Self Storage Performance Quarterly Q4 2016

Self Storage Performance Quarterly

Storage Demand by Region September, October, November 2016 vs. September, October, November 2015 East Midwest South

West

Total Rental Activity

3.3% 3.3% 3.3%

8.2% 9.8% 6.7%

10.1%

0.3% -1.1% 1.5%

Move-Ins Move-Outs

8.2%

11.7%

Source: Cushman & Wakefield, Inc.

Physical Occupancy by Region November 2016 vs. November 2015 (Same Store Sample) Nationwide East

Midwest

South -0.2%

West -1.4%

Absolute Change

-0.2%

-0.2%

0.9%

Source: Cushman & Wakefield, Inc.

Demand as Measured by Changes in Potential Gross Income by Region November 2016 vs. November 2015 (Same Store Sample) Nationwide East Midwest South

West

Potential Gross Income -0.1%

0.5% 2.7%

-0.6% -1.5%

Source: Cushman & Wakefield, Inc.

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

Cushman & Wakefield | Valuation & Advisory

11