Self Storage Metropolitan Statistical Area Reports for 3rd Quarter 2017

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S lf St e - orage e ropo an a s ca rea epor M t lit St ti ti l A R t

3 d Q t 2017 r uar er

Atlanta-Sandy Springs-Marietta, GA MSA Sample Size SSDS Sample Size 305 Sample as Percent of Total Facilities 44% Market Conditions Rentable SF Per Person Conclusion MSA 7.06 Equilibrium National 6.50 Supply Ratios MSA Top 50 MSA

Diff -0.3

Performance at a Glance Households per existing self storage unit

7.3

7.6

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

Asking Rental Rate Physical Occupancy Rate Rent per Available SF (Rental Income)

4.7%

11.3%

2.7%

5.0%

8.0%

16.6%

24.2%

5.8%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

190

Median $40.00 $60.00 $90.00 $158.00 $195.00

Max

Average $43.68 $59.16 $91.80 $159.13 $201.05

140

25 SF 50 SF 100 SF 200 SF 300 SF

$38.00 $50.00 $76.00 $140.00 $150.00

$50.00 $69.00 $105.00 $180.00 $269.00

Base = 4 Quarter 2003

SDS Index

Rent per Available SF 100 SF

3Q16

3Q17

Change

MSA Index

National Index

Median Average

$0.6271 $0.6715

$0.7787 $0.7851

24.2% 16.9%

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

Occupancy

3Q16 84.0% 78.4%

3Q17 92.0% 87.5%

Change 9.5% 11.6%

Physical Unit Occupancy Economic Occupancy

$0 90 $0.40 $0.50 $0.60 $0.70 $0.80 .

Concessions (Percentage Offering)

3Q16 32.3% 74.2%

3Q17 42.6% 43.4%

Change 31.9% -41.5%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 7 42 . 0.57 0.18 0.19 0.34 0.82 0.47 0.20 0.15 0.05 2.97

$/SF 11 35 .

MSA

National

Effective Gross Income

Physical Occupancy

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07 4.31

Taxes

Insurance

% 76.0% 80.0% 84.0% 88.0% 92.0% 96.0% 72.0

Repairs & Maintenance

Administration

On-Site Maintenance Off-Site Maintenance

Utilities

Advertising Miscellaneous Total Expenses

40.0%

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 17,000 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® 2017.

S lf St e - orage e ropo an a s ca rea epor M t lit St ti ti l A R t

3 d Q t 2017 r uar er

Austin-Round Rock, TX MSA Sample Size SSDS Sample Size Sample as Percent of Total Facilities

206 52%

Market Conditions

Rentable SF Per Person

Conclusion Over-Supplied

MSA

8.60 6.50

National

Supply Ratios

MSA

Top 50 MSA

Diff -1.5

Performance at a Glance Households per existing self storage unit

6.2

7.6

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

No change

Down -4.0%

Down -1.0%

Asking Rental Rate Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0%

1.4%

4.0%

0.5%

1.3%

0.3%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

190

Median $49.00 $65.00 $95.00 $149.00 $220.00

Max

Average $48.92 $64.73 $99.06 $149.22 $224.21

140

25 SF 50 SF 100 SF 200 SF 300 SF

$37.40 $53.00 $84.00 $128.00 $175.00

$60.00 $74.95 $115.00 $179.00 $285.00

Base = 4 Quarter 2003

SDS Index

Rent per Available SF 100 SF

3Q16

3Q17

Change

MSA Index

National Index

Median Average

$0.7864 $0.7934

$0.7969 $0.8114

1.3% 2.3%

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

Occupancy

3Q16 88.0% 79.4%

3Q17 92.0% 83.9%

Change

Physical Unit Occupancy Economic Occupancy

4.5% 5.6%

$0 90 $0.40 $0.50 $0.60 $0.70 $0.80 .

Concessions (Percentage Offering)

3Q16 72.0% 74.2%

3Q17 34.0% 43.4%

Change -52.8% -41.5%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 9 47 . 1.19 0.06 0.14 0.51 1.03 0.57 0.52 0.30

$/SF 11 35 .

