U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
(Mark One)

|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the quarterly period ended June 30, 2000

|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the transition period from __________ to __________

Commission File Number 1-12804

MOBILE MINI, INC.
(Exact name of registrant as specific in its charter)

         Delaware                                   86-0748362
(State or other jurisdiction of           (IRS Employer Identification No.)
incorporation or organization)


7420 S. Kyrene Road, Suite 101
Tempe, Arizona 85283
(Address of principal executive offices)

(480) 894-6311
(Registrant's telephone number, including area code)

Indicate by check whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No[ ],

As of August 4, 2000, there were outstanding 11,582,614 shares of the issuer's common stock, par value $.01.

1

MOBILE MINI, INC.
INDEX TO FORM 10-Q FILING
FOR THE QUARTER ENDED JUNE 30, 2000

                               TABLE OF CONTENTS                                     PAGE
                                                                                     NUMBER

                                                 PART I.
                                          FINANCIAL INFORMATION
Item 1. Financial Statements

        Consolidated Balance Sheets                                                   3
             December 31, 1999 and June 30, 2000

        Consolidated Statements of Operations                                         4
             Three Months and Six Months ended June 30, 1999 and June 30, 2000

        Consolidated Statements of Cash Flows                                         6
             Six Months Ended June 30, 1999 and June 30, 2000

        Notes to Consolidated Financial Statements                                    7

Item 2. Management's Discussion and Analysis of Financial Condition and
             Results of Operations                                                   12

Item 3. Quantitative and Qualitative Disclosures About Market Risk                   15

                                     PART II
                                OTHER INFORMATION

Item 2. Changes in Securities and Use of Proceeds                                    17

Item 4. Submission to a Vote of Security Holder                                      18

Item 6. Exhibits and Reports on Form 8-K                                             19

                                  SIGNATURES                                         20

2

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MOBILE MINI, INC.
CONSOLIDATED BALANCE SHEETS

                                    ASSETS
                                                                               DECEMBER 31, 1999     JUNE 30, 2000
                                                                               -----------------     --------------

CASH AND CASH EQUIVALENTS                                                            $547,124         $ 562,359
RECEIVABLES, net of allowance for doubtful accounts of
$1,621,000 and $1,588,000, respectively                                             8,861,815         9,690,170
INVENTORIES                                                                         9,644,157        11,128,086
PORTABLE STORAGE UNIT LEASE FLEET, net                                            121,277,355       155,982,278
PROPERTY PLANT AND EQUIPMENT, net                                                  23,245,287        26,082,470
DEPOSITS AND PREPAID EXPENSES                                                         890,142         2,635,331
OTHER ASSETS, net                                                                  13,926,606        26,505,098
                                                                                 ------------      ------------
        TOTAL ASSETS                                                             $178,392,486      $232,585,792
                                                                                 ============      ============

                   LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES:
ACCOUNTS PAYABLE                                                                   $3,532,240        $7,871,886
ACCRUED LIABILITIES                                                                 5,169,364         5,141,093
LINE OF CREDIT                                                                     71,638,064       111,134,194
NOTES PAYABLE                                                                       6,284,810         5,369,063
OBLIGATIONS UNDER CAPITAL LEASES                                                      347,850           273,736
DEFERRED INCOME TAXES                                                              14,032,673        17,924,195
                                                                                 ------------      ------------
        TOTAL LIABILITIES                                                         101,005,001       147,714,167
                                                                                 ============      ============

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:
Common stock; $.01 par value, 95,000,000 shares authorized, (increased from
  17,000,000 shares on June 21, 2000); 11,438,356 and 11,567,089 issued and
  outstanding at December 31, 1999
and June 30, 2000, respectively                                                       114,383           115,671
Additional paid-in capital                                                         61,032,336        62,737,308
Retained earnings                                                                  16,240,766        22,018,646
                                                                                 ------------      ------------
      TOTAL STOCKHOLDERS' EQUITY                                                   77,387,485        84,871,625
                                                                                 ============      ============
      TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                 $178,392,486      $232,585,792
                                                                                 ============      ============

See the accompanying notes to these consolidated balance sheets.

3

MOBILE MINI, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS

                                                                       THREE MONTHS ENDED JUNE 30,
                                                                    -------------------------------
                                                                         1999               2000
                                                                    ------------       ------------
REVENUES:
  Leasing                                                            $12,581,818        $18,168,872
  Sales                                                                3,034,923          3,362,704
  Other                                                                   74,871            135,946
                                                                    ------------       ------------
                                                                      15,691,612         21,667,522

COSTS AND EXPENSES:
  Cost of sales                                                        2,038,843          2,183,970
  Leasing, selling and general expenses                                7,728,935         10,763,674
  Depreciation and amortization                                          979,478          1,474,385
                                                                    ------------       ------------
INCOME FROM OPERATIONS                                                 4,944,356          7,245,493

OTHER INCOME (EXPENSE):
  Interest income                                                         22,742              7,433
  Interest expense                                                    (1,668,125)        (2,235,436)
                                                                    ------------       ------------
INCOME BEFORE PROVISION FOR INCOME TAXES                               3,298,973          5,017,490
PROVISION FOR INCOME TAXES                                             1,319,590          1,912,276
                                                                    ------------       ------------
NET INCOME                                                             1,979,383          3,105,214
PREFERRED STOCK DIVIDEND                                                  21,918               --
                                                                    ------------       ------------
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS                           $1,957,465         $3,105,214
                                                                    ============       ============

EARNINGS PER SHARE:
BASIC                                                                  $    0.20          $    0.27
                                                                    ============       ============
DILUTED                                                                $    0.19          $    0.26
                                                                    ============       ============

WEIGHTED AVERAGE NUMBER OF COMMON AND COMMON SHARE
EQUIVALENTS OUTSTANDING:
BASIC                                                                  9,823,258         11,537,167
                                                                    ============       ============
DILUTED                                                               10,352,020         11,973,900
                                                                    ============       ============

See the accompanying notes to these consolidated statements

4

MOBILE MINI, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS

                                                       SIX MONTHS ENDED JUNE 30,
                                                  -------------------------------
                                                       1999               2000
                                                  ------------       ------------
REVENUES:
  Leasing                                          $22,590,177        $33,222,254
  Sales                                              6,058,307          6,921,929
  Other                                                210,276            289,722
                                                  ------------       ------------
                                                    28,858,760         40,433,905

COSTS AND EXPENSES:
  Cost of sales                                      4,019,049          4,478,546
  Leasing, selling and general expenses             14,339,822         19,945,794
  Depreciation and amortization                      1,787,949          2,765,502
                                                  ------------       ------------
INCOME FROM OPERATIONS                               8,711,940         13,244,063

OTHER INCOME (EXPENSE):
  Interest income                                       27,045             68,377
  Interest expense                                  (3,254,898)        (3,840,505)
                                                  ------------       ------------
INCOME BEFORE PROVISION FOR INCOME TAXES             5,484,087          9,471,935
PROVISION FOR INCOME TAXES                           2,193,636          3,694,055
                                                  ------------       ------------
NET INCOME                                           3,290,451          5,777,880
PREFERRED STOCK DIVIDEND                                21,918               --
                                                  ------------       ------------
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS         $3,268,533         $5,777,880
                                                  ============       ============

EARNINGS PER SHARE:
BASIC                                                $    0.37          $    0.50
                                                  ============       ============
DILUTED                                              $    0.35          $    0.48
                                                  ============       ============

WEIGHTED AVERAGE NUMBER OF COMMON AND COMMON
  SHARE EQUIVALENTS OUTSTANDING:

BASIC                                                8,932,915         11,499,420
                                                  ============       ============
DILUTED                                              9,432,547         11,914,125
                                                  ============       ============

See the accompanying notes to these consolidated statements.

