Self-Storage – Demographics

The proposed project is located in one of the following MSAs:

   •    Los Angeles-Long Beach-Anaheim, CA
   •    Phoenix-Mesa-Chandler, AZ
   •    Riverside-San Bernardino-Ontario, CA
   •    San Francisco-Oakland-Berkeley, CA
   •    Seattle-Tacoma-Bellevue, WA
   •    San Diego-Chula Vista-Carlsbad, CA
   •    Denver-Aurora-Lakewood, CO
   •    Portland-Vancouver-Hillsboro, OR-WA
   •    Sacramento-Roseville-Folsom, CA
   •    Las Vegas-Henderson-Paradise, NV
   •    San Jose-Sunnyvale-Santa Clara, CA
   •    Salt Lake City, UT
   •    Tucson, AZ
   •    Oxnard-Thousand Oaks-Ventura, CA
   •    Santa Maria-Santa Barbara, CA MSA
   •    Anaheim-Santa Ana-Irvine, CA
   •    Colorado Springs, CO
   •    Kansas City, MO
   •    Minneapolis, MN

The minimum yield on cost is 7.0 percent.

The minimum IRR is expected to be 17% or more.

   4.    The minimum return to the Members is expected to be 170% of their net investment, over a five-year hold.

Conversion Opportunities – achieve net rentable sq ft of at least 50,000 sq ft