MSA

National

Effective Gross Income

Physical Occupancy

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07 4.31

Taxes

Insurance

% 76.0% 80.0% 84.0% 88.0% 92.0% 96.0% 72.0

Repairs & Maintenance

Administration

On-Site Maintenance Off-Site Maintenance

Utilities

Advertising Miscellaneous Total Expenses

4.32

45.6%

38.0%

Expense Ratio

MSA

National

S lf St e - orage e ropo an a s ca rea epor M t lit St ti ti l A R t

3 d Q t 2017 r uar er

Baltimore-Towson, MD MSA Sample Size SSDS Sample Size Sample as Percent of Total Facilities

112 56%

Market Conditions

Rentable SF Per Person

Conclusion

MSA

4.90 6.50

Under-Supplied

National

Supply Ratios

MSA

Top 50 MSA

Diff

Performance at a Glance Households per existing self storage unit

8.4

7.6

0.7

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

Down -4.4%

Down -1.1%

Asking Rental Rate Physical Occupancy Rate Rent per Available SF (Rental Income)

3.2%

3.0%

8.0%

5.8%

5.2%

1.3%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140

Median $54.00 $76.00 $129.00 $209.00 $285.00

Max

Average $54.68 $75.31 $127.52 $213.70 $287.52

25 SF 50 SF 100 SF 200 SF 300 SF

$47.00 $64.00 $109.00 $191.00 $259.00

$64.00 $88.00 $145.00 $248.00 $329.00

60 80 40

Base = 4 Quarter 2003

SDS Index

Rent per Available SF 100 SF

3Q16

3Q17

Change

MSA Index

National Index

Median Average

$0.9782 $1.0552

$1.0294 $0.9967

5.2% -5.5%

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

Occupancy

3Q16 81.0% 72.5%

3Q17 89.0% 79.8%

Change 9.9% 10.1%

Physical Unit Occupancy Economic Occupancy

$1 20 $0.40 $0.60 $0.80 $1.00 .

Concessions (Percentage Offering)

3Q16 97.4% 74.2%

3Q17 53.6% 43.4%

Change -45.0% -41.5%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 14 55 .

$/SF 11 35 .

MSA

National

Effective Gross Income

Physical Occupancy

1.01 0.10 0.39 0.43 1.05 0.88 0.27 0.20 0.05 4.38

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07 4.31

Taxes

Insurance

% 76.0% 80.0% 84.0% 88.0% 92.0% 72.0

Repairs & Maintenance

Administration

On-Site Maintenance Off-Site Maintenance

Utilities

Advertising Miscellaneous Total Expenses

30.1%

38.0%

Expense Ratio

MSA

National

S lf St e - orage e ropo an a s ca rea epor M t lit St ti ti l A R t

3 d Q t 2017 r uar er

Birmingham-Hoover, AL MSA Sample Size SSDS Sample Size Sample as Percent of Total Facilities

55%

Market Conditions

Rentable SF Per Person

Conclusion Equilibrium

MSA

7.32 6.50

National

Supply Ratios

MSA

Top 50 MSA

Diff

Performance at a Glance Households per existing self storage unit

8.1

7.6

0.5

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

No change

Asking Rental Rate Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0%

6.3% Down -2.0%

1.5% Down -2.0%

1.0% Down -1.3%

4.3%

1.1%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140

Median $39.00 $59.00 $91.00 $129.00 $179.00

Max

Average $38.77 $59.76 $92.53 $137.53 $190.86

25 SF 50 SF 100 SF 200 SF 300 SF

$34.95 $50.00 $75.00 $110.00 $160.00

$42.00 $69.00 $110.00 $159.00 $199.00

60 80 40

Base = 4 Quarter 2003

SDS Index

Rent per Available SF 100 SF

3Q16

3Q17

Change

MSA Index

National Index

Median Average

$0.5968 $0.6431

$0.6226 $0.6566

4.3% 2.1%

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

Occupancy

3Q16 83.0% 74.6%

3Q17 81.0% 73.2%

Change

Physical Unit Occupancy Economic Occupancy

-2.4% -1.8%

$0 90 $0.40 $0.50 $0.60 $0.70 $0.80 .

Concessions (Percentage Offering)

3Q16 63.3% 74.2%

3Q17 88.8% 43.4%

Change 40.3% -41.5%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 4 46 . 0.32 0.06 0.23 0.25 0.40 0.20 0.18 0.15 0.06 1.85

$/SF 11 35 .

National

Effective Gross Income

Physical Occupancy

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07 4.31

Taxes

Insurance

% 76.0% 80.0% 84.0% 88.0% 92.0% 72.0

Repairs & Maintenance

Administration

On-Site Maintenance Off-Site Maintenance

Utilities

Advertising Miscellaneous Total Expenses

41.5%

38.0%

Expense Ratio

National

S lf St e - orage e ropo an a s ca rea epor M t lit St ti ti l A R t

3 d Q t 2017 r uar er

Boston-Cambridge-Quincy, MA-NH MSA Sample Size SSDS Sample Size 213 Sample as Percent of Total Facilities 46% Market Conditions Rentable SF Per Person Conclusion MSA 4.73 Equilibrium National 6.50 Supply Ratios MSA Top 50 MSA

