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Public Storage leads self-storage names lower after Q3 disappointment

Published 10/26/2017, 11:31 AM
© Reuters.  Public Storage leads self-storage names lower after Q3 disappointment
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  • FBR's David Corak breaks it down, noting mostly disappointment with an 80 basis points dip in occupancy despite aggressive price-cutting.
  • There's also same-store revenue growth (2.6%), and it slowed for the 10th consecutive quarter. Corak thinks this metric could fall below 2% in Q4.
  • The company didn't include $13M of hurricane-related costs in reported FFO. Adding those in would have led to a bottom-line miss.
  • Source: Bloomberg
  • Public Storage (PSA -3.9%), Life Storage (LSI -2.7%), CubeSmart (CUBE -2.5%), Extra Space (EXR -3.3%), National Storage (NSA -3.2%), Global Self Storage (SELF +0.6%), Jernigan Capital (JCAP -1.2%)
  • Previously: More on Public Storage's Q3 (Oct. 26)
  • Previously: Public Storage beats by $0.01, misses on revenue (Oct. 25)
  • Now read: National Storage Affiliates Trust: This 6.00% Preferred Stock Started Trading On The NYSE


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