5

MOBILE MINI, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                                                    SIX MONTHS ENDED JUNE 30,
                                                                                 -----------------------------
                                                                                    1999               2000
                                                                                 ------------       ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                                                         $3,290,451         $5,777,880
Adjustments to reconcile income to net cash provided by
operating activities:
     Provision for doubtful accounts                                                  564,838            729,082
     Amortization of deferred loan costs                                              302,344            189,464
     Amortization of warrants issuance discount                                        26,082               --
     Depreciation and amortization                                                  1,787,949          2,765,502
     Loss on disposal of property, plant and equipment                                 32,615             69,989
     Deferred income taxes                                                          2,193,586          3,891,522
     Changes in certain assets and liabilities, net of effect of
     businesses acquired:
       Increase in receivables                                                       (702,946)        (1,313,426)
       Increase in inventories                                                     (2,513,310)        (1,474,930)
       Decrease (increase) in deposits and prepaid expenses                           102,227         (1,595,189)
       Decrease (increase) in other assets                                            260,977           (606,452)
       Increase in accounts payable                                                 1,506,781          4,339,646
       Increase (decrease) in accrued liabilities                                     607,770           (660,795)
                                                                                 ------------       ------------

       NET CASH PROVIDED BY OPERATING ACTIVITIES                                    7,459,364         12,112,293
                                                                                 ------------       ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Cash paid for businesses acquired                                               (17,500,000)       (25,740,933)
  Net purchases of portable storage unit lease fleet                              (10,213,200)       (21,285,586)
  Net purchases of property, plant and equipment                                   (1,816,267)        (3,808,069)
                                                                                 ------------       ------------

       NET CASH USED IN INVESTING ACTIVITIES                                      (29,529,467)       (50,834,588)
                                                                                 ------------       ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Net (payments) borrowings under lines of credit                                  (4,532,975)        39,496,130
  Principal payments on notes payable                                                (820,327)          (915,747)
  Principal payments on capital lease obligations                                  (2,095,669)           (74,114)
  Redemption of manditorily redeemable preferred stock                             (8,000,000)              --
  Exercise of warrants                                                                600,161             28,291
  Issuance of common stock                                                         36,635,566            202,970
  Preferred stock dividend                                                            (21,918)              --
                                                                                 ------------       ------------

       NET CASH PROVIDED BY FINANCING ACTIVITIES                                   21,764,838         38,737,530
                                                                                 ------------       ------------

NET (DECREASE) INCREASE IN CASH                                                      (305,265)            15,235

CASH AND CASH EQUIVALENTS AT BEGINNING OF
  PERIOD                                                                            1,030,138            547,124
                                                                                 ------------       ------------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                                          $ 724,873          $ 562,359
                                                                                 ============       ============

See the accompanying notes to these consolidated statements.

6

MOBILE MINI, INC. AND SUBSIDIARIES - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE A - The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows for all periods presented have been made. The results of operations for the six month period ended June 30, 2000 are not necessarily indicative of the operating results that may be expected for the entire year ending December 31, 2000. These financial statements should be read in conjunction with the Company's December 31, 1999 financial statements and accompanying notes thereto.

NOTE B - The Company adopted SFAS No. 128, Earnings per Share, in 1997. Pursuant to SFAS No. 128, basic earnings per common share are computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share are determined assuming that options were exercised at the beginning of each period or at the time of issuance. The following table shows the computation of earnings per share for the three month period and the six month period ended June 30:

                                                                  Three months ended June 30,         Six months ended June 30,

                                                                1999             2000              1999             2000
                                                                ----             ----              ----             ----
BASIC:
Common shares outstanding, beginning of period                 7,966,863       11,508,751        7,966,863       11,438,356
Effect of weighting shares:
   Weighted common shares issued                               1,856,395           28,416          966,052           61,064
                                                             -----------      -----------      -----------      -----------

Weighted average number of common shares outstanding           9,823,258       11,537,167        8,932,915       11,499,420
                                                             ===========      ===========      ===========      ===========

Net income available to common shareholders                   $1,957,466       $3,105,214       $3,268,533       $5,777,881
                                                             ===========      ===========      ===========      ===========
Earnings per share                                              $   0.20         $   0.27         $   0.37         $   0.50
                                                             ===========      ===========      ===========      ===========

DILUTED:
Common shares outstanding, beginning of period                 7,966,863       11,508,751        7,966,863       11,438,356
Effect of weighting shares:
   Weighted common shares issued                               1,856,395           28,416          966,052           61,064
   Options and warrants assumed converted                        412,236          346,223          387,389          325,323
   Warrants                                                      116,526           90,510          112,243           89,382
                                                             -----------      -----------      -----------      -----------

Weighted average number of common and common equivalent
shares outstanding                                            10,352,020       11,973,900        9,432,547       11,914,125
                                                             ===========      ===========      ===========      ===========

Net income available to common shareholders                   $1,957,465       $3,105,214       $3,268,533       $5,777,881
                                                             ===========      ===========      ===========      ===========

Earnings per share                                              $   0.19         $   0.26         $   0.35         $   0.48
                                                             ===========      ===========      ===========      ===========

7

NOTE C - Inventories are stated at the lower of cost or market, with cost being determined under the specific identification method. Market is the lower of replacement cost or net realizable value. Inventories consisted of the following at:

                                   December 31, 1999   June 30, 2000
                                   -----------------   -------------
Raw material and supplies             $7,453,662       $8,597,995
Work-in-process                          880,885          565,859
Finished portable storage units        1,309,610        1,964,232
                                     -----------      -----------
                                      $9,644,157      $11,128,086
                                     ===========      ===========

NOTE D - Property, plant and equipment consisted of the following at:

                                  December 31, 1999   June 30, 2000
                                  -----------------   -------------

Land                                  $ 777,668          $ 777,668
Vehicles and equipment               19,397,810         22,761,535
Buildings and improvements            8,228,124          8,277,793
Office fixtures and equipment         3,964,242          4,524,682
                                   ------------       ------------
                                     32,367,844         36,341,678
Less accumulated depreciation        (9,122,557)       (10,259,208)
                                   ------------       ------------
                                    $23,245,287        $26,082,470
                                   ============       ============

NOTE E - The Company maintains a portable storage and portable office unit lease fleet consisting primarily of refurbished or manufactured containers and portable offices that are leased to customers under short-term operating lease agreements with varying terms. Depreciation is provided using the straight-line method with an estimated useful life of 20 years and a salvage value estimate at approximately 50% to 70% of cost. In the opinion of management, estimated salvage values do not cause carrying values to exceed net realizable value. Normal repairs and maintenance to the lease fleet are expensed when incurred. As of June 30, 2000, the lease fleet was $156.0 million as compared to $121.3 million at December 31, 1999, net of accumulated depreciation of $5.1 million and $4.1 million, respectively.

NOTE F - The Company adopted SFAS No. 131, Disclosures about Segments of an Enterprise and Related Information, effective December 31, 1998. SFAS No. 131 superseded SFAS No. 14, Financial Reporting for Segments of a Business Enterprise. The adoption of SFAS No. 131 did not affect results of operations or financial position, but did affect the disclosure of segment information.

The Company's management approach includes evaluating each segment on which operating decisions are made based on performance, results and profitability. The Company currently has one reportable segment, its branch operations. The branch operations segment includes the leasing and sales of portable storage units to customers in the general geographic area of each branch. This segment also includes the Company's manufacturing facilities which are responsible for the purchase, manufacturing and refurbishment of the Company's products for leasing, sales or equipment additions to the Company's delivery system, and its discontinued dealer program.

The Company evaluates performance and profitability before interest costs, depreciation, income taxes and major non-recurring transactions. The Company does not account for intersegment revenues or expenses between its divisions.

The Company's reportable segment concentrates on the Company's core business of leasing, manufacturing, and selling portable storage and office units. Included in the branch operations segment are residual sales from the Company's dealer division that was discontinued in 1998. The operating segment has managers who meet

8

regularly and are accountable to the chief executive officer for financial results and ongoing plans including the influence of competition.

For the Three Months Ended:

                                                         Branch
                                                       Operations          Other          Combined
                                                       ----------          -----          --------
June 30, 1999

Revenues from external customers                      $14,879,997        $811,615       $15,691,612
Segment profit (loss) before allocated interest,
  depreciation and amortization expense                 7,303,764      (1,209,836)         6,093,928
Allocated interest expense                              1,668,125             --           1,668,125
Depreciation and amortization expense                     879,072          100,406           979,478
Segment profit                                          1,921,182           36,283         1,957,465

June 30, 2000
Revenues from external customers                      $21,651,126          $16,396       $21,667,522
Segment profit (loss) before allocated interest,
  depreciation and amortization expense                10,500,014       (1,574,283)        8,925,731
Allocated interest expense                              2,235,436             --           2,235,436
Depreciation and amortization expense                   1,379,416           94,969         1,474,385
Segment profit                                          3,099,806            5,408         3,105,214

For the Six Months Ended:

                                                                 Branch
                                                               Operations            Other              Combined
                                                               ----------            -----              --------
June 30, 1999

Revenues from external customers                                $27,892,569           $966,191          $28,858,760
Segment profit (loss) before allocated interest,
  depreciation and amortization expense                          13,375,114         (2,583,364)          10,791,750
Allocated interest expense                                        3,254,898              --               3,254,898
Depreciation and amortization expense                             1,588,420            199,529            1,787,949
Segment profit                                                    3,218,235             50,298            3,268,533

June 30, 2000
Revenues from external customers                                $40,383,116            $50,789          $40,433,905
Segment profit (loss) before allocated interest,
  depreciation and amortization expense                          19,682,595         (3,190,212)          16,492,383
Allocated interest expense                                        3,840,505              --               3,840,505
Depreciation and amortization expense                             2,542,290            223,212            2,765,502
Segment profit (loss)                                             5,787,215             (9,335)           5,777,880

