Assumptions 2016

1Q16A 2Q16A 3Q16A 4Q16A

FFO Per Share, as Adjusted $0.85 $0.93 $1.02 $1.03

INTERNAL REVENUE & EXPENSES

Consolidated Square feet (Same-Store Pool) 42,104 42,135 42,162 42,236
Occupied Square feet 39,073 39,481 39,548 39,068

NOI Margin 69.4% 70.5% 72.2% 72.0%

Expense Growth Rate 29.4% 29.5% 27.5% 7.5%
Management Fees 4.7% 5.1% 4.5% 4.2%
Acquisition & Development Fees
Interest and Other Income 41.5% 73.0% 63.9% -12.2%
SS Equity In Earnings from Unconsolidated JVs
General & Administrative Expenses 44.0% 23.2% 16.9% 1.2%
NOI Growth on Acquisition NOI
Tenant insurance 19.6% 26.0% 27.5% 14.8%
Dividend Growth 0.0% 32.2% 0.0% 0.0%
Tax Expense 23.0% 72.7% 25.4% 53.6%

Same-Store Analysis
Avg Occupancy (SS Pool) 92.8% 93.7% 93.8% 92.5%
Q/Q Change in occupancy 0.90% 0.10% -1.30%
Y/Y Occupancy Delta 1.1% 0.2% -0.2% -0.6%
Realized Rent (SS Pool) $15.67 $16.09 $16.57 $16.53
Prior Period Rent $14.58 $15.01 $15.59 $15.56
Prior Period Rent/Prior Year Rent
Realized Rent Growth (y/y) 7.5% 7.2% 6.3% 6.2%
Same-Store Rental Income $153,152 $158,787 $163,686 $161,227
Other SS Operating Income $7,370 $7,650 $7,797 $7,416
Existing Non Same-Store Rental Income $38,966 $45,354 $52,968 $60,369
Total Rental Income $199,488 $211,791 $224,451 $229,012
Same-Store Rental Income Growth (y/y)
Same-Store Revenue Growth (y/y) - calculated (NOT ACTUAL)

DEVELOPMENT
Previously Completed Development in Lease-Up - Other $33,780 $71,741 $100,984 $116,977
Estimated Yield 4.4% 2.4% 5.5% 6.6%
Quarterly NOI 375 429 1,391 1,917
Incremental NOI
Cumulative Incremental NOI
Remaining Annual NOI to Stabilization $1,034 $3,665 $2,010 $1,105
Cap Rate 5.50% 5.50% 5.50% 5.50%
Value of Lease-Up NOI $18,791 $66,629 $36,542 $20,096
Discount Years 2.0 2.0 2.0 2.0
Discount Rate 9% 9% 9% 9%
PV of Lease-Up $15,816 $56,080 $30,757 $16,914

Wholly-owned development completions 32,650 23,361 13,800 11,750

Pro-rata share of JV development completions 1,130 14,600 15,443 4,243
Development Completions During Quarter $33,780 $37,961 $29,243 $15,993
% Hold in Portfolio 100% 100% 100% 100%
Portfolio Development $33,780 $37,961 $29,243 $15,993
Incremental NOI ($124) ($138) $0 $0
Incremental Interest Expense ($1,006) ($1,300) $0 $0
CF after Debt Service ($1,130) ($1,438) $0 $0
Yield
Unstabilized Development Sales $0 $0 $0 $0
% Profit Margin 15% 15% 15% 15%
Profit on development sales $0 $0 $0 $0

ACQUISITIONS (net) 1,002,293

Acquisition cap rate 5.50% 5.50% 5.50% 5.50%
Acquisitions during period $192,523 $231,448 $282,621 $295,701
NOI from Acquisition
Interest Exp. From Acquisition

INTEREST EXPENSE
LIBOR 0.6% 0.7% 0.9% 1.0%
Change in LIBOR
Spread over LIBOR
Interest Rate on Floating Debt
7Y Yield 1.5% 1.3% 1.4% 2.3%
10Y Yield 1.8% 1.5% 1.6% 2.5%
Assumed Spread Over Treasury
Interest Rate on New Fixed Debt
Average Portfolio Debt Cost 3.10% 3.10% 3.10% 3.03%

Revolving LOC Balance (Excess Cash Balance) $116,000 $88,000 $166,000 $365,000
Cost of Line of Credit
Impact to interest (expense) on rate changes

Non-LOC Variable Rate Debt $713,081 $761,882 $802,929 $942,970

Paydown of non-LOC variable rate debt
Incremental Interest (Expense) / Savings on Rate Changes
Incremental Interest (Expense) / Savings on Payment of Debt

