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S E L F S TO R A G E G R O U P3 Q 2 0 S E L F S TO R A G E R E I T R E P O R TINTRODUCTIONSame store operating performance for the self storage sector improved noticeably in the third quarter of 2020driven by continued strong customer demand and the sector’s persistent resiliency through multiple recessionaryenvironments; including the ongoing COVID pandemic. Non-weighted average same store revenue declined by58-basis points (-.58%) year -over-year while non-weighted average NOI declined by 148-basis points (-1.48%), animprovement of 236 bps and 170 bps respectively over the second quarter of 2020. Perhaps more importantlyfor investors, several REITs reported continued positive FFO per share growth in the quarter. The storage sectorcontinued its impressive defiance of recessionary impacts with operations fully returning to normal in the thirdquarter, except for limited jurisdictions where “State-of-Emergency” declarations still restrict rate increases orlate fees. Outperforming the broader REIT universe the storage sector ended the quarter with total returns at5.83% (as of September 30th, NAREIT); behind only Data Center, Infrastructure, and Industrial REIT sectors.Through October 30th the five public storage REITs were up 8.2% year-to-date on combined stock price whilethe MSCI US REIT Index was down -19.3%.Excluding joint venture acquisitions and mergers, wholly-owned acquisition activity for the quarter was robustreaching an aggregate volume of 467 million across 41 properties, approaching third quarter 2019 levels.Several REITs mentioned during Q2 reporting a desire to be acquisitive in the second half of the year. Q3-2020volume was down just 2.9% in value, and only one less property, than the same period last year. Following thedrop off in Q2 transactions, the resurgence in storage acquisition activity by the REITs is further evidenced bythe high volume of reported pending acquisitions expected to close by year-end. If all the pending storage REITtransactions close in 2020 this would result in a 40% annual increase over full-year 2019 volume; more than 2.7billion. With two of the storage REITs announcing high-value portfolio acquisitions in the final quarter, Q4 volumealone will likely surpass the full-year 2018 wholly owned acquisition volume of 1.3 billion.While growth through acquisitions will endure if favorable return metrics are met, the REITs are having to competewith an increasing volume and diversity of capital and investor interest in the sector which is leading someREITs to diversify their income streams through programs such as bridge loan lending, business-to-businesslast-mile delivery and micro-fulfillment solutions. Continued expansion of third-party management platforms isalso a regular theme for the REITs. Third-party management platforms yield multiple benefits including furthersupplementing income, providing additional data for revenue management systems, access to online contactless rental technology, all while adding potential off-market targets to the REITs’ acquisitions pipelines.Operating metrics have rebounded sharply for the sector with occupancy levels at all-time highs, move-in levelsincreasing and move-out activity remaining at below historical levels, even through October. Non-weightedaverage same store occupancy reached 94% at quarter-end for the five storage REITs; over 200 bps higher yearover-year with minimal inflation due to delayed auctions. Street rates are likewise starting to show an increaseand the high occupancies are benefiting operators as new tenant rental rates are surpassing vacating tenantrates, reducing the rent roll-down levels experienced in prior quarters. The sector resumed normal operationsincluding existing customer rate increases in the third quarter which have been implemented across nearly