9

As of:

                                                       Branch
                                                      Operations            Other          Combined
                                                      ----------            -----          --------
June 30, 1999

Segment assets - lease fleet                          $100,547,901          $     --      $100,547,901
Segment assets - property, plant and equipment          21,137,201           988,529        22,125,730
Expenditures for long-lived assets - least fleet        10,315,121                --        10,315,121
Expenditures for long-lived assets - PPE                 1,626,016           190,251         1,816,267

June 30, 2000

Segment assets - lease fleet                          $155,982,278          $     --      $155,982,278
Segment assets - property, plant and equipment          25,106,893           975,577        26,082,470
Expenditures for long-lived assets - lease fleet        21,285,586                --        21,285,586
Expenditures for long-lived assets - PPE                 3,481,681           326,388         3,808,069

NOTE G - New Accounting Pronouncements. In December 1999, the Securities and Exchange Commission ("SEC") issued Staff Accounting Bulletin ("SAB") No. 101, "Revenue Recognition in Financial Statements," which was subsequently updated by SAB 101A. SAB 101 and SAB 101A summarize certain of the SEC's views in applying accounting principles generally accepted in the United States to revenue recognition in financial statements. The Company is required to adopt SAB 101 no later than December 31, 2000. The Company is currently evaluating the impact of the adoption of SAB 101 on its results of operations and financial position.

In June 1998, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Standards ("SFAS") No. 133 (as amended by SFAS No. 138), "Accounting for Derivative Instruments and Hedging Activities," which requires that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. In June 1999, the FASB issued SFAS No. 137 which deferred the effective date of SFAS No. 133. The Company will be required to adopt SFAS No. 133, as amended, effective January 1, 2001 for the fiscal year ended December 31, 2001. The Company does not anticipate any material impact resulting from the adoption of SFAS No. 133, as amended.

NOTE H - In March 2000, the Company acquired the portable storage container lease fleet of Texas Advanced Mobile Storage Corp. and an affiliated entity for cash, common stock and assumption of debt. The sellers were based in Texas and this acquisition gives the Company a presence in three new Texas locations, El Paso, Pharr and Corpus Christi, in addition to adding rental fleet to three of our existing Texas locations - Dallas/Ft. Worth, San Antonio and Austin.

In April 2000, the Company entered several Florida markets by way of two cash acquisitions. On April 10, 2000, the Company acquired substantially all the portable storage assets of Diversified Container Services, Inc., a privately-owned portable storage leasing company operating in Jacksonville, Florida. On April 13, 2000, the Company acquired the portable storage assets of A-1 Trailer Rental Ltd., which had portable storage leasing operations in Tampa, Orlando, Ft. Myers and Miami/Ft. Lauderdale, Florida.

In May 2000, the Company expanded its Tulsa, Oklahoma operations by acquiring, for cash, substantially all the portable storage assets of Best Warehouse, a privately-owned portable storage leasing company operating in Tulsa, Oklahoma. Also in May, the Company entered the Atlanta, Georgia market through acquiring substantially all of the portable storage assets of PM Inc., dba Trailers Etc., for cash and common stock.

The acquisitions were accounted for as purchases in accordance with Accounting Principles Board (APB) Opinion No. 16 and, accordingly, the purchased assets and assumed liabilities were recorded at their estimated fair values at the acquisition date.

10

The purchase price of the acquired operations was paid for as follows:

         Cash                                                          $ 12,756,000
         Common Stock                                                     1,475,000
         Retirement of Debt                                              13,430,000
                                                                       ------------
                  Total                                                $ 27,661,000
                                                                       ============

The fair value of assets purchased has been allocated as follows:

         Receivables                                                   $    265,000
         Tangible assets                                                 14,923,000
         Deposits, prepaid expenses and other assets                        150,000
         Goodwill                                                        13,112,000
         Assumed liabilities                                               (789,000)
                                                                       ------------
                  Total                                                $ 27,661,000
                                                                       ============

Goodwill is amortized using the straight-line method over 25 years from the date of the acquisition.

The Company opened an operation in Seattle, Washington in January 2000.

At August 4, 2000, the Company operated 29 branches located in 14 states.

NOTE I - On July 25, 2000, the Company's senior lenders increased the credit facilities under the Company's Credit Agreement by $50.0 million. This increase is comprised of a $40.0 million increase in the revolving line of credit available under the Credit Agreement and a $10.0 million increase to the Company's term loan under the Credit Agreement. The increase to the term loan is subject to certain conditions set forth within the agreement. The increase in total available borrowings will be used to support the continued growth of the Company. The Company's obligations to the lenders under the Credit Agreement are secured by substantially all of the Company's assets.

11

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

THREE MONTHS ENDED JUNE 30, 2000 COMPARED TO
THREE MONTHS ENDED JUNE 30, 1999

Our total revenues for the quarter ended June 30, 2000 increased by 38.1% to $21.7 million from $15.7 million for the same period in 1999. Leasing revenues for the quarter increased by 44.4% to $18.2 million from $12.6 million in the same period of 1999. The increase in our leasing revenues resulted primarily from a 45.3% increase in the average number of portable storage units on lease, partially offset by a 0.6% lower average rental rate per unit due to lower rates in certain new market locations. Leasing revenues in the current year quarter include the operations of 13 new markets entered into during the past year; none of these operations were included in our results for the quarter ended June 30, 1999. Our sales of portable storage units for the three months ended June 30, 2000 increased by 10.8% to $3.4 million from $3.0 million in the same period in 1999. This increase in sales primarily resulted from sales of portable storage units made in the markets we entered during the past twelve months.

Cost of sales for the quarter ended June 30, 2000 decreased to 64.9% on sales revenues of $3.4 million from 67.2% on sales revenues of $3.0 million in the same quarter in 1999. This increase in our profit margin on sales resulted from continued efficiencies in our manufacturing plant and increased production.

Our leasing, selling and general expenses for the quarter ended June 30, 2000 increased to $10.8 million, or 49.7% of total revenues, from $7.7 million, or 49.3% of total revenues, for the quarter ended June 30, 1999. This increase resulted mainly because leasing became a larger percentage of our business, and the selling and general expense as a percentage of leasing exceeds that of the sales side of our business. In addition, we had a significant increase in the number of branches in operation and the initial margins at new branches are typically lower than margins at established branches until the number of units on lease at new branches increases. This increase negatively impacted the selling and general expense percentage. We had 29 branch locations at June 30, 2000 compared to 16 branch locations one year earlier. In addition, we grew the size of the lease fleet at many of our existing branches, and that growth had associated with it increased sales, general and operating expenses. These expenses increased 0.4% as a percentage of revenues in the 2000 quarter as compared to the 1999 quarter.

Depreciation and amortization expenses during the 2000 quarter increased by approximately 50.5% to $1.5 million from $1.0 million during the same period in 1999. This expense was 6.8% of total revenues during the 2000 quarter, compared to approximately 6.2%, during the same period in 1999. This increase is due primarily to growth in the size of our lease fleet and support equipment over the past twelve months because leasing activities are a larger part of our business than in prior years.

Our operating margin was 33.4% during the quarter ended June 30, 2000, compared to 31.5% for the same period in 1999. Our operating margin is typically higher on our leasing than it is on our sales of portable storage units, and our operating margin on our leasing activities has continued to increase as we take advantage of the economies of scale that we are beginning to achieve in our core leasing business. These increases are offset, to some extent, by the lower operating margins of new branches during their early years. As a result, income from operations increased by 46.5% to $7.2 million for the quarter ended June 30, 2000 from $4.9 million for the same period in 1999.

Interest expense increased by 34.0% to $2.2 million during the quarter ended June 30, 2000 from $1.7 million for the same period in 1999. The increase in interest expense was primarily a result of higher average debt outstanding during 2000 and an increase in interest rates in the debt outstanding under our Credit Agreement, partially offset by the redemption of our higher interest 12% Senior Subordinated Notes. The interest rate on the

12

debt outstanding under our Credit Agreement is based on a spread over the Eurodollar rate. In 2000, the Eurodollar rate increased over 1999 levels and the spread declined by 0.5% due to our lower ratio of funded debt to EBITDA. The net effect was that the interest rate under our Credit Agreement, including the effect of our interest rate swap agreement, increased by 0.75% for the three months ended June 30, 2000 as compared to the same period in 1999. The increase in outstanding debt was incurred primarily to expand our lease fleet and our operations through acquisitions of portable storage leasing assets, many of which were in new markets.

