Q1 2020 Combined MSAs

Self-Storage Metropolitan Statistical Area Report

1st Quarter 2020

Atlanta-Sandy Springs-Marietta, GA MSA Sample Size SSDS Sample Size 326 Sample as Percent of Total Facilities 46%

Market Conditions

Rentable SF Per Person

Conclusion

6.68 5.89

Over-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

7.1

7.8

-0.7

Performance at a Glance

Quarterly

Seasonal

Annual Change

1Q20 vs 4Q19

1Q20 vs 1Q19

No change

Down -1.2%

Down -0.3%

Asking Rental Rate

0.0%

No change

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0%

1.0%

1.0%

Up

Up

Up

0.8%

0.9%

0.2%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160 180

Median $44.95 $61.00 $86.45 $160.00 $210.99

Max

Average $44.49 $60.49 $89.37 $167.09 $881.36

$33.00 $43.00 $70.00 $149.95 $182.00

$54.95 $74.95 $104.00 $191.00 $264.00

25 SF 50 SF

100 SF 200 SF 300 SF

60 80

Base = 4 Quarter 2003

SSDS Index

Rent per Available SF 100 SF

1Q19

1Q20

Change

MSA Index

National Index

$0.7081 $0.7374

$0.7142 $0.7459

0.9% 1.2%

Median Average

Rent Per Available Square Foot (based on 100 square foot units)

Occupancy

1Q19 89.0% 82.3%

1Q20 90.0% 84.0%

Change

$0.50 $0.60 $0.70 $0.80 $0.90 $1.00

1.1% 2.0%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

1Q19

1Q20

Change -15.6% 17.0%

59.6% 51.8%

50.3% 60.7%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 7.42

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

0.57 0.18 0.19 0.34 0.82 0.47 0.20 0.15 0.05

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07

Taxes

Insurance

72.0% 76.0% 80.0% 84.0% 88.0% 92.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

Miscellaneous

Total Expenses

2.97

4.31

40.0%

38.0%

Expense Ratio

MSA

National

The data and findings contained in this report are the result of operating data collected each quarter from more than 18,000 self- storage facilities located in the United States. Source: Cushman & Wakefield, Inc. This publication is intended solely for use by paid subscribers. Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2020.

Self-Storage Metropolitan Statistical Area Report

1st Quarter 2020

Austin-Round Rock, TX MSA Sample Size SSDS Sample Size Sample as Percent of Total Facilities

176 47%

Market Conditions

Rentable SF Per Person

Conclusion

8.35 5.89

Over-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

6.1

7.8

-1.7

Performance at a Glance

Quarterly

Seasonal

Annual Change

1Q20 vs 4Q19

1Q20 vs 1Q19

No change

Down -1.1%

Down -0.3%

Asking Rental Rate

0.0%

No change

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0%

1.2% Down -0.2%

1.2% Down 0.0%

Up

0.0%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

210

Median $40.00 $59.00 $89.00 $140.25 $203.00

Max

Average $42.90 $61.71 $92.34 $148.54 $204.14

160

$34.00 $49.00 $75.00 $127.00 $156.00

$52.50 $74.95 $104.95 $179.00 $250.00

25 SF 50 SF

100 SF 200 SF 300 SF

110

Base = 4 Quarter 2003

60 SSDS Index

Rent per Available SF 100 SF

1Q19

1Q20

Change

MSA Index

National Index

$0.7457 $0.7799

$0.7444 $0.7668

-0.2% -1.7%

Median Average

Rent Per Available Square Foot (based on 100 square foot units)

Occupancy

1Q19 89.8% 82.9%

1Q20 91.0% 83.6%

Change

$0.50 $0.60 $0.70 $0.80 $0.90 $1.00

1.3% 0.9%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

1Q19

1Q20

Change

56.2% 51.8%

66.5% 60.7%

18.2% 17.0%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 9.47

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

1.19 0.06 0.14 0.51 1.03 0.57 0.52 0.30

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07

Taxes

Insurance

72.0% 76.0% 80.0% 84.0% 88.0% 92.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

0

Miscellaneous

Total Expenses

4.32

4.31

45.6%

38.0%

Expense Ratio

MSA

National

The data and findings contained in this report are the result of operating data collected each quarter from more than 18,000 self- storage facilities located in the United States. Source: Cushman & Wakefield, Inc. This publication is intended solely for use by paid subscribers. Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2020.

