Self Storage Group

Earnings Release • Aug 18, 2020

SSG: Second quarter and first half year 2020 results

SSG: Second quarter and first half year 2020 results

(Oslo, 18 August 2020) Self Storage Group ASA (Self Storage Group, OSE:SSG)

reported revenues of NOK 71.7 million in the second quarter of 2020, an increase

from NOK 61.0 million in the corresponding quarter in 2019, and an adjusted

EBITDA of NOK 42.9 million (35.6). The company continues to experience limited

business impact from the Covid-19 situation and has a solid platform for further

profitable growth and expansion.

"Self Storage Group had a solid second quarter with safe operations and

profitable growth. We continue to experience limited business impact from the

Covid-19 pandemic, proving the resilience and robustness in the business model,

but monitors the situation closely," says Fabian Søbak, Chief Executive Officer

of Self Storage Group.

Self Storage Group had revenues of NOK 71.7 million in the second quarter of

2020 (61.0), and an adjusted EBITDA of NOK 42.9 million (35.6). The revenue

growth follows the acquisition of Eurobox Minilager AS (Eurobox), opening of new

facilities and expansions, growth in occupancy for facilities opened the last

years, and increased revenues from mature sites with higher average rent per m2.

The profit before tax ended at NOK 9.6 million (18.6), following an increase in

finance expenses, partly related to two interest swaps. The current lettable

area has increased with 20 100 m2 since June 2019. The average occupancy in the

second quarter of 2020 for sites with more than 12 months of operation was 82%

(85%), with an average rent per m2 of NOK 2 349 per year (NOK 2 338).

"SSG has a proven track-record in developing an attractive portfolio of self

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

to increase margins and targeting additional growth, mainly through freehold

properties. We also see additional opportunities through already acquired

development projects and low-cost expansion within existing facilities, Søbak

adds.

The fair value of freehold investment properties increased to NOK 1 204 million

at the end of the quarter and the loan to value of freehold investment property

was 42%. Self Storage Group operates 113 facilities across Scandinavia with a

current lettable area of 142 100 m2.

"SSG is entering the second half of 2020 with a solid balance sheet, a strong

cash position and is well positioned to continue the profitable growth. We

maintain the target of developing 10 000 m2 in current lettable area in 2020 and

reiterate our strong long-term market outlook," Søbak concludes.

The Board of Self Storage Group announced 31 January 2020 a strategic review of

the company. This review has now been ended with the conclusion that what is

likely to serve shareholders best at present is to continue the growth and

strategy of Self Storage Group as an independent and listed company.

The second quarter 2020 report and presentation are enclosed. The results will

be presented at 08:00 CET

at Felix Conference Centre, Bryggetorget 3, Oslo. The presentation will be held

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 113 facilities across Scandinavia with a

current lettable area of 142 100 square meters.