Shurgard Self Storage S A : Interim H1 2020 results and update on COVID-19 January 1, 2020 to June 30, 2020

H1 2020 RESULTS AND UPDATE ON COVID-19 PRESS RELEASE

Luxembourg, August 14, 2020

"Regulated Information"

Shurgard Self Storage SA

("Shurgard" or the "Company")

Interim H1 2020 results and update on COVID-19

January 1, 2020 to June 30, 2020

Strong H1 results and adjusted EPRA earnings performance with revenue growth in all markets

COVID-19 impact: resilience of performance

Highlights:

H1 performance with strong results (at CER)*

1. Property operating revenue growth for the first six months of 5.2%; o Income from property (NOI) growth for the first six months of 5.5%;
   o Same store property operating revenue growth for the first six months of 3.8%;
   o Same store average occupancy rate at 88.1% (growth for the first six months of 0.9pp) and closing occupancy at 89.6%, up 1.3pp versus last year;
   o Same store NOI margin of 61.9%, up 0.5pp; o EBITDA growth of 8.8%;
   o Delivery of €54.7 million adjusted EPRA earnings, which represents a growth of 7.6%; o Our expansion portfolio of 24 projects which represent 8% (or 96,900 sqm) of our net
   rentable sqm for €199.4 million is in line with our last communication.

Solid Q2 performance (at CER)*

1. 1. Property operating revenue growth for the quarter of 5.0%; o Income from property (NOI) growth for the quarter of 4.6%;
      o Successful acquisition of four properties from ZeitLager in Munich on May 14, 2020; o Same store property operating revenue growth for the quarter of 3.0%;
      o Same store average occupancy rate at 88.3% (growth for the quarter of 0.9pp, higher than the growth of Q1 at 0.7pp);
      o Deceleration of growth of the in-place rent (+1.8% versus +3.0% in Q1) due to temporary additional discounts and postponed rate increases to existing customers due to COVID-19
      crisis;
      o Rental collection was never really impacted. June is in line with historical pattern at 96.9%.
2. Constant Exchange Rate

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H1 2020 RESULTS AND UPDATE ON COVID-19 PRESS RELEASE

Resilient business model with very robust balance sheet

1. Cash position: €136.6 million as of June 30, 2020;

1. Undrawn revolving credit facility for €250 million - matures in 2023; o Long-term funding with no immediate maturities;
   o LTV: 18.0% as of June 30, 2020;
   o Net debt / EBITDA: 3.6x as of June 30, 2020;
   o 94% of our portfolio (excluding stores under management contract) is freehold;
   o 92% of our portfolio (excluding stores under management contract) is in capital cities and primary cities.

Interim dividend H1-2020

1. €0.49 per share - increase of 8.9% versus H1-2019;o Payment on or about October 1, 2020.

COVID-19 update on August 9, 2020

We have exited lockdown in all our markets and the business is nearly back to normal.

Priority to keep our employees and customers in a safe and healthy environment:

1. We took various measures to ensure the protection of our employees and customers. Our

offices have hand sanitizer for staff and customers, gloves, masks and plexiglass screens on the counters;

1. We maintained close communication with our employees to stay connected with them; o Reinforced hygiene measures with frequent cleaning are in place in all of our properties.

Update on current trading July 1, 2020 to August 9, 2020:

1. Closing occupancy rate for same store at 89.0% at August 9, 2020. We gained 0.9pp versus August 9, 2019;

1. In-placerent growth is stabilized following rate increases to existing customers that were reintroduced in Q3;

1. Decreasing trend of the move-out ratio during the confinement period. Currently we have not yet experienced any significant catch-up of move-outs;

1. We expect the same store property operating revenue growth for Q3 to be in the range of 1.5% to 2.5% versus last year.

Guidance

The trajectory of the company revenues for the year to July is in line with our 2020 guidance (growth of 4%-6% p.a.).

However, due to the unpredictable evolution and impact of the COVID-19 crisis on public health policy and economies, we will confirm our guidance along with our Q3 results publication.

