Storage Unlocked

In this episode of Storage Unlocked, I break down the 2025 year-end earnings for the major storage REITs. I discuss why storage stocks are trading at a premium (15x to 18x FFO) compared to other real estate sectors and the massive leadership shift at the top of Public Storage . In this episode, I also cover: The Murphy Family Mission: I share the story of Decker's Blueprint, a fundraising effort for Duchenne's Muscular Dystrophy that is uniting the storage industry . Tract IQ Data Drop: I analyze the "inverse" correlation between population growth and rent—why low-growth markets in the Northeast and Midwest are currently the only ones seeing rate increases . Acquisition Alive & Well: How the biggest players spent nearly $1 billion each on portfolios and JV buyouts last year . Faith & Law: Scott Zucker joins me to discuss how his Jewish faith has guided his success as one of the most recognized legal voices in our sector . Tune in for the data, the strategy, and a story that puts the entire industry into perspective. Connect with Thaddeus Campbell (S3 Partners): https://www.linkedin.com/in/itsthadcampbell/ thaddeus@s3.partners This episode was brought to you by: https://pbbrown.com/

In this very special edition of Storage Unlocked, I am joined by Zachary Dickens (Extra Space), Paul Spittel (Public Storage), and Alex Burnam (StorageMart) . These three firms have transacted on over $25 billion in storage assets in just the last half-decade . In this episode, we cover: Strategic Evolution: We discuss Public Storage's transition to PS 4.0 and their move to the Dallas-Frisco area to recruit top talent and accelerate growth . The Manhattan vs. Boroughs Debate: We breakdown StorageMart's massive $1.05 billion portfolio purchase and why they are betting long-term on Brooklyn and Queens .d The Scale Play: We discuss about Extra Space and the efficiencies gained from the Life Storage merger, and its role as the industry's largest third-party manager . Policy & Law: A candid look at the New York City DCWP lawsuit and the industry's proactive collaboration with the SSA to protect owner rights . The Tech Shift: From AI-driven predictive analytics to the rise of Answer Engine Optimization (AEO), we discuss what is disrupting storage marketing in the late 2020s . Tune in to hear from the leaders of the industry's three most consequential companies.

in this episode of Storage Unlocked, I offer a tribute to Deanie Burns, a beloved leader we lost far too soon . I also dive into the Public Storage Q4 earnings call, breaking down their $1.8 billion in available capital and the strategic shift toward PS 4.0 under incoming leader Tom Boyle . In this episode, I also cover: Legal Strategy: I sit down with 40-year veteran Scott Zucker to analyze the $6 million DCWP lawsuit against Extra Space. We discuss the legal right to raise rents versus the growing trend of legislative rate controls . Development Realities: Why negative leverage is becoming a permanent challenge for new builds and how developers can navigate an oversupplied market . Industry Milestones: Noah Starr (Tract IQ) welcomes a newborn daughter, and the SSA officially adds our Prayer Breakfast to the March schedule in San Antonio . Faith in Ops: Jesse Lamb discusses how her faith has been the anchor in her transition from operations at Strat to her new role at NodaFI. Tune in for the data, the leadership shifts, and the community updates you need to stay ahead in 2026. Connect with Thaddeus Campbell (S3 Partners): thaddeus@s3.partners https://www.linkedin.com/in/itsthadcampbell/ This episode was brought to you by: https://pbbrown.com/  

I am your host, Thaddeus Campbell, and in this episode of Storage Unlocked, I dive deep into the multimillion-dollar lawsuit filed by New York City against Extra Space Storage . I analyze the allegations of deceptive pricing and the potential "ripple effect" this could have on how every major operator manages their same-store NOI growth . In this episode, I also cover: Operational Consolidation: Why Anytime Storage and The Storage Manager are merging to create a more powerful third-party management platform Data Transparency: Why Tract IQ's new CMBS data is seeing record adoption among developers and acquisitions teams . The Capital Market Forecast: I share competing visions for the 10-year Treasury from Tom Sherlock (Talonvest) and Adam Trosso (Next Century Self Storage) . Faith in the Metroplex: Logan Freeman discusses how he integrates his convictions into his day-to-day business dealings . The Heart of Storage: A heavy-hearted update on Denee Burns and how we can support a beloved member of our industry . Support Denee's Burns GoFundMe: https://www.gofundme.com/f/help-denee-access-lifesaving-cancer-treatment?attribution_id=sl:ab12ea43-a3ea-47dd-b3ba-6d1e6069e89c⟨=en_US&ts=1770839841&utm_campaign=fp_sharesheet&utm_content=amp17_control&utm_medium=customer&utm_source=copy_link This episode was brought to you by: https://pbbrown.com/ https://s3.partners/ Connect with Thaddeus Campbell: thaddeus@s3.partners https://www.linkedin.com/in/itsthadcampbell

