Extra Space Storage (EXR) Releases Earnings Results, Beats Expectations By $0.01 EPS

Extra Space Storage (EXR) reported quarterly earnings results on Wednesday, Jul-27-2016. The company said it had a profit of $0.94 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $0.93. The company posted revenue of $244.30 million in the period, compared to analysts expectations of $210.69 million. The company’s revenue was up 31.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.75 EPS.

Many Wall Street Analysts have commented on Extra Space Storage. Extra Space Storage was Downgraded by SunTrust to ” Neutral” on Jul 25, 2016. DA Davidson Initiated Extra Space Storage on Jun 24, 2016 to “Neutral”, Price Target of the shares are set at $95.Company shares were Reiterated by RBC Capital Mkts on May 9, 2016 to “Outperform”, Firm has raised the Price Target to $ 94 from a previous price target of $88 .

Extra Space Storage closed down -3.92 points or -4.36% at $85.98 with 34,64,773 shares getting traded on Thursday. Post opening the session at $88.62, the shares hit an intraday low of $84.19 and an intraday high of $88.882 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

In a different news, on Jul 1, 2016, Spencer Kirk (Chief Executive Officer) sold 20,000 shares at $91.59 per share price. According to the SEC, on May 16, 2016, P Scott Stubbs (Executive VP and CFO) sold 6,250 shares at $93.31 per share price. On May 11, 2016, Gwyn Goodson Mcneal (EVP/Chief Legal Officer) sold 500 shares at $93.50 per share price, according to the Form-4 filing with the securities and exchange commission.

Extra Space Storage Inc. is a fully integrated self-administered and self-managed real estate investment trust (REIT). The Company owns operates manages acquires develops and redevelops professionally managed self-storage properties (stores). The Company operates through three segments: rental operations; tenant reinsurance and property management acquisition and development. The Company’s rental operations activities include rental operations of self-storage stores. Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the Company’s self-storage facilities. The Company’s property management acquisition and development activities include managing acquiring developing and selling self-storage stores. As of December 31 2014 it held ownership interests in 828 operating stores. Of these operating stores 557 are wholly owned and 271 are owned in joint venture partnerships.

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