EAGLE ONE SELF STORAGE41,275 NET RENTABLE SQUARE FEETCOLUMBIA, SC

Cameron Vale Senior Vice President

Parker Sweet President

LETTER OF INTENT GUIDELINES & SITE VISITS

LETTER OF INTENT GUIDELINES Please provide a Letter of Intent that specifies the following:

• Purchase price at closing• Length of the Due Diligence period• Length of the Closing period after the expiration of Due Diligence• Earnest Money deposits

To submit a Letter of Intent, or if you have any questions, please email or call:

Cameron Vale Senior Vice President CAMERON@BHSTORAGEGROUP.COM 813.451.3500

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.

ALL SITE VISITS ARE BY APPOINTMENT ONLY.

CONTACT CAMERON VALE AT

CAMERON@BHSTORAGEGROUP.COM

OR 813.451.3500 FOR MORE DETAILS.

2

Eagle One Self Storage

Property Address 1711 Lake Murray Blvd, Columbia, South Carolina, 29212

County LexingtonPhysical Occupancy % (Area) 59%Physical Occupancy % (Units) 63%Economic Occupancy 66%NRSF 41,275Occupied NRSF 28,050As of date June-20

Population (2019)

1 Mile 7,1153 Mile 39,5025 Mile 84,437

Population (Projected 2024)

1 Mile 7,5043 Mile 41,7265 Mile 89,733

Population Growth1 Mile 1.07%3 Mile 1.10%5 Mile 1.22%

Median HH Income1 Mile $83,527 3 Mile $70,381 5 Mile $70,720

Supply Per Capita (2019)

1 Mile 9.073 Mile 9.995 Mile 8.18

Supply Per Capita (Projected 2024)1 Mile 8.603 Mile 8.925 Mile 7.45

Future DevelopmentProspective NonePlanned NoneUnder Construction Yardi - 5 M Radius None

Traffic Counts

Lake Murray Blvd 15,400 VPD

INVESTMENT SUMMARY

3

IMAGE GALLERY

4

LOCATION OVERVIEW Irmo is a town in Lexington and Richland counties, South Carolina, United States and a suburb of Columbia. It is part of the Columbia Metropolitan Statistical Area and is located 12 miles northwest of the city center. Columbia is the capital and second-largest city of the U.S. state of South Carolina, with a population estimate of 131,674 as of 2019.

Columbia enjoys a diversified economy, with the major employers in the area being South Carolina state government, the Palmetto Health hospital system, Blue Cross Blue Shield of South Carolina, Palmetto GBA, and the University of South Carolina. The corporate headquarters of Fortune 1000 energy company, SCANA, are located in the Columbia suburb of Cayce. Other major employers in the Columbia area include Computer Sciences Corporation, Fort Jackson, the U.S. Army’s largest and most active initial entry training installation, Richland School District One, Humana/TriCare, and the United Parcel Service, which operates its Southeastern Regional Hub at the Columbia Metropolitan Airport. Major manufacturers such as Square D, CMC Steel, Spirax Sarco, Michelin, International Paper, Pirelli Cables, Honeywell, Westinghouse Electric, Harsco Track Tech, Trane, Intertape Polymer Group, Union Switch & Signal, FN Herstal, Solectron, and Bose Technology have facilities in the Columbia area. There are over 70 foreign affiliated companies and fourteen Fortune 500 companies in the region. The gross domestic product (GDP) of the Columbia metropolitan statistical area as of 2010 was $31.97 billion, the highest among MSAs in the state..

