SENTRY
MARKET FEASIBILITY STUDY
Prepared for:
YOUR COMPANY
March 2007
p
ISENTRTSELF-STORAGE
12375 West Sample Road, Coral Springs, FL 33065
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TABLE OF CONTENTS
MARKET FEASIBILITY STUDY 1Location MapForward ReportProject DescriptionProperty Photographs
GENERAL 6The Self Storage MarketWhat is Self Storage?The Concept of Self StorageREIT's Strong Effect on Self-StorageKey Credit FactorsExit Strategy or Opportunity?Overbuilding in Some Markets is a Particular ConcernOverall Projections for a Stable Outlook
SELF STORAGE MARKET ANALYSIS & TRENDS 20Macroeconomic Analysis
THE SUBJECT PROPERTY 28Community InformationCommunity DemographicsMicroeconomic MarketMarket OwnershipExecutive SummaryAbsorption Analysis
COMPETITIVE ANALYSIS 54Competition Map: 1, 3 & 5 Mile RadiusCompetition DataCompetition SummaryCompetition Rate Survey (Ail Competitors)
SITE LOCATION 72Site Layout and DesignDesign, Build and Construction
FINANCIAL INFORMATION 757 Year Projections
Unit MixExpensesStaffing
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FINANCIAL INFORMATION (Continued) 75
Absorption AnalysisExit StrategyFinanceFacility Operations: Advertising & Marketing
CONCLUSIONS 101Recommendations
SUMMARY 108Company ProfileGeneral Underlying Assumptions & Limiting Conditions
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MARKET FEASIBILITY STUDYLOCATION MAP
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FORWARD REPORT
This report was prepared exclusively for Sentry Self-Storage Management'sclient, Your Company for a proposed project to develop raw land and constructa state-of-the-art self-storage project, including, but not limited to traditional self-storage, both air conditioned and non-air conditioned storage units. The servicesrequested were for an investment analysis for the property located at theconfluence of South Dixie Highway also known as Highway US 1 andCommercial Street in Florida City, Dade County, Florida (referred to as theSubject property herein), a vacant land parcel proposed to be developed for self-storage use.
While every attempt was made to provide the highest level of accuracy andreliability, it must be recognized that the report relies heavily on written andverbal information as provided by others. In some cases these sources arecompetitors, who may have a vested interest in skewing the data. Also, themunicipalities have been contacted and interviewed, in person or by phone, todetermine possible projects that are in plain view, submission, pending approval,or have been approved. Municipalities are notorious for incomplete information,and often they require that specific parcel number be provided in order todetermine if zoning or planning issues are pending.
Every attempt has been made to eliminate possible misrepresentations. Writtendatum is the property of Sentry Self-Storage Management, and has been used tocreate the opinions and statements herein. Sentry Self-Storage Managementaccepts no responsibility and shall not be held liable for misinformation, eitherintentional or accidental, and cannot be held responsible for any decisions thedeveloper may make based on this report. Sentry Self-Storage Managementused sources deemed reliable and redundant checks were employed, however,there is always some risk that data may have been missed. One should beaware of this fact in decision-making based on this report. Also, the assumptionsherein are based on the use of seasoned professionals in the development,entitlement, design, construction, marketing, operations and management of theproperty.
PROJECT DESCRIPTION
A self-storage facility is proposed near the confluence of Highway US 1 andCommercial Street in Florida City, Florida. Situated on 4.067 acres of a largertract, proposed construction includes a 2-story state-of-the-art climate-controlledbuilding with climate-controlled units and several outside ground access standardnon-climate buildings to be constructed in one single phase. This may include anon-site management apartment, but will include a rental office and improvementsincidental to the operation of a self-storage facility and related business activity.
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Feasibility is contingent upon all approvals, permits, and licenses having beenobtained. The site itself presents some unique opportunities:
• Highway US 1 (South Dixie Highway) has good traffic at the site locationwith 285 feet of highway frontage
• Signage should be proposed on Highway US-1.• There is an abundance of vacant land fronting Highway US-1 that could
potentially be developed for self-storage; however, the Subject would notbe out-positioned unless development occurred directly across the streetfrom Subject. Additionally, it is unlikely the vacant land is affordable forself-storage development.
• Population density is good in this market• The subject site is zoned "I", Light Industrial which is adequate for self-
storage development.
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PROPERTY PHOTOGRAPHS
Subject PropertyFront (East)
Subject PropertySouth
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Subject PropertyNorth
Subject PropertyWest (Across the Highway US-1)
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GENERALTHE SELF STORAGE MARKET
The demand for self-storage space continues to grow as the populationincreases. This is primarily due to affordable residential real estate prices andstrong employment. Current construction standards in Florida, which include nobasements and limited attic space, doesn't adequately address the consumer'sneed for storage space, which is met by self-storage facilities, such ascontemplated herein.
There has been a growing trend to construct three car garages in new homeconstruction for families mitigates this demand slightly, however, three cargarages were not evident in this market area. The majority of dwellings in thisarea are estimated to be structures of 1 unit detached (XX%) for the current year.Most of the residential construction in the target market area, (XX%) areestimated to have been constructed in 1999 to present, as was some of the retailand commercial improvements. In the last decade, several multi-family projectshave been built, most notably directly northeast of the Subject property along theFlorida Turnpike on both of the east and west sides, as well as north alongHighway US-1 in Florida City, which gives the area a sense of newness. Asquickly as the demand for self-storage has increased, both nationally and inFlorida, developers have responded quickly to this need, through theconstruction of self-storage facilities. Dade County is no exception.
The consensus in the industry is that the self-storage real estate sector is stable.Several factors, particularly increasing competition...
The self-storage industry is not as well understood as other real estate sectors;however, this is changing. Long considered a non-traditional real estate sector,self-storage has undergone a significant transformation and grown over the lastdecade. The most important development for the industry has been itsacceptance across a broad cross section of investors as a legitimate andattractive real estate investment. At this time the self-storage industry hasgained credibility among a wider circle of potential investors; this is a reflection ofits sound performance.
WHAT IS SELF-STORAGE?
Self-storage facilities, also referred to as self-service storage and mini-warehouses, provide customers with temporary storage space.
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Customer Base:
Self-storage is primarily for personal use, with 74.4% of the space being rentedfor residential use by private individuals, 20% rented by business customers,primarily small businesses, 2.7% rented by military personnel, followed by 2.6%rented by students in 2006.
Military 2.7%Students 2.6%
Commercial 20%
Residential 74.4%
Solid growth is indicated in the commercial customer segment for self-storage,which rose from XX% in 2005 to XX% in 2006. The XX% figure marks thehighest level seen since 1995 when commercial tenants made up XX% of themix. This may be in part due to the growth of small businesses. According to theWhite House in April 2006, small businesses now create two out of every threenew jobs and account for nearly half of America's overall employment.
While the overall region or facility characteristics can influence customer base,when located within or adjacent to a residential neighborhood, a self-storagefacility will typically...
The Self-Storage Industry:
The self-storage industry began in the early 1960's, mainly in the SouthwesternUnited States, responding to changing lifestyles; the population had becomemore mobile and the popularity of apartment living and smaller homes arose,increasing the need for temporary storage space. More recently...
The industry today has recovered and has grown in size and popularity. Whatwas once a highly fragmented family run ("mom and pop") industry, the self-storage industry has now attracted a wide variety of investors, including REIT's,which lead the self-storage industry.
The majority of self-storage facilities are concentrated in the...
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According to a U.S. Census report, the biggest population gain during the pastfive years in U.S. metropolitan areas with 50,000 or more residents occurred inFlorida and in states west of the Mississippi. Most of the fastest growingmetropolitan areas were...
Self-storage serves an important service, especially given that the U.S.population is on the move. Today's self-storage facilities are dramaticallydifferent than the facilities built in the 1960's and 1970's and even ten years ago.The public real estate market, lower interest rates, and specifically self-storageREIT's are providing much needed capital and creating stronger awareness forthis real estate sector. Much work has been done to increase awareness and thepopularity of the self-storage business as a viable investment option.
Historically low interest rates over the past few years have continued to feed theneed for self-storage among residential users, especially...
INDUSTRY PROFILE
Total Number of FacilitiesAverage Number of Units per FacilityAverage Facility Net Square FootageTotal Number of UnitsTotal Rentable Square FootageAverage Rentable Square Footage per Person
State with Most FacilitiesState with Fewest Facilities
State with Most Rentable Square Footage perPersonState with Least Rentable Square Footage perPerson
Metro Area with Most Facilities
Metro Area with Most Rentable SquareFootage per Person
Largest Self-Storage Company
By Number of FacilitiesBy Rentable Square Footage
By Number of FacilitiesBy Rentable Square Footage
2006
Texas-9,039Hawaii-74
Montana-23.99
Hawaii-3.62
New Orleans,Kennar, LA-
11.77
Public Storage
2005
67,122707
40,23718. 62 million2,654 billion
7.54
Albuquerque,NM-9.4
Public Storage
7.6%5.5%
11.5%16.1%
2004
Texas-7,645North Dakota-
54Montana-
16.38New York-
1.89
Dallas, TX-1,094
Stockton, CA-17.2
PublicStorage
2003
87,011999
36,68112.67 million1.777 billion
6.54
Houston, TX-806
Mobile, AL-8.6
Public Storage
6.8%9.4%
16.5%19.2%
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Market Share of Top 50 Compa
By Number of FacilitiesBy Rentable Square Footage
:
EconomicPhysical
"Various MSA have been modified by the US Census Bureau"Includes international facilities^Information not available
#91.0%
#89.2%
15.7%26.2%
#82.6%
The data in this table has been edited and reflects omitted and inaccurateinformation. The format of this table is for informational purposes only. ActualFeasibility Studies contain accurate data.
With the slowdown in the housing boom, many who would have bought a newhome a year ago are settling instead for apartment living. As a result, thedemand for apartments is soaring; and so are the rents. Another mitigatingfactor is that the supply of apartment rentals tightened even more over the pastyear as many apartments were converted to condominiums. Many of these high-priced condos are now returning to the rental markets as owners struggle to sellthem in a declining market. With apartment and condo rents being sometimespricier than housing, many are seeking out smaller apartments, which of course,offer even less space for storage, making self-storage an ideal alternative.
In Florida,
Units are typically leased on a month-to-month basis, with an average rentalperiod in 2006 of XX months to a residential customer, XX months for acommercial customer, XX months for students and XX months for militarypersonnel.
ustomer Base Length of Stay
Rates vary
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Southeast Rental Rate Trend, 2002 - 2006
a 2002§2003D 2004D2005• 2006
5x5 5x10 10x10 10x15 10x20 10x25 10x30
THE CONCEPT OF SELF STORAGE
The concept of self storage was still unheard of 100 years ago, and it would take50 to 60 years for the industry to be established. Yet today...
Just as we now enjoy many modern conveniences
With this growth has come tremendous innovation, such as computerized accessand automated security and even rental kiosk systems. Many facilities haveentered the next era with web sites that allow customers to reserve their unitsand pay their monthly rent online. The role of the facility manager has evolvedfrom someone who just answered phones and rented units to someone who isskilled at technology, marketing, maintenance, and customer service.
100 -I80 -
An -on .
Electronic Facility Automations
—™
Security Access Control Computerized KiosksRent Payments
D Security
a Access Control
D Computerized RentPayments
D Kiosks
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On the flip side of the coin, growth has brought increased competition. Investorsmust now carefully examine economic and...
Once a facility is built, its operator must craft a focused marketing plan thattargets not only residential users, but also the growing commercial client base, inorder to garner optimum rent and occupancy levels.
The concept of self-storage....
REIT'S STRONG EFFECT ON SELF-STORAGE
Self-storage has grown into a sophisticated asset class with great appeal forindividual investors, regional operators, national operators, and Wall Streetinvestment through REITs. Moreover, it is also now recognized by investors anddevelopers from other real estate sectors partly due to the fact that, in general,the public is finally coming to understand the industry. With more than 13 yearsof the REITs..
Investment Performance bv Prooertv Sector & Sub sector
30
25
2(H
15
2005 9/30/2006
D Industrial/OfficeU IndustrialD OfficeD Retail• Shopping CentersD Regional MallsH DiversifiedD Lodging/Resorts• Health CareB Self StorageD Speciality
Growth in the self-storage industry has been somewhat driven by three sourcesover the past few years
KEY CREDIT FACTORS
The self-storage industry, while subject to many of the same influences as anyother type of real estate, has unique characteristics that affect the evaluation ofcredit quality.
Real estate operators ....
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The following provides an overview of major features of the self-storage industrythat influence the credit opinions.
Self Storage Facilities Generate More Stable Cash Flows Then Most OtherTypes of Commercial Real Estate
Reaching stabilization of a self-storage facility ....
The Self-Storage Industry is a More Management Intensive Business Then RealEstate Businesses
The most important ingredient for success in the self-storage industry is probablygood facility management coupled with creativity in providing....
Diversified Cash Flows Add Stability
A factor that adds stability to a self-storage operator's cash flows is that self-storage facilities' cash flows are inherently diversified by the number of tenants.In this respect...,
Seasonal Swings Subjecting the Self-Storage Industry
As mentioned earlier in this report, the largest users (74.4%) of self-storage areresidential customers. Residential customers....
The Self-Storage Keys to Success
Several factors that distinguish the successful self-storage operator from lesssuccessful operators are as follows:
• Self-storage operators owning several facilities are generally
• It is not enough just to open self-storage facilities...:
Operations: Self-storage operators with solid infrastructure andcustomer service functions have a competitive edge.Location: Self-storage operators with facilities that are highlyvisible and easily accessible have a competitive advantage...Innovation: A self-storage operator's ability to be innovative, aswell as foresee and introduce new products and services thatbest suit evolving consumer needs, is critical....Ancillary Products and Services: Providing ancillary productsand services to customers is another differentiating factor ofstorage products and services being offered for sale at the self-storage facilities and the effectiveness of a self-storage...