Refinancing of Fixed Debt Maturities

Interest Rate on Maturing Debt
Incremental Interest (Expense) / Savings on Refi

Issuance of New Debt (Paydown of Old Debt) $0 $0 $0 $0

Interest Rate on New Debt
Incremental Interest (Expense) on Change

COMMON EQUITY OFFERINGS

Shares issued
Average offering price (per share)
Equity offerings (gross proceeds during period)
Net Proceeds
Interest Savings

PREFERRED OFFERINGS
Dividend Rate
Preferred Offerings
Quarterly Dividends
Net Interest Savings on Preferred Offerings

PREFERRED REDEMPTIONS
Dividend Rate
Preferred Redeemed
Quarterly Dividends
Interest Expense on Preferred Redemption
D-42 issuance costredemption impact

CAPITAL
Period Beginning Net Debt
Net acquisition/development debt
Period Ending Net Debt

Period Beginning Preferred Equity

Preferred Added / Removed
Period Ending Perpetual Preferred Equity

Shares/Units Outstanding
Share Price (at period end)
Market Value of Equity

Total Enterprise Value

RETAINED EARNINGS
Retained Earnings, excl. acq/dev/offering int expense
Interest expense from acq/dev/offerings
Retained Earnings
Interest Savings (Expense) on Debt Repaid

CAPEX
REIT pro-rata self storage sq. ft. owned (000)
Non-revenue enhancing expenditures per sq. ft.
Total capitalized expenditures (000)
Diluted shares
Capitalized expenditures per share
 2017 2018 20
1Q17A 2Q17A 3Q17A 4Q17E 1Q18E 2Q18E 3Q18E 4Q18E 1Q19E
$1.03 $1.09 $1.13 $1.09 $1.08 $1.13 $1.19 $1.18 $1.17

55,767 55,859 55,876 55,876 55,876 55,876 55,876 55,876 55,876

51,194 52,172 52,524 51,965 51,574 52,244 52,356 51,797 51,686

71.2% 72.1% 71.7% 72.0% 70.3% 71.3% 71.9% 72.0% 70.4%

9.1% 7.8% 13.0% 6.4% 8.9% 6.7% 1.8% 2.6% 2.8%
3.7% 4.5% 3.9% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
-20.9% -47.7% -45.5% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
20.0% 5.0% 5.0% 5.0% 5.0% 5.0%
-19.6% 6.6% -0.2% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
16.6% 15.8% 5.2% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
0.0% 0.0% 0.0% 0.0% 10.0% 0.0% 0.0% 0.0% 10.0%
13.0% -24.0% -29.2% -15.0% 3.0% 3.0% 3.0% 3.0% 3.0%

91.8% 93.4% 94.0% 93.0% 92.3% 93.5% 93.7% 92.7% 92.5%

-0.70% 1.60% 0.60% -1.00% -0.70% 1.20% 0.20% -1.00% -0.20%
0.5% 0.5% 0.8% 0.50% 0.50% 0.10% -0.30% -0.30% 0.20%
$15.45 $15.65 $15.99 $15.94 $15.95 $16.12 $16.43 $16.34 $16.35
$14.63 $14.98 $15.44 $15.40
-6.6% -6.9% -6.8%
5.6% 4.5% 3.6% 3.5% 3.3% 3.0% 2.8% 2.5% 2.5%
$197,628 $204,045 $210,019 $207,105 $205,679 $210,539 $215,050 $211,597 $211,277
$8,941 $9,586 $10,104 $7,638 $9,209 $9,874 $10,407 $7,868 $9,486
$24,924 $27,165 $28,466 $28,884 $29,308 $29,738 $30,174 $30,617 $31,066
$231,493 $240,796 $248,589 $243,627 $244,195 $250,150 $255,631 $250,082 $251,829
28.6% 2.9%
6.1% 5.0% 4.4% 4.0% 3.8% 3.1% 2.5% 2.2% 2.7%
4.9% 2.9%

$119,373 $138,286 $148,136 $178,136 $198,136 $288,136 $348,136 $378,136 $411,136

4.3% 5.5% 7.3% 7.6% 7.8% 8.1% 8.3% 8.6% 8.8%
1,295 1,901 2,720 3,382 3,886 5,831 7,263 8,125 9,091
$662 $504 $1,945 $1,432 $862 $966
$662 $1,166 $3,111 $4,543 $5,405 $6,371
$3,773 $2,767 $230 $0 $0 $0 $0 $0 $0
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
$68,599 $50,317 $4,185 $0 $0 $0 $0 $0 $0
2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0
9% 9% 9% 9% 9% 9% 9% 9% 9%
$57,738 $42,351 $3,523 $0 $0 $0 $0 $0 $0

