Small and mid-sized investors have been very active in the self-storage space over the last 6-12 months. This is evident as Argus has transacted more sub-$5M deals over the last 6 months than any other period in our 21 year history of brokering self-storage transactions. No longer an afterthought in the industry, lenders are taking this segment of smaller deals more seriously. It is clear that these groups of investors are sophisticated and can analyze complex market situations and capitalize and execute a clear path to value creation. With more than 75% of the total self-storage transactions in the U.S. being less than $5M, this segment of the industry presents the greatest opportunity for investors to capitalize on the robust self-storage fundamentals that are present in today’s market.