Shurgard Self Storage S A : Title 2021 Results

February 23, 2022

2021 FULL YEAR RESULTS

January 1, 2021 to December 31, 2021

HIGHLIGHTS

EXCELLENT 2021 PERFORMANCE (at CER)

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

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HIGHLIGHTS

EXCELLENT 2021 PERFORMANCE (at CER)

• 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;
• 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;
• 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.

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HIGHLIGHTS

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

• Five redevelopments finalized in 2021 (7,300sqm) for €10.4 million in Munich, Gouda, London and Amsterdam;
• 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;
• Six properties acquired in 2021 (9,800sqm) for €48.9 million in London with an expected property yield of around 8% at maturity.

2022-2023

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

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HIGHLIGHTS

VERY ROBUST BALANCE SHEET WITH LONG TERM MATURITIES

• Cash position: €219.2 million as of December 31, 2021;
• EPRA NTA (net tangible assets) at €3,112.6 million, which represents a growth of 23.6%.
• Undrawn revolving credit facility of €250 million - maturity extended by two years to 2025;
• Uncommitted €250 million Shelf Note Facility for a three year-period;
• €300 million Senior Notes green USPP issued in 2021 (€100 million tranche refinanced) at 1.24% with a maturity in 2031;
• €500 million Senior Notes USPP long term and well scattered maturities with next maturity in 2024 (€100 million).
• LTV: 17.4% as of December 31, 2021;
• Net debt/ EBITDA: 3.8x as of December 31, 2021;
• ICR (interest coverage ratio): 8.7x as of December 31, 2021.

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