Self-Storage Metropolitan Statistical Area Report

1st Quarter 2020

Baltimore-Towson, MD MSA Sample Size SSDS Sample Size Sample as Percent of Total Facilities

112 61%

Market Conditions

Rentable SF Per Person

Conclusion

4.31 5.89

Equilibrium

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

9.0

7.8

1.1

Performance at a Glance

Quarterly

Seasonal

Annual Change

1Q20 vs 4Q19

1Q20 vs 1Q19

Down -0.8%

Down -9.8%

Down -2.5%

Asking Rental Rate

No change

No change

No change

Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0% Down -2.3%

0.0% Down

0.0% Down -3.5%

-13.4%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

140

Median $51.00 $73.00 $122.00 $189.00 $270.00

Max

Average $56.20 $74.18 $125.71 $189.00 $270.56

120

$36.00 $58.00 $109.50 $166.00 $198.00

$66.00 $95.00 $150.00 $219.00 $335.00

25 SF 50 SF

100

100 SF 200 SF 300 SF

80

Base = 4 Quarter 2003

60 SSDS Index

Rent per Available SF 100 SF

1Q19

1Q20

Change

MSA Index

National Index

$1.0713 $1.0715

$0.9274 $0.9748

-13.4%

Median Average

-9.0%

Rent Per Available Square Foot (based on 100 square foot units)

Occupancy

1Q19 89.0% 81.2%

1Q20 89.0% 77.9%

Change

$0.50 $0.60 $0.70 $0.80 $0.90 $1.00 $1.10 $1.20

0.0% -4.0%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

1Q19

1Q20

Change

71.2% 51.8%

77.7% 60.7%

9.2%

MSA

17.0%

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 14.55

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

1.01 0.10 0.39 0.43 1.05 0.88 0.27 0.20 0.05

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07

Taxes

Insurance

72.0% 76.0% 80.0% 84.0% 88.0% 92.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

Miscellaneous

Total Expenses

4.38

4.31

30.1%

38.0%

Expense Ratio

MSA

National

The data and findings contained in this report are the result of operating data collected each quarter from more than 18,000 self- storage facilities located in the United States. Source: Cushman & Wakefield, Inc. This publication is intended solely for use by paid subscribers. Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2020.

Self-Storage Metropolitan Statistical Area Report

1st Quarter 2020

Birmingham-Hoover, AL MSA Sample Size SSDS Sample Size Sample as Percent of Total Facilities

93

49%

Market Conditions

Rentable SF Per Person

Conclusion

6.86 5.89

Equilibrium

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

7.3

7.8

-0.5

Performance at a Glance

Quarterly

Seasonal

Annual Change

1Q20 vs 4Q19

1Q20 vs 1Q19

Up

Up

Up

Asking Rental Rate

2.4%

2.4%

0.6%

No change

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0%

2.0%

2.0%

Up

Up

Up

2.5%

2.6%

0.7%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160

Median $39.00 $59.00 $87.00 $125.00 $179.00

Max

Average $41.32 $59.51 $87.48 $131.00 $181.71

$35.00 $48.00 $69.00 $110.00 $140.00

$54.95 $69.95 $100.00 $159.00 $199.00

25 SF 50 SF

100 SF 200 SF 300 SF

60 80

Base = 4 Quarter 2003

SSDS Index

Rent per Available SF 100 SF

1Q19

1Q20

Change

MSA Index

National Index

$0.7131 $0.7200

$0.7318 $0.7419

2.6% 3.0%

Median Average

Rent Per Available Square Foot (based on 100 square foot units)

Occupancy

1Q19 88.0% 83.9%

1Q20 90.0% 84.1%

Change

$0.50 $0.60 $0.70 $0.80 $0.90 $1.00

2.3% 0.3%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

1Q19

1Q20

Change

39.4% 51.8%

57.0% 60.7%

44.8% 17.0%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 4.46

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

0.32 0.06 0.23 0.25 0.40 0.20 0.18 0.15 0.06

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07

Taxes

Insurance

72.0% 76.0% 80.0% 84.0% 88.0% 92.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

Miscellaneous

Total Expenses

1.85

4.31

41.5%

38.0%

Expense Ratio

MSA

National

The data and findings contained in this report are the result of operating data collected each quarter from more than 18,000 self- storage facilities located in the United States. Source: Cushman & Wakefield, Inc. This publication is intended solely for use by paid subscribers. Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2020.

