Market Data
Historical market performance data and market analysis for MHC and self-storage.
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MHC: Historical Stability
25 consecutive years of positive NOI growth—historically the only major CRE asset class without a single year-over-year decline since 2000.*
- 4.6% historical CAGR (2000-2024) • 7.3% projected annual returns* • ~97% historical occupancy
Self Storage: Historical Top Performer
Highest historical NCREIF returns of any property type since 2005, averaging 11.6% annually with historical recession resilience.*
- 11.6% historical annual return • Positive through 2008-2009 GFC • 60-70% historical NOI margins
Historical Same-Store NOI Growth
Cumulative NOI growth indexed to $100 (2000-2024)
MHC: Historical Consistency
MHC has historically maintained positive NOI growth every year since 2000—never dipping below 1.8% even during the Global Financial Crisis. This 25-year streak has not been replicated by other major CRE asset classes.*
Self-Storage: Peak Performance
Self-storage achieved record 18.2% NOI growth in 2021, driven by pandemic demand. The current normalization (-1.5% in 2024) reflects a return to sustainable fundamentals.
Long-Term Performance Comparison
Compound Annual Growth Rate by asset class (2000-2024)
* Self-Storage 2000-2024 reflects 2005-2024 (NCREIF tracking began 2005)
Beta vs. NCREIF Property Index
Systematic risk relative to overall CRE market (Beta = 1.0 equals market risk)
Interpretation: MHC's beta of 0.42 means it captures only 42% of overall CRE market movements—the lowest of any major property type. Self-Storage at 0.68 also demonstrates below-market systematic risk while delivering above-market returns.
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Sources & methodology
- NCREIF Property Index (NPI) — asset-class total returns, beta, and risk-adjusted metrics
- Green Street Advisors — historical and projected same-store NOI growth
- Public company filings — Equity LifeStyle Properties (ELS), Sun Communities (SUI), and UMH Properties (UMH) same-store NOI
Figures reflect historical same-store NOI growth and total returns over the periods shown; cross-asset comparisons use the NCREIF Property Index. The self-storage series begins in 2005, when NCREIF tracking of the sector began. Charts illustrate historical data and are not projections of future performance.
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