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Combined, these important operational aspects of the self-storage businessexpand each operator's financial strategies. Ultimately, an operator's financialhealth and flexibility exert a powerful influence on its ability to implement itsoperating model. Thus, both the operational and financial aspects of a particularcompany must be viewed in tandem.
EXIT STRATEGY OR OPPORTUNITY?
There is a wide spread belief that there exists significant opportunity andpotential for further consolidation and business combinations with the self-storage industry in general, and for the five largest owners/operators of self-storage REIT's in particular.
Consult the section of EXIT STRATEGY later in this report for specificconsiderations about the subject property.
OVERBUILDING IN SOME MARKETS IS A PARTICULAR CONCERN
Overbuilding in some areas are more pronounced than in others. During the pastdecade this was an area of particular concern; however, as mentioned earlier inthis report, given the shorter development time frame for self-storage, marketreaction is faster compared to other real estate sectors. Consequently,overbuilding is not as likely a problem and occupancy rates remain high througheconomic cycles.
While some pockets of the United States are clearly overbuilt, or are in theprocess of being overbuilt...
Lenders in some markets are becoming more discriminating about supplyingfinancing and operators are becoming more selective of the sites on which theyplan to build facilities.
It was believed in early 2000, of an industry-wide slowdown; however that is notthe case.
The number of self-storage facilities in the United States continues to grow at asteady pace, up approximately...
Assuming that the self-storage industry is 50 years old with 42,967 facilitiesnationwide, the industry growth rate has been at an average pace of more than800 facilities per year. As a comparison, this pace beats the growth rate ofMcDonald's restaurants, with more than two new self-storage facilities beingconstructed everyday in the United States over the last 50 years.
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OVERALL PROJECTIONS FOR A STABLE OUTLOOK
The overall projection is for a stable outlook for the medium term, reflecting theindustry's current good economic fundamentals and operating performance.
The professional self-storage operators are continuing to see...
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SELF-STORAGEMAU-wiSE'.'E "•'
SELF-STORAGE MARKET ANALYSIS AND TRENDS
MACROECONOMIC ANALYSIS
This section analyzes the trends in a macroeconomic analysis of the market forself-storage warehouse space. The macroeconomic analysis examines trends,which are occurring both nationally and regionally.
More people are using self-storage today than ever before, and more facilitiesare being built than ever before. The industry saw the addition of an estimated1,800 new facilities in 2006, increasing the nation's available square footage bymore than 17%. New development was spurred by consumers' growingawareness of the product, teamed with low interest rates and millions ofhomeowners in transition. Stronger demand from commercial clients also fueledthe industry's expansions.
As shown in the following table, more self-storage space is available to Americanconsumers and businesses than ever before. Nationally the average rentablesquare footage....
The supply index is calculated for each state in the table. To calculate this figure,first the net rentable square footage for each state is divided by the totalpopulation of that state. The resulting number is the square footage per personfor that state. Next, the square footage per person number is divided by thenational average....
STATE SATURATION LEVELS*
AlabamaConnecticutDistrict of ColumbiaFloridaGeorgiaHawaiiIdaho
Number ofFacilities
2,587
Area SquareFootage
41,736,21414,560,196
934,796116,938,96663,276,508
3,386,1327,293,276
2006*Population
4,635,2143,549,033
563,84218,478,3099,553,7961,279,3711,475,700
'Population data from US Census Bureau reflects July 2666 to July 201 1 changes.
RentableSquare
Footage PerPerson
9.004.1
1.766.336.652.62
11.71
SupplyIndex
141642899
10441
183
The data in this table has been edited and reflects omitted and inaccurateinformation. The format of this table is for informational purposes only. ActualFeasibility Studies contain accurate data.
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This ratio for the state does not include the influx of seasonal or part-timeresidents arriving in Florida during the winter months. These residents mayrequire storage space alongside the year-round residents, driving up demand.The Almanac does not provide details for the markets surrounding the subjectproperty.
Self-Storage Occupancy Levels
Ask three different self-storage owners about their occupancy levels, and youmight get three different answers. One might proudly proclaim that nearly everyunit is rented, and another might tell you how almost every rentable square footare occupied. The third, however, might inform you that, while not every unit wasfull, every rented unit was generating its highest potential income.
Why do industry professionals have such varying views of occupancy? It'ssimply because occupancy can be measured in several different ways.Foremost in many people's minds are physical occupancy; the direct measure ofhow many units are rented. Meanwhile, some owners think in terms of totalsquare footage. For example...
The third way to look at occupancy is form an...
Since economic occupancy is so important, this data should encourage facilityowners and operators to more closely examine their own economic occupancylevels to achieve maximum profits.
As shown in the following table, nationally, physical occupancy held steady atXX% in 2006 compared to the prior year. Economic occupancy trailed thephysical rate of XX%. The Mountain states showed the highest physical andeconomic rates, XX.2% and XX.6%, respectively, while New England recordedthe lowest occupancy rates, with physical occupancy averaging XX.9% andeconomic occupancy averaging XX. 1%
When comparing 2005 data to 2006 physical occupancy rates, it is apparent thatthe hurricanes of 2005 continue to impact occupancy levels. The South Centralregions were the only areas...
REGIONAL OCCUPANCY RATE TRENDS*
Division
East South CentralWest South Central
April 30. 2006Economic Physical
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The data in this table has been edited and reflects omitted and inaccurateinformation. The format of this table is for informational purposes only. ActualFeasibility Studies contain accurate data.
Variations are apparent when examining occupancy rates from a facility sizeperspective as shown in the following table from April 2006 data. Both physicaland economic occupancy rates are highest at the largest facilities; those of100,000 or more square feet. The next highest rates, however, were noted at thesmallest facilities; those of less than 25,000 square feet. The lowest rates werenoted..
OCCUPANCY RATESSQUARE FOOTAGELess than 25,00025,000 - 49,99950,000 - 74,99975,000 - 99,999100,000 or More
Economic Physical
22.011.857.144.444.6
26.612.751.548.647.3
The data in this table has been edited and reflects omitted and inaccurateinformation. The format of this table is for informational purposes only. ActualFeasibility Studies contain accurate data.
While many factors can affect occupancy, it seems that larger facilities may besucceeding by offering the most advanced amenities and security, while thesmaller facilities may have the personal customer service touch that customers'value....
Facilities offering the most units...
Economic PhysicalOCCUPANCY RATESNUMBER OF UNITS1-99 40.0 35.3100-299 42.7 55.6300-499 66.5 28.8500 - 999 68.3 62.7
11,000 or More | 80.9 80.3The data in this table has been edited and reflects omitted and inaccurateinformation. The format of this table is for informational purposes only. ActualFeasibility Studies contain accurate data.
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When analyzed by market area, as shown in the following table from April 2006data..
OCCUPANCY RATESMARKETAREAHeavy IndustrialCommercial/RetailUrban/DowntownResidentialRural Areas
Economic Physical
27.251.258.162.333.7
60.685.374.644.178.1
The data in this table has been edited and reflects omitted and inaccurateinformation. The format of this table is for informational purposes only. ActualFeasibility Studies contain accurate data.
Lastly, the oldest facilities, the most likely to have long-term tenants...Interesting, the next age class, 1981 to 1985, showed the largest spreadbetween the two figures as XX percentage points followed by the 1991 to 1995category, with a difference of nearly the same amount...
OCCUPANCY RATESYEAR FACILITY BUILTPrior to 19811981 to 19851986 to 19901991 to 19951996 to 20002001 to 20042005 or after
46.135.165.194.222.619.133.0
Physical
26.221.178.140.562.212.666.0
The data in this table has been edited and reflects omitted and inaccurateinformation. The format of this table is for informational purposes only. ActualFeasibility Studies contain accurate data.
Self-Storage Rental Rates
Rental monies provide the essential operating income to maintain the facility, paythe employees, and keep the facility owner in business. Rental rates rise or falldepending on consumer demand and thus serve as an essential measure of notonly a facility's health, but also the well-being of the industry as a whole.
Using rental rates as an indicator...
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RENTAL RATE TREND5x5 5x10 10x10 10x15 10x20 10x25 10x30 20x20
SOUTHEAST20022003200420052006NATIONAL20022003200420052006Insufficient DataThe data in this table has been edited and reflects omitted and inaccurateinformation. The format of this table is for informational purposes only. ActualFeasibility Studies contain accurate data.
Climate-controlled facilities continue to enjoy higher rental rates than the overallaverages, as shown in the following table. For example in the case of a 10x30unit..,
2006 RENTAL RATES CLIMATE CONTROLLED FACILITEIS5x5 5x10 10x10 10x15 10x20 10x25 10x30
REGIONNorth CentralNortheastSouth CentralSoutheastWestNATIONAL
The data in this table has been edited and reflects omitted and inaccurateinformation. The format of this table is for informational purposes only. ActualFeasibility Studies contain accurate data.
In the hot and humid South Central states, climate-control has a significantimpact on rental rates. For example, in the 10x20 segment, rental rates atclimate controlled facilities are about 56% higher nationally, and 40% to 50%higher in most regions. However, in the Southeast region, the average rentfora climate controlled 10x20 unit...
It seems that consumers in the Southeast region, which includes Florida, arewilling to pay more to protect their goods from the effects of extremetemperatures and humidity. This is especially true...
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THE SUBJECT PROPERTY
COMMUNITY INFORMATION
LocationFlorida City is located at the eastern end of the only road running through theEverglades National Park, which terminates at Flamingo, Florida City is thesouthernmost city in the United States which is not on an island. It is also thelast stop on the mainland north of the Florida Keys.
TopographyFlorida City is 3.2 square miles in area and is located in Miami-Dade County,Florida. Florida City is situated between Miami and the Florida Keys; mostly atopa limestone ridge called the Miami Rock Ridge that extends south from presentday north to Miami Beach to a location in Everglades National Park. The ridge,consisting of Miami Limestone, serves as the higher ground within thecommunity. The ridge extends from northeast to southwest across the city.Florida City today serves as the southern terminal of the Florida Turnpike.
TemperatureThe mixture of the Gulf Stream current running off the coastline, and cool oceanbreezes rolling off the sea, produces a wonderful average temperature of 78degrees.
Map
LUCY STREET (SW 328th ST.) g LUCY STREET (SW 328th ST.)//'
13
c5 Q; 1 i ̂Ql Arthur Vining Davts Blvd. ^ r t^-— /V _A/thur Vjning Davis
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SW 7B1 St (SW 3S2nd St.) SW 7th ST. (SW 352nd St.)
' FLORIDA CITY ̂SCALE l" = l?0f' V f ,V
CITY MAP "̂̂
John PennekampState ParkKey Largo
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This map shows the extraordinary collection of major thoroughfares that intersectin Florida City; Krome Avenue, the Florida Turnpike, and Highway US 1, whichcarries I-95 traffic from Miami at this point). Unlike the only other place wherethey meet in South Dade County, these thoroughfares intersect at grade inFlorida City.
As a result, traffic must move slowly, allowing motorists to easily access localcommerce. The only two routes into the Florida Keys also converge at this point.Six million automobiles, many of them transporting tourists in a leisure state ofmind, pass through Florida City annually.
Florida City, along with serving as the mainland entrance to the Florida Keys,Florida City also serves as the gateway to the main section of EvergladesNational Park. Motels and eateries are located along Highway US-1 prior totaking the highway south into the Florida Keys.
Historic Overview
Florida City is an old city by South Florida standards. Its early history involvedconflicts between Southern and Northern settlers. The first settlers, originallyfrom Topeka, Kansas, had settled in Homestead but moved out into thewilderness area that became Florida City in 1910. Many southern familiesseeking homesteads followed. In 1913 the Model Land Company from Michiganpurchased 22,000 acres. They advertised heavily in Detroit and attractednortherners to their "Garden of Eden". Detroiters named the area Detroit butapparently became dissatisfied with their purchases. Conflict developed whenthe southern families and the Detroiters moved back north shortly thereafter. In1914 the city was incorporated. The remaining families named it Florida City.
By 1922, Florida City had grown to a population of over 800. The city had a drugstore, a hardware store, and a three story hotel. South of the town was thelargest Ice Plant in the state and a lumber mill; however, most of the towns'economy came from farming. Florida City's limits were extended to BiscayneBay in 1925. Because of its lack of development...
Royal Palm State Park Lodge sometime after its construction in 1916 for theFlorida Federation of Women Clubs by J.F. Umphrey of Homestead. The FloridaFederation of Women Clubs acquired 960 acres from Mrs. Henry M. Flagler and960 acres from the State of Florida for its Royal Palm State Park. In 1921 theState gave them another 2,080 acres. The women operated the Royal PalmLodge where lodging and meals were available, as a means of financing theupkeep.
They also grew Royal Palms for sale 156 of them ended up on Florida City'sPalm Drive in 1922 and others in Homestead on Krome Avenue. After the
2007: Sentry Self Storage Management Page -21-Prepared for: Your Company March 29, 2007
iSENTRY
COMMUNITY DEMOGRAPHICS
The demographic data is provided by XXX, and is copyrighted by XXX. Thedemographic information includes original data of the 1990 and 2000 Census, aswell as 2006 estimated and projected 2011 demographic data.
The margin of error in estimation and projection is believed to be accurate andrespective of the area; however, no warranties can be made as to the accuracy.
The data is that of a three-ring radius surrounding the subject property. Theradius rings are 1 mile, 3 miles and 5 miles.
Sentry Self-Storage Management feels the demographics for this area match inmost areas, but not ail, with an ideal storage market. With the projectedanticipated growth, the subject property is a suitable location for self-storagedevelopment.
See Sample Demographics Report
2007: Sentry Self Storage Management Page -23-Prepared for: Your Company March 29, 2007
Demographics BookletR E P O R T S • M A P S • C H A R T S
9 West Northfield RoadLivingston, New Jersey 07039
Sample Company,Inc.
Population, 2006
1 mi: 6,1273 mi: 53,1695 mi: 189,660
LatitudeN 40.778533
LongitudeW 74.336072
Households, 2006
1 mi: 2,0783 mi: 19,1855 mi: 70,456
Produced by www.BuyDemographics.com
Sample Company,Inc.
