Highly Diversified Business Model Produces Stable Cash Flows
Historic Same Store Seasonality Trend
Prior to Covid-19, same store metrics show consistent seasonal trends
Key Quarterly Drivers
Quarterly Same Store Revenue (% of Annual)
First/Second Quarter
■
Surge in 1Q 2020 due to COVID
24% 24% 25%
24% 24% 24%
25% 25% 25%
26% 26% 26%
Timing of Easter moves between Q1 and Q2
■ On average Q1 and Q2 are relatively consistent
Third Quarter
■ The harvest ramp coupled with holiday season
inventory build often drives Q3 revenue growth
Q3 (mid/late summer) is the hottest weather
quarter which negatively impacts NOI due to
increased power expense
Q1
2018 Revenue
22
Q2
Q3
Q4
2019 Revenue
2020 Revenue
Quarterly Same Store NOI (% of Annual)
Fourth Quarter
■ Peak holiday season drives higher volumes
■ Power expense moderates back to average levels
27%
28% 28%
24% 23% 24%
24% 25%
23%
25% 24% 25%
Q1
Q2
Q3
Q4
2018 NOI
2019 NOI
2020 NOI
15
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