<div id="readability-page-1"><p>01:00 PM EDT, 04/30/2026 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:</p><p>We lower our 12-month target price by $5 to $125, 15.5x our 2026 P/FFO estimate, below self-storage peers (16.7x) given EXR's weak NOI growth outlook and elevated debt levels. We decrease our 2026 FFO estimate by $0.20 to $8.04 and lower 2027 by $0.21 to $8.31. Despite a stronger Q1 same-store performance than expected, management did not increase guidance, which we believe is due to macroeconomic factors that are affecting new customer demand growth (primarily higher gas prices and inflation). These trends have been more pronounced in Sun Belt markets (similar to all self-storage REITs), as the excess supply has severely limited rental growth in the past 18 months. We believe 2H 2026 will have weaker same-property performance, even if the macroeconomic environment improves due to stronger Y/Y comps from 2H 2025. We also see a new risk that PSA's partnership with Welltower Inc (WELL) may negatively impact EXR's value proposition for its third-party management platform.</p> <p>MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</p></div>

XLRE

REET

<p>CFRA maintains a sell opinion on Extra Space Storage (EXR), lowering the 12-month target price by $5 to $125 due to weak NOI growth and high debt levels. The 2026 FFO estimate is decreased by $0.20 to $8.04, and 2027 by $0.21 to $8.31. Despite better-than-expected Q1 performance, management did not raise guidance, citing macroeconomic factors like high gas prices and inflation affecting demand. Weaker performance is anticipated in 2H 2026, and risks from PSA's partnership with Welltower Inc may impact EXR's management platform.</p>

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Extra Space Storage

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Public Storage

Welltower Op

PUBLIC STORAGE 5.60% DEP SHS REP 1/1000 OF PFD SBI SR H

PUBLIC STORAGE 4.875% DEP SHS REP 1/1000 PFD SBI SER I

PUBLIC STORAGE 3.875% DEP SHS RP 1/1000 PF SH BEN INT N

PUBLIC STORAGE DEP 1/1000 3.950% CUM PFD SHS BEN INT Q

PUBLIC STORAGE 4.75% DP SHS ECH RP 1/1000TH CM PDF SR K

PUBLIC STORAGE 4% DEP SHS REP 1/1000TH PFD SHS BEN SR P

PUBLIC STORAGE DEP SHS REP 1/1000 CUM PFD SHS BEN SR S

PUBLIC STORAGE 4.7% DEP SHS REP 1/1000 CUM PFD SER J

PUBLIC STORAGE 4% DEP SHS REP 1/1000 PFD BEN INT SER R

PUBLIC STORAGE 5.15%DEP SHS REP 1/1000TH PFD SHS SER F

PUBLIC STORAGE 3.9% DEP SHS REP 1/1000 PFD BEN INT SR O

PUBLIC STORAGE 4.125% DEP SHS EA REP 1/1000 PF SHS SR M

PUBLIC STORAGE 5.05%DEP REP 1/1000TH CUM PFD BEN INT G

PUBLIC STORAGE 4.625% DEP SHS REP 1/1000 CUM PFD SER L

Research Alert: CFRA Maintains Sell Opinion On Shares Of Extra Space Storage