Table Of Contents
DEMOGRAPHIC REPORTS
Summary Report (2000 Census) 1
Demographic Projections Report (est. 2006, 2009, 2014) 3
Full Report (2000 Census) 6
Business Report (2000 Census) 10
Zip Code Carrier Route Report 11
Consumer Expenditure Report (2000 Census) 12
DEMOGRAPHIC MAPS
Population Density 13
Household Density 14
Household Income 15
Age of Structures 16
DEMOGRAPHIC CHARTS
Population Composition by Selected Groups (2000 -2014) 17
Produced for Ron Bouskelaby www.BuyDemographics.com
A December 12, 2006
9 West Northfield RoadLivingston, New Jersey 07039
Sample Company,Inc.
Census 2000Summary Report
1 MILE 3 MILE 5 MILE %
Total Population
SEX
MaleFemale
AGE
Under 1 8 years18 -34 years35 - 54 years55 years and older
Median Age (Years)
RACE/ETHNICITY
WhiteBlack or African AmericanAsian/Pacific IslanderAmerican Indian/Alaska NativeSome other race
Hispanic or Latino (of any race)
EDUCATION
Population (25+ years)
Less than high schoolHigh school graduateSome collegeCollege graduateGraduate or professional degree
MARITAL STATUS
Population (16+ years)
Married maleUnmarried male
Married femaleUnmarried female
5,856
2,9002,956
1,583924
2,0011,348
37.7
4,45042
9765
87
296
3,942
224676598
1,964480
4,485
1,634529
1,973349
100.0
49.550.5
27.015.834.223.0
76.00.7
16.70.11.5
5.1
100.0
5.717.115.249.812.2
100.0
36.411.8
44.07.8
50,812
24,16326,649
12,5157,132
16,50714,658
41.3
41,908829
6,15931
500
1,385
35,901
2,3776,4005,204
17,5074,413
40,325
14,6514,045
17,5454,084
100.0
47.652.4
24.614.032.528.8
82.51.6
12.10.11.0
2.7
100.0
6.617.814.548.812.3
100.0
36.310.0
43.510.1
181,251
86,25794,994
44,32331,67459,10046,154
39.3
142,08313,88813,223
1422,883
9,032
126,351
10,09623,59017,92060,40914,336
143,151
50,23216,645
60,03716,237
100.0
47.652.4
24.517.532.625.5
78.47.77.30.11.6
5.0
100.0
8.018.714.247.811.3
100.0
35.111.6
41.911.3
Produced for Ron Bouskelaby www.BuyDemographics.comDecember 12, 2006
This report was generated using data fromgovernment sources deemed reliable. We cannotassume responsibility for its accuracy.
9 West Northfield RoadLivingston, New Jersey 07039
Sample Company,Inc.
Census 2000Summary Report
1 MILE 3 MILE SMILE
Total Households
HOUSEHOLD TYPE
FamilyMale head of householdFemale head of household
Children under 1 8 presentNo children under 18 present
Non-family
HOUSEHOLD SIZE
One personMaleFemale
Two personsThree personsFour personsFive or more persons
Average Household Size
HOUSEHOLD INCOME
Under $15,000$15,000 -$29,999$30,000 - $49,999
$50,000 - $79,999$80,000 - $99,999$100,000 and above
Median household income
HOUSING OCCUPANCY/TENURE
Total Housing Units
Occupied
Owner occupiedRenter occupied
Vacant
1,947
1,6221,323
299
790832325
27850
228546460424239
2.5
49140235
261263999
$98,477
1,958
1,939
1,87267
19
100.0
83.368.015.4
40.642.716.7
14.32.6
11.728.023.621.812.3
2.57.2
12.1
13.413.551.3
100.0
99.0
95.63.4
1.0
17,977
14,36311,7182,645
7,6486,7153,614
3,225947
2,2785,9493,2543,6321,917
2.4
7611,2132,126
2,7842,4498,644
$109,198
18,319
17,960
15,5682,392
359
100.0
79.965.214.7
42.537.420.1
17.95.3
12.733.118.120.210.7
4.26.7
11.8
15.513.648.1
100.0
98.0
85.013.1
2.0
66,020
49,45338,89110,562
26,18023,27316,567
14,1204,7389,382
21,44111,56111,6877,211
2.3
3,6655,1458,750
10,3159,142
29,003
$100,268
67,482
65,981
51,43814,543
1,501
100.0
74.958.916.0
39.735.325.1
21.47.2
14.232.517.517.710.9
5.67.8
13.3
15.613.843.9
100.0
97.8
76.221.6
2.2
Produced for Ron Bouskelaby www.BuyDemographics.comDecember 12, 2006
This report was generated using data fromgovernment sources deemed reliable. We cannotassume responsibility for its accuracy.
9 West Northfield RoadLivingston, New Jersey 07039
Sample Company,Inc.
DemographicProjections Report
Index(Year 2000 = 100)
1 MILE RADIUS
Total Population
SEX
MaleFemale
AGE
Under 18 years18 -34 years35 - 54 years55 years and older
RACE/ETHNICITY
WhiteBlack or African AmericanAmerican Indian/Alaska NativeAsian/Pacific Islander
Hispanic or Latino (of any race)
HOUSEHOLD TYPE
FamilyNon-family
Total Family Households
FAMILY INCOME
Less_than $10000$10000 to $14999
$15000 to $24999$25000 to $34999
$35000 to $49999$50000 to $99999
$100,000 and above
2000
5,856
2,9002,956
1,583924
2,0011,348
4,45042
5976
173
1,373574
1,373
11995
8986
70128
148
Est. 2006
6,127
3,0333,094
1,4691,3181,8851,456
4,53545
51,057
200
1,456622
1,456
146114
10694
79134
143
Est. 2009
6,214
3,0743,140
1,4551,3701,8571,531
4,519466
1,091
216
1,493643
1,493
127105
9992
77139
161
Est. 2014
6,384
3,1553,229
1,4631,4461,7761,700
4,498486
1,149
243
1,559670
1,559
168122
11599
85140
148
2006
105
105105
9314394
108
102107107108
116
106108
106
122120
118109
112105
96
2009
106
106106
9214893
114
102109111112
125
109112
109
106110
111107
109109
109
2014
109
109109
9215689
126
101113117118
140
114117
114
141128
129115
121109
100
Produced for Ron Bouskelaby www.BuyDemographics.comDecember 12, 2006
This report was generated using data fromgovernment sources deemed reliable. We cannotassume responsibility for its accuracy.
9 West Northfield RoadLivingston, New Jersey 07039
Sample Company,Inc.
DemographicProjections Report
Index(Year 2000 = 100)
3 MILt KAUlUb
Total Population
SEX
MaleFemale
AGE
Under 18 years18- 34 years35 - 54 years55 years and older
RACE/ETHNICITY
WhiteBlack or African AmericanAmerican Indian/Alaska NativeAsian/Pacific Islander
Hispanic or Latino (of any race)
HOUSEHOLD TYPE
FamilyNon-family
Total Family Households
FAMILY INCOME
Less_than$ 10000$10000 to $14999
$15000 to $24999$25000 to $34999
$35000 to $49999$50000 to $99999
$100,000 and above
2000
50,812
24,16326,649
12,5157,132
16,50714,658
41,908829
316,159
999
12,6745,303
12,674
1,103875
824792
6501,179
1,369
Est. 2006
53,169
25,27327,896
12,74511,43716,35612,631
42,711884
336,668
1,156
13,4415,744
13,441
1,3441,048
974867
7301,237
1,317
Est 2009
53,916
25,61328,303
12,62611,89116,11613,283
42,56290434
6,887
1,246
13,7875,937
13,787
1,172965
917848
7091,282
1,489
Est. 2014
55,389
26,28129,108
12,69112,54615,40614,747
42,364940
367,249
1,403
14,3996,184
14,399
1,5551,123
1,066914
7861,289
1,368
2006
105
105105
1021609986
102107107108
116
106108
106
122120
118109
112105
96
2009
106
106106
1011679891
102109111112
125
109112
109
106110
111107
109109
109
2014
109
109109
10117693
101
101113117118
140
114117
114
141128
129115
121109
100
Produced for Ron Bouskelaby www.BuyDemographics.comDecember 12, 2006
This report was generated using data fromgovernment sources deemed reliable. We cannotassume responsibility for its accuracy.
9 West Northfield RoadLivingston, New Jersey 07039
Sample Company,Inc.
DemographicProjections Report
Index(Year 2000 = 100)
t> MILt KAUIU5
Total Population
SEX
MaleFemale
AGE
Under 18 years18- 34 years35-54 years55 years and older
RACE/ETHNICITY
WhiteBlack or African AmericanAmerican Indian/Alaska NativeAsian/Pacific Islander
Hispanic or Latino (of any race)
HOUSEHOLD TYPE
FamilyNon-family
Total Family Households
FAMILY INCOME
Less than $10000$10000 to $14999
$15000 to $24999$25000 to $34999
$35000 to $49999$50000 to $99999
$100,000 and above
2000
181,251
86,25794,994
44,32331,67459,10046,154
142,08313,888
24513,120
6,566
46,54419,476
46,544
4,0493,212
3,0252,909
2,3884,329
5,027
Est. 2006
189,660
90,21999,441
45,46340,79858,34445,056
144,80414,803
26314,205
7,597
49,36321,093
49,363
4,9363,850
3,5793,184
2,6804,541
4,838
Est 2009
192,330
91,436100,894
45,04142,41657,48847,384
144,30015,146
27114,671
8,187
50,63321,805
50,633
4,3043,544
3,3673,114
2,603
5,468
Est. 2014
197,582
93,820103,762
45,27044,75354,95552,604
143,62815,745
28615,443
9,219
52,88022,710
52,880
5,7114,125
3,9133,358
2,8874,733
5,024
2006
105
105105
1031299998
102107107108
116
106108
106
122120
118109
112105
96
2009
106
106106
10213497
103
102109111112
125
109112
109
106110
111107
109109
109
2014
109
109109
10214193
114
101113117118
140
114117
114
141128
129115
121109
100
Produced for Ron Bouskelaby www.BuyDemographics.comDecember 12, 2006
This report was generated using data fromgovernment sources deemed reliable. We cannotassume responsibility for its accuracy.
9 West Northfield RoadLivingston, New Jersey 07039
Sample Company,Inc.
6
Census 2000Full Report
1 MILE SMILE SMILE
Total Population
AGE
5,856 100.0 50,812 100.0 181,251 100.0
0- 13 years14- 17 years1 8 - 24 years
25 - 34 years35 - 44 years45 - 54 years
55 - 64 years65 - 74 years75 years and older
Median Age (Years)
AGE BY SEX
Male0- 13 years
14 - 17 years18 -24 years
25 - 34 years35 - 44 years45 - 54 years
55 - 64 years65 - 74 years75 years and older
Median Age (Male)
Female
0- 13 years14- 17 years18 -24 years
25 - 34 years35 - 44 years45 - 54 years
55 - 64 years65 - 74 years75 years and older
Median Age (Female)
1,273310331
5931,202
799
524472352
37.7
2,900
698146217
279597362
228228145
36.0
2,956
575164114
314605437
296244207
39.1
21.75.35.7
10.120.513.6
8.98.16.0
100.0
24.15.07.5
9.620.612.5
7.97.95.0
100.0
19.55.53.9
10.620.514.8
10.08.37.0
9,8472,6682,396
4,7368,7967,711
5,5304,5514,577
41.3
24,163
5,1821,2921,169
2,3204,2233,601
2,6262,1091,641
40.0
26,649
4,6651,3761,227
2,4164,5734,110
2,9042,4422,936
42.6
19.45.34.7
9.317.315.2
10.99.09.0
100.0
21.45.34.8
9.617.514.9
10.98.76.8
100.0
17.55.24.6
9.117.215.4
10.99.2
11.0
35,9038,420
10,577
21,09732,31826,782
18,32514,22413,605
39.3
86,257
18,2694,2505,239
10,08615,51212,776
8,5946,4225,109
38.1
94,994
17,6344,1705,338
11,01116,80614,006
9,7317,8028,496
40.3
19.84.65.8
11.617.814.8
10.17.87.5
100.0
21.24.96.1
11.718.014.8
10.07.45.9
100.0
18.64.45.6
11.617.714.7
10.28.28.9
Produced for Ron Bouskelaby www.BuyDemographics.comDecember 12, 2006
This report was generated using data fromgovernment sources deemed reliable. We cannotassume responsibility for its accuracy.
9 West Northfield RoadLivingston, New Jersey 07039
Sample Company,Inc.
Census 2000Full Report
1 MILE SMILE SMILE
Total Population
RACE/ETHNICITY
5,856 100.0 50,812 100.0 181,251 100.0
One raceWhiteBlack or African AmericanAsian/Pacific IslanderAmerican Indian/Alaska NativeOther
Multiple races
Hispanic or Latino (any race)
EDUCATION BY SEX
Males (25+ years)
Less than high schoolHigh school graduateSome collegeCollege graduateGraduate or professional degree
Females (25+ years)Less than high schoolHigh school graduateSome collegeCollege graduateGraduate or professional degree
MARITAL STATUS BY SEX
Males (16+ years)
Married or spouse presentUnmarried or spouse absent
Never marriedSeparated/divorcedWidowedSpouse Absent/other
Females (16+ years)
Married or spouse presentUnmarried or spouse absent
Never marriedSeparated/divorcedWidowedSpouse absent/other
5,4864,450
42976
51374
296
1,839
133257318868263
2,103
91419280
1,096217
2,163
1,476687529
336560
2,322
1,517805349145220
91
93.776.0
0.716.70.10.21.3
5.1
100.0
7.214.017.347.214.3
100.0
4.319.913.352.110.3
100.0
68.231.824.5
1.53.02.8
100.0
65.334.715.06.29.53.9
48,96941,908
8296,159
3142
458
1,385
16,520
1,0022,1612,4068,3032,648
19,381
1,3754,2392,7989,2041,765
18,696
13,0675,6294,045
584534466
21,629
13,0638,5664,0841,2782,516
688
96.482.5
1.612.10.10.10.9
2.7
100.0
6.113.114.650.316.0
100.0
7.121.914.447.5
9.1
100.0
69.930.121.6
3.12.92.5
100.0
60.439.618.95.9
11.63.2
169,664142,08313,88813,120
142431
2,555
9,032
58,499
4,3208,9747,979
29,2218,005
67,852
5,77614,6169,941
31,1886,331
66,877
43,42123,45616,6452,6851,7712,355
76,274
43,64232,63216,2375,5068,1072,782
93.678.47.77.20.10.21.4
5.0
100.0
7.415.313.650.013.7
100.0
8.521.514.746.0
9.3
100.0
64.935.124.94.02.63.5
100.0
57.242.821.3
7.210.63.6
Produced for Ron Bouskelaby www.BuyDemographics.comDecember 12, 2006
This report was generated using data fromgovernment sources deemed reliable. We cannotassume responsibility for its accuracy.
