Shurgard Self Storage Limited · EURONEXT:SHUR
Shurgard Self Storage — Investor Presentation (June 2024)
62 slides from Shurgard Self Storage's investor presentation, Jun 20, 2024
Slide 1: Europe's Leading Brand of Self-Storage Solutions
Slide 2: Agenda
AGENDA 1. | YTD March 2024 Performance and Strategy Review Key Strategic & Operational Highlights Shurgard to Acquire Lok’nStore Ss .| Outlook and Medium-Term Guidance | 6. Appendices
Slide 3: YTD March 2024 Performance and Strategy Review
YTD MARCH 2024 PERFORMANCE AND STRATEGY REVIEW
Slide 4: Shurgard is a unique platform with significant runway
jsnuncaro | SHURGARD IS A UNIQUE PLATFORM WITH SIGNIFICANT RUNWAY ab Ey @ ¢ Another solid * Strong expansion pipeline * Robust balance sheet, performance representing 175,600 sqm disciplined capital or 12.6% of our net allocation & returns * Proven benefits from rentable sqm a AOREIET ; . urgard is
Slide 5: YTD Mar 2024 strong execution and growth
| SHURGARD | YTD MAR 2024 STRONG EXECUTION AND GROWTH 1.4m rentable sqm £493.41 planned investment n Sector sust ty leader? projects: Paatalala ; 175,600 sqm +7.1% +if,0mn $4 ; OS ____— Property Opersting | e93.um |p en | | 38 pects «126% of : £ 48 on ° 5 star GRESB score with a leading ee yoy net r
Slide 6: Ch Titl
• • • • • • • Ch art Titl e • • • • • • • • •
Slide 7: Long term growth prospects unchanged
| SHURGARD | LONG TERM GROWTH PROSPECTS UNCHANGED Shurgard’s footprint spans the largest European markets — leading position in capital cities Industry fuelled by positive Self storage sq ft. per capita in structural drivers 2023 self storage area (sq ft. per capita)! ‘our 7 markets versus the US? T
Slide 8: Our successful ESG strategy
OUR SUCCESSFULL ESG STRATEGY jsnuncaro | Our Commitments Net Zero Carbon by 2030 (operational NZC) Net Zero Carbon across our value chain by 2040 (material NZC) ESG Priorities Strong Ratings . GRESB Rating Invest to reduce our < GR Ess xkKaekkk carbon footprint @¢ sector leader 2023 91/100 Green cer
Slide 9: Key Strategic & Operational Highlights
KEY STRATEGIC & OPERATIONAL HIGHLIGHTS 2 =
Slide 10: Unique prime portfolio
jsnuncaro | UNIQUE PRIME PORTFOLIO I capac cies @ MAJOR CITIES (TIER1) 186 | 76 Focus on capital cities and major cities Rahlgnedonthenen, OL Mag * Markets chosen for their demographics and urban density ‘Hajorcies » defined as Lee 279 * 94% of properties are in capital and major cities . 7o- stores
Slide 11: Highest occupancy rates in Europe
jsnuncaro | HIGHEST OCCUPANCY RATES IN EUROPE Strong average same store! occupancy growth... Strong Occupancy growth 90.1% 90.2% wom corn + Average same store occupancy rate rose 1.6pp since 2020 10 year all store average occupancy rate c.88%, highly resilient through 877% crises | Trends towards lo
Slide 12: Strong rental growth across all markets
| SHURGARD | STRONG RENTAL GROWTH ACROSS ALL MARKETS Strong average same store! in-place rent eal) growth Strong Rate growth Portfolio average Same Store In-Place Rent grew by c.24% versus 2020 - a The UK saw the largest increase over the period at c.35% 2024 + Digitalization supporting dynamic pric
