Joe Robinson
About Joe Robinson
Joe Robinson is Chief Operations Officer at SmartStop Self Storage REIT, serving since October 2019. He holds a B.S. in Computer Science (Business minor) from Brigham Young University and an MBA from Rice University, with deep expertise in revenue management, pricing, data analytics, and marketing in self storage; he is described as a respected authority with multiple industry speaking engagements and published articles . 2024 performance metrics tied to his incentives included same‑store NOI growth, FFO as adjusted per share, and G&A expense, with actual results of −1.7% same‑store NOI (below threshold), $1.70 FFO/share (between threshold and target), and $29.4M G&A (better than maximum), leading to a 77% of target cash bonus outcome for Robinson .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SmartStop Self Storage REIT | Chief Operations Officer | Oct 2019–present | Leads operations, implements technology, pricing, and operational performance across the portfolio . |
| Simply Self Storage Management LLC | Chief Marketing Officer & EVP | Apr 2016–Sep 2019 | Led marketing, pricing, IT, and training functions . |
| Extra Space Storage | VP Marketing; Director of Revenue Management | 2010–2016 | Led revenue management, data analytics, call center; developed industry-first centralized pricing models . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Self storage industry conferences and trade publications | Industry speaker/author | Various | Multiple speaking engagements on pricing; articles published in trade outlets, reinforcing sector influence and technical expertise . |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $375,000 | $375,000 | $375,000 |
| Target Annual Cash Bonus ($) | $200,000 | $200,000 | $200,000 |
| Actual Non‑Equity Incentive Paid ($) | $245,000 | $110,000 | $154,680 |
| Discretionary Bonus ($) | — | — | $40,000 |
| Equity Awards (Grant‑date Fair Value, $) | $200,000 | $425,000 | $425,000 |
| All Other Compensation ($) | $42,426 | $31,482 | $35,323 |
| Total Compensation ($) | $862,426 | $941,482 | $1,030,003 |
Performance Compensation
| Component | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Same‑Store NOI Growth | 30% | 1.0% | −1.7% | Below threshold contribution implied | N/A (cash) |
| FFO, as adjusted (per share) | 20% | $1.88 | $1.70 | Between threshold and target contribution implied | N/A (cash) |
| G&A Expense (millions) | 10% | $31.1 | $29.4 | At/above maximum contribution implied | N/A (cash) |
| Strategic/Individual Goals | 40% | Subjective (75/100/125% scale) | Determined by committee | Included in overall payout | N/A (cash) |
| Overall Annual Cash Bonus | — | $200,000 | $154,680 | 77% of target | N/A (cash) |
| LTIP Time‑Based Award (2024 grant) | — | $284,750 fair value | N/A | N/A | Vests pro‑rata over 4 years; first vest 12/31/2024 |
| LTIP Performance‑Based Award (2024 grant) | — | Target 2,588 units; $140,250 fair value | N/A | 0–200% of target based on 3‑yr relative same‑store revenue growth vs peers | Vests after 3‑year period; awards shown vest no later than 3/31/2027 |
| LTIP Performance Vested (2012–2024 period) | — | Ranking target | Achieved 3rd place in peer group | Target units vested | 948 LTIP Units vested 3/13/2025 |
Peer group for performance awards: Public Storage, Extra Space Storage, CubeSmart, National Storage Affiliates Trust .
