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William N. Springer, Executive Vice President and Chief Strategy & Performance Officer at Extra Space Storage Inc. (NYSE:EXR), recently sold shares of the company. According to a filing with the Securities and Exchange Commission, Springer sold 1,220 shares on February 28, 2025, at an average price of $152.66 per share. This transaction amounted to approximately $186,245.
The filing also detailed other transactions by Springer on March 1, 2025, where he acquired shares through the vesting of performance stock units and restricted stock awards. Specifically, Springer acquired 1,932 shares and 7,407 shares at a price of $152.56 each, with the total value of these acquisitions amounting to $1,424,757. Additionally, shares were withheld to cover tax liabilities related to these transactions, totaling $130,743. InvestingPro data shows the company maintains strong financial health with liquid assets exceeding short-term obligations.
These transactions adjusted Springer’s direct ownership to 20,158 shares following the sales and acquisitions. The company has maintained dividend payments for 22 consecutive years, currently offering a 4.22% yield. Discover more insights about Extra Space Storage with InvestingPro, which features additional ProTips and comprehensive financial analysis.
In other recent news, Extra Space Storage Inc. reported its fourth-quarter 2024 financial results, exceeding earnings per share (EPS) expectations but slightly missing revenue forecasts. The company achieved an EPS of $1.24, surpassing the anticipated $1.07, while revenue reached $821.89 million, falling short of the $825.25 million forecast. Despite the positive EPS surprise, investor concerns about the revenue shortfall were evident. The company has set its 2025 Core Funds From Operations (FFO) guidance between $8.00 and $8.30 per share, reflecting cautious optimism for the coming year.
In terms of market activity, Extra Space Storage maintained strong occupancy rates and modestly increased same-store revenue. However, challenges in the storage industry persisted, as evidenced by a 0.4% decrease in same-store revenue and a 3.5% decline in net operating income. The company also faced increased property taxes in several states, impacting expenses. Additionally, Extra Space Storage’s strategic focus on brand consolidation and digital marketing enhancements has shown promising results, with increased rental activity and savings in marketing costs. The company’s investment activities included $950 million in joint ventures and structured investments, along with $980 million in bridge loans originated in 2024.
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