For the quarter ended June 2024, Extra Space Storage (EXR) 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. 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. Here is how Extra Space Stora ...

Over the last four quarters, the company has surpassed consensus FFO estimates two times. What's Next for Extra Space Storage? This quarterly report represents an FFO surprise of 3%. A quarter ago, it was expected that this self-storage facility real estate investment trust would post FFO of $1.95 per share when it actually produced FFO of $1.96, delivering a surprise of 0.51%. The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will ...

The following table (unaudited) outlines the Company's acquisitions and developments that are closed, completed or under agreement (dollars in thousands). Bridge Loans: Balance Sheet: Outlook: (1) A reconciliation of net income outlook to same-store net operating income outlook is provided later in this release entitled "Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income." The reconciliation includes details related to same-store revenue and same-store expense outlooks. ...

SALT LAKE CITY, July 30, 2024 /PRNewswire/ -- Extra Space Storage Inc. (NYSE: EXR) (the "Company"), a leading owner and operator of self-storage facilities in the United States and a constituent of the S&P 500, announced operating results for the three and six months ended June 30, 2024. Highlights for the three months ended June 30, 2024: Achieved net income attributable to common stockholders of $0.88 per diluted share, representing a 41.3% decrease compared to the same period in the prior year primarily ...

Extra Space Storage (EXR) , a leading self-storage real estate investment trust (REIT) in the United States, is set to release its second-quarter 2024 results on Jul 30 after market close. The company has been steadily expanding its footprint and diversifying its operations. As the market anticipates the earnings announcement, this article provides an in-depth preview of EXR's expected performance in the second quarter, considering overall industry trends, the company's growth strategy and acquisitions. In ...

Image Source: Zacks Investment Research The majority of its stores are close to large population centers. Apart from having an above-average population, these markets enjoy favorable income demographics for stores. Therefore, the company is well-poised for longterm growth with a geographically diversified portfolio and significant scale. We expect a year-over-year rise of 25.5% in the company's total revenues in 2024. In addition to the buyouts, the company is making strategic investments through other chan ...

As the stock market passes through mid-2024, it's vital to identify stocks for a market rally to capitalize on emerging growth trends. Here are three standout real estate investment trust (REIT) stocks. Each demonstrates high fundamentals that lead these companies to gain on the market rally in the second half of 2024. The first company on the list operates in self-storage facilities across the U.S. In a real estate market that is attached to variability, the company has constantly leveraged its sharp occup ...

Core Viewpoint - Extra Space Storage Inc. will release its financial results for the three and six months ended June 30, 2024, on July 30, 2024, after market close, followed by a conference call on July 31, 2024, at 1:00 p.m. Eastern Time to discuss these results [1][6]. Company Overview - Extra Space Storage Inc. is a fully integrated, self-administered, and self-managed real estate investment trust (REIT) and a member of the S&P 500 [4]. - As of March 31, 2024, the company owned and/or operated 3,793 self-storage properties, comprising approximately 2.6 million units and about 289 million square feet of rentable storage space [4]. - The company is the largest owner and/or operator of self-storage properties in the United States and the largest self-storage management company in the country [4]. Conference Call Details - The conference call will be hosted by CEO Joe Margolis and CFO Scott Stubbs, who will review operating performance, discuss recent events, and conduct a question-and-answer session limited to registered financial analysts [1][6]. - A live webcast of the conference call will be available on the company's investor relations page [2][7]. - A replay of the webcast will be accessible on the investor relations website starting July 31, 2024, at 5:00 p.m. ET, and will remain available for one year [8].

What's Aiding EXR? Extra Space Storage is the largest operator of self-storage properties in the United States. The company has significantly expanded its business in recent years, growing its branded store count from 1,029 in 2013 to 3,793 as of Mar 31, 2024, in 42 states and Washington, DC. EXR is focusing on growing its business and achieving geographical diversity through accretive acquisitions, mutually beneficial joint venture partnerships and third-party management services. In July 2023, it conclude ...

Group 1: REIT Sector Insights - The REIT sector is approaching a "tipping point" where investors may soon capitalize on significant capital appreciation opportunities due to anticipated decreases in interest rates [1] - The commercial real estate sector has shown resilience, with employment growth averaging 242,000 over the past three months, indicating a robust economic environment [2] - The CPI growth rate has slowed from a peak of 9.0% to 3.5%, with core CPI remaining high at 3.8%, largely driven by housing costs [3][4] Group 2: Housing Inflation and CPI - The housing component of CPI has increased by 5.6%, significantly impacting overall inflation, as it constitutes one-third of the CPI index [5] - A forecast suggests that housing inflation may decrease to 2.5% by year-end, which could help core CPI resume its downtrend [6] - The lagging nature of shelter costs compared to home prices indicates that further moderation in housing inflation is expected, which would be beneficial for the Fed's inflation targets [6][8] Group 3: Mid-America Apartment Communities (MAA) - MAA, a major player in the apartment sector, has seen its stock price decline from $220 to $133 despite favorable market conditions [10][12] - The company is trading at a blended P/AFFO ratio of 16.4x, below its normalized multiple, presenting potential investment opportunities if inflation continues to decline [13][16] - MAA's tenant stability is strong, with a net delinquency rate of less than 0.4%, and it has reported a 100-basis points improvement in lease pricing in Q1 2024 [13][14] Group 4: Realty Income (O) - Realty Income is experiencing valuation pressures due to elevated interest rates, trading at a blended P/AFFO ratio of 12.8x, significantly below its normalized 17.5x [19] - The company maintains a high occupancy rate of 98.6% and has a strong tenant base, which includes essential retail businesses [20][22] - Realty Income's investment capacity is robust, with $598 million invested in Q1 2024, allowing it to fund growth plans without relying heavily on external capital [21] Group 5: Extra Space Storage (EXR) - EXR, the largest self-storage operator in the U.S., has seen its stock price fall nearly 40% from its all-time high but has maintained a strong annual return of 14.4% since 2007 [24] - The company has successfully increased its average move-in rate by approximately 8% and has a 93.2% occupancy rate, reflecting its operational strength [25][26] - Analysts expect EXR to maintain flat per-share AFFO this year, with potential for recovery if inflation decreases, which would positively impact consumer sentiment and housing demand [27][28] Group 6: Economic Outlook - The overall expectation is for inflation rates to continue their downtrend throughout the year, driven by moderating housing inflation [29][30] - The upcoming presidential election may influence the Fed's decision-making process regarding interest rates, although the Fed claims to remain apolitical [30]