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H1 2020 RESULTS AND UPDATE ON COVID-19 PRESS RELEASE

Marc Oursin, Shurgard's Chief Executive Officer, commented:

"The first half of the year has been a tale of two contrasting quarters as our customers and employees reacted to lockdowns of varying intensities. Yet, in the midst of the global pandemic, Shurgard delivered revenue and earnings growth, responding to the unique challenges of the COVID-19 crisis and ensuring the safety of our staff and customers. As each of our markets has reopened, we have restarted paused developments and are once again ramping up the sales trajectory. The challenges we faced during Q2 demonstrate Shurgard's resilience."

Conference call

A conference call is scheduled this Friday, August 14, 2020, at 10:00 a.m. (CET) to discuss these interim results and the impact of COVID-19 for the month of July.

Live Conference Call Number

International dial-in number: [phone]

Conference ID number: 8698485

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H1 2020 RESULTS AND UPDATE ON COVID-19 PRESS RELEASE

Unaudited financial information	Three months ended				Six months ended
(in € millions except where indicated)	June, 30	June, 30	% var.	% var.		June, 30	June, 30	% var.	% var.
	2020	2019		CER (*)	2020	2019		CER (*)
All store
Number of stores	238	231	3.0%		238	231	3.0%
Net rentable sqm (1)	1,202	1,166	3.1%		1,202	1,166	3.1%
Net rented sqm (2)	1,065	1,019	4.5%		1,065	1,019	4.5%
Closing occupancy rate (3)	88.6%	87.4%	1.2pp		88.6%	87.4%	1.2pp
Average occupancy rate (4)	87.2%	86.5%	0.7pp		86.9%	86.2%	0.7pp
Average in-place rent (in € per sqm) (5)	218.9	214.2	2.2%	2.5%	219.8	214.5	2.5%	2.8%
Average revPAM (in € per sqm) (6)	221.7	216.7	2.3%	2.7%	222.1	216.1	2.8%	3.0%
Property operating revenue (7)	66.1	63.1	4.7%	5.0%	132.2	126.0	4.9%	5.2%
Income from property (NOI) (8)	43.5	41.7	4.3%	4.6%	81.0	77.0	5.2%	5.5%
NOI margin (9)	65.8%	66.0%	-0.3pp	-0.3pp	61.3%	61.1%	0.1pp	0.2pp
EBITDA (10)	40.1	37.2	8.0%	8.3%	74.6	68.8	8.5%	8.8%
Adjusted EPRA earnings (11)	30.6	28.6	6.7%	6.9%	54.7	50.9	7.3%	7.6%
Adjusted EPRA earnings per share in € (basic) (12)	0.34	0.32	6.9%	7.1%	0.62	0.57	7.4%	7.7%
Same store
Number of stores	225	225	0.0%		225	225	0.0%
Net rentable sqm (1)	1,136	1,125	1.0%		1,136	1,125	1.0%
Net rented sqm (2)	1,017	993	2.5%		1,017	993	2.5%
Closing occupancy rate (3)	89.6%	88.2%	1.3pp		89.6%	88.2%	1.3pp
Average occupancy rate (4)	88.3%	87.4%	0.9pp		88.1%	87.2%	0.9pp
Average in-place rent (in € per sqm) (5)	218.6	215.4	1.5%	1.8%	220.2	215.9	2.0%	2.2%
Average revPAM (in € per sqm) (6)	223.6	220.0	1.6%	1.9%	225.0	219.8	2.4%	2.6%
Property operating revenue (7)	63.5	61.9	2.6%	3.0%	127.8	123.5	3.5%	3.8%
Income from property (NOI) (8)	42.3	41.0	3.1%	3.4%	79.1	75.8	4.4%	4.7%
NOI margin (9)	66.6%	66.3%	0.3pp	0.3pp	61.9%	61.4%	0.5pp	0.5pp
Same store property operating revenue by country
The Netherlands	13.7	13.0	4.9%	4.9%	27.3	26.0	5.0%	5.0%
France	16.5	16.1	2.4%	2.4%	33.2	32.1	3.3%	3.3%
Sweden	10.4	10.2	2.1%	2.5%	21.0	20.5	2.2%	3.6%
The United Kingdom	9.7	9.6	1.0%	2.5%	20.0	19.2	4.2%	4.3%
Belgium	5.2	5.1	2.4%	2.4%	10.5	10.2	2.6%	2.6%
Germany	4.7	4.5	3.9%	3.9%	9.4	9.0	4.6%	4.6%
Denmark	3.2	3.2	0.1%	0.0%		6.5	6.5	0.2%	0.2%
Total	63.5	61.9	2.6%	3.0%	127.8	123.5	3.5%	3.8%
Same store average occupancy by country
The Netherlands	89.1%	87.4%	1.7pp		88.4%	87.4%	1.0pp
France	87.0%	86.9%	0.1pp		87.1%	86.6%	0.6pp
Sweden	90.7%	89.9%	0.8pp		90.6%	89.5%	1.1pp
The United Kingdom	85.3%	86.5%	-1.2pp		85.9%	86.0%	0.0pp
Belgium	87.5%	85.4%	2.0pp		87.4%	85.3%	2.0pp
Germany	89.0%	87.3%	1.8pp		88.9%	87.8%	1.0pp
Denmark	90.5%	88.6%	1.9pp			89.6%	88.5%	1.1pp
Total	88.3%	87.4%	0.9pp		88.1%	87.2%	0.9pp

