Shurgard Self Storage Limited · EURONEXT:SHUR
Shurgard Self Storage — Q1 2025 Earnings Presentation
61 slides from Shurgard Self Storage's earnings presentation, May 14, 2025
Slide 1: Q1-2025 results: Execution of Shurgard's winning strategy
Q1-2025 results EXECUTION OF SHURGARD’S WINNING STRATEGY
Slide 2: Execution of our winning strategy
EXECUTION OF OUR WINNING STRATEGY 1| Prime portfolio in the right 2| Outperforming 3| Unmatched footage growth geographies same store growth with secured pipeline 5| Compelling 2025 outlook 6| Shurgard’s convincing 4| Unique capital foundation and medium-term guidance investment case HOW WE ARE DIFF
Slide 3: Prime portfolio in the right geographies
1| PRIME PORTFOLIO IN THE RIGHT GEOGRAPHIES 3
Slide 4: Undersupplied industry with high growth perspective
UNDERSUPPLIED INDUSTRY WITH HIGH GROWTH PERSPECTIVE Self storage sq ft. per capita in Self storage area (sq ft. per capita)2 our 7 markets versus the US 1 Self Storage Capital City sq ft. per capita c. 15x Growth potential 1.8 1.5 1.4 9.4 1.1 1.0 0.6 0.5 0.5 Paris Berlin Brussels Randstad Copenhagen
Slide 5: Operating in right cities with scale
OPERATING IN RIGHT CITIES WITH SCALE Population in major cities in Europe (in mio habitants) 335 Stockholm NRW 17.6 Copenhagen 63% Other stores3 Other 100% 37% Paris 13.2 89 45% 39 London 9.0 London stores 10 stores 55% Randstad 7.1 stores Munich 5.2 Hamburg 4.3 Berlin 3.8 Stockholm Other Stuttgart
Slide 6: Unique prime portfolio
UNIQUE PRIME PORTFOLIO… Our well diversified portfolio Our standard building characteristics2 Rentable size # of units 335 stores across 7 countries c. 5,100 sqm c. 800 units 1.7M sqm of rentable space Average unit size Elevatored Gross Asset Value c. 6 sqm Up to 4 floors (max. 25 sqm) Germany 14% U
Slide 7: Outperforming same store growth
2| OUTPERFORMING SAME STORE GROWTH
Slide 8: Revenue management
2.1 | REVENUE MANAGEMENT —
Slide 9: Shurgard is a B2C need business
SHURGARD IS A B2C NEED BUSINESS RESIDENTIAL CUSTOMERS What is self storage for our Why do they need self Where are they? residential customers? storage? “My attic or basement in a remote • Life events Close property catchment areas location” • (marriage, birth, death, divorce, • 10min drive: 50% ~80
Slide 10: Our unique data driven commercial policy
OUR UNIQUE DATA DRIVEN COMMERCIAL POLICY… RETAIN AND OPTIMIZE CUSTOMER UNIQUE SELLING PROPOSITION ATTRACT PROSPECTS VALUE Price • Public pricing (“price you • Existing customer rate increase (ECRI) see is price you pay”) • Individual • Yield management • Discretionary • Significant discounts Conveni
Slide 11: Our optimized digital platform provides
OUR OPTIMIZED DIGITAL PLATFORM PROVIDES… PROSPECTS CUSTOMERS Finding a Space Lease Execution Account Management Daily Property Use Website Comprehensive Digital Property Access1 ~50% Digital Rental Mobile App of move-ins Agreement E-rental penetration (as of December 31) 60% 50% High customer utiliz
Slide 12: Execution of our commercial policy
EXECUTION OF OUR COMMERCIAL POLICY... FOCUS ON RETENTION INCREASE CUSTOMER LIFETIME VALUE 7.0% 43 42 42 42 41 6.5% 6.3% 41 6.0% 6.1% 5.7% 40 40 ~40% ~60% 5.6% 5.6% 5.6% 39 OF TOTAL OF TOTAL 38 CUSTOMERS CUSTOMERS 5.5% 38 37 5.1% 37 5 MONTHS AVERAGE STAY 60 MONTHS 5.0% AVERAGE STAY 36 36 4.5% 35 2018
Slide 13: Why is same store definition the relevant KPI?