Slide 13: Optimized digital platform
jsnuncaro | OPTIMIZED DIGITAL PLATFORM Enhancing the customer proposition... ..while driving margin expansion Web Leads & Mobile Share Customer Centric Digitalization Better operating efficiency 180,000 + Improved customer service: Google * Increased data for revenue review score of 4.8/5.0 (350 rev
Slide 14: Delivering the digital customer experience
jsnuncaro | DELIVERING THE DIGITAL CUSTOMER EXPERIENCE Finding a Space Lease Execution Account Management Daily Property Use Digital Rental Comprehensive Digital Property Access! Agreement Mobile App e-RENTAL YOUR CONTRACT ONLINE: FAST, SECURE & EASY. i Industry-leading platform Leading adoption by
Slide 15: Levers to accelerate our portfolio expansion
jsnuncaro | 3 LEVERS TO ACCELERATE OUR PORTFOLIO EXPANSION LEVER 1 LEVER 2 Re-developments New Developments LEVER 3 Market Consolidation (expand existing buildings) (purpose built and conversion) (bolt-on acquisitions) i Increase our footprint by 90,000 sqm p.a.: * Invest c.€200 million p.a. * Doubl
Slide 16: Largest sqm expansion p.a. in the industry
jsnuncaro | LARGEST SQM EXPANSION PA. IN THE INDUSTRY 120 T% 6% 100 5% 80 4% ME Sqm total Pipeline as % of prior year FBO 60 * 553 2% 40 471 1% 20 0% 42020 42021 4 2022 4 2023 G 2024 G 2025 G 2026 A= Actuals G = Guidance FUELING OUR GROWTH WITH 90,000 SOM PA.
Slide 17: Redevelopments: leveraging our freeholds
jsnuncaro | REDEVELOPMENTS: LEVERAGING OUR FREEHOLDS MavecRe LEVER 2 | LEVERS 22 2024 2025/ <= Mise minK | | 1 5 6 2 building buildings buildings buildings Total cost: Total cost: Total cost: Total cost: €0.9 million €9.6 million €19.1 million €17.1 million Total additional Total additional Total ad
Slide 18: New developments
1 2 1. Mainly Koln, Dusseldorf, Dortmund 2. Amsterdam, Rotterdam, Utrecht, Den Haag
Slide 19: Market consolidation: our targeted approach
MARKET CONSOLIDATION: OUR TARGETED APPROACH jsnuncaro | LEVER1 LEVER2 JVs Note: All data presented are 2015 — Present Unique & Disciplined M&A Strategy... ACQUIRED STORES €610 @ MILLION OF INVESTMENT c. 8-9% © NOI YIELD 20 deals across 5 countries in 9 years 2022 achievements 2023 A . - ae ...target
Slide 20: Top operators in Europe
| SHURGARD ] TOP 18 OPERATORS IN EUROPE Size (in sqm) 1,800,000 1,600,000 Co 1,400,000 1,200,000 7,000,000 fea 800,000 Hr = 600,000 = go z 400,000 == ~ UE om SeRnEE : All companies are at group level including pipeline Based on Shurgard estimates A STRONG NUMBER ONE POSITION FOR SHURGARD IN A FRAGME
Slide 21: Capital raise — €300 million ABB deployment
SHURGARD CAPITAL RAISE — €300 MILLION ABB DEPLOYMENT * Disciplined execution of our growth strategy, deploying in fast and efficient succession the €300 million raised in November 2023; a €131.8m * Capital Raise is earnings accretive after being deployed; total costs of acquisition total costs of ac
