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Extra Space Storage (EXR)
NYSE:EXR
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Earnings Data
Report Date
Feb 19, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$1.08Last Year’s EPS
$1.02Same Quarter Last Year
Based on 11 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 29, 2024
|% Change Since: -10.32%
|Next Earnings Date:Feb 19, 2025
Earnings Call Sentiment|Neutral
The earnings call presented a mixed picture. While there were positive developments such as increased FFO guidance and successful expansion of managed stores and the bridge loan program, there were also significant challenges, including impacts from Hurricane Milton, reduced revenue guidance for Life Storage, and declining move-in rates.Company Guidance
During the third quarter 2024 earnings call for Extra Space Storage (EXR), the company provided a comprehensive update on its financial performance and adjustments to guidance. The company's store performance remained robust, with a reported same-store occupancy of 94.3% at the end of October, facilitating an increase in the bottom end of the 2024 same-store revenue guidance by 75 basis points to a positive 0.125%. The Life Storage same-store revenue saw a year-over-year improvement of 0.4%, although overall revenue expectations for the year were adjusted downward by 50 basis points at the midpoint due to lower-than-expected pricing power. Non-same-store properties exceeded expectations, contributing to a favorable FFO outcome. The company reported $158 million in new bridge loans originated during the quarter, expecting to average $925 million in holdings for the year. Acquisition activity also saw $334 million deployed year-to-date, and 124 net third-party managed stores were added, with expectations to add approximately 100 more by year-end. The call also highlighted a reduction in G&A guidance, contributing to an increase in the lower end of the FFO guidance by $0.05 per share, now ranging from $8 per share as a midpoint. The call did not factor in the financial impact of Hurricane Milton, which is estimated to cause property damage and tenant insurance claims totaling $10 million or more.Increase in FFO Guidance
The midpoint of the full year FFO guidance was increased due to strong store performance, indicating an optimistic outlook for the company's financial results.
Successful Store Additions
63 third-party managed stores were added in the quarter, with a net addition of 38 stores. Year-to-date, the company has added 124 net stores, with expectations for approximately 100 more by year-end.
Bridge Loan Program Expansion
$158 million in new loans were originated in the quarter, with the expected average hold of such loans increased to $925 million for the year.
Higher Portfolio Occupancy
The Extra Space portfolio ended the quarter with an occupancy of 94.3%, an 80 basis point improvement over last year.
G&A Cost Reduction
Efficiencies in the business led to a reduction in G&A guidance for the year.
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EXR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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EXR Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 29, 2024 | $163.92 | $163.05 | -0.53% |
| Jul 30, 2024 | $159.96 | $156.55 | -2.13% |
| Apr 30, 2024 | $130.35 | $134.64 | +3.29% |
| Feb 27, 2024 | $134.62 | $132.77 | -1.37% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Extra Space Storage (EXR) report earnings?
Extra Space Storage (EXR) is schdueled to report earning on Feb 19, 2025, TBA Not Confirmed.
What is Extra Space Storage (EXR) earnings time?
Extra Space Storage (EXR) earnings time is at Feb 19, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is EXR EPS forecast?
EXR EPS forecast for the fiscal quarter 2024 (Q4) is $1.08.
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