True Storage 1H 2023 Portfolio Update

Completions

In the first half of 2023 True Storage delivered a total of 243,996 net rentable square feet across 4 facilities. The first completion was a former Shopko conversion project in Fort Atkinson, WI which marked the 3^rd Shopko conversion our team has completed. The second completion of the year was a former Burlington Coat factory conversion project in Enfield, CT that is currently being managed by Store Space Self Storage. The third completion of the year was in Providence, RI. This project was the first ground up development completion of the year opening in early May and is being managed by CubeSmart. Our 4^th Completion in the first half of the year marked our first facility opened in Georgia. We converted the former Walmart at 4701 Buena Vista Rd in Columbus, GA into 74,834 rentable square feet of class A storage space that is being managed by CubeSmart.

With these completions our current portfolio consists of 15 open locations across 13 states totaling 845,191 rentable square feet.

Construction/Pipeline

The True Storage construction team is firing on all cylinders across the country rolling into the second half of 2023. We have projects in Michigan, Ohio, Georgia, Massachusetts, New York and Florida that are expected to be completed by the end of the year. In addition to these sites, we have several others that will be expected to open in 2024. Currently our total construction pipeline includes 22 projects with over 2 million gross square feet under development. Our pipeline of projects that are in the due diligence and permitting phase totals nearly 850,000sqft. Our in-house construction management and architecture teams have remained focused on creating the highest quality properties possible for our management companies and end users.

Our Outlook

2023 is shaping up to be another record-breaking year for True Storage. Our focus on improving communities through revitalizing underutilized properties is leading us into new markets across the country. We are actively looking for more development opportunities and feel confident that the self-storage market will continue to be resilient in questionable economic times.