Slide 22: German growth strategy: double our size
| SHURGARD ] GERMAN GROWTH STRATEGY: DOUBLE OUR SIZE @ Hameurc 3 stores to 6 stores BERLIN 6 stores 3 stores to 11 stores to 4 stores DUSSELDORF Out of the Big Seven covocne tod stores to 5 stores (°) FRANKFURT. O stores . to 5 stores \ 1°) STUTTGART Ostores 3 stores Footnote: stores situation mid -
Slide 23: 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): Customer safet sensors, computers, ... Lobbies protection Access control Improved CCTV Access via App Reduce electricity and gas consumption LED lighting Heating
Slide 24: Commitment to our stakeholders
jsnuncaro | COMMITMENT TO OUR STAKEHOLDERS Governance Focused on Employee 6+ Global charity ESG is in our DNA Welfare partners ~ 4.7/5.0 Glassdoor review score Va ib ESG commitment is driven from 44% New employee training program the Board and the CEO (280310 (on diversity, equity & inclusion, on Ba
Slide 25: Shurgard to Acquire Lok'nStore
SHURGARD TO ACQUIRE LOK’NSTORE 3 =
Slide 26: Transaction highlights
| SHURGARD | TRANSACTION HIGHLIGHTS LOK'n Acquisition of Lok’nStore at a price of £11.10 per share, representing total equity value of £378m and total all-in cost of €613m" STORE Self Storage * Doubling our size in the UK with 52 stores in scope, a combination of existing assets and attractive devel
Slide 27: Doubling our size in the UK
DOUBLING OUR SIZE IN THE UK | SHURGARD ] IMPACT ON SHURGARD UK (# STORES) IMPACT ON SHURGARD UK (SQM) ' ' 150? ' ' 109! H 99 H 4D 82 : — EES) Aesmews) EEE G safestore IIB Freehold (incl. pipeline) 1 Leasehold (incl. pipeline) Management contract 393,000 222,000 171000 90,000 ES Shurgard | | stand-al
Slide 28: High-quality portfolio
SHURGARD HIGH-QUALITY PORTFOLIO Average sqm Average unit size Modern Freehold (% of sqm) Purpose built (vs. ¢. 5,100 for Shurgard) (vs. ¢. 5.0 sqm for Shurgard) (Built “erdinthe uk) for (vs. 93% for Shurgard) (vs. 63% for Shurgard) BASILDON HEMEL HEMPSTEAD PETERBOROUGH WELLINGBOROUGH STEVENAGE
Slide 29: Attractive underlying market dynamics and demographics
jsnuncaro | ATTRACTIVE UNDERLYING MARKET DYNAMICS AND DEMOGRAPHICS 1 2 OLOKN owned (Operating and Pipeline) OLLOKN Stores under management contract (Operating and Pipeline) London & st Excludes all stores under management contract Competition intensity represents the number of inhabitants per self s
Slide 30: Achieving a Lok'nStore NOI yield of 8% via Shurgard
SHURGARD ACHIEVING A LOK’NSTORE NOI YIELD OF 8% VIA SHURGARD . Proven growth in Shurgard UK Occupancy 67% 4 90% in2 years Rate (CAGR to . 3034 stabilization) t 2% in 5-6 years o CAGR:+9% | 3.00 40 in2 20 3133 In Z years 9 9 0 Occupancy 0% MH 90% post store opening ° om 2882 Rate (CAGR to y | “0 stab
Slide 31: Assuming 100% debt financed
• • • • • • Assuming 100% debt financed
Slide 32: Anticipated transaction timeline
| SHURGARD | ANTICIPATED TRANSACTION TIMELINE Key Events Dates Rule 2.7 announcement April 11 Publication of Scheme Document May 17 Lok'nStore shareholder meeting Transaction approved on June 10 Court Sanction Hearing Mid to end July Closing August 1