0 7,343 8,970 15,000 15,000 65,000 35,000 25,000 8,000

2,396 11,571 880 15,000 5,000 25,000 25,000 5,000 25,000
$2,396 $18,914 $9,850 $30,000 $20,000 $90,000 $60,000 $30,000 $33,000
100% 100% 100% 100% 100% 100% 100% 100% 100%
$2,396 $18,914 $9,850 $30,000 $20,000 $90,000 $60,000 $30,000 $33,000
$0 $0 $0 ($286) ($194) ($256) ($121) $318 $724
 $0 $0 $0 ($943) ($1,110) ($1,869) ($2,360) ($2,565) ($2,827)
$0 $0 $0 ($1,229) ($1,304) ($2,124) ($2,481) ($2,247) ($2,102)

$0 $0 $0 $0 $0 $0 $0 $0 $0
15% 15% 15% 15% 15% 15% 15% 15% 15%
$0 $0 $0 $0 $0 $0 $0 $0 $0

209,350 200,000
5.50% 5.50% 5.50% 5.50% 6.00% 6.00% 6.00% 6.00% 6.00%
$25,500 $11,000 $22,850 $150,000 $50,000 $50,000 $50,000 $50,000 $50,000
$2,063 $750 $750 $750 $750 $750

1.1% 1.3% 1.3% 1.5% 1.7% 1.8% 1.9% 1.9% 2.0%

0.20% 0.13% 0.11% 0.08% 0.08% 0.04%
1.900% 1.900% 1.900% 1.900% 1.900% 1.900%
3.44% 3.56% 3.67% 3.76% 3.84% 3.88%
2.2% 2.1% 2.2% 2.2% 2.2% 2.3% 2.3% 2.3% 2.3%
2.4% 2.3% 2.3% 2.3% 2.4% 2.4% 2.4% 2.4% 2.4%
2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
4.26% 4.29% 4.32% 4.35% 4.37% 4.39%
3.08% 3.22% 3.30% 3.30% 3.30% 3.30% 3.30% 3.30% 3.30%

$363,000 $128,000 $25,000 $153,443 $207,132 $331,648 $426,752 $492,155 $560,928

3.44% 3.56% 3.67% 3.76% 3.84% 3.88%
($77) ($65) ($93) ($89) ($101) ($62)

$983,484 $909,787 $812,194 $812,194 $812,194 $812,194 $812,194 $812,194 $812,194

$0 $0 $0 $0 $0 $0
($409) ($254) ($227) ($169) ($166) ($90)
$0 $0 $0 $0 $0 $0

$0 $0 $126,484 $165,824 $0 $25,551

2.8% 0.0% 3.2% 3.3% 0.0% 3.6%
0 0 (343) (420) 0 (51)

$0 $300,000 $300,000 $52,500 $17,500 $17,500 $17,500 $17,500 $17,500

3.95% 4.26% 4.29% 4.32% 4.35% 4.37% 4.39%
($2,963) ($109) ($32) ($29) ($26) ($23) ($22)

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00

$86.95 $86.95 $86.95 $86.95 $86.95 $86.95
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0

$4,249,280 $4,430,223 $4,501,412 $4,643,428 $4,756,032 $4,838,935

180,943 71,189 142,016 112,604 82,903 86,273
$4,430,223 $4,501,412 $4,643,428 $4,756,032 $4,838,935 $4,925,208

$0 $0 $0 $0 $0 $0
0 0 0 0 0 0
$0 $0 $0 $0 $0 $0

135,090 135,090 135,090 135,090 135,090 135,090

$86.95 $86.95 $86.95 $86.95 $86.95 $86.95
$11,746,076 $11,746,076 $11,746,076 $11,746,076 $11,746,076 $11,746,076

$16,176,298 $16,247,488 $16,389,503 $16,502,107 $16,585,011 $16,671,284

$0 $0 $0 $0 $0 $0
#DIV/0! ($943) ($1,189) ($2,016) ($2,604) ($2,903) ($3,273)
($943) ($1,189) ($2,016) ($2,604) ($2,903) ($3,273)
($2) ($3) ($5) ($6) ($7) ($8)
 2019
2Q19E 3Q19E 4Q19E
$1.23 $1.30 $1.28

55,876 55,876 55,876

52,300 52,356 51,797

71.4% 72.0% 72.1%

2.7% 2.8% 2.8%
3.5% 3.5% 3.5%
0.0% 0.0% 0.0%
3.0% 3.0% 3.0%
5.0% 5.0% 5.0%
5.0% 5.0% 5.0%
6.0% 6.0% 6.0%
10.0% 10.0% 10.0%
0.0% 0.0% 0.0%
3.0% 3.0% 3.0%

