Extra Space Storage (EXR), a Real Estate Investment Trust (REIT), has experienced a series of both ups and downs. The company had a major transaction with the completion of
Life Storage Merger, marking this milestone by ringing the NYSE bell. The company also introduced a
$1 billion commercial paper note program aimed at lowering borrowing costs. Despite these developments, the company's CEO sold $1.11M worth of company shares and there was a reported decline in stock performance relative to competitors.
EXR released its Q3 2024 earnings showcasing strong occupancy and revenue growth, consequently leading to an increase in the annual dividend by 8%. This performance beats the Q3 FFO and revenue estimates causing a 21% hike in stock price within three months, displaying signs of the trend continuing forward.
However, the stock price went under pressure as Jefferies lowered the price target for EXR from $198 to $175. There are also concerns of oversupply and reduced demand which are expected to take a toll on the company's stock price. Despite the headwinds, investors are advised to retain EXR in their portfolios.
Extra Space Storage EXR News Analytics from Thu, 16 Feb 2023 08:00:00 GMT to Fri, 10 Jan 2025 14:08:12 GMT -
Rating 5
- Innovation 0
- Information 7
- Rumor -5
