Ronald L. Havner Jr., the chief executive of Public Storage Inc., received compensation of nearly $17 million in 2008, more than seven times his 2007 amount, with most of the increase coming in the form of two bonuses, according to a recent regulatory filing. Havner, 51, is also the president and vice chairman of the Glendale, Calif.-based self-storage real estate investment trust.
In 2008, Havner's base salary was $952,543, a 10 percent increase from 2007. He then received a "special bonus" of more than $6.3 million, related to the March 2008 sale of 51 percent of a European subsidiary, and a separate performance-based bonus of $9.7 million. Havner also received $9,200 in the form of company contributions to his retirement plan. He received no stock-option awards in 2008, down from $582,660 the previous year.
In 2008, Public Storage's funds from operations rose to $5.07 per share, from $4.97 per share the previous year. Revenue slipped 4 percent to $1.75 billion. The company's stock gained about 8 percent in 2008, but has fallen about 26 percent so far in 2009.
Source: Associated Press, Public Storage CEO got '08 pay package worth $17M