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Feb. 19, 2015, 5:48 PM
- Public Storage (NYSE:PSA): Q4 FFO of $2.17 misses by $0.02.
- Revenue of $529.22M (+10.1% Y/Y) beats by $1.51M.
Feb. 18, 2015, 5:35 PM
Jan. 23, 2015, 12:14 PM
- Self-storage REITs are ahead by 9.6% in the first three weeks of January, according to TreppWire, adding to returns of 31.44% in 2014 and 9.49% the year before that.
- Fundamentals are strong, but 2015 could be a year of M&A in an industry which remains highly fragmented, with thousands of small and mid-sized owners ready to be scooped up by the larger REIT players and their lower cost of capital.
- Expect cap rates to be low - in the 5% range for the best properties - meaning perhaps instead of M&A, new construction could end up being a better idea.
- Players: Public Storage (PSA -0.6%), Sovran Self Storage (SSS -0.6%), CubeSmart (CUBE +0.4%), Extra Space Storage (EXR +0.2%).
Jan. 6, 2015, 2:25 PM
- The 10-year Treasury yield plunging all the way to 1.94% makes the dividends on these players even more attractive.
- ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI
- Individual names: National Retail Properties (NNN +2.3%), Spirit Realty (SRC +3.2%), Health Care REIT (HCN +1.6%), Ventas (VTR +2.1%), HCP (HCP +2.3%), AvalonBay (AVB +1.4%), Essex Property Trust (ESS +1.2%), Brixmor Property (BRX +1.8%), Macerich (MAC +0.9%), Retail Properties of America (RPAI +1.2%), Tanger Factory (SKT +1.3%), Public Storage (PSA +1.6%), Sovran Self Storage (SSS +1.9%),
Jan. 5, 2015, 4:01 PM
- Equity REITs are green across the board, and mortgage REITs and BDCs are showing some (but not a ton of) gains as the broader markets tumble to start the week.
- A sampling: Realty Income (O +2.1%), Omega Healthcare (OHI +1.6%), Medical Properties Trust (MPW +2.4%), Equity Residential (EQR +0.9%), General Growth Properties (GGP +0.7%), Kimco (KIM +0.9%), Public Storage (PSA +0.5%), CYS Investments (CYS +0.5%), Solar Capital (SLRC +1.1%).
Dec. 4, 2014, 7:36 AM
- "Public Storage (NYSE:PSA) is at a relative disadvantage to the other REITs in the sector given: 1) peak occupancy levels; 2) relatively less investment opportunities; and 3) what we view to be a full valuation," says analyst Todd Thomas, cutting the stock to Underweight from Hold with $170 price target.
- He notes occupancy peaked at 95.1% during Q2 and has since slipped to 93.8%. "We suspect there may be modest occupancy upside from current levels, but the probability that occupancy inflects from a revenue tailwind to headwind is higher today than it has been at any other point during this cycle."
- Also, the stock trades at a 4.8% implied cap rate, 30 basis points less than its sector peers.
Oct. 31, 2014, 10:15 AM
- Q3 core FFO per share of $2.11 is up 9.9% from a year ago.
- Same-store (1,982 of them) operating metrics: Rental income up 5.6% Y/Y, Operating costs up 0.8%, NOI up 7.3%, gross margin of 73% up 180 basis points. Square foot occupancy of 94.7% up 30 bps, realized annual rental income per occupied square foot of $15.25 up 5.3%, per available square foot of $14.44 up 5.6%.
- Previously: Public Storage beats by $0.05, misses on revenue
- PSA +1.7%
Oct. 30, 2014, 5:43 PM
- Public Storage (NYSE:PSA): Q3 FFO of $2.11 beats by $0.05.
- Revenue of $475.9M (+5.5% Y/Y) misses by $41.73M.
Oct. 14, 2014, 7:19 AM
- "CubeSmart (NYSE:CUBE) and Sovran Self Storage (NYSE:SSS) are benefiting from robust self-storage fundamentals and should deliver FFO growth at the higher end of the sector in 2015 due to 1) a larger impact from acquisitions given their smaller portfolio size; 2) potential for higher occupancy gains vs peers; and 3) SSS’ focus on smaller markets with less competition."
- Also noted by analyst George Hoglund is a discounted valuation compared to the two's larger industry peers Public Storage (NYSE:PSA) and Extra Space Storage (NYSE:EXR).
Oct. 10, 2014, 11:42 AM
- The FTSE NAREIT All REITs Index gained 13.08 during the year's first nine months, and had a dividend yield of 4.31% as of September 30. The S&P 500 had a total return of 8.34% over the same period, and a dividend yield of 2.06%.
- The big YTD performance comes even after a 2.63% decline in the just-ended Q3 (vs. the S&P's 1.13% decline).
- Apartment REITs (EQR, AVB, ESS, PPS, UDR, to name a few) have been the biggest winner so far this year, with total return of 20.29% In second place at 16.76% are self-storage REITs (PSA, SSS, CUBE, EXR).
- Mortgage REITs (REM, MORT, MORL) had a total return of 12.69%.
- Broad REIT ETFs: IYR, VNQ, WPS, VNQI, DRN, RWX, URE, SRS, RWR, SCHH, ICF, RWO, IFGL, DRV, KBWY, DRW, REK, FRI, GRI, FTY, FFR, RWXL, PSR, WREI, REET
Jul. 31, 2014, 7:08 PM
- Public Storage (NYSE:PSA): Q2 FFO of $1.97 beats by $0.01.
- Revenue of $538.03M (+10.8% Y/Y) beats by $39.14M.
May 8, 2014, 12:01 PM
- Public Storage (PSA -1.1%) and Extra Storage Space (EXR -0.7%) are lower after each lost their Buy ratings at Jefferies.
- Analyst Omotayo Okusanya boosted full year 2014 and 2015 FFO per share estimates for EXR to $2.48 and $2.72, respectively, but still, the 2015 expectation represents just 10% annualized growth, the lowest since 2010. The price target remains at $53.
- The 2014 and 2015 core FFO per share estimates for PSA are lowered to $8.04 and $8.56, respectively, with the 2015 number representing just 7% growth, also the lowest since 2010. The PSA price target is cut to $175 from $185.
May 2, 2014, 12:03 PM
- Core FFO per share of $1.80 gained 9.1% from one year ago, but was $0.06 shy of expectations.
- Same store revenue of $440.1M up 5.1%. Operating costs of $139.5M up 4%, with property taxes up 4.3%. Gross margin of 68.3% vs. 68%.
- Square foot occupancy of 92.6% up from 91.9% a year ago. REVAPR of $13.34 up 5% .
- Previously: Public Storage misses by $0.06, misses on revenue
- After a nice run for the stock this year, investors are not taking the earnings miss well. PSA -3%
May 1, 2014, 7:08 PM
- Public Storage (PSA): Q1 Core FFO of $1.80 misses by $0.06.
- Revenue of $440.6M (+5.1% Y/Y) misses by $47.42M.
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%)
Mar. 17, 2014, 7:55 AM
- Downgraded to Neutral from Outperform are Sovran Self Storage (SSS) and Extra Space Storage (EXR), and boosted to Outperform from Neutral is Public Storage (PSA).
- It looks like a valuation call as Public Storage is the notable underperformer in the group over the last year, up 13.4% vs. 20.2% for Sovran and 29% for Extra Storage.
Public Storage is engaged in the acquisition, development, ownership and operation of self-storage facilities which offers storage spaces for lease, generally on a month-to-month basis, for personal and business use.
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