National Storage Affiliates
This $3.3 billion market cap company also comes in with a very solid distribution. National Storage Affiliates Trust (NYSE: NSA) is a Maryland REIT focused on the ownership, operation and acquisition of self-storage properties located within the top 100 metropolitan statistical areas throughout the United States.
The company is one of the largest owners and operators of self-storage properties among public and private companies in the United States. As of September 30, 2020, the company held ownership interests in and operated 788 self-storage properties located in 35 states and Puerto Rico, with approximately 49.5 million rentable square feet.
Shareholders receive a 3.17% distribution. Stifel has set a $50 price objective. The posted consensus target price is $42.60. The stock closed on Tuesday at $44.20 per share.
This giant self-storage leader has always been a go-to REIT stock for income investors. Public Storage Inc. (NYSE: PSA) is a fully integrated, self-administered and self-managed REIT that primarily acquires, develops, owns and operates self-storage facilities.
As of September 30, 2020, the company had interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States. It had an approximate 35% common equity interest in Shurgard Self Storage, which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand.
Furthermore, Public Storage had an approximate 42% common equity interest in PS Business Parks, which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020.
Investors receive a 2.91% distribution. The Stifel team has a $310 price target. The $263.90 consensus target is below Tuesday’s final print of $275.06 a share.
The bottom line is that go-go momentum investors will have very little interest in this group. Long-term growth and income investors sensing an overbought and very rich market can still buy some great total return vehicles in these top companies. Note that return of principal can be included in REIT distributions.
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