Here at Argus, we spend a lot of time thinking about the value of self-storage properties. It has been our business for more than 25 years; extracting the value of the property in the process of a sale for a seller, as well as helping buyers to determine the right price to pay for a property. Our daily conversations are focused around interest rates, cap rates, new supply, revenue management, embedded value, loan to value ratios and a lot of other topics that rarely interest an owner other than when they decide to buy or sell a property. However, we believe that there is a connection between understanding the current market and nuances of what does and does not create value and running a successful self-storage property. Now more than ever, the value and preservation of value of self-storage assets is focused around NOI and whether or not the income is maximized and likely to go up or down in the years to come.