Shurgard Self Storage S A : Inside Information / Ad Hoc Information - EN

FULL YEAR 2021 RESULTS PRESS RELEASE

Luxembourg, February 23, 2022 at 7 a.m. CET

"Regulated Information"

Shurgard Self Storage SA

("Shurgard" or the "Company")

Full year 2021 results

January 1, 2021 to December 31, 2021

Excellent 2021 performance

Solid expansion plan

Very strong Q4 results performance with revenue growth in all markets

Excellent 2021 performance (at CER)* 1

1. 9.5% property operating revenue growth; o 11.3% income from property (NOI) growth;
   o 7.0% same store property operating revenue growth;
   o 90.4% same store average occupancy rate (1.9pp growth for the year);
   o 66.1% same store NOI margin, a strong increase of 1.6pp compared to prior year; o Delivery of €131.0 million adjusted EPRA earnings, representing a growth of 9.4%; o Proposed total dividend for the year is €1.17 per share up 10.4% year on year;

1. E-rentalsuccessfully launched in 2021 with c. 24,000 customers at end of December 2021 across all markets, accounts for up to c. 25% of all move-ins;

1. Acceleration of digitalization: best-in-class websites, development of intuitive apps, roll-out of

Bluetooth access to our stores, implementation of BMS (building management system), development of latest advanced technology of data analytics;

1. GRESB 2021: 5-star rating achieved with a score of 87/100 after only three years (+9 points versus last year or +27 points versus the first year of participation), 1st place in our category, "Sector leader status" received for the category "Other" and awarded the maximum score of 100/100 in the "Public Disclosure" category (A rating), which rewards the quality and transparency of our reporting.

Continued growth of our portfolio and building up of our pipeline for the coming years:

10% (or 119,680 sqm) of our net rentable sqm (from 9% in Q3 2021) has been acquired, developed, under construction or signed.

2021

1. Five redevelopments finalized in 2021 (7,300sqm) for €10.4 million in Munich, Gouda, London and

Amsterdam;

1. Six openings in 2021 (38,300sqm) for €80.2 million in London, The Hague, Paris and Berlin generating

an expected property yield of around 8% at maturity;

1. 1. Six properties acquired in 2021 (9,800sqm) for €48.9 million in London with an expected property yield of around 8% at maturity.
2. Constant Exchange Rate

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FULL YEAR 2021 RESULTS PRESS RELEASE

2022-2023

1. Two redevelopments planned for 2022-23 (5,000sqm) in Munich and London; o Three projects under construction (15,800sqm) in Paris, Dusseldorf and Cologne; o Nine projects signed (43,600sqm) in Randstad, Paris, London and Berlin.

Pipeline for 2021, 2022 and 2023 represents 10% of our total net rentable sqm, in line to achieve new strategy plan as described during our Investor Day 2021.

Very robust balance sheet with long term maturities

1. Cash position: €219.2 million as of December 31, 2021.

1. Undrawn revolving credit facility of €250 million - maturity extended by two years to 2025; o Uncommitted €250 million Shelf Note Facility for a three year-period;
   o €300 million Senior Notes Green USPP issued in 2021 (€100 million tranche refinanced) at 1.24% with a maturity in 2031;
   o €500 million Senior Notes USPP long term and well scattered maturities with next maturity in 2024 (€100 million).

1. LTV: 17.4% as of December 31, 2021;

1. Net debt/ EBITDA: 3.8x as of December 31, 2021;

1. ICR (interest coverage ratio): 8.7x as of December 31, 2021.

1. EPRA NTA (net tangible assets) at €3,112.6 million, which represents a growth of 23.6%; o Adjusted EPRA earnings per share of €1.48 representing a growth of 9.3%.

1. 94% of our portfolio (excluding stores under management contract) is freehold.

Very strong Q4 performance (at CER)* 2

1. 11.6% Property operating revenue growth; o 16.5% Income from property (NOI) growth;
   o 8.8% Same store property operating revenue growth;
   o 90.9% Same store average occupancy rate (1.2pp growth for the quarter); o 68.5% Same store NOI margin, up 3.1pp versus Q4 2020.