S E L F S TO R A G E G R O U Pall markets, but for a few limited jurisdictions with rental rate increase restrictions. The delayed peak leasingseason, amid increasing rental velocity, has the potential to yield additional ECRIs in the fourth quarter, anotheratypical operating practice for this atypical year. Customer behavior is continuing to trend positively with averagelengths of stay elongating while collections, a concern early in the pandemic, have now returned to historicallevels.Though the sector-wide muted levels of move-outs was a common theme of the earnings calls this quarterthe main headwind for the industry remains new supply. Though some projects were delayed earlier in thepandemic, very few are being canceled, and new deliveries continue to hit the market which will maintaindownward pressure on rate growth in certain high supply pockets. With the development cycle slowing, newdeliveries are expected to moderate in the years ahead but will certainly not stop. As for tailwinds, the sectorcontinues to see strong customer demand for storage from the various pandemic and recession- related usecases in addition to the typical life events driving demand. As many companies have instituted work-from-homepolicies well into 2021, schooling remains a mix of virtual and socially distanced forms, and small businessesstore inventory, the additional demand for storage in these times is not expected to evaporate quickly even if amedical solution to the pandemic were readily available. Storage customers have shown to be extremely stickywhile the sector continues to show its resilience.Transactions have resumed with a flurry of activity across single-assets and portfolios in both widely marketedand off-market deals. Many sellers also see this as an opportune time to transact due to the low interest rateenvironment. As more diverse sources of capital seek to enter the sector, cap rates remain low with signs offurther compression observed in reported metrics on pending transactions. The announced Blackstone acquisitionof Simply Self Storage is symbolic of the institutional investor appetite for what used to be an alternative assetclass. The added competition for acquisitions will undoubtedly continue to put pressure on yields and returnexpectations. While stabilized properties continue to command the most aggressive pricing, interest in highquality lease-up properties in key markets certainly exists as evidenced by the Storage Deluxe transaction; aportfolio of assets in New York’s outer boroughs, reported to be a 4.5% cap rate on stabilized NOI. Given thesector’s phenomenal operating performance through the pandemic, coupled with extremely low ongoing capitalrequirements, the self storage sector continues to benefit against other real estate investment sectors andtransaction activity is expected to remain elevated into 2021.Self storage remains among the best-performing asset classes within commercial real estate. Based on recentperformance and past recession resilience, the self storage sector remains extremely well positioned to continueto deliver strong operating metrics on both a relative basis as well as on an actual basis.The following pages summarize the information for the third quarter of 2020, reported by the five publicly tradedself storage REITs, along with some comparisons between the industry and macro-market benchmarks. Linksto the investor relations page of each REIT’s website are also included.In addition to this quarterly REIT summary, a weekly email from Newmark’s Self Storage Group delineates keybenchmark rates for the capital markets, near-term expectations for transactions, and interpretive opinions ofbroader market questions.Thank you for taking the time to review the Quarterly REIT Report. We trust you will find it valuable.nmrkstorage.com

3 Q 2 0 S E L F S TO R A G E R E I T H I G H L I G H T SMARKET INDEX9/30/191/2/209/30/20YTDChange¹TTMChange¹ 535.77 487.06 81.70-3.77%3.21%S&P 96%U.S. 10 YEAR1.68%1.88%0.69%-63.30%-58.93%10 YEAR SWAP1.58%1.85%0.73%-60.54%-53.80%Storage REITs (Total)Storage REITsTTM Change¹YTD Chan StorageREITs(Total)TTM Change¹DJIAS&P 500 NASDAQYTD Chan ge¹GOLDOIL¹ Excludes dividendsSources: Yahoo! Finance, U.S. Department of the Treasury, U.S. Energy Information Administration, Barchart (SWAADY10.RT), Bloomberg, World Gold Council3Q 2 0 S E L F S TO R A G E R E I T R E P O RT 3

3 Q 2 0 S E L F S TO R A G E R E I T H I G H L I G H T SCUBESMART (NYSE: CUBE)–– Reported earnings per share (EPS) attributable to the company’s common shareholders of 0.24.–– Reported funds from operations (FFO) per share, as adjusted, of 0.44.–– Same-store (477 stores) net operating income (NOI) decreased 1.6% year over year, driven by 0.1% revenue growth and a 4.2%increase in property operating expenses.–– Same-store occupancy during the quarter averaged 94.4% and ended the quarter at 94.3%.–– Added 37 stores to the company’s third-party management platform during the quarter, bringing our total third-party managed storecount to 733.C LIC K H ER E TO VIEW C U B ESM A RT IN VESTOR RELATI O NSEXTRA SPACE (NYSE: EXR)–– Achieved net income attributable to common stockholders of 0.88 per diluted share, representing a 6.0% increase compared with thesame period in 2019.