Barclays lowered the firm’s price target on Extra Space Storage (EXR) to $184 from $192 and keeps an Overweight rating on the shares as part of a 2025 outlook for the real estate investment trust and U.S. communications infrastructure sectors. The increase in carrier application activity in the second half of 2024 should create a modest improvement in amendment and new lease billings in 2025 and further improvement in 2026 for the towers, the analyst tells investors in a research note. Barclays anticipates new customer rates will bottom in Q1 for self-storage and that the office companies over-index to class A properties and generally have stronger balance sheets than private peers.
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