Diff

Performance at a Glance Households per existing self storage unit

8.9

7.6

1.2

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

No change

Asking Rental Rate Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0%

5.8%

1.4%

1.0%

2.1%

11.2%

2.6%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140

Median $51.00 $80.00 $139.95 $185.00 $270.00

Max

Average $55.60 $84.17 $144.68 $200.54 $272.88

25 SF 50 SF 100 SF 200 SF 300 SF

$45.00 $65.00 $105.00 $150.00 $199.00

$61.00 $99.00 $166.00 $251.00 $326.00

60 80 40

Base = 4 Quarter 2003

SDS Index

Rent per Available SF 100 SF

3Q16

3Q17

Change

MSA Index

National Index

Median Average

$0.8716 $0.9938

$0.9695 $1.0328

11.2% 3.9%

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

Occupancy

3Q16 80.0% 72.6%

3Q17 81.0% 76.3%

Change

Physical Unit Occupancy Economic Occupancy

1.3% 5.1%

$1 20 $0.40 $0.60 $0.80 $1.00 .

Concessions (Percentage Offering)

3Q16 81.7% 74.2%

3Q17 39.4% 43.4%

Change -51.7% -41.5%

MSA

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 5.18

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07 4.31

Taxes

Insurance

% 76.0% 80.0% 84.0% 88.0% 92.0% 72.0

Repairs & Maintenance

Administration

On-Site Maintenance Off-Site Maintenance

Utilities

Advertising Miscellaneous Total Expenses

36.3%

38.0%

Expense Ratio

MSA

National

S lf St e - orage e ropo an a s ca rea epor M t lit St ti ti l A R t

3 d Q t 2017 r uar er

Buffalo-Cheektowaga-Tonawanda, NY MSA Sample Size SSDS Sample Size 51 Sample as Percent of Total Facilities 67% Market Conditions Rentable SF Per Person Conclusion MSA 3.88 Under-Supplied National 6.50 Supply Ratios MSA Top 50 MSA

Diff 12.1

Performance at a Glance Households per existing self storage unit

19.7

7.6

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

No change

Asking Rental Rate Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0%

1.0%

0.3%

10.8%

2.7%

11.0%

6.0%

1.5%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

90 140 190 240 SDS Index

Median $49.00 $71.00 $99.00 $155.00 $219.00

Max

Average $49.16 $71.08 $100.60 $152.71 $210.67

25 SF 50 SF 100 SF 200 SF 300 SF

$42.00 $59.00 $90.00 $130.00 $209.00

$59.00 $89.00 $110.00 $177.00 $235.00

Base = 4 Quarter 2003

Rent per Available SF 100 SF

3Q16

3Q17

Change

MSA Index

National Index

Median Average

$0.7829 $0.8047

$0.8294 $0.8566

6.0% 6.4%

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

Occupancy

3Q16 87.1% 79.1%

3Q17 89.8% 82.9%

Change

Physical Unit Occupancy Economic Occupancy

3.1% 4.9%

$0 90 $0.40 $0.50 $0.60 $0.70 $0.80 .

Concessions (Percentage Offering)

3Q16 67.3% 74.2%

3Q17 56.9% 43.4%

Change -15.5% -41.5%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 25 06 .

$/SF 11 35 .

National

Effective Gross Income

Physical Occupancy

3.09 0.24 0.67 0.83 1.52 1.54 0.75 0.26 0.14 9.04

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07 4.31

Taxes

Insurance

% 72.0% 76.0% 80.0% 84.0% 88.0% 92.0% 96.0% 68.0

Repairs & Maintenance

Administration

On-Site Maintenance Off-Site Maintenance

Utilities

Advertising Miscellaneous Total Expenses

36.1%

38.0%

Expense Ratio

National

S lf St e - orage e ropo an a s ca rea epor M t lit St ti ti l A R t

3 d Q t 2017 r uar er

Charlotte-Gastonia-Concord, NC-SC MSA Sample Size SSDS Sample Size 111 Sample as Percent of Total Facilities 45% Market Conditions Rentable SF Per Person Conclusion MSA 6.05 Under-Supplied National 6.50 Supply Ratios MSA Top 50 MSA

Diff

Performance at a Glance Households per existing self storage unit

9.9

7.6

2.3

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

Down -2.4% 0.0% Down -1.7%

No change

Asking Rental Rate Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0% Down -6.0% Down -5.3%

0.0% Down -6.0% Down -1.4%

No change

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

190

Median $47.00 $63.00 $96.00 $150.00 $215.00

Max

Average $46.36 $62.46 $94.28 $155.29 $205.22

140

25 SF 50 SF 100 SF 200 SF 300 SF

$34.00 $50.00 $79.00 $125.00 $170.00

$57.00 $75.00 $114.00 $194.00 $237.00

Base = 4 Quarter 2003

SDS Index

Rent per Available SF 100 SF

3Q16

3Q17

Change

MSA Index

National Index

Median Average

$0.6604 $0.6868

$0.6255 $0.7126

-5.3% 3.8%

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

Occupancy

3Q16 88.0% 82.6%

3Q17 82.0% 78.2%

Change

Physical Unit Occupancy Economic Occupancy

-6.8% -5.3%

$0 90 $0.40 $0.50 $0.60 $0.70 $0.80 .

