Jeff Norman
About Jeff Norman
Jeff Norman is Executive Vice President and Chief Financial Officer of Extra Space Storage (EXR), assuming CFO responsibilities on July 1, 2025, following the planned retirement of long-time CFO P. Scott Stubbs . He is 44 and holds a B.A. in Finance and an M.B.A. from the University of Utah; he joined Extra Space in 2012 and has led capital markets, treasury and risk management (since 2022), and played a central role in maintaining the company’s public credit ratings . As context for his initial tenure, EXR reported total revenues of $858.5 million for Q3 2025 versus $824.8 million in Q3 2024, and Mr. Norman signed the company’s Q3 2025 10-Q certifications as principal financial officer .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Extra Space Storage | SVP, Capital Markets & Treasury | Jan 2024–Jun 2025 | Led capital markets and treasury; key role in maintaining public credit ratings; managed risk function since 2022 . |
| Extra Space Storage | SVP, Capital Markets | Jul 2021–Dec 2023 | Advanced capital markets strategy and financing execution . |
| Extra Space Storage | VP, Investor Relations | Jul 2014–Jun 2021 | Led IR; expanded investor communications and market engagement . |
| Extra Space Storage | Various roles of increasing responsibility | 2012–2014 | Early leadership roles; contributed to finance/capital markets capabilities . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Zions Bank, National Real Estate Group | Roles of increasing responsibility | Over eight years (ended 2012) | Credit and real estate finance experience; foundation for EXR capital markets leadership . |
Fixed Compensation
| Component | Amount | Effective Date | Notes |
|---|---|---|---|
| Base Salary | $450,000 | Jul 1, 2025 | Set upon appointment as EVP & CFO . |
| Benchmark (prior CFO base) | $520,000 | FY 2024 | For reference: prior CFO Stubbs’ 2024 annual salary per proxy . |
Performance Compensation
Long-term and Annual Incentive Structure (Company Program Context)
| Incentive Type | Metric | Weighting | Target/Scale | Recent Framework Details |
|---|---|---|---|---|
| Annual Bonus | Core FFO per share | 50% | Company-set target annually | Central measure for executive cash incentive . |
| Annual Bonus | Corporate financial/operational/strategic goals | 50% | Weighted goals set annually; 2024 combined payout 99% | 2024 goals included investments, LSI merger synergies, people/succession, balance sheet/ratings, and discretion; committee assessed 95% on the non-FFO goals and 99% combined payout . |
| PSUs (3-year) | Relative TSR vs FTSE NAREIT Equity Index | 50% | 0–200% payout; 25th=50%, 50th=100%, 75th+=200% | Linear interpolation; measured over three-year period . |
| PSUs (3-year) | Core FFO per share (3-year growth) | 50% | 0–200% payout around Committee-set 3-year target | Requires continued employment through period (subject to accelerated vesting scenarios) . |
| RSAs | Time-based vesting | n/a | Typically ratable over four years | Standard program terms; used to promote retention and alignment . |
2025 CFO Equity Grant
| Grant Type | Grant Value | Grant/Effective Date | Vesting Terms | Notes |
|---|---|---|---|---|
| Restricted Stock | $300,000 | Jul 1, 2025 | Not disclosed | Grant provided upon CFO appointment; eligible for ongoing annual equity awards . |
Equity Ownership & Alignment
| Policy/Status | Detail |
|---|---|
| Stock Ownership Guidelines | Executive Vice Presidents must hold shares equal to 3x base salary within 5 years of appointment . |
| Clawback Policy | Company adopted a Dodd-Frank/NYSE-compliant clawback to recoup erroneously awarded incentive compensation from Section 16 officers upon a restatement (applies to CFO) . |
| Hedging/Pledging | Hedging prohibited; pledging permitted only for shares in excess of ownership requirements and with Compensation Committee approval . |
| Beneficial Ownership | Individual beneficial ownership for Mr. Norman not disclosed in 2025 proxy; he was appointed CFO mid-2025, after the 2024 NEO disclosures . |
Employment Terms
