Self Storage Performance Quarterly Q1 2016

Summary of Findings: Self-Storage Performance Index – The SSPI increased 3.8% to 102.6 compared to 1 st quarter 2015. Asking Rental Rates -Asking rents increased 5.6% compared to 1 st quarter 2015 and 0.0% compared to 4 th quarter 2015; with the REITS increasing 10.2% compared to last year. Physical Occupancy – Median physical occupancy decreased 2.0% compared to 4 th quarter 2015 and decreased 3.0% compared to 1 st quarter 2015, but REITS increased slightly 1.0% compared to last year. Concessions - The use and cost of concessions remains strong this quarter. For example, facilities offering concessions is up from one year ago, although the Concession Cost Index is at 122.5 in 1 st quarter 2016 compared to the 122.1 in 4 th quarter 2015 and is up 4.1% from last year. Rent per Available Square Foot – RPASF for the benchmark 100 square foot non-climate controlled units are up 1.6% from last year, and down 2.7% from last quarter. Sampling Statistics – SSDS’ sampling technique assures that the number of REIT facilities in each market’s sample represents the approximate percentage of actual REIT facilities in that given market. In this quarter report, data was obtained from 1,928 facilities owned by the four REITs and 7,701 facilities privately owned. Thus, the percentage of REIT facilities included in this quarter’s sample is a reasonable proportion to their market share in these top 50 markets.

Sincerely, Cushman & Wakefield Self Storage Data Services Self Storage Industry Group

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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