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Compared to Estimates, Extra Space Storage (EXR) Q1 Earnings: A Look at Key Metrics

Zacks Equity Research
·2-min read

Extra Space Storage (EXR) reported $799.54 million in revenue for the quarter ended March 2024, representing a year-over-year increase of 58.9%. EPS of $1.96 for the same period compares to $1.46 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $786.47 million, representing a surprise of +1.66%. The company delivered an EPS surprise of +0.51%, with the consensus EPS estimate being $1.95.

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.

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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: 93.2% compared to the 93.3% average estimate based on two analysts.

  • Property rental: $688.04 million versus $682.18 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +58.6% change.

  • Tenant insurance: $81.35 million compared to the $76.74 million average estimate based on four analysts. The reported number represents a change of +70.5% year over year.

  • Management and franchise fees: $30.15 million compared to the $29.11 million average estimate based on four analysts. The reported number represents a change of +41% year over year.

  • Net income (loss) per common share - Diluted: $1.01 versus $1.02 estimated by five analysts on average.

View all Key Company Metrics for Extra Space Storage here>>>

Shares of Extra Space Storage have returned -6.4% over the past month versus the Zacks S&P 500 composite's -2.5% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

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