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• Self-storage units are the "Hotel California" of the real estate sector: once you’re checked-in, "you can never leave." A sticky tenant base has supported the sector despite record supply growth.
• For self-storage REITs, the business is almost too good. Developers and new operators have flocked to the sector in recent years, adding new supply at a furious rate, weakening fundamentals.
• The operating efficiency and relative simplicity of the self-storage business are second to none in the real estate sector, where properties can break even at sub-50% occupancy rates with sub-par management.
• Storage REITs hit "rock bottom" in 2018 and have turned the corner since then. Storage REITs have jumped nearly 30% this year as 2Q19 earnings continued the positive momentum.
• Essentially an extension of the residential REIT sector, the demographic-driven reacceleration in multifamily and single-family rent growth since bodes well for a continued recovery into the 2020s.

For an in-depth analysis of all real estate sectors, be sure to check out all of our quarterly reports: Apartments, Homebuilders, Student Housing, Single-Family Rentals, Manufactured Housing, Cell Towers, Healthcare, Industrial, Data Center, Malls, Net Lease, Shopping Centers, Hotels, Office, Storage, Timber, and Real Estate Crowdfunding.