Columbiana Center Mall

Irmo VillageShopping Center

The Legends at The Legends at Lake MurrayLake Murray

Lakeview Retirement Lakeview Retirement CommunityCommunity

Cooper’s TraceCooper’s TraceEagle OneSelf Storage

Denotes apartment development under construction

5

EXPANSION OPPORTUNITYFlex Space

Dimensions Sqft Units

See Dropbox 3,912 1

See Dropbox 472 1

See Dropbox 416 1

See Dropbox 405 1

Total 5,205 4

Climate Controlled StorageDimensions Sqft Units

5x10 650 13

10x10 1,300 13

10x15 900 6

Total 2,850 32

Office Dimensions Sqft Units

22.7x11.9 270 1

Total 270 1

Storage Office ConversionDimensions Sqft Units

32x15 485 1

10x30 300 1

Total 785 2

NRSF 9,110

Units 39

Rent/SF Monthly $0.85

Rent/SF Annual $10.20

Estimated GPR $92,922

Storage Office ConversionNRSF 785

Units 2

Rent/SF Monthly $0.85

Rent/SF Annual $10.20Estimated GPR $8,007

Total Office and Storage Expansion GPR $100,929

6

UNIT MIX

Unit DescriptionUncovered Parking

Unit Mix Unit SF # Of Units Total SF Monthly Total Monthly Rent/Unit Monthly Rent/SF Annual Total % of Total

Parking 10' x 20' 200 10 2,000 $490 $49 $0.25 $5,880 3%Parking 10' x 20' 200 3 600 $177 $59 $0.30 $2,124 1%

Totals 200 Sqft Avg Unit Size 13 2,600 $667 $51 $0.26 $8,004 4%

Unit Description Non Climate Unit Mix Unit SF # Of Units Total SF Monthly Total Monthly Rent/Unit Monthly Rent/SF Annual Total % of TotalDrive Up 5' x 5' 25 14 350 $462 $33 $1.32 $5,544 4%Drive Up 5' x 10' 50 55 2,750 $2,585 $47 $0.94 $31,020 17%Drive Up 10' x 10' 100 1 100 $55 $55 $0.55 $660 0%Drive Up 10' x 10' 100 2 200 $120 $60 $0.60 $1,440 1%Drive Up 10' x 10' 100 4 400 $280 $70 $0.70 $3,360 1%Drive Up 10' x 10' 100 45 4,500 $3,285 $73 $0.73 $39,420 14%Drive Up 10' x 10' 100 45 4,500 $3,465 $77 $0.77 $41,580 14%Drive Up 10' x 15' 150 6 900 $480 $80 $0.53 $5,760 2%Drive Up 10' x 15' 150 49 7,350 $4,116 $84 $0.56 $49,392 15%Drive Up 10' x 15' 150 56 8,400 $4,984 $89 $0.59 $59,808 17%Drive Up 10' x 20' 200 30 6,000 $3,390 $113 $0.57 $40,680 9%Drive Up 10' x 20' 200 11 2,200 $1,298 $118 $0.59 $15,576 3%Drive Up 15' x 15' 225 1 225 $115 $115 $0.51 $1,380 0%Drive Up 10' x 25' 250 9 2,250 $1,305 $145 $0.58 $15,660 3%Drive Up 10' x 25' 250 1 250 $165 $165 $0.66 $1,980 0%Drive Up 15' x 20' 300 1 300 $135 $135 $0.45 $1,620 0%Drive Up 30' x 20' 600 1 600 $240 $240 $0.40 $2,880 0%

Totals 125 Sqft Avg Unit Size 331 41,275 $26,480 $80 $0.64 $317,760 100%

Unit Types Total Units NRSF Avg Size Monthly Rent Monthly Rent/SF Annual Rent Annual Rent/SF Physical Occupancy (Units)

Physical Occupancy (Area)

Economic Occupancy

Non Climate 331 41,275 125 Sqft $26,480 $0.64 $317,760 $7.70 57% 60% 64%Uncovered Parking 13 2,600 200 Sqft $667 $0.26 $8,004 $3.08 93% 93% 93%

Total 331 41,275 125 Sqft $27,147 $0.64 $325,764 $7.70 59% 60% 65%

Variation in pricing due to some 10x10 and 10x15 units have lighting in them. 30x20 is a company unit with no rent received from this unit.

