Shurgard Self Storage S A : Title H1 2022 Results

August 19, 2022

2022 HALF YEAR RESULTS

January 1, 2022 to June 30, 2022

HIGHLIGHTS

STRONG H1 RESULTS (at CER)

• 12.3% property operating revenue growth;
• 16.0% income from property (NOI) growth;
• 9.1% same store property operating revenue growth;
• 90.3% same store average occupancy rate (0.7pp growth vs. same period last year);
• 64.6% same store NOI margin, a strong increase of 2.5pp compared to prior year;
• Delivery of €64.5 million adjusted EPRA earnings, representing a growth of 15.3%**;
• Interim dividend of €0.58 per share - payment on or about September 29, 2022.

(**) Excluding one-off insurance reimbursements received in H1 2021 for €5.6 million (net of taxes).

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HIGHLIGHTS

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

7% (or 91,622 sqm) of our net rentable sqm (from 6% in Q1 2022) has been acquired, developed, under construction or signed.

2022

• One opening finalized in Q1 2022 (5,500sqm) for €10.3 million in Paris region (Lagny);
• Five additional openings foreseen in 2022 (22,000sqm) for €43.6 million in NRW, Randstad and Paris of which four are under construction; with an expected property yield of c. 7% to 8% at maturity;
• One property acquired in Q2 2022 (2,500sqm) for €7.0 million in London with an expected property yield of c. 7% to 8% at maturity.

2023-2024

• Five redevelopments planned for 2023-24 (12,100sqm) in Munich, Randstad, Stockholm and London;
• Nine projects signed (46,300sqm) in Paris, Randstad, London, Berlin, Stuttgart and NRW of which permits have been received for three projects.

Pipeline for 2022, 2023 and 2024 represents 7% of our total net rentable sqm, in line to achieve new strategy plan as described during our Investor Day 2021.

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HIGHLIGHTS

VERY ROBUST BALANCE SHEET WITH LONG TERM MATURITIES

• Cash position: €175.8 million as of June 30, 2022;
• 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;
• €800 million Senior Notes USPP long-term and well scattered maturities with next maturity in 2024 (€100 million).
• LTV: 16.8% as of June 30, 2022;
• Net debt/ EBITDA: 3.9x as of June 30, 2022;
• ICR (interest coverage ratio): 8.5x as of June 30, 2022.
• EPRA net tangible assets (NTA) per share: €38.46, an increase of 24.6% vs. June 30, 2021;
• Adjusted EPRA earnings per share of €0.72 as of June 30, 2022, a growth of 4.6% vs. same period prior year.
• 94% of our portfolio (excluding stores under management contract) is freehold.

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HIGHLIGHTS

EXCELLENT Q2 RESULTS (at CER)

• 12.5% property operating revenue growth;
• 15.9% income from property (NOI) growth;
• 9.2% same store property operating revenue growth;
• 90.5% same store average occupancy rate (0.5pp growth vs. same period last year);
• 69.8% same store NOI margin, a strong increase of 3.0pp compared to prior year;
• Delivery of €36.9 million adjusted EPRA earnings, representing a growth of 17.7%**.

(**) Excluding one-off insurance reimbursements received in Q2 2021 for €4.7 million (net of taxes).

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