2022 Outlook

1. Based on our strong 2021 results and on first trading numbers for 2022, we are raising our all store revenue growth from c. 6% p.a. to above 7% for the year 2022;

1. We plan to add 12 properties or c. 49,000 sqm: six properties or c. 29,000 sqm as new developments and six properties or c. 20,000 sqm as acquisitions;

1. 1. Our average effective income tax rate is expected to remain below 20% in 2022 (based on Adjusted EPRA Earnings before tax).
2. Constant Exchange Rate

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FULL YEAR 2021 RESULTS PRESS RELEASE

Medium Term Guidance

1. We are targeting c. 6% growth p.a. for all store revenue in the medium term;

1. Our target of c. 2pp growth for all store NOI margin vs. 2020 will be achieved in 2024. As from 2024 we plan a 0.2pp growth NOI margin per year for all stores;

1. In 2023, we plan to add 13 properties: seven properties from new developments and six properties from

acquisitions;

1. As of 2024, we plan to add 16 properties or c. 90,000 sqm per year: ten properties or 70,000 sqm per

year from new developments and six properties or c. 20,000 sqm from acquisitions;

1. We maintain a financial policy with a target to keep LTV at c. 25% and, 4.0x to 5.0x Net debt/ EBITDA, with a short- to mid-term maximum amount of 35%;

1. We refine our guidance on effective income tax: in the mid-term, we expect our effective tax rate to reach approximately 22% in 2025 (based on Adjusted EPRA Earnings before tax, based on current tax laws);

1. As from the fiscal year 2022 onwards, Shurgard intends to declare a dividend of EUR 1.17 per share for the fiscal year. The Group will continue paying an interim dividend and aims to pay this in October of the same calendar year (EUR 0.58 per share). The remainder of the annual dividend is expected to be paid in May of the following calendar year (EUR 0.59 per share). Shurgard will continue to review its dividend policy to ensure remaining competitive.

Marc Oursin, Shurgard Chief Executive Officer, commented:

"Shurgard has not only proved further resilience amidst the uncertainty of 2021, but outperformed expectations by using the opportunities the recovering market has afforded us. With this new environment, we delivered record revenue, earnings, and occupancy, helped by practical and safe alternatives like online e-rental. This consistent show of resilience has prompted Shurgard to take the business to the next level. We have laid out plans to accelerate our growth trajectory, doubling investment allocation and space growth over the next three years.

In August we raised our all store revenue outlook for 2021 from 4-6% to 8-10%, achieving 9.5% growth for the year, and during our Investor Day we set the company on a new course of growth for the coming years. We pledged to double the pace of investment and storage growth by 2024. This means we will invest c. €170 million per year, equivalent to adding 16 properties or c. 90,000 sqm per year by 2024, which represents around 7% of our current total rentable sqm. This ambitious investment will be deployed while maintaining a conservative and supportive capital structure resulting in a continued strong total shareholder return.

I look forward to taking all our stakeholders on this accelerated growth journey."

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FULL YEAR 2021 RESULTS PRESS RELEASE

