Investor Update – July 2026
Dear Investors,
As we reach the midpoint of 2026, we would like to provide an update on the NationWide Self-Storage portfolio and the progress made across our operating platform. Over the past year, the portfolio has continued to move toward stabilization, although at a slower pace than originally anticipated.
We are currently operating in one of the most challenging economic environments the Canadian real estate industry has experienced in decades. Real estate developers, contractors, and related businesses across the country have faced significant financial pressure, with several prominent firms recently entering insolvency or bankruptcy proceedings.
The current market conditions are the result of a series of interconnected economic events that have unfolded over more than a decade. Historically low interest rates encouraged substantial real estate investment and drove property values to record levels. During the COVID-19 pandemic, additional government stimulus further increased liquidity in the economy, contributing to elevated inflation. In
response, central banks raised interest rates significantly, while the construction industry simultaneously experienced unprecedented cost increases driven by supply chain disruptions, labour shortages, higher material costs, and extended municipal permitting timelines.
The combined impact of these factors has led to a significant correction in both residential and commercial real estate markets. In many regions, properties are now transacting at prices 30% to 40% below valuations established only a short time ago, creating considerable pressure across the development and financing sectors.
Historically, the self-storage sector has demonstrated resilience through economic cycles and has generally outperformed many other commercial real estate asset classes during periods of economic uncertainty. However, the current real estate correction is unlike anything experienced in recent decades. While demand for self-storage remains fundamentally strong, leasing activity has moderated in certain
markets, and some operators have adjusted pricing strategies to maintain occupancy levels.
Despite these near-term market challenges, we remain focused on disciplined operations, occupancy growth, revenue optimization, and long-term value creation across the portfolio. We continue to believe that the underlying fundamentals of the self-storage sector remain attractive and that the portfolio is well positioned.
To continue reading the remainder of the June 2026 update, click here NWSS-Update-July2026.
Sincerely,
Hugh Cartwright
Trustee of the Trust, Chairman and Director of the Administrator
NationWide Self Storage
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