Concessions (Percentage Offering)

3Q16 56.4% 74.2%

3Q17 36.9% 43.4%

Change -34.5% -41.5%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 6 54 . 0.32 0.06 0.15 0.34 0.82 0.39 0.25 0.15 0.03 2.51

$/SF 11 35 .

MSA

National

Effective Gross Income

Physical Occupancy

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07 4.31

Taxes

Insurance

% 80.0% 84.0% 88.0% 92.0% 76.0

Repairs & Maintenance

Administration

On-Site Maintenance Off-Site Maintenance

Utilities

Advertising Miscellaneous Total Expenses

38.4%

38.0%

Expense Ratio

MSA

National

S lf St e - orage e ropo an a s ca rea epor M t lit St ti ti l A R t

3 d Q t 2017 r uar er

Chicago-Naperville-Joliet, IL-IN-WI MSA Sample Size SSDS Sample Size 405 Sample as Percent of Total Facilities 43% Market Conditions Rentable SF Per Person Conclusion MSA 5.71 Equilibrium National 6.50 Supply Ratios MSA Top 50 MSA

Diff

Performance at a Glance Households per existing self storage unit

8.3

7.6

0.7

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

No change

Asking Rental Rate Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0%

8.0%

9.0%

8.6%

14.1%

3.4%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140

Median $41.00 $59.00 $89.00 $164.00 $202.00

Max

Average $43.88 $63.90 $96.84 $172.67 $223.86

25 SF 50 SF 100 SF 200 SF 300 SF

$34.20 $49.50 $75.00 $130.00 $175.00

$52.00 $74.00 $115.00 $199.00 $267.00

60 80 40

Base = 4 Quarter 2003

SDS Index

Rent per Available SF 100 SF

3Q16

3Q17

Change

MSA Index

National Index

Median Average

$0.6586 $0.7382

$0.7515 $0.8084

14.1% 9.5%

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

Occupancy

3Q16 81.0% 73.2%

3Q17 90.0% 83.5%

Change 11.1%

Physical Unit Occupancy Economic Occupancy

$0 90 $0.40 $0.50 $0.60 $0.70 $0.80 .

14.1%

Concessions (Percentage Offering)

3Q16 82.9% 74.2%

3Q17 32.6% 43.4%

Change -60.7% -41.5%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 11 01 .

$/SF 11 35 .

MSA

National

Effective Gross Income

Physical Occupancy

2.04 0.11 0.44 0.45 0.98 0.64 0.25 0.19 0.06 5.16

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07 4.31

Taxes

Insurance

% 76.0% 80.0% 84.0% 88.0% 92.0% 72.0

Repairs & Maintenance

Administration

On-Site Maintenance Off-Site Maintenance

Utilities

Advertising Miscellaneous Total Expenses

46.9%

38.0%

Expense Ratio

MSA

National

S lf St e - orage e ropo an a s ca rea epor M t lit St ti ti l A R t

3 d Q t 2017 r uar er

Cincinnati-Middletown, OH-KY-IN MSA Sample Size SSDS Sample Size 86 Sample as Percent of Total Facilities 56% Market Conditions Rentable SF Per Person Conclusion MSA 3.99 Under-Supplied National 6.50 Supply Ratios MSA Top 50 MSA

Diff

Performance at a Glance Households per existing self storage unit

15.3

7.6

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

Down -1.1% Down -2.0% Down -3.8%

Down -3.3% Down -1.0% Down -0.9%

Down -0.9% Down -1.0% Down -0.2%

Asking Rental Rate 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

Median $48.00 $63.00 $98.00 $156.00 $191.00

Max

Average $61.71 $63.22 $98.59 $148.05 $187.78

25 SF 50 SF 100 SF 200 SF 300 SF

$38.00 $56.00 $92.00 $134.00 $176.00

$57.00 $70.00 $114.00 $169.00 $211.00

60 80 40

Base = 4 Quarter 2003

SDS Index

Rent per Available SF 100 SF

3Q16

3Q17

Change

MSA Index

National Index

Median Average

$0.6549 $0.6863

$0.6488 $0.6901

-0.9% 0.6%

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

Occupancy

3Q16 81.0% 72.8%

3Q17 80.0% 74.6%

Change

Physical Unit Occupancy Economic Occupancy

-1.2% 2.5%

$0 90 $0.40 $0.50 $0.60 $0.70 $0.80 .

