Self Storage Metropolitan Statistical Area Reports for 3rd Quarter 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

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%

Up

Up

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

1.3%

0.3%

Up

Up

No change

12.0%

12.0%

Up

Up

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

S

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

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.