- SELF was formerly a closed-end income fund, and is now reorganizing as a REIT investing in personal storage units.
- Legacy investors are selling because confused by the change, but new investors are not yet aware of the opportunity, leading to the current undervaluation.
- SELF has an 8% annual yield trades at a 30% discount to NAV (at $3.25 stock price.) Comparable large-cap storage REITs yield around 3%.
- If yield were to drop to just (6%), twice that of typical large-cap self storage REITs, investors would see a 40%+ total return over a year.