James Barry
About James Barry
James R. Barry (age 36) is Chief Financial Officer and Treasurer of SmartStop Self Storage REIT, Inc. (SMA) since June 2019, having previously served as Senior Vice President – Finance, with prior roles at the company’s former sponsor and at real estate firms including SmartStop Self Storage Inc., Thompson National Properties, and Grubb & Ellis; he holds a B.S. in Finance (CSU Fullerton) and an MBA in Finance (Chapman University, honors) . Company performance drivers tied to his compensation include same-store NOI and FFO as adjusted per share; in 2024, company TSR on a $100 base was $108.23 versus peer group $117.56, same-store facility revenue grew 0.4% year over year while same-store NOI declined 1.7%, and FFO as adjusted per share was $1.70 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| SmartStop Self Storage REIT, Inc. | Chief Financial Officer & Treasurer | Jun 2019–present | Executive finance leadership across operations, technology implementation, Canadian expansion, and external growth strategies via annual goals process . |
| SmartStop Self Storage REIT, Inc. | Senior Vice President – Finance | Aug 2018–Jun 2019 | Transitioned finance leadership post self-administration; supported executive compensation program implementations . |
| Strategic Asset Management I, LLC (former sponsor) | Senior Vice President – Finance; Director of Finance | Oct 2015–Jul/Aug 2019 | Led finance for sponsor/advisors; supported managed REIT platform growth . |
| SmartStop Self Storage Inc. | Financial Analyst | 2012–2015 | Highly involved in negotiations, calculations, and communications for merger with Extra Space Storage on Oct 1, 2015 . |
| Thompson National Properties, LLC | Corporate Accountant/Senior Financial Analyst | 2009–2012 | Corporate finance and analysis for commercial real estate sponsor . |
| Grubb & Ellis Co. | Accounting roles | 2007–2009 | Corporate accounting experience in real estate services . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Strategic Storage Growth Trust II, Inc. | Director | Mar 2021–Jun 2022 | Board service concluded upon merger into SMA subsidiary . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 300,000 | 350,000 | 350,000 |
| Target Bonus ($) | — | — | 210,000 |
| Actual Cash Bonus – Non-Equity Incentive Plan ($) | 210,000 | 115,500 | 168,893 |
| Discretionary Bonus ($) | — | — | 40,000 |
| All Other Compensation ($) | 32,317 | 26,010 | 28,944 |
| Equity Awards – Grant Date Fair Value ($) | 200,000 | 440,000 | 440,000 |
| Total Compensation ($) | 742,317 | 931,510 | 1,027,837 |
Performance Compensation
Short-Term Incentive (2024)
| Metric | Weighting | Threshold | Target | Maximum | Actual |
|---|---|---|---|---|---|
| Same-store NOI growth | 25% | (1.2)% | 1.0% | 3.2% | (1.7)% |
| FFO, as adjusted (per share) | 25% | $1.64 | $1.88 | $2.12 | $1.70 |
| G&A Expense (millions) | 10% | $32.6 | $31.1 | $29.5 | $29.4 |
| Strategic/Individual goals | 40% | Qualitative | Qualitative | Qualitative | Committee-assessed |
| Overall payout vs target | — | — | — | — | 80% (paid $168,893 vs $210,000 target) |
Notes:
- Strategic goals included portfolio institutional management, strategic transactions, technology implementation, Canadian expansion, and Managed REIT growth; individual CFO goals covered execution of plan, operational performance, team development, technology oversight, and external growth strategies .