Self-Storage Metropolitan Statistical Area Report

1st Quarter 2020

Boston-Cambridge-Quincy, MA-NH MSA Sample Size SSDS Sample Size 190 Sample as Percent of Total Facilities 48%

Market Conditions

Rentable SF Per Person

Conclusion

3.99 5.89

Equilibrium

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

9.9

7.8

2.1

Performance at a Glance

Quarterly

Seasonal

Annual Change

1Q20 vs 4Q19

1Q20 vs 1Q19

No change

Down -3.8%

Down -1.0%

Asking Rental Rate

0.0% Down -2.0% Down -4.0%

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

1.0% Down -4.4%

1.0% Down -1.1%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

140

Median $49.00 $80.00 $125.00 $199.00 $270.00

Max

Average $53.21 $82.76 $128.95 $210.23 $270.10

120

$41.00 $65.00 $105.00 $169.00 $210.00

$61.00 $97.00 $149.00 $239.00 $309.00

25 SF 50 SF

100

100 SF 200 SF 300 SF

80

Base = 4 Quarter 2003

60 SSDS Index

Rent per Available SF 100 SF

1Q19

1Q20

Change

MSA Index

National Index

$1.0340 $1.0913

$0.9882 $1.0312

-4.4% -5.5%

Median Average

Rent Per Available Square Foot (based on 100 square foot units)

Occupancy

1Q19 85.0% 79.5%

1Q20 86.0% 79.1%

Change

$0.50 $0.60 $0.70 $0.80 $0.90 $1.00 $1.10

1.2% -0.6%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

1Q19

1Q20

Change

46.2% 51.8%

59.5% 60.7%

28.8% 17.0%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 14.27

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

0.99 0.11 0.53 0.52 1.32 0.86 0.47 0.24 0.14

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07

Taxes

Insurance

72.0% 76.0% 80.0% 84.0% 88.0% 92.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

Miscellaneous

Total Expenses

5.18

4.31

36.3%

38.0%

Expense Ratio

MSA

National

The data and findings contained in this report are the result of operating data collected each quarter from more than 18,000 self- storage facilities located in the United States. Source: Cushman & Wakefield, Inc. This publication is intended solely for use by paid subscribers. Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2020.

Self-Storage Metropolitan Statistical Area Report

1st Quarter 2020

Buffalo-Cheektowaga-Tonawanda, NY MSA Sample Size SSDS Sample Size 46 Sample as Percent of Total Facilities 65%

Market Conditions

Rentable SF Per Person

Conclusion

3.37 5.89

Under-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

22.0

7.8

14.2

Performance at a Glance

Quarterly

Seasonal

Annual Change

1Q20 vs 4Q19

1Q20 vs 1Q19

Down -4.0% Down -1.1% Down -6.7%

Down -4.0% Down -1.9% Down -9.0%

Down -1.0% Down -1.9% Down -2.3%

Asking Rental Rate

Physical Occupancy Rate Rent per Available SF (Rental Income)

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

260

Median $50.00 $64.95 $96.00 $145.00 $175.00

Max

Average $48.80 $64.99 $96.48 $141.55 $187.92

210

$42.00 $55.00 $86.00 $125.00 $165.00

$55.95 $72.00 $109.95 $156.00 $214.95

25 SF 50 SF

160

100 SF 200 SF 300 SF

110

Base = 4 Quarter 2003

60 SSDS Index

Rent per Available SF 100 SF

1Q19

1Q20

Change

MSA Index

National Index

$0.8115 $0.8327

$0.7388 $0.7614

-9.0% -8.6%

Median Average

Rent Per Available Square Foot (based on 100 square foot units)

Occupancy

1Q19 86.8% 81.1%

1Q20 84.9% 77.0%

Change

$0.50 $0.60 $0.70 $0.80 $0.90 $1.00

-2.2% -5.2%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

1Q19

1Q20

Change

51.8% 51.8%

67.4% 60.7%

30.1% 17.0%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 25.06

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

3.09 0.24 0.67 0.83 1.52 1.54 0.75 0.26 0.14

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07

Taxes

Insurance

72.0% 76.0% 80.0% 84.0% 88.0% 92.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

Miscellaneous

Total Expenses

9.04

4.31

36.1%

38.0%

Expense Ratio

MSA

National

The data and findings contained in this report are the result of operating data collected each quarter from more than 18,000 self- storage facilities located in the United States. Source: Cushman & Wakefield, Inc. This publication is intended solely for use by paid subscribers. Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2020.

Self-Storage Metropolitan Statistical Area Report

1st Quarter 2020

Charlotte-Gastonia-Concord, NC-SC MSA Sample Size SSDS Sample Size 145 Sample as Percent of Total Facilities 52%

Market Conditions

Rentable SF Per Person

Conclusion

4.92 5.89

Under-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

8.9

7.8

1.1

Performance at a Glance

Quarterly

Seasonal

Annual Change

1Q20 vs 4Q19

1Q20 vs 1Q19

Down -3.8%

Down -9.4%

Down -2.5%

Asking Rental Rate

No change

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0% Down -5.1%

1.0% Down -9.2%

1.0% Down -2.4%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

210

Median $37.05 $50.00 $76.00 $129.00 $166.00

Max

Average $37.48 $52.57 $79.17 $137.50 $176.27

160

$27.00 $45.00 $65.00 $110.00 $145.00

$49.00 $62.05 $90.00 $151.00 $211.65

25 SF 50 SF

100 SF 200 SF 300 SF

110

Base = 4 Quarter 2003

60 SSDS Index

Rent per Available SF 100 SF

1Q19

1Q20

Change

MSA Index

National Index

$0.7077 $0.7107

$0.6428 $0.6744

-9.2% -5.1%

Median Average

Rent Per Available Square Foot (based on 100 square foot units)

