Pay vs Performance Disclosure
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
PAY VERSUS PERFORMANCE TABLES
The following table sets forth information
concerning
the compensation paid to our CEO and to our other NEOs compared to Company performance for the years ended December 31, 2022
, 2021, 2020, and 2019. | Year |
Summary Compensation Table Total Pay for CEO (1)(2) |
CAP to CEO (3) |
Average Summary Compensation Table Total Pay for Other NEOs (1)(2) |
Average CAP to Other NEOs (3) |
Value of Initial Fixed $100 Investment Based on: |
GAAP Net Income (5) |
Core FFO per share (6) |
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TSR |
Peer TSR (4) |
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| 2022 |
$ | 9,201,442 | $ | (1,902,305 | ) | $ | 4,844,366 | $ | (2,183,334 | ) | $ | 163 | $ | 130 | $ | 4,366,274 | $ | 15.92 | ||||||||||||||
| 2021 |
10,358,153 | 41,035,570 | 5,944,502 | 25,331,675 | 205 | 178 | 1,959,639 | 12.93 | ||||||||||||||||||||||||
| 2020 |
4,800,928 | 4,537,499 | 3,174,594 | 2,999,877 | 123 | 123 | 1,361,227 | 10.61 | ||||||||||||||||||||||||
| 2019 |
4,289,200 | 3,360,014 | 2,854,897 | 1,378,312 | 109 | 127 | 1,525,651 | 10.75 | ||||||||||||||||||||||||
(1) |
The CEO for each year shown in the table was Joseph D. Russell and the other NEOs were H. Thomas Boyle, Natalia N. Johnson, and Nathaniel A. Vitan; Lily Y. Hughes was a former other NEO through May 2019. |
(2) |
The 2021 values reflected in this column reflect both the grant date fair value of the 2021 performance-based RSU awards and the value attributable to COVID-19 |
(3) |
Compensation actually paid (“CAP”) is defined by the SEC and is computed in accordance with SEC rules by subtracting the amounts in the “Stock Awards” and “Option Awards” columns of the SCT for each year from the “Total” column of the SCT and then: (i) adding the fair value as of the end of the reported year of all awards granted during the reporting year that are outstanding and unvested as of the end of the reporting ye ar; (ii) adding t he amount equal to the change as of the end of the reporting year (from the end of the prior year) in fair value (whether positive or negative) of any awards granted in any prior year that are outstanding and unvested as of the end of the reporting year; (iii) adding, for awards that are granted and vest in the reporting year, the fair value as of the vesting date; (iv) adding the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value (whether positive or negative) of any awards granted in any prior year for which all applicable vesting conditions were satisfied at the end of or during the reporting year; (v) subtracting, for any awards granted in any prior year that are forfeited during the reporting year, the amount equal to the fair value at the end of the prior year; and (vi) adding the value of any dividends (or dividend equivalents) paid in the reporting year on unvested equity awards. The following tables reflect the adjustments made to SCT total compensation to compute CAP for our CEO and average CAP for our other NEOs : |
CEO
Year |
SCT Total Pay |
Minus SCT Equity Awards |
Plus Value of New Unvested Awards as of 12/31 |
Plus Annual Change in Value of Prior Years Awards that Remain Unvested |
Plus Value of New Vested Awards |
Plus Change in Value of Prior Years Awards that Vested During Year |
Minus Value of Forfeited Prior Years Awards |
Plus Dividends on Unvested Awards/ Accrued Dividends |
Equals CAP |
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| 2022 |
$ | 9,201,442 | $ | 7,039,242 | $ | 6,790,064 | $ | (11,479,301 | ) | $ | — | $ | (74,804 | ) | $ | — | $ | 699,536 | $ | (1,902,305 | ) | |||||||||||||||
| 2021 |
10,358,153 | 8,149,753 | 23,991,640 | 14,299,544 | — | 382,986 | — | 153,000 | 41,035,570 | |||||||||||||||||||||||||||
| 2020 |
4,800,928 | 3,454,528 | 2,426,400 | 627,126 | — | 24,573 | — | 113,000 | 4,537,499 | |||||||||||||||||||||||||||
| 2019 |
4,289,200 | 2,873,000 | 1,479,800 | 166,619 | — | 152,395 | — | 145,000 | 3,360,014 | |||||||||||||||||||||||||||