Concessions (Percentage Offering)

3Q16 92.6% 74.2%

3Q17 46.5% 43.4%

Change -49.8% -41.5%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 9 17 . 1.04 0.09 0.34 0.40 0.97 0.53 0.24 0.21 0.06 3.88

$/SF 11 35 .

MSA

National

Effective Gross Income

Physical Occupancy

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07 4.31

Taxes

Insurance

% 76.0% 80.0% 84.0% 88.0% 92.0% 72.0

Repairs & Maintenance

Administration

On-Site Maintenance Off-Site Maintenance

Utilities

Advertising Miscellaneous Total Expenses

42.3%

38.0%

Expense Ratio

MSA

National

S lf St e - orage e ropo an a s ca rea epor M t lit St ti ti l A R t

3 d Q t 2017 r uar er

Cleveland-Elyria-Mentor, OH MSA Sample Size SSDS Sample Size Sample as Percent of Total Facilities

116 51%

Market Conditions

Rentable SF Per Person

Conclusion

MSA

5.40 6.50

Under-Supplied

National

Supply Ratios

MSA

Top 50 MSA

Diff

Performance at a Glance Households per existing self storage unit

11.9

7.6

4.3

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

Asking Rental Rate Physical Occupancy Rate Rent per Available SF (Rental Income)

2.3%

5.9%

1.4%

7.8%

5.8%

15.3%

17.4%

4.3%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140

Median $45.00 $60.00 $90.00 $140.00 $184.00

Max

Average $42.22 $60.21 $91.35 $138.75 $173.21

25 SF 50 SF 100 SF 200 SF 300 SF

$37.80 $53.00 $74.00 $122.00 $165.00

$50.00 $70.00 $109.80 $154.80 $190.00

60 80 40

Base = 4 Quarter 2003

SDS Index

Rent per Available SF 100 SF

3Q16

3Q17

Change

MSA Index

National Index

Median Average

$0.6580 $0.6947

$0.7727 $0.8028

17.4% 15.6%

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

Occupancy

3Q16 85.0% 77.4%

3Q17 90.8% 85.9%

Change 6.8% 10.9%

Physical Unit Occupancy Economic Occupancy

$0 90 $0.40 $0.50 $0.60 $0.70 $0.80 .

Concessions (Percentage Offering)

3Q16 85.8% 74.2%

3Q17 32.8% 43.4%

Change -61.8% -41.5%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 9 17 . 1.13 0.09 0.38 0.36 0.93 0.52 0.24 0.21 0.06 3.92

$/SF 11 35 .

MSA

National

Effective Gross Income

Physical Occupancy

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07 4.31

Taxes

Insurance

% 76.0% 80.0% 84.0% 88.0% 92.0% 72.0

Repairs & Maintenance

Administration

On-Site Maintenance Off-Site Maintenance

Utilities

Advertising Miscellaneous Total Expenses

42.7%

38.0%

Expense Ratio

MSA

National

S lf St e - orage e ropo an a s ca rea epor M t lit St ti ti l A R t

3 d Q t 2017 r uar er

Columbus, OH MSA Sample Size SSDS Sample Size

137 52%

Sample as Percent of Total Facilities

Market Conditions

Rentable SF Per Person

Conclusion Over-Supplied

MSA

8.75 6.50

National

Supply Ratios

MSA

Top 50 MSA

Diff

Performance at a Glance Households per existing self storage unit

8.2

7.6

0.5

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

Asking Rental Rate Physical Occupancy Rate Rent per Available SF (Rental Income)

2.6% Down -11.4% Down -11.4%

3.9% Down -3.0%

1.0% Down -3.0%

0.9%

0.2%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140

Median $33.00 $48.00 $84.00 $134.00 $175.00

Max

Average $33.65 $50.08 $81.58 $127.25 $173.53

25 SF 50 SF 100 SF 200 SF 300 SF

$30.00 $40.00 $71.00 $116.00 $145.00

$36.00 $57.00 $92.00 $154.00 $204.00

60 80 40

Base = 4 Quarter 2003

SDS Index

Rent per Available SF 100 SF

3Q16

3Q17

Change

MSA Index

National Index

Median Average

$0.5926 $0.6429

$0.5980 $0.6631

0.9% 3.1%

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

Occupancy

3Q16 84.0% 78.0%

3Q17 81.0% 75.7%

Change

Physical Unit Occupancy Economic Occupancy

-3.6% -2.9%

$0 90 $0.40 $0.50 $0.60 $0.70 $0.80 .

