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17 May 2022

The Public REITs Q1 Earnings

James McLean

Union Realtime

The Public REITs have reported their Q1 earnings for 2022 giving us some valuable information and insights on where the industry is headed for the rest of the year. 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 reached abnormal highs in Q1 of 2021, and in Q1 2022 the occupancy remained similarly high.

PSA had an average same store occupancy of 95.6% with a Same Store Occupancy YoY change of 0.0%.

CUBE had an average same store occupancy of 93.6% with a Same Store Occupancy YoY change of -0.2%.

EXR had an average same store occupancy of 94.4% with a Same Store Occupancy YoY change of -0.9%.

LSI had an average same store occupancy of 93.6% with a Same Store Occupancy YoY change of 0.3%.

NSA had an average same store occupancy of 94.7% with a Same Store Occupancy YoY change of 2.4%.

Given that occupancy was still high, it is impressive that the same store pricing was so high when compared to the same time last year. PSA had a same store revenue 15.8% higher. CUBE’s same store revenue was 15.6% higher. EXR’s same store revenue increased by 21.7%. LSI’s same store revenue was 15.6% higher. While NSA’s same store revenue was 16.6% higher than it was the year before.

With these metrics in mind, we can see that the Public REITs are having another great quarter, with them retaining their high occupancy numbers when compared to the same time last year while still significantly increasing their same store revenue. I’m looking forward to seeing how they do for the rest of the year, and hope that the rest of the Self Storage industry continues to follow their lead in their success.