Q3 2018 REIT Earnings Released

Thursday, April 25, 2024

You are here :

Q3 2018 REIT Earnings Released

Laura Williams-Tracy posted on 11/2/2018 10:24:00 AM

The followings are excerpts from the earnings calls of the five publicly traded self storage REITs. FFO, Funds from Operations, is a term defined by the National Association of Real Estate Investment Trusts and generally represents net income before depreciation, gains and losses and impairment charges with respect to real estate assets. All of the publicly traded REITs announced an increase in FFO over the 3^rd quarter of 2017.

National Storage Affiliates

National Storage Affiliates was the last storage REIT to announce earnings this season, which occurred after market close Nov. 1, with an earnings call Nov. 2. NSA’s FFO for the 3^rd quarter was $.36 per share, a 9.1 percent increase over the third quarter of 2017. Same store net operating income was up 5 percent.

In the 3^rd quarter NSA added its 9^th Participating Regional Operator, Southern Self Storage of Palm Beach Gardens, Florida. NSA also closed its $1.3 billion acquisition of Simply Self Storage.

Life Storage

Life Storage participated in an earnings call with analysts on Nov. 1. LSI’s funds from operations was $1.45 per share for the quarter, an increase of 4.3 percent over 3^rd quarter of 2017.

Leadership reported that the following markets were most impacted by new supply: San Antonio, Dallas, Austin, Charlotte, Raleigh, Miami and Phoenix.

Life Storage expects to have its Rent Now online rental portal available for all 750 stores by mid-2019.

Extra Space Storage

Extra Space Storage participated in an earnings call on Oct. 31. FFO for the 3^rd quarter was $1.20 per share, representing a 6.2 percent increase over the same quarter in 2017.

Extra Space achieved occupancy of 93.9 percent, which was 20 basis points higher than in 2017.

The company has added 140 new stores through the third quarter of 2018.

Public Storage

Public Storage participated in an earnings call on Oct. 31.

FFO was $2.70 per share, up from $2.61 in the 3^rd quarter of 2017.

Public Storage’s European affiliate, Shurgard, completed its initial public offering in the 3^rd quarter. Public Storage has had that investment since 2006.

CubeSmart Self Storage

CubeSmart Self Storage was the first of the self storage public REITS to participate in an earnings call in the 3^rd quarter, releasing results Oct. 26.

FFO was $.43 for the 3^rd quarter, up from $.42 in the same quarter a year ago.

CubeSmart projects its top 12 metro markets will see a decline in delivery of new supply in 2019 compared to 2018 or 2017, which bodes well for same-store revenue.

| Categories: | Tags: National Storage Affiliates, REITs, Earnings, CubeSmart, Public Storage, Life Storage, Extra Space | View Count: (1492) | Return

Transactions and Deals: October 2, 2020 10/2/2020
Transactions and Deals: July 14, 2023 7/14/2023
Transactions and Deals: April 2, 2021 4/1/2021
Transactions and Deals: February 12, 2021 2/11/2021
Transactions and Deals: December 14, 2023 12/14/2023
Transactions and Deals: June 5, 2018 6/5/2018

About the Author

I am a regular contributor to The Charlotte Business Journal, covering a wide variety of industry news for the weekly publication. The Business Journal was my first client when I began freelancing 10 years ago, and I continue to write for the Journal’s weekly reports and special publications.

I contribute to SSA Magazine, a trade association magazine, and Profile magazine. Over my career I have written for Business North Carolina magazine; North Carolina magazine (a publication of the North Carolina Chamber); USAirways magazine and other publications produced by Pace Communications; Health Living magazine; and The Philanthropy Journal.

For corporate and nonprofit clients I provide copywriting services for marketing materials, video scripts and press releases and deliver media relations services. I also manage ongoing communications through organizational newsletters.

laura@lwtcommunications.bz

Q3 2018 REIT Earnings Released

National Storage Affiliates

In the 3^rd quarter NSA added its 9^th Participating Regional Operator, Southern Self Storage of Palm Beach Gardens, Florida. NSA also closed its $1.3 billion acquisition of Simply Self Storage.

Life Storage

Life Storage participated in an earnings call with analysts on Nov. 1. LSI’s funds from operations was $1.45 per share for the quarter, an increase of 4.3 percent over 3^rd quarter of 2017.

Leadership reported that the following markets were most impacted by new supply: San Antonio, Dallas, Austin, Charlotte, Raleigh, Miami and Phoenix.

Life Storage expects to have its Rent Now online rental portal available for all 750 stores by mid-2019.

Extra Space Storage

Extra Space Storage participated in an earnings call on Oct. 31. FFO for the 3^rd quarter was $1.20 per share, representing a 6.2 percent increase over the same quarter in 2017.

Extra Space achieved occupancy of 93.9 percent, which was 20 basis points higher than in 2017.

The company has added 140 new stores through the third quarter of 2018.

Public Storage

Public Storage participated in an earnings call on Oct. 31.

FFO was $2.70 per share, up from $2.61 in the 3^rd quarter of 2017.

Public Storage’s European affiliate, Shurgard, completed its initial public offering in the 3^rd quarter. Public Storage has had that investment since 2006.

CubeSmart Self Storage

CubeSmart Self Storage was the first of the self storage public REITS to participate in an earnings call in the 3^rd quarter, releasing results Oct. 26.

FFO was $.43 for the 3^rd quarter, up from $.42 in the same quarter a year ago.

CubeSmart projects its top 12 metro markets will see a decline in delivery of new supply in 2019 compared to 2018 or 2017, which bodes well for same-store revenue.

Related

About the Author