2024 Grants Detail (Joe Robinson)
| Grant Type | Grant Date | Threshold (#) | Target (#) | Maximum (#) | Other Shares/Units (#) | Grant‑Date Fair Value ($) |
|---|---|---|---|---|---|---|
| Annual Cash Incentive Bonus | — | — | $200,000 | — | — | — |
| Time‑Based LTIP Units | 3/7/2024 | — | — | — | 5,254 | $284,750 |
| Performance‑Based LTIP Units | 3/7/2024 | 1,294 | 2,588 | 5,176 | — | $140,250 |
Equity Ownership & Alignment
| Metric | As of 3/31/2024 | As of 4/25/2025 |
|---|---|---|
| Common Stock Beneficially Owned (shares) | 9,322 | 2,831 |
| Common Stock Issuable Upon Conversion/Exchange (e.g., OP Units/LTIP/RSAs within 60 days) | 39,636 | 15,027 |
| Total Beneficial Ownership (shares) | 48,958 | 17,857 |
| Percent of Shares Outstanding | <1% | <1% |
| Options Outstanding | None (NEOs had no options in 2024) | None disclosed |
| Stock Ownership Guidelines | 3x base salary for non‑CEO executive officers within 5 years of 4/1/2025 or start date | Same |
| Hedging Policy | Company does not have a hedging policy at this time | Same |
| Pledging | Not disclosed | Not disclosed |
Outstanding Equity Awards (as of 12/31/2024)
| Grant | Number Not Vested (#) | Market Value of Not Vested ($) | Unearned Performance Units (#) | Payout Value of Unearned ($) |
|---|---|---|---|---|
| 2/2/2022 LTIP Units | 711 | $41,256 | 949 | $55,008 |
| 2/24/2023 LTIP Units | 2,676 | $155,223 | 2,637 | $152,910 |
| 3/7/2024 LTIP Units | 3,940 | $228,538 | 2,588 | $150,090 |
Footnotes: Time‑based awards vest ratably over 4 years, first vest on 12/31 of grant year ; 2022 performance awards vested at target on 3/13/2025 ; 2023 awards vest no later than 3/31/2026; 2024 awards vest no later than 3/31/2027 .
Stock Vested (2024)
| Metric | Number of Units Vested | Value Realized ($) |
|---|---|---|
| Joe Robinson | 6,320 | $373,003 |
Employment Terms
| Scenario (Hypothetical as of 12/31/2024; $58/share assumption) | Severance Payment ($) | Healthcare Continuation ($) | Equity Awards Subject to Vesting ($) | Other Compensation ($) | Excise Tax Gross‑Up ($) | Total ($) |
|---|---|---|---|---|---|---|
| Without Cause or for Good Reason | $571,667 | $39,531 | $414,220 | $38,492 | $— | $1,063,910 |
| Change of Control | $1,143,333 | $79,062 | $644,189 | $38,492 | $— | $1,905,076 |
| Death or Disability | $200,000 | $— | $644,189 | $38,492 | $— | $882,681 |
| Cause or Resignation | $— | $— | $— | $38,492 | $— | $38,492 |
Plan structure: Executive Severance and Change of Control Plan adopted June 28, 2019; severance terms vary by termination nature; plan replaces individual employment agreements and is overseen by the Compensation Committee .
Compensation Structure Analysis
- Mix and risk: Robinson’s compensation emphasizes performance and equity, with meaningful at‑risk pay across annual and multi‑year horizons; NEO program balances absolute metrics (NOI, FFO, G&A) and relative peer performance, with capped payouts to mitigate risk .
- Shift to RSUs/LTIP units: Executives can elect LTIP Units or RSAs; program shifted to two‑thirds time‑based and one‑third performance‑based after FY2022, increasing guaranteed vesting share versus earlier mix (75/25 previously) .
- Annual results and discretion: 2024 discretionary bonuses awarded for strategic projects (e.g., public listing pursuit), including $40,000 to Robinson; overall cash bonus remained ≤ target despite discretionary amounts .
- No options: NEOs held no options in 2024, reducing near‑term option‑driven incentives; equity value accrual is via LTIP/RSAs with multi‑year vesting .
Investment Implications
- Pay‑for‑performance alignment: Robinson’s 2024 bonus at 77% of target reflects below‑plan operating outcomes (NOI, FFO) partly offset by strong G&A discipline; LTI performance relies on relative same‑store revenue growth versus top storage REITs, aligning with sector share gains rather than pure absolute return .
- Vesting‑related supply: Time‑based awards vest annually on December 31, and performance tranches have March vest milestones (e.g., 3/13/2025; future awards no later than 3/31/2026–2027), which can concentrate potential selling windows around year‑end and mid‑March; monitor insider Form 4s near these dates for flow signals .
- Alignment and policy flags: Ownership guidelines require 3× salary within five years, improving alignment; however, absence of a hedging policy is a governance red flag to some investors—no pledging disclosure provided; revisit policy evolution post‑listing .
- Retention and change‑of‑control economics: Severance covers salary‑based multiples plus healthcare and equity vesting; CoC economics for Robinson total ~$1.9M under the illustrative scenario—adequate retention without excise tax gross‑ups, limiting shareholder‑unfriendly optics .
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