Slide 33: Selected Assets
SELECTED ASSETS
Slide 34: Financial Review
FINANCIAL REVIEW l, =
Slide 35: Income statement
| SHURGARD | INCOME STATEMENT YTD Mar YTD Dec 2023 % var. % var.CER 2023 2022 %var. % var.CER REAL ESTATE OPERATING REVENUE! 93.4 86.8 7.7% 7.1% 357.9 335.3 6.8% 8.3% Real estate operating expenses (39.7) (36.3) 9.3% 8.8% (120.5) (113.8) 5.8% 72% NET INCOME FROM REAL ESTATE OPERATIONS 53.7 50.4 6.5%
Slide 36: Same store property operating revenue
jsnuncaro | SAME STORE PROPERTY OPERATING REVENUE In € millions YTD Mar YTD Dec (at actual exchange rate) 2024 2023 var. %var.CER 2023 2022 % var. % var.CER France 20.0 197 11% 11% 78.2 75.3 39% 39% The Netherlands 18.7 75 7.1% 7.1% 71.4 65.8 84% 84% UK 75 16.2 84% 5.1% 64.3 61.2 51% 72% Sweden 12 T
Slide 37: YTD Mar 2024 NOI evolution
| SHURGARD ] YTD MAR 2024 NOI EVOLUTION YTD Mar 2023- YTD Mar 2024 NOI" bridge (€m) NOI growth (at CER): +5.9% NOI growth:+6.5% * Linked to GBP 03 0.9 20 a —— Im = Ramp-up phase of our non same * Opex under control store pono = Same store NOI growth . (etn Properties versus (constant FX rate):-+7.1%
Slide 38: Cash flow
| SHURGARD ] CASH FLOW In € millions YTD Mar 2024 YTD Mar 2023 % var At actual exchange rate Cash: beginning balance 258.1 87.3 195.5% TOTAL CASH FROM OPERATIONS 43.7 52.5 -16.6% €1 5 8.1 m Acquisitions -119.8 0.0 N/A Net Cash end of March 2024 Developments, redevelopments and other -19.8 -24.5 -19.
Slide 39: Balance sheet
| SHURGARD | BALANCE SHEET Ar 2.36% 4.4 years Ie astal change ate Mar 2024 Dec 2023 % var. Investment property 5,180.9 5,035.6 1 PP indebtne: Weighted average Weighted average Other assets’ 52.9 403 No encumbered as: interest rate maturity Fixed interest rate in Euro Trade and other receivables 197
Slide 40: Outlook & Medium-Term Guidance
OUTLOOK & MEDIUM-TERM GUIDANCE 5 =
Slide 41: 2024 Outlook
2024 OUTLOOK (EXCLUDING THE POTENTIAL CASH ACQUISITION BY THE COMPANY OF THE ENTIRE ISSUED AND TO BE ISSUED SHARE CAPITAL OF LOK’NSTORE GROUP PLC) * We expect to deliver ac. 7.5% total revenue growth for the year 2024; In 2024 we plan to have a stable NO! margin, after being able to gain 2.7pp over
Slide 42: Medium Term Guidance
MEDIUM TERM GUIDANCE (EXCLUDING THE POTENTIAL CASH ACQUISITION BY THE COMPANY OF THE ENTIRE ISSUED AND TO BE ISSUED SHARE CAPITAL OF LOK’NSTORE GROUP PLC) * We are targeting c. 6% growth p.a. for all store revenue; * We plan a 0.2pp NOI margin growth per year for all stores; * We plan to add c. 90,0
Slide 43: Conclusion
CONCLUSION SHURGARD Diversified asset base and prime locations Resilience of our business model Investments in value creating opportunities Recycling capital for growth Customer centric digital proposition Leveraging data Focus on long-term customers and rent optimization Delivering on our pathway t
Slide 44: Appendices
6 APPENDICES
Slide 45: Key patterns: same across countries
