Agree but barrier to entry is more the physical cost of land and...

Agree but barrier to entry is more the physical cost of land and locations. Not the greatest moat ever. I guess the other pro argument is question of scale and administration costs / borrowing costs. But the BoD and Broncos sponsorship don't come cheap so would chew up any cost savings.

I got into this stock off the back of it being recommended as one of the better REIT options around and see it as a better options than actually owning investment properties directly.

NSR have also been promoting upcycling their assets thru development of older properties that are now prime development locations so the storage business is actually a land banking strategy with higher rate or return than traditional rents.

Been a solid dividend payer with steady capital gains so far.

I am concerned about debt levels if interest rates rise