03:50 PM EDT, 04/30/2025 (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 maintain our 12-month target price at $122, 15.2x our 2025 P/FFO estimate, below self-storage peers given EXR's flat to negative NOI growth outlook and increasing net debt-to-EBITDA. We lower our 2025 FFO estimate by $0.05 to $8.04 and lower 2026 by $0.08 to $8.22 as we see operating expenses at same-store properties growing faster than rental revenue. EXR still has the same headwinds as the past two quarters, uncontrollable expenses (property taxes +15.8% Y/Y in Q1, repairs/maintenance +4.3%) growing faster than same-store revenue. We believe these cost pressures should ease in Q3 2025. Thus, we have raised our view as the LSI physical rebranding is ahead of schedule, while the occupancy gap is narrowing between LSI and legacy EXR properties. If the economy stays healthy in 2025, we see rental rate pressures easing in 2H 2025, with premium locations pricing power returning by year end.