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

Los Angeles-Long Beach-Santa Ana, CA MSA Sample Size SSDS Sample Size 484 Sample as Percent of Total Facilities 52% Market Conditions Rentable SF Per Person Conclusion MSA 4.72 Under-Supplied National 6.50 Supply Ratios MSA Top 50 MSA

Diff -0.7

Performance at a Glance Households per existing self storage unit

6.9

7.6

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

Down -1.7% 1.2% Down -1.7% Up

Up

Up

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

15.3%

3.6%

Up

Up

16.0%

16.0%

Up

Up

40.9%

8.4%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160

Median $78.00 $111.00 $170.00 $299.00 $403.00

Max

Average $78.02 $113.09 $182.85 $306.99 $417.24

25 SF 50 SF 100 SF 200 SF 300 SF

$62.00 $90.00 $147.00 $249.95 $332.00

$94.00 $135.00 $210.00 $350.00 $491.00

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

$1.0701 $1.1374

$1.5073 $1.5825

40.9% 39.1%

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

Occupancy

3Q16 80.0% 71.3%

3Q17 96.0% 87.1%

Change 20.0%

Physical Unit Occupancy Economic Occupancy

$1 60 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 .

22.1%

Concessions (Percentage Offering)

3Q16 88.2% 74.2%

3Q17 46.5% 43.4%

Change -47.3% -41.5%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 14 00 .

$/SF 11 35 .

MSA

National

Effective Gross Income

Physical Occupancy

1.29 0.41 0.39 0.48 1.20 0.84 0.27 0.23 0.07 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% 96.0% 100.0% 72.0

Repairs & Maintenance

Administration

On-Site Maintenance Off-Site Maintenance

Utilities

Advertising Miscellaneous Total Expenses

37.0%

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.

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