Unit Mix Notes

7

OCCUPANCY HISTORY CHART

Occupancy History

Feb-

18

Mar

-18

Apr-1

8

May

-18

Jun-

18

Jul-1

8

Aug-

18

Sep-

18

Oct-1

8

Nov-

18

Dec-

18

Jan-

19

Feb-

19

Mar

-19

Apr-1

9

May

-19

Jun-

19

Jul-1

9

Aug-

19

Sep-

19

Oct-1

9

Nov-

19

Dec-

19

Jan-

20

Feb-

20

Mar

-20

Apr-2

0

May

-20

Jun-

20

Physical Occupancy (Area) 32% 32% 31% 35% 37% 40% 39% 41% 40% 43% 42% 43% 43% 45% 47% 51% 51% 55% 53% 57% 58% 60% 58% 60% 61% 61% 60% 59% 59%

Physical Occupancy (Units) 30% 30% 30% 33% 34% 37% 37% 38% 38% 39% 39% 39% 40% 42% 44% 47% 48% 51% 49% 52% 53% 56% 54% 57% 58% 58% 56% 56% 63%

Economic Occupancy 18% 18% 24% 27% 29% 32% 29% 31% 28% 30% 32% 32% 33% 36% 38% 42% 43% 46% 45% 48% 49% 51% 52% 56% 56% 56% 55% 60% 66%

80%

60%

40%

20%

0%

Physical Occupancy (Area), Physical Occupancy (Units), Economic Occupancy and Achieved Rate

Physical Occupancy (Area)

Physical Occupancy (Units)

Economic Occupancy

Ap

r-19

Ap

r-20

Mar

-20

Feb

-20

Jan-

20

Dec

-19

Nov

-19

Oct

-19

Sep

-19

Aug

-19

Jul-

19

Jun-

19

May

-19

May

-20

June

-20

Ap

r-18

Mar

-19

Feb

-19

Jan-

19

Dec

-18

Nov

-18

Oct

-18

Sep

-18

Aug

-18

Jul-

18

Jun-

18

May

-18

Mar

-18

Feb

-18

8

FINANCIALSCurrent Revenue Current Revenue Fully Stabilized 2022

RevenueGross Potential Rent $325,764 $325,764 $426,693 Retail Sales $0 $0 $3,000 Admin Fees $0 $0 $3,744 Truck Rental Income $7,095 $7,095 $7,095 Late & NSF Fees $0 $0 $7,680 Land Lease Rent $3,730 $3,730 $4,270 Tenant Insurance Income $2,083 $2,083 $20,019 Sales Tax Income $0 $0 $0 Gross Potential Income $338,672 $338,672 $472,501

Vacancy $137,302 $137,302 $38,402 Bad Debt $49 $49 $2,133 Rent Concessions $0 $0 $2,133 COGS $0 $0 $1,500 Sales Tax Paid $0 $0 $0 Effective Gross Income $201,321 $201,321 $428,332 Monthly EGI $16,777 $16,777 $35,694

Current Expense Adjusted Expense Fully Stabilized 2022Operating ExpensesOnsite Payroll $0 $40,000 $40,000 Repairs & Maintenance $6,187 $8,500 $8,500 General & Administrative $7,993 $10,000 $10,000 Advertising & Promotion $8,905 $15,000 $15,000 Bank Charges $2,847 $2,517 $5,354 Professional Fees $0 $2,500 $2,500 Telephone/Internet $2,632 $2,632 $2,632 Misc. Expenses $0 $0 $0 Total Controllable Expenses $28,564 $81,149 $83,986

Non Controllable ExpensesManagement Fees $0 $10,066 $21,417 Real Estate Taxes $36,775 $36,775 $56,984 Utilities $3,927 $5,000 $5,000 Insurance $4,749 $4,749 $4,749 Total Non-Controllable Expenses $45,451 $56,590 $88,150

Total Expenses $74,015 $137,739 $172,136 Net Operating Income $127,307 $63,583 $256,196 Cap Ex Reserves $4,128 $4,128 NOI After Cap Ex $127,307 $59,455 $252,068

Comments

Gross Potential Rent Stabilized GPR reflects $10.14 per SF. Includes Expansion GPR + 18% increase on current rents based on rent comp analysis.

Admin Fees Admin fees are based on $24 per move in x 13 move ins per month x 12 months.

Late & NSF Fees Late fees are based on 2% of rent.

Land Lease Rent The property collects rent from AT&T. Lease is 15 years with 7% escalators each year.

Tenant Insurance Income Tenant insurance income is based on total units x .90 occupancy x .80 penetration x $7 x 12 months.

