What to Expect From Extra Space Storage's Q3 2024 Earnings Report

Extra Space Storage Inc. (EXR), headquartered in Salt Lake City, Utah, is a real estate investment trust (REIT) specializing in self-storage facilities. With a market cap of $36.23 billion, Extra Space offers innovative storage solutions to meet the needs of individuals and businesses across the United States. The company is set to announce its Q3 earnings after the market closes on Tuesday, Oct. 29.

Ahead of the event, analysts expect EXR to report a profit of $2.03 per share, up marginally from $2.02 in the year-ago quarter. The company has surpassed Wall Street's earnings estimates in two of the last four quarters while missing on two other occasions.

Its adjusted earnings of $2.06 per share for the last quarter missed the consensus estimate by 3%. Extra Space Storage's strong performance was fueled by higher rental income, tenant insurance revenue, and occupancy growth.

For fiscal 2024, analysts expect EXR to report EPS of $8.08, down marginally from $8.10 in fiscal 2023.  

EXR stock is up 6.7% on a YTD basis, significantly underperforming the broader S&P 500 Index's ($SPX) 21.9% gains and the Real Estate Select Sector SPDR Fund’s (XLRE) 10.5% gain over the same time frame.

Extra Space Storage's strong performance over the past year was fueled by higher occupancy, better-than-expected revenues, and growth in same-store pools, offsetting challenges from operating expenses and interest costs. However, EXR’s stock closed down marginally on Jul. 30 following the release of its Q2 earnings report.  EXR’s revenue increased 58.5% year over year to $810.7 million. 

The consensus opinion on EXR stock is moderately bullish, with an overall “Moderate Buy” rating. Of 18 analysts covering the stock, six advise a “Strong Buy” rating, one suggests a “Moderate Buy,” nine indicate a “Hold,” one advises “Moderate Sell,” and one suggests a “Strong Sell.” 

EXR's average analyst price target is $176, indicating a potential upside of 2.8% from the current levels.

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On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.