Sample Feasibility Study (1)

SENTRY

MARKET FEASIBILITY STUDY

Prepared for:

YOUR COMPANY

March 2007

p

ISENTRTSELF-STORAGE

12375 West Sample Road, Coral Springs, FL 33065

2007: Sentry Self Storage ManagementPrepared for: Your Company March 29, 2007

fSENTRYSELF-STORAGE

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


ISENTRYSELF-STQRAGS

MARKET FEASIBILITY STUDYLOCATION MAP

2007: Sentry Self Storage ManagementPrepared for: Your Company

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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.

2007: Sentry Self Storage Management Page -2-Prepared for: Your Company March 29, 2007

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»*AMAG£*.'EN-

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


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


:

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



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...


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




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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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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


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


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


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


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

§̂oas . a*£

•e> v> > ' (SW33«riST.)

§ /^f/ Biscaynei i lj NationalHI \ /

1« | ' Park21 PALM ORIVEiSW 344th St « £ PALM DRIVE ISW 344th St.)

n j^ i- LU

pi

Everglades | fNational d

|̂p K

' ^ Park^{ §

\4to" K̂

5 5Z uia * £ 3UJ 0 <

1 1g K § u

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


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


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


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.


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




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


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




Sample Company,Inc.



3 MILt KAUlUb

Total Population

SEX

MaleFemale

AGE

Under 18 years18- 34 years35 - 54 years55 years and older

RACE/ETHNICITY



HOUSEHOLD TYPE

FamilyNon-family


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




Sample Company,Inc.



t> MILt KAUIU5

Total Population

SEX

MaleFemale

AGE

Under 18 years18- 34 years35-54 years55 years and older

RACE/ETHNICITY



HOUSEHOLD TYPE

FamilyNon-family


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




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



Median Age (Male)

Female

0- 13 years14- 17 years18 -24 years



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




Sample Company,Inc.


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




Sample Company,Inc.

8


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




Sample Company,Inc.


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




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




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



Sample Company,Inc.


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



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




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


Produced for Ron Bouskelaby www.BuyDemographics.cxsmDecember 12, 2006


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




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.


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.


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


30 year old non-climate facility.

Caged units with8x20 pods in rear.Constructed 1977

$0

1.64

None

95%

305-555-5555

America SelfStorage


22 year old non-climate facility.

Constructed 1985

$10

1.76

None

95%

305-555-5555

U-Haul


Approximately 15year old AC & non-

climate facility.Constructed 1992.

$10

3.15

None

95%

305-555-5555

USA Storage


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


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




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




(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.


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:


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


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


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


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).


Page -30-March 29, 2007

iSENTRYSELF-STORAGE

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


m

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


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%


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...


Page -33-March 29, 2007

ISENTRYSELF-STORAGE

"

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.


Sample Feasibility Study (1)

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Transcript of Sample Feasibility Study (1)