The first few months of 2020 have seen the capital flow of both debt and equity increase, but there is a significant bifurcation in the self-storage investment market in valuations between stabilized assets and newly developed assets in lease up.  Today, stabilized assets are commanding all-time high pricing while newly developed lease up properties are experiencing some softening in pricing. This is reinforcing the fundamental fact that self-storage is still a cash flow business and 90% of value is created by your NOI and free cash flow.   This is largely driven by the current debt markets and the investment community’s strong desire for yield and assets with low capital expenditures, such as self-storage.