(*) Constant Exchange Rate

Performance by country (same store) for the six months ended June 30, 2020 (at CER)

Strong H1 revenue performance in all markets due to proven resilient business model during "COVID-19 quarter" (Q2)

• Overall, Shurgard's operations showed strong resilience in the currently difficult economic environment, with an average same store occupancy increasing by 0.9pp compared to prior year;
• In our three largest markets, the Netherlands, France and Sweden, same store revenue growth was driven by higher in-place rent, combined with occupancy performance picking up versus prior year;
• In the UK, while average occupancy stayed stable, in-place rent grew by 2.0%, resulting in an increase in revenue of 4.3%;
• Solid year-on-year growth in both occupancy and in-place rent led to revenue growth in Belgium (+2.6%) and Germany (+4.6%);
• In Denmark, the occupancy gain (+1.1%) was partially impacted by the decrease in average in-place rent (-0.9%) due to a competitive environment;
• Negative impact of SEK FX rates (-1%).

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H1 2020 RESULTS AND UPDATE ON COVID-19 PRESS RELEASE

Portfolio expansion

					Period of	Delay
Amounts in € millions				Number of	opening as	Net sqm	Direct project cost
Project	Region	Country	due to
At closing rate June 2020	properties	February	('000)	/Acquisition cost (*)
			COVID-19
					26,	2020
Total 2020				17				61.9	130.5
Major redevelopments	Nanterre La Défense	Paris	France	1	Q2	2020		1.0	2.6
	Marseille le Canet	Marseille	France	1	Q2	2020		0.7	0.3
	Créteil	Paris	France	1	Q3 2020	Q4 2020	0.3	0.3
	Villepinte	Paris	France	1	Q4	2020		0.3	0.5
	Camden	London	UK	1	Q4	2020	2021	0.4	2.4
New developments	Oberschoeneweide	Berlin	Germany	1	Q3 2020	Q4 2020	6.0	13.4
	Reinickendorf	Berlin	Germany	1	Q4	2020	2021	5.2	10.1
	Croydon Purley Way	London	UK	1	Q3 2020	Q4 2020	6.9	10.0
	Barking	London	UK	1	Q4	2020	2021	6.9	12.5
	Corbeil	Paris	France	1	Q2	2020	Q3 2020	5.7	6.6
	Argenteuil	Paris	France	1	Q4	2020	2021	7.5	12.2
M&A / Asset Acquisitions	Flexistockage	Paris	France	2	Q1 2020		8.6	-
	Zeitlager	Munich	Germany	4	Q2	2020		12.4	32.8
Total 2021				7				35.0	68.8
Major redevelopments	Southwark	London	UK	1				2.7	5.9
	Amsterdam West	Amsterdam	Netherlands	1				3.2	4.9
New developments	Zoetermeer Industrieweg	Zoetermeer	Netherlands	1				4.4	6.4
	Lichtenberg	Berlin	Germany	1				5.7	9.1
	1 property	Paris	France	1				6.0	7.7
	1 property	Cologne	Germany	1				5.0	10.4
	1 property	London	UK	1				8.0	24.4
Portfolio expansion				24				96.9	199.4

Out of five projects in the pipeline for 2021, permits have been received for one in Berlin

while the regular permit process is ongoing for four (last phase for Zoetermeer, one in Paris, one in London and one in Cologne).

