Shurgard Self Storage S A : Third quarter 2020 results from January 1, 2020 to September 30, 2020

THIRD QUARTER 2020 RESULTS PRESS RELEASE

Luxembourg, October 29, 2020

"Regulated Information"

Shurgard Self Storage SA

("Shurgard" or the "Company")

Third quarter 2020 results

January 1, 2020 to September 30, 2020

Strong Q3 results with revenue growth in all markets

Proven resilience of the business

Highlights:

Solid financial performance YTD September (at CER)*

1. Property operating revenue growth for the first nine months of 5.2%; o Income from property (NOI) growth for the first nine months of 5.8%;
   o Same store property operating revenue growth for the first nine months of 3.2%;
   o Same store average occupancy rate at 88.7% (growth for the first nine months of 1.0pp) and closing occupancy at 90.2%, up 1.4pp versus last year;
   o Same store NOI margin of 64.4%, up 0.8pp; o EBITDA growth of 7.3%;
   o Delivery of €86.3 million adjusted EPRA earnings, which represents a growth of 7.8%; o Our expansion portfolio of 27 projects which represent 8% (or 99,300 sqm) of our net
   rentable sqm for €210.2 million is in line with our last communication.

Strong Q3 performance (at CER)*

1. Property operating revenue growth for the quarter of 5.2%; o Income from property (NOI) growth for the quarter of 6.4%;
   o Same store property operating revenue growth for the quarter of 2.0%;
   o Same store average occupancy rate at 89.9% (growth for the quarter of 1.2pp, higher than the growth of Q2 at 0.9pp);
   o Postponed rate increases to existing customers due to COVID-19 crisis and more discounts temporarily impacted the in-place rent performance;
   o Rental collection September is in line with historical pattern at 98.0%;
   o Delivery of €31.7 million adjusted EPRA earnings, which represents a growth of 8.3%.

(*) Constant Exchange Rate

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THIRD QUARTER 2020 RESULTS PRESS RELEASE

Resilient business model with very robust balance sheet

1. Cash position: €112.4 million after payment of the interim dividend on October 1, 2020; o Undrawn revolving credit facility for €250 million - matures in 2023;
   o Long-term funding with no immediate maturities;
   o LTV: 18.9% after payment of the interim dividend on October 1, 2020;
   o Net debt / EBITDA: 3.6x after payment of the interim dividend on October 1, 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.

COVID-19 update

1. Business back to normal with priority to keep our employees and customer in a safe and healthy environment;

1. Move-outsdeclined by 5.4% year on year during Q3 - offsetting the reduction in move-in volume (-6.2% year on year for Q3);

1. The net impact of this activity resulted in an increase in same store occupancy from 88.9% at September 30, 2019 to 90.2% at September 30, 2020;

1. Continued increase in website traffic and reservations due to marketing optimization and customer behavior.

Guidance

1. We confirm all store revenue growth of 4%-6% p.a. for 2020 versus 2019.

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

"First, I would like to reiterate my gratitude to our employees, managers and board directors for their support and continued engagement throughout this unpredictable and volatile time.

This third quarter has been in line with our trajectory of the two previous quarters in terms of revenue growth (c.5.0% versus last year) and earnings growth (c.7.0% versus last year). All markets have been positive in terms of revenue due to an increase of ''same stores'' occupancy with stable in-place rent. Prospects continue to be more active on-line versus last year for all countries. Customers are paying on time and are still moving out less than last year.

We have been able to continue our development plan with two openings (Paris, London) plus two scheduled before the year end in Berlin. Our 2021 pipeline is significant and teams are working hard for the 2022 and 2023 pipelines. We continue to actively probe the markets for M&A in order to seize opportunities.

The fourth quarter of 2020 is starting to see, in all the countries in which we operate, additional measures to mitigate the spread of COVID-19. These new constraints are not impacting our operations for the time being. Therefore, we confirm our revenue growth guidance for 2020 with a 4% to 6% growth versus last year."

