Heady returns in the self-storage sector may be the result of a long-overdue correction. Self-storage returns through May 23 had declined to 18%, compared to 23% through the end of April, suggesting the sector may not be living up to its recession-proof billing. "Part of what is going on may simply be a little bit more of a correction upward because it seems as though their stock prices were beaten down more than they should have been last year," says Brad Case, NAREIT's vice president for research and industry information.

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