Will Housing Finally Give Storage a Lift?

THE SELF STORAGE REPORT — EPISODE TRANSCRIPT Episode: Will Housing Finally Give Storage a Lift? Co-host: Thaddeus Campbell — Director of Business Development, S3 Partners Host: Chris Berg — Abernathey Development Recorded: September 27, 2025 Video: https://www.youtube.com/watch?v=jvujKnodf88 Key topics: The Harvard joint center report on homeownership and renters over the next 10 years; Abernathey Holdings closing its second Fresno site; the 60% income jump or 38% home-price drop needed to restore pre-pandemic affordability; Lennar's 661-square-foot, $129,000 Texas home; Lennar's Millrose land-banking arm; KB Homes stepping away from 6,800 land units; Taylor Morrison's Yardly build-to-rent brand; 27 ODCE funds holding $279 billion with 20 carrying no storage allocation, per Joe Margolis of Extra Space; storage sales up 19% year-over-year; Matt Lang of Go Store It on first-floor climate control and 10x20 and 10x30 premiums; small bay flex as incubator space for small businesses; Public Storage's September report and 12% utilization; 60% of storage renters now women; Tom Brady on development; Tony Ardzone's 25 demographic data points and 2.8x worst return. Note: Speaker attribution reconstructed from raw captions. Light cleanup of transcription errors only; wording preserved. Timestamps and YouTube chapter markers removed. Turns marked [attribution inferred] could not be attributed with certainty. ————————————————————————————— Chris Berg: The joint center at Harvard University on housing just came out with a report. It talks about what they expect for homeownership and renters over the next 10 years. We're going to tell you why it matters to you and your self-storage assets today here on The Self-Storage Report. I'm your host Chris Berg, your AI storage guy. Also do land acquisitions with Abernathey Development. We're looking for great dirt right here in the great state of California. And joining me as always, the great co-host Rad Thad, Thaddeus Campbell at S3 Partners. Thad, welcome back to the States, my friend. Thaddeus Campbell: Oh, it's it's really nice to be here. It's a wonderful time in Italy, but really good to be home and and enjoying seeing the smile. It's kind of cool. Today, for whatever reason, production-wise, we couldn't get rid of you and I during the intro. I tell everyone that's my favorite 60 seconds of the of the week, bobbing my head to our intro music. So, people got to see it live today. They got to see me bouncing my head along the intro music. You, of course, are the serious anchor. You had your head down preparing yourself. I'm just— Chris Berg: I'm like kind of going, okay, how do we want to open the show, get things going? And just trying to clear my throat. So, I had maybe too much coffee this morning. I don't know. All I know is I great to see you bopping your head because yes, we do want to start with remember Kool and the Gang, the great song "Celebration." So, we want to start a little celebration today. Yesterday, we at Abernathey Holdings closed on a piece of dirt in Fresno. Going to be our second asset in Fresno. One of the great things that came out of that, excuse me, is that the broker ended up uh writing a really nice testimonial letter for us. And so, want to share this because if you're a broker out there and you want to do some work with us, just want you to know a few things. One, we're going to close. You're going to get paid. This gentleman's been in the business for 37 plus years, says one of the one of the smoothest transactions he's ever done. And I think most importantly to our firm is that we did what we say we were going to do, which as we know in CRE can be a really great and powerful thing. So, wanted to share that with people. Obviously a very exciting time. We're looking forward to being part of the Fresno community. All right, Thad, I want to get into uh this report that came out from Harvard. And the reason I want to do this today is just talk about I think it sort of backs up what you and I have been saying. Hey, there might be some headwinds right now within self-storage, but long-term definite tailwinds and why you and I are both bullish on the self-storage asset class over the next decade. So, the study comes out, I think, what the takeaways are, is we've all seen cost of housing. They believe, hey, home ownership is definitely going to continue to go down. You've got these older baby boomers that want to stay in their homes very, very long term. And they're going to say renting is going to continue to escalate, which we all talk about often here. Excuse me, I don't know what's going on my voice, but smaller, you know, apartments that are going to be built. We're going to share with you in a moment what Lennar is currently building as far as single family homes. Um, and I want to get into that. There was a great or interesting piece that came out around uh what is happening right now in the housing market, the affordability crisis that we all see. So, if we can bring that up, please Thaddeus, and uh give