The AAA Storage Podcast

Join us for an in-depth update on Growth Fund 1, as we review the fund’s real-time performance and standout projects across Texas and Florida. Paul shares notable stories, including record-setting lease-ups, strategic business park developments, and the launch of an innovative membership revenue program. Get a candid look at how AAA Storage navigates market shifts, optimizes returns, and adapts strategies for each property. Whether you’re new to self-storage investing or tracking your portfolio, this episode is packed with practical insights and market-driven expertise.

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Chapters
(00:00) Importance of Recent Track Record
(03:12) Individual Property Performance Reviews
(04:00) Cibolo Self-Storage and Business Park Update
(08:23) Georgetown FM3405 Facility Highlights
(13:31) Lago Vista Record-Breaking Lease-Up
(17:15) Updates on Highway 41 and Lago Vista Business Park
(22:03) Innovation in Ancillary Revenue With Lock In Membership Program

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Creators and Guests

Host
Paul Bennett
Managing Director at AAA Storage

What is The AAA Storage Podcast?

Investing in self storage gives you the fundamentals and growth you need to grow your portfolio. But skip the opportunities from golf buddies and gurus—invest in a real track record. Started by John Muhich in 1993, AAA Storage has delivered 19% IRR across 90 deals, totaling $450M in exits. Listen to our expert insights on investing from the AAA Storage team. See more at aaastorageinvestments.com.

Paul: It's the beauty of small-bay.

The tenant base is so diverse and
it has so many potential uses.

The worst piece of real estate in
the world to own, is a building

shaped in the shape of a cowboy hat,
you know, like an Arby's roast beef

restaurant, because there's only
one thing you can do with it, right?

And small-bay is the absolute opposite
of that, which is, it's so flexible, it

meets so many different types of needs,
that it's a lot easier to lease up.

Welcome to the AAA storage podcast,
your integrated real estate and

development partner, exploring all
things, self storage investing to

bring you diversified success.

Let's dive in.

Brandon Giella: Paul, we've talked
a lot about Growth Fund Two, and the

way numbers work, that means there
is a one, Growth Fund One, and we

haven't talked a lot about that one.

So I wanna talk about that because
as you mentioned, uh, before,

that track record is important.

And so talk to us about why we wanna talk
about a Growth Fund One update given your

track record, most recent track record.

we should note that, uh, this is July
first is when we're recording this.

So when we talk about, you know,
performance and how things are going,

uh, this is dated to a particular
time, and you investors and, and

other listeners probably won't
hear this for a few more weeks.

But, uh, we give a lot of information
on our website and through the investor

relation channels, uh, about how things
are performing, keep everybody updated.

Uh, but we wanted to give a, a brief
update to mainly talk about how things

are performing right now for the firm.

Paul, how are things going?

Paul: Yeah, uh, Brandon, what we
talked about was the reality that, you

know, our track record is something
we, we do talk about frequently,

what we've been able to accomplish
over 33 years on a consistent basis

for, uh, you know, for our investors.

But when you're evaluating a sponsor,
n- the, the whole track record

matters, but the most recent track
record matters the most, right?

It's the best reflection of
that sponsor's performance in

the current market conditions.

So thought it would be really
fun to walk through Fund I.

Fund I broke escrow in November
of '23 and started making

investments in December of '23.

So that fund's about two
and a half years old now.

So for our listeners, it's not only, uh,
a look at our most recent performance,

uh, in a fund vehicle, but also gives you
a snapshot of what a fund looks like at

the two and a half, three-year mark, um,
because this is a ground-up development

strategy where the, the first year and
a half is really more about getting

assets built and starting the initial
lease-up than it is, you know, focused

on driving the lease-up to completion.

So we're, we're right at a very
critical point in a market that has

been a little bit unpredictable.

So I think it'll be fun to talk about

Brandon Giella: Yeah, that's great.

That's great.

Makes me think of-- I'm watching a
lot of F1 lately, and they talk about

you're only as good as your last race.

That's

Paul: Yeah.

Brandon Giella: about with

Paul: Yeah.

Yeah

Brandon Giella: okay, so yeah, we are
in an interesting, uh, market here.

We talked a little bit about that in our
last episode, which is about kind of a

mid-year twenty twenty-six outlook, and we
talked about, again, a lot of growth fund

II, which is projected into the future.

So now, given the last two years or
so with this fund, where are we at?

How are things looking?

Paul: Good.

