15 May 2023
The earnings from the REITs are here for Q1 of 2023 giving us some insight on how the year has started and what we may expect in the coming months 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. However, when observing the Occupancy rates for Q1 2020 to Q1 2023 all the REITs reported a higher occupancy rate in Q1 2023, with the exception of EXR.
PSA had an average same store occupancy of 93.2% with a Same Store Occupancy YoY change of -2.4%. However it is important to note that pre-covid in Q1 of 2020 Occupancy was 93.1%
CUBE had an average same store occupancy of 91.5% with a Same Store Occupancy YoY change of -2.1%. But note that in Q1 of 2020 Occupancy was 91.5% as well
EXR had an average same store occupancy of 93.6% with a Same Store Occupancy YoY change of -.8%. In Q1 2020 Occupancy was 91.7%
LSI had an average same store occupancy of 90.7% with a Same Store Occupancy YoY change of -2.9%. In Q1 2020 Occupancy was 89.3%
NSA had an average same store occupancy of 89.7% with a Same Store Occupancy YoY change of -5%. While in Q1 2020 Occupancy was 87.2%
Same store ASP Growth YoY was lower than the increase we saw in Q4 2022. PSA had a same store ASP 9.8% higher than Q1 2022. CUBE had a same store ASP 6.9% higher than the year before. EXR same store ASP increased 7.4% higher year over year. LSI’s same store ASP was 10.5% higher year over year. NSA’s same store ASP was 10.1% higher year over year.