people a chance to understand some of the just data that's out there in regards to what has to happen um for us to get back to just pre-pandemic housing affordability. So, income spiked by 60%, probably not going to happen. Especially, and I shouldn't chuckle, but you look what's going on with Starbucks. Best Buy announced more layoffs today. We could have a government shutdown coming up. That's going to be more layoffs. Home prices falling by 38%. Not tomorrow, but could be a possibility. Or mortgage rates going from 6.5 to 2.23. You and I just talked before the show. One of the things that you've been looking at, Thaddeus, is what? Thaddeus Campbell: Yeah. Like you if you look from the time the Fed cut rates last week, it's been a week now. The 10-year has crept up. It hasn't been drastic, but it's crept up. Now, interest rates on a 30-year came down briefly, but they're starting to creep the other way as well. So, some of those markers that we look at for any long-term relief in housing movement, they aren't making us feel like there's any great relief coming in the short term. No, not at any time soon. Other than I will say this. So, Lennar um had their earnings call on Friday. KB Homes had it yesterday. Uh KB Homes talked about look, some of the land prices are actually coming down. They stepped away from about 6,800, you know, land units they were going to go out and and do a deal with, but they're saying, hey, if we went back now, we might actually be able to get those at lower prices. So, not dramatic drop in land prices, but little bit coming down, which I think we've talked about often here on the show. If you look at that sort of 18.6 year real estate cycle, that becomes a really important marker to take a look at. But obviously, the big conversation is affordability. Every single one of these home builders going, hey, what can I do to actually make a home more affordable with construction costs going up? Tariffs haven't really impacted them too much yet, but you know, they're obviously anticipating that. Land prices staying somewhat elevated, you know, down a little bit. But um so what's the solution for that? Here's a picture of the latest that Lennar is currently building. Now this is in Texas, but this is what they're doing. You know, 129 grand, one-bedroom, 2 bath, 661 square ft. Not a lot of room to store your, you know, canoe or bike or anything of that nature. And so, as you and I have talked about before, you see homes being built like this. Again, I think it bodes well for our thesis around, hey, we are long self-storage. I mean, listen, you're going to have a storage unit if you're living in this house. No doubt about it. This makes me laugh cuz the first home I bought was 2,400 ft. I spent $186,000 on it, which is, you know, half again as much as this, but almost quadruple or triple the size. No, quadruple the size. Um, kind of crazy. We've been talking about this for weeks, right? When the market speaks, people seek to fill the void. And the market is saying that a 2,000 foot, 2,500 foot house is not affordable to the vast majority of people. So where are people going to go? Right? They're spending $2,500 a month on $900,000 apartments. So doesn't it make sense that a home a home builder is going to come in and say, "Hey, let's fill this void. Let's find a way that we can get somebody into a house that they own, that they have equity in." Um, and and it'll be very interesting to see how this this new product sells because, as I've mentioned before, we're on a 50-year streak of home sizes increasing in the US. This is a pretty drastic reversal. Chris Berg: Yeah. And it's been reversing now for, you know, the last at least several years for sure. And I think what's interesting as well when you get into the renting piece, you know, this is home ownership very small. We've talked about multifamily being smaller, but also what's really interesting about Lennar, if you follow the TikTok there, is they've got a company called Millrose that's now doing their land banking, and that's how they've been able to, you know, keep their balance sheet looking stronger than maybe typically would be if they were land banking themselves. I bring that up because there's also another home builder named Taylor Morrison. I hadn't really heard of this, Thad, so maybe I'm just the naive one here, but they've got this new piece of their company called Yardly. Have you seen this? Thaddeus Campbell: I have not. Chris Berg: Okay. So I'm not the only one then I was like this anyway was what they're doing which I think is a really interesting concept and I want to get to my point in a moment is that they are now building sort of build to rent homes within communities. So it's like an apartment but it's a home and you've got your nice amenities with the gym and the pool and you know yada yada yada. I think what I want to get at there is that do you is is home ownership the solution that we've all been sold? Like is it kind is it is it the real deal or hey do you think people are kind of going you know what maybe I'm better