Is New York City still the "Stronghold Market" for big equity? I am your host, Thaddeus Campbell, and in this episode of Storage Unlocked, I break down the news that StorageMart has acquired a 15-asset NYC portfolio for a reported $1.05 billion . I discuss what this means for the Manhattan Mini Storage brand and why institutional capital is becoming increasingly "picky" about the deals it pursues. In this episode, I also cover: A Legend's Perspective: I am joined by Ken Woolley, the founder of Extra Space, who shares how he built a storage empire over five decades and why he isn't waiting for rates to drop back to 2021 levels . Institutional Moves: The details on CubeSmart's $250M joint venture with CBRE and what it signals for management-led growth . The 10-Year Treasury Trap: Why Tom Sherlock and other capital market leaders see 6% to 6.5% interest rates as the long-term norm Youth in Storage: Maggie Bodie and the YLG's mission to bridge the link to the industry's future . Faith & Resilience: Therald Kimball shares his story of faith-driven leadership in the construction sector . Tune in for a deep dive into the high-level transactions and historical perspectives that are shaping the self-storage industry in 2026. Connect with Thaddeus Campbell: https://www.linkedin.com/in/itsthadcampbell thaddeus@s3.partners This episode was brought to you by: S3 Partners https://www.s3.partners Johnson Insurance https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage  

Is the storage market finally meeting in the middle? In this episode of Storage Unlocked, I bring together three of the most prolific brokers in the industry: Nathan Coe, Kevin Bledsoe, and Frank DiSalvo. We pull back the curtain on the "P&Ls most people never see" to tell you exactly where the transaction market is headed in 2026. In this episode, we cover: - Why the disconnect between buyers and sellers is finally starting to close, even as cap rates remain compressed against interest rates. - Why the "overbuilding" in growth markets like Atlanta and Phoenix is pushing smart capital toward the Mid-Atlantic and Northeast. - Why the industry continues to build at record levels despite saturation and how "barrier-to-entry" topography is the new holy grail. - Why "putting a number on paper" (even if you're far apart) is the only way to get a deal done in 2026. Tune in to get the "Alpha Unit" of market data from the brokers living in the trenches every day. Connect with Thaddeus Campbell (S3 Partners): thaddeus@s3.partners https://www.linkedin.com/in/itsthadcampbell/ Connect with our guests: Frank DeSalvo - frank.desalvo@franklinst.com Kevin Bledsoe - kevin.bledsoe@marcusmillichap.com Nathan Coe - nathan.coe@marcusmillichap.com This episode was brought to you by:

 TractIQ - https://tractiq.com/

I am your host, Thaddeus Campbell, and I am kicking off 2026 with an episode that changes the rules of self-storage forever. I am joined by Noah Starr (CEO of Tract IQ) to unveil a massive data drop: verified, borrower-reported occupancy and financial performance for $40 billion in assets. No more "guessing" achieved rates or NOI margins. In this episode, I also cover: Major Acquisitions: The details behind Janus International's $97.2 million purchase of Kiwi II Construction and why the founders are staying on to lead. The Tech Race: Cubby secures a $63 million Series A led by Goldman Sachs—I explain why capital is flooding into AI-native property management. Market Tensions: How political pressure on the Federal Reserve is causing a flight to safety and pushing the 10-year Treasury higher. The Extra Space Playbook: I caught up with new President Noah Springer in Colorado to talk succession, saturation, and their 12% stock price rally. Faith & Business: Terry Campbell of Johnson Insurance joins me to discuss the practical integration of faith in a 30-year storage career. Tune in for the inaugural episode of the show where we unlock the real numbers behind the deals. Connect with Thaddeus Campbell: S3 Partners: s3.partners LinkedIn: linkedin.com/in/itsthadcampbell/ Our Featured Partners: Tract IQ: Get verified occupancy data at tractiq.com Johnson Insurance: Get a risk assessment at: https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage

Self-storage is entering a new era, and so is this podcast. In this episode, I break down the $97.5 million acquisition of Kiwi II by Janus International and what it means for the future of steel pricing and construction . We also go one-on-one with Noah Springer, the new President of Extra Space, to discuss their aggressive ECRI policies and why market saturation is forcing a "rate-cutting" hand in certain MSAs . We also cover: -The REIT Stock Surge: Why 2026 has started with a 12-17% rally for major storage stocks . -Macro Tensions: The ongoing battle between the White House and the Fed, and why investor sentiment on the 10-year Treasury is currently "shaky" . -AI & The Entrepreneur: Kusiima Boswell (Terrakotta) shares how he integrates his faith into building a game-changing AI dialer for the real estate space . -The Rebrand: I announce the transition of the show to its new name: STORAGE UNLOCKED. Tune in to catch the final "Report" and join us for the debut of Storage Unlocked next week! Connect with Thaddeus Campbell (S3 Partners): thaddeus@s3.partners https://www.linkedin.com/in/itsthadcampbell/ Terrakotta AI https://www.terrakotta.ai/ This episode was brought to you by Tractiq: https://tractiq.com/tssr  

In this episode, I recap the NYSSA Investment Forum in New York, where over 350 industry leaders converged to discuss the future of the asset class. We break down the news of Noah Springer's promotion to President of Extra Space and what it signals for the future of the REIT. We also cover: The Moody's Outlook: Why we may face a five-year stagnation in home movement and what that means for storage demand Refinancing Distress: The rise of "Bridge-to-Bridge-to-Bridge" loans as 2021/2022 projects struggle to meet pro formas in a high-rate environment. REIT Spending Spree: Public Storage breaks $1 Billion in year-end acquisitions, while SmartStop and U-Haul aggressively expand north of the border. AI Evolution: Jacob Pandel (Notify) discusses why AI is great for data but still miles behind humans when it comes to strategy and sales. Faith in Leadership: Stan Bonilla (Safeguard) shares how his faith impacts his role as a Senior VP in one of the industry's most respected firms. Tune in for the most consequential data from the heart of the industry. Connect with Thaddeus Campbell (S3 Partners): https://www.linkedin.com/in/itsthadcampbell/ This episode was brought to you by: QuikStorhttps://quikstor.com/ Tractiq https://tractiq.com/tssr Johnson Insurance https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage    

In our final episode of 2025, I break down the headline news: BlackRock has deployed $101.5 million to refinance a self-storage portfolio, signaling that smart money is still bullish on the sector despite interest rate headwinds. We also discuss: The 2026 Rebound: Stan Bonilla (SVP, Safeguard Self Storage) joins us to explain why a thawing housing market in 2026 will drive the absorption necessary to stabilize rates after years of oversupply. Supply Data: We dissect the DXD Capital Q3 Report, which confirms a significant slowdown in new deliveries, good news for operators looking to push rates next year. Top Growth Markets: We reveal the Top 10 MSAs for self-storage development in 2025, with Atlanta and Phoenix leading the pack. Faith in Business: Cody Baker shares a personal look at how his faith guides his decision-making in the capital markets. Tune in for the data you need to close out the year and prepare for a profitable 2026! Connect with Thaddeus Campbell: Email: thaddeus@s3.partners LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Our Partners: QuikStor: Get a free demo (and waive the $995 onboarding fee!) at https://quikstor.com/ Tract IQ: Visit https://tractiq.com/tssr/ Johnson Insurance: Get a free risk assessment at https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage

In this episode, I break down the end-of-year data revealing a 20% jump in self-storage transaction volume, driven largely by Public Storage's $631 million spending spree. We analyze why cap rates remain stubbornly low (in the 5s) despite high interest rates and what that signals for 2026. We also cover: California Law Alert (SB 709): Going into effect Jan 1, 2026, this law forces operators to disclose rate hike limits and promotional terms in rental agreements. We explain exactly what you need to do to comply. REIT Rates: We dissect Skyview Advisors' latest report on "Achieved Rates," contrasting CubeSmart's stability with Extra Space's volatility following their aggressive rate increase strategies. The AI Standard: From Public Storage handling 85% of rentals via chatbots to QuikStor's automated management, we discuss why adopting AI is no longer optional for serious operators. Hidden NOI: We tease a new opportunity in New York involving Battery Energy Storage Systems (BESS), allowing owners to lease land to support the electrical grid. Tune in for the regulatory and financial updates you need to start 2026 on the right foot! Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell Our Partners: QuikStor: https://quikstor.com/get-quikstor-demo/ Tract IQ: https://tractiq.com/ Johnson Insurance: https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage

In this special roundtable episode, we are joined by three of the industry's top capital markets experts: Anna Siradze-Herdina (Talinvest), Andy Bratt (Gantry), and Cody Baker (Baker Capital Partners). We pull back the curtain on what lenders are really thinking as we close out 2025. We cover: The "Extension" Problem: Why lenders are done extending loans for stalled lease-up projects and what that means for borrowers stuck at 50-60% occupancy. Interest Rate Myths: The panel debunks the idea that Fed cuts equal immediate mortgage rate drops. We discuss why borrowers are moving to 7-10 year fixed debt instead of waiting for a market miracle. Construction Debt: Why banks have resurged as the primary source for construction loans, while life companies stick to permanent debt. Underwriting 2026: The #1 advice from our panel: Stop fluffing your pro forma. Lenders are scrutinizing rental rate assumptions more than ever, you need data to back up your story. Tune in for a masterclass on how to get your self-storage deal funded in the new year. Connect with Our Guests:  Anna Siradze-Herdina (Talinvest): asiradze@talonvest.com Andy Bratt (Gantry): abratt@gantryinc.comCody Baker (Baker Capital): cb@baker-cp.com Connect with Thaddeus Campbell:LinkedIn:   / itsthadcampbell   Our Title Sponsor: QuikStor: Go to https://quikstor.com/ for a free demo!

In this episode, Thaddeus Campbell breaks down the Federal Reserve's quarter-point rate cut and the surprise guidance that only one more cut is expected in 2026. We discuss how the Fed's new $40 billion treasury buyback program is designed to flood banks with liquidity—and what that means for your ability to get a loan . We also cover: The Lending Data Anomaly: We dissect why construction lending surged in 2024 despite a slowdown in project deliveries, questioning if this signals a hidden boom or a market misalignment . Construction Costs: We share a critical update from Wayne Woolsey (Kiwi II Construction): Steel prices have finally stabilized at $900/ton, giving developers a green light to pencil new deals . Deal Killers: Thad walks through a real-world example of using Tract IQ to kill a deal in El Paso, TX, proving why granular data is the only protection against oversaturation . Faith & Discipline: We close with an inspiring segment featuring top UFC Fighter Shane Burgos, discussing the role of faith and discipline in achieving elite performance . Tune in for the financial data you need to navigate the start of 2026! Connect with Thaddeus Campbell (S3 Partners): https://www.linkedin.com/in/itsthadcampbell/ Connect with Chris Berg (Abernathey Development): https://www.linkedin.com/in/chrisbergreal/ This episode was brought to you by: Tractiq https://tractiq.com/ Johnson Insurance https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage    

