Shurgard Self Storage Limited · EURONEXT:SHUR
Shurgard Self Storage — H1 2021 Earnings Presentation
26 slides from Shurgard Self Storage's earnings presentation, Aug 19, 2021
Slide 1: Interim H1 2021 results
SHURGARD SELF-STORAGE Interim H1 2021 results January 1, 2021 to June 30, 2021 August 19, 2021
Slide 2: Highlights H1-2021
Highlights H1-2021 | SHURGARD | H1 performance with strong results (at CER) * 77% Property operating revenue growth; * 73% Income from property (NOI) growth; * 51% Same store property operating revenue growth; * 89.7% Same store average occupancy rate (growth for the first six months of 2.1pp,); * 6
Slide 3: Highlights Q2-2021
Highlights Q2-2021 | SHURGARD | Exceptional Q2 performance (at CER) * 8.4% Property operating revenue growth; * 9.1% Income from property (NOI) growth; * 62% Same store property operating revenue growth; * 91.7% Same store closing occupancy rate (growth for the quarter of 2.6pp,); * 671% Same store
Slide 4: Highlights H1-2021: Resilient business model with very robust balance sheet
Highlights H1-2021 | SHURGARD | Resilient business model with very robust balance sheet * — Cash position: €774 million as of June 30, 2021; * — Undrawn revolving credit facility of €250 million — maturity extended by two years to 2025; * — €100 million 2021 USPP maturity refinanced with a green USP
Slide 5: Financial performance H1-2021
Financial performance H1-2021 In € millions (except Adj. Epra earnings per share) At actual exchange rate Q? 2021 Q2 2020 ERZA TARA a@ ta IWAVARIAerey % var. % var.CER Property operating revenue 72.6 66.1 98% 84% 143.8 1322 8.8% 77% Other revenue 03 01 03 02 Real estate operating revenue 72.8 66.2 1
Slide 6: 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 H1 2021 12020 % var. H1 2021 H12020 % var. H1 2021 H12020 % var. Property operating revenue 143.8 335 C7%D 1373 130.
Slide 7: H1 2021 NOI evolution — Top line growth and scalability
H1 2021 NOI evolution — Top line growth and scalability H1 2020 — H1 2021 NOI" bridge (€m) NOI margin stable: -0.2pp NOI growth (constant FX rate): +7.3% NOI growth: +8.4% = Mostly linked to SEK 0.9 878 0.7 49 0.3 ee a it J 81.0 y | = Ramp-up phase = Opex under control = Acquisition of four = Same s
Slide 8: Cash flow statement
Cash flow statement In € millions At actual exchange rate EBITDA Other / working capital Taxes TOTAL CASH FROM OPERATIONS Acquisitions Developments, redevelopments and other Maintenance capex IS capex TOTAL CASH FROM INVESTMENTS Payment of dividend Interests paid Proceeds from the issuance of equity
Slide 9: Balance sheet — Solid and supporting for growth
Balance sheet — Solid and supporting for growth [ sturcaro | In €millions At actual exchange rate Comments Jun 2021 Dec 2020 % var. Increase mainly due favorable fair value revaluation of Investment property 34271 3,204.5 7) investment property mainly resulting from positive Other assets (1) 28.6 19
Slide 10: Portfolio expansion — Significant and strong short term pipeline
Portfolio expansion — Significant and strong short term pipeline [ sturcaro | In €millions At closing rate June 2021 Number of properties To open in 2021 12 50.1 100.2 Major redevelopments Munich Germany 2 31 29 Amsterdam Netherlands 1 3.2 4h Randstad Netherlands 1 07 03 London UK 1 04 29 New develo
Slide 11: E-rental: a 100% digital experience from searching until moving in
E-rental: a 100% digital experience from searching until moving in [ sturcaro | The e-rental process A channel for each generation (face-to-face, phone and online) AS A CUSTOMER... | make reservations on website COVID-19 accelerated the process; -_ All markets are completed in H1-2021 = okt | confir
Slide 12: E-rental: customer profile and time of booking
E-rental: customer profile and time of booking [ sturcaro | E-rental contracts only All contracts Generations Share var. Vs. Total Generations Share BABY BOOMERS 13% -37% BABY BOOMERS 20% GEN X 31% -8% GEN X 34% MILLENIALS 46% 17% MILLENIALS 39% GEN Z 10% 55% GEN Z 7% Total 100% Total 100% Share of
Slide 13: Conclusion
Conclusion | SHURGARD | * — Strong H1 2021 performance; * Our expansion portfolio of 20 projects which represent 7% (or 86,911 sqm) of our net rentable sqm for €158.8 million; * Active in M&A; * Same store property operating revenue growth of July and August 2021 is above the second quarter 2021; ¢
Slide 14: Appendix: Financial information
Appendix Financial information
Slide 15: H1 2021 revenue evolution — Three levers of growth
H1 2021 revenue evolution — Three levers of growth [ sturcaro | H1 2020 — H1 2021 revenue" bridge (€ million) } Revenue growth (constant FX rate): +7.7% Revenue growth: +8.8% = Same store revenue growth = Mostly linked to SEK (constant FX rate): +5.1% 13 . as 19 143.8 67 ees — m2 = Addition of four
Slide 16: Same store property operating revenue by country — 2021 vs 2020
Same store property operating revenue by country — 2021 vs 2020 [ sturcaro | In € millions At actual exchange rate Comments H12021__H12020 % var. CER % var. % var. CER Increasing revenue in the three largest markets, driven by higher in- France 33% 344 33.2 29% 29% place rent (stable in France) comb
Slide 17: Same store average occupancy by country — 2021 vs 2020
Same store average occupancy by country — 2021 vs 2020 Diff Diff France 88.8% 87.0% 1.8pp 88.6% 87.1% 1.5pp The Netherlands 89.6% 89.0% 0.6pp 89.7% 88.2% 1.5pp Sweden 92.8% 907% 22pp 92.0% 906% ‘14pp UK 89.1% 827% 64pp 88.1% 83.1% 5.0pp Germany 89.2% 89.0% 0.2pp 88.7% 88.9% -O0.2pp Belgium 90.1% 875
Slide 18: Appendix: General information
Appendix General information
Slide 19: CONFIDENTIAL
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Slide 20: L L L
L L 4 L L L L L = Listed companies 20 CONFIDENTIAL
Slide 21: CONFIDENTIAL
(€ 000) 1,200 900 600 300 0 0% 20% 40% 60% 80% 100% 21 CONFIDENTIAL
Slide 22: Three levers of growth to expand the footage across countries
Three levers of growth to expand the footage across 7 countries [ sturcaro | Bolt-on acquisitions 1) + 2) + 3) From competitors @ + 15,000 sqm 3 properties % yi . 45,000 Openings 8% yield C. 45, sqm New build and c.9 new properties + conversion @ 25,000 sqm c. €100M 5 properties 8% yield c. 8% yield
Slide 23: CONFIDENTIAL
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Slide 24: Why invest in Shurgard?
Why invest in Shurgard? | SHURGARD | 0 Secular growth trends 2) Undisputed leadership in Europe Integrated, optimized and scalable branded platform SHURGARD 6 Track record of growth and cash generation 6 Robust balance sheet to support expansion 6 Growing with existing stores, new openings and targe
Slide 25: Legal Disclaimer
Legal Disclaimer 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. This release contains “forward-
Slide 26: Thank you for your attention!
Thank you for your attention!
Shurgard Self Storage — H1 2021 Earnings Presentation on 6ix