Um, I, I would say if you had to give
it a, a headline, uh, I would, in my

opinion, Growth Fund, I mean, it's
Growth Fund 1 is outperforming the

current market in terms of its lease-up
and the progress with these assets.

Uh, we're very, very pleased, uh, across
the board, and we'll talk about each one

of them individually here in a second.

But, uh, but yeah, we're,
we're very pleased.

I, I would say if you, if you wanted
to give it a headline, it's Growth

Fund 1 is outperforming the market.

So

Brandon Giella: Love it.

Love it.

Paul: yeah

Brandon Giella: I wanna dive into that.

so as we talk about quite a lot, every
portfolio, every investment that you

make, hyper local markets, very specific
context, very specific property types.

So we thought we'd go through each of
these eight active properties within

this fund so that we can get a mix of
understand, you know, where are they at,

um, you know, what kind of properties
we're talking about and, and more or

less how they're performing right now.

So let's start with number one.

Paul: Cibolo

Brandon Giella: Cibolo.

Okay, great.

Okay, Cibolo Green Valley.

Tell us

Paul: Yeah, S- Cibolo, Texas is a
community just outside San Antonio,

right along the I-35 corridor.

Uh, this is a…

This, this project is
actually fully complete.

Um, it's a, uh, 66,000…

67,000 square foot storage
facility with 481 units.

And phase two of this project, if
you remember, we build in phases.

So we built the initial phase,
which was about 30,000 square

feet, leased it up to 70%.

Once we kind of hit that mark,
we pull the, the trigger on phase

two, and now the facility's totally
built, 67,000 square feet, 481 units.

And as of June 30, it was 40.5%

occupied.

Um, if you think about it, it was 70%
occupied on phase one, but then we more

than doubled the size of the facility.

So it went from, you know, 70% occupied to
about 28% occupied, um, in February when

phase two CO'd, and it's now g- you know,
gained back about 14 points of occupancy.

For the month of June, we leased seven
units, and we had 13 reservations,

which in most cases are, are
tenants that will move in in July.

They made a reservation, you know, in
mid-late June for a move-in in July.

So we pretty much got 13 new units
already baked in for July, which

should make July a really good month.

We're in the peak season, by the way, now.

Um, late spring through the
summer is probably the best

time of year for self-storage.

But Cibolo's performing very well.

Uh, it's an asset that could
well be ready to sell in 2027

based on the lease-up pace.

Uh, great location.

Uh, we've even had a couple of
inquiries from institutional buyers

already, but we're not gonna sell that
facility at a discount just because

we sell a little too early, so.

Uh, but it's performing very well.

Very pleased.

Very pleased with it.

Yeah.

Brandon Giella: I

Paul: And-

Brandon Giella: from the, the
lease, you know, leaseholders

as well as institutional buyers.

That's pretty cool.

I like that

Paul: Yeah.

Yep, we're, we're in good shape there.

Cibolo also has a business park.

Um, it…

They're adjacent to one another.

Uh, the business park has, is
also being built in two phases.

Phase one is, is six buildings, um,
totaling about 100,000 square feet.

Three of those building shells are
complete, the other three are, are

being erected as we speak, and we
have two signed leases already for

that facility, even though it's not…

That first phase isn't complete.

Um, we have two s- two signed leases, uh,
that total about 15,000, 18,000 square

feet, and lots of good leasing activity.

Transwestern, uh, which is a national
real estate integrated firm, vertically

integrated firm, is our, is our broker
representative there, and they're

doing an excellent job, and, uh, really
pleased with at least the initial…

Uh, we s- we do start pre-leasing once
we start getting buildings up, and, and

once again, it's paid dividends 'cause we
already have a couple signed leases, and

we'll start the, the tenant improvements
for those tenants and get them moved

in probably in Q4, uh, of this year.

So it'll start gener- generating
revenue less than eight months

from the start of construction

Brandon Giella: Incredible.

Incredible.

Paul: That one's still a little bit young.

It's got…

I mean, it's, it's…

But we've, we feel real good about the
early signs on the leasing activity side.

Getting the buildings
built's never a problem.

We've built seven million square feet of
this stuff, so that's never the challenge.

Always it's the leasing side, and
I, I'm very pleased with where the

Green Valley Business Park, uh, i- is.

And we're getting some interesting uses.

We actually…

One of our tenants is a church.

Um, the, the other tenant is a, a
basketball, um, training facility.

Um, and we've got interest from a
medical distributor who's looking

for, you know, last mile logistics
warehouse kind of space and a,

and a couple of other interesting
prospects at that facility, so good.

