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

Phoenix-Mesa-Scottsdale, AZ MSA Sample Size SSDS Sample Size Sample as Percent of Total Facilities

221 46%

Market Conditions

Rentable SF Per Person

Conclusion Equilibrium

MSA

6.12 6.50

National

Supply Ratios

MSA

Top 50 MSA

Diff -1.3

Performance at a Glance Households per existing self storage unit

6.3

7.6

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

Down -2.1% Down -2.0% Down -4.4%

Up

Up

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

5.6%

1.4%

Up

Up

7.0%

7.0%

Up

Up

15.0%

3.5%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160

Median $35.00 $54.00 $90.00 $144.00 $199.00

Max

Average $36.46 $57.86 $97.37 $146.04 $202.79

25 SF 50 SF 100 SF 200 SF 300 SF

$30.00 $49.00 $81.00 $125.00 $177.00

$39.20 $65.00 $105.00 $159.00 $222.00

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

$0.6598 $0.7118

$0.7587 $0.8126

15.0% 14.2%

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

Occupancy

3Q16 80.0% 73.3%

3Q17 87.0% 79.9%

Change

Physical Unit Occupancy Economic Occupancy

8.7% 8.9%

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

Concessions (Percentage Offering)

3Q16 75.4% 74.2%

3Q17 66.1% 43.4%

Change -12.4% -41.5%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 8 69 . 0.65 0.09 0.27 0.43 0.90 0.50 0.15 0.16 0.01 3.16

$/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

36.4%

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.