Self-Storage REITs - 3Q16 Storage REIT Wrap-Up
While NSA wrapped up storage earnings season with some solid results, the season was once again a roller coaster ride. PSA and EXR kicked off earnings season on October 26 with some relatively disappointing numbers, and the sector traded down nearly 6.0%. CUBE came out a day later with another strong beat-and-raise quarter. LSI’s portfolio struggled across the board with the lowest same-store growth in the sector and some hurricane-related expenses, and the LifeStorage portfolio experienced some issues that management is ascribing to previous ownership. Luckily, the group ended on a high note with NSA posting the highest revenue growth of the quarter. Meanwhile, JCAP’s portfolio continues to make gains as deals are leasing up faster than expected and blowing away initial underwriting.