Extra Space Storage (EXR) Reports Q3 Earnings: What Key Metrics Have to Say
Extra Space Storage (EXR) reported $748.03 million in revenue for the quarter ended September 2023, representing a year-over-year increase of 49.9%. EPS of $2.02 for the same period compares to $1.65 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $522.24 million, representing a surprise of +43.24%. The company delivered an EPS surprise of -0.49%, with the consensus EPS estimate being $2.03.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Extra Space Storage performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Same-store square foot occupancy: 94.1% versus 94.3% estimated by two analysts on average.
Property rental: $650.89 million compared to the $512.41 million average estimate based on six analysts. The reported number represents a change of +51.8% year over year.
Management and franchise fees: $28.02 million versus $24.77 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +26% change.
Tenant insurance: $69.13 million versus $52.86 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +44.4% change.
Same-store rental revenue: $397.95 million compared to the $382.78 million average estimate based on three analysts. The reported number represents a change of +7% year over year.
Net income (loss) per common share - Diluted: $0.96 versus $0.76 estimated by six analysts on average.
Equity in earnings and dividend income from unconsolidated real estate entities: $15.04 million compared to the $14.95 million average estimate based on five analysts.
Interest income: $22.09 million compared to the $21.37 million average estimate based on five analysts.
View all Key Company Metrics for Extra Space Storage here>>>
Shares of Extra Space Storage have returned -12.3% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Extra Space Storage Inc (EXR) : Free Stock Analysis Report
