Shurgard Self Storage Limited · EURONEXT:SHUR

Shurgard Self Storage — Merger or Acquisition (June 2024)

6 slides from Shurgard Self Storage's merger presentation, Jun 10, 2024

  1. Slide 1: Shurgard's Lok'nStore Acquisition

    June 10, 2024 SHURGARD’S LOK’NSTORE ACQUISITION RESTRICTED

  2. Slide 2: Transaction Highlights

    TRANSACTION HIGHLIGHTS Acquisition of Lok’nStore at a price of £11.10 per share, representing total equity value of £378m and total all-in cost of €613m1 • Doubling our size in the UK with 52 stores in scope, a combination of existing assets and attractive development pipeline: • Existing assets (c.

  3. Slide 3: High-Quality Portfolio

    HIGH-QUALITY PORTFOLIO Portfolio characteristics (excl. management contract, including pipeline) Average sqm Average unit size Modern Freehold (% of sqm) Purpose built c. 5,000 sqm 6.9 sqm 43% 79% 76% (Built since Jan 2022 vs c. 13% for (vs. c. 5,100 for Shurgard) (vs. c. 5.0 sqm for Shurgard) (vs.

  4. Slide 4: Doubling Our Size in the UK

    DOUBLING OUR SIZE IN THE UK IMPACT ON SHURGARD UK (# STORES) IMPACT ON SHURGARD UK (SQM) 150 2 1 109 99 393,000 47 52 222,000 171,000 90,000 Shu LnS Shu + LnS BYG SAFE Shurgard Shu LnS Shu + LnS Shu pipeline stand-alone pipeline Freehold (incl. pipeline) Leasehold (incl. pipeline) Management contrac

  5. Slide 5: Attractive Underlying Market Dynamics and Demographics

    ATTRACTIVE UNDERLYING MARKET DYNAMICS AND DEMOGRAPHICS HIGHLY CONCENTRATED AND EFFICIENT PORTFOLIO STRONG DEMOGRAPHICS AND MARKET DYNAMICS LOKN Owned (Operating and Pipeline) LOKN Stores under management contract London / South East / (Operating and Pipeline) London Manchester Proportion in Capital

  6. Slide 6: Achieving a Lok'nStore NOI Yield of 8% via Shurgard

    ACHIEVING A LOK’NSTORE NOI YIELD OF 8% VIA SHURGARD Revenue increase Proven growth in Shurgard UK Occupancy 67% 90% in 2 years Same Store 400 Rate (CAGR to 383.4 stabilization) 2% in 5-6 years 380 CAGR: +9% 360 348.8 340 320 313.3 in 2 years Occupancy 0% 90% post store opening 300 288.2 280 271.4 Pi

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