9 West Northfield RoadLivingston, New Jersey 07039
Sample Company,Inc.
8
Census 2000Full Report
1 MILE SMILE SMILE
Total Households 1,947 100.0 17,977 100.0 66,020 100.0
HOUSEHOLD TYPE
FamilyChildren under 1 8 present
At least one under 6 yearsAt least one 6-17 years
No children under 1 8 presentNon-family
HOUSEHOLD SIZE
One personTwo personsThree personsFour personsFive or more persons
Average Household Size
HOUSEHOLD INCOME
Less than $10,000$10,000 -$14,999$15,000 -$19,999
$20,000 - $24,999$25,000 - $29,999$30,000 - $34,999
$35,000 - $39,999$40,000 - $49,999$50,000 - $59,999
$60,000 - $74,999$75,000 - $99,999$100,000 -$124,999
$125,000 -$149,999$150,000 -$199,999$200,000 and above
Median Household Income
1,622832
255577
790325
278546460424239
2.5
371249
276442
6213177
184263253
210246290
$98,477
83.342.7
13.129.6
40.616.7
14.328.023.621.812.3
1.90.62.5
1.43.32.2
3.26.74.0
9.513.513.0
10.812.614.9
14,3636,715
1,6525,048
7,6483,614
3,2255,9493,2543,6321,917
2.4
479282352
377484537
4871,1021,086
1,6982,4492,031
1,4801,8893,244
$109,198
79.937.4
9.228.1
42.520.1
17.933.118.120.210.7
2.71.62.0
2.12.73.0
2.76.16.0
9.413.611.3
8.210.518.0
49,45323,273
6,30616,833
26,18016,567
14,12021,44111,56111,6877,211
2.3
2,0161,6491,635
1,6531,8572,187
2,0774,4863,928
6,3879,1427,591
5,1286,3409,944
$100,268
74.935.3
9.625.5
39.725.1
21.432.517.517.710.9
3.12.52.5
2.52.83.3
3.16.85.9
9.713.811.5
7.89.6
15.1
Produced for Ron Bouskelaby www.BuyDemographics.comDecember 12, 2006
This report was generated using data fromgovernment sources deemed reliable. We cannotassume responsibility for its accuracy.
9 West Northfield RoadLivingston, New Jersey 07039
Sample Company,Inc.
Census 2000Full Report
1 MILE SMILE SMILE
Population 16+ in Labor Force 2,783 100.0 23,615 100.0 88,206 100.0
TRANSPORTATION TO WORK
Worked at homeCar/truck/van
Drove aloneCarpooled
Public transportation (incl. taxi)Walked to work
TRAVEL TIME TO WORK
Worked Outside the HomeLess than 15 minutes15-29 minutes30 - 45 minutes46 - 59 minutes60 minutes or longer
Average Travel Time (min)
Total Housing Units
YEAR STRUCTURE BUILT
1995 or later1990-19941980-19891970-1979
1960-19691950-1959Prior to 1950
Total Owner-Occupied Housing Units
HOME VALUE (OWNER-OCCUPIED)
Under $25,000$25,000 - $49,999$50,000 - $99,999
$100,000 -$199,999$200,000 - $299,999$300,000 -- $399,999
$400,000 -- $499,999$500,000 - $999,999$1,000, 000 and above
Median home value
1432,4482,240
208184
8
2,640724810501204401
25.0
1,958
00
1347
127386
1,385
1,830
11137
333678391
238151
8
$290,850
5.188.080.57.56.60.3
94.926.029.118.07.3
14.4
100.0
0.00.00.72.4
6.519.770.7
100.0
0.60.70.4
18.237.021.4
13.08.30.4
1,23420,10718,5061,6011,981
293
22,3816,0747,1593,6771,8543,617
24.5
18,319
219709804
1,934
2,3563,7238,574
14,576
6910278
1,6454,6582,766
1,9872,577
694
$388,597
5.285.178.46.88.41.2
94.825.730.315.67.9
15.3
100.0
1.23.94.4
10.6
12.920.346.8
100.0
0.50.70.5
11.332.019.0
13.617.74.8
4,23070,35363,9886,365
11,0462,577
83,97621,47926,83714,9586,540
14,162
25.2
67,482
4541,8372,2064,976
5,4849,844
42,681
46,905
132162518
7,02214,8029,721
5,8986,7831,867
$350,987
4.879.872.57.2
12.52.9
95.224.430.417.07.4
16.1
100.0
0.72.73.37.4
8.114.663.2
100.0
0.30.31.1
15.031.620.7
12.614.54.0
Produced for Ron Bouskelaby www.BuyDemographics.comDecember 12, 2006
This report was generated using data fromgovernment sources deemed reliable. We cannotassume responsibility for its accuracy.
9 West Northfield RoadLivingston, New Jersey 07039
Sample Company,inc.
10
Census 2000Business Report
1 MILE SMILE SMILE
Total Employees
Accommodation/food services
Arts/entertainment/recreation
Construction
Educational services
Finance/insurance
Forestry /fishing/agriculture
Health care/social assistance
Information
Manufacturing
Mining
Professional/scientific/technical
Public administration
Real estate/rental/housing
Retail trade
Transportation/warehousing
Utilities
Wholesale trade
Unclassified establishments
2,849
100
42
147
255
222
0
285
154
333
0
502
100
59
355
45
15
136
99
100.0
3.5
1.5
5.2
9.0
7.8
0.0
10.0
5.4
11.7
0.0
17.6
3.5
2.1
12.5
1.6
0.5
4.8
3.5
24,077
650
327
909
2,053
2,800
0
3,234
1,141
2,326
7
4,188
621
705
2,282
539
122
1,285
888
100.0
2.7
1.4
3.8
8.5
11.6
0.0
13.4
4.7
9.7
0.0
17.4
2.6
2.9
9.5
2.2
0.5
5.3
3.7
89,742
3,022
1,456
3,172
8,438
10,925
37
10,487
4,786
8,729
79
15,008
2,890
2,188
7,978
2,673
474
3,509
3,891
100.0
3.4
1.6
3.5
9.4
12.2
0.0
11.7
5.3
9.7
0.1
16.7
3.2
2.4
8.9
3.0
0.5
3.9
4.3
Produced for Ron Bouskelaby www.BuyDemographics.comDecember 12, 2006
This report was generated using data fromgovernment sources deemed reliable. We cannotassume responsibility for its accuracy.
9 West Northfield RoadLivingston, New Jersey 07039
Sample Company,Inc.
11
Census 2000Zip Code Carrier Route
1 MILE 3 MILE % 5 MILE %
Total Households
HOUSEHOLD SIZE
One personTwo personsThree persons
Four personsFive personsSix personsSeven or more persons
HOUSING OCCUPANCY/TENURE
Total Housing Units
Occupied
Owner occupiedRenter occupied
Vacant
1,947
278546460
4241713533
1,958
1,939
1,87267
19
100.0
14.328.023.6
21.88.81.81.7
100.0
99.0
95.63.4
1.0
17,977
3,2255,9493,254
3,6321,393
381143
18,319
17,960
15,5682,392
359
100.0
17.933.118.1
20.27.72.10.8
100.0
98.0
85.013.1
2.0
66,020
14,12021,44111,561
11,6874,9831,562
666
67,482
65,981
51,43814,543
1,501
100.0
21.432.517.5
17.77.52.41.0
100.0
97.8
76.221.6
2.2
Produced for Ron Bouskelaby www.BuyDemographics.comDecember 12, 2006
This report was generated using data fromgovernment sources deemed reliable. We cannotassume responsibility for its accuracy.
Sample Company,Inc.
9 West Northfield RoadLivingston, New Jersey 07039
12
Census 2000Consumption Report
ANNUAL EXPENDITURES PERHOUSEHOLD ($)
AGGREGATE ANNUALEXPENDITURES ($000)
HOUSINGShelterUtilitiesHousehold operationsHome furnishingsHome appliances
FOODFood away from homeFood at home
ALCOHOL AND TOBACCOAlcoholic beveragesTobacco products
APPARELApparel
TRANSPORTATION
New cars/trucksGas/motor oilsFinancing/insurancePublic transportation
HEALTH AND MEDICAL
Health and Medical
FINANCIALPersonal insurance/pensionLife/other personal insurancePension/other social securityCash contribution
Entertainment
Miscellaneous
1 MILE
16,7975,8781,6091,1323,658
7,1365,042
872753
4,377
8,0703,0475,3741,007
4,880
7,948935
6,9202,813
4,395
1,824
3 MILE
18,3186,4101,7541,2353,989
7,7825,498
951821
4,773
8,8013,3235,8611,098
5,322
8,6681,0197,5473,068
4,793
1,990
SMILE
16,7735,8691,6061,1313,653
7,1265,035
871752
4,371
8,0593,0425,3671,005
4,873
7,937933
6,9102,809
4,388
1,822
1 MILE
32,70311,4443,1322,2057,122
13,8939,816
1,6971,466
8,521
15,7135,932
10,4641,960
9,501
15,4751,820
13,4735,477
8,556
3,552
3 MILE
329,304115,23031,53822,20071,710
139,89798,844
17,09114,765
85,806
158,22159,729
105,36319,734
95,673
155,82518,324
135,66855,148
86,158
35,767
SMILE
1,107,360387,487106,05574,654
241,143
470,436332,386
57,47149,651
288,542
532,054200,853354,30866,359
321,721
523,99761,619
456,216185,449
289,727
120,275
Produced for Ron Bouskelaby www.BuyDemographics.comDecember 12, 2006
This report was generated using data fromgovernment sources deemed reliable. We cannotassume responsibility for its accuracy.
Sample Company,Inc.
13
Demographic Maps
Population Density
9 Hest Northfield Road
| 1 0 to 500
(~~| 500 to 1000
| ] 1,000 to 1,500
P~l 1,500 to 2,000
| | 2,000 to 3,000
[~~] Above 3,000
9 West Northfield RoadLivingston, New Jersey 07039
Produced for Ron Bouskelaby www.BuyDemographics.comDecember 12, 2006
This report was generated using data fromgovernment sources deemed reliable. We cannotassume responsibility for its accuracy.
Sample Company,Inc.
14
Demographic Maps
Household Density
9 Hest Northfield Road
|~~| 0 to 500
|~~| 500 to 1000
j | 1,000 to 1,500
f~~| 1,500 to 2,000
| | 2,000 to 3,000
| | Above 3,000
9 West Northfield RoadLivingston, New Jersey 07039
Produced for Ron Bouskelaby www.BuyDemographics.comDecember 12, 2006
This report was generated using data fromgovernment sources deemed reliable. We cannotassume responsibility for its accuracy.
Sample Company,Inc.
15
Demographic Maps
Average Annual Household Income
DD
DD
DD
D
Below $10,000
$10,000 to $30,000
$30,000 to $50,000
$50,000 to $75,000
$75,000 to $100,000
$100,000 to $200,000
Above $200,000
9 West Northfield RoadLivingston, New Jersey 07039
Produced for Ron Bouskelaby www.BuyDemographics.cxsmDecember 12, 2006
This report was generated using data fromgovernment sources deemed reliable. We cannotassume responsibility for its accuracy.
Sample Company,Inc.
16
Demographic Maps
Age Of Structures
5 Miles
| | 1995 to March 2000
| | 1990 to 1994
|~~| 1980 to 1989
| | 1970 to 1979
| | 1950 to 1969
[ | 1949 or Earlier
9 West Northfield RoadLivingston, New Jersey 07039
Produced for Ron Bouskelaby www.BuyDemographics.comDecember 12, 2006
This report was generated using data fromgovernment sources deemed reliable. We cannotassume responsibility for its accuracy.
SENTRYSRLF-STORAGg
MICROECONOMIC MARKET
The subject property is located on Highway US-1 and Commercial Street with385 feet of highway frontage. This location is superior to all other competitorswho are located on side city streets. As mentioned earlier in this Report,Highway US-1 is the 'gateway to the Florida Keys', as the only highway from theFlorida Turnpike, south to the Keys. It is unlikely the subject property could beout-positioned by a new self-storage development, unless the new developmentwas directly across the street from the subject property.
As of the date of this report, a representative of the Dade County Planning andZoning Department confirmed there are no self-storage projects on the books, inany capacity.
MARKET OWNERSHIPThe concept of "Market Ownership" is a question of how many prospectivetenants are possible in the tenant base, not shared with other competitors. Thisis a less than scientific method of determining...
This clearly demonstrates the subject property will share the three and five mileradius with seven competitors. If equal disbursement of the household count isapplied from the demographic report, the subject property would own 100% ofthe one mile radius, 48% of the three mile radius, and 57% of the five mile radius.
