12:40 PM EST, 11/03/2025 (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 leave our 12-month target price of $118 unchanged, 14.3x our 2026 P/FFO estimate, below self-storage peers (15.5x) given EXR's negative NOI growth outlook and elevated debt levels. We increase both our 2025 and 2026 FFO estimates by $0.08 to $8.14 and $8.24, respectively, with newly acquired properties driving FFO growth in 2026. After struggling for multiple quarters with occupancy and NOI growth, management pivoted in Q3 toward further discounts for move-ins (300-bp drag Y/Y), a strategic decision that aims to improve occupancy headwinds. Lower churn rates also hurt growth in Q3, with lower paying tenants unable to replaced by new higher rates. We still believe EXR is struggling to fully integrate LSI properties, with these properties continuing to underperform vs internal expectations per management. While we believe EXR is likely to underperform peers next year, the outlook for rate cuts and an improving housing market could drive significantly higher move-related demand Y/Y in 2H 2026.