off just renting especially right now because my costs are lower at the same point in time the money I'm saving compared to owning because of insurance and fixer-ups and all those kind of things I'll just go invest that in maybe AI stock or whatever the way the stock market's going is that do you think that that mindset is starting to shift in America or no? Thaddeus Campbell: I think 100% we're seeing it in in younger millennials and Gen Z where the idea of home ownership has been so far-fetched that they're not even really looking at. And of course, then the problem becomes what was the value of home ownership? Well, it was this idea that you were going to get a greater increase in your asset value than anything else you could buy. Well, if we don't have this next generation of people forcing price increases over time, supply and demand, if there's not a demand for that product and then then you're not going to have those price increases, you're not going to have that equity build in a home over time, then it doesn't make sense to spend that money on on a home. And the other flip side of that that I would mention and of course renters are going to pay for this a little bit um but the rise in property taxes around our country now we're seeing it acutely in the self-storage space right local property taxes are becoming a major issue of why some of the REITs are seeing very tough year-over-year NOI growth because their expenses are growing because of property taxes of course insurance a little bit of that as well but if you're a homeowner I I sold a home a year and a half ago my property taxes were the same amount yearly as my mortgage. So you're you're—yeah, it was it cost me just as much to pay my property taxes as it did to pay my mortgage, Chris. And so that how is that appealing to somebody who wants to go buy a house? It's not. And so if we don't start to get some of those issues under control as a country, I can absolutely see a scenario and the Harvard study pointed this out that you know their best case scenario was housing growing at a slower, you know, at a at a relatively normal pace. That was best case scenario. Worst case scenario didn't look good at all for housing. Of course, either way you go with that, whether housing picks up with smaller homes like Lennar or whether we see an increase in renting long-term, both of those things I think bode well for storage. Chris Berg: Yeah. And I think what's really interesting as well, and you you and I have touched on this um article I just came out today, so we bring that up in regards to capital that's moving into self-storage as well. Um you know, we saying for you and I, I think that are out there beating our head against the wall each day. It's like, wow, there's a ton of capital right now in this space. And that um sales are up 19% year-over-year. Uh this year you're going to have I think more capital coming in. I share that because we talked about this at SSA where there's these 27 ODCE funds. 20 of them right now didn't have any allocation to towards storage according to Joe Margolis, the CEO of Extra Space. So I wrote about that recently in our newsletter and a gentleman emailed me back from William Warren Group and he gave me some actual data that I want to share with people. So these funds have got $279 billion in gross real estate assets. Again, 20 of these, so roughly $200 billion don't have any allocation towards or excuse me, any allocation towards storage. If you just start putting 4 or 5% of that, you know, towards storage, man, that is a lot more. I mean, literally hundreds of billions of dollars going towards not hundreds of billions, but another $10 billion chasing, you know, storage assets, which the 19% up year-over-year could be even more. Thaddeus Campbell: Yeah, I I think that to your point, the long-term track record of storage makes it such a desirable asset in a moment like this, right? And we've talked about the 18.6 year real estate cycle ad nauseam. Go back to 2008, the most recent time. We had a significant recession. Storage survived that better than any asset class by leaps and bounds in commercial real estate. And so does it make sense if we are going into what you and I think which is late 2026 another significant recession. Does it make sense that these people that are parked in multifamily or god forbid office or even big box industrial which is starting to see some headwinds as it maybe got overbuilt is storage going to be a place where they can shelter through the pain? Absolutely makes perfect sense and and can see a scenario where you know some guys are are and women for that matter some developers are really saved by that capital coming into the space on as we've talked about some some facilities that have been built in the last couple years that were underwritten in 2021 with interest rates in the fours and fives for construction debt and with rates at all-time highs as your proforma where they may be struggling to meet that proforma but the the increase of investor interest in the space is still allowing them