Concessions (Percentage Offering)

3Q16 63.8% 74.2%

3Q17 40.1% 43.4%

Change -37.0% -41.5%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 9 17 . 1.13 0.09 0.38 0.36 0.93 0.52 0.24 0.21 0.06 3.92

$/SF 11 35 .

MSA

National

Effective Gross Income

Physical Occupancy

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07 4.31

Taxes

Insurance

% 76.0% 80.0% 84.0% 88.0% 92.0% 96.0% 72.0

Repairs & Maintenance

Administration

On-Site Maintenance Off-Site Maintenance

Utilities

Advertising Miscellaneous Total Expenses

42.7%

38.0%

Expense Ratio

MSA

National

S lf St e - orage e ropo an a s ca rea epor M t lit St ti ti l A R t

3 d Q t 2017 r uar er

Dallas-Fort Worth-Arlington, TX MSA Sample Size SSDS Sample Size

544 45%

Sample as Percent of Total Facilities

Market Conditions

Rentable SF Per Person

Conclusion Over-Supplied

MSA

7.88 6.50

National

Supply Ratios

MSA

Top 50 MSA

Diff -1.6

Performance at a Glance Households per existing self storage unit

6.0

7.6

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

No change

Asking Rental Rate Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0% Down -0.7%

12.5%

2.9%

6.2%

2.8%

23.4%

5.2%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

190

Median $47.00 $62.00 $90.00 $149.00 $197.00

Max

Average $49.36 $63.01 $93.81 $156.18 $199.47

140

25 SF 50 SF 100 SF 200 SF 300 SF

$38.00 $55.00 $79.00 $128.00 $164.00

$55.00 $71.00 $109.00 $177.30 $235.00

Base = 4 Quarter 2003

SDS Index

Rent per Available SF 100 SF

3Q16

3Q17

Change

MSA Index

National Index

Median Average

$0.6325 $0.6997

$0.7809 $0.8105

23.4% 15.8%

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

Occupancy

3Q16 85.8% 79.1%

3Q17 92.0% 86.8%

Change

Physical Unit Occupancy Economic Occupancy

7.2% 9.7%

$0 90 $0.40 $0.50 $0.60 $0.70 $0.80 .

Concessions (Percentage Offering)

3Q16 74.2% 74.2%

3Q17 39.3% 43.4%

Change -47.0% -41.5%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 9 89 . 1.37 0.09 0.26 0.38 0.93 0.59 0.19 0.20 0.11 4.12

$/SF 11 35 .

MSA

National

Effective Gross Income

Physical Occupancy

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07 4.31

Taxes

Insurance

% 76.0% 80.0% 84.0% 88.0% 92.0% 96.0% 72.0

Repairs & Maintenance

Administration

On-Site Maintenance Off-Site Maintenance

Utilities

Advertising Miscellaneous Total Expenses

41.7%

38.0%

Expense Ratio

MSA

National

S lf St e - orage e ropo an a s ca rea epor M t lit St ti ti l A R t

3 d Q t 2017 r uar er

Denver-Aurora, CO MSA Sample Size SSDS Sample Size Sample as Percent of Total Facilities

165 56%

Market Conditions

Rentable SF Per Person

Conclusion Equilibrium

MSA

6.57 6.50

National

Supply Ratios

MSA

Top 50 MSA

Diff -0.1

Performance at a Glance Households per existing self storage unit

7.6

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

Down -3.7% Down -1.0% Down -3.1%

Down -0.8%

Down -0.2%

Asking Rental Rate Physical Occupancy Rate Rent per Available SF (Rental Income)

9.0%

14.7%

3.6%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

90 140 190 240 SDS Index

Median $55.00 $80.00 $135.00 $201.00 $265.00

Max

Average $55.35 $82.84 $131.99 $195.26 $260.84

25 SF 50 SF 100 SF 200 SF 300 SF

$50.00 $66.60 $118.00 $172.80 $243.00

$62.90 $95.00 $150.00 $220.00 $292.00

Base = 4 Quarter 2003

Rent per Available SF 100 SF

3Q16

3Q17

Change

MSA Index

National Index

Median Average

$0.9875 $1.0312

$1.1327 $1.1374

14.7% 10.3%

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

Occupancy

3Q16 83.0% 75.4%

3Q17 92.0% 87.1%

Change 10.8%

Physical Unit Occupancy Economic Occupancy

$1 40 $0.40 $0.60 $0.80 $1.00 $1.20 .

15.6%

Concessions (Percentage Offering)

3Q16 70.0% 74.2%

3Q17 47.9% 43.4%

Change -31.6% -41.5%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 12 61 .

