,746—1,649,481
Joseph SaffirePSU22,472—2,213,492
Joseph SaffirePSU33,492—3,298,962
Joseph SaffirePSU35,496—3,496,356
Joseph SaffirePSU36,609—3,605,987
Director compensation
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

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

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.

Peer group, and who names Life Storage as a peer

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.

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.

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.

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.

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.

Say-on-pay history and pay ratio
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.

CEO pay ratio

Ratio (CEO : median employee)154 : 1
CEO total compensation$5,722,466
Median employee compensation$37,165
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (49 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Joseph Saffire. DEF 14A, filed 2023-04-13. Section “Executive Compensation”. As printed: 5,722,466. View filing ↗
  • Section 01, David Dodman. DEF 14A, filed 2023-04-13. Section “Executive Compensation”. As printed: 1,592,639. View filing ↗
  • Section 01, Andrew Gregoire. DEF 14A, filed 2023-04-13. Section “Executive Compensation”. As printed: 1,309,133. View filing ↗
  • Section 03, Joseph Saffire RSU. DEF 14A, filed 2023-04-13. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, David Dodman PSU. DEF 14A, filed 2023-04-13. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Joseph Saffire PSU. DEF 14A, filed 2023-04-13. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, David Dodman RSU. DEF 14A, filed 2023-04-13. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2023-04-13. Section “CEO Pay Ratio”. As printed: 154 : 1. View filing ↗
  • Section 08, Mark G. Barberio. DEF 14A, filed 2023-04-13. Section “Director Compensation”. As printed: 306,502. View filing ↗
  • Section 08, Stephen R. Rusmisel. DEF 14A, filed 2023-04-13. Section “Director Compensation”. As printed: 241,502. View filing ↗
  • Section 08, Arthur L. Havener Jr. DEF 14A, filed 2023-04-13. Section “Director Compensation”. As printed: 236,785. View filing ↗
  • Section 08, Edward J. Pettinella. DEF 14A, filed 2023-04-13. Section “Director Compensation”. As printed: 234,320. View filing ↗
  • Section 08, Dana Hamilton. DEF 14A, filed 2023-04-13. Section “Director Compensation”. As printed: 226,820. View filing ↗
  • Section 08, Susan Harnett. DEF 14A, filed 2023-04-13. Section “Director Compensation”. As printed: 226,502. View filing ↗
  • Section 08, David L. Rogers. DEF 14A, filed 2023-04-13. Section “Director Compensation”. As printed: 209,002. View filing ↗
  • Section 08, Joseph V. Saffire. DEF 14A, filed 2023-04-13. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 06, 2023 vote. Form 8-K, filed 2023-05-24. Item 5.07 · say-on-pay result. As reported: 96.4% (votes for as printed: 71,991,407). View filing ↗
  • Section 06, 2022 vote. Form 8-K, filed 2022-05-31. Item 5.07 · say-on-pay result. As reported: 94.13% (votes for as printed: 69,640,869). View filing ↗
  • Section 06, 2021 vote. Form 8-K, filed 2021-06-01. Item 5.07 · say-on-pay result. As reported: 94.21% (votes for as printed: 64,252,460). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 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).
  • Section 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.
  • Extra Space Storage Inc., Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in Extra Space Storage Inc.'s own proxy. As printed: 14,186,887. View filing ↗
  • UDR, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in UDR, Inc.'s own proxy. As printed: 9,933,438. View filing ↗
  • Lexington Realty Trust, Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Lexington Realty Trust's own proxy. As printed: 9,634,000. View filing ↗
  • EastGroup Properties, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in EastGroup Properties, Inc.'s own proxy. As printed: 9,437,394. View filing ↗