Our net income for the three months ended June 30, 2000 was $3.1 million, or $0.26 per diluted share of common stock, compared to $2.0 million, or $0.19 per diluted share of common stock, for the same period in 1999. This 58.6% increase was primarily due to higher lease revenues and higher operating margins in 2000. We had a 3.8% increase in the number of common and common share equivalents outstanding in 2000 due primarily to the sale of approximately 3.0 million shares of common stock in a public offering in May 1999. For the three months ended June 30, 2000 our effective tax rate was 39.0% as compared to 40.0% for the same period in 1999.

SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO
SIX MONTHS ENDED JUNE 30, 1999

Our total revenues for the six months ended June 30, 2000 increased by 40.1% to $40.4 million from $28.9 million for the six months ended June 30, 1999. Leasing revenues for the six months ended June 30, 2000 increased by 47.1% to $33.2 million from $22.6 million in the same period of 1999. The increase in our leasing revenues resulted primarily from a 45.7% increase in the average number of portable storage units on lease and a 1.0% higher average rental rate per unit. Leasing revenues in the first six months of 2000 include the operations of 13 new markets entered into after June 30, 1999; none of these operations were included in our results for the six months ended June 30, 1999. Our sales of portable storage units for the six months ended June 30, 2000 increased by 14.3% to $6.9 million from $6.1 million in the same period in 1999. This increase in sales primarily resulted from sales in the markets we entered after June 30, 1999.

Cost of sales for the six months ended June 30, 2000 decreased to 64.7% on sales revenues of $6.9 million from 66.3% on sales revenues of $6.1 million in the same period in 1999. This increase in our profit margin on sales resulted from efficiencies in our manufacturing plant and increased production.

Our leasing, selling and general expenses for the six months ended June 30, 2000 increased to $19.9 million, or 49.3% of total revenues, from $14.3 million, or 49.7% of total revenues, for the six months ended June 30, 1999. This increase resulted mainly because leasing became a larger percentage of our business, and the selling and general expense as a percentage of leasing exceeds that of the sales. In addition, we had a significant increase in the number of branches in operation and the initial margins at new branches are typically lower than margins at established branches until the number of units on lease at new branches increases. This increase negatively impacted the selling and general expense percentage. We had 29 branch locations at June 30, 2000 compared to 16 branch locations one year earlier. In addition, we grew the size of the lease fleet at many of our existing branches, and that growth had associated with it increased sales, general and operating expenses. These expenses in the six months ended June 30, 2000 decreased as a percentage of revenues compared to the same period in 1999 principally because of economies of scale achieved since June 30, 1999.

Depreciation and amortization expenses during the first six months of 2000 increased by approximately 54.7% to $2.8 million from $1.8 million during the same period in 1999. This expense was 6.8% of total revenues during the first six months of 2000, compared to approximately 6.2%, during the same period in 1999. This increase is due primarily to growth in the size of our lease fleet and support equipment over the past twelve months and because leasing activities are a larger part of our business than in prior years.

Our operating margin was 32.8% during the six months ended June 30, 2000, compared to 30.2% for the same period in 1999. Our operating margin is typically higher on our leasing than it is on our sales of portable storage units, and our operating margin on our leasing activities has continued to increase as we take advantage of the economies of scale that we are achieving in our core leasing business. These increases are offset, to some extent, by the lower operating margins of new branches during their early years. As a result, income from

13

operations increased by 52.0% to $13.2 million for the six months ended June 30, 2000 from $8.7 million for the same period in 1999.

Interest expense increased by 18.0% to $3.8 million for the six months ended June 30, 2000 from $3.3 million for the same period in 1999. The increase in interest expense was primarily a result of higher average debt outstanding during 2000 and an increase in interest rates in the debt outstanding under our Credit Agreement, partially offset by the redemption of our higher interest 12% Senior Subordinated Notes. The interest rate on the debt outstanding under our Credit Agreement is based on a spread over the Eurodollar rate. In 2000, the Eurodollar rate increased over 1999 levels and the spread declined by 0.5% due to our lower ratio of funded debt to EBITDA. The net effect was that the interest rate under our Credit Agreement, including the effect of our interest rate swap agreement, increased by 0.75% for the three months ended June 30, 2000 as compared to the same period in 1999. The increase in outstanding debt was incurred primarily to expand our lease fleet and our operations through acquisitions of portable storage leasing assets, many of which were in new markets.

Our net income for the six months ended June 30, 2000 was $5.8 million, or $0.48 per diluted share of common stock, compared to $3.3 million, or $0.35 per diluted share of common stock, for the same period in 1999. This 37.1% increase was primarily due to higher lease revenues and higher operating margins in 2000. We had a 3.8% increase in the number of common and common share equivalents outstanding in 2000 due primarily to the sale of approximately 3.0 million shares of common stock in a public offering in May 1999. Our effective tax rate was 39.0% for the six months ended June 30, 2000 and 40.0% for the six months ended June 30, 1999.

LIQUIDITY AND CAPITAL RESOURCES

Our leasing and manufacturing business is very capital intensive. The principal means by which we finance our working capital requirements are cash flows from operations, proceeds from equity and debt financings and borrowings under our Credit Agreement.

Operating Activities. Our operations provided net cash flow of $12.1 million during the six months ended June 30, 2000 versus $7.5 million during the same period in 1999. This increased cash flow resulted primarily from our higher net income and increases in deferred income taxes. Increases in receivables, inventories, deposits and pre-paid expenses were offset by increased accounts payable. The increase in deposits and pre-paid expenses primarily related to committed purchases at June 30, 2000 for our portable lease fleet for our new locations, which were generally delivered during July 2000. The increases also resulted from the growth of our portable storage leasing business.

Investing Activities. Net cash used in investing activities was $50.8 million for the six months ended June 30, 2000 versus $29.5 million for the same period in 1999. This use of cash was primarily for acquisitions of businesses, increased purchases for our portable storage units and property, plant and equipment.

Financing Activities. Net cash provided by financing activities was $38.7 million for the six months ended June 30, 2000 versus $21.8 million for the same period in 1999. During the six months ended June 30, 2000, net cash provided by financing activities was primarily from $39.5 million of net borrowings under our Credit Agreement, as compared to $4.5 million of net repayments in the same period in 1999. The borrowings were used primarily to fund our acquisitions and to grow our lease fleet. Our cash provided by financing activities in the six months ended June 30, 2000 was partially offset by $990,000 in principal payments on notes payable and capitalized lease obligations.

Effective in September 1998, we entered into an Interest Rate Swap Agreement (the Agreement), under which Mobile Mini is designated as the fixed rate payer with a base rate of 5.5% per annum. Under the Agreement, we effectively fixed, for a three year period, the interest rate payable on $30.0 million of our revolving line of credit so that the rate is based upon a spread from a fixed 5.5% rate, rather than a spread from the floating Eurodollar rate.

14

Since March 1996, our principal source of liquidity has been available borrowings under our Credit Agreement, which at June 30, 2000, consisted of a $120.0 million revolving line of credit and a term loan with a principal balance of $5.1 million. As of July 25, 2000, we entered into an agreement with our lenders to increase the available borrowings under our Credit Agreement by $50.0 million. The interest rate under our Credit Agreement is determined quarterly, based on our ratio of funded debt to earnings before interest, taxes, depreciation and amortization (EBITDA). As of June 30, 2000, we had $111.1 million of outstanding borrowings under our Credit Agreement and $8.9 million of additional borrowings were available. Our borrowing rate was 1.25% above the prevailing Eurodollar rate. As of August 4, 2000, after a $40.0 million initial increase in available borrowings under the revolving credit line portion of our Credit Agreement, we had $117.9 million of outstanding borrowings under the Credit Agreement and $20.1 million of additional borrowings were available under our borrowing base formula. We expect to obtain additional term loan availability of approximately $10.0 million under the Credit Agreement during the third quarter. The proceeds will be used to reduce our debt under the revolving line of credit under the Credit Agreement.

We believe that our working capital, together with our cash flow from operations, borrowing availability under our Credit Agreement and other available funding sources will be sufficient to fund our operations for the next 12 months. We believe that in order to maintain our growth rate we may be required to obtain additional debt financing and to raise additional equity capital in the future. However, there is no assurance that we will be able to continue to obtain debt or equity financing on acceptable terms.

SEASONALITY

Although demand from some of our customers is somewhat seasonal, our operations as a whole have not been seasonal. Demand for leases of our portable storage units by large retailers is stronger from September through December because these retailers need to store more inventory for the holiday season. Our retail customers usually return these leased units to us early in the following year. This has caused lower utilization rates for our lease fleet and a marginal decrease in cash flow during the first quarter of the past several years.

EFFECTS OF INFLATION

Our results of operations for the periods discussed in this Report have not been significantly affected by inflation.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We seek to reduce earnings and cash flow volatility associated with changes in interest rates by entering into financial arrangements intended to provide a hedge against a portion of the risks associated with such volatility. We continue to have exposure to such risks to the extent they are not hedged.