Occupancy

1Q19 90.0% 83.3%

1Q20 91.0% 83.5%

Change

$0.50 $0.60 $0.70 $0.80 $0.90 $1.00

1.1% 0.3%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

1Q19

1Q20

Change

50.4% 51.8%

66.2% 60.7%

31.5% 17.0%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 6.54

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

0.32 0.06 0.15 0.34 0.82 0.39 0.25 0.15 0.03

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07

Taxes

Insurance

72.0% 76.0% 80.0% 84.0% 88.0% 92.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

Miscellaneous

Total Expenses

2.51

4.31

38.4%

38.0%

Expense Ratio

MSA

National

The data and findings contained in this report are the result of operating data collected each quarter from more than 18,000 self- storage facilities located in the United States. Source: Cushman & Wakefield, Inc. This publication is intended solely for use by paid subscribers. Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2020.

Self-Storage Metropolitan Statistical Area Report

1st Quarter 2020

Chicago-Naperville-Joliet, IL-IN-WI MSA Sample Size SSDS Sample Size 435 Sample as Percent of Total Facilities 51%

Market Conditions

Rentable SF Per Person

Conclusion

5.19 5.89

Over-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

8.7

7.8

0.8

Performance at a Glance

Quarterly

Seasonal

Annual Change

1Q20 vs 4Q19

1Q20 vs 1Q19

No change

No change

No change

Asking Rental Rate

0.0%

0.0%

0.0%

Up

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

1.0% Down -0.2%

3.0%

3.0%

Up

Up

3.2%

0.8%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

140

Median $40.00 $54.00 $90.00 $150.00 $201.00

Max

Average $41.38 $58.96 $95.08 $167.57 $218.55

120

$29.00 $45.00 $76.00 $128.00 $173.00

$49.00 $65.00 $108.00 $180.99 $253.00

25 SF 50 SF

100

100 SF 200 SF 300 SF

80

Base = 4 Quarter 2003

60 SSDS Index

Rent per Available SF 100 SF

1Q19

1Q20

Change

MSA Index

National Index

$0.7377 $0.7717

$0.7615 $0.7946

3.2% 3.0%

Median Average

Rent Per Available Square Foot (based on 100 square foot units)

Occupancy

1Q19 88.0% 82.0%

1Q20 91.0% 84.6%

Change

$0.50 $0.60 $0.70 $0.80 $0.90 $1.00

3.4% 3.2%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

1Q19

1Q20

Change

53.8% 51.8%

56.1% 60.7%

4.2%

MSA

17.0%

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 11.01

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

2.04 0.11 0.44 0.45 0.98 0.64 0.25 0.19 0.06

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07

Taxes

Insurance

72.0% 76.0% 80.0% 84.0% 88.0% 92.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

Miscellaneous

Total Expenses

5.16

4.31

46.9%

38.0%

Expense Ratio

MSA

National

The data and findings contained in this report are the result of operating data collected each quarter from more than 18,000 self- storage facilities located in the United States. Source: Cushman & Wakefield, Inc. This publication is intended solely for use by paid subscribers. Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2018.

Self-Storage Metropolitan Statistical Area Report

1st Quarter 2020

Cincinnati-Middletown, OH-KY-IN MSA Sample Size SSDS Sample Size 98 Sample as Percent of Total Facilities 53%

Market Conditions

Rentable SF Per Person

Conclusion

4.14 5.89

Under-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

12.0

7.8

4.1

Performance at a Glance

Quarterly

Seasonal

Annual Change

1Q20 vs 4Q19

1Q20 vs 1Q19

Up

No change

No change

Asking Rental Rate

1.3%

0.0%

0.0%

Up

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

0.1%

2.0%

2.0%

Up

Up

Up

0.7%

1.4%

0.3%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160

Median $32.71 $50.00 $78.00 $129.00 $172.00

Max

Average $35.53 $51.34 $83.61 $130.31 $175.79

$29.00 $43.00 $70.00 $110.00 $150.00

$44.95 $56.00 $95.00 $146.00 $199.00

25 SF 50 SF

100 SF 200 SF 300 SF

60 80

Base = 4 Quarter 2003

SSDS Index

Rent per Available SF 100 SF

1Q19

1Q20

Change

MSA Index

National Index

$0.6726 $0.7072

$0.6819 $0.7246

1.4% 2.5%

Median Average

Rent Per Available Square Foot (based on 100 square foot units)