93.6% 93.7% 92.7%

1.10% 0.10% -1.00%
0.10% 0.00% 0.00%
$16.52 $16.88 $16.79

2.5% 2.8% 2.8%

$216,033 $220,963 $217,416
$10,170 $10,719 $8,104
$31,522 $31,984 $32,454
$257,725 $263,667 $257,974
2.7%
2.6% 2.8% 2.8%
2.7%

$411,136 $426,136 $436,136

9.1% 9.3% 9.6%
9,348 9,955 10,461
$257 $607 $506
$6,628 $7,235 $7,741
$0 $0 $0
5.50% 5.50% 5.50%
$0 $0 $0
2.0 2.0 2.0
9% 9% 9%
$0 $0 $0

0 15,000 10,000
0 0 0
$0 $15,000 $10,000
100% 100% 100%
$0 $15,000 $10,000
$1,424 $2,040 $2,731
 ($2,827) ($2,965) ($3,052)
($1,403) ($925) ($321)

$0 $0 $0
15% 15% 15%
$0 $0 $0

200,000
6.00% 6.00% 6.00%
$50,000 $50,000 $50,000
$750 $750 $750

2.0% 2.0% 2.1%

-0.02% 0.05% 0.05%
1.900% 1.900% 1.900%
3.86% 3.91% 3.96%
2.4% 2.4% 2.4%
2.5% 2.5% 2.5%
2.00% 2.00% 2.00%
4.42% 4.44% 4.46%
3.30% 3.30% 3.30%

$596,771 $647,729 $693,864

3.86% 3.91% 3.96%
$32 ($82) ($89)

$812,194 $812,194 $812,194

$0 $0 $0
$43 ($103) ($104)
$0 $0 $0

$98,260 $0 $93,747
2.8% 0.0% 3.4%
(389) 0 (249)

$17,500 $17,500 $17,500

4.42% 4.44% 4.46%
($24) ($23) ($22)

$0.00 $0.00 $0.00

$86.95 $86.95 $86.95
$0 $0 $0
$0 $0 $0

0.00% 0.00% 0.00%

$0 $0 $0
$0 $0 $0
$0 $0 $0
 0.00% 0.00% 0.00%
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0

$4,925,208 $4,978,551 $5,047,009

53,343 68,458 63,635
$4,978,551 $5,047,009 $5,110,644

$0 $0 $0
0 0 0
$0 $0 $0

135,090 135,090 135,090

$86.95 $86.95 $86.95
$11,746,076 $11,746,076 $11,746,076

$16,724,627 $16,793,084 $16,856,720

$0 $0 $0
($3,343) ($3,458) ($3,635)
($3,343) ($3,458) ($3,635)
($8) ($8) ($9)
SF increasing?

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t growth I adjust the equation to be rent as of today / rent 1 year ago
($942.69) ($244.77) ($1,068.21) ($1,652.17) ($1,945.19) ($2,308.01) ($2,369.99) ($2,476.65) ($2,645.51)
Income Statement 2016 $3.68 Adj. $3.83
(in $ thousands, except per share data) 1Q16A 2Q16A 3Q16A 4Q16A
FFO as Adjusted: $0.85 $0.93 $1.02 $1.03