KEY PATTERNS: SAME ACROSS COUNTRIES SHURGARD “My attic or basement in a remote location” + Short distance catchment + Low frequency of visits * Exit barrier = sticky customer + Average length of stay = c. 41 months Generation %e-Rental % Shur!!! Baby boomers (59-77) 9% 19% Generation X (43-58) 27% 3
Slide 46: Share liquidity
15 6 10 x 2.0 4 €5.4m + 82% €2.1m 5 €2.7m €1.2m 2 0 0 May-23 Jul-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 May-23 Jul-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 liquidity (in EURm) ADTV 6m before 2023 ABB ADTV since 2023 ABB liquidity (in EURm) ADTV 6m before 2023 ABB ADTV since 2023 ABB Since 6m before Sinc
Slide 47: Store portfolio segmentation
SHURGARD STORE PORTFOLIO SEGMENTATION STORE PORTFOLIO SEGME ION # OF STORES Y Stores developed by Shurgard in operation for more 2019 2020 2021 2022 2023 2024 than three full years as of January, 1* : v f Same-stores Stores acquired by Shurgard in operation for more 217 225 228 234 240 245 than one
Slide 48: All store revenue growth: 2019 to 2024 actuals
| SHURGARD | ALL STORE REVENUE GROWTH: 2019 TO 2024 ACTUALS All Store: quarterly yoy growth Al Store B% 4% 1% 2% “1% 10% 9% 0% 1% 6% 59 4% 3% 1% 7% 1% % “Ma | 2S | 3ma | Ams | 1020 | 270 [sna | 4020 | TOM | BON | 3ON | OA | Toe | 20RD | BOR | Hie? | 102 | 2Om | wm | eos [Oe 2019 2020 2021 ORF 205 mA
Slide 49: Same store revenue growth: 2019 to 2024 actuals
| SHURGARD | SAME STORE REVENUE GROWTH: 2019 TO 2024 ACTUALS Same Store Same Store: quarterly yoy growth o% 6 a Bm 1% 1% 6% 9% 5% % 4% 56 a 3% x08 “% 1% N6 om vara | 2a [saa | AN [1O20 | 2020 | 3O | ceo [1AM | MOM | 3CM | AOR | TODe | 2022 | aon? | aoe | TPS | ames | SCH | Ames | Te Pu 2020 2021 202
Slide 50: Customer dynamics
| SHURGARD | CUSTOMER DYNAMICS Average length of stay of our existing customers (in months) Mar-19 boo-19 Fab-19 1. Same store (changing poo!) LENGTH OF STAY IS PICKING UP AGAIN AS FROM Q4 2023
Slide 51: Monthly move out ratio by month since 2014
jsnuncaro | MONTHLY MOVE OUT RATIO BY MONTH SINCE 2014 Move out ratid 75% 71% 65% 6.0% 5.5% 5.0% 2014 (178 SS) 2015 (187 SS) 2016 (192 SS) 2017 (213 SS} 2018 (21455) 2019 (2175S) 2020 (2255S) 2021(228SS) 2022 (23455) 2023 (240 SS) 1. Same store changing poo!) MOVE OUT RATIO DECREASED BY 1.6pp PER MO
Slide 52: Same store average occupancy by country
| SHURGARD | SAME STORE! AVERAGE OCCUPANCY BY COUNTRY YTD Mar YTD Dec 2024 2023 Diff. 2023 2022 Diff. France 88.4% 88.3% O0.0pp 89.3% 89.4% -Olpp The Netherlands 90.7% 90.7% O.0pp 91.7% 907% Q5pp UK 86.1% 87.6% -1.5pp 87.5% 883% -O8pp Sweden 89.7% 90.8% -1.1pp 911% 91.7% + -0.6pp Germany 89.2% 90.1%
Slide 53: Same store property average in-place rent by country
SAME STORE’ PROPERTY AVERAGE IN-PLACE RENT BY COUNTRY | SHURGARD ] In € per sqm/year YTD Mar 2024 2023 % var. Yvar. CER France 269.8 266.1 14% 14% The Netherlands 241.4 226.0 6.8% 6.8% UK 386.3 348.6 10.8% 74% Sweden 241.6 246.1 -18% -11% Germany 289.3 265.0 9.2% 9.2% Belgium 229.6 210.9 8.9% 8.9% D
