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Non-GAAP Financial MeasuresThis section includes non-GAAP financial measures, including Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”) and Adjusted Funds from Operations (“AFFO”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”), and Cash Net Operating Income (“Cash NOI”).

Net Operating Income (“NOI”) and Same-Property NOI Reconciliations NOI and Same-Property NOI are considered by management to be important supplemental performance measures to earnings from operations included in the Company’s consolidated statements of income. Property Net Operating Income (“NOI”) – NOI is defined as rent from income producing properties less property operating costs. Net Operating Income (“NOI”) – NOI is defined as storage and related services less operating costs.

Net Operating Income (“NOI”), defined as real estate rental revenue less real estate expenses, is a non-GAAP measure. Net Operating Income (“NOI”). The sum of the following ( without duplication and determined on a consistent basis with prior periods): (a) rents and other revenues received in the ordinary course of business from operating the Project ( including proceeds of rent loss insurance but excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of tenants’ obligations for rent) during the quarter or two quarters in question, multiplied by four (4) or by two (2), as the case may be, minus (b) any income received from Leases where the tenant has given Borrower notice of its intention to terminate or not renew its existing Lease in the prior quarter or two quarters in question and any income from tenants who have ceased operations at the Project, minus (c) all expenses paid or accrued related to the ownership, operation or maintenance of the Project, including, but not limited to, taxes, assessments, and other similar charges, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses and on- site marketing expenses during the quarter or two quarters in question, annualized, minus (d) the annual management fee for the Project Net Operating Income shall be calculated excluding any non- cash revenue or expense items, Capital Expenditures, Tenant Improvement Costs and leasing commissions.”Įxamples of Net Operating Income (“NOI”) in a sentence

In the case of Property owned by Affiliates which are not directly or indirectly wholly-owned by the Borrower, Net Operating Income shall be reduced by the amount of cash flow of such Affiliate allocated for distribution to the minority owners of such Affiliate that are not Affiliates of the Borrower. Net Operating Income (“NOI”) means for any fiscal period, and with respect to any Property, the total rental and other operating income from the operation of such Property after deducting all expenses and other proper charges incurred by the Borrower or a Subsidiary in connection with the operation of such Property during such fiscal period, including, without limitation, property operating expenses paid by the Borrower or a Subsidiary, real estate taxes and bad debt expenses paid by the Borrower or a Subsidiary, and ground lease rent paid by the Borrower or a Subsidiary, but before payment or provision for interest and other fixed charges, income taxes, and depreciation, amortization, and other non- cash expenses, all as determined in accordance with GAAP.