Q1 2020 Combined MSAs

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.