Rental Revenue $199,488 $211,791 $224,451 $229,012

Operating Expenses (61,112) (62,430) (62,341) (64,122)
New Development NOI
New Acquisition NOI
Net Operating Income $138,376 $149,361 $162,110 $164,890
Management Fees 9,360 10,828 10,005 9,649
Tenant Insurance Income, net (Less Expense) 16,244 17,713 18,634 19,145
Acquisition & Development Fees 0 0 0 0
Interest and Other Income 2,927 2,837 2,571 2,663
Acquisition Costs (4,053) (3,138) (1,933) (2,987)
Equity in earnings of unconsolidated real estate entities 2,830 3,358 3,625 3,082
General & Administrative Expenses (23,402) (20,512) (19,537) (18,355)
Discontinued Operations 0 0 0 0
EBITDA $142,282 $160,447 $175,475 $178,087
Existing Interest Expense (31,359) (32,802) (33,494) (35,824)
New Development Interest Expense (1,006) (1,300) 0 0
Other Interest Expense / Income 0 0 0 0
Interest Expense (32,365) (34,102) (33,494) (35,824)
Tax Expense (2,765) (3,773) (4,466) (4,843)
Depreciation and amortization (42,897) (43,950) (46,555) (49,158)
Amortization of discount on exchangeable senior notes (1,233) (1,240) (1,243) (1,264)
Income Allocated to Minority Interests in OP and Other (6,815) (6,996) (9,138) (8,013)
Extraordinary Items / One Time Items 25,379 11,358 37,509 3,418
Net Income Available to Common $81,586 $81,744 $118,088 $82,403
Real Estate Depreciation & Amortization 36,436 37,388 39,971 41,563
Amortization of Intangibles 4,736 4,836 4,853 6,042
Pro-rata share of Unconsolidated Depreciation & Amortization 1,015 1,239 1,227 1,024
Income Allocated to Minority Interests in OP and Other 6,815 6,996 9,137 8,013
Gain / (loss) on sale of real estate (25,379) (11,358) (37,509) (3,418)
Distributions paid on Preferred OP Units (1,271) (1,271) (1,272) (1,271)
Funds From Operations $103,938 $119,574 $134,495 $134,356
Capital Expenditures (6,530) (6,530) (6,530) (6,530)
APB 14-1 Non cash convert interest expense 0 0 0 0
Amortized Stock Based Comp. 1,710 2,383 1,915 2,037
One-time transition costs/other (17,326) (8,220) (35,576) (431)
Adjusted Funds From Operations $81,792 $107,207 $94,304 $129,432

Weighted Average Common Shares 124,754 124,914 125,752 125,526

OP Units 8,183 8,504 8,859 9,305
Fully Diluted Shares/Units (FFO) 132,937 133,418 134,611 134,831

PER SHARE DATA

EPS $0.65 $0.65 $0.94 $0.66
FFO $0.78 $0.90 $1.00 $1.00
AFFO $0.62 $0.80 $0.70 $0.96

Common Dividends Paid Per Share $0.59 $0.78 $0.78 $0.78

Common Dividends Paid 73,605 97,433 98,087 97,910

FFOPS $3.68
AFFOPS $3.08

AFFO Payout Ratio 96% 97% 111% 81%

Reported FFO 103,938 119,574 134,495 134,356

Severance Costs
Acq / Dev Costs (4,053) (3,138) (1,933) (2,987)
Litigation Costs
Management Fees from Previous Periods
Other (4,879) (898) (1,111) (1,220)
Recurring FFO (ex one timers) 112,870 123,610 137,539 138,563

Reported FFO, per share $ 3.68

Reported FFO $0.78 $0.90 $1.00 $1.00
Severance Costs $0.00 $0.00 $0.00 $0.00
Acq / Dev Costs ($0.03) ($0.02) ($0.01) ($0.02)
Litigation Costs $0.00 $0.00 $0.00 $0.00
Management Fees from Previous Periods $0.00 $0.00 $0.00 $0.00
Early debt prepayment ($0.04) ($0.01) ($0.01) ($0.01)
Recurring FFO (ex one timers) $0.85 $0.93 $1.02 $1.03
Annual FFO as Adjsuted, per share $3.83
 2017 $4.28 Adj. $4.35 2018 $4.54 Adj. $4.58 2019 $4.95
1Q17A 2Q17A 3Q17A 4Q17E 1Q18E 2Q18E 3Q18E 4Q18E 1Q19E
$1.03 $1.09 $1.13 $1.09 $1.08 $1.13 $1.19 $1.18 $1.17

