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07 Mar 2023

The Public REITs Q4 Earnings


James McLean

Union Realtime

The earnings from the REITs are here for Q4 of 2022 giving us some insight on how the year ended and what we may expect going into Q1 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.

Same store ASP Growth YoY was lower than the increase we saw in Q3 2022. PSA had a same store ASP 15.7% higher than Q3 2021. CUBE had a same store ASP 10% higher than the year before. EXR same store ASP increased 12.8% higher year over year. LSI’s same store ASP was 14.7% higher year over year. NSA’s same store ASP was 12.4% higher year over year.

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