PROPOSED SELF-STORAGE FACILITYHIGHWAY US-1 & COMMERCIAL STREET
FLORIDA CITY, FL 33031
ABSORPTION ANALYSIS
1Mile
4,214
4,214
5,115
5,115
Sq.Ftf
Sq. Ft Person
0 0
110,100 26.13
0 0
110,100 21.52
3 Mile
50,800
50,800
58,857
58,857
Sq. Ft
107,472
217,572
107,472
217,572
Sq.Ftf
Person
2.12
4.28
1.83
3.70
5 Mile
90,570
90,570
104,575
104,575
Sq. Ft
155,000
265,100
155,000
265,100
Sq.Ftf
Person
1.71
2.93
1.48
2.54
Sentry Self-Storage Management Recommends developer construct a facility no largerthan 76,000 net rentable square feet. The below Absorption Analysis wouldapply.
2007: Sentry Self Storage ManagementPrepared for: Your Company
Page -24-March 29, 2007
SENTRYSELF-STORAGE
-
ABSORPTION ANALYSIS
2006
CurrentProposed
1Mile
4,214
4,214
5,115
5,115
So. Ft
0
75,675
0
75,675
Sq. Ft/
Person
0
17.96
0
14.79
3 Mile
50,80050,800
58,857
58,857
So. Ft
107,472183,147
107,472
183,147
Sq. Ft/
Person
2.12
3.61
1.83
3.11
5 Mile
90,570
90,570
104,575
104,575
Sq. Ft
155,000
230,675
155,000
230,675
Sq. Ft/
Person
1.71
2.55
1.48
2.21
Current
Proposed
The data in these tables has been edited and reflects omitted and inaccurateinformation. The format of this table is for informational purposes only. ActualFeasibility Studies contain accurate data.
2007: Sentry Self Storage ManagementPrepared for: Your Company
Page -25-March 29, 2007
SENTRY' -
COMPETITION MAP
8 7
i
*• 2
3:
'••
='
'. I
1 USA Self Storage2 Dobbins Mini Warehouses3 Public Storage4 Public Storage5 Public Storage6 Your Extra Attic Self Storage7 U-Store-It8 A Alpha Mini Storage9 Public Storage
Comp Rate Survey
Rate Survey
Facility Name: Florida Date Prepared: 3/29/2007
Competitor #1 Competitor #2 Competitor #3 Competitor #4 Competitor #5 Competitor #6
Facility Name:
Address:
Comments:
Admin
Specials:; -.
Phone Number:
Subject FloridaProperty
Hwy US1 &Commercial Street,
Florida City, FL33031
0
Extra Space
123 Any Street, AnyTown, FL 3301 1
5 year old state ofthe art climate and
n/c facility.Constructed 2002
$20
1.28
None
93%
305-555-5555
Florida Self Storage
123 Any Street, AnyTown, FL 3301 1
30 year old non-climate facility.
Caged units with8x20 pods in rear.Constructed 1977
$0
1.64
None
95%
305-555-5555
America SelfStorage
123 Any Street, AnyTown, FL 3301 1
22 year old non-climate facility.
Constructed 1985
$10
1.76
None
95%
305-555-5555
U-Haul
123 Any Street, AnyTown, FL 3301 1
Approximately 15year old AC & non-
climate facility.Constructed 1992.
$10
3.15
None
95%
305-555-5555
USA Storage
123 Any Street, AnyTown, FL 3301 1
3 year old state ofthe art climate and
n/c facility.Constructed 2003
$15
3.40
Pay 3, get 1 free
80%
305-555-5555
AM Storage
123 Any Street, AnyTown, FL 3301 1
10 years old, Highoccupancy, only 145x10 units left. AC
& n/c facility.Constructed 1997
$15
4.21
Prepay 3, get 1 free,prepay 1 year, get 3months free & 50%
off for 3 months
98%305-555-5555
Subject Facility
Rate
Competitor
Rate
Competitor
Rate
Competitor
Rate
.. : . • • • pefifc •
Rate
". . ; •: •" ij
5 x 5 CC U
5 x 5 NC
•
10x 1SCCU
10 x30 NC
Auto'RV
52
37
39
89
61
69
104
144
115
129
162
146
223
189
269
249
129
4X8 - $60
70
8X10 -$90
8x20 -$150
42.59
66.95
77.95
100.19
132.29
177.83
54.95
94.95
74.95
144.95
134.95
154.95
59
95
95
129
119
140
119
135
159
149
189
169
10x25 -$189
$115,125,145
59
35
89
55
128
90
157
110
164
130
175
227
3/30/2007 12:51 PM Florida Comp Rate Survey
ILocation # \_
PUBLIC STORAGE123 Any StreetAny Town, FL 33001305-555-5555
Distance from Subject | 0.09](A)= Actual / (E)= Estimate
Security Gate Q
Cameras £
Door Alarms £
Climate Control £
Non-Climate Control £
RV Units £
Truck Rentals
x I
I
I
I
x I
I
x I
COMPETITOR
Unit Size Sq. Ft.
Non-Climate5x5 255x10 5010x10 10010x15 15010x20 20010x25 25010x30 300
RV 10x20 200
Resident Manager
Retail Display
Expansion Capabilities
Access Hours24-hour access
Office HoursMonday-FridaySaturdaySunday
RATES$per
Rate Sq. Ft.
45 21.6080 19.2099 11.88117 9.36151 9.06155 7.44183 7.32
47 2.82
X #Units L 350 I E
X Sq. Ft. L30,000 I E
Occupancy |
6am-9pm Year Built |
90% | E
1970 E
Office SF [^
9:30am-5pm
8:30am-5pm
8:30am-2pm
OVERALL RATING
Access £
Curb Appeal Q
150 | E
(A-D)
A |
C |
Visibility [^_ A 1
General Condition [̂ C |
Management/Staff £_ D |
Office Quality Q C 1
Drive Aisles c I
Hallways \_ c I
OVERALL RATING T c~|
I PUBLIC STORAGE
03/f3/2007
ILocation #[
USA SELF-STORAGE1234 Any StreetAny Town, FL 33021305-555-5555
Distance from Subject £
Security Gate
Cameras
Door Alarms £
Climate Control £
Non-Climate Control Q
RV Units [
Truck Rentals
1.25|
x I
1
1
x I
x I
11
COMPETITOR
Unit Size So. Ft.Climate 5x5 25
5x10 5010x10 10010x15 15010x20 20010x24 240
Non-Climate
5x10 5010x10 10010x15 15010x20 20010x25 250
Resident Manager
Retail Display
Expansion Capabilities
Access Hours24-hour access
Office HoursMonday-FridaySaturdaySunday
RATES$per
Rate Sq. Ft.72 34.56105 25.20140 16.80190 15.20250 15.00262 13.10
76 18.24110 13.20154 12.32183 10.98218 10.464
(A)= Actual / (E)= Estimate
X #Units 500 E
X Sq. Ft. 30,000 E
Occupancy 95% E
6am-iOpm Year Built 1980's E
Office SF
9am-6pm
9am-6pm
Closed
OVERALL RATINi
Access
Curb Appeal
Visibility
General Condition
Management/Staff
Office Quality
Drive Aisles
Hallways
OVERALL RATING
300 E
3 (A - D)
C
C
D
C
B
C
C
C
C
m
I USA SELF-STORAGE
ILocation # [
PUBLIC STORAGE12345 Any StreetAny Town, FL 33005305-555-5555
Distance from Subject
Security Gate
Cameras
Door Alarms
Climate Control
2.66|
Non-Climate Control | X
RV Units |
Truck Rentals
Resident Manager
Retail Display
Expansion Capabilities
Access Hours24-hour access
Office HoursMonday-FridaySaturdaySunday
(A)= Actual / (E)= Estimate
#Units 550
I Scl- Ft- I 50,000
] Occupancy [ 90's : E
Year Built 1990
Office SF 200 ; E
UnitClimate - Down
5x55x1010x1010x1510x20
Climate - Up5x55x1010x1010x1510x20
COMPETITOR RATES
Size Sa. Ft.
2550100150200
2550100150200
Rate
95125177228273
80102150192197
$perSa. Ft.
45.6030.0021.2418.2416.38
38.4024.4818.0015.3611.82
OVERALL RATINI
Access
Curb Appeal
Visibility
General Condition
Management/Staff
Office Quality
Drive Aisles
Hallways
OVERALL RATING
3(A-D)
A |
B I
B |
B |
c I
c I
B |
B I
B
•
SENTH1TS61.F-STOHAGE
'
PUBLIC STORAGE
ILocation #[
YOUR EXTRA ATTIC SELF-STORAGE1234 Any StreetAny Town, FL 33777305-555-5555
Distance from Subject | 4.16]
Security Gate | | Resident Manager
(A)= Actual /
X #Units
Cameras j X Retail Display X Sq. Ft.
|E)= Estimate
520 | A
49,230 \ A
Door Alarms | Expansion Capabilities X Occupancy 34% A
Climate Control [ C | Access Hours24-hour access
Non-Climate Control | |Office Hours
RV Units | | Monday-FridaySaturday
Truck Rentals | X Sunday
6am-9pm Year Built 2006 A
Office SF
9am-6pm9am-5pmClosed
COMPETITOR RATES$per
Unit Size Sq. Ft. Rate Sq. Ft.Climate
5x5 25 70 33.605x10 50 90 21.6010x10 100 125 15.0010x15 150 175 14.0010x20 200 250 15.0010x25 250 280 13.4410x30 300 320 12.80
OVERALL RATIN<
Access
Curb Appeal
Visibility
General Condition
Management/Staff
Office Quality
Drive Aisles
Hallways
OVERALL RATING
600 | E
3(A-D)
B I
A |
A |
A |
A |
A |
A |
A |
A |
tSENTRY
YOUR EXTRA ATTIC SELF-STORAGE
iSENTRYSELF-STORAGE
UANAQKWtNl
COMPETITIVE ANALYSIS
Please See Sample Competition Information
COMPETITION SUMMARY
Competitor #1; is categorized as the PRIMARY competitor to the subjectproperty. ABC Storage, located on Any Avenue, just 1.28 miles from the subjectproperty is of class "A" quality and professionally managed by a third-partymanagement company. This facility offers a predominance of climate-controlledunits, non-climate units as well as RV/Boat parking. This facility was constructedin 2002 and it is approximately 97% occupied as of the date of this Report. Theactual net rentable square footage of this facility is 56,565.
Competitor #2; DEF Self-Storage, located on East Any Street, 1.64 miles fromthe subject property is of class "D" quality and is not considered to be a validcompetitor to the proposed project. DEF Self-Storage is managed byowner/operators and offers only non-climate units made of chain-link cages. Thefacility itself was constructed approximately 30 years ago and is estimated to beapproximately 95% occupied as of the date of this Report. The estimated netrentable square footage of this facility is 15,000.
Competitor #3, American Self-Storage, located on Any Blvd.; 1.76 miles fromthe subject property is of class "C" quality and managed by the owner/operator.This facility offers only non-climate units. This facility is approximately 22 yearsold and constructed in 1985, it is estimated to be approximately 95% occupied asof the date of this Report. The actual net rentable square footage is 35,967.
Competitor #4, U-Haul, located on North Any Avenue, 3.15 miles from thesubject property is of class "C" quality and managed by U-Haul. This facilityoffers both climate-controlled units as well as non-climate units. This facility isapproximately 15 years old, constructed in 1992. It is estimated to beapproximately 95% occupied as of the date of this Report. The estimated netrentable square footage of this facility is 30,000.
Competitor #5, Storage ABC, located on Old Any Highway, 3.40 miles from thesubject property is of class "B" quality and managed by Storage Maxx. Thisfacility offers climate-controlled units, non-climate units as well as RV and Boatparking. This is a newer state-of-the-art facility, three years old, constructed in2003. It is estimated to be approximately 80% occupied as of the date of thisreport. The estimated net rentable square footage is 60,000.
2007: Sentry Self Storage Management Page -26-Prepared for: Your Company March 29, 2007
iSENTRYSELF-STORAGE
SITE LOCATION
Location. Location. Location. This trite but true real estate notion could neverbe more important than in consideration of self-storage ownership. A mature first-generation facility can easily compete with a Class "A" state-of-the-art facility if itslocation is superior. Conversely, a poorly located store, such as one in anindustrial park or at the end of a cul-de-sac, can be buried by a developmentproject in a locale with higher traffic and better visibility. No sacrifice should bemade when it comes to location quality.
The facility must be visible to as many people as possible, particularly potentialcustomers who live or work within a five mile radius.
Physical barriers near a self-storage site such as rivers, streams and highways...
SITE LAYOUT AND DESIGN
It is critical that the developer realize the importance of proper layout and design.Many architects who have developed self-storage projects clearly do notunderstand layout from a functional, management perspective. The architectmay lay out the units based on his or her design criteria, but unless they areintimately familiar with self-storage operations...
• Number of turns• Number of dead end hallways• Length of hallways• Hallway lengths and building codes• Energy efficiency• Percent (%) of space loss• Information Intentionally Omitted
The last of these criteria is the most important. If the layout designer is nottroubled by losing just a few square feet, they are not the designer for you. Theyshould be fighting for every possible...
DESIGN BUILD AND CONSTRUCTION
All self-storage properties are not created equal. Due to the idiosyncrasy of self-storage development and construction, it is important that the project be built byexperienced self-storage contractors. While it is true that basic self-storageconstruction is quite simple, and in the case of metal buildings, self-storagebuildings have been referred to as 'easy as an erector set'. There are, however,compelling reasons for use of experienced self-storage contractors. The least ofwhich are:
2007: Sentry Self Storage Management Page -27-Prepared for: Your Company March 29, 2007
ISENTRYSELF-STORAGE
• Sensitivity to completion dates• Accountability to adhere to design standards• Culpability in adhering to drawings• Job safety and life safety issues• Understanding the end use of the product
For example...,
The Subject Property
The subject property of 4.067 acres has a gross area of 176,853 square feet.
The current zoning of the subject property, "Light Industrial "I", allows for thefollowing:
Lot Coverage: 50% 88,426 square feet of building space, (excludingparking and paved areas).
Maximum Height: 30' Not to exceed 2 stories.
