Self Storage Combined MSAs Report Q4 2019

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.