to sell at a price higher than what their build cost was. And and we haven't seen the pain come the way we thought maybe it would by any stretch. Why? I think to your point, what money is trying to get into the space has really helped. If we see more starting to come in to your thesis, it's it's only going to help people get through this that much less with that much less problem. Chris Berg: And I think you bring up such a great point where, you know, hey, look, we we always mention about Nick Walker from CBRE. They do tremendous amount of volume within this industry. He's been around the business forever. He called October 2024 as the bottom of rates. If that bears out to be true, now you've talked to people that maybe don't agree with that. And yet, if that bears out to be true or even close, I think that's where you see institutional capital going, okay, I may not buy the exact bottom, but at least I'm starting to get that uptick trend. As you're saying, I might as well ride that trend in storage because if things get worse, we know where offices go, other asset classes. Um, I think they are thinking, hey, this could be maybe a safe haven for my investors and our capital. Thaddeus Campbell: I mean, we we've made this point now for a few weeks that as bad as it's been in storage, it still hasn't been that bad, right? It it's still been a the the returns that Extra and and Cube and and Public and NSA and now SmartStop are showing, you could do a lot worse in an industry that's having its all-time worst run of a couple of years. So, to to that point, it it's a place where people can go and feel relatively confident that they're not going to get completely scalded. Chris Berg: Yeah. I think it's interesting, too. I mean, just where we're at in the cycle again, as Thad has just mentioned with this 18.6 year real estate cycle. We continue to kind of break this thesis and I can't you know I look at the stocks as you said before with Lennar, KB Homes, some of these real estate stocks we mentioned back in September of 2024 that appeared to be the peak. We'll see what happens but that appeared to be the peak. Then we said there was going to be sort of this second runup to see if hey we can actually um beat that all-time high. They've had a nice little runup but again with the rate cuts they've started to drop back down. I don't know if you saw it today. Uh GDP was revised at 3.8% versus 3.3%, which I think that puts more of the handcuffs on Powell because how do you continue to cut rates into a you know growing economy? So, but with the layoffs he I'm I'm just glad I'm not Jerome Powell. Your thoughts? Thaddeus Campbell: They're facing such a crazy situation with their dual mandate, right? They want to keep inflation under control, but the economy is growing relatively quickly. At the same time, when's the last time you heard Starbucks not only announce layoffs, but store closings? Like when Starbucks starts closing, that's not a good sign for the long-term efficacy of the current economy, quite frankly, right? Because as expendable income goes, Starbucks is about the top of the list for what people are going to spend quote unquote expendable income on. Chris Berg: And again, you bring a great point. So if I'm thinking from that standpoint and playing defense, you know, someone may have an argument. Yeah. Well, to speaking about disposable income, the first thing that's going to go is storage. Do you agree? Thaddeus Campbell: Or again I this goes back to the 40, 50 years of of SSA right and the track record we have in the space the stark reality is is very few times really never in the history of down cycles and we've been through 3 of them since storage really became an asset class per se that didn't happen. Like people didn't throw out their storage they didn't you know they didn't stop paying that bill every month. Now you know could you argue that the the cost of a unit now is more substantial than it was then. Yeah, you could. Um, but is it really significantly more relative to, you know, what the dollar was worth at the given time? I don't think so. I think track record tells you that people really value their things and they don't want to let go. And and quite frankly, that sentimentalism becomes even more uh of of something that somebody values when they're going through a hard time. You know, the last thing they want to do is throw away grandma's, you know, bed set when they're already struggling and having stress with what's going on in their life. So, could it happen? Yes. You know, we we we hear that that self-storage's biggest competitor is the dumpster. Could it happen? Yes. Has it ever happened in a previous cycle? No, it hasn't. So, do I think it's going to be the outcome? No, I don't. I think they're going to keep continuing to pay that bill every month. Well, and I think now as we talk about these smaller homes, smaller apartments, it it becomes not just a luxury, but almost a necessity because you need it for your bike, your canoe or whatever sort of, you know, other things you've got going on