Self Storage Group

Earnings Release • Oct 30, 2019

SSG: Third quarter 2019 results

SSG: Third quarter 2019 results

(Oslo, 30 October 2019) Self Storage Group ASA (Self Storage Group, OSE:SSG)

reported revenues of NOK 71.9 million in the third quarter of 2019, an increase

from NOK 60.6 million in the corresponding quarter in 2018, and an adjusted

EBITDA of NOK 44.1 million. Adjusted EBITDA excluding impacts from IFRS 16 was

NOK 28.4 (22.4) million. The company has a current lettable area of 134 900 m2,

providing a strong platform for further profitable growth and expansion. Total

value of freehold investment property was  NOK 1 046 million at the end of the

quarter, an increase of NOK 590 million since third quarter 2018.

"Self Storage Group today marks a major milestone by exceeding NOK one billion

in value for our freehold investment properties following our focused growth

strategy. Together with all-time-high revenues and a solid operational

performance, we will continue to build and acquire new storage capacity to serve

an increasing base of customers across Scandinavia" says Fabian Søbak, Chief

Executive Officer of Self Storage Group.

Self Storage Group had revenues of NOK 71.9 million in the third quarter of 2019

(60.6), and an adjusted EBITDA of NOK 44.1 million. Adjusted EBITDA excluding

impacts from IFRS 16 was NOK 28.4 million (22.4). The fair value of freehold

investment properties increased to NOK 1 046 million at the end of the third

quarter, mainly following the acquisition of Eurobox Minilager AS (Eurobox) and

associated property companies. The company had net cash flow from operating

activities of NOK 36.3 million during the quarter. The average occupancy for

sites with more than 12 months of operation was 86%, the same as the

corresponding period last year, while the average rent per m[2][ ] was NOK 2 370

per year (2 338) in the third quarter of 2019.

Self Storage Group completed the acquisition of Eurobox during the third quarter

for an enterprise value of NOK 320 million, on a cash free basis, settled

through a cash component of NOK 245 million and consideration shares worth NOK

75 million in Self Storage Group. Eurobox operates four high quality climate

controlled facilities in the greater Oslo region, ideally located close to the

main roads in the urban areas of Oslo, Asker and Drammen. Three of the

facilities are freehold, and one facility has a long-term leasehold contract.

"The Eurobox acquisition strengthened our position as a leading self-storage

provider across Scandinavia. The acquisition underlines our ambitious growth

strategy of increasing the freehold portfolio in selected markets, in addition

to carry out accretive acquisitions in a fragmented market. We continue to see

several growth opportunities going forward, on the back of the increasing needs

for external storage solutions in Scandinavia, and reiterates our positive

outlook," says Søbak

The third quarter 2019 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 110 facilities across Scandinavia with a

current lettable area of 134 900 square meters.