The Dream Storage Newsletter

Welcome to the Dream Storage Newsletter!

Introducing Chris Chan

We are absolutely thrilled to welcome the newest member of the Dream Storage team: Chris Chan! Joining our team as a co-Managing Partner alongside Rachel (Croessmann) Hackett, Chris brings with him an impressive track record of 14 years in the self-storage industry, encompassing executive roles in both acquisitions and operations (acquiring and developing ~4.8 million square feet). Chris and Rachel have worked together in the past and look forward to growing the Dream Storage portfolio together.

Our Newsletter: Industry Insights and Beyond

Ever attuned to the curiosity of our investors, friends, and peers, we are delighted to unveil our latest initiative: the Dream Storage Newsletter. We have sensed your keen interest in staying updated on significant self-storage events and developments. What’s more, many of you have expressed a desire to gain a deeper understanding of self-storage as an investment and an asset class. Thus, we deemed it fitting to embark on this journey together. Our newsletter will spotlight present-day news, industry insights, and more.

In this edition, we are diving into the Q2 financials that REITs unveiled earlier this month, with a selection of articles that provide insightful summaries of these findings (linked below). Additionally, we are shedding light on Powell’s recent announcement and its potential ramifications.

Dream Storage’s Next Chapter

Many of you have expressed eagerness to participate in our next deal. Let it be known that we are rigorously evaluating nearly every self-storage opportunity on the market. Rachel and Chris are also uncovering numerous off-market prospects on a weekly basis. The transaction market, however, is currently mostly stagnant, primarily due to a significant bid-ask spread between buyers and sellers. Moreover, the escalating cost of capital, coupled with many regional lenders withdrawing from the lending pool entirely, has exacerbated the situation. Given these evolving dynamics, numerous deals fail to align with our risk-adjusted return thresholds. While our hunger to present you with the next opportunity remains undiminished, we are committed to our prudent valuation practices and will not compromise on our investment principles.

A Note on Our Newsletter

In the interim, we hope you enjoy the insightful content we have curated for this edition. Please remember that this newsletter serves as a platform for macro discussions only; investor-specific and deal-specific documents will continue to be accessible through our investor portal.

Stay Connected or Opt Out

We have taken the liberty of including names in our distribution list. If you prefer to be removed from the newsletter mailing list, kindly reach out to Erin Van Awken at [email protected].

Thank you for your continued support and trust in our vision!

Warm regards,

The Dream Team