Storage Unlocked

Self-storage is entering a new era, and so is this podcast. In this episode, I break down the  $97.5 million acquisition of Kiwi II by Janus International and what it means for the future of steel pricing and construction . We also go one-on-one with Noah Springer , the new President of Extra Space , to discuss their aggressive ECRI policies and why market saturation is forcing a "rate-cutting" ha...

In this episode, I recap the NYSSA Investment Forum in New York, where over 350 industry leaders converged to discuss the future of the asset class. We break down the news of Noah Springer's promotion to President of Extra Space and what it signals for the future of the REIT. We also cover: The Moody's Outlook: Why we may face a five-year stagnation in home movement and what that means for storage...

In our final episode of 2025, I break down the headline news: BlackRock has deployed $101.5 million to refinance a self-storage portfolio, signaling that smart money is still bullish on the sector despite interest rate headwinds. We also discuss: The 2026 Rebound: Stan Bonilla (SVP, Safeguard Self Storage) joins us to explain why a thawing housing market in 2026 will drive the absorption necessary...

In this episode, I break down the end-of-year data revealing a 20% jump in self-storage transaction volume, driven largely by Public Storage's $631 million spending spree. We analyze why cap rates remain stubbornly low (in the 5s) despite high interest rates and what that signals for 2026. We also cover: California Law Alert (SB 709): Going into effect Jan 1, 2026, this law forces operators to dis...

In this special roundtable episode, we are joined by three of the industry's top capital markets experts: Anna Siradze-Herdina (Talinvest), Andy Bratt (Gantry), and Cody Baker (Baker Capital Partners). We pull back the curtain on what lenders are really thinking as we close out 2025. We cover: The "Extension" Problem: Why lenders are done extending loans for stalled lease-up projects and what that...

In this episode, Thaddeus Campbell breaks down the Federal Reserve's quarter-point rate cut and the surprise guidance that only one more cut is expected in 2026. We discuss how the Fed's new $40 billion treasury buyback program is designed to flood banks with liquidity—and what that means for your ability to get a loan . We also cover: The Lending Data Anomaly: We dissect why construction lending...

In this episode, we are joined by Brett Henry, CEO of Trojan Storage and the visionary new owner of QuikStor. Brett shares his masterclass in operations, detailing how he went from managing a 12-site portfolio to a $245 million exit, and why he's now betting big on software. We discuss: The Operator's Edge: Why Brett still personally reviews rent rolls for his 54 locations and how "living the numb...

In this episode, we break down the blockbuster report from Heitman (managing $48B in assets) which confirms that self-storage has outperformed multifamily, industrial, office, and retail over the last 15 years. We discuss why thinking in "50-year asset" terms is the key to generational wealth. The Supply Opportunity: We analyze the Yardi Matrix data showing a "new all-time low" in the four-quarter...

The days of "throwing a dart at a map" are over. In this special roundtable episode, we (Chris and Thad) sit down with Lauren Feeney (Trojan Storage) and Cam Paktinat (DXD Capital) to pull back the curtain on the current state of self-storage development. We cover: The Supply Crisis: Why "negligent" developers are flooding markets and how to use defensive underwriting (like zoning maps) to protect...

We're tackling the biggest market risks this week! We discuss the proposal for a 50-year mortgage as a desperate measure to keep the housing market afloat, which we view as a critical signal of a system under enormous financial pressure, consistent with the 18.6-year real estate cycle. The Biggest Threats: CMBS Loan Crisis: We reveal the $21 billion in CMBS loans outstanding in self-storage and ho...

The Q3 REIT Earnings are in! We break down the true meaning of the latest financial reports with Noah Starr, CEO of Tract IQ and former institutional investor. Noah drops the bombshell: the real issue isn't Extra Space's controversial ECRI strategy; it's widespread oversaturation and poor capital allocation In this episode, we discuss: The Investor's Blind Spot: We analyze why most developers inve...

We're breaking down the earnings calls! We analyze Public Storage's surprising flat NOI and Extra Space's nine months of negative NOI. In this episode, you'll hear: The 30% Workforce Cut: We reveal how Public Storage leveraged technology to drive 85% of customer interactions to digital, leading to a massive 30% reduction in labor hours . The Development Warning: We discuss Public's stark predictio...