Really good

Brandon Giella: That is so fascinating.

We don't have en- enough time to
talk about, but a, a church, a

basketball training, and a medical

Paul: Yeah.

Brandon Giella: logistics company all in

Paul: Yeah.

Brandon Giella: metal building.

Paul: It's, it's, uh, It's
the beauty of small-bay.

The tenant base is so diverse

Brandon Giella: Yeah,

Paul: that, that…

And it has so many potential
uses that leasing it is…

I mean, the worst piece of real estate
in the world to own is a building

shaped in the shape of a cowboy hat,
like an, you know, like an Arby's Roast

Beef restaurant, because there's only
one thing you can do with it, right?

There's only,

Brandon Giella: Yeah

Paul: And small-bay is the absolute
opposite of that, which is it's so, so

flexible, it meets so many different
types of needs that it's, uh, it's,

it's a lot easier to lease up, so

Brandon Giella: Well, I love it.

I love it.

That's so cool.

Okay, next one, FM3405.

Tell me

Paul: Yep.

Georgetown, Texas, one of the
fastest growing metros in the

United States for 10 straight years.

It's been in the top five.

For two or three years, it was
the fastest growing community in

all of, all of the United States.

So great market.

We've done a number of
projects in that market.

Georgetown also has self-storage
and a business park.

Um, both of them are, are performing
very well, but the business

park, which I'll talk about in a
minute, is really the superstar.

Um, the, uh, phase one of the self-storage
facility, which is 30,000 square feet and

249 units, CO'd in November of '25, so
it's about eight months into its lease-up.

Um, and it's at 32% occupancy.

And all the occupancy numbers I'm giving
here are on a square footage basis.

Quoting occupancy on a
unit basis is really…

It doesn't give you a good understanding
of how it's performing, so these

are all square footage occupancy.

So it's at 32% square, uh, 32% occupancy
from a square footage standpoint.

Had eight new tenants move in
in the month of June and six

reservations, so solid activity there.

I would say this facility's performing
about in line with our average

expectation for a new facility.

One of the things that somebody that's
not in the industry wouldn't know

is, is these facilities really gain
momentum as they move through lease-up,

and part of the reason is it takes…

And you would know more about this,
Brandon, than I would, but our

marketing folks and our property
management folks certainly do.

It takes four to six months
to get indexed on Google,

Brandon Giella: Yep.

Paul: so that you start appearing on a
regular basis ensure, in, in searches.

And so the first four, five, six months
can be a little slow, but then it often

gains momentum, and that's what we see
happening at 3405 on the storage side.

Brandon Giella: I see that
in all kinds of things.

It's kinda exponential growth.

Paul: Yeah.

Brandon Giella: I like that

Paul: and it's starting to climb.

So we're, we're pleased with that.

The business park at 3405 is
probably, um, the, the best story.

Well, there's one other really good
story we'll get to in a minute.

But the best story in all of Fund 1
it's 104,000 square foot business park.

It, it, uh, it also CO'd in November
of '25, so it's 8 months old,

and it is completely built out.

All phases are now built.

Um, if you recall when we've talked about
it, we stage the f- uh, the, the projects

usually in phases, so we're not building
product that's sitting empty while we

still have inventory to lease, whether
it's self-storage or a business park.

There's just no sense in paying the
interest carry, you know, on something

that y- you know you don't need right now.

So this one moves so quickly in
lease-up that as soon as we finish

phase one, we built phase two.

Um, and it's now 70 f- the 74,000
square foot leased, uh, which with

29,000 square feet of vacant space,
that's a 72% occupancy in 8 months.

Um, and we've got tremendous
amount of leasing activity there.

I really think that project will be
totally leased up by the 4th quarter

of this year, and we'll be able
to put it on the market and sell.

I don't think we'll get it sold in
'26, but I think we'll get it sold in

the first quarter of '27, which would
give our investors their first exit

at about the three-year mark, which
is a year ahead of schedule, 'cause we

usually project first exit at year four.

Um, so first return of capital and profit
to investors sometime in early '27.

And I, I have to say, I,
I can't guarantee that.

I can't promise that.

It…

but it's what I see happening
when I look at it right now.

It's, it's performed…

It's, it's a total of seven buildings,
and the, the bulk of the vacant

space is an 18,000 square foot
building that we just finished.

And so it hadn't even had
time really to lease up.

So, um, I, I'm just…

At 72% in eight months, um, you
know, that's, that's insane.