Set Backs: Front: 40' 40' if parking in front of buildingFront: 20' 20' if parking is not in front of buildingSides 10'Rear: 10"
Parking Requirements: 1 space per 5,000' for first 20,000'1 space per 10,000' thereafter1 space for each 400 gross feet of retail/office1 space for manager's apartment
Parking Sp. Dimensions:Standard: 8.5'x 18': Parallel: 8'x18'
: Handicapped: 18' long, width and quality in accordance with SouthFlorida Building Code
Green Space Required: 15%
Drainage District: Provided by the City of Florida City
2007: Sentry Self Storage Management Page -28-Prepared for: Your Company March 29, 2007
iSENTRYSELF-STORAGE
FINANCIAL INFORMATION
Option 1
110,100 Net Rentable Square Feet
Please see Financial Information
Option 2
74,925 Net Rentable Square Feet
Please see Financial Information
2007: Sentry Self Storage Management Page -29-Prepared for: Your Company March 29, 2007
YOURCOMPANYPROJECTED NET OPERATING INCOME FOR YEARS 1 THROUGH 7 (Years 1-7 Annual)
ANNUALRPSF
GROSS POTENTIAL INCOMELESS VACANCY- $
VACAMCY- %
RENTAL INCOMEDISCOUNTSWRITEO-FS
NET RENTAL INCOME
OTHER NCOMELOCK 8 PACKAGINGADMIN. FEESLATE &NSF CHARGESMISOTRUCK RENTAL INC.
TOTALOTHER INCOME
TOTAL REVENUES
OPERATNG EXPENSESPERCENT OF GPI
NET OPERATING INCOME
DEBT SERVICE
BEFORECASH TAX FLOW
YEAR1
$12.88
$965,160($752,825)
78%
$212,335($21,234)($2,123)
$188,978
$1,890$3,780$3,780
$0
$9,449
$198,427
($316,926)32.8%
($118,499)
$0
($118,499)
DISCOUNT % YEAR 4-7WRITEOFF % YEAR 4-7
YEAR 2
$13.47
$1,009,397($379,429)
38%
$629,968($50,397)($6,300)
$573,271
$5,733$5,733
$17,198$0
$28,664
$601,934
($325,592)32.3%
$276,343
$0
$276,343
4.00%2.00%
YEARS
$14.15
$1,059,866($150,830)
14%
$909,036($54,542)($9,090)
$845,403
$8,454$8,454
$25,362$0
$42,270
$887,674
($354,714)33.5%
$532,960
$0
$532,960
YEAR 4
$14.71
$1,102,261($110,226)
10%
$992,035($39,681)($19,841)
$932,513
$9,920$9,920
$29,761$0
$49,602
$982,115
($372,134)33.8%
$609,981
$0
$609,981
YEARS
$15.30
$1,146,351($114,635)
10%
$1,031,716($41,269)($20,634)
$969,813
$10,317$10,317$30,951
$0
$51,586
$1,021,399
($386,129)33.7%
$635,270
$0
$635,270
YEAR 6
$15.91
$1,192,205($119,221)
10%
$1,072,985($42,919)($21,460)
$1,008,606
$10,730$10,730$32,190
$0
$53,649
$1,062,255
($400,661)33.6%
$661,594
$0
$661,594
YEAR 7
$16.55
$1,239,894($123,989)
10%
$1,115,904($44,636)($22,318)
$1,048,950
$11,159$11,159$33,477
$0
$55,795
$1,104,745
($415,752)33.5%
$688,993
$0
$688,993
3/302007 Page 1 of 8 Sample Financial Information Years 1-7 Annual
YOUR COMPANY
PROJECrED NET OPERATING INCOME FOR FIRST 36 MONTHS OF OPERATIONS (Years 1-3 by Month)
RATE INCREASERENT-UP YEAR 1 : -'.HWlrOVERALL OCCUPANCY
MONTH
EXPECTED NCOME(NRI+WRITEOFFS)GROSS PO1ENTIALLESS VACANCY
RENTAL INCOMEDISCOUNTS • 10.0%WRITEOFFS * 1.0%
NET RENTAL INCOME
OTHER INCOMELOCK & P/CKAGING * 1.0%ADMIN. FEES • 2.0%LATE & NS= CHARGES * 2.0%MISC/TRUCK RENTAL INC. $0
TOTAL OTHER INCOME •»! !>WfejfjtM>i f-R
TOTAL REVENUES
OPERATING EXPENSES
NET OPERATING INCOMB k *))
DEBT SERVCE
BEFORE CASH TAX FLOW »«? '
RATE INCREASERENT-UP YEAR 2 PltiJ 1 %»OVERALL OCCUPANCY
MONTH
EXPECTED NCOME(NRI + WRITEOFFS)GROSS POTENTIALLESS VACANCY
RENTAL INCOMEDISCOUNTS 8.0%WRITEOFFS 1.0%
NET RENTAL INCOME
OTHER INCOMELOCK & PA:KAGING 1 .0%ADMIN. FEES 1.0%LATE 6. NSF CHARGES 3.0%MISC/TRUCK RENTAL INC.
TOTAL OTHER INCOME
TOTAL REVENUES
OPERATINGEXPENSES
NETOPERAriNGINCOMS
DEBT SERVCE
BEFORE CASH TAX FLOW
0.00%
Mai-093.00%
1
$2,172$80,430
($78,017)
$2,413($241)
($24)
$2,147
$21$43$43
$0
$107
$2,255
($26,410)
j T, ($24,156)
$0
($24,156)
mm' CELLS MARKED WITf
Mar- 10
13
$31,818$80,430
($45,845)
$34,585($2,767)
($346)
$31,472
$315$315$944
$0
$1,574
$33,046
($27,133)
$5,913
$0
$5,913
0.00'Apr-096.00'-
2
$4,343$80,430
($75,604)
$4,826($463)($48)
$4,295
$43$66$86$0
$215
$4,510
($26,410)
($21,901)
$0
($21,901)
HI'.•I AN (*) WILL
Apr-10
14
$35,740$84,452
($45,604)
$38,848($3,108)
($388)
$35,351
$354$354
$1,061$0
$1,768
$37,119
($27,133)
$9,986
$0
$9,986
0.00%May-099.00%
3
$6,515$80,430
($73,191)
$7,239($724)($72)
$6.442
$64$129$129
$0
$322
$6,765
($26,410)
($19,646)
$0
($19,646)
BE COPIED TO
May-10'••.; 00%
15
$38,848$84,452
($42,226)
$42,226($3.378)
($422)
$38,425
$384$384
$1,153$0
$1,921
$40,347
($27,133)
$13,214
$0
$13.214
U 00%
Jun-081 3 00%
4
$9,410$80,430
($69,974)
$10,456($1,046)
($105)
$8,306
$93$186$186
$0
$465
$9,771
($26,410)
($16,639)
$0
($16,639)
YEARS TWO AND '0 00''.Jun-10
f'4 00%
16
$41,956$84,452
($38.848)
$45,604($3,648)
($456)
$41,499
$415$415
$1,245$0
$2,075
$43,574
($27,133)
$16,442
$0
$16,442
0 00%Jul-09
1 7 00%
$12,306$80,430
($66,757)
$13,673($1,367)
($137)
$12,169
$122$243$243
$0
$608
$12,778
($26,410)
($13,633)
$0
($13,633)
THREE UNLEE
Jul-10
17
$45,063$84,452
($35,470)
$48,982($3,919)
($490)
$44,574
$446$446
$1,337$0
$2,226
$46,802
($27,133)
$19,670
$0
$19,670
0 00%Aug-wtf21.00%
6
$15,201$80,430
($63,540)
$16,890($1,689)
($169)
$15,032
$150$301$301
$0
$752
$15.784
($26.410)
($10,627)
$0
($10,627)
iS YOU OVERRID
Aug-10
18
$48,171$84,452
($32,092)
$52,360($4,189)
($524)
$47,648 Mi,
$476$476
$1,429$0
$2,382
$50,030
($27,133)
$22,697
$0
$22.897
000%' S«p-09
25.00%7
$18,097$80,430
($60,323)
$20,108($2,011)
($201)
$17,896
$179$358$358
$0
$895
$18,790
($26,410)
($7,620)
$0
($7,620)
i£ THEM.
Sep-10l:"\ ' 'I ' ' ,
19
$50,502$84,452
($29,558)
$54,893($4,391)
($549)
$49,953
$500$500
$1,499$0
$2,498
$52,451
($27,133)
$25,318
$0
$25,318
0 00°,'-oa-09
28.00%8
$20.268$80.430
($57,910)
$22,520($2,252)
($225)
$20,043
$200$401$401
$0
$1,002
$21,045
($26.410)
($5,365)
$0
($5,365)
Oct-10
20
$52,833$84,452
($27,024)
$57,427($4,594)
($574)
$52,259
$523$523
$1,568$0
$2,613
$54,872
($27,133)
$27,739
$0
$27.739
0 00% 0 00%NOV-W Dec-0931 00% '?4 0°
9 10
$22,440 $24,612$80,430 $80,430
($55,497) ($53,084)
$24,933 $27,346($2,493) ($2,735)
($249) ($273)
$22,191 $24,338
$222 $243$444 $487$444 $487
SO SO
$1,110 $1,217
$23,300 $25,555
($26.410) ($26,410)
($3,110) ($855)
$0 $0
($3,110) ($855)
0.00% 0 00%Nov-10 Dec-107 1 00% 74 00%
21 22
$55,184 $57,495$84,452 $64,452
($24,491) ($21,957)
$59,961 $62,494($4,797) ($5,000)
($600) ($625)
$54,564 $56.870
$546 S569$546 $569
$1,637 $1,706$0 $0
$2,723 $2,843
$57,292 $59,713
($27,133) ($27,133)
$30,160 $32,580
$0 $0
$30,160 $32,580
0 00%Jin-1037 00%
11
$26,783$80,430
($50,671)
$29,759($2,976)
($298)
$26,486
$265$530$530
$0
$1,324
$27,810
($26,410)
$1,399
$0
$1,399
81
0 00%Jtn-11
77 00%23
$59,825$84,452
($19,424)
$65,028($5,202)
($650)
$59,175
$592$592
$1,775$0
$2,959
$62,134
($27,133)
$35,001
$0
$35,001
0.00%F*IMO -§40 00%
12 TOTAL
$28,955 $191,102$80,430 $965,160
($48,258) ($752,825)
$32,172 $212,335($3,217) ($21,234)
($322) ($2,123)
$28,633 $188,978
$286 $1,890$573 $3,780$573 $3,780
$0 SO
$1,432 $9,449
$30,065 $198,427
($26,410) ($316,926)
$3,654 ($118,499)
$0 $0
$3,654 ($118.499)
HVC- i ff ft
0 00%
F«b-1180 00%
24 TOTAL
$62,156 $579,571$84,452 $1,009,397
($16,890) ($379,429)
$67,561 $629,968($5,405) ($50,397)
($676) ($6.300)
$61.481 $573,271
$615 $5,733$615 $5,733
$1,844 $17,198$0 $0
$3,074 $28,664
$64,555 $601,934
($27,133) ($325,592)
$37,422 $276,343
$0 $0
$37.422 $276,343
,;,.jjt ,,. . ."S.jfcitoiifti!! .,«..,!:„;« MRHHHHHHH
3/30/207 PaBe 2 of 8 Sample Financial Information Years 1-3 by Month
YOUR COMPANY
RATE INCREASERENT-UP YEAR 3OVERALL OCCUPANCY
MONTH
0,00% 5.00%M.M1 Apr-1181.00% 8200%
25 26
EXPECTED NCOME(NRI+WRITEOFFS> $64,301 $88,350GROSS POTENTIAL $84,452 $88,674LESS VACANCY ($16,046) ($15,961)
RENTAL INCOMEDISCOUNTSWRITEOFFS
NET RENTAL INCOME
OTHER INCOMELOCK & PACKAGINGADMIN, FEESLATE & NSF CHARGESMISC/TRUCK RENTAL INC.
TOTAL OTHER INCOME
TOTAL REVENUES
OPERATING EXPENSES
NET OPERATING INCOME
DEBT SERVCE
BEFORE CASH TAX FLOW
$66,406 $72.7136.0% ($4,104) ($4,363)1.0% ($684) ($727)
$63,617 $67,623
1.0% $636 $6761.0% $636 $6763.0% $1,909 $2,029
$0 $0
$3,181 $3,381
$66,798 $71,004
($29,559) ($29,559)
$37,239 $41,445
$0 $0
$37,239 $41,445
LEASE-UP % PER MONTH
STABILIZED OCCUPANCY Year 1-3
STABILIZED OCCUPANCY YEARS 4-7
NET RENTABLE SQ. FEET
ANNUAL MISC/TRUCK RENTAL INCREASE ( YEARS 2-7)
0.00%May- 115: ,:..•'
27
$69,184$88.674
($15.075)
$73,599($4,416)
($736)
$68.448
$684$684
$2,053$0
$3,422
$71,870
($29,559)
$42,310
$0
$42.310
ASSUMED ANNUAL % INCREASE FOR BOTH REVENUES AND EXPENSES
REVENUES = RATE INC. YEARS 4-7
EXPENSES = ALL EXPENSES YEARS 2-7
YEAR 1 MONTHLY GPI
ANNUAL AVERAGE RENT PER SQ. FT.
