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

Luxembourg, July 9, 2020

"Regulated Information"

Shurgard Self Storage SA ("Shurgard" or the "Company")

Preliminary H1 2020 Revenue Results and update on COVID-19

January 1, 2020 to June 30, 2020

Strong H1 revenue performance in all markets

Due to proven resilient business model during "COVID-19 quarter" (Q2)

Highlights:

Strong H1 revenue performance (at CER)

• o Property operating revenue growth for the first six months of 5.2%;

• 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 Continued strong performance in the first six months in all markets.

Q2 performance with solid results on property operating revenue (at CER)

• o Property operating revenue growth for the quarter of 5.0%;

• 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) is due to temporary additional discounts and postponed rates increases to existing customer mainly due to the impact of the COVID-19 crisis;

• o Rental collection was never really impacted. June is in line with historical pattern at 96.9%.

1

COVID-19 update on July 9, 2020

We have experienced a strict lockdown in France and Belgium since the middle of March and in the UK since March 23. Meanwhile, the Netherlands, Sweden, Germany and Denmark (50% of our portfolio) took a more flexible approach to containment measures with some relaxation since April 20. Now 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:

• o 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;

• o We guaranteed the salary of all our employees in order to secure short and long term retention of our workforce;

• o We maintained close communication with our employees to stay connected with them;

• o During the lockdown, access to all storage buildings remained possible to existing customers due to automated access control. Our website allows prospects to make reservations on-line without human interaction. We set up a contactless move-in process for prospects/new customers in all properties to avoid any contact with our staff;

• o Reinforced hygiene measures with frequent cleaning are in place in all of our properties.

Marginal impact on the COVID-19 on the business - resilience of performance:

• o Closing occupancy rate for same store at 89.6% at June 30, 2020. We gained 2.6pp versus March 31, 2020 and 1.3pp versus June 30, 2019;

• o Deceleration of growth of the in-place rent is temporary. We expect full catch up on rate increases to existing customers in Q3 and that additional discounts will stop;

• o Decreasing trend of the move-out ratio during the confinement period. We expect a catch-up of move-outs in the summer months;

• o Our expansion pipeline is in line with our last communication. All our sites are under construction and we do not expect more delays than communicated last quarter.

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

"The company has been able to deliver strong revenue growth during the "COVID-19 quarter" in line with our guidance and keeping the pace of the first quarter. This remarkable achievement is based on the engagement of our people in our seven countries. It is again demonstrating the value of our significant geographical spread and the efficiency of our platform.

Europe will face in the coming quarters very uncertain times with finally a Brexit of an unknown shape and impact plus significant redundancies in all the countries. Shurgard has the teams, the management, the platform and the financial capacity as the leader of the Self-Storage industry on this side of the Atlantic to go through these challenges successfully."

Unaudited financial information
(in € millions except where indicated)	June, 30
2020
All store
Number of stores	238
Net rentable sqm (1)	1,208
Net rented sqm (2)	1,065
Closing occupancy rate (3)	88.6%
Average occupancy rate (4)	87.2%
Average in-place rent (in € per sqm) (5)	218.9
Average revPAM (in € per sqm) (6)	221.7
Property operating revenue (7)	66.1
Same store
Number of stores	225
Net rentable sqm (1)	1,136
Net rented sqm (2)	1,017
Closing occupancy rate (3)	89.6%
Average occupancy rate (4)	88.3%
Average in-place rent (in € per sqm) (5)	218.6
Average revPAM (in € per sqm) (6)	223.6
Property operating revenue (7)	63.5

Three months ended Six months ended

June, 30	% var.	% var.	June, 30	June, 30	% var.	% var.
2019	CER (*)	2020	2019	CER (*)
231	3.0%	238	231	3.0%
1,166	3.5%	1,208	1,166	3.5%
1,019	4.5%	1,065	1,019	4.5%
87.4%	1.2pp	88.6%	87.4%	1.2pp
86.5%	0.7pp	86.9%	86.2%	0.7pp
214.2	2.2%	2.5%	219.8	214.5	2.5%	2.8%
216.7	2.3%	2.7%	222.1	216.1	2.8%	3.0%
63.1	4.7%	5.0%	132.2	126.0	4.9%	5.2%
225	0.0%	225	225	0.0%
1,125	1.0%	1,136	1,125	1.0%
993	2.5%	1,017	993	2.5%
88.2%	1.3pp	89.6%	88.2%	1.3pp
87.4%	0.9pp	88.1%	87.2%	0.9pp
215.4	1.5%	1.8%	220.2	215.9	2.0%	2.2%
220.0	1.6%	1.9%	225.0	219.8	2.4%	2.6%
61.9	2.6%	3.0%	127.8	123.5	3.5%	3.8%
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%
UK	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
UK	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
Notes:

Same store property operating revenue by country

• (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 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 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.

Conference call

Shurgard Self Storage SA (EURONEXT: SHUR) announced today it intends to release its interim results for the period January 1, 2020 to June 30, 2020 on Friday, August 14, 2020, at 7:00 a.m. (CET). A conference call is scheduled for Friday, August 14, 2020, at 10:00 a.m. (CET) to discuss these interim results.

About Shurgard

Shurgard is the largest provider of self storage in Europe. The company owns and/or operates 240 self-storage centers and approximately 1.2 million net rentable square meters in 7 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]: [phone]

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. 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 expects to publish an interim financial report that complies with IAS 34 Interim Financial Reporting on August 14, 2020.