Brandon Giella: Incredible.

Incredible.

You just need to do that,
like, 30 more times, you

Paul: yeah.

It, it's such a good market, and we
have a wide variety of uses there.

It, it…

Because Georgetown is a very affluent,
um, and attractive community,

we've got a lot more consumer
uses there than we typically do.

We've got a volleyball training facility,
a gymnastics training facility, a baseball

hitting facility, and a pickleball
facility all in that same business park.

So,

Brandon Giella: That's

Paul: yeah

Brandon Giella: throw a rush on there and
then everybody can do their thing, you

Paul: Yeah, yeah.

But, um, but FM 3405 Business Park is,
is, is outperforming our expectations.

And like I said, I, I, I think there's
every chance in the world it'll

give us our first exit at about the
three-year mark, um, which will, you

know, be a year ahead of schedule.

So we're really, really pleased.

Yeah

Brandon Giella: Well, and I know in
our next episode we're gonna talk

about, okay, you sell a property, how
does that wind up back in my pocket?

So

Paul: Yeah.

Brandon Giella: Maybe that
could be a great use case.

Yeah,

Paul: Yeah, and believe me, for us,
that's our favorite day, um, is when

we, when we get to close on an asset
and send money back to our investors.

So that's a…

Brandon Giella: right.

That's

Paul: Yeah

Brandon Giella: right.

That's the whole reason you're doing this.

All right.

one, Lago Vista

Paul: Yeah, Lago Vista.

Um, the headline could have been that
Fund 1 has a property that's beating

every record we've ever had over
33 years for a phase one lease-up.

Um, it's a super interesting story,
and we, we kind of told it in detail

in our last update to investors.

But, uh, Lago Vista, uh, CO'd in December
of '25, phase 1 which is, uh, 34,000

square feet, 292 units, phase one.

And in seven months, it's
achieved a 41% occupancy, um,

which is, uh, way above average.

It…

Uh, in June, we leased 13 units.

For the 2 months prior to that, we were
north of 20 units in each month, um,

in, uh, in May and, a- and and April.

And it's…

Lago Vista is a community on Lake Travis.

Um, it…

There are, um, there are n- several
mixed use projects that are, you know,

building new homes in that area, and Lake
Travis is a gorgeous area outside Austin.

Um, but it just happened to be a market
where there are no REIT competitors.

All of the local facilities that
exist are sort of locally owned and

operated, and they're, they're old.

Gravel parking lots, chain link fences.

Some of them are built on terrain
where I wouldn't wanna drive a

U-Haul truck up the hill to some
of the buildings that they have.

And it's probably a market that
needed a new facility for 10 years,

and we just happened to be the
ones that showed up and built one.

A- and it doesn't hurt that we're directly
across the street from the local high

school, so it has incredible visibility.

Um, and it is truly at this point
leasing up at a faster pace than any

facility we've built in 33 years.

Um, and so we still gotta build
phase two there, but we're only…

I mean, we could be looking at, um,
starting construction on phase two before

the end of this year, uh, which is…

I, I don't wanna get too detailed
here, but our process looks like this.

It takes six to eight months to
build phase one, 12 to 18 months

to lease phase one up to 70%, four
to six months to build phase two.

It's a little quicker 'cause
all the site work's done.

And then another 12 to 18 months
to lease the whole thing up

to 85% where we can sell it.

If you add all that up, it's four years.

That's why we tell people we expect the
first exit at about the four-year mark.

Um, for this facility to lease up phase
one in 11 months- It's earlier than

the earliest date we would normally
expect it, which would be 12 months.

Um, and most of our facilities fall in
that 12 to 18 month range on phase one.

Um, so it'll, it'll…

Out of the gate, it's,
it's ahead of schedule.

Um, and the market's there,
and we're, we're, we're…

It's also a small community, and once
a business kind of gets discovered in

a community like that, word of mouth
tends to, you know, really spread.

Um, and we're attending local events.

They just…

They have a big festival
early summer every year.

We attended that festival, gave out about
500 flyers, and had five new tenants

within a week just from that one event.

So there's lots of good
things going on there.

Lots of reasons why it's outperforming
our expectations significantly.

Um, but, uh, but, you know, just, just,
uh, we're super pleased, and surprised.

I have to tell you, I
didn't really see it coming.

Um, but that's, that's
how this business works.

Yeah, we thought we'd…

We thought we had the market
pegged, but you never know for

sure until you open the doors and
see how many customers show up, so

Brandon Giella: That's right.