An interest rate swap agreement is the only instrument we use to manage interest rate fluctuations affecting our variable rate debt. We currently have one outstanding interest rate swap agreement under which we pay a fixed rate and receive a variable interest rate on $30.0 million of debt. At June 30, 2000, there had been no material changes in the reported market risks since December 31, 1999.

FACTORS THAT MAY AFFECT FUTURE OPERATING RESULTS, AND "SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Statements in this Report which include such words as "believe", "intends" or "anticipates", such as the statement regarding our ability to meet our obligations and capital needs during the next 12 months, are forward-looking statements. The occurrence of one or more unanticipated events, however, including a decrease in cash flow generated from operations, a material increase in the borrowing rates under our Credit Agreement (which rates are based on the prime rate or the Eurodollar rates in effect from time to time), a material increase or decrease in prevailing market prices for used containers, or a change in general economic conditions resulting in

15

decreased demand for our products, could cause actual results to differ materially from anticipated results and have a material adverse effect on our ability to meet our obligations and capital needs, and cause future operating results and other events not to occur as presently anticipated. Our annual report, Form 10-K, filed with the U.S. Securities and Exchange Commission, includes a section entitled "Factors That May Affect Future Operating Results", which describes certain factors that may affect our future operating results. That section is hereby incorporated by reference in this Report. Those factors should be considered carefully in evaluating an investment in our common stock. If you do not have a copy of the Form 10-K, you may obtain one by requesting it from the Company's Investor Relations Department at (480) 894-6311 or by mail to Mobile Mini, Inc., 7420 S. Kyrene Rd., Suite 101, Tempe, Arizona 85283. Our filings with the SEC, including the Form 10-K, may be accessed at the SEC's World Wide Web site at http://www.sec.gov.

16

PART II. OTHER INFORMATION

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

Recent Sales of Unregistered Securities

Since January 1, 2000, Mobile Mini has issued an aggregate of 81,575 shares of its common stock in transactions that were exempt from the registration requirements of the Securities Act of 1933, as amended. The issuances are described below:

1. On March 3, 2000, we issued 60,287 shares of common stock in partial payment (valued at approximately $1.0 million) of the purchase price when we acquired storage units and certain other assets from Texas Advanced Mobile Storage Corp. and affiliates. In connection with the issuance of the shares to Texas Advanced Mobile Storage and its affiliates, Mobile Mini relied upon the exemptions from registration afforded by Section 4(2) of the Securities Act and Rule 506 thereunder promulgated by the Securities and Exchange Commission.

2. On May 23, 2000, we issued 21,288 shares of common stock in partial payment (valued at approximately $475,000) of the purchase price when we acquired storage units and certain other assets from PM Inc. dba Trailers Etc. In connection with the issuance of the shares to PM Inc., Mobile Mini relied upon the exemptions from registration afforded by Section 4(2) of the Securities Act and Rule 506 thereunder promulgated by the Securities and Exchange Commission.

17

ITEM 4. SUBMISSION TO A VOTE OF SECURITY HOLDERS

Our annual meeting of stockholders was held on June 21, 2000 in Phoenix, Arizona. On the record date for the annual meeting, 11,512,201 shares of common stock, were outstanding and eligible to vote. A quorum was present at the annual meeting. The table below briefly describes the proposals and results from the annual meeting of stockholders.

                                          Number of Shares Voted:
                                          -----------------------
                                         For              Withheld
                                         ---              --------
Election of Directors, each to serve
a three year term:
         Richard E. Bunger                8,848,152      1,074,967
         Stephen A McConnell              9,340,638        582,481

                                                                                                Broker
                                                       For         Against         Abstain      Non-Vote
                                                       ---         -------         -------      --------
Approve and amend the Company's Amended &
Restated Certificate of Incorporation to
increase the number of authorized shares of
common stock from 17 million to 95
million:                                            8,221,806      1,687,347         13,966      None

Approve an amendment to the Company's Amended
and Restated Certificate of Incorporation to
remove Article 15:
                                                    8,890,392      1,016,081         16,646      None

Ratification of appointment of Arthur Andersen
LLP as the Independent Auditors for 2000:           9,908,271         10,256          4,592      None

In addition to the election of two directors at the annual meeting, the terms of four directors continued after the meeting. The continuing directors are Steven G. Bunger, George E. Berkner, Ronald J. Marusiak and Lawrence Trachtenberg.

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ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a) EXHIBITS

NUMBER                                   DESCRIPTION
------                                   -----------

  27              Financial Data Schedule

  (B)             REPORTS ON FORM 8-K: none

  3.1a            Certificate of Amendment of the Amended and Restated
                  Certificate of Incorporation of Mobile Mini, Inc.

  10.5a           First Amendment to Amended and Restated Credit Agreement dated
                  as of July 25, 2000 among Mobile Mini, Inc., each of the
                  financial institutions a signatory thereto, as Lenders, and BT
                  Commercial Corporation, as agent.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

MOBILE MINI, INC.
(Registrant)

Dated:  August 14, 2000                      /s/ Larry Trachtenberg
                                             -----------------------------------
                                                  Larry Trachtenberg
                                                  Chief Financial Officer &
                                                  Executive Vice President

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NUMBER                                   DESCRIPTION
------                                   -----------

  27              Financial Data Schedule

  3.1a            Certificate of Amendment of the Amended and Restated
                  Certificate of Incorporation of Mobile Mini, Inc.

  10.5a           First Amendment to Amended and Restated Credit Agreement dated
                  as of July 25, 2000 among Mobile Mini, Inc., each of the
                  financial institutions a signatory thereto, as Lenders, and BT
                  Commercial Corporation, as agent.


EXHIBIT 3.1a

CERTIFICATE OF AMENDMENT OF THE
AMENDED AND RESTATED CERTIFICATE OF INCORPORATION
OF
MOBILE MINI, INC.

MOBILE MINI, INC., a corporation organized and existing under the General Corporation Law of the State of Delaware (the "Corporation"), does hereby certify:

FIRST: That at a meeting of the Board of Directors of the Corporation resolutions were duly adopted setting forth proposed amendments to the amended and restated certificate of incorporation of the corporation, declaring said amendments to be advisable and calling a meeting of the Stockholders of the Corporation for consideration thereof. The resolutions setting forth the proposed amendments are as follows:

RESOLVED, that Article IV of the Amended and Restated Certificate of Incorporation is amended in its entirety to read as follows:

"FOURTH: The total number of shares of all classes of stock which the Corporation shall have authority to issue is one hundred million (100,000,000) of which ninety-five million (95,000,000) shares shall be common stock with the par value of one cent ($0.01) per share and five million (5,000,000) shares shall be preferred stock with the par value of one cent ($0.01) per share."

RESOLVED FURTHER, that Article XV of the amended and restated Certificate of Incorporation is hereby deleted in its entirety.

SECOND: That thereafter, pursuant to resolution of its Board of Directors, an annual meeting of the Stockholders of the Corporation was duly called and held, upon notice in accordance with Section 222 of the General Corporation Law of the State of Delaware at which meeting the necessary number of shares as required by statute were voted in favor of the amendment.

THIRD: That said amendments were duly adopted in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware.


The Corporation has caused this Certificate to be executed by Steven G. Bunger, its President, and by Lawrence Trachtenberg, its Secretary, as of July 20, 2000.

MOBILE MINI, INC.

                                             By:  /s/ Steven G. Bunger
                                                  Steven G. Bunger, President

ATTEST:

/s/ Lawrence Trachtenberg

Lawrence Trachtenberg, Secretary


EXHIBIT 10.5a

FIRST AMENDMENT TO
AMENDED AND RESTATED CREDIT AGREEMENT
AND CONSENT OF GUARANTORS

This FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT AND CONSENT OF GUARANTORS (this "Amendment") is dated as of July 25, 2000 and entered into by and among MOBILE MINI, INC., a Delaware corporation ("Borrower"), the banks and other financial institutions signatory hereto that are parties as Lenders to the Credit Agreement referred to below (the "Existing Lenders"), the New Lenders referred to below, and BT COMMERCIAL CORPORATION, as agent (in such capacity, the "Agent") for the Lenders and the Issuing Bank (as defined in the Credit Agreement referred to below).

