Extra Space Storage top S&P percentage gainer after Q3 results helped by LSI deal

seekingalpha2023-11-09

Shares of Extra Space Storage (NYSE:EXR) on Wednesday jumped nearly 10%, after the real estate investment trust (REIT) saw a bump in quarterly revenue and same-store revenue from its merger with Life ...

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EXR stock was the top percentage gainer on the S&P 500 (SP500), and was last up 9.7% to $117.55 in afternoon trade. Extra Space Storage (EXR) reported Q3 core funds from operations (FFO) of $2.02 per share, beating estimates by 11 cents. Revenue surged nearly 50% Y/Y to $748.03M. Salt Lake City, Utah-based EXR is one of the largest providers of storage units in the country, based on the number of self-storage locations. In Q3 in July, the REIT completed an $11.6B merger with Life Storage, which added over 1.2K stores to its platform. LSI contributed about $220.8M to EXR's total revenue in the period from July 1 to September 30, while its average occupancy rose to 90.3%.  \"We have reached our anticipated G&A expense savings run rate from the merger. We have also started optimizing pricing and marketing at the Life Storage properties, and we are on pace to reach our total synergies run rate during the first quarter of 2024,\" EXR top boss Joe Margolis said in a statement. Extra Space Storage's (EXR) Q3 same-store revenue rose 1.9% Y/Y and same-store net operating income added 0.7% Y/Y. Ending same-store occupancy came in at 94.1%, compared to 95.1% as of Q3 a year ago. Turning to EXR's guidance, the REIT raised the lower end of its same-store revenue growth outlook range for 2023. EXR now expects growth of 2.75% to 3.50%, compared to a previous forecast of 2.50% to 3.505. Core FFO is now seen at $8.05 to $8.20 versus a previous range of $8.00 to $8.25. The consensus FFO estimate is $7.99.  More on Extra Space Storage  Extra Space Storage: This Could Be The Best Time In 14 Years To Buy This 6% Yielding Ultra SWAN Extra Space Storage: I'll Wait For An Even Better Price Extra Space Storage: Stock Bust Is Still Finding Its Bottom CubeSmart, Extra Space Storage cut to Neutral at BofA on weak October data Seeking Alpha's Quant Rating on Extra Space Storage","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2382238714"}