$/SF 11 35 .

MSA

National

Effective Gross Income

Physical Occupancy

1.48 0.10 0.39 0.42 0.92 0.66 0.27 0.25 0.09 4.58

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07 4.31

Taxes

Insurance

% 76.0% 80.0% 84.0% 88.0% 92.0% 96.0% 72.0

Repairs & Maintenance

Administration

On-Site Maintenance Off-Site Maintenance

Utilities

Advertising Miscellaneous Total Expenses

36.3%

38.0%

Expense Ratio

MSA

National

S lf St e - orage e ropo an a s ca rea epor M t lit St ti ti l A R t

3 d Q t 2017 r uar er

Detroit-Warren-Livonia, MI MSA Sample Size SSDS Sample Size Sample as Percent of Total Facilities

209 50%

Market Conditions

Rentable SF Per Person

Conclusion

MSA

5.49 6.50

Under-Supplied

National

Supply Ratios

MSA

Top 50 MSA

Diff

Performance at a Glance Households per existing self storage unit

10.3

7.6

2.7

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

Down -2.2% Down -1.0% Down -1.6%

No change

Asking Rental Rate Physical Occupancy Rate Rent per Available SF (Rental Income)

0.0%

1.0%

5.5%

1.3%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140

Median $49.95 $64.95 $99.00 $149.00 $213.00

Max

Average $49.61 $65.99 $106.62 $158.48 $216.67

25 SF 50 SF 100 SF 200 SF 300 SF

$40.00 $55.00 $90.00 $129.00 $179.00

$58.00 $74.00 $129.60 $189.00 $256.00

60 80 40

Base = 4 Quarter 2003

SDS Index

Rent per Available SF 100 SF

3Q16

3Q17

Change

MSA Index

National Index

Median Average

$0.6612 $0.7207

$0.6976 $0.7695

5.5% 6.8%

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

Occupancy

3Q16 81.0% 73.5%

3Q17 82.0% 77.5%

Change

Physical Unit Occupancy Economic Occupancy

1.2% 5.5%

$0 90 $0.40 $0.50 $0.60 $0.70 $0.80 .

Concessions (Percentage Offering)

3Q16 84.2% 74.2%

3Q17 43.1% 43.4%

Change -48.8% -41.5%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 10 51 .

$/SF 11 35 .

MSA

National

Effective Gross Income

Physical Occupancy

0.79 0.10 0.46 0.43 0.92 0.63 0.16 0.16 0.05 3.70

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07 4.31

Taxes

Insurance

% 80.0% 84.0% 88.0% 92.0% 76.0

Repairs & Maintenance

Administration

On-Site Maintenance Off-Site Maintenance

Utilities

Advertising Miscellaneous Total Expenses

35.2%

38.0%

Expense Ratio

MSA

National

S lf St e - orage e ropo an a s ca rea epor M t lit St ti ti l A R t

3 d Q t 2017 r uar er

Hartford-West Hartford-East Hartford, CT MSA Sample Size SSDS Sample Size 50 Sample as Percent of Total Facilities 44% Market Conditions Rentable SF Per Person Conclusion MSA 5.15 Under-Supplied National 6.50 Supply Ratios MSA Top 50 MSA

Diff

Performance at a Glance Households per existing self storage unit

11.0

7.6

3.3

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

Down -2.7%

Down -0.7%

Asking Rental Rate Physical Occupancy Rate Rent per Available SF (Rental Income)

2.9%

8.0%

9.0%

14.6%

12.9%

3.2%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160

Median $49.50 $64.00 $108.00 $160.00 $215.00

Max

Average $45.14 $64.45 $104.62 $162.91 $224.72

25 SF 50 SF 100 SF 200 SF 300 SF

$35.70 $50.40 $88.00 $132.30 $180.20

$59.00 $77.00 $124.00 $199.00 $265.50

60 80 40

Base = 4 Quarter 2003

SDS Index

Rent per Available SF 100 SF

3Q16

3Q17

Change

MSA Index

National Index

Median Average

$0.8066 $0.8737

$0.9109 $0.9233

12.9% 5.7%

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

Occupancy

3Q16 81.0% 72.7%

3Q17 90.0% 84.3%

Change 11.1%

Physical Unit Occupancy Economic Occupancy

$1 00 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 .