WHY IS SAME STORE DEFINITION THE RELEVANT KPI? Occupancy (%) Revenue 100% Like for like Same store 90% 80% 13% 70% Mature and 60% stabilized 50% properties 40% 87% 30% 20% 10% 0% Same stores Non same stores M0 M5 M10 M15 M20 M25 M30 M35 M40 M45 M50 IT’S A TRANSPARENT AND PREDICTABLE VIEW OF THE COMP
Slide 14: Occupancy is key: we target 90%
OCCUPANCY IS KEY: WE TARGET 90% 2024 SAME STORE OCCUPANCY PER MARKET 1 SAME STORE OCCUPANCY PER YEAR 1 100% 100% 95% 95% 90% 90% 85% 85% 80% 80% 75% 75% 70% 70% 65% 65% 60% 60% 55% 55% 50% 50% FR NL UK SE DE BE DK 2018 2019 2020 2021 2022 2023 2024 1 Average occupancy CONSISTENTLY ACHIEVED 90% OCCUP
Slide 15: The outcome of our commercial policy
THE OUTCOME OF OUR COMMERCIAL POLICY SAME STORE OCCUPANCY & IN-PLACE RENT SAME STORE REVENUE GROWTH c. 86% 100% 300 10.0% 95% +33% 8.6% 280 90% 8.0% 7.0% 85% 260 6.0% 5.7% 80% 4.8% 240 75% 4.0% 3.2% c. 61% 70% 2.2% 220 2.0% 65% 1.2% 60% 200 0.0% 2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021
Slide 16: We consistently outperform the economic cycle
WE CONSISTENTLY OUTPERFORM THE ECONOMIC CYCLE CPI & GDP CPI & GDP HOUSING MARKET EUROPE (incl. UNITED KINGDOM) UNITED KINGDOM UNITED KINGDOM 60% 60% 58% 20% 200% 50% 50% 41% 40% 40% 35% 15% 150% Shurgard revenue % growth 31% House sales % growth 30% 30% 10% 100% 20% 16% 20% 13% 5% 10% 10% 5% 50% 0%
Slide 17: Cost management
2.2| COST MANAGEMENT
Slide 18: Our scalable cost structure
OUR SCALABLE COST STRUCTURE... 5% COST OF MANAGEMENT Action: Scalability of central costs 5% REAL ESTATE TAXES OPERATING EXPENSES c. 32% of our revenue 7% OTHER 1% UTILITIES Action: Sustainability investments 3% REPAIR & 8% PAYROLL MAINTENANCE 3% MARKETING Action: Store network clusterization Action
Slide 19: Efficiency gains through new operating model
EFFICIENCY GAINS THROUGH NEW OPERATING MODEL CLUSTERIZATION EFFICIENCY GAINS 2.8 350 +70% 2.6 2.4 300 2.2 2.0 250 1.8 1.6 -27% 200 1.4 1.2 1.0 150 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FTE (ASM + SM) / store Number of stores 55% OF STORES ALREADY IN CLUSTERS, WITH ALL MARKETS TO BE
Slide 20: Other scalability levers
OTHER SCALABILITY LEVERS… COST OF MANAGEMENT (5%) MARKETING (3%) UTILITIES (1%) Scalable platform lowering Increased store density allowing LED, solar and BMS1 cost of management’s us to mitigate Google price to mitigate weight on our revenue increases price pressure COM as % of revenue Marketing as
Slide 21: Net operating income
2.3| NET OPERATING INCOME
Slide 22: Revenue and cost management
REVENUE AND COST MANAGEMENT… REVENUE AND OPEX NOI MARGIN in €/sqm CAGR: 340 +3.1% 70% 310 280 307 318 68% +10pp 288 66% 250 266 248 249 253 241 244 64% 220 235 236 190 62% 160 CAGR: +1.2% 60% 130 99 102 90 91 89 88 90 89 90 94 58% 100 87 70 56% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 23: Unmatched footage growth with secured pipeline
3| UNMATCHED FOOTAGE GROWTH OF OUR PLATFORM WITH SECURED PIPELINE
Slide 24: Our expansion transparency
OUR EXPANSION TRANSPARENCY… • Secured pipeline: • 3 years visibility ACTUAL OPENINGS VS PIPELINE GUIDANCE • All projects with minimum CPA signed/ 250,000 planning filing 225,000 • No land banking 200,000 175,000 150,000 • Hurdle rate 8%-9% on total cost1: 125,000 100,000 • Organic development: 75,00
Slide 25: Using our unique combination for footage growth
USING OUR UNIQUE COMBINATION FOR FOOTAGE GROWTH… TRACK RECORD 2015 - 2024 • 36 stores from organic developments in 5 countries 3 7 • 106 stores from M&A transactions in 5 countries • 38 stores redeveloped in 6 countries 21 options for growth … ENSURES A WELL DIVERSIFIED EXPANSION AT TARGET HURDLE RA
