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16 Aug 2022

The Public REITs Q2 Earnings

James McLean

Union Realtime

The Public REITs have finished reporting Q2 earnings for 2022 providing us some valuable feedback on how the industry has performed in the past few months, despite difficult economic conditions. 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 averages stayed high in Q1 2022 with the occupancy increasing even more in Q2 2022.

PSA had an average same store occupancy of 95.8% with a Same Store Occupancy YoY change of -1.2%.

CUBE had an average same store occupancy of 95.1% with a Same Store Occupancy YoY change of -0.5%.

EXR had an average same store occupancy of 94.4% with a Same Store Occupancy YoY change of -1.3%.

LSI had an average same store occupancy of 94.0% with a Same Store Occupancy YoY change of -1.1%.

NSA had an average same store occupancy of 93.7% with a Same Store Occupancy YoY change of 4.7%.

Given that occupancy has continued to increase in line with seasonal trends it is very important to note that same store ASP has skyrocketed year over year. PSA had a same store ASP 17.2% higher than Q2 2021. CUBE’s same store ASP was 14.5% higher. EXR’s same store ASP increased 22.8% year over year. LSI’s same store ASP was 20% higher year over year. NSA’s increased 14.9% year over year as well.

Given the information from the releases we can see that the Public REITs had another great quarter. With the poor economic conditions going on right now, the number reported on the Q2 earnings is testament to Self Storage’s resilience during recessions.