16.1%

Concessions (Percentage Offering)

3Q16 98.3% 74.2%

3Q17 24.0% 43.4%

Change -75.6% -41.5%

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 4.48

1.14 0.12 0.37 0.54 1.11 0.75 0.29 0.22 0.06 4.60

Taxes

Insurance

% 76.0% 80.0% 84.0% 88.0% 92.0% 72.0

Repairs & Maintenance

Administration

On-Site Maintenance Off-Site Maintenance

Utilities

Advertising Miscellaneous Total Expenses

40.2%

35.6%

Expense Ratio

MSA

National

S lf St e - orage e ropo an a s ca rea epor M t lit St ti ti l A R t

3 d Q t 2017 r uar er

Houston-Baytown-Sugar Land, TX MSA Sample Size SSDS Sample Size 518 Sample as Percent of Total Facilities 44% Market Conditions Rentable SF Per Person Conclusion MSA 8.98 Over-Supplied National 6.50 Supply Ratios MSA Top 50 MSA

Diff -2.5

Performance at a Glance Households per existing self storage unit

5.2

7.6

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

Down -3.3%

Down -0.9%

Asking Rental Rate Physical Occupancy Rate Rent per Available SF (Rental Income)

2.4%

2.0%

0.7%

9.4%

0.9%

0.2%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

190

Median $38.00 $54.00 $85.00 $129.00 $199.00

Max

Average $43.58 $53.36 $89.96 $130.73 $195.50

140

25 SF 50 SF 100 SF 200 SF 300 SF

$33.00 $40.00 $75.00 $109.00 $169.00

$46.00 $60.00 $100.00 $148.00 $239.00

Base = 4 Quarter 2003

SDS Index

Rent per Available SF 100 SF

3Q16

3Q17

Change

MSA Index

National Index

Median Average

$0.7380 $0.7405

$0.7448 $0.7658

0.9% 3.4%

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

Occupancy

3Q16 89.3% 82.0%

3Q17 90.0% 85.6%

Change

Physical Unit Occupancy Economic Occupancy

0.8% 4.4%

$0 90 $0.40 $0.50 $0.60 $0.70 $0.80 .

Concessions (Percentage Offering)

3Q16 76.8% 74.2%

3Q17 38.0% 43.4%

Change -50.5% -41.5%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 9 88 . 1.28 0.09 0.23 0.38 0.93 0.56 0.25 0.21 0.12 4.05

$/SF 11 35 .

MSA

National

Effective Gross Income

Physical Occupancy

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07 4.31

Taxes

Insurance

% 76.0% 80.0% 84.0% 88.0% 92.0% 72.0

Repairs & Maintenance

Administration

On-Site Maintenance Off-Site Maintenance

Utilities

Advertising Miscellaneous Total Expenses

41.0%

38.0%

Expense Ratio

MSA

National

S lf St e - orage e ropo an a s ca rea epor M t lit St ti ti l A R t

3 d Q t 2017 r uar er

Indianapolis, IN MSA Sample Size SSDS Sample Size

125 48%

Sample as Percent of Total Facilities

Market Conditions

Rentable SF Per Person

Conclusion

MSA

6.10 6.50

Under-Supplied

National

Supply Ratios

MSA

Top 50 MSA

Diff

Performance at a Glance Households per existing self storage unit

8.8

7.6

1.2

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

Down -5.0% 0.0% Down -4.0%

Asking Rental Rate Physical Occupancy Rate Rent per Available SF (Rental Income)

1.3%

0.3%

No change

12.0%

20.8%

4.8%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160

Median $39.00 $56.00 $80.00 $128.00 $160.00

Max

Average $44.91 $57.17 $82.57 $130.81 $167.64

25 SF 50 SF 100 SF 200 SF 300 SF

$35.00 $48.00 $70.00 $112.00 $130.00

$54.00 $64.00 $97.00 $149.00 $187.00

60 80 40

Base = 4 Quarter 2003

SDS Index

Rent per Available SF 100 SF

3Q16

3Q17

Change

MSA Index

National Index

Median Average

$0.5501 $0.6007

$0.6647 $0.6807

20.8% 13.3%

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

Occupancy

3Q16 80.0% 73.3%

3Q17 92.0% 87.5%

Change 15.0%

Physical Unit Occupancy Economic Occupancy

$0 90 $0.40 $0.50 $0.60 $0.70 $0.80 .

19.3%

Concessions (Percentage Offering)

3Q16 66.0% 74.2%

3Q17 32.0% 43.4%

Change -51.5% -41.5%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 8 86 . 0.69 0.10 0.44 0.55 1.19 0.56 0.24 0.22 0.06 4.05

$/SF 11 35 .

MSA

National

Effective Gross Income

Physical Occupancy

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07 4.31

Taxes

Insurance

% 76.0% 80.0% 84.0% 88.0% 92.0% 96.0% 72.0

Repairs & Maintenance

Administration

On-Site Maintenance Off-Site Maintenance

Utilities

Advertising Miscellaneous Total Expenses

45.7%

38.0%

Expense Ratio

MSA

National

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