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Extra Space Storage (EXR) Reports Q2 Earnings: What Key Metrics Have to Say
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For the quarter ended June 2024, Extra Space Storage (EXR - Free Report) reported revenue of $810.66 million, up 58.5% over the same period last year. EPS came in at $2.06, compared to $1.50 in the year-ago quarter.
The reported revenue represents a surprise of +1.83% over the Zacks Consensus Estimate of $796.12 million. With the consensus EPS estimate being $2.00, the EPS surprise was +3.00%.
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.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
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
: 94.3% versus 93.9% estimated by two analysts on average.
Property rental
: $697.10 million versus $690.61 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +58.2% change.
Tenant insurance
: $83.71 million versus $80.93 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +72.8% change.
Management and franchise fees
: $29.86 million versus the four-analyst average estimate of $29.30 million. The reported number represents a year-over-year change of +34.5%.
Net income (loss) per common share - Diluted
: $0.88 versus the five-analyst average estimate of $1.07.
Shares of Extra Space Storage have returned +8% over the past month versus the Zacks S&P 500 composite's +0.1% 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) Reports Q2 Earnings: What Key Metrics Have to Say
For the quarter ended June 2024, Extra Space Storage (EXR - Free Report) reported revenue of $810.66 million, up 58.5% over the same period last year. EPS came in at $2.06, compared to $1.50 in the year-ago quarter.
The reported revenue represents a surprise of +1.83% over the Zacks Consensus Estimate of $796.12 million. With the consensus EPS estimate being $2.00, the EPS surprise was +3.00%.
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.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
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:
View all Key Company Metrics for Extra Space Storage here>>>Same-store square foot occupancy
: 94.3% versus 93.9% estimated by two analysts on average.Property rental
: $697.10 million versus $690.61 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +58.2% change.Tenant insurance
: $83.71 million versus $80.93 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +72.8% change.Management and franchise fees
: $29.86 million versus the four-analyst average estimate of $29.30 million. The reported number represents a year-over-year change of +34.5%.Net income (loss) per common share - Diluted
: $0.88 versus the five-analyst average estimate of $1.07.Shares of Extra Space Storage have returned +8% over the past month versus the Zacks S&P 500 composite's +0.1% 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.