Self-storage REITs slide after Extra Space guidance disappoints

Feb. 19, 2020 12:08 PM ETExtra Space Storage Inc. (EXR)EXR, PSA, CUBE, NSA, LSIBy: Liz Kiesche, SA News Editor6 Comments
  • Self-storage REIT stocks drop after Extra Space Storage (EXR -7%) issues soft 2020 guidance, underscoring "a continued deceleration across the space," according to Citi.
  • Raymond James analyst Jonathan Hughes points to "familiar headwinds of new supply pressure, property tax hikes, and elevated marketing spend."
  • Bloomberg Intelligence analyst Lindsay Dutch said excess supply does not seem to be easing and points out that EXR's NOI outlook — negative 0.5% to positive 1% for 2020 — is the "worst since 2009."
  • Other stocks following EXR's decline — Public Storage (PSA -5.1%), CubeSmart (CUBE -3.3%), National Storage Affiliates Trust (NSA -3.9%), Life Storage (LSI -3%).

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