UBS Maintains a 'Neutral' on Extra Space Storage (EXR); Raising Estimates on Accretive Acquisition
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Price: $147.90 -1%
Rating Summary:
11 Buy, 15 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
11 Buy, 15 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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UBS maintains a 'Neutral' on Extra Space Storage (NYSE: EXR) price target raised $1 to $28.
Analyst, Christy McElroy, said, "With the $298M PRISA III acquisition, EXR will assume $138M of 4.97% debt due in August (likely refinanced in the low-to-mid 4% range) and is overfunding the $160M cash portion of the deal with an estimated $225M equity issuance (assuming exercise of the shoe). These assumptions combined with a 7.2% 2012E NOI cap rate and a loss of $1.8M of management fee income results in $0.02 FFO accretion in our model. We’re raising 2012 and 2013 +$0.02 to $1.46 and $1.61."
For an analyst ratings summary and ratings history on Extra Space Storage click here. For more ratings news on Extra Space Storage click here.
Shares of Extra Space Storage closed at $28.89 yesterday.
Analyst, Christy McElroy, said, "With the $298M PRISA III acquisition, EXR will assume $138M of 4.97% debt due in August (likely refinanced in the low-to-mid 4% range) and is overfunding the $160M cash portion of the deal with an estimated $225M equity issuance (assuming exercise of the shoe). These assumptions combined with a 7.2% 2012E NOI cap rate and a loss of $1.8M of management fee income results in $0.02 FFO accretion in our model. We’re raising 2012 and 2013 +$0.02 to $1.46 and $1.61."
For an analyst ratings summary and ratings history on Extra Space Storage click here. For more ratings news on Extra Space Storage click here.
Shares of Extra Space Storage closed at $28.89 yesterday.
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