Slide 26: Our yield on cost track record
OUR YIELD ON COST TRACK RECORD ORGANIC M&A 18% 17.3% 16.4% 15% 12.1% 12.5% 13% 12.0% 9.4% 10% 9.1% 8.5% 8% 7.1% 7.8% 6.5% 7.1% 6.8% 5.3% 3.6% 5% 3% 1.1% -0.2% 0% -2% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2015 2016 2017 2018 2019 2020 2021 2022 2023 2 deals 0 deal 1 deal 2 deals 1 deal 2 deals
Slide 27: Our future growth
OUR FUTURE GROWTH In thousands sqm 17.0% 18% 240 237 16% 220 200 14% 180 12% 160 8-9% hurdle rate1 10% 140 6.7% 120 8% 125 5.1% 100 5.1% 5.4% 5.1% 4.8% 4.9% 6% 4.5% 80 4.0% 90 90 90 90 4% 60 65 65 55 2% 40 47 20 0% A 2020 A 2021 A 2022 A 2023 A 2024 F 2025 F 2026 F 2027 F 2028 F 2029 Sqm total Pipel
Slide 28: Unique capital foundation
4| UNIQUE CAPITAL FOUNDATION
Slide 29: Our unique capital foundation
OUR UNIQUE CAPITAL FOUNDATION… EQUITY DEBT 5.2 years 35% €1,490m Weighted average debt debt 3.11% maturity 500 (USPP, credit facility & Weighted average interest rate 390 34% rated EUR bond) (including new rated Bond) 300 130 110 60 No encumbered assets 2025 2026 2027 2028 2029 2030 2031 2032 2033 2
Slide 30: Compelling 2025 outlook and medium-term guidance
5| COMPELLING 2025 OUTLOOK AND MEDIUM-TERM GUIDANCE
Slide 31: Compelling 2025 outlook and medium-term guidance
COMPELLING 2025 OUTLOOK AND MEDIUM-TERM GUIDANCE… Outlook 2025 Medium-term guidance • All store revenue and NOI growth: c. 11% • All store revenue and NOI growth: c. 8% • Improvement of Underlying EBITDA margin: +0.5pp • Double-digit underlying EBITDA growth p.a., except in 2026 (mid-single)2 • Adj.
Slide 32: Shurgard's convincing investment case
6| SHURGARD’S CONVINCING INVESTMENT CASE
Slide 33: Shurgard's convincing investment case
SHURGARD’S CONVINCING INVESTMENT CASE… 1| Prime portfolio in the right geographies VERY ATTRACTIVE 5-YEAR PERSPECTIVES1 (2029 vs. 2024) 2| Outperforming same store growth • c. +25% square meters • c. +50% all store revenue 3| Unmatched footage growth of our • c. +55% underlying EBITDA platform with
Slide 34: Q1-2025 results
7 | Q1-2025 RESULTS —
Slide 35: Highlights: all store Q1 2025 results
HIGHLIGHTS: ALL STORE Q1 2025 RESULTS1 • Our portfolio expanded to 318 stores in Q1 2025 (+39 stores or +13.5% rentable sqm vs. Q1 2024), resulting from a strong pipeline of acquisitions and (re)developments, specifically in the UK and Germany. • Despite the portfolio growth, closing occupancy ended
Slide 36: Highlights: same store Q1 2025 results
HIGHLIGHTS: SAME STORE Q1 2025 RESULTS1 • Average rented sqm grew by 0.9%, compared to prior year, reaching 89.0% average same store occupancy for the quarter ending March 31, 2025 (+0.3pp). • Same store average in-place rent grew with 5.0%, demonstrating its resilience and our strong pricing dynami
Slide 37: Continuing the positive trends of previous quarters
CONTINUING THE POSITIVE TRENDS OF PREVIOUS QUARTERS Varian ces calcu lated o n d ata at co n s tan t ex ch an g e rate Changing same store pool 12% 100% 90% 10% 9.2% 9.0% 8.8% 8.9% 80% 8.0% 8.1% 8% 7.4% 70% 6.3% 6.2% 5.7% 60% 6% 5.1% 5.2% 5.2% 4.9% 4.2% 50% 4.1% 4.0% 4% 40% 2% 30% 20% 0% 10% -2% 0%
Slide 38: Highlights: portfolio expansion (excluding M&A)
HIGHLIGHTS: PORTFOLIO EXPANSION (EXCLUDING M&A) • Significant new capacity from 2025 to 2027, representing 13% (c. 211,900 sqm or c. €515.2 million of direct project cost) of our 2024 net rentable sqm either developed, under construction or signed; • 2025: nine major redevelopments (11,600 sqm) and
Slide 39: Balance sheet and financial policy metrics
BALANCE SHEET AND FINANCIAL POLICY METRICS • EPRA net tangible assets (NTA): €4,837 million, an increase of 1.2% vs. December 31, 2024; • €119.3 million(1) cash available; • Revolving credit facility of €500 million (fully undrawn); • Fully unencumbered portfolio. • First European self-storage compa
