Extra Space Storage Inc. Q4 Profit Increases, beats estimates

Extra Space Storage Inc. (EXR) announced a profit for its fourth quarter that increased from the same period last year and beat the Street estimates.

The company's bottom line totaled $268.43 million, or $2.00 per share. This compares with $156.06 million, or $1.19 per share, in last year's fourth quarter.

Excluding items, Extra Space Storage Inc. reported adjusted earnings of $269.86 million or $1.91 per share for the period.

Analysts on average had expected the company to earn $1.40 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 20.9% to $427.38 million from $353.49 million last year.

Extra Space Storage Inc. earnings at a glance (GAAP) :

-Earnings (Q4): $268.43 Mln. vs. $156.06 Mln. last year.
-EPS (Q4): $2.00 vs. $1.19 last year.
-Analyst Estimate: $1.40
-Revenue (Q4): $427.38 Mln vs. $353.49 Mln last year.

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