SpareFoot, an online marketplace for self-storage consumers, has published a list of the highest paid executives in 2014 from the four publicly traded, U.S.-based self-storage real estate investment trusts (REITs)—CubeSmart, Extra Space Storage Inc., Public Storage Inc. and Sovran Self Storage Inc. The company compiled the list from filings with the Securities and Exchange Commission, according to “The SpareFoot Storage Beat” blog.
Based on the public filings, a majority of REIT executives earned less in 2014 than 2013. All six executives at Sovran made 26 percent to 30 percent less, year over year, but this was due largely to “a special award of shares in 2013” that paid them more than what they normally would have received, according to the source. It’s normal for REIT executive earnings to fluctuate year to year, an industry analyst told the blog.
John Reyes, senior vice president and chief financial officer for Public Storage, was the top earner last year receiving more than $9.2 million in total compensation, including a salary of $600,000. Public Storage CEO Ron Havner earned just more than $9 million in total compensation, including a salary of $1 million. In all, Public Storage had five of the top six executive earners on the list. Candace Krol, the REIT’s senior vice president and chief human resources officer, was the fastest-rising earner on the list, with a 107 percent increase in total compensation compared to 2013. Her 2014 earnings were bolstered by more then $750,000 in stock awards.
Among CEOs, CubeSmart’s Christopher P. Marr was second behind Havner, earning nearly $2.9 million, a 53 percent increase from his 2013 earnings. Sovran’s David Rogers was third at $2.4 million, and Spencer F. Kirk was fourth with total compensation topping $2.3 million. Both Kirk and Rogers saw their 2014 earnings decline 26 percent, according to the source. Kirk received the largest salary last year among the four CEOs at $1.04 million.
SpareFoot.com helps consumers find and reserve self-storage units, with comparison shopping tools that show real-time availability and exclusive deals. With a network of more than 9,400 storage facilities ranging from mom-and-pop operations to real estate investment trusts, the company reaches prospective storage renters though partnerships with brands including SelfStorage.com and Penske Truck Rental.
- The SpareFoot Storage Beat: Who Were the Highest-Paid Execs at Storage REITs in 2014?