0.00%Jun-11
84.00%28
$70,017$88,674
($14,188)
$74,486($4,469)
($745)
$69,272
$693$693
$2,078$0
$3,464
$72,736
($29,559)
$43,176
$0
$43,176
YEAR1
4.00%
92.0%
90.0%
74,925
0.00%
4.0%
4.0%
4.0%
$80,430
$12.88
0.00%Jul-11
5S ;::.•<•
29
$71,684$88,674
($12,414)
$76,260($4,576)
($763)
$70,922
$709$709
$2,128$0
$3.546
$74,468
($29,559)
$44,908
$0
$44,908
.-, •YEAR 2
3.00%
0.00%Aug-1188.00%
30
$73,351$88,674
($10,641)
$78,033($4,682)
($780)
$72,571
$726$726
$2,177$0
$3,629
$76,199
($29,559)
$46,640
$0
$46,640
YEAR 3
2.00%
0.00%Sep-1190 00%
31
$75,018$88,674($8,867)
$79,807($4.788)
($798)
$74,220
$742$742
$2,227$0
$3,711
$77,931
($26.559)
$48.372
to
$48,372
0.00%Oct-11
89.00%32
$74,185$88,674($9,754)
$78,920($4,735)
($789)
$73,396
$734$734
$2,202$0
$3,670
$77,065
($29,559)
$47,506
$0
$47,506
0.00%Nov-1188.00%
33
$73,351$88,674
($10,641)
$78,033($4,682)
($780)
$72,571
$726$726
$2,177$0
$3,629
$76,199
($29,559)
$46,640
$0
$46.640
0.00%Dec-1187 00%
34
$72,518$88,674
($11,528)
$77,146($4,629)
($771)
$71,746
$717$717
$2,152$0
$3,587
$75,334
($29,559)
$45,774
$0
$45,774
0.00%Jan-12
88 00%35
$71,684$88,674
($12,414)
$76,260($4,576)
($763)
$70,922
$709$709
$2.128$0
$3.546
$74,468
($29,559)
$44.908
$0
$44,908
0.00%Feb-12
85.00%36 TOTAL
$70,851 $854,494$88,674 $1,059,866
($13,301) ($150,830)
$75,373 $909,036($4,522) ($54,542)
($754) ($9,090)
$70,097 $845,403
$701 $8,454$701 $8,454
$2,103 $25,362$0 $0
$3,505 $42,270
$73,602 $887,674
($29,559) ($354,714)
$44,042 $532,960
$0 $0
$44,042 $532,960
3/30/1007 Page 3 of 8 Sample Financial Information Years 1-3 by Month
YOUR COMPANYUNIT MIX AND PRICING ANALYSIS (MIX)
Total Square Ft.Average Unit SizeGPIRPSFCC PREM.
74,925126
$80,430$12.8833.3%
SQFTUNITS
GROUND 2NDFLR. TOTALSQ FT. CURRENT
% RATE RPSF % OF GPI
NON CLIMATE
CLIMATE
RV
TOTALS
29250
45675
74925
137
200
337
259
259
137 23.0%
459 77.0%
0 0.0%
596 100%
39%
61%
$26,100 $10.71
$54,330 $14.27
100% $80,430 $12.88
32.5%
67.5%
0.0%
100.0%
** YOU MUST INCLUDE A CURRENT MIX FOR THE SITE ATTACHED TO THE BACK OF THIS PROJECTION
3/30/2007 Page 4 of 8 Sample Financial Information Mix
RATING EXPENSES (EXPENSES)YEAR1 YEAR 2 YEARS YEAR 4 YEARS YEARS YEAR 7
"HER1LOWPAGES
SING
;E CHARGE.1C
MBRELLAY
JNUALLY
;OSTS
1K
IING)
NEL COSTS
I RAISE %
PREM. OTHER75.0% $2
Cost/Sq. Ft. Yearl $0.32
50%
WKLY '$1,080
!2,000 INVENTORY3%
25% +12%
Cost/Sq. Ft. Yearl
Lease Pak, Handou80%
$1.00
LSATE
ED LOCKS)
SE
=S Cost/Sq. Ft. Yearl $0.28
Cost / Sq. Ft. Year 1 $4.23
IER •$235
$295
$36,000
AYS 19,53
16%
$300
$0.39$0.70
$3,714.00520,000
$23,714
$600$600
$1,200$3,000
$360$1,200
$10,000$25,000
$945$300
$36,000$1,200$3,600
$55.120$2,283$1,654
$720$7,173$1.656$7,500
$900
Mm $".006
5.0%$600
$2.053$1,068
$100
$3,600$4,800$1,200$2,400
$0$1,200
$13,200
$1,200$600$600
$85,000$3,600$2,100
$600$480
$18,000$3,000
$21,000
$316,926
<*»••$3,863
$20,800
£11*24,663
$624$624
$1,248$3,120
$374$1,248
$10,400$26,000$2,866
$312$36,116$1,248
$0
W if$56,498$2,375$1,720
$749$7,460$1,722$7,800
$936
'«"«1»79,260 m
$624$2,135$1,111
$104
•••!$3,744$4.992$1,248$2,496
$0$1,248
V'«WW':*13.728 I
$1,248$624$624
$88,400$3,744$2,184
$624$499
$18,720$3,120
$21,840
$325,592
$4,017$21,632
$25,649
$649$649
$1 ,298$3,245
$389$1.298
$10,816$27,040$4.227
$324$53,260
$1,298SO
* m$57,910$2,470$1,789
$779$7,759$1,791$8,112
$973
|| - $81 ,583 Hf
$649$2,220$1.155
$108
«: W$3,894$5,192$1,298$2,596
$0$1,298
•T, $14,277 ,m
$1,298$649$649
$91,936$3.894$2,271
$649$519
$19,469$3,245
$22,714
$354,714
*"» ''I$4,178
$22,497
• m $26,675 PI
$675$675
$1,350$3,375
$405$1 ,350
$11,249$28,122$4,960
$337$58,927
$1,350
4$59,358$2,569$1,860
$810$8,069$1,863$8,436$1,012
$83,977 :.J
$675$2,309$1,201
$112
mm •-«$4,050$5.399$1,350$2,700
$0$1,350
IBiS5$H848 ',1
$1,350$675$675
$95,613$4,050$2,362
$675$540
$20,248$3,375
$23,622
$372,134
a$4,345
$23,397
Hi $27,742
$702$702
$1,404$3,510
$421$1,404
$11,699$29,246$5,159
$351$61,284$1,404
S KiH$60,842$2,671$1,934
$842$8,392$1,937$8,774$1,053
m $86.446 ,,im
$702$2,402$1,249
$117 .
t< «*$4,211$5,615$1,404$2,808
$0$1,404
!'; $15,442 ffli
$1,404$702$702
$99,438$4,211$2,467
$702$562
$21,057$3,510
$24,567
$386,129
$4,519$24,333
$28,852
$730$730
$1,460$3,650
$438$1,460
$12,167$30,416$5,365
$365$63,735
$1,460
SiB ' HHf$62,363$2.778$2,012
$876$8,727$2,015$9,125$1,095
m $88,991 im
$730$2,498$1,299
$122
mm m$4,380$5,840$1,460$2,920
$0$1,460
f€I $16,060 'iH
$1,460$730$730
$103,415$4,380$2,555
$730$584
$21,900$3,650
$25,550
$400,661
j
$4,699$25,306
$30.008:
$759$759
$1,518$3,796
$456$1,518
$12.653$31,633$5.580
$380$66,285
$1,518
$63.922$2,889$2,092
$911$9,076$2.095$9.490$1,139
ISV:*ei,6is-'
$759$2,598$1,351
$127
Hi •:$4,555$6,074$1,518$3,037
$0$1,518
•Hie.7ia$
$1,518$759$759
$107,552$4,555$2,657
$759$607
$22,776$3,796
$26,572
$415,752.
Page 5 of 8 Sample Financial Information Expenses
YOUR COMPANPROJECTED OP
ADVERTISINGADVERTISINGADVERTISING
TOTAL ADVEF
AUTO EXPENSEBANK CHARGES/SERBANK CHARGES-VIS,COMPUTER SUPPORDUES & SIBSCR.FORECLOSUREINSURANCE-LIABILirINSURANCE - PROPEINVENTORT-LOCKS/FLICENSES i, FEESMGMT FEE EXPENSE,MISCELLANEOUSDEFERRE:START ui
PERSONNELSALARIESINCENTIVESRETIREMENT/BONUS/RYDEIPAYROLL TAXINSURANCE VHEATH INS.OTI-ER(i.e.TR/
TOTAL PERSC
MID YEAR ANTICIPATPESTCON'ROLPOSTAGEPRINTING/COPIESPROFESSIONAL FEE!
REPAIRS/IWINTENAIBUIIDINGELE/ATOREQLIPMENTGROUNDSSNCW REMOiSECURITY SY:
TOTAL R&M
SUPPLIES- DFFICESUPPLIES- DLEANINCSUPPLIES-OTHER(i.eTAXES -PRDPERTYTELEPHONETRASH PICK-UPTRUCK RENTAL EXPIUNIFORMS
UTILITIESELEITRIC/GAWA1ER/SEWE
TOTAL UTILT
TOTAL EXPENSES
3/30ffl07
YOURCOMPANYPAYROLL COST ANALYSIS: (PAYROLL)
STANDARDWEEKLYHOURS RATE WEEKLY BI-WEEKLY MONTHLY ANNUAL
PRMARY MANAGER 40.0 $13.00 $520.00 $1,040.00 $2,253.33 $27,040.00SPOUSE/ASST. 40.0 $10.00 $400.00 $800.00 $1,733.33 $20,800.00ASST. 16.0 $10.00 $160.00 $320.00 $693.33 $8,320.00ASST. 0.0 $0.00 $0.00 $0.00 $0.00 $0.00
TOPAL: 96.0 $11.25 $1,080.00 $2,160.00 $4,680.00 $56,160.00
3/3C/2007 Page 6 of 8 Sample Financial Information Payroll
YOUR COMPANYPROJECTION SUMMARY ANALYSIS FORM: (ANALYSIS)
PROJECTION PREPARED BY: Dianne Leppanen REVIEWED BY: Rick Yonis DATE ;
RECENT "ACTUAL EXPECTED" DATE
ProjectionYear #1
UnitOccupmcyAvg. 22.00%
Gross Potential Inc. $965,160
Net rental Income $188,978
Other Income $9,449
Total Rewm.es $198,427
AMOUNT EXPECTED MONTH #1 PER PROJ./BUD. |
Prior YearPeriod Ending Prior Actuals:| | Prior Year/1 2
(ACTUAL/EST.) (Monthly Avg.)
f _. 0.00%
Monthly Average Per Projection Analysis/QuestionsLast ? Months This projection only shows climate control units, no R.V. or
I Month #1: Ava. YeanH: N.C. units.
3.00% 22.00%
$0 $80,430 $80,430
$0 $2,147 $15,748
$0 $107 $787
$0 $0 $0 $2,255 $16,536
Budget Expenses% Change from Projection to Prior Year Actual: #DIV/OI for Comparable
Existing SUSAProp.:
Expenses: Cost PerSq. Ft. Yr 1
Advertising $23,714 $0.32
Personnel $77,006 $1.03
Repairs & Maint. $13,200 $0.18
Utilities $21,000 $0.28
All Other $62,006 $0.83
TOTAL OP. COSTS: M $196.926 $2.63 $0 $0
Non-Controllable Costs:
Insurance $35,000 $0.47
Taxes $85,000 $1.13
TOTAL NON-CONT.: $120,000 $ .60 $0 $0
TOTAL EXPENSES $316,926 $4.23 $0 $0
NETOP.INCOME: ($11 8,499) $0
CAPITOL EXP./MAJOR REPAIRS
Analysis/Questions
Current Accounts Receivables:
3/30/2007 Page 7 of 8 Sample Financial In afon Analysis
YOUR COMPANY
Occupancy Levels - Years 1 and 2
100.00%
Ss 80.00% —
m 60.00%Q.H 40.00%
O 20.00%
0.00%1 2 3 4 5 6 7 8 9 1 0 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Month
Total Revenue Analysis
$16,000
$14,000
$12,000
$10,000
$8,000
$6.000
$4.000
$2,000
$0
—
—
Prior Actuals Monthly Average Per Projection Per ProjectionMonthly Avg. Past Few Months Month #1 Avg. Year#1
$1
$1
$1
$1
$0
$0
$0
Expected IncomeComparison
RecentAcutalExoected
ExpectedMonth 1 ofPrniprtinn
3/20/2007 1:25 PM Page 8 of 8 Sample Financial Information Graphs
ISENTRYSELF-STORAGE
ABSORPTION ANALYSIS
Due to the current demand for storage space in the marketplace, and given thedemographic profile of the prospective tenant base, a 36 to 48 month leaseup
Increased competition and new development in recent years have translated intoa longer lease-up period for new facilities. In 2006, it took facilities notably longerto reach the critical 70% physical occupancy level than it did in 2005, asevidenced in the following table. Results from this year's survey shows that aquarter of facilities took more than...
AVERAGE AMOUNT OF TIME TO REACH 70% PHYSICAL OCCUPANCY*
Division
South Atlantic
Percentaqe of FacilitiesLess than6 months
'Includes various years built** Insufficient Data
6 to 12Months
13 to 18Months
19 to 24Months
More than24 Months
Have yet toreach 70%
Purchasedafter initiallease up
The data in this table has been edited and reflects omitted and inaccurateinformation. The format of this table is for informational purposes only. ActualFeasibility Studies contain accurate data.
EXIT STRATEGY
Perhaps one of the most important considerations for self-storage developmentis the investors exit strategy. The completed project should be easily saleable. Itis a fact that the courses of our lives change from time to time, and with that, wemust make certain that our investment strategy is flexible enough to make thechanges as well. Life changing situations such as illness, divorce, partnershipdissolution, employment opportunities and death have changed the ownershipstrategies for many self-storage owners.
There may be several opportunities to exit the project, predicated upon theinvestors' proclivity for risk, and the time value of money. Traditionally, the exitpoints are as follows:
Exit at Certificate of Occupancy (10 to 12 month timeframe).
This is a good time to market...
Exit at Stabilization (30 to 60 month timeframe).
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Once again, the financing may be difficult for the new purchaser if there is notsufficient seasoning of cash flows...
Exit at Maturity (48 to 72 month timeframe).
The drivers for an exit at this point are typically to move on to another projectrequiring cash. At this time in the development, if the project is...
