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I am writing this letter to give you my absolutely unvarnished thoughts on today’s real estate market and what I believe are an owner’s options in the market today. The options are difficult and limited today because the market is rapidly changing and unusually bifurcated with buyers and sellers viewing the investment world through two totally different sets of lenses.  As Q2 2022 ended, I began to think that there was something quite different about this “slow down” as it was beginning to unfold.  The self-storage real estate market that had preceded the now accelerating slowdown was and continues to be dramatically resilient compared to other CRE assets and to any previous market. In the first half of 2022, prices were at record highs both nominally and in relation to the incomes of the properties (i.e., extremely low cap rates). This was largely fueled by the large amount of liquidly in the market, strong market fundamentals, and aggressive financing that was available until about the first of June. The market has changed and is now different! Owners must all remember that even though your self-storage business is very resilient, the greater real estate market has more to do with self-storage valuation than the performance of your asset.