Let's get into real estate, I guess.

So you're the self-storage guy, king of self-storage.

How, why self-storage?

Why not apartments?

Yeah, so self-storage is not a real estate asset? Yeah, so self storage is not a real estate asset.

Oh, okay, it's a business.

So technically it is.

We don't view it though.

So when we look at self storage, when you compare it to other real estate asset classes, there's not, you know, for the most part you have very little levers to pull.

With self storage, we look at saying every single unit is like let's say you have 12 different types of units

Those I view as products we have 12 different products and then different people need to use it

So it's not like everybody uses the same unit for the same reason.

Businesses, we have people that live in apartments, we have art collectors, you have all of these different reasons that people utilize those products in your storage

facility.

We analyze the utilization, we do things like revenue management, dynamic pricing like airlines or hotels do.

Honestly, storage is more like retail or hotel than it is anything else.

Short-term contracts, we have people moving in and out, and we treat it as such.

And so when I looked at real estate, I did not like a simple thing of the real estate is that the market makes you. Like you buy it and the market goes up and then you

fixed in your debt and you're just going to be successful, right? I didn't like that

at all. I didn't understand it. And maybe that was just because you you know, being scarred and everything from 2008.

But I just like, what, that does not make sense to me.

And then they're like, oh, and then you'll sell it and you'll make all this money and this is the returns that you'll make right there's nothing

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