01:00 AM EDT, 08/04/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our 12-month target price by $4 to $118, 14.5x our 2026 P/FFO estimate, below self-storage peers (15.6x) given EXR's negative NOI growth outlook and elevated debt levels. We raise our 2025 FFO estimate by $0.02 to $8.06 and lower 2026's by $0.06 to $8.16 as we believe elevated operating expenses will persist throughout 2026. Q2 had unexpected headwinds with weakness in the NYC and Chicago markets that management had expected to be safe havens while weathering underperformance in the Sub Belt, where excess supply persists. We continue to see LSI properties underperforming legacy EXR properties with a large portion of these properties also in geographically weaker markets at present. Management has said customer rental rate growth has improved more gradually than anticipated. More concerning is management's comment about AI search increasing from 15%-65% of hits in the past six months, meaning Google search term tracking is becoming less reliable and EXR has less insight into its prospective customers.