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THIRD QUARTER 2020 RESULTS PRESS RELEASE

Unaudited financial information	Three months ended				Nine months ended
(in € millions except where indicated)	September, 30	September, 30	% var.	% var.		September, 30	September, 30	% var.	% var.
	2020	2019		CER (*)	2020	2019		CER (*)
All store
Number of stores	239	231	3.5%		239	231	3.5%
Net rentable sqm (1)	1,208	1,170	3.3%		1,208	1,170	3.3%
Net rented sqm (2)	1,079	1,032	4.6%		1,079	1,032	4.6%
Closing occupancy rate (3)	89.3%	88.2%	1.1pp		89.3%	88.2%	1.1pp
Average occupancy rate (4)	88.8%	87.8%	1.0pp		87.5%	86.8%	0.8pp
Average in-place rent (in € per sqm) (5)	217.8	216.2	0.7%	0.3%	219.3	215.1	1.9%	2.0%
Average revPAM (in € per sqm) (6)	227.3	222.4	2.2%	1.8%	223.9	218.2	2.6%	2.6%
Property operating revenue (7)	68.5	64.9	5.6%	5.2%	200.7	190.9	5.2%	5.2%
Income from property (NOI) (8)	46.8	43.8	7.0%	6.4%	127.8	120.8	5.8%	5.8%
NOI margin (9)	68.3%	67.5%	0.8pp	0.8pp	63.7%	63.3%	0.4pp	0.4pp
EBITDA (10)	42.3	40.2	5.4%	4.9%	117.0	109.0	7.3%	7.3%
Adjusted EPRA earnings (11)	31.7	29.1	8.8%	8.3%	86.3	80.1	7.8%	7.8%
Adjusted EPRA earnings per share in € (basic) (12)	0.36	0.33	8.7%	8.2%	0.97	0.90	7.9%	7.9%
Same store
Number of stores	225	225	0.0%		225	225	0.0%
Net rentable sqm (1)	1,137	1,129	0.7%		1,137	1,129	0.7%
Net rented sqm (2)	1,026	1,004	2.2%		1,026	1,004	2.2%
Closing occupancy rate (3)	90.2%	88.9%	1.4pp		90.2%	88.9%	1.4pp
Average occupancy rate (4)	89.9%	88.6%	1.2pp		88.7%	87.7%	1.0pp
Average in-place rent (in € per sqm) (5)	217.7	217.6	0.0%	-0.4%	219.4	216.5	1.3%	1.4%
Average revPAM (in € per sqm) (6)	229.1	225.6	1.6%	1.1%	226.4	221.7	2.1%	2.1%
Property operating revenue (7)	65.1	63.5	2.5%	2.0%	192.9	187.0	3.1%	3.2%
Income from property (NOI) (8)	45.0	43.0	4.7%	4.2%	124.1	118.8	4.5%	4.5%
NOI margin (9)	69.1%	67.7%	1.4pp	1.4pp	64.4%	63.5%	0.8pp	0.8pp
Same store property operating revenue by country
The Netherlands	14.1	13.4	5.6%	5.6%	41.4	39.3	5.2%	5.2%
France	16.9	16.8	0.9%	0.9%	50.1	48.9	2.5%	2.5%
Sweden	10.8	10.5	2.9%	0.1%	31.7	31.0	2.4%	2.4%
The United Kingdom	9.9	9.7	1.7%	2.0%	29.9	29.0	3.3%	3.5%
Belgium	5.3	5.3	1.5%	1.5%	15.8	15.5	2.2%	2.2%
Germany	4.7	4.6	2.4%	2.4%	14.1	13.6	3.9%	3.9%
Denmark	3.3	3.3	0.7%	0.4%		9.8	9.8	0.3%	0.3%
Total	65.1	63.5	2.5%	2.0%	192.9	187.0	3.1%	3.2%
Same store average occupancy by country
The Netherlands	90.6%	88.0%	2.7pp		89.1%	87.6%	1.5pp
France	89.1%	88.1%	1.0pp		87.7%	87.0%	0.6pp
Sweden	91.1%	90.6%	0.6pp		90.8%	89.9%	0.9pp
The United Kingdom	88.5%	88.7%	-0.1pp		86.9%	86.8%	0.0pp
Belgium	89.2%	88.1%	1.1pp		87.9%	86.3%	1.6pp
Germany	88.7%	88.3%	0.3pp		88.8%	88.1%	0.7pp
Denmark	92.2%	89.7%	2.5pp			90.4%	88.9%	1.6pp
Total	89.9%	88.6%	1.2pp		88.7%	87.7%	1.0pp