RECITALS

Whereas, the Borrower, the Existing Lenders, and the Agent have entered into that certain Amended and Restated Credit Agreement dated as of December 27, 1999 (the "Credit Agreement"; capitalized terms used in this Amendment without definition shall have the meanings given such terms in the Credit Agreement); and

Whereas, the Borrower has requested that the Existing Lenders consent, subject to the conditions and upon the terms set forth in this Amendment, to an increase in the Revolving Credit Commitments and additional Term Loans to the Borrower;

Whereas, certain financial institutions desire to become Lenders under the Credit Agreement (the "New Lenders" and, together with the Existing Lenders, the "Lenders"); and

Whereas, the Additional Term Lenders (as defined below) are willing to make additional Term Loans and certain of the Existing Lenders are willing to increase the Revolving Credit Commitment, subject to the conditions and on the terms set forth herein;

NOW THEREFORE, in consideration of the premises and the mutual agreements set forth herein, the Borrower, the Lenders, and the Agent agree as follows:

1. AMENDMENTS TO CREDIT AGREEMENT. Subject to the conditions and upon the terms set forth in this Amendment and in reliance on the representations and warranties of the Borrower set forth in this Amendment, the Credit Agreement is hereby amended as follows:


1.1 AMENDMENTS TO DEFINITIONS. (a) The definitions of "Proportionate Share," "Term Loans" and "Total Commitments" contained in Section 1.1 of the Credit Agreement are deleted in their entirety and replaced with the following:

"Proportionate Share of a Lender means (a) with respect to all provisions relating to the Revolving Loans or Letters of Credit, a fraction, expressed as a decimal, obtained by dividing its Revolving Credit Commitment, or if the Revolving Credit Commitments have been terminated, the sum of the outstanding Revolving Loans of such Lender plus its participations in Letter of Credit Obligations then outstanding by the Revolving Credit Commitments of all Revolving Lenders, or if the Revolving Credit Commitments have been terminated, the sum of the outstanding Revolving Loans of all Lenders plus the Letter of Credit Obligations then outstanding; (b) with respect to all provisions relating to the Term Loans, a fraction, expressed as a decimal, obtained by dividing the outstanding Term Loans of such Lender by the sum of the outstanding Term Loans of all Lenders; and (c) otherwise, a fraction, expressed as a decimal, obtained by dividing the sum of (i) the outstanding Term Loans of such Lender plus (ii) its Revolving Credit Commitment or, if the Revolving Credit Commitments have been terminated, the sum of the outstanding Revolving Loans of such Lender plus its participations in Letter of Credit Obligations then outstanding by the sum of (x) the outstanding Term Loans of all Lenders plus (y) the Revolving Credit Commitments of all Lenders or, if the Revolving Credit Commitments have been terminated, the sum of the outstanding Revolving Loans of all Lenders plus the Letter of Credit Obligations then outstanding."

"Term Loans means, collectively, the Original Term Loans and the Additional Term Loans."

"Total Commitments means the sum of the Commitments of all Lenders, which shall not exceed $175,033,333.33."

(b) The following definitions are added to Section 1.1 of the Credit Agreement in proper alphabetical order:

"Additional Term Loan Commitment of a Lender means its commitment to make Additional Term Loans, up to the amount set forth opposite its name on Annex I, as such annex may be amended from time to time (including any reduction based upon the appraisals referred to in Section 5.3(a)), under the heading "Additional Term Loan Commitment."

"Additional Term Lender means a Lender which has an Additional Term Loan Commitment.

"Additional Term Loans has the meaning given such term in Section 2.1(a)(ii).

- 2 -

"First Amendment means that certain First Amendment to Amended and Restated Credit Agreement and Consent of Guarantors dated as of July 25, 2000 among the Borrower, the Lenders parties thereto and the Agent."

"First Amendment Effective Date means the date on which the First Amendment becomes effective in accordance with its terms."

"Original Term Loans has the meaning given such term in Section 2.1(a)(i)."

"Original Term Loan Commitment has the meaning given such term in Section 2.1(a)(i)."

1.2 AMENDMENTS TO SECTION 2.1. Section 2.1 of the Credit Agreement is amended as follows:

(a) The references to "Term Loan", "Term Loans" and "Term Loan Commitment" in Section 2.1(a)(i) are deleted and replaced with "Original Term Loan", "Original Term Loans" and "Original Term Loan Commitment", respectively.

(b) Subsections (ii) and (iii) of Section 2.1(a) are renumbered (iii) and (iv) respectively, and the following subsection (ii) is added:

"(ii) Subject to the terms and conditions set forth in this Agreement and in the First Amendment, each Additional Term Lender severally agrees to make to the Borrower a term loan (each individually, an "Additional Term Loan" and collectively, the "Additional Term Loans") in an amount not to exceed such Lender's Additional Term Loan Commitment, which obligation (and Additional Term Loan Commitment) shall be zero after the making of the Additional Term Loans."

(c) Subsection 2.1(b)(i) is amended to add the following at the end thereof:

"The Borrower shall execute and deliver to each Additional Term Lender on the First Amendment Effective Date a Term Note in the principal amount of that Lender's Additional Term Loan Commitment."

(d) Subsection 2.1(b)(ii) is deleted and replaced with the following:

"(ii) The Borrower shall repay the principal amount of the Term Loans in equal monthly installments, based on a 60 month amortization of the then-outstanding balance of the Term Loans in equal monthly installments (each a "Scheduled Term Loan Installment" and collectively the "Scheduled Term Loan Installments") on the last day of each month commencing August 31, 2000. The Term Loans shall be repaid in full on the Expiration Date and, notwithstanding the foregoing, the Scheduled Term Loan Installment due on the Expiration Date shall be in the amount necessary to repay the Term Loans in full."

- 3 -

1.3 AMENDMENT TO SECTION 2.2. Section 2.2 of the Credit Agreement is amended to delete the reference therein to "120,000,000" and to replace it with "160,000,000".

1.4 AMENDMENT TO SECTION 5.2. The caption and first sentence of Section 5.2 of the Credit Agreement are deleted in their entirety and replaced with the following:

"5.2 Conditions Precedent to all Loans and Letters of Credit. The obligation of each Lender to fund its Term Loan (including the obligation of any Additional Term Lender to fund its Additional Term Loan) and its Proportionate Share of any requested Revolving Loan or of the Agent to cause the Issuing Bank to issue any requested Letter of Credit is subject to the conditions precedent set forth below."

1.5 ADDITION OF NEW SECTION 5.3. Article V of the Credit Agreement is amended to add the following Section 5.3:

"5.3 Conditions Precedent to Additional Term Loans. In addition to the conditions set forth in Section 5.2 above, the obligation of each Additional Term Lender to fund its Additional Term Loan is subject to the conditions precedent set forth below:

(a) The Agent shall have received (i) appraisals of the fee-owned Real Property subject to the Mortgages and the Equipment, and shall have determined in its sole discretion that the value of such Real Property and Equipment supports the amount of the Term Loans (but in no event shall the Term Loans exceed the sum of 60% of the appraised fair market value of such Real Property and 80% of the orderly liquidation value of the Equipment) and (ii) appraisals of the fair market value and orderly liquidation value of the Inventory, in each case at the Borrower's expense and prepared by an appraiser satisfactory to the Agent and in form, scope and substance satisfactory to the Agent.

(b) The Agent shall have received such Phase I environmental reports as shall be requested by the Agent, at the Borrower's expense and prepared by a firm satisfactory to the Agent and in form, scope and substance satisfactory to the Agent.

(c) The Agent shall have received for each Additional Term Loan Lender, a Term Note, duly executed by the Borrower.

1.6 AMENDMENT TO SECTION 7.2. Section 7.2 of the Credit Agreement is amended to add the following subsection (d):

"(d) Deliveries to Lenders. The Borrower will deliver copies of any of the certificates and reports under this Section 7.2 and the appraisals required by Section 5.3 to any Lender requesting such copies."

1.7 AMENDMENT TO SECTION 7.5. Section 7.5 of the Credit Agreement is amended to add the following sentence at the end thereof.

- 4 -

"A representative of any Lender may accompany the Agent, at the Lender's expense."

1.8 AMENDMENT TO ANNEX I. Annex I to the Credit Agreement is deleted in its entirety and replaced with Annex I attached hereto.

2. REALIGNMENT OF REVOLVING CREDIT COMMITMENTS AND REVOLVING LOANS; NEW LENDERS. (a) On the First Amendment Effective Date, and simultaneously with the effectiveness of this Amendment, (i) all Revolving Loans of the Existing Lenders outstanding on such date which are Eurodollar Rate Loans shall be converted to Prime Rate Loans, and the Borrower shall pay to each such Existing Lender any amount that would be owing to such Existing Lender on such date under Section 4.13(d) of the Credit Agreement as a result of such conversion, together with all accrued and unpaid interest thereon, and (ii) the Agent and the Lenders shall, among themselves, purchase or sell such interests in the outstanding Revolving Loans as may be necessary so that such Revolving Loans are held by the Lenders in accordance with their respective Revolving Credit Commitments.

(b) By its execution of this Amendment each New Lender becomes a party to the Credit Agreement, agrees that it will perform its obligations as a Lender under the terms of the Credit Agreement as if it had originally been a party thereto and appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the Credit Documents as are delegated to the Agent, together with such powers reasonably incidental thereto.