because, as we've talked about before, those millennials use it more like a garage. And so, I think it becomes even that much more of a necessity. At least that's the thesis I'm going to go with because I'm in the asset class. Let's go with that. With that being said, share something with you that's relevant to what we're talking about. I had a great conversation this morning with Matt Lang from Go Store It. Um and he was talking about where the biggest price increases are in where can you command a premium in storage today. There's 2 places only in storage that you can command a premium in 2025 and and I trust Matt Lang. Go Store It obviously 150 stores. So he's got a lot of data to pull from. Um one is first floor climate control in a market that necessitates multi-story, right? So, if you have a multi-story and you're in a a low secondary or tertiary market, no, you're not commanding an increase for first floor climate control. But if you're in a a larger secondary or primary market where you have to have multi-story because of the way the the city's laid out, you command for first floor climate control. Interestingly, and I'm going to put you on the spot because you always do this to me. I'm going to ask you, what do you think is the second type of unit that they're able to command uh a good rate increase in right now? I'm not gonna make you wait too long. Chris Berg [attribution inferred]: Well, my brain is going to as you were talking about household income, like that's exactly why as we underwrite, we wanted to focus on household income. It gives me more opportunity to raise those rates and nobody really cares. Thaddeus Campbell: So, the the second unit type that they've really been able to drive rates on is very large units, 10x15s, really 10x20, 10x30. So, why am I sharing this? Well, the the point of this is is that one of the other things that's helping self-storage right now, we talk a lot about housing, one of the things that's really helping self-storage is that small businesses need a place to go and they've been priced out of the small bay flex type of current product, which is typically 3,000 to 5,000 square foot units. They can't afford to get in there because last mile delivery has taken that space over. There aren't enough 1,000 to 2,000 square foot small bay flex properties around the country. And so where are these small business owners going? They're going to self-storage. And as we've seen, listen, when Microsoft lays people off, and this has happened in the history of our country, when big business lays people off, Americans are nothing if not entrepreneurial. They start small businesses and they've been using self-storage as incubator space. And so this is really helping self-storage that you're able to get a premium. In some cases, you're renting a 10x20 for more than you're renting a 10x10 on a per square foot basis. That's really helping self-storage in the short term deal with some of the challenges we're facing from the housing. Chris Berg: So, is he suggesting that he's now maybe building more of these bigger type of units within— Thaddeus Campbell: I'm not sharing that information. I'm keeping that close to the chest because that's a trade secret. Let's just say there's a very logical conclusion to make from that information. I'll say that. How about that? But I think what's interesting on social media knows where I'm going with with S3 Partners and and what are you know kind of one of the directions we're really going and it's not a secret that we're really looking at the small bay flex space because that that's an area that there's a dramatic need and look I don't expect in the last 40 years the percentage of small business owners in the United States has tripled. I don't expect that to slow down over the course of the next 40 years. I expect that trend to very much continue. We become much more of a small business-oriented country than a you know people going to work for AT&T or or the like for the bulk of their career. Chris Berg: What's interesting and again I haven't done the math obviously that fast in my head but you start to maybe lose some of the total opportunity for revenue at a big site if you've got a bunch a lot bigger units rather than some of the smaller ones for your you know what you're generating per square foot and so that'll be an interesting dynamic shift potentially um within the asset class. Also want to say thank you as we're talking about data here. Thank you to our data partner, Tract IQ. If you want to find out more about outstanding ways to look at assets, underwrite assets, get the right demographic information we just alluded to. One of those being household income, do yourself a favor, reach out to Noah at Tract IQ. Again, go to tractiq.com. Um, they'll get you a trial, at least get you working on, hey, this is ways we can work with you and give you the right information you need to underwrite these assets and do it from an offensive perspective and a defensive perspective. I want to share one more reason why Thad and I continue to stay bullish on