Street Wrap: Today's Top 15 Upgrades, Downgrades, Initiations » 09:5306/2206/22/22
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Extra Space Storage upgraded to Overweight from Neutral at JPMorgan » 05:4906/2206/22/22
JPMorgan analyst Michael…
JPMorgan analyst Michael Mueller upgraded Extra Space Storage to Overweight from Neutral with a price target of $193, down from $224. The upgrade is reflective of both a more positive view of the self-storage sector and Extra Space's positioning within it, Mueller tells investors in a research note. The analyst says the company is on track to again generate mid-teens net operating income growth, which is well above average for the real estate investment trust group. He also sees Extra Space's absolute/relative California exposures as being a "marginal positive for the story given the implications for rent growth as moratoriums have burned off.:
|Over a week ago|
Extra Space Storage price target lowered to $200 from $225 at Truist » 07:0906/0106/01/22
Truist analyst Ki Bin Kim…
Truist analyst Ki Bin Kim lowered the firm's price target on Extra Space Storage to $200 from $225 and keeps a Buy rating on the shares as part of a broader research note on REITs, adjusting his model based on Q1 results, recent events, as well as revenue growth and expense assumptions.
|Over a month ago|
Extra Space Storage price target lowered to $156 from $172 at Morgan Stanley » 06:5705/2505/25/22
Morgan Stanley analyst…
Morgan Stanley analyst Ronald Kamdem lowered the firm's price target on Extra Space Storage to $156 from $172 and keeps an Underweight rating on the shares. Storage REITs were a COVID beneficiary, but he is cautious about demand benefits potentially reversing as he thinks rents may be too high and supply could weigh on growth, Kamdem tells investors.
Extra Space Storage raises FY22 core FFO view to $8.05-$8.30, from $7.70-$7.95 » 16:5005/0305/03/22
Consensus is for FY22 FFO…
Consensus is for FY22 FFO $7.92. Raises Same-store NOI growth guidance to 15.00%-18.00% from 11.50%-14.50%.
Extra Space Storage reports Q1 core FFO $2.01, consensus $1.86 » 16:4905/0305/03/22
Reports Q1 revenue…
Reports Q1 revenue $443.56M, consensus $367.56M. Reports Q1 same-store occupancy 94.5%, compared to 95.3% last year. Joe Margolis, CEO of Extra Space Storage, commented: "We are off to an exceptional start in 2022, driven by high occupancy and strong pricing power, resulting in same-store revenue growth of 21.7% and same-store NOI growth of 27.6%, both all-time highs for Extra Space Storage. We achieved FFO growth of 34.0%, allowing us to increase our dividend 20% in the Q1. Our Q1 performance, together with continuing strong fundamentals, position us very well for another great leasing season."
Extra Space Storage price target raised to $224 from $220 at JPMorgan » 07:2604/0404/04/22
JPMorgan analyst Michael…
JPMorgan analyst Michael Mueller raised the firm's price target on Extra Space Storage to $224 from $220 and keeps a Neutral rating on the shares. The analyst increased estimates following the "strong" Q4 results from the self-storage real estate investment trusts. Stronger than anticipated core growth outlooks are driving the majority of the increases, but external growth looks to be additive as well, Mueller tells investors in a research note. The analyst is now incrementally more positive on the sector given its near-term earnings power, "particularly as inflation and rising interest rates become more front and center for the REITs."
|Over a quarter ago|
Extra Space Storage sees 2022 core FFO $7.70-$7.95, consensus $7.70 16:4402/2302/23/22
Extra Space Storage reports Q4 core FFO $1.91, consensus $1.86 » 16:4302/2302/23/22
Reports Q4 revenue…
Reports Q4 revenue $427.38M, consensus $355.41M. Increased same-store revenue by 18.3%. CEO Joe Margolis commented: "We had exceptional performance with all-time high occupancy and strong pricing power, resulting in same-store NOI of 24.2% in the fourth quarter and 19.7% for the year. External growth further contributed to our Core FFO growth, which was 29.1% for the fourth quarter and 30.9% for the year. We expect solid storage fundamentals again in 2022, with anticipated same-store revenue growth of 11.5% and Core FFO growth of 13.2% at the mid-points, despite very challenging 2021 comparables. We will continue to innovate and grow Extra Space accretively across all strategies."
Extra Space Storage raises quarterly dividend 20% to $1.50 per share » 07:1802/1602/16/22
Extra Space Storage…
Extra Space Storage announced that the company's board of directors has declared a quarterly dividend of $1.50 per share on the common stock of the company for the first quarter 2022. This represents a 20% increase over the previous quarter dividend, and a 50% increase over the first quarter 2021 dividend. The dividend is payable on March 31 to stockholders of record at the close of business on March 15.