Self Storage Combined MSAs Report Q4 2019

Self-Storage Metropolitan Statistical Area Report

4th Quarter 2019

Pittsburgh, PA MSA Sample Size SSDS Sample Size

124 44%

Sample as Percent of Total Facilities

Market Conditions

Rentable SF Per Person

Conclusion

7.63 6.50

Over-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

14.0

7.6

6.4

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

Down -3.3%

Down -3.3% Down -3.0% Down -6.7%

Down -0.8% Down -3.0% Down -1.7%

Asking Rental Rate

No change

Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0% Down -3.4%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160

Median $42.00 $65.00 $87.00 $145.00 $204.00

Max

Average $45.01 $64.47 $91.93 $147.19 $208.31

$33.00 $50.00 $74.00 $101.00 $150.00

$56.00 $73.83 $106.00 $175.00 $266.00

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

$0.7994 $0.8436

$0.7457 $0.8084

-6.7% -4.2%

Median Average

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

Occupancy

4Q18 92.0% 88.8%

4Q19 89.0% 85.7%

Change

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

-3.3% -3.5%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

4Q18

4Q19

Change

26.0% 51.5%

26.6% 56.8%

2.2%

MSA

10.3%

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 12.94

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

1.04 0.12 0.46 0.49 1.04 0.82 0.24 0.21

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

0.1

Miscellaneous

Total Expenses

4.52

4.31

34.9%

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® 2020.