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14 Nov 2023

The Public REITs Q3 Earnings 2023


James McLean

Union Realtime

The earnings from the REITs are here for Q3 of 2023, giving us some insight on how the year has progressed and what we may expect in the final months of 2023. We analyzed the earnings from Public Storage (PSA), CubeSmart (CUBE), Extra Space Storage (EXR), and National Storage Affiliates (NSA).

PSA had an average same-store occupancy of 93.4% a 1.1% decrease YoY.

CUBE had an average same-store occupancy of 92.1% a 2.3% decrease YoY.

EXR had an average same-store occupancy of 94.4% a 1.1% decrease YoY.

NSA had an average same-store occupancy of 89.5% a 4.6% decrease YoY

PSA had a same-store revenue 2.5% higher YoY CUBE had a same-store revenue 2.3% higher YoY EXR had a same-store revenue 1.9% higher YoY NSA had a same-store revenue 2.9% higher YoY

These earnings show that while there is a fall off in occupancy, the ECRI (existing customer rate increases) are able to keep the facilities earnings more in revenue than they did the previous year still. The strategy based around driving occupancy through lowering asking rates could prove to be an effective long-term blueprint if demand for self-storage picks back up again in the coming year.

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