| Term | Detail |
|---|---|
| Appointment | EVP & CFO responsibilities effective July 1, 2025 . |
| Employment Agreement | Company states NEOs do not have individual employment agreements; compensation governed by program and plan documents . |
| Change-in-Control (CIC) | Under the Executive CIC Plan, upon qualifying termination within 12 months post-CIC, NEOs receive: 2x annual base salary plus 2x greater of prior-year bonus or 3-year average bonus (lump sum); accrued pay/benefits; lump-sum for 2 years’ health benefits; 6 months outplacement; full vesting of RSAs; PSU vesting at greater of target or prorated actual through CIC date; prorated target on death/disability; retirement treatment requires age ≥55 and age+service ≥70 and committee conditions . |
| Benefits/Perquisites | Medical/life insurance (same basis as employees); 401(k) match (100% of first 3%, 50% of next 2%); limited perquisites . |
| Annual Bonus Eligibility | Eligible under Company executive bonus program (Core FFO/share and corporate goals) . |
Compensation Peer Group and Governance Context
- Comparator group includes REITs and select large caps (e.g., Public Storage, CubeSmart, AvalonBay, Crown Castle, Digital Realty, Equinix, Realty Income, Essex, Mid America Apartment Communities, Simon, Boston Properties, Hilton, Welltower, Invitation Homes, SBA Communications, Sun Communities, Chipotle) . As of Dec 31, 2024, EXR’s enterprise value was at the 48th percentile of this group .
- Independent consultant: Meridian provides market data; Committee considers CEO recommendations for direct reports; no preset cash/equity mix .
- Say-on-Pay support: 97% approval at 2024 meeting, with 86% of shares (excl. abstentions/broker non-votes) voting on the matter; approach unchanged following feedback .
Performance & Track Record
- Leadership contributions: Central role in financing strategy, public credit ratings maintenance, and risk management since 2022; promoted internally through IR and capital markets roles since 2012 .
- Initial operating backdrop as CFO: Q3 2025 total revenues were $858.5 million versus $824.8 million in Q3 2024; Mr. Norman signed Q3 2025 Sarbanes-Oxley certifications as principal financial officer .
Risk Indicators & Red Flags
- Clawback compliance and insider trading controls: Robust insider trading policy with 90-day cooling off for Rule 10b5-1 plans; hedging prohibited; pledging restricted to excess shares with pre-approval .
- No disclosures of tax gross-ups, related-party transactions involving Mr. Norman, or personal perquisites beyond the standard employee programs in the 2025 proxy .
Investment Implications
- Pay-for-performance alignment: Base salary set at $450k (below prior CFO’s $520k), with equity as a meaningful component via a $300k restricted stock grant at appointment—suggesting an emphasis on long-term, equity-based alignment early in tenure .
- Incentive design: Annual cash bonus is driven by Core FFO/share and explicit corporate/strategic goals (recently including M&A synergy capture and balance sheet quality), while long-term PSUs hinge on relative TSR and multi-year Core FFO/share—metrics that directly link management rewards to shareholder returns and REIT cash flow performance .
- Selling pressure/vesting: Company RSAs typically vest ratably over four years, implying gradual supply if the standard terms apply to Mr. Norman’s grant; the specific vesting terms for his July 2025 grant were not disclosed, so monitor future proxy footnotes and Form 4s for precise schedules .
- Retention and CIC protections: Participation in the Executive CIC Plan (two-year multiple and equity acceleration) reduces retention risk during strategic events, while robust clawback and hedging prohibitions support governance quality .
Overall, Norman’s internal promotion, lower fixed salary relative to predecessor, and equity-heavy program context support alignment with long-term value creation, with near-term focus areas including synergy realization and balance sheet execution evident in the company’s recent bonus frameworks .