Long-Term Incentive Awards and Outcomes
| Item | Details |
|---|---|
| Program design | Two components: time-based (67%) and performance-based (33%) awards; performance measured by relative 3-year average same-store revenue growth vs peers (PSA, EXR, CUBE, NSA) with payouts from 0% (last place) to 200% (1st place) . |
| 2024 Grants (Barry) – Time-based | Granted Mar 7, 2024: 5,439 LTIP units with $294,800 fair value; vest ratably over 4 years; first vest Dec 31, 2024; subject to continued employment . |
| 2024 Grants (Barry) – Performance-based | Granted Mar 7, 2024: target 2,679 LTIP units (threshold 1,340; max 5,358) with $145,200 fair value; vest based on 2024–2026 peer-relative same-store revenue growth . |
| Recent performance outcome | For the 2022–2024 performance period, SMA ranked 3rd vs peers; Barry vested 948 performance LTIP units on Mar 13, 2025 . |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial ownership (total) | 48,033 shares (2,776 direct shares plus 45,257 issuable upon conversion/exchange), <1% of outstanding . |
| Outstanding unvested time-based LTIP units (12/31/2024) | 711 (2022 grant), 2,771 (2023), 4,080 (2024) . |
| Outstanding unearned performance-based LTIP units (12/31/2024) | 949 (2022 actual target-level), 2,730 (2023 expected target), 2,679 (2024 expected target) . |
| Ownership guidelines | Required to hold ≥3× base salary within 5 years of Apr 1, 2025 or appointment date; applies to executives . |
| Hedging policy | Company states it does not have a hedging policy for officers at this time . |
Employment Terms
| Scenario | Cash Severance | Healthcare Continuation | Equity Treatment | Excise Tax Gross-Up | Notes |
|---|---|---|---|---|---|
| Without Cause or Good Reason | $525,167 | $27,829 | Unvested time-based awards that would vest in next 12 months vest immediately; performance awards remain eligible and vest pro rata based on days employed if earned at end of performance period (assumed at target) . | — | CFO severance multiple generally 1.0× of salary plus 3-year average bonus under plan . |
| Change of Control (CoC) | $1,050,333 | $55,659 | Time-based awards vest immediately prior to CoC; performance awards if not assumed remain eligible based on actual performance and vest pro rata; Barry’s CoC equity acceleration totaled $663,338 (time-based $438,567; performance-based $212,337; dividends $12,434, assuming target) . | $714,226 (as of 12/31/2024; gross-up to be eliminated upon listing) | CoC severance multiple increases to 2.0× for non-CEO executives paid lump-sum . |
| Death or Disability | $210,000 | — | Immediate vesting of all unvested time-based awards; performance awards remain eligible and vest pro rata if earned; total $663,338 equity value assumed at target . | — | Pro-rata annual cash bonus based on actual performance and days employed . |
| Cause or Resignation | — | — | — | — | Accrued obligations only (e.g., unused PTO) . |
Additional terms:
- Restrictive covenants required for severance eligibility include confidentiality (indefinite), non-compete while employed, non-solicit post-termination (9 months for non-CIO/CAO executives), and non-disparagement; severance contingent on signed release and compliance .
- Definitions of “Cause,” “Good Reason,” and “Change of Control” are as set in the Executive Severance and Change of Control Plan .
Investment Implications
- Strong pay-for-performance construct: CFO’s annual incentive is weighted to same-store NOI and FFO as adjusted per share (50% combined) with cost discipline (G&A, 10%) and strategic/individual execution (40%); 2024 underperformance in NOI (-1.7%) and FFO ($1.70) drove an 80% payout of target ($168,893 vs $210,000) .
- Retention dynamics: Significant multi-year, equity-heavy awards (67% time-based LTIP units vesting pro rata over four years; 33% performance-based units vesting on 3-year cycles) create continued vesting through at least March 2026 and March 2027 and annual year-end tranches, which may contribute to periodic supply from vest-related dispositions depending on personal liquidity needs .
- Alignment and ownership: Personal beneficial ownership is modest (<1%; 48,033 shares including issuables), but formal stock ownership guidelines require 3× salary within five years, encouraging accumulation and alignment over time .
- Governance red flags and protections: The presence of a 280G/4999 excise tax gross-up in CoC scenarios (to be removed upon listing) is shareholder-unfriendly; the company currently has no hedging policy for officers, which may concern some investors; however, severance multiples for the CFO are restrained (1.0×; 2.0× under CoC) and performance equity can remain subject to goal achievement post-termination, limiting windfalls .