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

Salt Lake City, UT MSA Sample Size SSDS Sample Size Sample as Percent of Total Facilities

87

50%

Market Conditions

Rentable SF Per Person

Conclusion Over-Supplied

MSA

9.55 6.50

National

Supply Ratios

MSA

Top 50 MSA

Diff -2.2

Performance at a Glance Households per existing self storage unit

5.5

7.6

Quarterly

Seasonal

Annual Change

3Q17 vs 2Q17

3Q17 vs 3Q16

No change

Up

Up

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

0.0%

8.8%

2.1%

No change

No change

Up

2.0%

0.0%

0.0%

Up

Up

Up

3.2%

9.1%

2.3%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

190

Median $47.00 $70.00 $99.00 $170.00 $218.00

Max

Average $51.86 $76.07 $103.08 $179.17 $198.38

140

25 SF 50 SF 100 SF 200 SF 300 SF

$39.00 $62.00 $90.00 $159.00 $175.00

$55.00 $80.00 $110.00 $182.00 $235.00

90

Base = 4 Quarter 2003

SDS Index

40

S

Rent per Available SF 100 SF

3Q16

3Q17

Change

MSA Index

National Index

Median Average

$0.7115 $0.7263

$0.7765 $0.7982

9.1% 9.9%

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

Occupancy

3Q16 86.0% 78.2%

3Q17 86.0% 78.4%

Change

Physical Unit Occupancy Economic Occupancy

0.0% 0.3%

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

Concessions (Percentage Offering)

3Q16 68.6% 74.2%

3Q17 35.6% 43.4%

Change -48.1% -41.5%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 10 66 .

$/SF 11 35 .

MSA

National

Effective Gross Income

Physical Occupancy

0.96 0.10 0.35 0.43 0.92 0.55 0.20 0.22 0.05 3.78

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

35.5%

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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