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Extra Space Storage (EXR) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates
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For the quarter ended June 2023, Extra Space Storage (EXR - Free Report) reported revenue of $511.39 million, up 7.7% over the same period last year. EPS came in at $2.06, compared to $1.73 in the year-ago quarter.
The reported revenue represents a surprise of -2.57% over the Zacks Consensus Estimate of $524.85 million. With the consensus EPS estimate being $2.14, the EPS surprise was -3.74%.
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: 94.5% versus 93.9% estimated by three analysts on average.
Property rental: $440.75 million compared to the $452.12 million average estimate based on six analysts. The reported number represents a change of +8% year over year.
Management and franchise fees: $22.21 million versus $21.65 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +8.2% change.
Tenant insurance: $48.43 million versus the five-analyst average estimate of $49.28 million. The reported number represents a year-over-year change of +4.3%.
Same-store rental revenue: $389.45 million versus $391.96 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +7.5% change.
Net income (loss) per common share - Diluted: $1.50 versus $1.55 estimated by six analysts on average.
Equity in earnings and dividend income from unconsolidated real estate entities: $13.25 million versus the four-analyst average estimate of $11.71 million.
Interest income: $21.08 million compared to the $20.54 million average estimate based on four analysts.
Shares of Extra Space Storage have returned -8.6% 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 (EXR) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates
For the quarter ended June 2023, Extra Space Storage (EXR - Free Report) reported revenue of $511.39 million, up 7.7% over the same period last year. EPS came in at $2.06, compared to $1.73 in the year-ago quarter.
The reported revenue represents a surprise of -2.57% over the Zacks Consensus Estimate of $524.85 million. With the consensus EPS estimate being $2.14, the EPS surprise was -3.74%.
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: 94.5% versus 93.9% estimated by three analysts on average.
- Property rental: $440.75 million compared to the $452.12 million average estimate based on six analysts. The reported number represents a change of +8% year over year.
- Management and franchise fees: $22.21 million versus $21.65 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +8.2% change.
- Tenant insurance: $48.43 million versus the five-analyst average estimate of $49.28 million. The reported number represents a year-over-year change of +4.3%.
- Same-store rental revenue: $389.45 million versus $391.96 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +7.5% change.
- Net income (loss) per common share - Diluted: $1.50 versus $1.55 estimated by six analysts on average.
- Equity in earnings and dividend income from unconsolidated real estate entities: $13.25 million versus the four-analyst average estimate of $11.71 million.
- Interest income: $21.08 million compared to the $20.54 million average estimate based on four analysts.
View all Key Company Metrics for Extra Space Storage here>>>Shares of Extra Space Storage have returned -8.6% 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.