We sat down with Noah Springer, the Chief Strategy Officer of Extra Space, for a direct, uncensored conversation about the company's controversial ECRI (Existing Customer Rate Increase) strategy and the power of their data-driven pricing model. In this episode, you'll hear: The Data Advantage: Springer clarifies that Extra Space's core mission is a revenue strategy , and their ability to maximize...

California's New Law Just Raised Everyone's Rates: Here's Why In this critical episode, we dive deep into the impact of California's new self-storage disclosure law, SB 709 , which has been signed by Governor Newsom. We reveal why this bill designed to protect consumers will actually force operators like Extra Space to  eliminate low introductory rates and charge a higher rate from day one , ultim...

We start with a major market signal: Treasury Secretary Scott Bessent is pushing for deregulations, a move that, according to the 18.6-year real estate cycle thesis, could ignite the final speculative boom before a major crash in late 2026. We welcome self-storage icon Terry Campbell (Jonhson Insurance) as our new insurance partner to discuss why costs are soaring due to catastrophic losses. In th...

We're Just Going to Say It: Your Insurance Costs Have DOUBLED We are back from the New York SSA Fall Conference, and we're bringing you the most critical takeaways you need to navigate the next 18 months. This episode is packed with insider info on the legal and financial forces reshaping the self-storage landscape. Here's what we uncovered: The Legal Fight: We reveal a land use attorney's opinion...

Today are breaking down the Federal Reserve's recent 25 basis point rate cut. They get into the tough questions, like why the 10-year Treasury is rising and what that could mean for mortgage rates and the self-storage industry. They also discuss key economic data points that suggest we could be heading for a downturn similar to 2008. In this episode, you'll hear about: The recent Fed rate cut and...

Hey there, and welcome to The Self Storage Report , broadcasting live from Italy! We are breaking down the Federal Reserve's recent 25 basis point rate cut. They get into the tough questions, like why the 10-year Treasury is rising and what that could mean for mortgage rates and the self-storage industry. They also discuss key economic data points that suggest we could be heading for a downturn si...

We're starting this episode with some major news: the US government just revised job numbers downward by nearly a million jobs, a shocking development that signals significant economic softness. Your hosts, Chris Berg and Thaddeus Campbell, break down what this means for the economy and the self-storage industry. We also explore the growing impact of AI on the job market and its role in displacing...

In this special episode, your hosts Chris Berg and Thaddeus Campbell are joined by guest Noah Starr, CEO of TractIQ , to give you a front-row seat to the conference. We discuss the key takeaways, from the surprising level of optimism to the stark reality that self-storage development has "never been this hard". We also explore the reasons behind this difficulty, including a lack of data transparen...

We're kicking off with a huge number: $800 million, the amount Extra Space is looking to raise in notes. This move, along with SmartStop's $500 million in Maple Bonds, suggests that some of the industry's biggest players are preparing to make some serious moves in the market. We also explore a fascinating story Chris uncovered using AI about a California city council meeting. The city of Cerritos...

This episode is packed with a truly shocking stat: the percentage of Americans moving is at its lowest point since 1948 . We explore why this is happening and what it means for the self-storage industry, which is deeply tied to the moving process. We also discuss a few other major topics,  including an exclusive clip with  Alex Burnham  from StorageMart, a deep dive into  Warren Buffett's  recent...

This episode is packed with insights from SmartStop 's latest earnings, a deep dive into what's happening on the ground, and a conversation with industry leaders like Alex Burnham and Michael Schwartz . We talk about why the market is a "shrinking" one, why experience is key, and how some developers are finding new opportunities in challenging environments . Join us as we discuss the nuances of de...

In this episode, we're joined by a special guest, Noah Starr, CEO of TractIQ , to break down the latest earnings from the top self-storage REITs. With all four reporting negative NOI growth for Q2, we'll get into the data and discuss why this is happening and what it means for everyone in the industry. We dive deep into the numbers on occupancy and rent, explore the impact of development lags, and...

In this episode, we're giving you the inside scoop on the latest earnings from Public Storage and Extra Space . We'll talk about why the market reacted so strongly, what's happening with self-storage rates, and the bigger picture of how things like rising property taxes and global economics are affecting the industry. We're also diving into a fascinating stat about the speed of AI adoption and how...