Global investment firm KKR & Co. Inc. (NYSE:KKR) recently announced that it has acquired three Class A self-storage properties in Denver and Nashville. The acquisitions were carried out through KKR Real Estate Partners Americas III, KKR’s Americas opportunistic equity real estate fund.
Following the news, shares of the company declined marginally to close at $58.90 in Wednesday’s extended trading session.
KKR has been focusing on the self-storage real estate space in recent times. In December 2021, the company launched Alpha Storage Properties (ASP) to acquire and manage a portfolio of self-storage assets in high-growth markets and strategic infill locations across the country.
To that end, the acquisition of the properties in the fast-growing metropolitan markets of Denver and Nashville adds over 2,000 units to KKR’s self-storage portfolio.
Management Commentary
A Director in the Real Estate Group at KKR, Ben Brudney, said, “Denver and Nashville are important destinations for our self-storage investing strategy and we are excited to grow our footprint in both markets with the purchase of three modern, well-located properties. We are continuing our focus on acquiring high-quality assets in growth markets and working with our team of experienced operators to deliver a best-in-class user experience for self-storage customers.”
Stock Rating
Recently, Jefferies analyst Gerald O’Hara assigned a Buy rating to the stock with a price target of $92, which implies upside potential of 56% from current levels.
Consensus among analysts is a Strong Buy based on seven Buys and one Hold. KKR’s average price target of $86.25 implies upside potential of 46.2% from current levels. Shares have gained 22.9% over the past year.
Positive News Sentiment
News Sentiment for KKR is Positive based on 18 articles over the past seven days. 100% of the articles have Bullish sentiment, compared to a sector average of 63%.
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