3. REPRESENTATIONS AND WARRANTIES OF THE BORROWER. In order to induce the Lenders and the Agent to enter into this Amendment, the Borrower represents and warrants to each Lender, the Issuing Bank and the Agent that the following statements are true, correct and complete:

3.1 POWER AND AUTHORITY. Each of the Credit Parties has all corporate power and authority to enter into this Amendment and, as applicable, the Consent of Guarantors attached hereto (the "Consent") and the amendments to the Credit Documents executed and delivered herewith and to issue the Notes on the First Amendment Effective Date (this Amendment, the Consent, such Notes and such amendments to the Credit Documents being referred to herein as the "Amendment Documents"), and to carry out the transactions contemplated by, and to perform its obligations under or in respect of, the Amendment Documents and the Credit Agreement as amended hereby.

3.2 CORPORATE ACTION. The execution and delivery of the Amendment Documents and the performance of the obligations of each Credit Party under or in respect of the Amendment Documents and the Credit Agreement as amended hereby have been duly authorized by all necessary corporate action on the part of each of the Credit Parties.

3.3 NO CONFLICT OR VIOLATION OR REQUIRED CONSENT OR APPROVAL. The execution and delivery of the Amendment Documents and the performance of the obligations of each Credit Party under or in respect of the Amendment Documents and the Credit Agreement as

- 5 -

amended hereby do not and will not conflict with or violate (a) any provision of the articles or certificate of incorporation or bylaws of any Credit Party, (b) any Requirement of Law, (c) any order, judgment or decree of any court or other governmental agency binding on any Credit Party or any of its Subsidiaries, or
(d) any indenture, agreement or instrument to which any Credit Party or any of its Subsidiaries is a party or by which any Credit Party or any of its Subsidiaries, or any property of any of them, is bound, and do not and will not require any consent or approval of any Person.

3.4 EXECUTION, DELIVERY AND ENFORCEABILITY. The Amendment Documents have been duly executed and delivered by each Credit Party which is a party thereto and are the legal, valid and binding obligations of such Credit Party, enforceable in accordance with their terms, except as enforceability may be affected by applicable bankruptcy, insolvency, and similar proceedings affecting the rights of creditors generally, and to general principles of equity.

3.5 NO DEFAULT OR EVENT OF DEFAULT. No event has occurred and is continuing or will result from the execution and delivery of the Amendment Documents that would constitute a Default or an Event of Default.

3.6 NO MATERIAL ADVERSE EFFECT. No event has occurred that has resulted, or could reasonably be expected to result, in a Material Adverse Effect.

3.7 REPRESENTATIONS AND WARRANTIES. Each of the representations and warranties contained in the Credit Documents is and will be true and correct in all material respects on and as of the date hereof and as of the effective date of this Amendment, except to the extent that such representations and warranties specifically relate to an earlier date, in which case they were true, correct and complete in all material respects as of such earlier date.

4. CONDITIONS TO EFFECTIVENESS OF THIS AMENDMENT. This Amendment shall be effective only if and when signed by, and when counterparts hereof shall have been delivered to the Agent (by hand delivery, mail or telecopy) by, the Borrower and each Lender and only if and when each of the following conditions is satisfied:

4.1 CONSENT OF GUARANTORS; NOTES. Each of the Guarantors shall have executed and delivered to the Agent the Consent, and the Borrower shall have executed and delivered to the Agent Term Notes evidencing the Additional Term Loans and Revolving Notes for each New Lender and each Existing Lender with an increased Revolving Credit Commitment (such Notes, the "New Notes").

4.2 NO DEFAULT OR EVENT OF DEFAULT; ACCURACY OF REPRESENTATIONS AND WARRANTIES. No Default or Event of Default shall exist and each of the representations and warranties made by the Credit Parties herein and in or pursuant to the Credit Documents shall be true and correct in all material respects as if made on and as of the date on which this Amendment becomes effective (except that any such representation or warranty that is expressly stated as being made only as of a specified earlier date shall be true and correct as of such earlier date), and the Borrower shall have delivered to the Agent a certificate confirming such matters.

- 6 -

4.3 AMENDMENTS TO COLLATERAL DOCUMENTS. The Borrower shall have delivered to the Agent duly executed and acknowledged amendments to the Mortgages and such other Collateral Documents as may be requested by the Agent, each in form and substance satisfactory to the Agent, and such other documents as may be necessary or desirable, in the opinion of the Agent, to perfect or continue the perfection of the Liens in favor of the Agent, and such endorsements to the mortgagee title policies as may be requested by the Agent.

4.4 CORPORATE DOCUMENTS AND OPINIONS OF COUNSEL. The Borrower shall have delivered to the Agent copies of resolutions of each of the Credit Parties approving and authorizing this Amendment and the other Amendment Documents, together with an incumbency certificate for the persons executing the Amendment Documents and opinions of counsel to the Borrower, as to the matters set forth in Sections 3.1, 3.2, 3.3, and 3.4 hereof with respect to the Credit Parties and such other matters as the Agent or Majority Lenders may reasonably request.

4.5 FEES; EXPENSE REIMBURSEMENTS. The Borrower shall have paid all fees then due to pursuant to the fee letter dated July 25, 2000 between the Borrower and BTCC and expense reimbursements due to the Agent pursuant to
Section 11.10 of the Credit Agreement.

4.6 OTHER DOCUMENTS. The Agent shall have received such documents as the Agent may reasonably request in connection with this Amendment.

5. EFFECT OF AMENDMENT. From and after the date on which this Amendment becomes effective, all references in the Credit Documents to the Credit Agreement shall mean the Credit Agreement as amended hereby, and all references to the Notes shall include the New Notes. Except as expressly amended hereby or waived herein, the Credit Agreement and the other Credit Documents, including the Liens granted thereunder, shall remain in full force and effect, and are hereby ratified and confirmed.

6. APPLICABLE LAW. THE VALIDITY, INTERPRETATIONS AND ENFORCEMENT OF THIS AMENDMENT AND ANY DISPUTE ARISING OUT OF OR IN CONNECTION WITH THIS AMENDMENT, WHETHER SOUNDING IN CONTRACT, TORT, EQUITY OR OTHERWISE, SHALL BE GOVERNED BY THE INTERNAL LAWS AND DECISIONS OF THE STATE OF CALIFORNIA.

7. COMPLETE AGREEMENT. The Amendment Documents and the fee letter executed and delivered by the Borrower and the Agent in connection therewith set forth the complete agreement of the parties in respect of any amendment to any of the provisions of any Credit Document or any waiver thereof.

8. CAPTIONS; COUNTERPARTS. The catchlines and captions herein are intended solely for convenience of reference and shall not be used to interpret or construe the provisions hereof. This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts (including by telecopy), all of which taken together shall constitute but one and the same instrument.

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[remainder of page intentionally left blank]

- 8 -

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Amended and Restated Credit Agreement and Consent of Guarantors to be duly executed by a duly authorized officer as of the date first above written.

MOBILE MINI, INC.

By:________________________________
Name:________________________
Title:_______________________

BT COMMERCIAL CORPORATION,
as Agent and as a Lender

By:________________________________
Name:________________________
Title:_______________________

BANK OF AMERICA, N.A.,
as a Lender

By:________________________________
Name:________________________
Title:_______________________

DEUTSCHE FINANCIAL SERVICES CORPORATION,
as a Lender

By:________________________________
Name:________________________
Title:_______________________

1

SUMMIT BUSINESS CAPITAL CORP.
(formerly SUMMIT COMMERCIAL/
GIBRALTAR CORPORATION), as a Lender

By:________________________________
Name:________________________
Title:_______________________

BANK ONE, ARIZONA, NA,
as a Lender

By:________________________________
Name:________________________
Title:_______________________

LA SALLE BUSINESS CREDIT, INC.,
as a Lender

By:________________________________
By:________________________________
Name:________________________
Title:_______________________

FIRST UNION NATIONAL BANK, as a Lender

By:_________________________________
Name:_________________________
Title:________________________

BANK LEUMI USA, as a Lender

By:_________________________________
Name:_________________________
Title:________________________

S-2

CONSENT OF GUARANTORS

Each of the undersigned is a Guarantor of the Obligations of the Borrower under the Credit Agreement and hereby (a) consents to the foregoing Amendment, (b) acknowledges that notwithstanding the execution and delivery of the foregoing Amendment and the other Amendment Documents, the obligations of each of the undersigned Guarantors are not impaired or affected and the Guaranties continue in full force and effect, and (c) ratifies its Guaranty.

IN WITNESS WHEREOF, each of the undersigned has executed and delivered this Consent of Guarantors as of the ___day of July, 2000.

MOBILE MINI I, INC.

By:________________________________
Name:________________________
Title:_______________________

DELIVERY DESIGN SYSTEMS, INC.

