Editor's note: In the below analysis, S&P Global Market Intelligence prefers to take cash-based same-store net operating income, if available. However, a noncash-based net operating income will be used if not.

U.S. equity real estate investment trusts continued to see median growth in same-store net operating income for the third consecutive quarter, albeit at a slower pace than at the beginning of 2022.

During the third quarter, same-store NOI across publicly traded U.S. equity REITs was up year over year at a median of 5.1%, unchanged from the previous quarter, but a slowdown from 8.6% median growth in the first quarter.

Self-storage REITs gained the most in Q3

Self-storage REITs saw the largest year-over-year growth in same-store NOI for the third quarter, with a median hike of 16.2%. It was followed by the residential and diversified segments, posting median gains of 12.3% and 9.4%, respectively.

Three out of six self-storage facility operators were on the overall list of U.S. REITs with the highest same-store NOI gains for the third quarter. Life Storage Inc. got the biggest gain among the three self-storage REITs, reporting a same-store NOI year-over-year growth of 18.4%, which was the third-highest increase across all property types during the third quarter. The two other self-storage REITs on the top list were Public Storage and Extra Space Storage Inc., which nabbed the seventh and eighth positions, at 17.0% and 16.4%, respectively.

The three remaining self-storage REITs posted double-digit year-over-year gains during the same period. Global Self Storage's same-store NOI grew 16.0% year over year during the third quarter, while CubeSmart and National Storage Affiliates Trust posted year-over-year increases of 15.4% and 12.1%, respectively.

Within the residential segment, multifamily-focused BRT Apartments Corp. reported the biggest gain in same-store NOI at 18.3%. Four other multifamily-focused residential landlords were among the top 10 U.S. REITs with the highest same-store NOI gains in the third quarter: Apartment Investment and Management Co., Mid-America Apartment Communities Inc. Camden Property Trust, and Equity Residential.

The biggest gainer among all U.S. REITs in the third quarter was diversified REIT Veris Residential Inc., with same-store NOI year-over-year growth of 20.8%.

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Regional mall, other retail REITs booked losses

The regional mall and "other retail" sectors were the only property types that saw their same-store NOI drop year over year in the third quarter, posting median declines of 3.5% and 2.9%, respectively.

Regional mall owner CBL & Associates Properties Inc. posted a 7% year-over-year decline in same-store NOI, the fifth-biggest drop across all U.S. REITs. Macerich Co. also had a 3.5% year-over-year decrease in same store NOI during the same period. By contrast, Pennsylvania REIT logged a year-over-year same-store NOI gain of 1.7%.

Same-store occupancy across all U.S. REITs was at a median of 94.2% in the third quarter, slightly lower than last quarter's 94.5% but barely above first quarter's 94.1%.

The median same-store occupancy rate across all REITs has been above 94% since 2015, but the rate dropped to 93.4% in 2020. In 2021, the same-store occupancy rate bounced back to about 94.1%.