Audited financial information	Three months ended				Twelve months ended
(in € millions except where indicated)	December, 31	December, 31	% var.	% var.		December, 31	December, 31	% var.	% var.
		2021	2020		CER (*)	2021	2020		CER (*)
All store
Number of stores	254	242	5.0%		254	242	5.0%
Closing rentable sqm (1)	1,281	1,227	4.5%		1,281	1,227	4.5%
Closing rented sqm (2)	1,123	1,076	4.4%		1,123	1,076	4.4%
Closing occupancy rate (3)	87.7%	87.7%	-0.1pp		87.7%	87.7%	-0.1pp
Average rented sqm (4)	1,131	1,079	4.8%		1,108	1,054	5.2%
Average occupancy rate (5)	89.3%	88.6%	0.7pp		89.1%	87.7%	1.3pp
Average in-place rent (in € per sqm) (6)	243.4	223.1	9.1%	7.7%	233.3	220.4	5.9%	4.7%
Average revPAM (in € per sqm) (7)	250.7	230.6	8.7%	7.4%	241.0	225.5	6.9%	5.7%
Property operating revenue (8)	79.4	70.2	13.0%	11.6%	299.9	271.0	10.7%	9.5%
Income from property (NOI) (9)	53.0	45.0	17.9%	16.5%	194.4	172.8	12.5%	11.3%
NOI margin (10)	66.8%	64.0%	2.8pp	2.8pp	64.8%	63.8%	1.0pp	1.0pp
EBITDA (11)	47.6	40.3	18.1%	16.7%	174.9	157.3	11.2%	9.9%
Adjusted EPRA earnings (12)	34.5	31.7	8.8%	7.2%	131.0	118.0	11.0%	9.4%
Adjusted EPRA earnings per share in € (basic) (13)	0.39	0.36	8.6%	7.0%	1.48	1.33	10.9%	9.3%
Same store
Number of stores	228	228	0.0%		228	228	0.0%
Closing rentable sqm (1)	1,163	1,158	0.4%		1,163	1,158	0.4%
Closing rented sqm (2)	1,048	1,034	1.4%		1,048	1,034	1.4%
Closing occupancy rate (3)	90.1%	89.2%	0.8pp		90.1%	89.2%	0.8pp
Average rented sqm (4)	1,058	1,039	1.8%		1,049	1,025	2.3%
Average occupancy rate (5)	90.9%	89.7%	1.2pp		90.4%	88.6%	1.9pp
Average in-place rent (in € per sqm) (6)	243.9	222.9	9.4%	8.0%	234.3	220.0	6.5%	5.3%
Average revPAM (in € per sqm) (7)	255.1	232.7	9.6%	8.3%	245.0	226.9	8.0%	6.8%
Property operating revenue (8)	74.2	67.4	10.1%	8.8%	284.3	262.6	8.2%	7.0%
Income from property (NOI) (9)	50.8	44.1	15.3%	14.0%	188.0	169.4	10.9%	9.7%
NOI margin (10)	68.5%	65.4%	3.1pp	3.1pp	66.1%	64.5%	1.6pp	1.6pp
Same store property operating revenue by country
France	18.3	17.2	6.6%	6.6%	70.5	67.3	4.8%	4.8%
The Netherlands	15.8	14.7	7.4%	7.4%	61.1	56.5	8.0%	8.0%
Sweden	12.0	11.1	8.1%	6.7%	46.6	42.8	8.8%	5.3%
The United Kingdom	13.2	10.9	21.3%	14.0%	49.1	42.8	14.7%	10.9%
Germany	5.2	4.7	10.1%	10.1%	19.8	18.8	5.3%	5.3%
Belgium	6.0	5.4	10.3%	10.3%	22.9	21.2	7.8%	7.8%
Denmark	3.7	3.4	10.3%	10.2%		14.3	13.2	8.5%	8.2%
Total	74.2	67.4	10.1%	8.8%	284.3	262.6	8.2%	7.0%
Same store average occupancy by country
France	90.0%	88.5%	1.5pp		89.4%	87.8%	1.5pp
The Netherlands	90.2%	90.5%	-0.3pp		90.1%	89.3%	0.8pp
Sweden	91.9%	91.7%	0.2pp		92.2%	90.9%	1.3pp
The United Kingdom	89.9%	87.7%	2.2pp		89.2%	85.1%	4.1pp
Germany	92.4%	89.3%	3.1pp		90.3%	88.9%	1.4pp
Belgium	92.0%	89.7%	2.3pp		90.9%	88.3%	2.6pp
Denmark		95.0%	92.1%	2.8pp			94.3%	90.8%	3.5pp
Total	90.9%	89.7%	1.2pp		90.4%	88.6%	1.9pp

(*) Constant Exchange Rate

Overall, Shurgard operations delivered historical outstanding performances in 2021 despite the continued uncertain economic environment. Same store revenue grew by 7.0% compared to the prior year, with an 11.1% increase from third quarter results. This revenue growth is fueled by a 1.9pp increase in average same store occupancy, and average in-place rent increasing by 5.3% versus the prior year.

• In our biggest market France, same store revenue grew by 4.8% from the prior year, and 8.1% from prior quarter. This is attributed to a growth of 2.6% for average in-place rent, and 1.5pp occupancy growth when comparing to 2020, with an acceleration of the rental rates in Q4 2021;
• The Netherlands increased revenue by 8.0% versus the prior year. Rental rates were the main driver, growing 7.8% compared to 2020 with average occupancy also continuing to grow (+0.8pp versus 2020);

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FULL YEAR 2021 RESULTS PRESS RELEASE

• Sweden ended the year with revenue 5.3% greater than the prior year. Rental rates increased 4.6% and occupancy grew 1.3pp when compared to 2020;
• The United Kingdom was our highest growing market, with revenue increasing 10.9% versus the prior year. There has been impressive growth acceleration, with fourth quarter revenue increasing 17.5% compared to Q3 2021 and 14.0% versus Q4 2020. This is due to increases in rental rates (+7.4% versus prior year, +12.0% versus prior year Q4) and occupancy (+4.1pp versus prior year, +2.2pp versus prior year Q4);
• In Germany, revenue growth of 5.3% (versus 2020) is attributed to strong fourth quarter results, where rental rates increased (+7.3% versus Q4 2020) and occupancy grew +3.1pp versus Q4 2020;
• Belgium's revenue has grown 7.8% versus prior year due to our ability to increase rental rates (+4.7% versus prior year) while also increasing occupancy (+2.6pp versus prior year);
• In Denmark, revenue increased 8.2% versus the prior year, driven by rental rate increases (+5.0% versus 2020) and strong occupancy growth (+3.5pp versus 2020);
• Shurgard's overall revenue performance was positively impacted by favorable exchange rate fluctuations of +3% for both SEK (+€1.4 million) and GBP (+€1.5 million).

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