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7 Mar, 2023
Analysis | Latest
The Public REITs Q4 Earnings
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Written by James McLean

James McLean is the Head of Business Development at Radius+. James helps maintain external relationships with clients and assisting internally with the sales process. He also, manages internal data processes working alongside the operations team to ensure we are supporting high level data quality.

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The earnings from the REITs are here for Q4 of 2022 giving us some insight on how the year ended and what we may expect going into Q1 of 2023. We analyzed the earnings from Public Storage (PSA), CubeSmart (CUBE), Extra Space Storage (EXR), Life Storage (LSI), and National Storage Affiliates (NSA).

Same store occupancy dropped for all the REITs, with NSA having the most drastic YoY decrease.

  • PSA had an average same store occupancy of 93.4% with a Same Store Occupancy YoY change of -2.5%.

  • CUBE had an average same store occupancy of 92.9% with a Same Store Occupancy YoY change of -0.9%.

  • EXR had an average same store occupancy of 94.7% with a Same Store Occupancy YoY change of -1.3%.

  • LSI had an average same store occupancy of 91.5% with a Same Store Occupancy YoY change of -2.7%.

  • NSA had an average same store occupancy of 91.4% with a Same Store Occupancy YoY change of -4.1%

Same store ASP Growth YoY was lower than the increase we saw in Q3 2022. PSA had a same store ASP 15.7% higher than Q3 2021. CUBE had a same store ASP 10% higher than the year before. EXR same store ASP increased 12.8% higher year over year. LSI’s same store ASP was 14.7% higher year over year. NSA’s same store ASP was 12.4% higher year over year.