$231,493 $240,796 $248,589 $243,627 $244,195 $250,150 $255,631 $250,082 $251,829

(66,645) (67,295) (70,430) (68,214) (72,555) (71,823) (71,713) (70,021) (74,571)
376 972 2,855 4,421 5,723 7,095
2,063 2,843 3,634 4,438 5,253 6,080
$164,848 $173,501 $178,159 $177,851 $175,455 $184,817 $192,777 $191,036 $190,433
8,660 10,894 9,685 8,527 8,547 8,755 8,947 8,753 8,814
18,935 20,509 19,610 21,060 20,829 22,560 21,571 23,165 22,911
0 0 0 0 0 0 0 0 0
2,315 1,485 1,401 1,301 1,700 1,713 1,725 1,738 1,751
0 0 0 0 0 0 0 0 0
3,579 3,838 3,990 3,698 3,758 4,030 4,190 3,883 3,946
(18,808) (21,865) (19,498) (19,273) (19,748) (22,958) (20,473) (20,236) (20,736)
0 0 0 0 0 0 0 0 0
$179,529 $188,362 $193,347 $193,165 $190,540 $198,916 $208,737 $208,339 $207,119
(35,970) (37,456) (39,766) (40,284) (40,570) (41,168) (41,783) (41,973) (42,137)
0 0 0 (943) (1,110) (1,869) (2,360) (2,565) (2,827)
0 0 0 (79) (147) (244) (339) (446) (516)
(35,970) (37,456) (39,766) (41,306) (41,827) (43,281) (44,482) (44,984) (45,480)
(3,124) (2,867) (3,163) (4,117) (3,218) (2,953) (3,258) (4,240) (3,314)
(49,432) (46,632) (48,075) (49,338) (49,763) (50,217) (50,658) (51,088) (51,518)
(1,269) (1,290) (1,268) (1,268) (1,268) (1,268) (1,268) (1,268) (1,268)
(7,452) (7,092) (7,311) (8,105) (8,105) (8,105) (8,105) (8,105) (8,105)
0 (6,019) 0 0 0 0 0 0 0
$82,282 $87,006 $93,764 $89,031 $86,360 $93,092 $100,965 $98,654 $97,434
41,913 42,513 43,303 44,566 44,991 45,445 45,886 46,316 46,746
6,161 2,687 2,316 4,053 4,053 4,053 4,053 4,053 4,053
1,363 1,475 1,429 1,325 1,346 1,443 1,500 1,391 1,413
7,453 7,112 7,363 8,105 8,105 8,105 8,105 8,105 8,105
0 6,019 0 0 0 0 0 0 0
(1,271) (704) (572) (572) (572) (572) (572) (572) (572)
$137,901 $146,108 $147,603 $146,508 $144,282 $151,566 $159,938 $157,947 $157,179
(6,726) (6,726) (6,726) (6,726) (6,928) (6,928) (6,928) (6,928) (7,136)
0 0 0 0 0 0 0 0 0
1,990 2,965 2,289 2,289 2,289 2,289 2,289 2,289 2,289
0 6,019 0 0 0 0 0 0 0
$133,165 $148,366 $143,166 $142,071 $139,644 $146,927 $155,299 $153,308 $152,333

125,605 125,673 125,718 125,718 125,718 125,718 125,718 125,718 125,718

9,325 9,411 9,372 9,372 9,372 9,372 9,372 9,372 9,372
134,930 135,085 135,090 135,090 135,090 135,090 135,090 135,090 135,090

$0.66 $0.69 $0.75 $0.71 $0.69 $0.74 $0.80 $0.78 $0.78

$1.02 $1.08 $1.09 $1.08 $1.07 $1.12 $1.18 $1.17 $1.16
$0.99 $1.10 $1.06 $1.05 $1.03 $1.09 $1.15 $1.13 $1.13

$0.78 $0.78 $0.78 $0.78 $0.86 $0.86 $0.86 $0.86 $0.94

97,972 98,025 98,060 98,060 107,866 107,866 107,866 107,866 118,652

$4.28 $4.54
 $4.20 $4.41

79% 71% 74% 74% 83% 79% 75% 76% 84%

137,901 146,108 147,603 146,508 144,282 151,566 159,938 157,947 157,179

0 0 0 0 0 0 0 0 0

(1,269) (1,290) (5,628) (1,268) (1,268) (1,268) (1,268) (1,268) (1,268)

139,170 147,398 153,231 147,776 145,550 152,834 161,206 159,215 158,447

$ 4.28 $ 4.54
$1.02 $1.08 $1.09 $1.08 $1.07 $1.12 $1.18 $1.17 $1.16
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
($0.01) ($0.01) ($0.04) ($0.01) ($0.01) ($0.01) ($0.01) ($0.01) ($0.01)
$1.03 $1.09 $1.13 $1.09 $1.08 $1.13 $1.19 $1.18 $1.17
$4.35 $4.58
2019 $4.95 Adj. $4.98
2Q19E 3Q19E 4Q19E
$1.23 $1.30 $1.28

$257,725 $263,667 $257,974

(73,740) (73,704) (71,973)
8,052 9,275 10,472
6,919 7,771 8,635
$198,955 $207,009 $205,107
9,020 9,228 9,029
24,816 23,728 25,482
0 0 0
1,764 1,777 1,790
0 0 0
4,231 4,399 4,077
(24,106) (21,497) (21,248)
0 0 0
$214,681 $224,645 $224,238
(42,507) (42,633) (43,008)
(2,827) (2,965) (3,052)
(493) (583) (681)
(45,826) (46,181) (46,741)
(3,042) (3,356) (4,367)
(51,935) (52,358) (52,778)
(1,268) (1,268) (1,268)
(8,105) (8,105) (8,105)
0 0 0
$104,505 $113,377 $110,978
47,163 47,586 48,006
4,053 4,053 4,053
1,515 1,575 1,460
8,105 8,105 8,105
0 0 0
(572) (572) (572)
$164,769 $174,124 $172,031
(7,136) (7,136) (7,136)
0 0 0
2,289 2,289 2,289
0 0 0
$159,922 $169,277 $167,184