  • CubeSmart, Section 10b CEO total. DEF 14A, filed 2026-04-03. CEO total compensation as printed in CubeSmart's own proxy. As printed: 9,177,452. View filing ↗
  • Cousins Properties Incorporated, Section 10b CEO total. DEF 14A, filed 2026-03-18. CEO total compensation as printed in Cousins Properties Incorporated's own proxy. As printed: 8,688,925. View filing ↗
  • Kilroy Realty Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in Kilroy Realty Corporation's own proxy. As printed: 7,072,527. View filing ↗
  • Lexington Realty Trust, Section 10b CEO total. DEF 14A, filed 2026-04-03. CEO total compensation as printed in Lexington Realty Trust's own proxy. As printed: 6,645,384. View filing ↗
  • STAG Industrial, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-18. CEO total compensation as printed in STAG Industrial, Inc.'s own proxy. As printed: 5,881,152. View filing ↗
  • Brandywine Realty Trust, Section 10b CEO total. DEF 14A, filed 2026-04-07. CEO total compensation as printed in Brandywine Realty Trust's own proxy. As printed: 5,812,631. View filing ↗
  • Life Storage (subject), Section 10b CEO total. DEF 14A, filed 2023-04-13. CEO total compensation as printed in Life Storage's own proxy. As printed: 5,722,466. View filing ↗
  • Camden Property Trust, Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Camden Property Trust's own proxy. As printed: 5,151,175. View filing ↗
  • Highwoods Properties, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Highwoods Properties, Inc.'s own proxy. As printed: 5,124,352. View filing ↗
  • National Storage Affiliates Trust, Section 10b CEO total. DEF 14A, filed 2025-03-28. CEO total compensation as printed in National Storage Affiliates Trust's own proxy. As printed: 4,799,956. View filing ↗
  • Section 10a, EastGroup Properties, Inc. reciprocity. DEF 14A. EastGroup Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Life Storage. View filing ↗
  • Section 10a, CubeSmart reciprocity. DEF 14A. CubeSmart's most recent proxy was read; its disclosed peer group does not include Life Storage. View filing ↗
  • Section 10a, National Storage Affiliates Trust reciprocity. DEF 14A. National Storage Affiliates Trust's most recent proxy was read; its disclosed peer group does not include Life Storage. View filing ↗
  • Section 10a, Extra Space Storage Inc. reciprocity. DEF 14A. Extra Space Storage Inc.'s most recent proxy was read; its disclosed peer group does not include Life Storage. View filing ↗
  • Section 10a, Lexington Realty Trust reciprocity. DEF 14A. Lexington Realty Trust's most recent proxy was read; its disclosed peer group does not include Life Storage. View filing ↗
  • Section 10a, UDR, Inc. reciprocity. DEF 14A. UDR, Inc.'s most recent proxy was read; its disclosed peer group does not include Life Storage. View filing ↗
  • Section 10a, Highwoods Properties, Inc. reciprocity. DEF 14A. Highwoods Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Life Storage. View filing ↗
  • Section 10a, Brandywine Realty Trust reciprocity. DEF 14A. Brandywine Realty Trust's most recent proxy was read; its disclosed peer group does not include Life Storage. View filing ↗
  • Section 10a, Camden Property Trust reciprocity. DEF 14A. Camden Property Trust's most recent proxy was read; its disclosed peer group does not include Life Storage. View filing ↗
  • Section 10a, Cousins Properties Incorporated reciprocity. DEF 14A. Cousins Properties Incorporated's most recent proxy was read; its disclosed peer group does not include Life Storage. View filing ↗
  • Section 10a, Lexington Realty Trust reciprocity. DEF 14A. Lexington Realty Trust's most recent proxy was read; its disclosed peer group does not include Life Storage. View filing ↗
  • Section 10a, STAG Industrial, Inc. reciprocity. DEF 14A. STAG Industrial, Inc.'s most recent proxy was read; its disclosed peer group does not include Life Storage. View filing ↗
  • Section 10a, Kilroy Realty Corporation reciprocity. DEF 14A. Kilroy Realty Corporation's most recent proxy was read; its disclosed peer group does not include Life Storage. View filing ↗