Self Storage Performance Quarterly Q1 2016

Move-ins -

Move outs = Net Absorption Ratio

Total Rental Activity Total Rental Activity Total Rental Activity is the sum of move-ins and move-outs in a given time period. When the ratio is positive it is indicative of positive net absorption. The size of the Net Absorption Ratio reflects the gap or differential between move-ins and move-outs. The graph below reflects the net difference in the ratio since February 2014. The red trend line suggests that the ratio of move-ins is returning to parity with move-outs. In layman’s terms, when the trend line is sloping upward, demand is increasing and conversely, a downward sloping line would indicate weakening demand.

Ratio of Move-Ins to Move-Outs Net Difference in Ratio

-10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10%

1-Year Moving Average

Source: Cushman & Wakefield, Inc. The Self Storage Performance Quarterly , a publication of Cushman & Wakefield, Inc., 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® 2016 2020 Main Street, Suite 1000, Irvine, California 92614 Phone: 626-304-2920 Fax: 626-304-2921 www.ssdata.net

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