self-storage. We can bring up this is the September report kind of just an updated report from Public Storage and one of the things that Thad and I have been talking about for quite some time is just you know people developing sites kind of all over because it was like hey everyone's making money they got a bunch great rates through this COVID situation let's just go plant our flag and go build some stuff. We start to look at some of these favorable fundamentals and we've alluded to this several times that first one there in the orange just the overall utilization of storage continues to go up and up and up and at SSA in Vegas they actually said 12% rather than 10% so that uh bodes well as well. Then you start to look at what's happening with the new supply. That new supply growth is um going down through 2025 but if you start going out through 26, 27, 28, 29 it's even less because of rates and construction costs. If you can find a great site that makes sense where there's high population, um, low supply, it's probably going to end up being a good asset. I'm curious, Thad, from you: what was your biggest takeaway from this slide? Thaddeus Campbell: Yeah, I I think that that 2025 graphic from from Public showing 10% usership. We've talked about this. Millennials in Gen Z are using storage at a roughly 16% rate that I get from uh the SSA Almanac report. Um, baby boomers use it a 6% clip, right? So, as baby boomers are aging out, more Gen Z are coming of age. It's it only bodes well for the increased usage rate. And again, another thing that's really helping self-storage survive through some of these strong headwinds that we're facing in the short term is this increased ownership. The other part of that that I think is really contributing to that increase is we're building much more user-friendly facilities on multiple levels. They're much more aesthetically pleasing and the security is significantly higher. Whether I don't know if you know this or not, but 60% of people who rent self-storage now are women. And so you're attracting an audience that now feels comfortable with this asset class that 30, 40, 50 years ago, if you went into a self-storage facility in 2000, 1995, it looked like a prison in many cases. It was not, it was on back roads, wasn't necessarily well lit. You didn't necessarily feel comfortable being there. Um, and so I think the industry has done a really strong job of attracting a bigger percentage of people and that will only continue I think as we move forward. Chris Berg: Completely agree. I mean one of the prominent questions we ask with our investment review committee is hey would I feel comfortable with my mom going there by herself to go you know rent a space from us. And so if the answer is no we're not going to even touch that asset. So, I think you bring up a really really good point and um yeah, it's been great to see all the women that are utilizing, they're making the decisions, right? Like you and I might think, hey, we're coming home. Hey, we need to store something. They're also be telling you, you know, where you're going, how it's going to get done, all that kind of stuff. Thaddeus Campbell: Listen, our economy would be in much worse shape right now if it weren't for women. I will say that. Chris Berg: Um, as we've talked about kind of the offensive and defensive strategy, I want to play for you a great clip. You know, Thad played sports. I played sports growing up. And I just think it's been such a great training ground in this industry where when you start to look at assets and how you want to underwrite them. It's one thing to say, hey, I've got, you know, great population. I've got low supply. I've got great rates. Like all those things are fantastic. You obviously want to have that from an offensive strategy. One of the things that I, as I talk to more and more developers or people in acquisitions, that often is missing from the conversation is, okay, what's my defense? How do I sort of create, as Warren Buffett would say, more of a moat to protect this investment, ensure that I'm going to get, you know, oversized return? So, how do I underwrite something to maximize my returns, but also mitigate my risk? And so, Tom Brady was on a show recently, Fox Sports, as we all know, he's doing the announcing, and he just broke down the way he was being developed as a quarterback in a way that I think is important. If you can hear this through a lens of an investor, just want to play this clip and then I will talk about it. Thaddeus Campbell: As a lifelong New England Patriots fan, Chris, I was really excited when I saw this come come across the rundown. I grew up born and raised in Massachusetts, 27 years of horrible football. So, I'll love Tom Brady till the day I die. Let's listen to what he has to say. Tom Brady (archival clip): I learned from an offensive standpoint watching Drew and having very good offensive coaches. Then I had a defensive coach, the best one of all time, teach me how to read defenses, you know. Then I would go out and meet with player personnel people, you