Self Storage Group

Earnings Release • Feb 16, 2021

All-time high revenues in fourth quarter 2020

All-time high revenues in fourth quarter 2020

(Oslo, 16 February 2021) Self Storage Group ASA (Self Storage Group, OSE:SSG)

reported all-time high revenues of NOK 75.9 million in the fourth quarter of

2020, an increase from NOK 71.9 million in the corresponding quarter in 2019,

and an adjusted EBITDA of NOK 44.7 million (41.9). The company continues to

experience limited business impact from the Covid-19 situation, has a solid

balance sheet and targets accelerated growth by opening 12,000-14,000 lettable

m2 in 2021.

"We delivered another strong quarter ending a positive and busy year with solid

organic revenue and EBITDA growth, including the successful development of new

facilities and new property acquisitions. The business continues to experience

limited impact from the Covid-19 situation, proving the resilience and

robustness of our business model", says Fabian Søbak, Chief Executive Officer of

Self Storage Group.

The all-time high revenue follows opening of new facilities and expansions, in

addition to growth in occupancy for facilities open for more than a year. The

average occupancy in the fourth quarter of 2020 for sites with more than 12

months of operation was 85.6% (82.8%) and the average rent per m2 was NOK 2 319

per year (2 375).

"We have a proven track-record of developing an attractive portfolio of self

-storage facilities, leveraging on a lean and operationally-focused

organization. In 2021 we target to open 12,000 to 14,000 lettable m2", Søbak

says.

The fair value of freehold investment properties was NOK 1,457 million as of 31

December 2020. The change in fair value of freehold investment properties was

NOK 83.4 million in the fourth quarter 2020 (as compared with NOK 12.5 million

in the same period in the year prior).

Self Storage Group announced on 21 January 2021, subsequent to the fourth

quarter 2020, the acquisition of Adamstuen Garasjer AS in Oslo. The property,

where SSG currently operates the largest self-storage facility in Norway out of

4,300 m2 leasehold, has an estimated lettable area of 8,100 m2, enabling the

company to significantly expand its operations over time. Self Storage Group

also signed a term-sheet for a bank facility loan with Handelsbanken and Danske

Bank, giving the company flexibility for future growth.

"Self Storage Group is one of the leading providers of self-storage facilities

in Scandinavia: a market that is driven by urbanization and smaller living

spaces resulting in an increased need for external storage solutions. The Group

has delivered robust growth over the past three years as a listed company,

delivering on the benefits of scale, strong brands and a unique combination of

customer-oriented and automated business model. The company has a solid balance

sheet and is well positioned to leverage its platform for future growth", says

Steven Skaar, Chairman of Self Storage Group.

The fourth quarter 2021 report and presentation are enclosed.

The results will be presented through a webcast at 08:00 by CEO Fabian Søbak and

CFO Cecilie Brænd Hekneby. The presentation will be broadcasted live on

https://www.selfstoragegroup.no/web-cast/

For additional information, please contact:

Cecilie Brænd Hekneby, CFO, +47 99 29 38 26

About Self Storage Group|www.selfstoragegroup.no

Self Storage Group ASA engages in the business of renting out self-storage units

to both private individuals and businesses through the two concepts; OK

Minilager and City Self-Storage. The company is one of the leading self-storage

providers in Scandinavia with a particularly strong position in the Norwegian

market. Self Storage Group operates 116 facilities across Scandinavia with a

current lettable area of 148 200 square meters.