While we strongly believe that the performance of self storage as an investment in the long run is quite positive, we have reason to believe that the game has changed. We have reviewed the Q4 same store operating numbers of the four major REITs and have outlined them in the charts below. As you can see, the revenues for all four REITs were up between 3.4% and 5.8%, and more importantly, all four of the REITs showed substantial gains in their NOIs, anywhere from 4.1% to 9.3%. In the “new and improved” self storage real estate market, 90% or more of your value is STILL in the NOI, cash is still king and the ability to attract and capture tenants in cyberspace is now the industry norm…
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