The self-storage industry, much like other sectors of real estate, has experienced a degradation of demand as there is less economic activity and people move less, said Ron Havner, president and CEO of Public Storage. "I would characterize our industry as recession resistant, not recession proof," he said. In common with other real estate companies, Public Storage will have to wait for increases in employment, household income and GDP before there is much improvement in the operating fundamentals, he said.

Full Story:

Related Summaries