125,718 125,718 125,718

9,372 9,372 9,372
135,090 135,090 135,090

$0.83 $0.90 $0.88

$1.22 $1.29 $1.27
$1.18 $1.25 $1.24

$0.94 $0.94 $0.94

118,652 118,652 118,652

$4.95
 $4.80

80% 75% 76%

164,769 174,124 172,031

0 0 0

(1,268) (1,268) (1,268)

166,037 175,392 173,299

$ 4.95
$1.22 $1.29 $1.27
$0.00 $0.00 $0.00
$0.00 $0.00 $0.00
$0.00 $0.00 $0.00
$0.00 $0.00 $0.00
($0.01) ($0.01) ($0.01)
$1.23 $1.30 $1.28
$4.98
Balance Sheet 2016
(in $ thousands, except per share data) 1Q16A 2Q16A 3Q16A 4Q16A

ASSETS
Net operating real estate assets 5,933,959 6,164,787 6,458,763 6,770,447
Investment in real estate ventures 89,224 99,576 85,912 79,570
Cash 49,753 41,058 18,692 43,858
Restricted cash 32,003 15,232 16,442 13,884
Receivable from related parties 15,739 485 9,156 16,611
Other assets 170,740 138,106 153,091 167,076
Total Assets $6,291,418 $6,459,244 $6,742,056 $7,091,446

LIABILITIES AND SHAREHOLDERS' EQUITY

Line of Credit 116,000 88,000 166,000 365,000
Notes Payable 2,842,076 2,986,312 3,100,235 3,213,588
Notes Payable to Trusts 117,225 117,225 117,291 117,321
Convertible Notes 606,887 605,709 608,373 610,314
Accounts payable 77,108 91,188 102,470 101,388
Other liabilities 106,738 127,593 118,315 87,669
Total Liabilities $3,866,034 $4,016,027 $4,212,684 $4,495,280

Preferred OP units 80,371 135,167 135,360 147,920

Minority interest in Operating partnership 201,951 193,343 195,186 203,354

Shareholders' equity
Common Stock/Addtl Paid in Capital 2,507,802 2,511,996 2,563,392 2,567,379
Other comprehensive deficit (35,939) (53,845) (41,094) 16,770
Accumulated deficit (328,801) (343,444) (323,472) (339,257)
Total Shareholders' Equity $2,143,062 $2,114,707 $2,198,826 $2,244,892
Total Liabilities & Shareholders' Equity $6,291,418 $6,459,244 $6,742,056 $7,091,446
 2017 2018
1Q17A 2Q17A 3Q17A 4Q17E 1Q18E 2Q18E 3Q18E 4Q18E

6,770,593 6,782,788 6,770,086 6,912,246 6,944,184 7,045,667 7,116,708 7,157,320

79,385 79,294 78,512 78,512 78,512 78,512 78,512 78,512
29,311 31,648 63,732 63,732 63,732 63,732 63,732 63,732
12,231 16,764 17,277 17,277 17,277 17,277 17,277 17,277
6,251 4,676 4,618 4,618 4,618 4,618 4,618 4,618
136,586 122,293 152,730 152,730 152,730 152,730 152,730 152,730
$7,034,357 $7,037,463 $7,086,955 $7,229,115 $7,261,053 $7,362,536 $7,433,577 $7,474,189

363,000 128,000 25,000 153,443 207,132 331,648 426,752 492,155

3,198,870 3,429,153 3,568,113 3,620,613 3,638,113 3,655,613 3,673,113 3,690,613
117,352 117,383 117,414 117,414 117,414 117,414 117,414 117,414
612,233 614,173 602,485 602,485 602,485 602,485 602,485 602,485
77,106 92,678 114,247 114,247 114,247 114,247 114,247 114,247
79,981 77,393 85,971 85,971 85,971 85,971 85,971 85,971
$4,448,542 $4,458,780 $4,513,230 $4,694,173 $4,765,362 $4,907,378 $5,019,982 $5,102,885

