Summary

The Out O’ Space Self Storage facility was built in 2002, it is located in Pensacola just east of the intersection of Davis Highway, a major north/south highway and Fairfield Drive. The intersection is also located just west of Interstate I-110 that carries traffic into the downtown area of the city. The facility consists of 260 storage units and 49 outside spaces used to store RVs and boats. 160 of the units are climate controlled. 60 of the storage units are currently being used as standard units but are designed to be climate controlled should demand warrant.

Northwest Florida and Pensacola are projected to experience above average economic and housing growth over the next three to five years. Pensacola is a favored retiree market for those from Alabama and Georgia.

At the time of acquisition the self storage was 78% occupied. The competitive set of self storage facilities is strong with occupancy of approximately 85%. The overall investment plan is to continue lease-up to market occupancy levels. The investment has an income-oriented investment profile with the pro forma current return representing 56% of the total return.