Slide 54: Platform scalability: same store NOI margin
jsnuncaro | PLATFORM SCALABILITY: SAME STORE NOI MARGIN ‘At constant exchange rates, Excluding leasehold expense Changing SS pool 68% 66% 66.9% 64% 644% 637%) 62% 0% 60% 60.3% 58% 2.” 56% 2074 (178 = 2015187 = 2016(192 2017 (213.2018 (214 = 2019217) 20 20(225 2021(228 —2022(234 2023(240 SS) SS) 58)
Slide 55: Platform scalability: same store revenue and opex per sqm
| SHURGARD ] PLATFORM SCALABILITY: SAME STORE REVENUE AND OPEX PER SQM Atconstant exchange rates Excluding leasehold expense Changing SS poo! in €/sqm CAGR: +3.0% . a 2883 260 —* — 266) _-— —~—~— 5 20 = ° 5a 2445 2484 249.0 2529 2348 361 * 200 170 140 m9 906 885 883 867 6 “92 902 939 988 e — —- o -~
Slide 56: Significant secured short-term pipeline (2024–2026)
| SHURGARD ] SIGNIFICANT SECURED SHORT-TERM PIPELINE (2024 — 2026) OE UK [ay pias 6227 re [ii Other’ E BiMajor Redevebprents Direct access units Figures listed in net sqm (000,s) BNew Devebprents $5.5 +2.9 BH&A ? Asset Acquisitions A flexible and low risk growth plan * Pipeline (acquired, developed,
Slide 57: Expansion pipeline 2024-2026
SHURGARD EXPANSION PIPELINE 2024-2026 (12.6% OF RENTABLE SQM) ‘Scheduled to open in 2026 Major redevelopments [Top Box major redevelopments |NRW/Frankfurt Germany 4 2024 51 Hayes London UK 1 uc 04 2024 42 ‘Southwark London uk 1 uc 4 2024 26 Direct access units * L - 1 uc 0 2024 29 New developments C
Slide 58: Occupancy ramp up: 2015 to current developments
jsnuncaro | OCCUPANCY RAMP UP : 2015 TO CURRENT DEVELOPMENTS Occupancy 2018 openines 2016 openines 2017 openings MI M2 M3 M4 M5 M6 M? MB MQ MIC M11 M12 M13 M14 MIS M16 MI? MS M19 M20 N21 M22M23 M24 M25 M26 M27 M28 M29 M3C M31 M32M33 M34 M35 M36. STRONG OCCUPANCY UPLIFT ON OUR DEVELOPMENTS
Slide 59: Example of our proven strategy in London
| SHURGARD ] EXAMPLE OF OUR PROVEN STRATEGY IN LONDON: (M25) 2014-2023 2014 pool Number of stores’ 2014: 7 ») 2014 I Sqm rentable 2014: 764 a 5 o (in sqm 000) 2023 203.0 poe 2014 pool ers ar ° (in sqm ‘on0) 2023 162.4 2014 pool ls] 31 x23 (in %) 3023 852% All stores Occupancy remained high 2014 i re
Slide 60: NTA, LTV, Net debt/EBITDA, ICR evolution since IPO
| SHURGARD ] NTA, LTV, NET DEBT/ EBITDA, ICR EVOLUTION SINCE IPO (OCT 2018) At actual exchange rate EPRA NET TANGIBLE ASSETS (NTA) In € millions 201k 208 2020 202 +100.7% versus 2018 (cacr 15%) 2022 2023 LOAN-TO-VALUE (LTV) Bo% 130% 2018 208 2020 2021 2022 2023 -0.9pp versus 2018 NET DEBT/UNDERLYING
Slide 61: Shurgard is a UK REIT
jsnuncaro | SHURGARD IS A UK REIT ¢ Shurgard Self Storage Limited is a UK REIT since March 1, 2023; * The Group's shares are still listed and traded on Euronext Brussels, with strong governance and financial reporting obligations; * Exemption from UK corporation tax on rental profits and capital gai
Slide 62: Legal disclaimer
jsnuncaro | 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 u
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