Vacancy Vacancy is 10% of the GPR at stabilization (vacancy + bad debt + rent concessions.)

Effective Gross Income Current EGI is based on T4 rental income annualized and T12 ancil-lary income as of April 2020.

Onsite Payroll The property is owner operated therefore there is no payroll currently.

Bank Charges Bank charges are 1.25% of the EGI.

Total Controllable Expenses Other expenses have been normalized to market standards.

Management Fees Management fees are 5% of the EGI.

Real Estate Taxes Real estate taxes are estimated based upon a sale.

Utilities Utilties reflected an increase based on the expansion of climate controlled storage.

Total Expenses Current expenses are based on trailing 12 months as of April 2020.

Cap Ex Reserves Cap Ex reserves are .10 per SF.

9

ADDITIONAL NOTES GENERAL NOTESStaff - owner managedAncillary income currently implemented - late fees, tenant insurance, retail sales and truck rentals.Tenant Insurance Penetration = 23%

P&L NOTESAT&T Land Lease Rent - this is rent collected from a 15 year lease that has 7% escalators each year. The following line items are utility expenses.SCEG5210114123304

SCEG5210114123272SCEG5210114123501

LEXINGTON COUNTY REASSESSMENT INFORMATIONReassessments occur on a 5 year basis. The last reassessment was in 2015 and next is 2020. The current market value is $1,342,337. Millage rate: 0.4566 - Per county assessor if the sale price is much higher than the current market value then they would deem that as the new assessed value. We modeled a worse case scenario in our analysis. Otherwise the market value will stay the same during the 5 year cycle only the millage rate would change.

12-MONTH ANCILLARY BREAKDOWNRecurring $430Late Fee $1,715NSF Fee $51Insurance $5,574Other $548Merchandise $2,055TOTAL $10,373*Taken from Management History Report. Ancillary income is rolled into P&L as rental income.

10

INVESTMENT SUMMARYFully Stabilized + Expansion

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Income Growth 0.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%Gross Potential Rent $325,764 $426,693 $439,494 $452,679 $466,259 $480,247 $494,654 $509,494 $524,779 $540,522GPR/SF $7.89 $10.34 $10.65 $10.97 $11.30 $11.64 $11.98 $12.34 $12.71 $13.10 Retail Sales $2,910 $3,000 $3,090 $3,183 $3,278 $3,377 $3,478 $3,582 $3,690 $3,800Admin Fees $3,632 $3,744 $3,856 $3,972 $4,091 $4,214 $4,340 $4,471 $4,605 $4,743Truck Rental $6,882 $7,095 $7,308 $7,527 $7,753 $7,985 $8,225 $8,472 $8,726 $8,988Late Fees $7,450 $7,680 $7,911 $8,148 $8,393 $8,644 $8,904 $9,171 $9,446 $9,729Land Lease Rent $3,991 $4,270 $4,569 $4,889 $5,231 $5,597 $5,989 $6,408 $6,857 $7,337Tenant Insurance $19,418 $20,019 $20,619 $21,238 $21,875 $22,531 $23,207 $23,904 $24,621 $25,359Sales Tax Income $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Gross Potential Income $370,048 $472,501 $486,847 $501,635 $516,880 $532,596 $548,797 $565,501 $582,722 $600,478Vacancy 29.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0%Bad Debt 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%Rent Concessions 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%COGS 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50Vacancy $38,402 $38,402 $39,554 $40,741 $41,963 $43,222 $44,519 $45,854 $47,230 $48,647Bad Debt $2,133 $2,133 $2,197 $2,263 $2,331 $2,401 $2,473 $2,547 $2,624 $2,703Rent Concessions $2,133 $2,133 $2,197 $2,263 $2,331 $2,401 $2,473 $2,547 $2,624 $2,703COGS $1,500 $1,500 $1,545 $1,591 $1,639 $1,688 $1,739 $1,791 $1,845 $1,900Sales Tax Paid $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Total Vacancy/Collection Loss $44,169 $44,169 $45,494 $46,859 $48,265 $49,713 $51,204 $52,740 $54,323 $55,952Effective Gross Income $325,878 $428,332 $441,353 $454,776 $468,615 $482,883 $497,593 $512,760 $528,400 $544,526Expense Growth 0.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%On-Site Payroll $39,200 $40,000 $40,800 $41,616 $42,448 $43,297 $44,163 $45,046 $45,947 $46,866Repairs & Maintenance $8,330 $8,500 $8,670 $8,843 $9,020 $9,201 $9,385 $9,572 $9,764 $9,959General & Administrative $9,800 $10,000 $10,200 $10,404 $10,612 $10,824 $11,041 $11,262 $11,487 $11,717Advertising & Promotion $14,700 $15,000 $15,300 $15,606 $15,918 $16,236 $16,561 $16,892 $17,230 $17,575Bank Charges $5,247 $5,354 $5,461 $5,570 $5,682 $5,796 $5,911 $6,030 $6,150 $6,273Professional Fees $2,450 $2,500 $2,550 $2,601 $2,653 $2,706 $2,760 $2,815 $2,872 $2,929Telephone/Internet $2,579 $2,632 $2,685 $2,738 $2,793 $2,849 $2,906 $2,964 $3,023 $3,084Misc Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Management Fee $16,294 $21,417 $22,068 $22,739 $23,431 $24,144 $24,880 $25,638 $26,420 $27,226Real Estate Taxes $55,845 $56,984 $58,124 $59,286 $60,472 $61,682 $62,915 $64,174 $65,457 $66,766Utilities $4,900 $5,000 $5,100 $5,202 $5,306 $5,412 $5,520 $5,631 $5,743 $5,858Insurance $4,654 $4,749 $4,844 $4,941 $5,040 $5,140 $5,243 $5,348 $5,455 $5,564Total Operating Expenses $163,999 $172,136 $175,801 $179,547 $183,375 $187,288 $191,286 $195,373 $199,549 $203,818Expense Ratio 50% 40% 40% 39% 39% 39% 38% 38% 38% 37%NOI $161,879 $256,196 $265,551 $275,229 $285,240 $295,595 $306,307 $317,388 $328,850 $340,708

