Fri, Feb. 6, 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 AMExtra 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. | Comment!
Apr. 16, 2012, 6:19 PM
EXR vs. ETF Alternatives
Extra Space Storage Inc is a fully integrated, self-administered and self-managed real estate investment trust. It owns, operates, manages, acquires, develops and redevelops professionally managed self-storage facilities.
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