Land & Buildings Investment Management LLC Cuts Stake in Extra Space Storage Inc $EXR

Key Points

• Land & Buildings Investment Management cut its stake in Extra Space Storage by 23.7% in Q3, selling 42,840 shares and ending the period with 137,562 shares worth about $19.39M, or 3.6% of its portfolio (its 15th largest holding).
• CEO Joseph D. Margolis sold 7,500 shares at an average of $142.08 on March 13, reducing his direct ownership by 10.14% to 66,495 shares (≈$9.45M).
• Extra Space Storage beat quarterly expectations (EPS $2.08 vs $2.03 est., revenue $857.5M vs $732.9M), set FY2026 guidance of $8.05–8.35 EPS, and announced a quarterly dividend of $1.62 (annual yield ~4.6%) despite a high payout ratio (~140.9%).

Land & Buildings Investment Management LLC reduced its position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 23.7% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 137,562 shares of the real estate investment trust's stock after selling 42,840 shares during the quarter. Extra Space Storage accounts for about 3.6% of Land & Buildings Investment Management LLC's investment portfolio, making the stock its 15th biggest holding. Land & Buildings Investment Management LLC owned 0.06% of Extra Space Storage worth $19,388,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of EXR. Versant Capital Management Inc lifted its stake in shares of Extra Space Storage by 60.2% in the third quarter. Versant Capital Management Inc now owns 213 shares of the real estate investment trust's stock worth $30,000 after buying an additional 80 shares in the last quarter. Brown Advisory Inc. increased its position in shares of Extra Space Storage by 1.8% during the second quarter. Brown Advisory Inc. now owns 4,431 shares of the real estate investment trust's stock valued at $653,000 after acquiring an additional 80 shares in the last quarter. Prestige Wealth Management Group LLC raised its holdings in Extra Space Storage by 2.9% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 3,128 shares of the real estate investment trust's stock worth $441,000 after acquiring an additional 88 shares during the last quarter. Exchange Traded Concepts LLC raised its holdings in Extra Space Storage by 10.2% in the 3rd quarter. Exchange Traded Concepts LLC now owns 983 shares of the real estate investment trust's stock worth $139,000 after acquiring an additional 91 shares during the last quarter. Finally, CX Institutional lifted its position in Extra Space Storage by 8.7% in the 3rd quarter. CX Institutional now owns 1,193 shares of the real estate investment trust's stock valued at $168,000 after acquiring an additional 95 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $142.08, for a total value of $1,065,600.00. Following the transaction, the chief executive officer directly owned 66,495 shares of the company's stock, valued at approximately $9,447,609.60. This trade represents a 10.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.96% of the company's stock.

Extra Space Storage Trading Down 1.4%

NYSE:EXR opened at $139.46 on Tuesday. The company has a market cap of $29.44 billion, a PE ratio of 30.32, a price-to-earnings-growth ratio of 2.84 and a beta of 1.24. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.92. The company has a 50 day simple moving average of $143.59 and a two-hundred day simple moving average of $139.77. Extra Space Storage Inc has a 12 month low of $121.03 and a 12 month high of $155.19.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings results on Thursday, February 19th. The real estate investment trust reported $2.08 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.05. The firm had revenue of $857.47 million for the quarter, compared to analysts' expectations of $732.92 million. Extra Space Storage had a return on equity of 6.79% and a net margin of 28.84%.The company's revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.03 EPS. Extra Space Storage has set its FY 2026 guidance at 8.050-8.350 EPS. Research analysts forecast that Extra Space Storage Inc will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be issued a $1.62 dividend. The ex-dividend date of this dividend is Monday, March 16th. This represents a $6.48 dividend on an annualized basis and a yield of 4.6%. Extra Space Storage's dividend payout ratio is currently 140.87%.

Wall Street Analysts Forecast Growth

EXR has been the topic of several recent analyst reports. Mizuho increased their target price on Extra Space Storage from $137.00 to $143.00 and gave the company an "outperform" rating in a research note on Monday, January 12th. Scotiabank upped their price target on Extra Space Storage from $145.00 to $156.00 and gave the company a "sector perform" rating in a report on Monday, March 2nd. Bank of America cut Extra Space Storage from a "neutral" rating to an "underperform" rating and set a $143.00 price objective on the stock. in a research report on Thursday, February 5th. Barclays lifted their price objective on Extra Space Storage from $164.00 to $170.00 and gave the stock an "overweight" rating in a report on Thursday, March 5th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Extra Space Storage in a research report on Thursday, January 22nd. Five investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $145.13.

Extra Space Storage Company Profile

Extra Space Storage NYSE: EXR is a real estate investment trust that specializes in the ownership, development and operation of self-storage properties. The company provides storage solutions for residential and commercial customers, offering a range of unit sizes, climate-controlled units and specialized options such as vehicle and boat storage. Extra Space Storage markets itself as a customer-focused operator, with online rentals, contactless move-in options and ancillary retail products like packing supplies and insurance to support tenant needs.

Its business model combines property ownership with third-party management and development activities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.