01:30 PM EDT, 05/01/2024 (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:

We trim our target price by $4 to $274, on a forward P/FFO of 16.3x our 2024 FFO estimate, a slight premium to self-storage REIT peers due to PSA's best-in-class balance sheet. We lower our 2024 FFO estimate by $0.02 to $16.81 and keep 2025's at $17.61. PSA reported Q1 2024 FFO of $4.03 vs. $4.08, a $0.07 consensus miss. Same-store (SS) revenues were flat Y/Y, but SS direct operating expenses rose 7%, leading to a 1.5% decline in SS cash NOI. Difficult market conditions continue to put pressure on pricing power, with PSA able to realize a 1% Y/Y increase in rent per occupied square foot, although at the expense of 90 bps of occupancy (92.1% vs. 92.9% Y/Y). We expect demand to remain challenged moving forward as an overall resilient economy is met with pressure from higher rates that we see keeping demand moderate, providing headwinds as PSA enters the peak leasing season. Variable rate debt at 12% of total debt is providing a slight drag, while leverage remained unchanged at 4.0x Q/Q. Shares yield 4.6%.