Extra Space Storage Shares Are Down As Weak Demand, Low Housing Churn Clouds Future
Extra Space Storage Shares Are Down As Weak Demand, Low Housing Churn Clouds Future
Extra Space Storage Inc. (NYSE:EXR) shares are trading lower today. Bank of America Securities analyst Joshua Dennerlei downgraded the stock to Underperform from Neutral and lowered the price target to $155 from $172.
今天extra space storage股票(NYSE:EXR)价格下跌。美国银行证券分析师乔舒亚·登纳莱将该公司股票评级由中立降至弱势且将目标股价下调至155美元，此前为172美元。
Last week, the company reported sales of $697.1 million, missing the street view of $728.8 million.
该公司上周销售额为6971万美元，未能达到华尔街预期的7288万美元。
Second-quarter funds from operations (FFO) came in at $2.06, surpassing the estimate of $2.00.
第二季度所有基金类型的经营所得（FFO）为每股2.06美元，超过了2.00美元的市场预期。
The company expects core FFO of $7.95-$8.15 for fiscal 2024.
该公司预计2024财年核心FFO为7.95-8.15美元。
The analyst expects declining storage demand prospects through 2025, weaker demand in markets like Florida, worsened by EXR's increased exposure from the LSI merger, and limited pricing power with new customers.
分析师预计，到2025年储存需求前景将下降，如佛罗里达等市场需求较弱，而EXR通过与LSI合并增加的风险敞口加剧了这种劣势，并且在与新客户谈判时的定价权力受到限制。
Notably, move-in rents dropped 8% year-over-year in Q2, with July rates falling 12% as new customers stayed price-sensitive, writes the analyst.
分析师称，值得注意的是，Q2的新租约价格同比下降了8%，随着新客户对价格敏感，七月份的价格降低了12%。
Dennerlei adds that despite earlier hopes for summer improvements, peak leasing has passed, and visibility into 2025 remains unclear, potentially due to low housing churn.
登纳莱补充说，尽管早些时候对夏季的改善满怀希望，但顶峰租赁已经过去，而到2025年的前景仍不明朗，可能是由于低房屋换手率所致。
The analyst revised the core FFO estimates to $8.07 for 2025 (from $8.57) and $8.26 for 2026 (previously $8.94). These are 4.1% below the Street's 2025 estimate and 5.8% below the 2026 estimate.
该分析师将2025和2026年的核心FFO预估下调至8.07美元（之前为8.57美元）和8.26美元（之前为8.94美元），比街道2025年的预估低4.1%，比2026年的预估低5.8%。
Also, the analyst forecasts 2025 SS NOI growth of -1.1% vs. the Street's consensus of 1.6%.
此外，该分析师预测2025年的净经营收入增长率为-1.1%，而街道的共识为1.6%。
Investors can gain exposure to the stock via iShares Residential and Multisector Real Estate ETF (NYSE:REZ) and Principal Exchange-Traded Funds Principal Real Estate Active Opportunities ETF (NYSE:BYRE).
投资者可以通过iShares住宅和多部门房地产ETF（NYSE:REZ）和Principal Exchange-Traded Funds的Principal Real Estate Active Opportunities ETF（NYSE:BYRE）来接触该股票。
Price Action: EXR shares are down 3.41% at $159.33 at the last check Monday.
EXR股价今天最后查看下跌3.41%，报159.33美元。
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