By:________________________________
Name:________________________
Title:_______________________


ANNEX I

LENDERS AND COMMITMENT AMOUNTS

                                                         Revolving Credit            Original Term Loan        Additional Term Loan
              Name and Address of Lender                 Commitment                      Commitment                 Commitment
-------------------------------------------------------  -----------------------  -------------------------  -----------------------
BT COMMERCIAL CORPORATION                                 $21,110,476.14            $1,944,444.48             $3,926,190.47

Domestic Lending Office:
     BT Commercial Corporation
     14 Wall Street
     Third Floor
     New York, New York 10005
     Attention:  Bharathi Baliga
     Telephone:
     Fax:

Eurodollar Lending Office:
     BT Commercial Corporation
     14 Wall Street
     Third Floor
     New York, New York 10005
     Attention:  Bharathi Baliga
     Telephone:
     Fax

Address for Notices:
     BT Commercial Corporation
     14 Wall Street
     Third Floor
     New York, New York 10005
     Attention:  Bharathi Baliga
     Telephone:
     Fax

BANK OF AMERICA, N.A.                                     $23,679,047.64              $972,222.23             $1,308,730.16
(fka NATIONSBANK, N.A.)

Domestic Lending Office:
     Bank of America, N.A.
     901 Main Street, 6th Floor
     Dallas, Texas 75202
     Attention:  Karen Lackey
     Telephone:  214-209-0424
     Fax  214-209-0477


                                                         Revolving Credit            Original Term Loan        Additional Term Loan
              Name and Address of Lender                 Commitment                      Commitment                 Commitment
-------------------------------------------------------  -----------------------  -------------------------  -----------------------
Eurodollar Lending Office:
     Bank of America, N.A.
     901 Main Street, 6th Floor
     Dallas, Texas 75202
     Attention:  Karen Lackey
     Telephone:  214-209-0424
     Fax  214-209-0477

Address for Notices:
     Bank of America, N.A.
     901 Main Street, 6th Floor
     Dallas, Texas 75202
     Attention:  Lawrence Cannariato
     Telephone:  214-209-0434
     Fax  214-209-3501

DEUTSCHE FINANCIAL SERVICES CORPORATION                   $20,000,000.00              $972,222.23                      0

Domestic Lending Office:
     Deutsche Financial Services Corporation
     1630 Des Peres Road
     Suite 305
     St. Louis, MO  63131
     Attention:  Regional Vice President
     Telephone:  314-822-7555
     Fax:  314-909-0307

Eurodollar Lending Office:
     Deutsche Financial Services Corporation
     1630 Des Peres Road
     Suite 305
     St. Louis, MO  63131
     Attention:  Regional Vice President
     Telephone:  314-822-7555
     Fax:  314-909-0307

Address for Notices:
     Deutsche Financial Services Corporation
     1630 Des Peres Road
     Suite 305
     St. Louis, MO  63131
     Attention:  Regional Vice President
     Telephone:  314-822-7555
     Fax:  314-909-0307


                                                         Revolving Credit            Original Term Loan        Additional Term Loan
              Name and Address of Lender                 Commitment                      Commitment                 Commitment
-------------------------------------------------------  -----------------------  -------------------------  -----------------------
SUMMIT BUSINESS CAPITAL CORP.                             $20,000,000.00                     0                         0

Domestic Lending Office:
     Summit Business Capital Corp.
     99 Park Avenue, 19th Floor
     New York, NY  10016
     Attention:
     Telephone:  646-658-9100
     Fax:  917-368-0343

Eurodollar Lending Office:
     Summit Business Capital Corp.
     99 Park Avenue, 19th Floor
     New York, NY  10016
     Attention:
     Telephone:  646-658-9100
     Fax:  917-368-0343

Address for Notices:
     Summit Business Capital Corp.
     99 Park Avenue, 19th Floor
     New York, NY  10016
     Attention:
     Telephone:  646-658-9100
     Fax:  917-368-0343

BANK ONE, ARIZONA, NA                                   $23,679,047.64                $972,222.23             $1,308,730.16

Domestic Lending Office:
     Bank One Arizona, NA
     201 North Central Avenue
     21st Floor
     Phoenix, Arizona 85004
     Attention:  Steven Reinhart
     Telephone:  602-221-1947
     Fax:  602-221-1259

Eurodollar Lending Office:
     Bank One Arizona, NA
     201 North Central Avenue
     21st Floor
     Phoenix, Arizona 85004
     Attention:  Steven Reinhart
     Telephone:  602-221-1947
     Fax:  602-221-1259


                                                         Revolving Credit            Original Term Loan        Additional Term Loan
              Name and Address of Lender                 Commitment                      Commitment                 Commitment
-------------------------------------------------------  -----------------------  -------------------------  -----------------------
Address for Notices:
     Bank One Arizona, NA
     201 North Central Avenue
     21st Floor
     Phoenix, Arizona 85004
     Attention:  Steven Reinhart
     Telephone:  602-221-1947
     Fax:  602-221-1259

LASALLE BUSINESS CREDIT, INC.                             $23,679,047.64              $972,222.23             $1,308,730.16

Domestic Lending Office:
     LaSalle Business Credit, Inc.
     135 South LaSalle Street
     Chicago, Illinois  60603
     Attention:  Christopher Clifford
     Telephone:  (312) 904-8415
     Fax:  (312) 904-6450

Eurodollar Lending Office:
     LaSalle Business Credit, Inc.
     135 South LaSalle Street
     Chicago, Illinois  60603
     Attention:  Christopher Clifford
     Telephone:  (312) 904-8415
     Fax:  (312) 904-6450

Address for Notices:
     LaSalle Business Credit, Inc.
     135 South LaSalle Street
     Chicago, Illinois  60603
     Attention:  Christopher Clifford
     Telephone:  (312) 904-8415
     Fax:  (312) 904-6450

FIRST UNION NATIONAL BANK                                 $22,852,380.94                     0                $2,147,619.06

Domestic Lending Office
     First Union National Bank
     201 South College Street
     CP-6
     Charlotte, North Carolina 28288-0479
     Attention:  Steve Haas
     Telephone:  (704) 715-1966
     Fax:  (704) 374-2703


                                                         Revolving Credit            Original Term Loan        Additional Term Loan
              Name and Address of Lender                 Commitment                      Commitment                 Commitment
-------------------------------------------------------  -----------------------  -------------------------  -----------------------
Eurodollar Lending Office:
     First Union National Bank
     201 South College Street
     CP-6
     Charlotte, North Carolina 28288-0479
     Attention:  Steve Haas
     Telephone:  (704) 715-1966
     Fax:  (704) 374-2703

Address for Notices:
     First Union National Bank
     201 South College Street
     CP-6
     Charlotte, North Carolina 28288-0479
     Attention:  Steve Haas
     Telephone:  (704) 715-1966
     Fax:  (704) 374-2703

BANK LEUMI USA                                             $5,000,000.00                     0                         0

Domestic Lending Office:
     Bank Leumi USA
     8383 Wilshire Blvd.
     Beverly Hills, CA 90211
     Attention:  Jacques Delvoye
     Telephone:  (323) 966-4727
     Fax:  (323) 966-4252

Eurodollar Lending Office:
     Bank Leumi USA
     8383 Wilshire Blvd.
     Beverly Hills, CA 90211
     Attention:  Jacques Delvoye
     Telephone:  (323) 966-4727
     Fax:  (323) 966-4252

Address for Notices:
     Bank Leumi USA
     8383 Wilshire Blvd.
     Beverly Hills, CA 90211
     Attention:  Jacques Delvoye
     Telephone:  (323) 966-4727
     Fax:  (323) 966-4250


ARTICLE 5
CURRENCY: U.S. DOLLARS


PERIOD TYPE 6 MOS
FISCAL YEAR END DEC 31 2000
PERIOD START JAN 01 2000
PERIOD END JUN 30 2000
EXCHANGE RATE 1
CASH 562,359
SECURITIES 0
RECEIVABLES 11,278,530
ALLOWANCES 1,588,360
INVENTORY 11,128,086
CURRENT ASSETS 24,015,946
PP&E 36,341,678
DEPRECIATION 10,259,208
TOTAL ASSETS 232,585,792
CURRENT LIABILITIES 14,473,327
BONDS 0
PREFERRED MANDATORY 0
PREFERRED 0
COMMON 115,671
OTHER SE 84,755,954
TOTAL LIABILITY AND EQUITY 232,585,792
SALES 6,921,929
TOTAL REVENUES 40,433,905
CGS 4,478,546
TOTAL COSTS 27,189,842
OTHER EXPENSES 0
LOSS PROVISION 0
INTEREST EXPENSE 3,772,128
INCOME PRETAX 9,471,935
INCOME TAX 3,694,055
INCOME CONTINUING 5,777,880
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET INCOME 5,777,880
EPS BASIC 0.50
EPS DILUTED 0.48