joseph d. Margolis, CEO Extra storage space (NYSE:), a prominent player in the specialty REITs industry with a market capitalization of $31.5 billion, recently sold 7,500 shares of the company's common stock. The transaction, which occurred on January 2, 2025, was executed at a price of $148.01 per share, for a total consideration of approximately $1.11 million. according to InvestingPro By analysis, the company maintains an impressive financial health score and offers an attractive yield of 4.36%, having maintained its dividend payments for 21 consecutive years.
Following this sale, Margolis owns 16,690 shares indirectly through Cove Hollow Lane II, LLC, and maintains various other holdings. The deal was conducted under a Rule 10b5-1 predetermined trading plan, which was adopted in March 2024. This plan allows insiders to set up a predetermined timeline for selling shares, providing some protection against insider trading accusations. While the stock currently trades at a high earnings multiple, Which indicates an overestimation of the valueInvestors can access comprehensive valuation analysis and additional insights through the detailed Pro Research report available at InvestingPro.
In addition, Margolis has indirect equity ownership through entities such as J Margolis & K Margolis TTEE and Cove Hollow Lane I, LLC, each of which owns 34,760 and 97,260 shares. He denies beneficial ownership of the shares held by these entities, except to the extent of his financial interest.
In other recent news, Extra Space Storage reported strong financial performance for the third quarter of 2024, with a significant increase in the middle of full-year funds from operations (FFO) guidance. This performance was driven by strong store performance and growth initiatives, despite the challenges facing the sector. The company also launched a $1 billion note trading program through its operating partnership, Extra Space Storage LP, dedicated to general corporate purposes. Additionally, Extra Space Storage expects to realize $100 million in synergies from its combination with Life Storage (NYSE:) Inc., with a focus on management, bridge loans and procurement efficiencies. RBC Capital recently lowered its Extra Space Storage target to $167 from $173, while BMO Capital Markets maintained an Outperform rating on General Storage (NYSE:). These are recent developments that underscore the flexibility and strategic growth of additional space storage.
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