In this episode, we are joined by Brett Henry, CEO of Trojan Storage and the visionary new owner of QuikStor. Brett shares his masterclass in operations, detailing how he went from managing a 12-site portfolio to a $245 million exit, and why he's now betting big on software. We discuss: The Operator's Edge: Why Brett still personally reviews rent rolls for his 54 locations and how "living the numbers" is the secret to finding hidden value that others miss. The Software Problem: Brett reveals his frustration with industry-standard software (slow reports, lack of real-time data) that drove him to buy QuikStor and rebuild it from the ground up for the modern operator. Automation & Efficiency: How QuikStor enables true automation, centralized mailings, instant lease updates, and "no-key" rentals, allowing for significant labor savings and NOI growth. David vs. Goliath: Why independent operators don't need to sell out to the REITs to compete. Brett argues that, with the correct data and systems, regional players can outperform the giants. Tune in to hear how one of the industry's best operators is building the tools to help you win. Connect with Brett Henry: QuikStor: QuikStor.com Connect with Thaddeus Campbell (S3 Partners): https://www.linkedin.com/in/itsthadcampbell/ Connect with Chris Berg (Abernathey Development): https://www.linkedin.com/in/chrisbergreal/ This episode was brought to you by: Tractiq https://tractiq.com/ Johnson Insurance https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage

In this episode, we break down the blockbuster report from Heitman (managing $48B in assets) which confirms that self-storage has outperformed multifamily, industrial, office, and retail over the last 15 years. We discuss why thinking in "50-year asset" terms is the key to generational wealth. The Supply Opportunity: We analyze the Yardi Matrix data showing a "new all-time low" in the four-quarter trailing supply average. We explain why this is a bullish signal for developers to get shovels in the ground now while others are retreating . Consolidation News: Hear our take on the SmartStop/Argus deal and why technology is forcing smaller management companies to merge or sell. Hidden Risks: Our partner Terry Campbell reveals a critical insurance blind spot regarding Boat & RV tenants that could cost you your NOI . The Macro Play: We discuss the probability of a Fed rate cut in December and predict how a potential new Fed Chair in May could aggressively lower rates to save the economy before the midterms. Tune in for the data you need to make smart investment decisions this holiday season! Connect with Thaddeus Campbell (S3 Partners): LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Chris Berg (Abernathy Development): LinkedIn: https://www.linkedin.com/in/chrisbergreal/ This Episode was brought to you by: TractIQ https://tractiq.com/tssr Johnson Insurance
 https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage  

The days of "throwing a dart at a map" are over. In this special roundtable episode, we (Chris and Thad) sit down with Lauren Feeney (Trojan Storage) and Cam Paktinat (DXD Capital) to pull back the curtain on the current state of self-storage development. We cover: The Supply Crisis: Why "negligent" developers are flooding markets and how to use defensive underwriting (like zoning maps) to protect your capital. Creative Wins: Hear the stories of how Trojan saved a deal in Inglewood by buying the neighbors' houses and how DXD built a daycare to secure a prime site in Rhode Island. Data & AI: How the top pros are using historical data and AI tools to underwrite deals, check zoning, and even create renovation mockups in seconds. The Outlook: Why we remain bullish on the asset class long-term, backed by data like Extra Space's record October occupancy. If you are buying dirt or building storage, this conversation is essential listening. Connect with Thaddeus Campbell (S3 Partners): https://www.linkedin.com/in/itsthadcampbell/ Connect with Chris Berg (Abernathey Development): https://www.linkedin.com/in/chrisbergreal/ This episode was brought to you by: Tractiq https://tractiq.com/

We're tackling the biggest market risks this week! We discuss the proposal for a 50-year mortgage as a desperate measure to keep the housing market afloat, which we view as a critical signal of a system under enormous financial pressure, consistent with the 18.6-year real estate cycle. The Biggest Threats: CMBS Loan Crisis: We reveal the $21 billion in CMBS loans outstanding in self-storage and how $2 billion are essentially delinquent, forcing lenders into an "extend and pretend" scenario by extending interest-only periods to delay mass foreclosures. Insurance Gaps: Our risk partner, Terry Campbell, warns against focusing only on rising premiums, urging you to audit your coverage for hidden gaps that could be devastating after a natural disaster . Boots on the Ground: We highlight the strategy of Wentworth Properties, who build custom assets by getting "boots on the ground" to understand true market need, rather than relying solely on easy data. And finally, Chris shares an incredibly powerful personal story from his Homes for Hope trip to Mexico, reinforcing our belief that business success is about more than just making money, it's about serving a higher purpose. Connect with Thaddeus Campbell (S3 Partners): https://www.linkedin.com/in/itsthadcampbell/ Connect with Chris Berg (Abernathey Development): https://www.linkedin.com/in/chrisbergreal/ This episode was brought to you by: Tractiq https://tractiq.com/ Johnson Insurance https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage Find the Show on YouTube: youtube.com/@theselfstoragereport