147,823 154,490 154,432 154,432 154,432 154,432 154,432 154,432

201,876 202,402 204,027 204,027 204,027 204,027 204,027 204,027

2,568,487 2,571,225 2,568,494 2,568,494 2,568,494 2,568,494 2,568,494 2,568,494

22,816 17,003 17,731 17,731 17,731 17,731 17,731 17,731
(355,187) (366,437) (370,959) (409,741) (448,994) (489,526) (531,089) (573,380)
$2,236,116 $2,221,791 $2,215,266 $2,176,484 $2,137,231 $2,096,699 $2,055,136 $2,012,845
$7,034,357 $7,037,463 $7,086,955 $7,229,115 $7,261,053 $7,362,536 $7,433,577 $7,474,189
 2019
1Q19E 2Q19E 3Q19E 4Q19E

7,200,710 7,210,683 7,235,233 7,254,362

78,512 78,512 78,512 78,512
63,732 63,732 63,732 63,732 Why?, 081 in IS, why its going there??
17,277 17,277 17,277 17,277
4,618 4,618 4,618 4,618
152,730 152,730 152,730 152,730
$7,517,579 $7,527,552 $7,552,102 $7,571,231

560,928 596,771 647,729 693,864 ?????

3,708,113 3,725,613 3,743,113 3,760,613
117,414 117,414 117,414 117,414
602,485 602,485 602,485 602,485
114,247 114,247 114,247 114,247
85,971 85,971 85,971 85,971
$5,189,158 $5,242,501 $5,310,959 $5,374,594

154,432 154,432 154,432 154,432

204,027 204,027 204,027 204,027

2,568,494 2,568,494 2,568,494 2,568,494

17,731 17,731 17,731 17,731
(616,264) (659,634) (703,541) (748,047) is this just Assets-Liabilities?
$1,969,961 $1,926,591 $1,882,684 $1,838,178
$7,517,579 $7,527,552 $7,552,102 $7,571,231
NAV

(in $thousands except per share data) 3Q17A 4Q17E 1Q18E 2Q18E

Net Operating Income $730,900 $744,085 $759,062 $773,201

Assumed Capitalization Rate 5.50% 5.50% 5.50% 5.50%
Private Market Value of Consolidated Prop $13,289,092 $13,528,811 $13,801,134 $14,058,201

NOI from ancillary businesses $120,795 $123,127 $125,477 $127,998

Assumed Capitalization Rate 6.67% 6.67% 6.67% 6.67%
Private Market Value of Consolidated Prop $1,811,925 $1,846,903 $1,882,153 $1,919,970

NOI from Unconsolidated Partnerships $18,813 $18,954 $19,096 $19,239

Assumed Capitalization Rate 5.50% 5.50% 5.50% 5.50%
Market Value of Unconsolidated Prop $342,053 $344,618 $347,203 $349,807

Value of Properties in Lease Up (less est value of NOI incl above) 3,523 0 0 0
Total Cash and Equivalents 81,009 81,009 81,009 81,009
Other Assets 157,348 157,348 157,348 157,348
Market Value of Other Assets $241,880 $238,357 $238,357 $238,357

Private Market Value of Assets $15,684,949 $15,958,690 $16,268,847 $16,566,335

Consolidated Liabilities $4,780,025 $4,897,956 $4,996,953 $5,092,381

Pro Rata Share of Unconsolidated Debt $94,255 $94,255 $94,255 $94,255

Private Net Market Value of Assets $10,810,669 $10,966,479 $11,177,639 $11,379,699

Diluted Shares and OP Units Outstanding 135,090 135,090 135,090 135,090

Net Asset Value per Share $80.03 $81.18 $82.74 $84.24

Share price $86.95 $86.95 $86.95 $86.95

Premium/Discount to NAV 9% 7% 5% 3%
 Current Forward
3Q18E 3Q17A 3Q18E

$787,433 $730,900 $787,433

5.50% 5.50% 5.50%
$14,316,962 $13,289,092 $14,316,962

$130,436 $120,795 $130,436

6.67% 6.67% 6.67%
$1,956,546 $1,811,925 $1,956,546

$19,384 $18,813 $19,384

5.50% 5.50% 5.50%
$352,431 $342,053 $352,431

0 $3,523 $0
81,009 $81,009 $81,009
157,348 $157,348 $157,348
$238,357 $241,880 $238,357

$16,864,295 $15,684,949 $16,864,295

$5,173,097 $4,780,025 $5,173,097

$94,255 $94,255 $94,255

$11,596,943 $10,810,669 $11,596,943

135,090 135,090 135,090

$85.85 $80.03 $85.85

$86.95 $86.95 $86.95

1% 9% 1%
Takles 5 Quarters and just should pull from BS

Takles 5 Quarters and just should pull from BS aka should take the average of the next 4 quarters of liabilities instead of taking a 5 month average, which inclu
5,211,376
d of taking a 5 month average, which includes actual liabilities for the month in question