EXR Earnings Prediction
The chart below shows how EXR performed 10 days before and after its earnings report, based on data from the past quarters. Typically, EXR sees a +1.57% change in stock price 10 days leading up to the earnings, and a +1.40% change 10 days following the report. On the earnings day itself, the stock moves by -0.17%. This data can give you a slight idea of what to expect for the next quarter's release.
EXR Key Earning Data
2024/Q4
Year Over Year
Quarter Over Quarter
Total Revenue
821.90M
3.02%
-0.35%
Gross Margin
47.01%
-2.69%
-3.85%
Operating Margin
41.65%
-3.97%
-5.49%
Net Margin
33.80%
18.55%
37.34%
EPS
1.24
21.57%
40.91%
No Data Available
EXR Earnings Analysis
Extra Space Storage Inc Corporation (EXR.N) Earnings Conference Call
Positive
Core FFO Performance: Core FFO for Q4 was $2.03 per share, and full year core FFO was $8.12 per share, slightly ahead of expectations.
High Occupancy Demand: Occupancy levels remained near-record high, indicating strong demand for storage services.
Customer Acquisition Improvement: The year-over-year rate gap for new customers improved from negative 9% in Q3 to negative 6% at year-end, showing a positive trend.
Brand Consolidation Benefits: The company concluded its dual-brand test and moved all stores to the Extra Space brand, leading to savings in marketing and increased rental activity.
Strong Investment Activity: In 2024, the company invested $950 million in various growth strategies, with over $610 million occurring in Q4, indicating strong investment activity.
Third-Party Management Growth: The third-party management program grew by 114 net new stores in Q4, marking the best growth year ever for the company, excluding gains from the Life Storage merger.
Positive FFO Growth: Despite challenges, the company generated positive year-over-year FFO growth, demonstrating resilience in its business model.
Commercial Paper Program Launch: The company initiated a $1 billion commercial paper program, allowing for lower borrowing costs and improved financial flexibility.
Negative
Same-Store Revenue Decline: Same-store revenue decreased by 0.4% in Q4, indicating challenges in revenue growth despite steady occupancy levels.
Higher Expenses Impact NOI: Expenses exceeded expectations due to higher property taxes, leading to a same-store NOI decline of negative 3.5%.
Revenue Guidance Challenges: The company anticipates a challenging 2025 with revenue guidance ranging from negative 0.75% to positive 1.25%, reflecting ongoing pricing power issues.
2025 Core FFO Guidance: Core FFO guidance for 2025 is projected at $8 to $8.30 per share, indicating minimal growth potential of only 2% at the top end.
Pricing Power Uncertainty: The company has not included a meaningful acceleration in pricing power in their guidance, suggesting uncertainty in future revenue growth.
EXR FAQs
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EXR Earning Call Sentiment
Extra Space Storage Inc. (EXR) Q4 2024 Earnings Call Transcript
EXR.N
-1.34%Positive
The earnings call reveals a mixed performance with negative trends: decreased same-store revenue, negative NOI, and increased expenses due to higher property taxes and insurance costs. The lack of a share repurchase program and unclear management responses further dampen sentiment. While FFO shows growth, weak pricing power and guidance adjustments suggest caution. The Q&A highlights concerns about guidance and pricing power, with analysts seemingly skeptical of management's explanations. Overall, the negative factors outweigh the positives, suggesting a likely negative stock price movement.
