Self Storage REIT Report

The four REITs reported mixed results with only one beating their estimate on earnings. They continue to see lower move in rates and higher vacancy as comps remain difficult. The REITs reported an average same-store revenue decrease of 1.48% compared to the same quarter in 2023. This was a decrease over the 2023 Q3 average growth of 2.0% and 2022 Q3 of 13.6%. The average same-store expense increased by 3.1% attributed to an increase in property insurance, property tax and marketing. The average same-store net operating income (NOI) decrease was 3.0% as compared to the same period last year. The average stock price for the REITs increased 22.03% for the third quarter and is highly
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RSK: Great report. Just as you would think, the smaller the unit the higher per sq.ft. rate. Most in the mid to upper $20`s to $30`s