22 Aug 2023
The earnings from the REITs are here for Q2 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), 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 Q2 2019 to Q2 2023 all the REITs reported a lower occupancy rate in Q2 2023.
PSA had an average same store occupancy of 93.7% with a Same Store Occupancy YoY change of -2.1%. However it is important to note that pre-covid in Q2 of 2019 Occupancy was 94% only .3% higher than it is now.
CUBE had an average same store occupancy of 92.7% with a Same Store Occupancy YoY change of -2.4%. But note that in Q2 of 2019 Occupancy was 93.1% only .4% higher than it is now.
EXR had an average same store occupancy of 94.2% with a Same Store Occupancy YoY change of -1.1%. In Q2 2019 Occupancy was 92.7% which was 1.5% lower than it is now.
NSA had an average same store occupancy of 90% with a Same Store Occupancy YoY change of -5.1%. While in Q2 2019 Occupancy was 89.6%.
PSA had a same store revenue 6.3% higher than Q2 2022. CUBE had a same store revenue 4.6% higher than the year before. EXR same store revenue increased 2.7% higher year over year. NSA's same store revenue was 2.8% higher year over year.
Seeing all the REITs' same store revenue increase year over year is testament that the industry is in a strong spot, and facilities are bringing in more revenue than they did last year.