(*) Constant Exchange Rate

Same store performance for the nine months ended September 30, 2020 (at CER)

Strong revenue performance in all markets due to occupancy increase and stabilization of the in-place rent

• Overall, Shurgard's operations showed strong resilience in the currently difficult economic environment, with an average same store occupancy increasing by 1.0pp compared to prior year. In Q3 acceleration of the in-place rent (-0.4% in July 2020 versus last year to 0.0% in September 2020 versus last year);
• In the UK, occupancy YTD remained stable following an increase in net rentable sqm as a result of redevelopments in City Airport and Forest Hill (as presented in 2019 expansion pipeline).
  Net rented sqm increased by 3.1% versus prior year, combined with in-place rent growth of 0.8%, resulting in an increase in revenue of 3.5% YTD.

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THIRD QUARTER 2020 RESULTS PRESS RELEASE

Portfolio expansion

Amounts in € millions				Number of	Period of	Net sqm	Direct project cost
At closing rate September	Project	Region	Country
properties	opening	('000)	/Acquisition cost (*)
2020
Total 2020				14		47.7	105.2
Major redevelopments	Nanterre La Défense	Paris	France	1	May-20	1.0	2.7
	Marseille le Canet	Marseille	France	1	May-20	0.7	0.3
	Villepinte	Paris	France	1	Q4 2020	0.8	0.5
	Créteil	Paris	France	1	Q4 2020	0.3	0.3
New developments	Corbeil	Paris	France	1	Jul-20	5.7	6.7
	Croydon Purley Way	London	UK	1	Sep-20	6.9	10.0
	Oberschoeneweide	Berlin	Germany	1	Q4 2020	6.0	14.2
	Reinickendorf	Berlin	Germany	1	Q4 2020	5.2	10.7
M&A / Asset Acquisitions	Flexistockage	Paris	France	2	Feb-20	8.6	-
	Zeitlager	Munich	Germany	4	May-20	12.4	32.8
Total 2021				13		51.6	105.0
Major redevelopments	Amsterdam West	Amsterdam	Netherlands	1		3.2	4.9
	Gouda	Randstad	Netherlands	1		0.7	0.3
	Camden	London	UK	1		0.4	2.5
	Asnières	Paris	France	1		0.3	0.8
	Unterföhring	Munich	Germany	1		2.0	1.6
	Southwark	London	UK	1		2.7	5.9
New developments	Barking	London	UK	1		6.9	12.5
	Zoetermeer	The Hague	Netherlands	1		4.4	5.6
	Argenteuil	Paris	France	1		7.5	12.2
	Lichtenberg	Berlin	Germany	1		5.7	12.0
	1 property	London	UK	1		8.0	24.4
	1 property	Paris	France	1		5.0	9.4
	1 property	Cologne	Germany	1		5.0	12.8
Portfolio expansion				27		99.3	210.2

Out of seven projects in the pipeline for 2021, permits have been received for one in London, one in The Hague, one in Paris and one in Berlin while the regular permit process is ongoing for three (one in London, one in Paris 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 242 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 165,000 customers and employs approximately 750 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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