Baird analyst Wesley Golladay downgraded National Storage Affiliates Trust to Neutral from Outperform with a price target of $45, down from $62. The analyst cites the combination of lower visibility for external growth, decelerating organic growth and the company’s above-average leverage with high exposure to variable rate debt for the downgrade. He moved his cap rate higher due to higher interest rates and removed the premium ascribed to the net asset value, saying National Storage’s external growth will likely be modest and there is limited visibility for cap rates. W
Published first on TheFly
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