Occupancy, rental rates and revenue rose in 2013 at the four publicly traded self-storage REITs — and so did executives’ paychecks.
Most executives among the publicly traded storage REITs received higher compensation last year, according to proxy statements filed with the U.S. Securities Exchange Commission by the four REITs: Public Storage, Extra Space, Sovran Self Storage (Uncle Bob’s) and CubeSmart.
Public Storage CFO is highest-paid exec
Public Storage Chief Financial Officer John Reyes saw the biggest raise and was the highest earner among executives at the four REITs. Reyes earned $9.36 million in 2013, more than double the $4.19 million he picked up in 2012. Most of the boost in Reyes’ compensation came in the form of a $4.58 million stock award. Reyes has been CFO of the company since 1996.
Among the REITs, the next highest-paid executive was Public Storage CEO Ron Havner, who brought in $9.2 million in 2013, up 12 percent from the previous year. (Havner’s 2012 compensation was $15.1 million and included a $6.9 million stock award for performance in 2011. To better reflect his change in earnings, the stock award was not considered when comparing 2012 and 2013 compensation.)
Small raises for Extra Space, Sovran CEOs
Extra Space CEO Spencer Kirk and Sovran Self Storage CEO David Rogers received modest raises in 2013.
Kirk got a pay hike of 1.8 percent, putting him at $2.3 million.
Rogers earned $2.29 million last year, up 1.7 percent from 2012. Roger’s reported earnings actually were $3.3 million, but a portion of that includes deferred stock awards from the previous year.
Among the top-paid REIT executives, only recently retired CubeSmart CEO Dean Jernigan earned less in 2013 than in 2012. Jernigan collected $3.15 million in 2013, compared with $6.2 million the year before. The change can be attributed to higher stock awards in 2012.
Jernigan retired effective Dec. 31, 2013. CubeSmart President Christopher Marr succeeded him as CEO.
Four of the 10 highest-paid storage REIT executives for 2013 work at Public Storage.
Here’s the complete list of the 10 highest-paid executives at the self-storage REITs in 2013. (Compensation includes base salary, stock options, stock awards and performance bonuses.)
1. John Reyes, senior vice president and chief financial officer, Public Storage
Total compensation: $9,362,000
2. Ron Havner, chairman, president and CEO, Public Storage
Total compensation: $9,199,200
3. Dean Jernigan, former CEO, CubeSmart
Total compensation: $3,150,859
4. David Doll, senior vice president of real estate, Public Storage
Total compensation: $2,433,240
5. Spencer Kirk, CEO, Extra Space
Total compensation: $2,306,267
6. Robert Attea, executive board chairman, Sovran Self Storage
Total compensation: $2,293,546*
7. Kenneth Myszka, president and chief operating officer, Sovran Self Storage
Total compensation: $2,293,367*
8. David Rogers, CEO, Sovran Self Storage
Total compensation: $2,291,645*
9. Chris Marr, president and CEO, CubeSmart
Total compensation: $1,886,288
10. Shawn Weidmann, senior vice president and chief operating officer, Public Storage
Total compensation: $1,686,520
*Adjusted to reflect compensation for performance in 2013.
