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)價格下跌。美國銀行證券分析師喬舒亞·登納萊將該公司股票評級由中立降至弱勢且將目標股價下調至155美元，此前爲172美元。
Last week, the company reported sales of $697.1 million, missing the street view of $728.8 million.
該公司上週銷售額爲6971萬美元，未能達到華爾街預期的7288萬美元。
Second-quarter funds from operations (FFO) came in at $2.06, surpassing the estimate of $2.00.
第二季度所有基金類型的經營所得（FFO）爲每股2.06美元，超過了2.00美元的市場預期。
The company expects core FFO of $7.95-$8.15 for fiscal 2024.
該公司預計2024財年核心FFO爲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.
分析師預計，到2025年儲存需求前景將下降，如佛羅里達等市場需求較弱，而EXR通過與LSI合併增加的風險敞口加劇了這種劣勢，並且在與新客戶談判時的定價權力受到限制。
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.
分析師稱，值得注意的是，Q2的新租約價格同比下降了8%，隨着新客戶對價格敏感，七月份的價格降低了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.
登納萊補充說，儘管早些時候對夏季的改善滿懷希望，但頂峯租賃已經過去，而到2025年的前景仍不明朗，可能是由於低房屋換手率所致。
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.
該分析師將2025和2026年的核心FFO預估下調至8.07美元（之前爲8.57美元）和8.26美元（之前爲8.94美元），比街道2025年的預估低4.1%，比2026年的預估低5.8%。
Also, the analyst forecasts 2025 SS NOI growth of -1.1% vs. the Street's consensus of 1.6%.
此外，該分析師預測2025年的淨經營收入增長率爲-1.1%，而街道的共識爲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).
投資者可以通過iShares住宅和多部門房地產ETF（NYSE:REZ）和Principal Exchange-Traded Funds的Principal Real Estate Active Opportunities ETF（NYSE:BYRE）來接觸該股票。
Price Action: EXR shares are down 3.41% at $159.33 at the last check Monday.
EXR股價今天最後查看下跌3.41%，報159.33美元。
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