FBR Capital Initiates Coverage on Self Storage REITs: Demand in Hibernation

July 14, 2010 7:14 AM EDT Send to a Friend
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Price: $85.37 +1.37%

Rating Summary:
    6 Buy, 4 Hold, 0 Sell

Rating Trend: Up Up

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FBR Capital initiates coverage on self storage REITs:

Sovran Self Storage (NYSE: SSS) and U-Store-It Trust (NYSE: YSI) started with an Outperform rating.

Public Storage (NYSE: PSA) and Extra Space Storage (NYSE: EXR) with a Market Perform.

FBR analyst says, "Our fundamental thesis for the self storage sector is a slow recovery characterized by weak demand and low supply; however, we believe that the public companies have a distinct advantage in today’s operating landscape that will lead to above-average operational performance relative to the industry as a whole."

$44 price target on SSS, $9.50 price target on YSI, $104 for PSA and $16 on EXR.

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