Other NEOs (Average)
Year |
SCT Total Pay |
Minus SCT Equity Awards |
Plus Value of New Unvested Awards as of 12/31 |
Plus Annual Change in Value of Prior Years Awards that Remain Unvested |
Plus Value of New Vested Awards |
Plus Change in Value of Prior Years Awards that Vested During Year |
Minus Value of Forfeited Prior Years Awards |
Plus Dividends on Unvested Awards/ Accrued Dividends |
Equals CAP |
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| 2022 |
$ | 4,844,366 | $ | 3,686,458 | $ | 3,555,957 | $ | (7,193,033 | ) | $ | — | $ | (68,454 | ) | $ | — | $ | 364,288 | $ | (2,183,334 | ) | |||||||||||||||
| 2021 |
5,944,502 | 4,771,302 | 14,860,625 | 8,860,496 | — | 349,979 | — | 87,375 | 25,331,675 | |||||||||||||||||||||||||||
| 2020 |
3,174,594 | 2,295,972 | 1,771,553 | 271,223 | — | 20,974 | — | 57,505 | 2,999,877 | |||||||||||||||||||||||||||
| 2019 |
2,854,897 | 1,928,880 | 1,147,777 | 49,699 | — | 68,772 | 892,020 | 78,067 | 1,378,312 | |||||||||||||||||||||||||||
(4) |
Reflects the cumulative TSR of the Company and the S&P 500 Equity REITs Index for the year ended December 31, 2019, the two years ended December 31, 2020, the three years ended December 31, 2021, and the four years ended December 31, 2022, assuming a $100 investment at the closing price on December 31, 2018 and the reinvestment of all dividends. |
(5) |
Amounts in thousands. |
(6) |
Refer to Appendix A |
CEO
Year |
SCT Total Pay |
Minus SCT Equity Awards |
Plus Value of New Unvested Awards as of 12/31 |
Plus Annual Change in Value of Prior Years Awards that Remain Unvested |
Plus Value of New Vested Awards |
Plus Change in Value of Prior Years Awards that Vested During Year |
Minus Value of Forfeited Prior Years Awards |
Plus Dividends on Unvested Awards/ Accrued Dividends |
Equals CAP |
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| 2022 |
$ | 9,201,442 | $ | 7,039,242 | $ | 6,790,064 | $ | (11,479,301 | ) | $ | — | $ | (74,804 | ) | $ | — | $ | 699,536 | $ | (1,902,305 | ) | |||||||||||||||
| 2021 |
10,358,153 | 8,149,753 | 23,991,640 | 14,299,544 | — | 382,986 | — | 153,000 | 41,035,570 | |||||||||||||||||||||||||||
| 2020 |
4,800,928 | 3,454,528 | 2,426,400 | 627,126 | — | 24,573 | — | 113,000 | 4,537,499 | |||||||||||||||||||||||||||
| 2019 |
4,289,200 | 2,873,000 | 1,479,800 | 166,619 | — | 152,395 | — | 145,000 | 3,360,014 | |||||||||||||||||||||||||||
Other NEOs (Average)
Year |
SCT Total Pay |
Minus SCT Equity Awards |
Plus Value of New Unvested Awards as of 12/31 |
Plus Annual Change in Value of Prior Years Awards that Remain Unvested |
Plus Value of New Vested Awards |
Plus Change in Value of Prior Years Awards that Vested During Year |
Minus Value of Forfeited Prior Years Awards |
Plus Dividends on Unvested Awards/ Accrued Dividends |
Equals CAP |
|||||||||||||||||||||||||||
| 2022 |
$ | 4,844,366 | $ | 3,686,458 | $ | 3,555,957 | $ | (7,193,033 | ) | $ | — | $ | (68,454 | ) | $ | — | $ | 364,288 | $ | (2,183,334 | ) | |||||||||||||||
| 2021 |
5,944,502 | 4,771,302 | 14,860,625 | 8,860,496 | — | 349,979 | — | 87,375 | 25,331,675 | |||||||||||||||||||||||||||
| 2020 |
3,174,594 | 2,295,972 | 1,771,553 | 271,223 | — | 20,974 | — | 57,505 | 2,999,877 | |||||||||||||||||||||||||||
| 2019 |
2,854,897 | 1,928,880 | 1,147,777 | 49,699 | — | 68,772 | 892,020 | 78,067 | 1,378,312 | |||||||||||||||||||||||||||
Financial Performance Measures.
The most important financial performance measures used by the Company in setting compensation for the most recently completed fiscal year are described in the table below. The manner in which these measures, together with certain
pay-for-performance
non-financial
performance measures, determine the amounts of incentive compensation paid to our NEOs is described above in the “Compensation Discussion and Analysis” section of this proxy statement. Significant Financial Performance Measures |
| Core FFO Per Share Growth |
| TSR Performance (versus the TSR of the S&P 500 Equity REITs Index) |
| TSR Performance (versus the Company’s Self-Storage REIT Competitors) |