That's

Paul: yeah.

Brandon Giella: Very cool.

I love that story.

I love

Paul: Yeah.

And, uh,

Brandon Giella: Okay

Paul: project, the other, the other
project, the other two projects in Fund

I, uh, Highway 41, uh, in, in Florida,
uh, is a project that was delayed

in construction a little bit because
we had to value engineer the site.

When we finished the civil engineering,
we're gonna have to bring a lot of dirt

in and t- at a cost of about $800,000.

We were able to redesign the site,
lower the amount of, of infill

that we had to do, and also were
able to get a, an exclusion.

One corner of one building was in
a floodplain, and we were able to

get FEMA to redraw the map and take
us out of the floodplain, um, which

over the long term reduces insurance
cost and makes life a lot easier.

And all of that delayed
construction a little bit.

But it's now about 80% complete, uh,
expected to CO in August and start lease

up by the end of August, early September.

Uh, and that's a, that's a storage
project right along Highway 41 that has a

traffic count of about 40,000 cars a day.

Uh, and visibility, you know,
to a site is one of the most

important aspects of its potential.

Um, because when people drive by you
on a regular basis, uh, you, you,

you can't create demand for storage.

You simply need to be top of
mind when somebody needs storage.

And when they drive by your facility every
week, you're pretty much the first one

they think of when they need self-storage.

So it's, it's a facility we have
great expectations and, and hopes for.

The other project is a really
small business park adjacent to

the Lago Vista storage facility.

Brandon Giella: So

Paul: and we're, we're sort of
stutter stepping on it right now.

We had some permitting
issues that slowed it down.

But with the success of the Lago
Vista self-storage facility, it's

possible that we may choose to
actually expand self-storage on that…

Well, it was, it was only about a
30,000 square foot business park.

Um, and what we may do, uh, actually wind
up doing is, is depending on how the rest

of phase one and phase two lease up goes
on storage, we may actually wind up either

putting more self-storage on it or selling
that land to the buyer of the self-storage

as a value add play where they can expand
the facility a little bit down the road.

So,

Brandon Giella: Cool

Paul: one's a little bit in limbo,
which is not something we always love,

but sometimes when you make decisions
in stages, you make better decisions.

And so we kind of let that one play
itself out yet and see what's gonna be

the best, wind up being the best, uh,
ultimate use for that land and, and,

uh, and deployment of capital, so.

Brandon Giella: I love the, the, what
I'm taking away from this is, is how

much, uh, evolution occurs within…

You know, you, you do all your
research and due diligence, then

you get to building it, and then
you s- can see things take shape.

You know, like talking to FEMA or,
you know, maybe we'll do this with

this property, or maybe the buyer
can do this, or there's just so much

that can happen up or down, and,
uh, it's kinda cool to see how you

guys take an active approach on it.

Paul: Yeah, managing the process and,
and making good decisions along the way

is certainly a part of it, and having
s- having selected the market with the

right fundamentals, the right balance
of supply and demand, the right inward

migration, the right demographic profile.

We talked about all of that
in some of our prior episodes.

Um, you know, is it a
population that profiles as a,

a high-use storage demographic?

For example, Lake Travis in, in, um,
at Lago Vista, uh, although I say we

were surprised, we're sort of not.

That's a heavy second home market with
a big seasonal component, so you've

got lots of items that people don't use
every day and they need a place to store.

So that's typically a market where
the demographic is right, and we

just happened to hit a, a market with
a hole in it that didn't have any

real competitors that can compete
with the institutional grade product

that we put on the ground there, so.

Um, but, uh, but yeah, we're, we're
super pleased overall with Fund I.

Would love to get an exit at
the three-year mark, and I

think we're gonna be able to do
that a year ahead of schedule.

Um, and overall, the pr- the portfolio
is performing to expectation and

outperforming the current market
in terms of what the general market

statistics would tell you these
facilities should be doing, so

Brandon Giella: Couldn't
ask for better than that.

Paul: Yeah,

Brandon Giella: it.

Paul: I'm really pleased

Brandon Giella: your, your investors
get regular updates on all of this,

but we of course produce a lot of
information for prospective investors

to check out our work and the way
that we do things and why we do them.

And so please, uh, if you're interested,
go to aaastorageinvestments.com.

You can see our insights there, and we've
got a bunch of new resources coming out.