Occupancy

1Q19 90.0% 84.1%

1Q20 92.0% 85.2%

Change

$0.50 $0.60 $0.70 $0.80 $0.90 $1.00

2.2% 1.4%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

1Q19

1Q20

Change

50.0% 51.8%

65.3% 60.7%

30.6% 17.0%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 9.17

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

1.04 0.09 0.34 0.40 0.97 0.53 0.24 0.21 0.06

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07

Taxes

Insurance

72.0% 76.0% 80.0% 84.0% 88.0% 92.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

Miscellaneous

Total Expenses

3.88

4.31

42.3%

38.0%

Expense Ratio

MSA

National

The data and findings contained in this report are the result of operating data collected each quarter from more than 18,000 self- storage facilities located in the United States. Source: Cushman & Wakefield, Inc. This publication is intended solely for use by paid subscribers. Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2020.

Self-Storage Metropolitan Statistical Area Report

1st Quarter 2020

Cleveland-Elyria-Mentor, OH MSA Sample Size SSDS Sample Size

95

42%

Sample as Percent of Total Facilities

Market Conditions

Rentable SF Per Person

Conclusion

4.74 5.89

Under-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

11.4

7.8

3.5

Performance at a Glance

Quarterly

Seasonal

Annual Change

1Q20 vs 4Q19

1Q20 vs 1Q19

Down -1.1%

Down -1.1%

Down -0.3%

Asking Rental Rate

Up

No change

No change

Physical Occupancy Rate Rent per Available SF (Rental Income)

1.6%

0.0% Down -2.2%

0.0% Down -0.6%

Up

1.2%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

140

Median $45.00 $55.00 $85.00 $129.00 $188.00

Max

Average $43.51 $57.11 $86.58 $131.97 $188.22

120

$33.00 $49.00 $75.00 $114.00 $159.00

$47.00 $64.00 $95.00 $145.00 $210.00

25 SF 50 SF

100

100 SF 200 SF 300 SF

80

Base = 4 Quarter 2003

60 SSDS Index

Rent per Available SF 100 SF

1Q19

1Q20

Change

MSA Index

National Index

$0.7790 $0.8037

$0.7617 $0.7593

-2.2% -5.5%

Median Average

Rent Per Available Square Foot (based on 100 square foot units)

Occupancy

1Q19 92.0% 86.6%

1Q20 92.0% 85.6%

Change

$0.50 $0.60 $0.70 $0.80 $0.90 $1.00

0.0% -1.1%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

1Q19

1Q20

Change

41.9% 51.8%

51.6% 60.7%

23.2% 17.0%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 9.17

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

1.13 0.09 0.38 0.36 0.93 0.52 0.24 0.21 0.06

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07

Taxes

Insurance

72.0% 76.0% 80.0% 84.0% 88.0% 92.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

Miscellaneous

Total Expenses

3.92

4.31

42.7%

38.0%

Expense Ratio

MSA

National

The data and findings contained in this report are the result of operating data collected each quarter from more than 18,000 self- storage facilities located in the United States. Source: Cushman & Wakefield, Inc. This publication is intended solely for use by paid subscribers. Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2020.

Self-Storage Metropolitan Statistical Area Report

1st Quarter 2020

Columbus, OH MSA Sample Size SSDS Sample Size

123 50%

Sample as Percent of Total Facilities

Market Conditions

Rentable SF Per Person

Conclusion

6.56 5.89

Over-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

8.9

7.8

1.0

Performance at a Glance

Quarterly

Seasonal

Annual Change

1Q20 vs 4Q19

1Q20 vs 1Q19

No change

Down -1.3%

Down -0.3%

Asking Rental Rate

0.0%

No change

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0% Down -0.6%

0.9%

0.9%

Up

Up

0.0%

0.0%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160

Median $39.00 $50.00 $80.00 $124.00 $172.09

Max

Average $37.35 $51.18 $81.04 $120.59 $168.24

$29.00 $42.70 $70.00 $100.00 $138.00

$47.00 $59.00 $90.00 $140.00 $199.95

25 SF 50 SF

100 SF 200 SF 300 SF

60 80

Base = 4 Quarter 2003

SSDS Index

Rent per Available SF 100 SF

1Q19

1Q20

Change

MSA Index

National Index

$0.6630 $0.7057

$0.6631 $0.6796

0.0% -3.7%

Median Average

Rent Per Available Square Foot (based on 100 square foot units)

Occupancy

1Q19 89.1% 82.9%

1Q20 90.0% 83.9%

Change

$0.50 $0.60 $0.70 $0.80 $0.90 $1.00

1.0% 1.3%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

1Q19

1Q20

Change

43.9% 51.8%

45.5% 60.7%

3.7%

MSA

17.0%

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 9.17

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

1.13 0.09 0.38 0.36 0.93 0.52 0.24 0.21 0.06

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07

Taxes

Insurance

72.0% 76.0% 80.0% 84.0% 88.0% 92.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

Miscellaneous

Total Expenses

3.92

4.31

42.7%

38.0%

Expense Ratio

MSA

National

The data and findings contained in this report are the result of operating data collected each quarter from more than 18,000 self- storage facilities located in the United States. Source: Cushman & Wakefield, Inc. This publication is intended solely for use by paid subscribers. Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2020.

Self-Storage Metropolitan Statistical Area Report

1st Quarter 2020

Dallas-Fort Worth-Arlington, TX MSA Sample Size SSDS Sample Size

669 54%

Sample as Percent of Total Facilities

Market Conditions

Rentable SF Per Person

Conclusion

8.41 5.89

Over-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

5.7

7.8

-2.1

Performance at a Glance

Quarterly

Seasonal

Annual Change

1Q20 vs 4Q19

1Q20 vs 1Q19

No change

Down -2.9%

Down -0.7%

Asking Rental Rate

0.0%

No change

No change

No change

Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0% Down -0.1%

0.0% Down -2.8%

0.0% Down -0.7%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160 180

Median $37.50 $55.00 $85.00 $145.00 $202.00

Max

Average $39.73 $57.03 $88.81 $148.40 $213.03

$29.00 $45.00 $72.00 $122.00 $178.10

$49.00 $66.00 $99.95 $169.00 $244.00

25 SF 50 SF

100 SF 200 SF 300 SF

60 80

Base = 4 Quarter 2003

SSDS Index

Rent per Available SF 100 SF

1Q19

1Q20

Change

MSA Index

National Index

$0.7327 $0.7482

$0.7121 $0.7437

-2.8% -0.6%

Median Average

Rent Per Available Square Foot (based on 100 square foot units)

Occupancy

1Q19 90.0% 83.7%

1Q20 90.0% 83.8%

Change

$0.50 $0.60 $0.70 $0.80 $0.90 $1.00

0.0% 0.1%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

1Q19

1Q20

Change

54.0% 51.8%

54.9% 60.7%

1.6%

MSA

17.0%

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 9.89

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

1.37 0.09 0.26 0.38 0.93 0.59 0.19 0.20 0.11

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07

Taxes

Insurance

72.0% 76.0% 80.0% 84.0% 88.0% 92.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

Miscellaneous

Total Expenses

4.12

4.31

41.7%

38.0%

Expense Ratio

MSA

National

The data and findings contained in this report are the result of operating data collected each quarter from more than 18,000 self- storage facilities located in the United States. Source: Cushman & Wakefield, Inc. This publication is intended solely for use by paid subscribers. Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2020.

Self-Storage Metropolitan Statistical Area Report

1st Quarter 2020

Denver-Aurora, CO MSA Sample Size SSDS Sample Size Sample as Percent of Total Facilities

148 48%

Market Conditions

Rentable SF Per Person

Conclusion

5.59 5.89

Over-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

8.4

7.8

0.6

Performance at a Glance

Quarterly

Seasonal

Annual Change

1Q20 vs 4Q19

1Q20 vs 1Q19

Down

Down

Down -4.2%

Asking Rental Rate

-13.0%

-16.7%

Up

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

2.0% Down

2.0% Down

2.0% Down -4.0%

-13.0%

-16.0%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

210

Median $40.00 $59.00 $105.00 $185.00 $255.00

Max

Average $43.52 $62.96 $103.41 $181.63 $256.22

160

$30.00 $49.00 $84.00 $150.00 $200.00

$55.00 $75.00 $120.00 $207.00 $298.00

25 SF 50 SF

100 SF 200 SF 300 SF

110

Base = 4 Quarter 2003

60 SSDS Index

Rent per Available SF 100 SF

1Q19

1Q20

Change -16.0% -16.2%

MSA Index

National Index

$0.9603 $1.0015

$0.8063 $0.8397

Median Average

Rent Per Available Square Foot (based on 100 square foot units)

Occupancy

1Q19 88.0% 80.0%

1Q20 90.0% 80.6%

Change

$0.50 $0.60 $0.70 $0.80 $0.90 $1.00 $1.10

2.3% 0.8%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

1Q19

1Q20

Change

60.3% 51.8%

73.0% 60.7%

20.9% 17.0%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 12.61

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

1.48 0.10 0.39 0.42 0.92 0.66 0.27 0.25 0.09

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07

Taxes

Insurance

72.0% 76.0% 80.0% 84.0% 88.0% 92.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

Miscellaneous

Total Expenses

4.58

4.31

36.3%

38.0%

Expense Ratio

MSA

National

The data and findings contained in this report are the result of operating data collected each quarter from more than 18,000 self- storage facilities located in the United States. Source: Cushman & Wakefield, Inc. This publication is intended solely for use by paid subscribers. Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2020.

Self-Storage Metropolitan Statistical Area Report

1st Quarter 2020

Detroit-Warren-Livonia, MI MSA Sample Size SSDS Sample Size Sample as Percent of Total Facilities

212 55%

Market Conditions

Rentable SF Per Person

Conclusion

4.79 5.89

Under-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

10.6

7.8

2.8

Performance at a Glance

Quarterly

Seasonal

Annual Change

1Q20 vs 4Q19

1Q20 vs 1Q19

Up

Up

Up

Asking Rental Rate

4.2% Down -1.0%

1.0%

0.3%

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

1.0%

1.0%

Up

Up

Up

2.6%

0.4%

0.1%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160

Median $50.00 $65.00 $99.00 $152.00 $214.00

Max

Average $50.06 $65.08 $105.82 $164.51 $231.73

$39.00 $50.00 $85.00 $129.00 $185.00

$59.45 $75.00 $120.00 $179.00 $279.00

25 SF 50 SF

100 SF 200 SF 300 SF

60 80

Base = 4 Quarter 2003

SSDS Index

Rent per Available SF 100 SF

1Q19

1Q20

Change

MSA Index

National Index

$0.8283 $0.8619

$0.8317 $0.8867

0.4% 2.9%

Median Average

Rent Per Available Square Foot (based on 100 square foot units)

Occupancy

1Q19 90.0% 84.5%

1Q20 91.0% 84.0%

Change

$0.50 $0.60 $0.70 $0.80 $0.90 $1.00

1.1% -0.6%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

1Q19

1Q20

Change

46.7% 51.8%

66.0% 60.7%

41.3% 17.0%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 10.51

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

0.79 0.10 0.46 0.43 0.92 0.63 0.16 0.16 0.05

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07

Taxes

Insurance

72.0% 76.0% 80.0% 84.0% 88.0% 92.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

Miscellaneous

Total Expenses

3.70

4.31

35.2%

38.0%

Expense Ratio

MSA

National

The data and findings contained in this report are the result of operating data collected each quarter from more than 18,000 self- storage facilities located in the United States. Source: Cushman & Wakefield, Inc. This publication is intended solely for use by paid subscribers. Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2020.

Self-Storage Metropolitan Statistical Area Report

1st Quarter 2020

Hartford-West Hartford-East Hartford, CT MSA Sample Size SSDS Sample Size 70 Sample as Percent of Total Facilities 67%

Market Conditions

Rentable SF Per Person

Conclusion

4.10 5.89

Under-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

12.1

7.8

4.3

Performance at a Glance

Quarterly

Seasonal

Annual Change

1Q20 vs 4Q19

1Q20 vs 1Q19

Up

Down

Down -2.7%

Asking Rental Rate

0.2%

-10.0%

Up

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

3.0%

4.4% Down -5.0%

4.4% Down -1.3%

Up

5.2%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

140

Median $49.00 $64.00 $99.00 $153.30 $238.00

Max

Average $48.67 $65.58 $100.29 $160.20 $225.47

120

$37.40 $56.00 $81.75 $140.00 $183.48

$64.00 $74.00 $115.00 $181.00 $295.00

25 SF 50 SF

100

100 SF 200 SF 300 SF

80

Base = 4 Quarter 2003

60 SSDS Index

Rent per Available SF 100 SF

1Q19

1Q20

Change

MSA Index

National Index

$0.9104 $0.9314

$0.8649 $0.8663

-5.0% -7.0%

Median Average

Rent Per Available Square Foot (based on 100 square foot units)

Occupancy

1Q19 90.6% 84.3%

1Q20 95.0% 89.0%

Change

$0.50 $0.60 $0.70 $0.80 $0.90 $1.00

4.9% 5.6%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

1Q19

1Q20

Change

55.7% 51.8%

55.7% 60.7%

0.0%

MSA

17.0%

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 11.14

$/SF 12.92

MSA

National

Effective Gross Income

Physical Occupancy

1.42 0.10 0.48 0.50 0.92 0.61 0.21 0.16 0.08

1.14 0.12 0.37 0.54 1.11 0.75 0.29 0.22 0.06

Taxes

Insurance

72.0% 76.0% 80.0% 84.0% 88.0% 92.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

Miscellaneous

Total Expenses

4.48

4.60

40.2%

35.6%

Expense Ratio

MSA

National

The data and findings contained in this report are the result of operating data collected each quarter from more than 18,000 self- storage facilities located in the United States. Source: Cushman & Wakefield, Inc. This publication is intended solely for use by paid subscribers. Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2020.

Self-Storage Metropolitan Statistical Area Report

1st Quarter 2020

Houston-Baytown-Sugar Land, TX MSA Sample Size SSDS Sample Size 574 Sample as Percent of Total Facilities 49%

Market Conditions

Rentable SF Per Person

Conclusion

8.51 5.89

Over-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

5.4

7.8

-2.4

Performance at a Glance

Quarterly

Seasonal

Annual Change

1Q20 vs 4Q19

1Q20 vs 1Q19

Down -1.2% Down -0.2% Down -1.6%

Down -5.9% Down -0.2% Down -7.0%

Down -1.5% Down -0.2% Down -1.8%

Asking Rental Rate

Physical Occupancy Rate Rent per Available SF (Rental Income)

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160 180

Median $31.00 $49.95 $80.00 $129.00 $180.00

Max

Average $34.34 $52.11 $84.41 $136.78 $191.16

$24.00 $38.00 $69.00 $109.00 $154.70

$40.80 $60.00 $95.00 $154.99 $219.00

25 SF 50 SF

100 SF 200 SF 300 SF

60 80

Base = 4 Quarter 2003

SSDS Index

Rent per Available SF 100 SF

1Q19

1Q20

Change

MSA Index

National Index

$0.7043 $0.7410

$0.6548 $0.6804

-7.0% -8.2%

Median Average

Rent Per Available Square Foot (based on 100 square foot units)

Occupancy

1Q19 89.7% 82.9%

1Q20 89.5% 81.9%

Change

$0.50 $0.60 $0.70 $0.80 $0.90 $1.00

-0.2% -1.2%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

1Q19

1Q20

Change

53.9% 51.8%

64.1% 60.7%

19.0% 17.0%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 9.88

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

1.28 0.09 0.23 0.38 0.93 0.56 0.25 0.21 0.12

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07

Taxes

Insurance

72.0% 76.0% 80.0% 84.0% 88.0% 92.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

Miscellaneous

Total Expenses

4.05

4.31

41.0%

38.0%

Expense Ratio

MSA

National

The data and findings contained in this report are the result of operating data collected each quarter from more than 18,000 self- storage facilities located in the United States. Source: Cushman & Wakefield, Inc. This publication is intended solely for use by paid subscribers. Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2020.

Self-Storage Metropolitan Statistical Area Report

1st Quarter 2020

Indianapolis, IN MSA Sample Size SSDS Sample Size

133 49%

Sample as Percent of Total Facilities

Market Conditions

Rentable SF Per Person

Conclusion

5.30 5.89

Under-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

9.2

7.8

1.3

Performance at a Glance

Quarterly

Seasonal

Annual Change

1Q20 vs 4Q19

1Q20 vs 1Q19

Down -2.6%

Down -5.1%

Down -1.2%

Asking Rental Rate

No change

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0% Down -4.5%

1.0% Down -4.0%

1.0% Down -1.0%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160

Median $39.00 $50.00 $75.00 $129.00 $178.00

Max

Average $38.86 $54.38 $79.47 $130.90 $176.09

$30.00 $45.00 $70.00 $110.00 $139.00

$45.00 $60.00 $89.00 $150.00 $208.00

25 SF 50 SF

100 SF 200 SF 300 SF

60 80

Base = 4 Quarter 2003

SSDS Index

Rent per Available SF 100 SF

1Q19

1Q20

Change

MSA Index

National Index

$0.6588 $0.7038

$0.6324 $0.6684

-4.0% -5.0%

Median Average

Rent Per Available Square Foot (based on 100 square foot units)

Occupancy

1Q19 90.0% 83.4%

1Q20 91.0% 84.3%

Change

$0.50 $0.60 $0.70 $0.80 $0.90 $1.00

1.1% 1.1%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

1Q19

1Q20

Change

42.9% 51.8%

51.1% 60.7%

19.0% 17.0%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 8.86

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

0.69 0.10 0.44 0.55 1.19 0.56 0.24 0.22 0.06

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07

Taxes

Insurance

72.0% 76.0% 80.0% 84.0% 88.0% 92.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

Miscellaneous

Total Expenses

4.05

4.31

45.7%

38.0%

Expense Ratio

MSA

National

The data and findings contained in this report are the result of operating data collected each quarter from more than 18,000 self- storage facilities located in the United States. Source: Cushman & Wakefield, Inc. This publication is intended solely for use by paid subscribers. Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2020.