know, who are very talented. Okay, we go through the entire defensive uh lineup. Okay, these are all the things that this defense does. This is what this player does well, this player does well, this player does well. That's development. You're giving people knowledge and information that you could take to the field so that you could play with confidence and anticipation and that would free you up to play a very aggressive style of football. Chris Berg: I love that he even used the word development within that statement, right? And but again, you talked about Drew Bledsoe talking about the offensive piece of knowing the plays, but then to have a guy like Bill Belichick and basically say, "Hey, cover four, these are the weaknesses. Cover two here." And my point is the same thing you want to be doing as you're looking at these assets like okay how do I go out and give myself a great opportunity for an upside but then be continue to look at hey what are the personnel of the city right like what what can I look at from the dirt that could potentially could be self-storage. I just thought it was a really powerful way to approach an asset um what was your takeaway other than the fact that you love— Thaddeus Campbell: What I started thinking immediately you just had my very good friend Tony Ardzone on your other podcast this week or early la late last week one of those times. Um Tony says 25 pieces of demographic information that he looks at puts into his algorithm when he goes out. He's had 36 successful ground-up self-storage developments in the last 20 plus years. His worst return ever was a 2.8x. My point being he's looking at 25 plus different pieces of information to determine whether or not a site is going to work for him or not. And so to that point that you're making, it's not just about, hey, does the rent look good? And, you know, is there low saturation? It goes way beyond that. And and you know, it's it's why I'm lucky and and gifted to have friends like Tony and obviously working with Barry Sherman. People that have, you know, years of experience and are the the Drew Bledsoe and the the Bill Belichick of the self-storage world. I say this, I get on this mountaintop all the time. If you're going to develop storage, make sure you're talking to some people who really know what they're doing because if you put it in the wrong place and make the wrong decision, it can be a very costly mistake. Chris Berg: Very well said. All right, I want to give you the last word as we wrap things up. You got any events coming up? Anything else you want to add or share? Thaddeus Campbell: Going to be in New York for the SSA show on Tuesday, this coming week. I think it's the 30th of September. Shout out to my friend Stan Bonia. Looking forward to being up in Tarrytown, New York at the Westchester Marriott for that event. That'll be really fun. Um, and then going to be in New York City for a Small Bay Flex event on the 16th of October. Um, you guys, that that event is sold out. So, unfortunately, you can't get tickets to it at this point. I do have a possibility of one ticket that I know somebody who has a ticket that can't go. So, if you're interested in that, feel free to reach out to me. I'm very easy to get a hold of. Um, really, obviously, you guys know that Small Bay Flex is near and dear to my heart. I love self-storage. I'll always build self-storage if the site allows for it. Um, but I really think there's a road for Small Bay Flex in the next decade that's going to be a very sound investment. Chris Berg: Also, for those of you still with us or if you get to watch this um recorded, Thaddeus has a birthday coming up in 2 days. So, we want to wish him a very happy birthday to you, my friend. You're going to be 29. So, congratulations. That's fantastic. And, uh, just want to wish you a very, very happy birthday. Hope you get a chance to celebrate. Thaddeus Campbell: I don't know if our our data partner Noah Star was alive when I was 29. Quite frankly, Chris, it was it's pretty close. Like, it's cutting it close there. If he was alive, he was Steve, we might not have been walking yet. So, anyway, yeah, 52nd birthday and and happy and and listen, I I'll close with this. We talked about this before I went on air. The most at peace I've ever been on my life and and something I talked to you about and and glory to God and and you know I found the my relationship with God and Jesus Christ in the last year thankful to some really good friends that have helped that happen in my life. So while it's the 52nd birthday and some people might be a little bit nervous about that actually the happiest I've ever been and the most at peace I've ever been in my life. So thanks to you for you know being a big part of that journey and and love doing this show with you from that place. Chris Berg: Good man. Thank you and again happy birthday. I hope you go out and celebrate and share some pics on LinkedIn and social media. I'm Chris Berg. This is Thaddeus Campbell. Thanks for joining us here on The Self Storage Report. — END OF TRANSCRIPT —