Compared to Estimates, Extra Space Storage (EXR) Q4 Earnings: A Look at Key Metrics

Extra Space Storage (EXR) reported $797.77 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 57.4%. EPS of $2.02 for the same period compares to $1.52 a year ago.

The reported revenue represents a surprise of +3.13% over the Zacks Consensus Estimate of $773.59 million. With the consensus EPS estimate being $2.03, the EPS surprise was -0.49%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

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: 93% compared to the 93.4% average estimate based on four analysts.
  • Property rental: $696.98 million versus $678.66 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +59.1% change.
  • Management and franchise fees: $30.38 million versus $30.86 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +43.4% change.
  • Tenant insurance: $70.42 million versus the five-analyst average estimate of $70.89 million. The reported number represents a year-over-year change of +48.4%.
  • Same-store rental revenue: $391.75 million versus the three-analyst average estimate of $359.15 million.
  • Net income (loss) per common share - Diluted: $1.02 versus $1.26 estimated by seven analysts on average.
View all Key Company Metrics for Extra Space Storage here>>>

Shares of Extra Space Storage have returned -6% over the past month versus the Zacks S&P 500 composite's +3.8% 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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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