Slide 40: Update on the Lok'nStore acquisition
UPDATE ON THE LOK’NSTORE ACQUISITION • Portfolio acquired on August 1st, 2024. Doubled Shurgard’s presence in the UK and accelerated Shurgard’s growth strategy with the acquisition of 28 stores located in London, South-East and greater Manchester regions and 17 stores under management contract; • On
Slide 41: 2025 outlook (at CER)
2025 OUTLOOK (AT CER) 2025 Outlook (at CER) All store revenue and NOI growth c. 11% Improvement of Underlying EBITDA margin +0.5pp Adj. EPRA Earnings effective tax rate c. 18.5% Net interest expenses c. €50 million Sqm of network expansion, investing c. 90,000sqm, c. €200 million Dividend €1.17 per
Slide 42: Medium-term guidance (at CER)
MEDIUM-TERM GUIDANCE (AT CER) Medium-term guidance (at CER) All store revenue and NOI growth c. 8% double-digit growth p.a. Improvement of Underlying EBITDA except in 2026 (mid-single digit growth due to the impact of 2025-2026 openings) Effective tax rate (on Adj. EPRA before tax) c. 19% c. 10% in
Slide 43: All store income statement
ALL STORE INCOME STATEMENT In € millions YT D Mar (at actual exchange rate) 2025 2024 % var. % var.CER REAL ESTATE OPERATING REVENUE1 111.6 93.4 19.4% 19.4% Real estate operating expenses (47.0) (39.7) 18.3% 18.3% NET INCOME FROM REAL ESTATE OPERATIONS 64.6 53.7 20.2% 20.2% % margin 57.9% 57.5% 0.4p
Slide 44: Same store property operating revenue per market
SAME STORE PROPERTY OPERATING REVENUE PER MARKET In € millions YTD Mar (at actual exchange rate) 2025 2024 % var. % var.CER UK 19.0 17.7 6.8% 4.3% The Netherlands 19.8 18.4 7.7% 7.7% France 21.6 20.4 5.5% 5.5% Germany 8.8 8.2 7.2% 7.2% Sweden 12.2 11.6 4.9% 4.5% Belgium 7.3 7.0 5.4% 5.4% Denmark 4.2
Slide 45: Conclusion
CONCLUSION • Operational execution excellence • Revenue growth across all markets • Leading operational platform • Future platform expansion secured with 2025-27 pipeline • Equivalent to 13% (c. 211,900 sqm) of our 2024 net rentable sqm • Representing c. €515.2 million of investment at 8-9% return a
Slide 46: Appendices
APPENDICES
Slide 47: Key patterns: same across countries
KEY PATTERNS: SAME ACROSS COUNTRIES What is self storage Why do they need self storage? Where are they? for our customers? “My attic or basement in a remote location” • Life events (birth, death, divorce, mobility) Close property catchment areas • Short distance catchment combined with • 10min drive
Slide 48: Attractive & resilient business model
ATTRACTIVE & RESILIENT BUSINESS MODEL Low break-even occupancy and high margins Economics of a typical Shurgard store Track record of strong and resilient cash flow (€ ‘000) generation 1,200 Revenue 1. Resilient revenue 900 - Granular and diversified customer base: ~700 customers per store1 600 Prof
Slide 49: Store portfolio segmentation
STORE PORTFOLIO SEGMENTATION STORE PORTFOLIO SEGMENTATION # OF STORES 1 Stores developed by Shurgard in operation for more 2020 2021 2022 2023 2024 2025 than three full years as of January, 1st Same-stores Stores acquired by Shurgard in operation for more than one full year as of January, 1st 22
Slide 50: Same store average occupancy by country
SAME STORE AVERAGE OCCUPANCY BY COUNTRY YTD Mar 2025 2024 Diff. UK 87.1% 85.8% 1.3pp The Netherlands 90.2% 90.7% -0.5pp France 87.6% 87.7% -0.1pp Germany 87.3% 88.7% -1.4pp Sweden 90.8% 88.6% 2.2pp Belgium 90.8% 91.1% -0.2pp Denmark 91.1% 90.7% 0.4pp Total 89.0% 88.8% 0.3pp CONSISTENT OCCUPANCY PERF
Slide 51: Same store property average in-place rent by country
