BofA update shows where active managers are putting money
Joseph D. Margolis, the Chief Executive Officer of Extra Space Storage Inc. (NYSE:EXR), a prominent player in the Specialized REITs industry with a market capitalization of $32 billion and an overall GREAT financial health score according to InvestingPro, recently sold 7,500 shares of the company’s common stock. The transaction, executed on April 1, 2025, was conducted at a price of $147.45 per share, amounting to a total sale value of approximately $1.1 million. The stock currently trades at $144.07, slightly below the insider sale price, with a relatively high P/E ratio of 35.85.
Following this sale, Margolis holds 9,190 shares indirectly through Cove Hollow Lane II, LLC. This transaction was made under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell company stock for diversification or liquidity purposes while avoiding accusations of insider trading.
In addition to his indirect holdings, Margolis maintains direct ownership of 84,385 shares and indirect ownership of 34,760 shares through J Margolis & K Margolis TTEE and 97,260 shares through Cove Hollow Lane I, LLC. Despite the recent sale, Margolis continues to have significant holdings in Extra Space Storage, reflecting his ongoing investment in the company. The REIT maintains a solid 4.5% dividend yield and has consistently paid dividends for 22 consecutive years. For more detailed insights and analysis, including 7 additional ProTips, check out the comprehensive research report available on InvestingPro.
In other recent news, Extra Space Storage Inc. reported its fourth-quarter 2024 earnings, where the company exceeded earnings per share (EPS) expectations with an actual EPS of $1.24, surpassing the forecasted $1.07. However, its revenue slightly missed projections, coming in at $821.89 million compared to the anticipated $825.25 million. Despite the positive EPS surprise, the revenue shortfall has raised some investor concerns. Additionally, Extra Space Storage has completed a public offering of $500 million in senior notes due in 2035, with an annual interest rate of 5.400%.
Meanwhile, SmartStop Self Storage REIT announced a one-for-four reverse stock split of its Class A and Class T common stock, effective March 20, 2025. This reverse split also applied to the units in SmartStop OP, L.P., consolidating every four units into one. The company’s board has decided to suspend the distribution reinvestment plan, opting to pay distributions in cash until further notice. These actions are part of an effort to update the company’s financial disclosures and potentially improve the marketability and liquidity of its stock.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.