And, uh, I encourage you to check
that out and also get in touch with

Paul and the rest of the team to hear
more detailed updates if you'd like

Paul: Yeah, and I got one other thing
I wanna mention real quickly, 'cause

I'm really proud of our property
management group, particularly our VP

of Property Management, David Lutz, who
has been a guest on our podcast before.

But w- in this last quarter, we also
launched a new program called Lockin'.

And it was…

It's an innovative…

Something I, I don't think has ever been
done in the storage industry before.

And, and essentially, there's
the base rent that you charge,

but there's also ancillary
revenue opportunities in storage.

And it includes tenant protection
insurance, sophisticated

internet-connected locks for units,
uh, and then, um, things like rate lock

periods, uh, use of the dumpsters, 24
access, uh, 24-hour access to the site.

Um, and other operators sell
those things individually.

David came up with an idea of creating
a membership program, sort of like

the Hyatt Hotels membership program or
American Airlines membership program,

where in addition to your base rent, you
can join at the silver, gold, or platinum

level, our membership program, and get
different benefits depending on which,

um, membership program you, you join.

And what it has done is that it has made
offering customers those ancillary items

that w- are very profitable for us.

And, and, and in a one package instead
of trying to sell them each individually,

which can be confusing and even feel
almost offensive to the, to the tenant.

Um, we rolled that out in June…

Excuse me, in May.

In May.

We only rolled it out to new
tenants coming into facilities

and had a 60% acceptance rate.

So in the month of June,
we started rolling it out.

So 60% of our new tenants in May
joined the membership program

at one of those three levels.

Brandon Giella: Amazing

Paul: Um, and, um, which
is a, a great indicator.

And if you think about, you know,
growth fund one will have a total

of, I don't know, several thousand
units, and the membership program

cost is between 18 and $34 a month.

So if 60% of several thousand units are
generating an extra 18 to $34 a month in,

in rent, and remember, a 10 by 10 unit
may only cost, you know, $110 a month.

So you're talking about a, a
15 to 30% increase in revenue.

Um, the program's gonna
be super successful.

But so far so good, but
Lockin' was a great innovation.

I don't think it's ever been done in
the storage industry before, and, and,

uh, it looks like it's gonna be…

It will add significant incremental
revenue to the portfolio, and therefore,

to the value of these facilities, so

Brandon Giella: I love that story
because it's all these things that

you want to package up because
they are great value for customers.

And so if you just can package it
together and make it make sense

economically, everybody wins.

And I think that's such a cool story,
and clearly the demand for it shows

that it's a value to customers as well

Paul: One of the things I think is driving
it is, is the fact that the REITs are

playing such a game right now with rates.

They have super low advertised
rates, uh, and then what they do

is they rapidly raise your rate.

You'll get a rent increase
every two months for six months.

And, and six months after you
rented the, the unit, you'll be at

three times what you originally…

what you paid the first month.

And I think people are
getting tired of that.

So one of the really attractive benefits
that you get by being part of the

membership program is that you get a rate
lock guarantee that your rate won't change

for a specific amount of time, and that
amount of time goes up as you climb the

three tiers in the membership program.

So I think that's one of the reasons,
is people are sick and tired of

basically bait and switch, which is
what a, the REIT operators tend to do.

Um, and I think that's one
of the things that's made it.

The idea that, "Hey, I can guarantee
that I'll be paying the same thing

for this unit a year from now that
I'm paying today," is a pretty

attractive, you know, benefit

Brandon Giella: In such a chaotic
world, I'm happy to pay a little

premium to just know that this is
gonna be stable for a little while.

Paul: Hey, I, I, I have an unlimited
wireless plan for that very reason.

I wanna know what the
bill's gonna be every month.

I don't want it to be $300 one month
and $180 the next month, and I like the

predictability of it, and this provides
that, uh, you know, for our, for our

tenants in the storage facility, so.

Brandon Giella: Beautiful.

Beautiful.

Paul: Yeah

Brandon Giella: Well, Paul, thank
you for that update, and I'm excited

to get into the next episode.

But thanks so much.

I'm excited to see that,
uh, Fund I is doing great.

You guys are on the money as usual, so

Paul: Yeah.

W- well, and like I said, I think
it, that, that recent performance is

probably more relevant than our track
record over 33 years, so it's great

to get to share it with our listeners
and, um, and we're very pleased

with, with where Fund I is headed, so

Brandon Giella: Onward to Growth Fund Two.

Paul: Yeah

Brandon Giella: All right, well, we will

Paul: Okay, buddy.

Brandon Giella: one

Paul: Yep.

Take care