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Self-storage real estate investment trusts (REITs), which generate income by leasing storage units to tenants, have become popular among investors seeking stable and consistent returns.
The SSA (Self-Storage Association) Fall Conference indicated that market participants believe the operating environment "may be bottoming" and capital market headwinds could "soon subside," according to KeyBanc Capital Markets.
The Specialized REITs Analyst: Todd Thomas downgraded the ratings for National Storage Affiliates Trust (NYSE:NSA) from Overweight to Sector Weight.
Thomas also reiterated an Overweight rating on Extra Space Storage Inc (NYSE:EXR), while raising the price target to $178.
The Specialized REITs Thesis: While demand remains under pressure, move-in rents are lower than last year, and "aggressive ECRI strategies continue to create anxiety across the industry," Thomas said in the note.
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Thomas stated that he expects National Storage Affiliates Trust's portfolio to "continue to lag vs. peers as the demand environment remains weaker than we thought it would at this point in the year," he added.
"We expect the REITs to continue to outperform within the industry as they are relatively well-capitalized and have significant scale and platform advantages," the analyst wrote. They also "stand to benefit from ongoing consolidation," Thomas stated.
"The biggest news out of the conference was that EXR plans to collapse the Life Storage brand after 11 months of testing, and there are several small and midsize portfolios hitting the market which could lead to an increase in acquisition activity in the months ahead," he further wrote.
Price action at the time of publication:
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