As indicated by the stock performance of the 5 self-storage REITs in 2017, the self-storage investment market is experiencing some headwinds.  As we continue to see self-storage Net Operating Incomes flatten and deceleration of rental revenue, we are also experiencing areas of expense pressure including spending on advertising/marketing, payroll and real estate taxes.  However, as the values of self-storage investments have flattened the demand for the investment in the private sector is remaining strong.   We continue to see new supply coming on line and the impact of new supply could be higher in 2018 vs. 2017 reflecting multi-year lease-up of prior year deliveries.