Extra Space Storage (EXR) Beats Q3 FFO and Revenue Estimates

Group 1 - Extra Space Storage (EXR) reported quarterly funds from operations (FFO) of $2.07 per share, exceeding the Zacks Consensus Estimate of $2.03 per share, and showing an increase from $2.02 per share a year ago, resulting in an FFO surprise of 1.97% [1] - The company achieved revenues of $824.8 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 0.42%, and up from $748.03 million in the same quarter last year [2] - Over the last four quarters, Extra Space Storage has exceeded consensus FFO estimates three times and topped consensus revenue estimates four times [2] Group 2 - The stock's immediate price movement will largely depend on management's commentary during the earnings call, as the shares have gained about 4.5% since the beginning of the year, compared to the S&P 500's gain of 22.1% [3] - The current consensus FFO estimate for the upcoming quarter is $2.03 on revenues of $818.79 million, and for the current fiscal year, it is $8.08 on revenues of $3.24 billion [7] - The Zacks Industry Rank places REIT and Equity Trust - Other in the top 24% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [8]