Looking back over 2014, most self-storage operators are continuing to bask in their own glory and in general, self-storage properties continue to perform better than expected. The last six months of 2014 were markedly different than the first few. Liquidity in the real estate debt and equity markets was supercharged over the last six months, pushing self-storage values to new record levels. It is clear that the art of real estate arbitrage is allowing buyers to achieve very compelling cash on cash returns, even while paying historically high prices.