Self Storage Metropolitan Statistical Area Reports for 3rd Quarter 2017

S lf St e - orage e ropo an a s ca rea epor Providence-New Bedford-Fall River, RI-MA MSA Sample Size SSDS Sample Size 72 Sample as Percent of Total Facilities 51% Market Conditions Rentable SF Per Person Conclusion MSA 4.52 Under-Supplied National 6.50 Supply Ratios MSA Top 50 MSA M t lit St ti ti l A R t Diff

3 d Q t 2017 r uar er

Performance at a Glance Households per existing self storage unit

12.5

7.6

4.9

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

Up

Down -0.1%

Down 0.0%

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

3.3%

Up

Up

Up

4.0%

8.0%

8.0%

Up

Up

Up

8.6%

12.1%

3.0%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140

Median $57.00 $85.00 $135.00 $174.00 $199.00

Max

Average $58.08 $83.57 $130.50 $172.60 $214.00

25 SF 50 SF 100 SF 200 SF 300 SF

$48.00 $70.00 $124.00 $162.00 $190.00

$74.00 $90.00 $149.00 $199.00 $332.00

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

$0.9495 $0.9811

$1.0639 $1.0795

12.1% 10.0%

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

Occupancy

3Q16 82.0% 75.9%

3Q17 90.0% 85.1%

Change 9.8% 12.1%

Physical Unit Occupancy Economic Occupancy

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

Concessions (Percentage Offering)

3Q16 71.8% 74.2%

3Q17 48.6% 43.4%

Change -32.3% -41.5%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 13 24 .

$/SF 12 92 .

MSA

National

Effective Gross Income

Physical Occupancy

0.92 0.10 0.54 0.58 1.25 0.79 0.36 0.22 0.08 4.84

1.14 0.12 0.37 0.54 1.11 0.75 0.29 0.22 0.06 4.60

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

36.6%

35.6%

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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