Stock Market News For Nov 6, 2018
Extra Space Storage Inc EXR recently added a new property to its third-party management platform — ManagementPlus — taking the total number of the company’s properties under management to 500. Further, in a poll conducted by Inside Self Storage, the company has emerged as the best third-party management company for the seventh year in a row, winning the title of 2018 “Best of Business.”
In addition to the 500 stores under management, the company also owns and operates around 214 stores in joint ventures, thereby providing third-party management services in around 700 properties. The company added 83 stores in the first half of this year, with around 43 stores during the April-June quarter. With these, the company remains the largest self-storage management company in the United States. Also, the company expects to add another 150 properties by the end of 2018.
On being recognized as the industry’s best, Noah Springer, senior vice president of Third Party and Asset Management, said, "Being recognized as the industry's best third-party manager is a great compliment for the Extra Space team and platform. Our commitment to our partners is that we will enhance their properties' performance while relieving the stress of day-to-day operations. Earning this award seven years in a row demonstrates that we are delivering on that promise."
ManagementPlus has an unparalleled operating platform, along with significant experience in third-party management activities, which helps it provide the best storage services. This has also supported the company in establishing itself as the most prominent provider of technology, marketing and revenue-management systems.
Shares of Extra Space Storage have risen 14.6% in the past six months against 9.5% growth recorded by the industry it belongs to.
Extra Space Storage currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same industry include VICI Properties Inc VICI, Corrections Corp of America CXW and MedEquities Realty Trust Inc MRT. VICI Properties flaunts a Zacks Rank of 1 (Strong Buy), while Corrections Corp of America and MedEquities Realty Trust carry a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
VICI Properties’s 2018 funds from operations (FFO) per share estimates have been revised 1.4% upward over the last 60 days. Also, its shares have gained 7.6% in the past three months.
Corrections Corp of America’s Zacks Consensus Estimate for current-year FFO per share has been revised slightly upward in 60 days’ time. The company’s share price has risen almost 17.5% over the past three months.
MedEquities Realty Trust’s Zacks Consensus Estimate for current-year FFO per share has remained unchanged in the last 60 days. The company’s share price has risen almost 10.5% in three months’ time.
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