UPDATE: ISI Group Increases PT of Extra Storage Space to $32

According to a research report this morning, ISI Group increases the PT of Extra Storage Space EXR to $32 following strong 1Q. ISI group continued, “EXR is one of the top performers in our coverage YTD, benefitting from exposure to strong demographics relative to its peers and a healthy pipeline of acquisition opportunities through its JV and 3rd party management business. EXR now trades 90bp wide of PSA on an implied cap rate basis vs. 140bp when we initiated back in January. We underwrite EXR's portfolio to an unlevered IRR of 7.6% which is 70bp above the weighted average figure utilized in our apartment coverage.” Extra Space Storage closed yesterday at $30.35 as ISI group maintains its Buy rating.