Brad Thomas • 22 Comments
Today, 12:22 PM
- Results from Extra Space Storage (EXR -4.7%) and Public Storage (PSA -3.6%) didn't leave a whole lot to be desired, but investors are using the news to further lighten up on what had been among the strongest REIT sectors.
- Public Storage is still higher by 17.75% Y/Y, and Extra Space by 20.6%.
- Others today: Sovran Self Storage (SSS -2%), CubeSmart (CUBE -1.9%), National Storage (NSA -1.7%)
Mon, Jul. 25, 10:01 AM
Wed, Jan. 13, 5:54 PM
- Self-storage REIT Extra Space Storage (NYSE:EXR) is up 2% after hours as it's set to join the S&P 500 after the close of trading Friday.
- The company is replacing Chubb (CB -0.7%), which is being acquired by ACE Ltd. (already in S&P 500) in a deal expected to close tomorrow. Ace will change its name to Chubb and take over the CB ticker symbol after that closure.
- EPR Properties (NYSE:EPR) will replace Extra Space Storage in the S&P MidCap 400, and U.S. Concrete (NASDAQ:USCR) is replacing EPR in the SmallCap 600 after Friday's close. USCR is up 4.1% after hours.
- With Wausau Paper (NYSE:WPP) set to be acquired by SCA around Jan. 20, World Wrestling Entertainment (NYSE:WWE), up 4.1% after hours, is replacing Wausau in the SmallCap 600 after the close that day.
Dec. 11, 2015, 3:45 PM
- A plunge in the major averages and Treasury yields often sends money into equity REITs, and that's the case on just a limited basis today.
- The IYR is lower by 0.8% vs. the S&P 500's 2% decline.
- Retail REITs like Realty Income (O -0.7%) and National Retail Properties (NNN -0.6%) aren't in the green, but are outperforming the averages.
- Pushing into positive territory: Ventas (VTR +1%), Welltower (HCN +0.4%), HCP (HCP +0.7%), Public Storgage (PSA +0.1%), Extra Space Storage (EXR +0.1%), Hospitality Properties (HPT +0.6%), Education Realty Trust (EDR +1.1%)
- ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX, LRET, XLRE
Nov. 13, 2015, 8:12 AM| Nov. 13, 2015, 8:12 AM | 2 Comments
Apr. 30, 2015, 3:20 PM
- Zigging higher as the broader market, REITs included, zig lower is Extra Space Storage (EXR +1.6%) which last night reported adjusted FFO of $0.69 per share - a penny ahead of estimates and up 21.1% from a year ago.
- The 2015 adjusted FFO outlook is for $2.94-$3.02 per share, inline with consensus.
- Previously: REITs can't catch a bid as averages slide (April 30)
Feb. 6, 2015, 10:19 AM
- Equity REITs have had as a big of a move as any sector over the past year as interest rates confounded the experts and continued to fall. WIth today's jobs report and a summer rate hike looking far more likely, fans of the income favorites are reassessing.
- Realty Income (O -4.3%), National Retail Properties (NNN -3.9%), Omega Healthcare (OHI -3.5%), Ventas (VTR -4%), HCP (HCP -2.3%), Equity Residential (EQY -2%), Essex Property (ESS -2.1%), Simon Property (SPG -2.1%), General Growth (GGP -1.5%), Inland Real Estate (IRC -2.3%), Federal Realty (FRT -2.6%), Extra Space Storage (EXR -2.1%), Government Properties (GOV -1.8%), Washington Real Estate (WRE -2.1%), Hospitality Properties (HPT -1.8%), Chambers Street (CSG -1.5%), American Campus Communities (ACC -1.5%).
- ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI
May 1, 2014, 3:29 PM
- Adjusted FFO per share of $0.98 was up from $0.84 a year ago, with boosted occupancy and rental rates more than offsetting increases in property taxes, snow removal, and utilities. CEO David Rogers notes Sovran (SSS -2.3%) had fewer move-outs than in recent winters.
- Same store revenue grew 8.3% Y/Y thanks to a 310 basis point rise in occupancy, a 3.4% increase in rental rates, and strong growth in insurance commissions. Same store operating expenses grew 6.4%.
- Six properties acquired thus far in 2014 for $86.7M, and another 17 are under contract with a combined purchase price of $120.7M.
- Guidance is boosted, with revenue expected to rise 6.5-7.5% in Q2 and 6-7% on the year. Operating costs including property taxes are expected to rise 6-7% in Q2 and 5-6% for the year. NOI is expected to rise 6.5-7.5% in Q2 and the same for the year. FFO per share should be $1.03-$1.05 in Q2 and $4.25-$4.29 for the year.
- Previously: Sovran Self Storage Inc. AFFO beats by $0.01, beats on revenue
- The rest of the sector - along with Sovran having a good run this year - is also in the red on the session. Public Storage (PSA -0.4%), Extra Space Storage (EXR -1.1%), CubeSmart (CUBE -0.8%)
Jun. 17, 2013, 9:59 AM
Extra Space Storage (EXR +2.3%) announces a private offering of $250M in exchangeable senior notes (settled in cash and shares upon exchange at a rate to be determined) and also says it will acquire 20 self-storage units in California for a total consideration of $196M. Meanwhile, Raymond James upgrades the shares to Strong Buy from Outperform.| Jun. 17, 2013, 9:59 AM
Apr. 16, 2012, 6:19 PM
Extra Space Storage (EXR) -2.3% AH after agreeing to buy out partner Prudential Real Estate Investors from its interest in 36 self-storage properties for $298M and announcing a 7M-share common stock offering to fund the acquisition.| Apr. 16, 2012, 6:19 PM