CapEx Reserves $5,039 $5,039 $5,039 $5,039 $5,039 $5,039 $5,039 $5,039 $5,039 $5,039

NOI After Cap Ex $156,841 $251,157 $260,513 $270,190 $280,201 $290,556 $301,268 $312,349 $323,812 $335,669

Stabilization occurs in Year 2.

Revenue increases by 3% each year starting in year 3.

Expenses increase by 2% each year.

Management fees are 5% of the EGI.

Real estate taxes are estimated based on a sale and reflected in year 1.

Cap Ex reserve is based on .10 per SF.

10 Year Model Notes

11

RENT COMPS

Non-Climate Property Information

5x5 5x10 10x10 10x15 10x20 10x25 Address Distance Year Built Asset Quality (A/B/C)

Eagle One Self Storage $33 $47 $73 $84 $113 $145 1711 Lake Murray Blvd Columbia SC 29212 0 1993 B

Dam Self Storage Unit $85 $105 $135 2260 Lake Murray Blvd, Columbia, SC 29212 1.25 2018 A

Irmo Self Storage $50 $80 $100 $125 1073 Lake Murray Blvd Irmo SC 29063 1.42 2002 B

Storage Rentals of America $69 $119 901 Columbiana Drive Irmo SC 29063 1.86 1989 B

Extra Space Storage $82 $76 $87 $111 $117 6169 St Andrews Road Columbia SC 29212 2.48 1993 B

U - Haul Moving & Storage $110 $150 3754 Fernandina Road Columbia SC 29210 4.02 2000 A

Silver Fox Storage $79 $119 333 Broad Bill Road Irmo SC 29063 4.19 2008 B

CubeSmart Self Storage $51 $85 $110 $193 208 Jamil Road Columbia SC 29210 4.69 1993 C

Public Storage $75 4935 Sunset Blvd Lexington SC 29072 4.79 2002 B

U - Haul Moving & Storage $40 $80 $115 $125 156 Jamil Road Columbia SC 29210 4.88 1993 B

Competitor Average: $40 $67 $84 $117 $120 $155

Difference Subject & Comp ($7) ($20) ($11) ($33) ($7) ($10)

12