Self Storage Combined MSAs Report Q4 2019

Self-Storage Metropolitan Statistical Area Report

4th Quarter 2019

San Francisco-Oakland-Fremont, CA MSA Sample Size SSDS Sample Size 259 Sample as Percent of Total Facilities 66%

Market Conditions

Rentable SF Per Person

Conclusion

5.58 6.50

Equilibrium

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

6.4

7.6

-1.2

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

Down

No change

No change

Asking Rental Rate

-10.5%

0.0% Down -5.0% Down -7.7%

0.0% Down -5.0% Down -1.9%

Down -1.0% Down

Physical Occupancy Rate Rent per Available SF (Rental Income)

-12.1%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

210

Median $78.00 $110.00 $189.00 $300.00 $378.00

Max

Average $80.98 $115.13 $194.65 $319.99 $407.11

160

$63.00 $90.00 $155.00 $262.00 $324.00

$96.00 $133.00 $230.00 $362.00 $454.00

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

$1.6909 $1.7124

$1.5609 $1.6163

-7.7% -5.6%

Median Average

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

Occupancy

4Q18 95.0% 89.9%

4Q19 90.0% 83.0%

Change

$2.00

-5.3% -7.7%

Physical Unit Occupancy Economic Occupancy

$1.50

Concessions (Percentage Offering)

$1.00

4Q18

4Q19

Change

48.3% 51.5%

58.7% 56.8%

21.5% 10.3%

MSA

$0.50

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 22.27

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

1.94 0.56 0.55 0.80 1.28 1.29 0.43 0.28 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% 96.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

Miscellaneous

Total Expenses

7.24

4.31

32.5%

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.