Spencer Kirk (Insider Trades), CEO of Extra Space Storage Inc. (EXR), sold 20,000 shares for $78.26 per share on Oct. 3. The total transaction was $1,565,200.
Extra Space Storage is a self-administered and self-managed REIT. The company is the second-largest owner and/or operator of self-storage stores and the largest self-storage management company in the U.S. It has a market cap of $9.65 billion.
Including the aforementioned transaction, Kirk has sold a total of 460,000 shares in 23 transactions since 2013. He has sold 200,000 shares this year.
In comparison, there have been 237,609 total insider shares sold to date. No insiders have increased their stakes since 2013, and the number of insider sells has increased from 2013 to 2015. There were seven insider sells for a total of 225,655 shares in 2013 and eight transactions for a total of 88,833 shares in the following year. There were 19 insider sells for a total of 474,124 shares in 2015. The number of Extra Space Storage insider buys correlates to the overall increasing trend line for Extra Space Storage's month-end price. For more information about insider trades with Extra Space Storage, click here.
For the three months ended June 30, the company reported total revenue of $244.273 million. Total revenue is up from $185.860 million reported in the corresponding quarter of the previous year. When comparing the same time periods, net income also increased from $55.339 million, or 47 cents per share, to $83.044 million, or 66 cents per share.
On Aug. 29, Extra Space's board of directors declared a third-quarter dividend of 78 cents per share of common stock payable Sept. 30 to shareholders of record at the close of business on Sept. 15.
The company announced a change in executive leadership on Sept. 12. Kirk will retire as the company’s chief executive officer effective Dec. 31 and will be replaced by Chief Investment Officer Joseph Margolis Jan. 1. Kirk will continue to serve on the company’s board of directors while devoting more attention to his nonprofit foundation, Kirk Humanitarian. Ken Woolley, founder and executive chairman, said that the company will “heartily welcome Joe as chief executive officer” and that Margolis has been “intimately involved with Extra Space Storage since 1998.”
According to GuruFocus.com, Extra Space Storage has a business predictability rank of 1 out of 5 stars. For more information about business predictability rank, click here.
Ken Fisher (Trades, Portfolio) and Jim Simons (Trades, Portfolio) reduced their stakes in Extra Space Storage in the second quarter. Fisher sold 15,643 shares for $90.31 per share. The holding's total estimated gain since the first quarter of 2011 is 182%. Simons sold 7,200 shares after reducing his stake by 125,500 shares in the previous quarter. The holding's total estimated gain since the third quarter of 2015 is 11%. For more information about guru trades with Extra Space Storage, click here.
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