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Fin Stocks in Drift! Monogram Residential Trust Inc (MORE), Extra Space Storage, Inc. (EXR)

Shares of Monogram Residential Trust Inc (NYSE:MORE) decreased -0.54% and closed at $10.20 after opening 10.23. The company’s Market capitalization reached to $1.69 billion, $166.80 million outstanding shares. Its low price was $10.09 and highest price was $10.33. The Distance from 50 day Simple moving average was 0.81% and Distance from 200 day Simple moving average 6.39%.The EPS is 0.05.

Monogram Residential Trust Inc (MORE) reported operational and financial results for the second quarter 2016.

Second Quarter 2016 Highlights

Net loss attributable to common stockholders of $9.2 million as compared to net income attributable to common stockholders of $49.2 million in the second quarter of 2015. The decrease is primarily due to gain on property sales in the second quarter of 2015.

Reported increase in proportionate same store NOI of 4.2% as compared to the second quarter 2015.

Reported increase in proportionate quarterly stabilized same store NOI of 6.0% as compared to the second quarter 2015. For the second quarter, four communities, 4110 Fairmount and Arpeggio Victory Park in Dallas, TX, Muse Museum District in Houston, TX and Blue Sol in Costa Mesa, CA, were added to the Company’s quarterly stabilized same store portfolio.

Achieved consolidated weighted average occupancy in the Company’s Same Store portfolio of 95.4% with monthly rental revenue per unit of $1,879, an increase of 2.5% compared to the second quarter 2015.

Shares of Extra Space Storage, Inc. (NYSE:EXR) increased 1.88% and closed at $75.47 after opening 74.68. The company’s Market capitalization reached to $9.56 billion, $125.79 million outstanding shares. Its low price was $74.58 and highest price was $76.10. The Distance from 50 day Simple moving average was -4.31% and Distance from 200 day Simple moving average was -11.04%. The EPS is 1.96.

Extra Space Storage, Inc. (EXR) announced that Spencer F. Kirk will retire as the Company’s Chief Executive Officer effective December 31, 2016.  Mr. Kirk will continue to serve on the Company’s board of directors, while devoting significant attention to his non-profit foundation, Kirk Humanitarian.  The board of directors has selected Joseph (Joe) D. Margolis to succeed Mr. Kirk as the Company’s Chief Executive Officer, effective January 1, 2017.

Mr. Margolis, the Company’s Chief Investment Officer since July 2015, had been a member of the Company’s board of directors from February 2005 to July 2015 and served on its Audit Committee and Compensation, Nominating and Governance Committee.  Prior to joining Extra Space Storage as Chief Investment Officer, Mr. Margolis served as Senior Managing Director and Partner at Penzance Properties in the Washington, D.C. metro area.  Previously, Mr. Margolis was a co-founding partner of Arsenal Real Estate Funds from 2004 through 2011. Before forming Arsenal, Mr. Margolis held senior positions at Prudential Real Estate Investors from 1992 to 2004 in portfolio management, capital markets and as General Counsel.  Mr. Margolis is a graduate of Harvard College and Columbia University School of Law.

 

About Mary Jones

Mary Jones has been a columnist on financial. Because of having financial background, Mary Jones has been well known in his community regarding writing blogs on financial for many financial news sites and now it is our honor that Mary Jones started writing financial news for us recently.

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