Episode Details
Back to EpisodesBeyond the Trough
Episode 28
Published 2 months, 1 week ago
Description
- Public Storage closed its 10.5B acquisition of National Storage Affiliates on July22,2026. Combined entity: 4,500+facilities, 330 Mrentable SF,77B enterprise value
- PSA also acquiring Public Storage Canada for $1.2B USD
- SmartStop merging sponsored funds SST VI and SSGT III in $1.2B all-stock deal
- Brookfield and GIC completed A$6.7B take-private of Australia's National Storage REIT (largest ASX REIT take-private ever)
- StorageMart acquired 15 NYC properties for $1B (1.3M SF)
- Transaction volume: ~$6B through Nov 2025 (double 2024's $3B). H1 2026: $2.8B. Pricing up 26% to $123/SF per Yardi Matrix
- Sector values fell ~25% from peak by Q2 2025 per Nuveen Real Estate. Q2 2025 identified as trough
- Yield reset: 18-20% returns post-pandemic → 10-12% expected now
- Development pipeline collapsing: 400 facilities (2025), 650 (2026), 1,000+ (2027-28) per Newmark
- 94.1% of lenders still actively funding self-storage per DXD Capital 2025 survey
- Only 11% of Americans moved in 2024, down from 14.3% a decade prior per Point2Homes