07 Mar 2023
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)](https://www.radiusplus.com/keyword/public storage), CubeSmart (CUBE), [Extra Space Storage (EXR)](https://www.radiusplus.com/keyword/extra space storage), [Life Storage (LSI)](https://www.radiusplus.com/keyword/life storage), and [National Storage Affiliates (NSA)](https://www.radiusplus.com/keyword/national storage affiliates).
[Same store occupancy](https://www.radiusplus.com/keyword/same store occupancy) dropped for all the REITs, with NSA having the most drastic YoY decrease.
PSA had an average same store occupancy of 93.4% with a Same Store Occupancy YoY change of -2.5%.
CUBE had an average same store occupancy of 92.9% with a Same Store Occupancy YoY change of -0.9%.
EXR had an average same store occupancy of 94.7% with a Same Store Occupancy YoY change of -1.3%.
LSI had an average same store occupancy of 91.5% with a Same Store Occupancy YoY change of -2.7%.
NSA had an average same store occupancy of 91.4% with a Same Store Occupancy YoY change of -4.1%
[Same store ASP Growth YoY](https://www.radiusplus.com/keyword/asp growth) 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.
