Extra Space Storage (EXR - Free Report) 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.
Zacks Names #1 Semiconductor Stock
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With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
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Extra Space Storage (EXR - Free Report) 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.
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>
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