SAME STORE PROPERTY AVERAGE IN-PLACE RENT BY COUNTRY In € per sqm / year YTD Mar 2025 2024 % var. % var. CER UK 401.1 379.7 5.6% 3.1% The Netherlands 260.1 240.8 8.0% 8.0% France 280.7 266.1 5.5% 5.5% Sweden 301.2 284.6 5.8% 5.8% Germany 242.5 237.2 2.2% 1.8% Belgium 244.5 229.6 6.5% 6.5% Denmark 30
Slide 52: All store revenue growth: 2020 to Q1-2025 actuals
ALL STORE REVENUE GROWTH: 2020 TO Q1-2025 ACTUALS All Store : quarterly yoy growth All Store 25% 14% 12% 20% 10% 15% 8% 6% 10% 4% 5% 2% 0% 0% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2020 2021 2022 2023 2024 All Store 5.4% 5.0% 5.2% 6.5
Slide 53: Same store revenue growth: 2020 to Q1-2025 actuals
SAME STORE REVENUE GROWTH: 2020 TO Q1-2025 ACTUALS Same Store : quarterly yoy growth Same Store 10% 9% 9% 8% 8% 7% 7% 6% 6% 5% 5% 4% 4% 3% 3% 2% 2% 1% 1% 0% 0% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2020 2021 2022 2023 2024 Same Store
Slide 54: We consistently outperform the economic cycle
WE CONSISTENTLY OUTPERFORM THE ECONOMIC CYCLE CPI & GDP CPI & GDP EUROPE (incl. GERMANY) GERMANY 70% 70% 67% 60% 60% 50% 50% 41% 40% 40% 31% 31% 30% 30% 20% 16% 20% 9% 10% 10% 0% 0% -10% -10% -20% -20% Shurgard revenue / sqm rented CPI GDP Shurgard revenue / sqm rented CPI GDP IT’S A NEED BUSINESS 5
Slide 55: Market consolidation: our targeted approach
MARKET CONSOLIDATION: OUR TARGETED APPROACH LEVER 1 LEVER 2 LEVER 3 Note: All data presented are 2015 – Present Unique & Disciplined 2023 2024 …targeting a fragmented market with multiple opportunities M&A Strategy… achievements achievements FOCUS AREA 106 “ BOLT ON” Large & ACQUIRED STORES 5 STORES
Slide 56: Successful integration of Lok'nStore on August 1, 2024
SUCCESSFUL INTEGRATION OF LOK’STORE ON AUGUST 1, 2024 Strategic integration of a On track to deliver versus disclosed objectives high-quality business • Doubles Shurgard’s Increasing c. 67% 90% 2% At closing Dec 2026 presence in the UK occupancy1 Aug 1, 2024 Incl. Pipeline Expected CAGR in the next
Slide 57: Top operators in Europe
TOP 18 OPERATORS IN EUROPE Size (in thousands sqm) 2,000 L 1,800 1,600 1,400 2X 1,200 L 1,000 L 800 600 400 200 0 All companies are at group level including pipeline Based on Shurgard estimates L = listed company A STRONG NUMBER ONE POSITION FOR SHURGARD IN A FRAGMENTED PRIVATE INDUSTRY 57
Slide 58: Sustainability at the core of our buildings lifecycle
SUSTAINABILITY AT THE CORE OF OUR BUILDINGS LIFECYCLE Other Investments ISO 14001 aligned EMS, Building Management Systems (BMS): sensors, computers, … Customer safety Lobbies protection Access control Improved CCTV Access via App Reduce electricity and gas consumption LED lighting Heating optimizat
Slide 59: NTA, LTV, Net debt/EBITDA, ICR evolution since IPO
NTA, LTV, NET DEBT/ EBITDA, ICR EVOLUTION SINCE IPO (OCT 2018) At actual exchange rate EPRA NET TANGIBLE ASSETS (NTA) LOAN-TO-VALUE (LTV) In € millions 23.3% 4,782 4,308 18.1% 17.4% 18.0% 16.9% 3,639 3,113 13.9% 13.0% 2,260 2,518 2,147 2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021 2022 2023
Slide 60: Property valuation
PROPERTY VALUATION1 (in € ‘000) 7,000 6,179 6,000 5,262 4,910 5,000 4,598 4,353 4,147 4,000 3,758 3,349 3,102 2,910 3,000 2,558 2,570 2,710 2,000 1,000 0 Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec 2018 2019 2019 2020 2020 2021 2021 2022 2022 2023 2023 2024 2024 1 Cushman & Wakefield valuati
Slide 61: Legal disclaimer
LEGAL DISCLAIMER All statements in this presentation, other than statements of historical facts, are 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 a
Shurgard Self Storage — Q1 2025 Earnings Presentation on 6ix