[Form 4] Quest Diagnostics Inc. Insider Trading Activity

Rhea-AI Filing Summary

Q2 2025 snapshot – Extra Space Storage (EXR)

• Revenue rose 3.8 % YoY to $841.6 m; YTD revenue up 3.2 % to $1.66 bn.
• Net income attributable to common stockholders increased 34 % YoY to $249.7 m; diluted EPS climbed to $1.18 (vs $0.88). Six-month EPS is $2.45, up 30 %.

• Margin drivers: property-operation expenses jumped 15.6 %, but lower depreciation (-9 %) and a swing to a $34.9 m YTD gain on asset sales supported operating income growth to $374 m (+22.7 %).

• Portfolio activity: acquired 45 stores for $697 m and assumed $258 m of debt; now fully owns 33 JV properties. Sold 12 assets for $134 m, crystallising a $38.7 m net gain.

• Balance sheet: assets reached $29.4 bn (+1.8 % YTD). Term debt grew to $12.0 bn, 77.6 % fixed at a 4.4 % weighted rate; commercial paper outstanding $700 m. Net operating cash flow was $1.03 bn, comfortably covering YTD dividends of $688 m and a $8.6 m share buy-back.

• Capital moves: issued $850 m of bonds, started a $1 bn commercial-paper programme, invested $100 m in Strategic Storage Growth Trust III preferred shares and received $200 m from SmartStop redemption.

• Shareholder returns: quarterly dividend held at $1.62 (payout ≈137 % of Q2 EPS). 68.6 k shares repurchased; $491 m authorisation remains.

Key takeaway: Solid earnings growth and active portfolio recycling offset rising debt levels and higher interest expense.

Positive

• EPS up 34 % YoY to $1.18, demonstrating strong bottom-line momentum.
• Operating cash flow $1.03 bn exceeded dividend requirements, supporting distributions and buy-backs.
• 45-store, $697 m acquisition programme expands owned portfolio and future NOI base.
• Asset recycling produced a $38.7 m net gain, evidencing disciplined capital allocation.
• 77.6 % fixed-rate debt shields earnings from further rate hikes.

Negative

• Total debt rose 6.4 % YTD to $12.0 bn, lifting leverage metrics.
• Property operating expenses surged 15.6 %, outpacing revenue growth and pressuring margins.
• Interest expense up $9 m YoY to $146 m, reflecting higher rates and borrowings.
• Dividend payout ≈137 % of GAAP EPS, requiring continued reliance on FFO.
• Commercial paper balance $700 m introduces short-term refinancing exposure.

Insights

REIT Analyst

TL;DR – Earnings beat on higher rents and asset gains; acquisitions expand footprint, leverage remains manageable.

Revenue and EPS both outpaced sector averages, aided by continued rental growth and a $35 m gain on dispositions. Acquiring 45 stores (≈3 % asset growth) deepens national reach and should bolster NOI once stabilised. With 78 % fixed-rate debt and 4.4 % blended cost, interest-rate risk is contained, while a 4.7× annualised EBITDA debt load remains reasonable for an A- rated REIT. Operating cash flow exceeds dividend outlays, supporting the 5 % yield. Overall, the quarter strengthens the investment case.

Risk Analyst

TL;DR – Expense inflation and higher leverage temper the upside; payout ratio above GAAP earnings.

Property-level costs surged 15 %, compressing same-store margins. Interest expense rose 6.5 % and will climb further as $1.6 bn maturities roll in 2026-28. Dividend coverage based on GAAP EPS is thin (137 % Q2), relying on REIT tax shield and cash flow metrics. Net debt increased $734 m YTD and commercial paper introduces short-term refinancing risk. While liquidity is solid, sustained acquisition pace could pressure credit ratings if not matched with equity issuance.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

KUPPUSAMY KARTHIK

(Last) (First) (Middle)

500 PLAZA DRIVE

C/O QUEST DIAGNOSTICS INC

(Street)

SECAUCUS NJ 07094

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
QUEST DIAGNOSTICS INC [ DGX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, Clinical Solutions

3. Date of Earliest Transaction (Month/Day/Year)
07/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/30/2025		M(1)		3,045	A	$86.63	13,705	D
Common Stock	07/30/2025		S(1)		3,045	D	$167.4	10,660	D
Common Stock	07/30/2025		M(1)		5,224	A	$112.17	15,884	D
Common Stock	07/30/2025		S(1)		5,224	D	$167.4	10,660	D
Common Stock								358	I	By Trust
Common Stock								1,629(2)	I	401(k)
Common Stock	07/31/2025		S(1)		2,210	D	$170	8,450	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-Qualifed Stock Option (right to buy)	$86.63	07/30/2025		M(1)			3,045	(3)	02/18/2029	Common Stock	3,045	$86.63	0	D
Non-Qualifed Stock Option (right to buy)	$112.17	07/30/2025		M(1)			5,224	(4)	02/18/2030	Common Stock	5,224	$112.17	0	D

Explanation of Responses:

1. This exercise and sale reported were effected pursuant to a Rule 10b5-1 sales plan adopted by the reporting person.

2. These underlying shares were acquired on a periodic basis by the trustee of the Company's tax qualified Profit Sharing (401(k)) Plan. The information was obtained from the plan administrator as of a current date. The number of shares is based on the account balance of the Company stock fund under the Plan (which includes some money market instruments) divided by the market price of the Company's stock as of that date.

3. The options vested in three annual installments beginning with the first on February 18, 2020, the second on February 18, 2021 and the final on February 18, 2022.

4. The options vested in three annual installments beginning with the first on February 18, 2021, the second on February 18, 2022 and the final on February 18, 2023.

Remarks:

	Sean D. Mersten, Attorney in Fact for Karthik Kuppusamy	08/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How much did Extra Space Storage (EXR) earn per share in Q2 2025?

Diluted EPS was $1.18, up from $0.88 in Q2 2024.

What were EXR's total revenues for the second quarter of 2025?

Total revenues reached $841.6 million, a 3.8 % year-over-year increase.

How many self-storage properties did EXR acquire year-to-date?

The company purchased 45 stores for approximately $697 million.

What is EXR's current dividend and payout ratio?

The quarterly dividend is $1.62 per share; this equates to roughly 137 % of Q2 GAAP EPS.

What proportion of EXR's debt is fixed rate?

About 77.6 % of the $12 billion term debt carries fixed interest rates.

How much commercial paper is outstanding under EXR's new program?

As of June 30 2025, EXR had $700 million of commercial paper outstanding.