BMO Capital analyst Juan C. Sanabria has maintained their neutral stance on EXR stock, giving a Hold rating on February 21.
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Juan C. Sanabria has given his Hold rating due to a combination of factors influencing Extra Space Storage’s financial outlook. The company’s fourth-quarter 2024 Core Funds From Operations (FFO) met expectations, but the same-store net operating income (SSNOI) showed a year-over-year decline, which was worse than anticipated. Additionally, the initial guidance for 2025 fell short of expectations, with SSNOI projections aligning with industry peers but still disappointing.
Despite an expected expansion in EXR’s loan book, leading to higher interest income, there are concerns about declining customer street rates and weakening in-place rates. While demand remains steady, the overall guidance for 2025, including Core FFO and acquisition targets, was below market expectations. These mixed signals contribute to the Hold rating, reflecting a cautious outlook on the company’s near-term performance.
C. Sanabria covers the Real Estate sector, focusing on stocks such as Healthpeak Properties, Welltower, and Public Storage. According to TipRanks, C. Sanabria has an average return of 0.0% and a 45.83% success rate on recommended stocks.
In another report released on February 21, Wells Fargo also maintained a Hold rating on the stock with a $165.00 price target.