It is important that the project meet minimum criteria that will make the projecteasy to market. The most likely buyers in today's market are:
• Public Storage• Extra Space• Sovran (Uncle Bob's)• OB Companies (Simply Self Storage)• U-Store-lt
These buyers all have some minimum standards that they are likely to follow inmaking an acquisition. These same standards are roughly followed by the typicalfinanciers of self-storage.
FINANCE
The demand for ownership in self-storage among institutional and non-institutional investors seems to be extremely strong based on reported salesactivity by the self-storage industry's sales brokers. This strong demandcontinues despite 17 interest rate hikes in the past two years by the FederalReserve, which has been engaged in a long-fought battle to keep the nations'inflationary pressures at arms length. In August 2006, the Fed voted to keeprates constant, ending a long streak of quarter-point rate increases dating toJune 2004 and sending a signal that perhaps they are taking a break fromthrowing counterpunches to the inflationary jabs that had taken the wind out ofthe U.S. economy for several years. Though the macro interest rate environmenthas changed significantly since June 2004, capitalization rates have notexperienced such dramatic adjustments.
While Fed rate hikes during the past two years...
Of further significance is the continued acceptance and stature of self-storage asa real estate asset class by institutional investors and other lending sources.While self-storage gradually shed its perception as a 'highly risky' property typeyears ago, it is now considered to be a much more desirable investment andlending opportunity, as evidenced by the surge in the number of community
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fSENTRYSELF-STORAGE
banks and other capital sources now providing debt to self-storage propertyowners nationwide.
Of course, there is no crystal ball that we can gaze into to tell us exactly...
In 2007, we expect capitalization rates and corresponding property values will lagbehind future interest rates up-ticks and downturns, and we see continueddemand for self-storage property investments. This is still an extremely strongmarket for self-storage property borrowers and there are no signs to refute thatself-storage owners will continue to enjoy valued assets based on historically lowcapitalization rates and favorable opportunities for leveraging their real estateassets over the next year.
The following section outlines the criteria that should be considered when dealingwith financial institutions:
Table Intentionally Omitted
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iSENTRYSELF-STORAGE
FACILITY OPERATIONS: ADVERTISING AND MARKETING
Absorption periods and rental rates are largely dictated by existing marketconditions. The recommendations as set forth herein are as of the date of thisreport. At such time that you commence lease-up, market conditions may havechanged.
Marketing is all the activities, promotions, service programs and advertisingundertaken to create awareness of a self-storage property and to bring inqualified prospects to rent spaces. These activities include...
2006 ACTUAL USAGE OF PROMOTIONAL MEDIA(percentage of Facilities)REGION
North Central
Northeast
South CentralSoutheastWest
NATIONAL
Billboard
12.3%
'Insufficient Data
DirectMail
22.2%
Flyers
12.6%
Internet
55.7%
Maga-zines
17.5%
News-papers
14.6%
Radio
14.7%
PhoneSolicita-
tion
19.6%
Tele-vision
33.1%
YellowPages
86.2%
Referral
31.8%
Other
12.6%
The data in this table has been edited and reflects omitted and inaccurateinformation. The format of this table is for informational purposes only. ActualFeasibility Studies contain accurate data.
Facilities will begin to see a substantial amount of leasing, ordering, billpaving, and reservations online, and it will only get bidder as the years do
When looking at the various promotional media used in the country, the SouthCentral region still has the lowest percentage among the regions for internetusage; XX%; virtually the same number as 2005. Making this even moreunusual is that all other regions showed the internet as the area with the largestgrowth in media used last year, with XX% to almost half of all stores using theWeb as part of their promotional mix now XX%.
It is equally important to recognize the importance...
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"
CONCLUSIONS
The subject property fills a "gap" that is currently in the market, as there are noself-storage facilities on Highway US-1...
There is no competition within a one mile radius of the subject property and onlyone competitor within a two mile radius of the subject property offers climate-controlled units (Competitor #1). Competitor #2 and #3 offer only non-climateunits.
The strength of the project is that there are no proposed self-storagedevelopments to compete with the subject property currently pending approval inDade County within five miles of the subject property. This was confirmed by theDade County Planning & Zoning Department on February 9, 2007.
Another strength of the subject property is the site itself; its ideal locationcombined with 385 feet of Highway frontage on 4.06 acres.
Current Light Industrial Zoning of this site allows for the following:
The Subject Property
The subject property of 4.067 acres has a gross area of 176,853 square feet.
Information Intentionally Omitted
The site allows for three self-storage development options for the developer toconsider for the highest and best use of the site:
1. Construct a 2 story 40,000 climate controlled building (80,000 gross) and3-4 single story non-climate buildings (48,425 gross) totaling 110,100 netrentable square feet of self-storage space. (Not recommended)
2. Construct a 2 story 30,000 climate controlled building (60,000 gross) and3-4 single story non-climate buildings (30,000) totaling 74,925 net rentablesquare feet of self-storage space. (Recommended)
3. Construct a 2 story 40,000 climate controlled building offering 25,000square feet of leased retail space and 15,000 self-storage on the first floorand 40,000 climate controlled self-storage on the second floor (80,000gross) and 3-4 single story non-climate buildings (32,120 gross) totaling
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-
75,000 net rentable square feet of self storage space. (Considerationrecommended)
The following tables represent the proposed unit mix for each option combinedwith a breakdown of monthly revenue numbers by unit size as well as the annualgross potential income. Each scenario assumes the site has a 1,400 square footmanager apartment and a 1,500 square foot self-storage rental/retail office.
Tables Intentionally Omitted
However, due to self-storage industry standards, nationwide, it is recommendedthe developer construct no more than 75,000 net rentable square feet in onesingle phase on the subject property, as shown in the table below.
RECOMMENDATIONS
The primary recommendation for the project, if built, is the developer construct aClass "A" state of the art facility no more than 75,000 net rentable square feet ofself-storage, with strong, third-party management, offering a complete unit mix ofclimate-controlled units and non-climate units as recommended in Option 2above.
It is further recommended the developer consider Option 3 as an alternative.The parcel is large enough to accommodate the retail area in addition to theparking requirements of retail; however, the average retail rate in the market area(Florida City) as of January 29, 2007 averaged $XX/foot. Retail rates rangedfrom $XX to $XX/foot, with the highest rates in Any Plaza ranging from $XX to$XX.
Sentry Self-Storage Management's primary recommendation remains to build aself-storage facility excluding the retail component, as detailed in Option 2 above.It is risky to assume the retail market is strong enough to fully lease 25,000square feet of retail space in a new development more suitable to self-storagethan retail.
Other Recommendations:
1. Marketing Plan: The developer should employ a consultant to develop amarketing plan for the facility. Given the unit mix...
2. Free Rental Truck at Move-In: A free truck for move-in should be offered.
3. Fee Rental Trucks: This should be considered..
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4.5. Access Hours: The facility should offer customer access from...6.7. Office Hours: The office should be open seven (7) days per week to be
competitive.
8. State of the Art Security: The facility should make no compromises intechnology and security.
9. On-Site Management: The strongest on-site managers should berecruited and hired.
10. Other Recommendations Intentionally Omitted
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SUMMARY
COMPANY PROFILE
Sentry Self-Storage Management and Consulting Services was founded in 1997to provide the self-storage industry with state of the art, customer friendly, secureand convenient locations throughout the Southeastern United States. SentrySelf-Storage Management offers a full spectrum of services and a wealth ofexperience and knowledge to bring the client maximum results.
Sentry Self-Storage Management has over 55 years combined self-storageexperience and has worked with senior management from a nationally accreditedstorage company. With Sentry Self-Storage Management, clients can anticipate(1) Increases in revenues, (2) A professional perspective in managing theirfacility; and (3) Creative and proven techniques that assist in escalating thefacility to a higher level of success.
Sentry Self-Storage Management's mission is to provide our tenants with thecleanest, most secure storage facilities while accommodating every customer'smoving and storage needs through effective management of a highly motivatedand well trained staff.
QUALIFICATIONS
NORMAN SCHULMAN. President
Norman Schulman has spent over 21 years in the self-storage industry. Hiscareer began with U-Haul in New York and then he relocated to Florida in 1991.He spent seven years with U-Haul, where he specialized in self-storageoperations and moving center management. After obtaining his Florida RealEstate License, he joined Storage USA as District Manager and was quicklypromoted to Regional Vice President for the Southeast region.
Norman is an entrepreneur at heart and ventured out on his own in 1998.Norman formed Sentry Self-Storage and Self-Storage Security Solutions. SentrySelf-Storage is a full service management, development and consultingcompany. Self-Storage Security Solutions was formed out of years of frustrationin getting local security companies to understand the specialized productsneeded for the self-storage industry. His management philosophy for his storagefacilities is simple: "Offer the best product along with convenience andsecurity, add to that 'state-of-the-art management information systems andthe best team of storage consultants, and you have a winningcombination".
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RICHARD YONIS. Executive Vice President/Managing Partner
Richard Yonis joined Sentry Self-Storage Management and Consulting Service inMarch of 2006. Rick brings over 13 years of experience in the self-storageindustry at the executive level. Rick's operations and management experiencewere gained at Storage USA and Extra Space Storage. Rick served severalroles for both organizations. From 1993 to 2004, Rick served as a DivisionalVice President of Operations; and from 2004 through 2006 he served as theSenior Vice President of Franchising and Divisional Vice President of Operations.
Rick has developed a wonderful track record on third party managementrelationships. Beginning with site selection and market feasibility to sitemanagement, Rick has a strong background in operations and has developedoperating procedures, which maximize facility performance. Rick leads theSentry Self-Storage management team to grow the organization's platform in theSoutheastern United States. Rick is based in the Dallas, Texas office.
DIANNE LEPPANEN. Sales Associate/Realtor(Sentry Real Estate Group, LLC)
Dianne Leppanen is a seasoned self-storage professional, joining the industry in1996; as well as a Florida and Georgia Licensed Real Estate salesperson.Dianne brings more than ten years of self-storage management experience tothe team. During her career she was employed by Public Storage.
Prior to joining Sentry, Dianne held various multi-unit management positions inthe self-storage industry. She was responsible for portfolios ranging from onemillion rentable square feet to more than 22 million rentable square feet. Dianneheld the Director of Facility Operations position with BMS ManagementCompany, (Budget Mini Storage) and was responsible for all aspects of thecompany's self-storage portfolio.
As a multi-state Public Storage District Manager, Dianne trained DistrictManagers from the Midwest and Canadian regions, as well as provided directoperational supervision, in addition to managing her 15 property multi-statedistrict. Public Storage awarded Dianne the District Manager of the Year awardfor her continued top performance in 2000. Dianne is committed to exceed theexpectations of each and every client she represents; providing only the highestlevel of quality real estate and consultant services to the complete satisfaction ofthe client.
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'
GENERAL UNDERLYING ASSUMPTIONS AND LIMITING CONDI-TIONS
Limitation of Liability: Liability of Sentry Self-Storage Management and itsassociates is limited to the client only as provided for in the Agreement. There isno accountability or liability to any third party.
Copies. Publication. Distribution, and Use of Report: Possession of this report orany copy thereof does not carry with it the right of publication or reproduction, normay it be used for other than its intended use. The physical report remains theproperty of Sentry Self-Storage Management for the use of the client, with the feepaid being for the analytical services only. The report shall not be used for anypurpose by any person or corporation, other than the client, or the party to whomit is addressed, or copied without the written consent of Sentry Self-StorageManagement; and then only in its entirety. Neither all nor any part of thecontents of this report, relating to the conclusions, the identity of the writers andthe associated firm may be conveyed to the public relations media, news media,sales media, or any other public means of communication. Nor may the same beused for any purpose by anyone but the client, without the prior written consentof the writer; and in any event, only in its entirety. This report may not be usedfor public or private offerings of syndicated interests.
Information Used: No responsibility is assumed for accuracy of informationfurnished by or from others, the client, his designees, or public records. Theauthors are not liable for such information or the work of possible subcontractors.The data relied upon in this report has been obtained from sources consideredreliable. As far as was reasonably possible, the data has been verified; and isbelieved to be true and correct. However, no responsibility for accuracy can beassumed by the writer. No single item or information was completely relied uponto the exclusion of the other information; and all data was analyzed within theframework of the judgment, knowledge, and experience of the writer(s).
Testimony. Consultation. Completion of Contract for Services: The Agreementcontract for reviewing the feasibility of this market, consultation, or analyticalservice is fulfilled and the total fee payable upon completion of the report. Theauthors and/or individuals of Sentry Self-Storage Management will not be askedor required to give testimony in court or hearing, as a result of having providedthe services and report, in full or in part, nor engage or be required to postmarket consultation with client or third parties, except under separate and specialarrangement at an additional agreed upon fee.
Exhibits: All sketches, tables, maps and photos in this report are included toassist the reader in visualizing the property only and are not necessarily to scaleand are not intended to represent the property or market in other than the status,as of the date of this Report.
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Auxiliary and Related Studies: This report is limited to the market feasibilitystudy of this particular site at the time of writing and does not include anyenvironmental or impact studies, surveying, land use studies, zoning studies,highest and best use studies, or any other studies unless specified. The writerreserves the unlimited right to alter, amend, revise, or rescind any of thestatement, finding, opinion, estimates, or conclusion in any previous, present, orfuture study and/or analysis, at the time any of the subsequent factors becomeknow.
Fees and Authenticity: The fee for this report or study is for the service renderedand not for the time spent on the physical report. The authentic copies of thisreport are signed in ink and are printed on white paper. Any copy that does nothave the above is unauthorized and may have been altered.
Certification of Report: The statements of facts contained in this report, uponwhich the analyses, opinions and conclusions were based, are true and correctto the best of my knowledge and belief. No one provided significant professionalassistance to the person signing this report. The analyses, conclusions, andoptions contained in the report are the principal effort of the undersigned.However, certain functions, such as administrative assistance, data collectingand verification, may have been performed by other members of the staff.
ACCEPTANCE OF, AND/OR USE OF, THIS REPORT CONSTITUTESACCEPTANCE OF THE ABOVE CONDITIONS, AND THOSE AS SET FORTHIN THE AGREEMENT.
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