Q1 2020 VA - Self Storage Performance Quarterly

Self Storage Performance Quarterly

Summary of Findings

Self-Storage Performance Index – The SSPI decreased 1.0% compared to 4 th Quarter 2019 and increased 5.0% to compared to 1 st Quarter 2019. The SSPI now stands at 130.2. Asking Rental Rates – Asking rents decreased 1.0% compared to 4 th Quarter 2019 and decreased 1.9% compared to 1 st Quarter 2019, and the REITS decreased 3.9% compared to last quarter and decreased 10.8% from 1 st Quarter 2019. Physical Occupancy – Median physical occupancy increased 0.1% compared to 4 th Quarter 2019, also increased 1.0% over the 1 st Quarter 2019, and REIT increased 0.1% compared to last quarter and increased 0.4% compared to last year. Concessions – The use of concessions increased this quarter. The cost of concessions increased slightly. The facilities offering concessions increased 3.9% from last Quarter and increased 8.8% from year ago, the Concession Cost Index is at 107.8 in 1 st Quarter 2020 compared to the 104.1 in 4 th Quarter 2019. Rent per Available Square Foot – RPASF for the benchmark 100 square foot non-climate controlled units are down 1.2% from 4 th Quarter 2019, and down 1.7% compared to 1 st Quarter 2019 and the REITS decreased 4.4% compared to last quarter and decreased 10.5% from last year. Sampling Statistics – SSDS’ sampling technique assures that the number of REIT facilities in each market’s sample represents the approximate percentage of actual REIT facilities in that given market. In this quarter report, data was obtained from 1,869 facilities owned by the four REITs and 7,629 facilities privately owned. Thus, the percentage of REIT facilities included in this quarter’s sample is a reasonable proportion to their market share in these top 50 markets.

Sincerely,

Cushman & Wakefield Self Storage Data Services Self Storage Industry Group

Source: Cushman &Wakefield, Inc. The Self Storage Performance Quarterly , a publication of Cushman & Wakefield, Inc., 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.

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