Summary
Extra Space Storage Inc. (EXR) announced on October 15, 2020, that its Board of Directors approved a new $400 million share repurchase program. This program authorizes the company to buy back its common stock over the next three years, replacing the prior program which was set to expire on November 8, 2020. The repurchases are discretionary and will be executed through open market or privately negotiated transactions, funded by available cash on hand, and will be determined by management based on various factors including market conditions and share price. This new authorization signals the company's continued confidence in its financial position and its commitment to returning value to shareholders. Investors should note that the previous program saw $67.8 million worth of shares repurchased at an average price of $82.09. The new program provides flexibility for management to enhance shareholder value over the medium term, subject to market dynamics and the company's strategic priorities. It's important for investors to understand that share repurchases are not guaranteed and can be suspended or discontinued at any time.
Key Highlights
- 1Extra Space Storage Inc. (EXR) Board of Directors approved a new $400 million share repurchase program.
- 2The new program is authorized for repurchases over the next three years.
- 3The new program replaces the previous $400 million program set to expire on November 8, 2020.
- 4Repurchases will be made from available cash on hand.
- 5The company may acquire shares through open market or privately negotiated transactions.
- 6A Rule 10b5-1 trading plan may be used to facilitate repurchases.
- 7The timing and amount of repurchases are at management's discretion.