Self Storage Combined MSAs Report Q4 2019

Self-Storage Metropolitan Statistical Area Report

4th Quarter 2019

Atlanta-Sandy Springs-Marietta, GA MSA Sample Size SSDS Sample Size 334 Sample as Percent of Total Facilities 47%

Market Conditions

Rentable SF Per Person

Conclusion

7.06 6.50

Equilibrium

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

7.3

7.6

-0.3

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

No change

Down -2.3%

Down -0.6%

Asking Rental Rate

0.0%

No change

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0% Down -0.6%

1.0% Down -1.4%

1.0% Down -0.3%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160 180

Median $42.00 $59.00 $85.00 $145.00 $195.00

Max

Average $43.43 $57.95 $87.27 $151.31 $202.34

$34.00 $46.00 $70.85 $125.00 $175.00

$53.00 $69.00 $99.00 $169.00 $230.00

25 SF 50 SF

100 SF 200 SF 300 SF

60 80

Base = 4 Quarter 2003

SSDS Index

Rent per Available SF 100 SF

4Q18

4Q19

Change

MSA Index

National Index

$0.7185 $0.7439

$0.7086 $0.7477

-1.4% 0.5%

Median Average

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

Occupancy

4Q18 89.0% 82.6%

4Q19 90.0% 83.4%

Change

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

1.1% 0.9%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

4Q18

4Q19

Change

60.0% 51.5%

61.1% 56.8%

1.8%

MSA

10.3%

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

4th Quarter 2019

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

171 46%

Market Conditions

Rentable SF Per Person

Conclusion

8.60 6.50

Over-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

6.2

7.6

-1.5

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

Down -1.1% Down -1.0% Down -3.0%

Down -1.1%

Down -0.3%

Asking Rental Rate

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

3.0%

3.0%

Up

Up

0.7%

0.2%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

210

Median $39.00 $60.00 $90.00 $149.00 $225.00

Max

Average $42.26 $63.51 $94.31 $148.18 $211.14

160

$34.00 $50.00 $75.00 $120.00 $140.00

$50.00 $80.00 $109.95 $179.00 $260.00

25 SF 50 SF

100 SF 200 SF 300 SF

110

Base = 4 Quarter 2003

60 SSDS Index

Rent per Available SF 100 SF

4Q18

4Q19

Change

MSA Index

National Index

$0.7392 $0.7755

$0.7444 $0.7849

0.7% 1.2%

Median Average

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

Occupancy

4Q18 88.0% 82.1%

4Q19 91.0% 83.6%

Change

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

3.4% 1.8%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

4Q18

4Q19

Change

55.1% 51.5%

64.9% 56.8%

17.8% 10.3%

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

4th Quarter 2019

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

96

54%

Market Conditions

Rentable SF Per Person

Conclusion

4.90 6.50

Under-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

8.4

7.6

0.7

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

No change

Down -8.4%

Down -2.1%

Asking Rental Rate

0.0%

No change

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0% Down -3.6%

1.0% Down

1.0% Down -2.5%

-10.2%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

140

Median $54.00 $77.00 $137.00 $219.00 $322.00

Max

Average $56.23 $81.26 $138.31 $231.79 $338.03

120

$45.00 $69.00 $115.00 $194.00 $275.00

$64.00 $90.00 $157.00 $279.00 $408.00

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

4Q18

4Q19

Change

MSA Index

National Index

$1.0567 $1.0499

$0.9489 $1.0293

-10.2%

Median Average

-2.0%

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

Occupancy

4Q18 88.0% 80.7%

4Q19 89.0% 79.1%

Change

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

1.1% -2.0%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

4Q18

4Q19

Change

74.3% 51.5%

83.3% 56.8%

12.2% 10.3%

MSA

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

4th Quarter 2019

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

94

49%

Market Conditions

Rentable SF Per Person

Conclusion

7.32 6.50

Equilibrium

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

8.1

7.6

0.5

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

Down -0.1%

Up

Up

Asking Rental Rate

6.2%

1.5%

Up

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

2.1%

3.0%

3.0%

Up

Up

Up

1.8%

8.3%

2.0%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160

Median $39.00 $59.00 $84.95 $129.00 $179.00

Max

Average $41.56 $54.96 $82.86 $134.86 $179.67

$31.00 $49.00 $70.00 $115.00 $149.00

$54.95 $60.00 $99.00 $159.00 $201.00

25 SF 50 SF

100 SF 200 SF 300 SF

60 80

Base = 4 Quarter 2003

SSDS Index

Rent per Available SF 100 SF

4Q18

4Q19

Change

MSA Index

National Index

$0.6591 $0.6858

$0.7141 $0.7006

8.3% 2.2%

Median Average

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

Occupancy

4Q18 87.0% 82.4%

4Q19 90.0% 84.1%

Change

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

3.4% 2.0%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

4Q18

4Q19

Change

44.2% 51.5%

47.9% 56.8%

8.3%

MSA

10.3%

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

4th Quarter 2019

Boston-Cambridge-Quincy, MA-NH MSA Sample Size SSDS Sample Size 179 Sample as Percent of Total Facilities 45%

Market Conditions

Rentable SF Per Person

Conclusion

4.73 6.50

Equilibrium

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

8.9

7.6

1.2

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

Down -7.4%

Down -3.8%

Down -1.0%

Asking Rental Rate

Up

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

3.0% Down -3.8%

4.0%

4.0%

Up

Up

0.7%

0.2%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

140

Median $49.00 $79.00 $125.00 $193.00 $270.00

Max

Average $50.51 $77.65 $127.63 $202.87 $266.33

120

$39.00 $65.00 $105.00 $160.00 $210.00

$59.00 $90.00 $149.00 $239.40 $300.00

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

4Q18

4Q19

Change

MSA Index

National Index

$1.0218 $1.0795

$1.0290 $1.0869

0.7% 0.7%

Median Average

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

Occupancy

4Q18 84.0% 78.6%

4Q19 88.0% 82.3%

Change

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

4.8% 4.7%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

4Q18

4Q19

Change

44.6% 51.5%

45.8% 56.8%

2.7%

MSA

10.3%

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

4th Quarter 2019

Buffalo-Cheektowaga-Tonawanda, NY MSA Sample Size SSDS Sample Size 44 Sample as Percent of Total Facilities 62%

Market Conditions

Rentable SF Per Person

Conclusion

3.88 6.50

Under-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

19.7

7.6

12.1

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

No change

Down -4.7% Down -1.0% Down -6.1%

Down -1.2% Down -1.0% Down -1.6%

Asking Rental Rate

0.0% Down -0.4% Down -1.0%

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 $45.00 $65.00 $95.00 $151.00 $192.00

Max

Average $48.99 $67.43 $98.39 $150.49 $173.38

210

$42.00 $59.00 $89.00 $132.00 $165.00

$56.00 $72.00 $110.00 $171.00 $218.00

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

4Q18

4Q19

Change

MSA Index

National Index

$0.8432 $0.8466

$0.7920 $0.8501

-6.1% 0.4%

Median Average

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

Occupancy

4Q18 87.0% 80.3%

4Q19 86.0% 79.2%

Change

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

-1.1% -1.4%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

4Q18

4Q19

Change

60.0% 51.5%

63.6% 56.8%

6.1%

MSA

10.3%

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

4th Quarter 2019

Charlotte-Gastonia-Concord, NC-SC MSA Sample Size SSDS Sample Size 131 Sample as Percent of Total Facilities 47%

Market Conditions

Rentable SF Per Person

Conclusion

6.05 6.50

Under-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

9.9

7.6

2.3

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

No change

Down -5.9%

Down -1.5%

Asking Rental Rate

0.0%

No change

No change

No change

Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0%

0.0% Down -5.9%

0.0% Down -1.5%

Up

0.2%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

210

Median $40.00 $52.00 $79.00 $135.00 $175.00

Max

Average $40.13 $55.35 $79.59 $135.77 $184.86

160

$35.00 $45.00 $67.15 $115.00 $154.00

$49.95 $64.00 $89.00 $151.20 $221.00

25 SF 50 SF

100 SF 200 SF 300 SF

110

Base = 4 Quarter 2003

60 SSDS Index

Rent per Available SF 100 SF

4Q18

4Q19

Change

MSA Index

National Index

$0.7197 $0.7099

$0.6772 $0.6978

-5.9% -1.7%

Median Average

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

Occupancy

4Q18 91.0% 84.7%

4Q19 91.0% 84.6%

Change

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

0.0% 0.0%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

4Q18

4Q19

Change

51.1% 51.5%

56.5% 56.8%

10.5% 10.3%

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

4th Quarter 2019

Chicago-Naperville-Joliet, IL-IN-WI MSA Sample Size SSDS Sample Size 439 Sample as Percent of Total Facilities 50%

Market Conditions

Rentable SF Per Person

Conclusion

5.71 6.50

Equilibrium

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

8.3

7.6

0.7

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

Up

No change

No change

Asking Rental Rate

1.1% Down -4.0% Down -2.9%

0.0%

0.0%

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

2.0%

2.0%

Up

Up

3.3%

0.8%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

140

Median $35.00 $55.00 $90.00 $156.00 $207.00

Max

Average $37.01 $57.90 $95.45 $163.09 $224.53

120

$26.25 $48.75 $79.00 $130.00 $180.00

$42.00 $66.00 $108.00 $189.00 $262.00

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

4Q18

4Q19

Change

MSA Index

National Index

$0.7386 $0.7887

$0.7633 $0.8081

3.3% 2.5%

Median Average

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

Occupancy

4Q18 88.0% 82.1%

4Q19 90.0% 84.8%

Change

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

2.3% 3.3%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

4Q18

4Q19

Change

54.6% 51.5%

49.9% 56.8%

-8.6% 10.3%

MSA

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

4th Quarter 2019

Cincinnati-Middletown, OH-KY-IN MSA Sample Size SSDS Sample Size 88 Sample as Percent of Total Facilities 48%

Market Conditions

Rentable SF Per Person

Conclusion

3.99 6.50

Under-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

15.3

7.6

7.6

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

Down -2.5%

Down -7.1%

Down -1.8%

Asking Rental Rate

Up

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

1.9% Down -0.3%

2.9% Down -4.1%

2.9% Down -1.0%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160

Median $35.00 $50.00 $79.00 $134.00 $182.00

Max

Average $35.93 $55.78 $88.79 $134.60 $181.90

$29.00 $45.00 $70.00 $110.00 $160.00

$44.00 $64.00 $105.00 $159.00 $209.00

25 SF 50 SF

100 SF 200 SF 300 SF

60 80

Base = 4 Quarter 2003

SSDS Index

Rent per Available SF 100 SF

4Q18

4Q19

Change

MSA Index

National Index

$0.7063 $0.7416

$0.6774 $0.7329

-4.1% -1.2%

Median Average

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

Occupancy

4Q18 89.0% 83.1%

4Q19 91.9% 85.8%

Change

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

3.3% 3.2%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

4Q18

4Q19

Change

51.7% 51.5%

52.3% 56.8%

1.1%

MSA

10.3%

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

4th Quarter 2019

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

5.40 6.50

Under-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

11.9

7.6

4.3

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

No change

Down -1.1% Down -0.7% Down -4.9%

Down -0.3% Down -0.7% Down -1.2%

Asking Rental Rate

0.0% Down -1.6% Down -3.4%

Physical Occupancy Rate Rent per Available SF (Rental Income)

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

140

Median $45.00 $62.00 $89.00 $135.00 $179.00

Max

Average $43.65 $62.08 $88.06 $134.09 $181.88

120

$36.00 $51.00 $75.00 $117.00 $155.00

$50.00 $69.00 $95.00 $144.00 $200.00

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

4Q18

4Q19

Change

MSA Index

National Index

$0.7917 $0.8264

$0.7528 $0.8035

-4.9% -2.8%

Median Average

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

Occupancy

4Q18 91.1% 87.0%

4Q19 90.4% 83.6%

Change

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

-0.8% -3.9%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

4Q18

4Q19

Change

35.4% 51.5%

47.4% 56.8%

33.9% 10.3%

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

4th Quarter 2019

Columbus, OH MSA Sample Size SSDS Sample Size

125 51%

Sample as Percent of Total Facilities

Market Conditions

Rentable SF Per Person

Conclusion

8.75 6.50

Over-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

8.2

7.6

0.5

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

Down -3.7%

No change

No change

Asking Rental Rate

0.0% Down -1.0% Down -3.0%

0.0% Down -1.0% Down -0.7%

No change

Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0% Down -4.2%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160

Median $40.00 $59.00 $80.00 $125.00 $168.00

Max

Average $39.42 $57.61 $81.35 $124.85 $169.03

$34.00 $49.00 $70.00 $105.00 $140.00

$49.95 $69.00 $90.00 $157.00 $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

4Q18

4Q19

Change

MSA Index

National Index

$0.6878 $0.6959

$0.6669 $0.6907

-3.0% -0.7%

Median Average

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

Occupancy

4Q18 91.0% 87.1%

4Q19 90.0% 84.4%

Change

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

-1.1% -3.0%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

4Q18

4Q19

Change

35.9% 51.5%

44.8% 56.8%

24.9% 10.3%

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

4th Quarter 2019

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

665 54%

Sample as Percent of Total Facilities

Market Conditions

Rentable SF Per Person

Conclusion

7.88 6.50

Over-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

6.0

7.6

-1.6

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

No change

Down -5.6%

Down -1.4%

Asking Rental Rate

0.0% Down -1.0% Down -0.4%

No change

No change

Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0% Down -4.8%

0.0% Down -1.2%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160 180

Median $39.00 $55.00 $84.00 $139.40 $200.00

Max

Average $39.97 $56.52 $86.95 $143.41 $211.34

$29.00 $45.00 $73.95 $120.00 $177.75

$49.00 $66.00 $99.00 $159.95 $239.00

25 SF 50 SF

100 SF 200 SF 300 SF

60 80

Base = 4 Quarter 2003

SSDS Index

Rent per Available SF 100 SF

4Q18

4Q19

Change

MSA Index

National Index

$0.7489 $0.7604

$0.7129 $0.7308

-4.8% -3.9%

Median Average

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

Occupancy

4Q18 90.0% 83.2%

4Q19 90.0% 83.9%

Change

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

0.0% 0.8%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

4Q18

4Q19

Change

55.5% 51.5%

57.4% 56.8%

3.5%

MSA

10.3%

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

4th Quarter 2019

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

134 44%

Market Conditions

Rentable SF Per Person

Conclusion

6.57 6.50

Equilibrium

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

7.6

7.6

-0.1

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

Down -4.2% Down -0.3% Down -4.8%

Down -2.0%

Down -0.5%

Asking Rental Rate

No change

No change

Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0% Down -3.9%

0.0% Down -1.0%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

210

Median $38.35 $59.00 $105.00 $144.95 $225.00

Max

Average $43.90 $62.65 $110.12 $158.74 $232.93

160

$33.00 $44.00 $98.15 $128.50 $206.25

$59.00 $79.00 $125.00 $195.00 $256.00

25 SF 50 SF

100 SF 200 SF 300 SF

110

Base = 4 Quarter 2003

60 SSDS Index

Rent per Available SF 100 SF

4Q18

4Q19

Change

MSA Index

National Index

$0.9644 $0.9746

$0.9270 $0.9650

-3.9% -1.0%

Median Average

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

Occupancy

4Q18 88.0% 82.2%

4Q19 88.0% 80.6%

Change

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

0.0% -1.9%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

4Q18

4Q19

Change

57.1% 51.5%

60.4% 56.8%

5.8%

MSA

10.3%

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

4th Quarter 2019

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

204 52%

Market Conditions

Rentable SF Per Person

Conclusion

5.49 6.50

Under-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

10.3

7.6

2.7

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

Down -4.0%

Down -4.0%

Down -1.0%

Asking Rental Rate

Up

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

2.0% Down -2.6%

2.0% Down -4.0%

2.0% Down -1.0%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160

Median $45.00 $63.00 $95.00 $150.00 $200.00

Max

Average $44.89 $62.77 $99.90 $159.19 $220.57

$35.00 $51.00 $85.00 $130.00 $185.00

$54.95 $70.00 $105.00 $172.00 $246.00

25 SF 50 SF

100 SF 200 SF 300 SF

60 80

Base = 4 Quarter 2003

SSDS Index

Rent per Available SF 100 SF

4Q18

4Q19

Change

MSA Index

National Index

$0.8446 $0.8939

$0.8104 $0.8783

-4.0% -1.8%

Median Average

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

Occupancy

4Q18 90.0% 85.3%

4Q19 92.0% 85.3%

Change

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

2.2% 0.0%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

4Q18

4Q19

Change

41.8% 51.5%

48.0% 56.8%

15.1% 10.3%

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

4th Quarter 2019

Hartford-West Hartford-East Hartford, CT MSA Sample Size SSDS Sample Size 72 Sample as Percent of Total Facilities 70%

Market Conditions

Rentable SF Per Person

Conclusion

5.15 6.50

Under-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

11.0

7.6

3.3

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

Down -2.0%

Down -2.0%

Down -0.5%

Asking Rental Rate

No change

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0% Down -2.0%

2.0% Down -1.2%

2.0% Down -0.3%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

140

Median $41.00 $59.00 $97.00 $146.00 $215.00

Max

Average $41.09 $58.14 $98.44 $155.20 $215.25

120

$30.00 $47.00 $83.85 $131.95 $175.47

$54.00 $66.00 $109.20 $162.00 $249.99

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

4Q18

4Q19

Change

MSA Index

National Index

$0.8319 $0.8725

$0.8219 $0.8413

-1.2% -3.6%

Median Average

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

Occupancy

4Q18 90.0% 84.0%

4Q19 92.0% 84.7%

Change

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

2.2% 0.8%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

4Q18

4Q19

Change

62.7% 51.5%

58.3% 56.8%

-7.0% 10.3%

MSA

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

4th Quarter 2019

Houston-Baytown-Sugar Land, TX MSA Sample Size SSDS Sample Size 525 Sample as Percent of Total Facilities 45%

Market Conditions

Rentable SF Per Person

Conclusion

8.98 6.50

Over-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

5.2

7.6

-2.5

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

Down -3.6% Down -1.1% Down -5.0%

Down -4.7% Down -0.1% Down -6.5%

Down -1.2% Down -0.1% Down -1.6%

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 $30.00 $48.00 $80.00 $129.00 $174.95

Max

Average $32.19 $49.66 $84.42 $134.16 $184.34

$21.00 $38.00 $69.00 $109.00 $149.00

$41.00 $59.00 $95.00 $149.00 $209.00

25 SF 50 SF

100 SF 200 SF 300 SF

60 80

Base = 4 Quarter 2003

SSDS Index

Rent per Available SF 100 SF

4Q18

4Q19

Change

MSA Index

National Index

$0.7121 $0.7498

$0.6656 $0.7042

-6.5% -6.1%

Median Average

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

Occupancy

4Q18 89.8% 83.8%

4Q19 89.7% 82.2%

Change

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

-0.1% -1.9%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

4Q18

4Q19

Change

50.6% 51.5%

64.2% 56.8%

26.9% 10.3%

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

4th Quarter 2019

Indianapolis, IN MSA Sample Size SSDS Sample Size

134 51%

Sample as Percent of Total Facilities

Market Conditions

Rentable SF Per Person

Conclusion

6.10 6.50

Under-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

8.8

7.6

1.2

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

Down -3.8%

Up

Up

Asking Rental Rate

2.7%

0.6%

No change

Up

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0% Down -3.8%

2.0%

2.0%

Up

Up

3.8%

0.9%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160

Median $33.00 $49.00 $77.00 $128.00 $175.00

Max

Average $33.21 $51.42 $80.68 $132.05 $181.80

$28.00 $40.00 $70.00 $106.00 $150.00

$40.00 $63.00 $92.00 $160.00 $209.00

25 SF 50 SF

100 SF 200 SF 300 SF

60 80

Base = 4 Quarter 2003

SSDS Index

Rent per Available SF 100 SF

4Q18

4Q19

Change

MSA Index

National Index

$0.6380 $0.6961

$0.6625 $0.6976

3.8% 0.2%

Median Average

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

Occupancy

4Q18 89.0% 85.1%

4Q19 91.0% 86.0%

Change

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

2.2% 1.1%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

4Q18

4Q19

Change

31.1% 51.5%

38.1% 56.8%

22.3% 10.3%

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.