The Q3 REIT Earnings are in! We break down the true meaning of the latest financial reports with Noah Starr, CEO of Tract IQ and former institutional investor. Noah drops the bombshell: the real issue isn't Extra Space's controversial ECRI strategy; it's widespread oversaturation and poor capital allocation In this episode, we discuss: The Investor's Blind Spot: We analyze why most developers invest "on hope" using misleading metrics like square footage per capita, leading to millions in losses when markets are oversaturated. The Street Rate Dive: We break down the charts showing how Extra Space dropped street rates dramatically to maintain the highest occupancy, while Public and CubeSmart prioritized maintaining higher achieved rents . The Ultimate Risk: Noah shares his experience: ignoring REIT data is a "ten, eleven, twenty million dollar mistake". We challenge the industry to be more like the hotel space and share performance data publicly to eliminate bad deals. Tailwinds: We discuss the strong growth of micro-apartments, which drive self-storage demand by making storage a necessary amenity in small living spaces . Tune in for the unfiltered truth about where the self-storage market is headed! Connect with Thaddeus Campbell (S3 Partners): https://www.linkedin.com/in/itsthadcampbell/ Connect with Chris Berg (Abernathey Development): https://www.linkedin.com/in/chrisbergreal/ This episode was brought to you by: Tractiq https://tractiq.com/ Johnson Insurance https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage Find the Show on YouTube: youtube.com/@theselfstoragereport

We're breaking down the earnings calls! We analyze Public Storage's surprising flat NOI and Extra Space's nine months of negative NOI. In this episode, you'll hear: The 30% Workforce Cut: We reveal how Public Storage leveraged technology to drive 85% of customer interactions to digital, leading to a massive 30% reduction in labor hours. The Development Warning: We discuss Public's stark prediction that development will be slow through 2027 due to high costs and low appraisal values. This news creates a massive opportunity for those of us who are still finding and underwriting deals The Cap Rate Wars: We dissect how Public is winning the acquisition game, buying assets at 5.25% to 5.5% cap rates thanks to their low cost of capital, a level most traditional developers can't touch. The Economy's Cracks: We analyze the persistent weakness in the labor market (layoffs at Amazon, UPS, etc.) and how the Fed's 50-bip cut has failed to move the 10-year Treasury, stifling the housing movement self-storage needs . New Segment: We introduce our new segment, "How Faith Fuels Your Business," featuring Cam Packtinat from DXD Capital. Connect with Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell This episode was brought to you by: Tract IQ: https://tractiq.com/ Johnson Insurance: https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage

We sat down with Noah Springer, the Chief Strategy Officer of Extra Space, for a direct, uncensored conversation about the company's controversial ECRI (Existing Customer Rate Increase) strategy and the power of their data-driven pricing model. In this episode, you'll hear: The Data Advantage: Springer clarifies that Extra Space's core mission is a revenue strategy , and their ability to maximize profit comes from using massive data that smaller operators cannot access. The Supply Squeeze: We discuss how the artificially low introductory rates offered by the REITs make it impossible to underwrite new projects in many markets, which is directly contributing to the drastic cut in new supply. The Staggering Cost of Risk: We discuss the growing expense of operation, including the shocking fact that some commercial insurance premiums are up 80% this year , confirming why Terry Campbell from Johnson Insurance is a critical partner to help protect your NOI. Market Outlook: We analyze how the economic indicators (record auto repos, tightening bank credit) fit into the 18.6-year real estate cycle and signal a high probability of a "reset" by mid-to-late 2026. Connect with Thaddeus Campbell (S3 Partners): LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Chris Berg (Abernathy Holdings): LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Find the Show on YouTube: The Self Storage Report: youtube.com/@theselfstoragereport This Episode was brought to you by: Tract IQ: https://tractiq.com/ Johnson Insurance: https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage