Self Storage Combined MSAs Report Q4 2019

Self-Storage Metropolitan Statistical Area Report

4th Quarter 2019

Los Angeles-Long Beach-Santa Ana, CA MSA Sample Size SSDS Sample Size 551 Sample as Percent of Total Facilities 62%

Market Conditions

Rentable SF Per Person

Conclusion

4.72 6.50

Under-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

6.9

7.6

-0.7

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

Down -7.7% Down -2.0% Down -9.5%

Up

Up

Asking Rental Rate

2.3% Down -4.0% Down -4.8%

0.6% Down -4.0% Down -1.2%

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 $75.00 $107.00 $179.95 $300.00 $415.00

Max

Average $78.02 $113.56 $188.91 $315.76 $426.57

$62.00 $87.50 $151.00 $250.00 $325.00

$91.00 $133.00 $208.00 $355.00 $514.00

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

$1.5658 $1.6311

$1.4901 $1.5892

-4.8% -2.6%

Median Average

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

Occupancy

4Q18 94.0% 89.5%

4Q19 90.0% 83.2%

Change

$2.00

-4.3% -7.0%

Physical Unit Occupancy Economic Occupancy

$1.50

Concessions (Percentage Offering)

$1.00

4Q18

4Q19

Change

38.4% 51.5%

59.9% 56.8%

56.0% 10.3%

MSA

$0.50

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 14.00

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

1.29 0.41 0.39 0.48 1.20 0.84 0.27 0.23 0.07

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% 96.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

Miscellaneous

Total Expenses

5.18

4.31

37.0%

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.