Self Storage Combined MSAs Report Q4 2019

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.

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