Self Storage Performance Quarterly Q1 2016

Implied Economic Occupancy by Metropolitan Area Economic Occupancy – Economic occupancy as shown below reflects the difference between asking rental rates and rents per available square foot. It takes into consideration the impact physical vacancy and the cost of offering concessions. It does not reflect the cost of bad debt, ancillary income or the impact of tenants who pay something other than asking rental rate.

MSAvs National Average Absolute Change

Econonic Occupancy

Quarterly Seasonal

Top 50 MSAs

% Change

Absolute Change %Change Absolute Change

1Q16

Atlanta-Sandy Springs-Marietta, GA MSA

77.3% 0.1% 0.1% 1.4% 1.1% 4.7% 75.0% 4.9% 3.5% 5.8% 4.1% 2.4% 73.4% 0.4% 0.3% -0.5% -0.4% 0.8% 73.1% -4.6% -3.5% -5.4% -4.2% 0.5% 73.1% 0.1% 0.1% -4.6% -3.5% 0.5% 73.4% -3.3% -2.5% -5.3% -4.1% 0.8% 79.1% -0.8% -0.6% 0.9% 0.7% 6.5% 71.9% 0.4% 0.3% 1.1% 0.8% -0.7% 74.7% -3.1% -2.4% -2.5% -1.9% 2.1% 73.2% 0.4% 0.3% -2.8% -2.1% 0.6% 76.0% -1.6% -1.2% -1.8% -1.4% 3.4% 77.1% 0.7% 0.5% 0.4% 0.3% 4.5% 72.6% -6.8% -5.3% -6.9% -5.4% 0.0% 73.4% 1.1% 0.8% -4.2% -3.2% 0.8% 81.0% -2.8% -2.3% 1.0% 0.8% 8.4% 75.3% -1.3% -1.0% 5.8% 4.1% 2.7% 71.1% -7.4% -5.7% -3.1% -2.3% -1.5% 74.1% 1.4% 1.0% 3.9% 2.8% 1.5% 75.7% 0.7% 0.5% 5.6% 4.0% 3.1% 75.7% -5.6% -4.5% -3.2% -2.5% 3.1% 73.8% -1.1% -0.8% -7.1% -5.6% 1.2% 72.0% -1.9% -1.4% -7.2% -5.6% -0.6% 71.2% -10.4% -8.3% -11.9% -9.6% -1.4% 80.1% 9.3% 6.8% 6.8% 5.1% 7.5% 74.4% 0.9% 0.7% -5.1% -4.0% 1.8% 72.7% -4.1% -3.1% -4.7% -3.6% 0.1% 72.5% -6.2% -4.8% -2.2% -1.6% -0.1% 73.7% 1.9% 1.4% 3.9% 2.8% 1.1% 72.4% -5.0% -3.8% -5.1% -3.9% -0.2% 71.6% -2.8% -2.1% -9.9% -7.9% -1.0% 71.4% -2.7% -2.0% 0.6% 0.4% -1.2% 77.0% 1.2% 0.9% 8.3% 5.9% 4.4% 76.9% 2.9% 2.2% 8.9% 6.3% 4.3% 72.5% -6.8% -5.3% -6.1% -4.7% -0.1% 71.4% -0.4% -0.3% 1.7% 1.2% -1.2% 72.6% -6.8% -5.3% -0.7% -0.5% 0.0% 70.9% -4.3% -3.2% -3.7% -2.7% -1.7% 71.0% -0.4% -0.3% -1.3% -0.9% -1.6% 75.6% -0.4% -0.3% -6.2% -5.0% 3.0% 75.9% 3.1% 2.3% 5.9% 4.2% 3.3% 72.6% 0.7% 0.5% -10.4% -8.4% 0.0% 71.1% -6.8% -5.2% -6.0% -4.5% -1.5% 72.0% -4.3% -3.2% 1.0% 0.7% -0.6% 70.9% -3.5% -2.6% -8.4% -6.5% -1.7% 78.4% 3.7% 2.8% -3.1% -2.5% 5.8% 71.0% -1.4% -1.0% -0.6% -0.4% -1.6% 71.3% -3.8% -2.8% -2.2% -1.6% -1.3% 78.9% -0.3% -0.2% 2.1% 1.6% 6.3% 71.3% -6.7% -5.1% -3.9% -2.9% -1.3% 76.6% -4.4% -3.5% -0.9% -0.7% 4.0%

Austin-Round Rock, TX MSA Baltimore-Towson, MD MSA Birmingham-Hoover, AL MSA

Boston-Cambridge-Quincy, MA-NH MSA Buffalo-Cheektowaga-Tonawanda, NY MSA Charlotte-Gastonia-Concord, NC-SC MSA Chicago-Naperville-Joliet, IL-IN-WI MSA Cincinnati-Middletown, OH-KY-IN MSA

Cleveland-Elyria-Mentor, OH MSA

Columbus, OH MSA

Dallas-Fort Worth-Arlington, TX MSA

Denver-Aurora, CO MSA

Detroit-Warren-Livonia, MI MSA

Hartford-West Hartford-East Hartford, CT MSA Houston-Baytown-Sugar Land, TX MSA

Indianapolis, IN MSA Jacksonville, FL MSA Kansas City, MO-KS MSA Las Vegas-Paradise, NV MSA

Los Angeles-Long Beach-Santa Ana, CA MSA

Louisville, KY-IN MSA Memphis, TN-MS-AR MSA

Miami-Fort Lauderdale-Miami Beach, FL MSA Milwaukee-Waukesha-West Allis, WI MSA Minneapolis-St. Paul-Bloomington, MN-WI MSA Nashville-Davidson-Murfreesboro, TN MSA New Orleans-Metairie-Kenner, LA MSA New York-Newark-Edison, NY-NJ-PA MSA

Oklahoma City, OK MSA

Orlando, FL MSA

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA

Phoenix-Mesa-Scottsdale, AZ MSA

Pittsburgh, PA MSA

Portland-Vancouver-Beaverton, OR-WA MSA Providence-New Bedford-Fall River, RI-MA MSA

Richmond, VA MSA

Riverside-San Bernardino-Ontario, CA MSA

Rochester, NY MSA

Sacramento-Arden-Arcade-Roseville, CA MSA

Salt Lake City, UT MSA San Antonio, TX MSA

San Diego-Carlsbad-San Marcos, CA MSA San Francisco-Oakland-Fremont, CA MSA San Jose-Sunnyvale-Santa Clara, CA MSA Seattle-Tacoma-Bellevue, WA MSA

St. Louis, MO-IL MSA

Tampa-St. Petersburg-Clearwater, FL MSA Virginia Beach-Norfolk-Newport News, VA-NC MSA Washington-Arlington-Alexandria, DC-VA-MD-WV MSA

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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