–– Achieved funds from operations attributable to common stockholders and unit holders (FFO) of 1.30 per diluted share. FFO, excludingacceleration of share-based compensation expense due to retirement of an executive officer and adjustments for non-cash interest (CoreFFO), was 1.31 per diluted share, representing a 5.6% increase compared with the same period in 2019.–– Experienced decreases in same-store revenue of 1.5% and same-store net operating income (NOI) of 2.7% compared with the sameperiod in 2019.–– Reported same-store occupancy of 95.9% as of September 30, 2020, compared with 93.8% as of September 30, 2019.–– Acquired eight operating stores for a total cost of approximately 87.4 million.–– In conjunction with joint venture partners, acquired two stores at completion of construction (a Certificate of Occupancy store or C of Ostore) for a total cost of approximately 19.6 million, of which the company invested 9.8 million.–– Purchased a senior mezzanine note at 98.0% of the 103.0 million principal balance.–– Added 42 stores (gross) to the company's third-party management platform. As of September 30, 2020, the company managed 718stores for third parties and 253 stores in joint ventures, for a total of 971 managed store.–– Paid a quarterly dividend of 0.90 per share.C LIC K H ER E TO VIEW EXTR A SPAC E IN VESTOR RELATI O NSHISTORICAL QUARTERLY OCCUPANCYADJUSTED FUNDS FROM OPERATIONSPER DILUTED SHARE100.0% 2.40 2.0095.0% 1.6090.0% 1.20 0.8085.0% 0.4080.0%2Q183Q18Public Storage4Q181Q19CubeSmart2Q19Extra Space3Q194Q19Life Storage Inc1Q202Q203Q20National Storage AffiliatesNote: PSA, Cube, LSI and NSA are based on period-average occupancy. EXR is based on period end.Note: Historical occupancy is based on original occupancy reported each quarter.Source: PSA, LSI, Cube, EXR and NSA Investor Relations 0.00PublicStorageCubeSmart Extra Space Life StorageIncSource: PSA, Cube, EXR, LSI and NSA Investor RelationsNationalStorageAffiliates3Q 2 0 S E L F S TO R A G E R E I T R E P O RT 4

3 Q 2 0 S E L F S TO R A G E R E I T H I G H L I G H T SPUBLIC STORAGE (NYSE: PSA)–– For the three months ended September 30, 2020, net income allocable to our common shareholders was 246.9 million or 1.41 perdiluted common share, compared with 337.4 million or 1.93 per diluted common share in 2019 representing a decrease of 90.5 millionor 0.52 per diluted common share.–– Revenues for same-store facilities decreased 2.7%, or 17.0 million, in the three months ended September 30, 2020, as compared with2019, primarily because of lower realized annual rent per occupied square foot and reduced late charges and administrative fees.–– For the three months ended September 30, 2020, funds from operations (FFO) was 2.28 per diluted common share.–– Acquired 4 self-storage facilities (two in Minnesota and one in Colorado and Utah) with 0.2 million net rentable square feet for 29.1million.–– Declared a regular common quarterly dividend of 2.00 per common share.C LIC K H ER E TO VIEW PU B LIC STOR AG E IN VESTOR RELATI O NSLIFE STORAGE INC. (NYSE: LSI)–– Generated net income attributable to common shareholders of 37.1 million, or 0.78 per fully diluted common share.–– Achieved adjusted funds from operations (FFO) per fully diluted common share of 1.52, a 4.1% increase over the same period in 2019.–– Increased same-store revenue by 1.2% and same-store net operating income (NOI) by 0.4%, year over year.–– Achieved 11th straight quarter of less than 1% year over year growth of same-store operating expense (excluding property taxes).–– Acquired 25 stabilized stores from two of our joint ventures for a total valuation of 326.7 million.–– Added 30 stores to the company’s third-party management platform.–– Completed a 400 million offering of 2.2% Senior Unsecured Notes due 2030.–– Bolstered Warehouse Anywhere’s ecommerce solution through a partnership with Deliverr, a leading technology-enabled fulfillmentorganization, with the build-out of a micro-fulfillment center in Las Vegas and a second planned in Chicago.C LIC K H ER E TO VIEW LIFE STOR AG E IN C . IN VESTOR RELATI O NSDIVIDEND PER SHARESAME-STORE REVENUE PER STORE 2.00 350.00 350.00 350.00 350.00 300.00 300.00 300.00 300.00 1.50 250.00 250.00 250.00 250.00 200.00 200.00 200.00 200.00 1.00 150.00 150.00 150.00 150.00 100.00 100.00 100.00 100.00 0.50 0.00 50.00 50.00 50.00 50.00 0.00 0.00 0.00 0.00PublicStora