Shurgard Self Storage Limited · EURONEXT:SHUR
Shurgard Self Storage — FY2019 Earnings Presentation
16 slides from Shurgard Self Storage's earnings presentation, Feb 26, 2020
Slide 1: Shurgard
SHURGARD = A
Slide 2: Key accomplishments 2019
Key accomplishments 2019 | SHURGARD | Growth of our portfolio and building up of our pipeline for the coming years: 8% (or 97,300 sqm) of our net rentable sqm (from 6% in Q3 2019) or c.€200 million of investment has been acquired, developed, under construction and signed 2019 * Three redevelopments
Slide 3: Key accomplishments 2019
Key accomplishments 2019 | SHURGARD | Strong financial performance YTD December in line with our 2019 guidance (at CER) = — Property operating revenue for the year 2019 grew by 5.4%; = Income from property (NOI) growth of 6.6%; = — Same store property operating revenue growth of 2.2%; = — Same store
Slide 4: CONFIDENTIAL
CONFIDENTIAL
Slide 5: Financial performance 2019
Financial performance 2019 | SHURGARD | In € millions At actual exchange rate Comments 042019 04.2018 ema FY 2019 FY 2018 Sara +5.0% year-on-year revenue growth Property operating revenue 66.1 634 4.3% 256.9 244.7 5.0% 54% mainly driven byacquisitions and same Other revenue “ 0.1 0.0 NA 0.1 0.1 -23.
Slide 6: Same store property operating revenue by country — 2019 vs 2018
Same store property operating revenue by country — 2019 vs 2018 [ sturcaro | In € millions At actual exchange rate Comments Increasing revenue in the two biggest markets, driven by higher in- ¢ 0 y hig % var. CER % var. % var. CER place rent with fourth quarter growth in occupancy performance pickin
Slide 7: Current operating results — top line growth and scalability
Current operating results — top line growth and scalability [ sturcaro | In € millions (except in-place rent and revPAM) At constant exchange rate All store Same store Non-same store FY 2019 FY 2018 % var. FY 2019 FY 2018 % var. FY 2019 FY 2018 % var. Property operating revenue - 258.9 243.8 54% 241
Slide 8: 2019 revenue evolution — levers of growth
2019 revenue evolution — 3 levers of growth [ sturcaro | 2018 - 2019 revenue bridge (€ million) } 2018 - 2019 revenue growth (constant FX rate): +5.4% 2018 - 2019 revenue growth: +5.0% = Mostly linked to SEK = 2018-2019 same store revenue growth (constant FX rate): 42.2% 74 (0.9) 256.9 22 5.3 Pe 264
Slide 9: Real estate operating expenses
Real estate operating expenses [ sturcaro | In€ 000" ‘At constant exchange rate FY 2018 % var. Payroll expense 37,181 35,332 52% Real estate and other taxes 13,391 1,772 13.8% Repairs and maintenance 7,179 7,023 22% Marketing expense 7,904 6,225 27.0% Utility expense 3,682 3,475 59% Other operating
Slide 10: 2019 NOI evolution — top line growth and scalability
2019 NOI evolution — top line growth and scalability | SHURGARD | 2018 — 2019 NOI" bridge (€m) 2018 - 2019 NO! margin improvement: +0.6pp 2018 - 2019 NO! growth (constant FX rate): +6.6% 2018 - 2019 NO! growth: +6.1% = Mostly linked to SEK 63.4% wa 4.6 (0.7) 163.0 margin 62.8% 22 Es 37 | = Ramp-up p
Slide 11: Cash flow statement
Cash flow statement | SHURGARD | In € millions ‘At actual exchange rate 2019 2018 % var. Comments EBITDA incl. exceptional items 146.5 136.1 7.7% Other / working capital 26 22 17.1% Taxes (27.5) (17.7) 55.7% e (1) Higher payments related to tax in 2019 TOTAL CASH FROM OPERATIONS 121.6 120.6 0.8% New
Slide 12: Balance sheet — solid and ready for growth
Balance sheet — solid and ready for growth [ sturcaro | In€ millions At actual exchange rate Comments 2019 2018 % var. Investment property 2,806.9 2,559.3 (1) (1) Increase mainly due favorable fair value revaluation and capital expenditure for developments and Other assets (1) 23.4 B.4 redevelopment
Slide 13: Portfolio expansion — well positioned to achieve our guidance
: : obs . : SHURGARD Portfolio expansion — well positioned to achieve our guidance [ sturcaro | In € millions At closing rate December 2019 Number of — Net sqm Direct project cost properties (O000's) / Acquisition cost (1) Total 2019 LOD 523. Major redevelopments 3 5.2 10.0 New developments 2 N19 25
Slide 14: Outlook 2020
Outlook 2020 | SHURGARD | R th = All store growth of 4-6% p.a. evenue grow = Same store growth of 15-25% pa NOI margin = Continue to grow same store NOI margin over time (NOI margin on same store grew from 62.1% as of December 31, 2017 to 63.9% as of December 31, 2019 or +1.9 pp) Occupancy = Gradual
Slide 15: Disclaimer
: . SHURGARD Disclaimer [ srurcaro | 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-loo
Slide 16: Thank you for your attention!
Thank you for your attention!