IFGL - Storage Wars

• Comeback Kids: Self-Storage REITs have delivered as impressive of a turnaround as any property sector in recent memory, catalyzed by the ongoing housing boom and the acceleration in housing market turnover.
• An ensemble of impressive earnings results indicated that the pandemic-driven rebound was no fluke. Storage REITs now project to have one of the strongest growth rates of any sector this year.
• The 'suburban revival' has been a boon for self-storage REITs, which had entered the pandemic as perennial underperformers with challenged fundamentals and a strained outlook amid oversupply headwinds.
• Occupancy rates climbed to record-highs in Q1 driving a nearly double-digit surge in NOI. Recent indicators suggest that booming demand has continued while supply growth continues to moderate.
• Storage demand is driven by "change", and there has been no shortage of that recently as post-pandemic mobility rates normalize. The demographic-driven housing boom bodes well for a sustained recovery into the mid-2020s.

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