(*) Including development fees and acquisition costs but excluding absorption costs.

About Shurgard

Shurgard is the largest provider of self storage in Europe. The company owns and/or operates 241 self-storage centers and approximately 1.2 million net rentable square meters in seven countries: the Netherlands, France, Sweden, the United Kingdom, Belgium, Germany and Denmark.

Shurgard's European network currently serves 160,000 customers and employs approximately 700 people. Shurgard is listed on Euronext Brussels under the symbol "SHUR".

For additional information: https://corporate.shurgard.eu/

For high resolution images: https://shurgard.prezly.com/media

Contact

Caroline Thirifay, Director of Investor Relations, Shurgard Self Storage SA

E-mail: [e-mail]

M: [phone]

Nathalie Verbeeck, Citigate Dewe Rogerson

E-mail: [e-mail]

M: [phone]

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H1 2020 RESULTS AND UPDATE ON COVID-19 PRESS RELEASE

Notes:

1. Net rentable square meters is presented in thousands of square meters and calculated as the sum of unit space available for customer storage use at our properties, measured in square meters, based on our unit size categories, as of the relevant date.
2. Net rented square meters is presented in thousands of square meters and calculated as the sum of unit space rented by customers at our properties, measured in square meters, based on our unit size categories, as of the relevant date.
3. Closing occupancy rate is presented as a percentage and calculated as the net rented square meters divided by net rentable square meters as of the relevant date.
4. Average occupancy rate is presented as a percentage and is calculated as the average of the net rented square meters divided by the average of the net rentable square meters, each for the relevant periods.
5. Average in-place rent is presented in euro per square meter per year and calculated as rental revenue annualized divided by the average net rented square meters for the relevant period.
6. RevPAM, which stands for revenue per available square meter, is presented in euro per square meter per year for the relevant period and calculated as property operating revenue, divided by the average net rentable square meters for the relevant period.
7. Property operating revenue represents our revenue from operating our properties, and comprises our rental revenue, insurance revenue and ancillary revenue.
8. Income from property (NOI) is calculated as property operating revenue less real estate operating expense for the relevant period.
9. NOI margin is calculated as income from property (NOI) divided by property operating revenue for the relevant period.
10. EBITDA is calculated as earnings before interest, tax, depreciation and amortization, excluding (i) valuation gains from investment property and investment property under construction, (ii) losses or gains on disposal of investment property plant and equipment and assets held for sale, (iii) acquisition costs and dead deals and (iv) casualty (loss) gain.
11. Adjusted EPRA earnings is calculated as EPRA earnings adjusted for (i) deferred tax expenses on items other than the revaluation of investment property and (ii) special items ("one-offs") that are significant and arise from events or transactions distinct from the regular operating activities.
12. Adjusted EPRA earnings per share in euro (basic) is calculated as adjusted EPRA earnings divided by the weighted average number of outstanding shares.

Legal Disclaimer

This release contains "forward-looking statements". These statements are based on the current expectations and views of future events and developments of the management of Shurgard and are naturally subject to uncertainty and changes in circumstances. This release contains "forward-looking statements". These statements are based on the current expectations and views of future events and developments of the management of Shurgard and are naturally subject to uncertainty and changes in circumstances (including, without limitation, as a result of the impact of the Covid-19 pandemic).

Forward-looking statements include statements typically containing words such as "will", "may", "should", "believe", "intends", "expects", "anticipates", "targets", "estimates", "likely", "foresees" and words of similar import. All statements other than statements of historical facts are forward-looking statements. You should not place undue reliance on these forward-looking statements, which reflect the current views of the management of Shurgard, are subject to risks and uncertainties about Shurgard and are dependent on many factors, some of which are outside of Shurgard's control. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements.

Basis of Preparation

The information contained in this press release includes unaudited financial information that has been prepared using accounting policies in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB, and as adopted by the European Union, or EU. We would like to draw the attention of the reader to the fact that this report does not contain sufficient information to constitute an interim financial report as defined by IFRS. Shurgard publishes an interim financial report that complies with IAS 34 Interim Financial Reporting.

Use of alternative performance measures

The information contained in this press releases includes alternative performance measures (also known as non- GAAP measures). The descriptions of the alternative performance measures are included in the Alternative performance measures section pages 53 to 61 of Shurgard's half-year report 2020.

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