HALF - YEAR REPORT

JANUARY 1, 2024 TO JUNE 30, 2024

AT A GLANCE

Shurgard is the largest owner and operator of self-storage facilities in Europe by both number of stores and rentable space. We operate 282 stores (including one under management contract) in seven countries where close to 200,000 customers lease our storage units every year.

FINANCIAL HIGHLIGHTS H1 2024

(in € millions)	H1 2024	H1 2023	+/-	+/- (CER)1
Property operating revenue2	189.3	174.3	8.6%	8.2%
Income from property (NOI)3	119.1	110.3	7.9%	7.5%
NOI margin4	62.9%	63.3%	-0.4pp	-0.4pp
Underlying EBITDA5	105.8	99.0	6.9%	6.5%
Adjusted EPRA earnings6	78.2	71.8	8.9%	7.7%
Adjusted EPRA earnings per share (basic) (in €)7	0.80	0.81	-0.3%	-1.4%

1 In the constant exchange rate (CER) comparison, 2023 financial information is recalculated using 2024 exchange rates.

2 Property operating revenue represents our revenue from operating our properties, and comprises our rental revenue, fee income from customer goods coverage and ancillary revenue.

3 Income from property (NOI) is calculated as property operating revenue less real estate operating expense for the reporting period.

4 NOI margin is calculated as income from property (NOI) divided by property operating revenue for the reporting period.

5 Underlying EBITDA is calculated as earnings before interest, tax, depreciation and amortization, excluding (i) valuation gain from investment property and investment property under construction and gain on disposal, (ii) acquisition and dead deals costs (iii) cease-use lease expense and (iv) ERP implementation fees and costs of capital raise.

6 Adjusted EPRA earnings is calculated as EPRA earnings adjusted for (i) deferred tax expenses on items other than the revaluation of investment property and (ii) special items ('one-offs') that are significant and arise from events or transactions distinct from regular operating activities. Adjusted EPRA earnings per share in euros (basic) is calculated as adjusted EPRA earnings divided by the weighted average number of outstanding shares.

7 Adjusted EPRA earnings per share in euros (basic) is calculated as adjusted EPRA earnings divided by the weighted average number of outstanding shares.

PROPERTY HIGHLIGHTS H1 2024

	H1 2024	H1 2023	+/-	+/- (CER)
Number of stores1	281	266	5.6%
Closing rentable sqm2	1,446	1,349	7.2%
Closing rented sqm3	1,268	1,201	5.6%
Closing occupancy rate4	87.7%	89.0%	-1.3pp
Average rented sqm5	1,236	1,185	4.3%
Average occupancy rate6	86.8%	88.1%	-1.3pp
Average in-place rent (€ per sqm)7	269.5	257.0	4.9%	4.4%
Average revPAM (€ per sqm)8	265.9	259.2	2.6%	2.1%

1 Excludes any property under management contract.

2 Closing rentable sqm is presented in thousands of sqm and calculated as the sum of available sqm for customer storage use at our stores, as of the reporting date.

3 Closing rented sqm is presented in thousands of sqm and calculated as the sum of sqm rented by customers, as of the reporting date.

4 Closing occupancy rate is presented in % and calculated as the closing rented sqm divided by closing rentable sqm as of the reporting date.

5 Average rented sqm is presented in thousands of sqm and calculated as the sum of sqm rented by customers, for the reporting period. 6 Average occupancy rate is presented in % and is calculated as the average of the rented sqm divided by the average of the rentable sqm, each for the reporting periods.

7 Average in-place rent is presented in euros per sqm per year and calculated as rental revenue, divided by the average rented sqm for the reporting period.

8 Average revPAM, which stands for revenue per available sqm, is presented in euros per sqm per year for the reporting period and calculated as property operating revenue, divided by the average rentable sqm for the reporting period.

CHIEF EXECUTIVE OFFICER'S LETTER4
THE SHURGARD SHARE 7
MANAGEMENT REPORT9
Key financials 10
Introductory remarks11
Group overview11
Market overview14
Growth strategy15
Property portfolio16
Operational and financial review19
ESG UPDATE 35
RESPONSIBILITY STATEMENT 38
INTERIM CONSOLIDATED FINANCIAL STATEMENTS 39
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 45
INDEPENDENT INTERIM REVIEW67
Independent auditor's report to the members of Shurgard self storage limited 68
APPENDIX: ALTERNATIVE PERFORMANCE MEASURES (APM) 70
Alternative performance measures (APM) 71
European Public Real Estate Association ("EPRA") APM74

CHIEF EXECUTIVE OFFICER'S LETTER

Dear fellow shareholders,

Shurgard has achieved another strong first half-year performance, driving earnings up while expanding our pipeline significantly. The results reflect increasing momentum in the second quarter, and we enter the last six months of 2024 having completed a major acquisition and obtained a strong investment-grade rating, both supporting our growth plans.

While the political and economic environment remains volatile, Shurgard continues to prove its resilience and growth potential, utilizing the digital transformation of the business to drive operational excellence across a broad geography.

REVENUE GROWTH AND MARGIN STABILITY

All store revenue grew 8.2% in the first half, which represents an acceleration of growth from 7.1% in the first quarter to 9.2% in the second. This was supported by an excellent performance in Germany, where Shurgard has been increasing its footprint through acquisitions and new developments alongside strong same store growth, as well as from our operations in UK, the Netherlands and Belgium.

Same store sales (c. 90% of total revenues) also showed robust growth and an accelerating second quarter trend. Same store sales grew 4.9% in the second quarter, and 4.5% across the first half. This is the third quarter in a row where same store revenue growth has been above 4%. While all our markets contributed to this strength, Germany was the stand-out performer, increasing revenue by more than 10% in the second quarter and ending the first half with same store sales growth of 9.6%. In the United Kingdom the market is holding up well, with rental rates up 7.5% in the first half and same store sales growing 5.3%. Meanwhile revenue in Sweden is stabilizing following a period of intense competition.

Our smart pricing algorithms and desirable locations allow us to maintain high average occupancy (89.5% in the first half) and implement rises in in-place rates (5.1% in the first half) in our same stores, enabling Shurgard to deliver consistent revenue growth. Based on these strong results, we expect to exceed our previous full year forecasts and have raised our revenue growth guidance to at least 8% from 7.5%.

Shurgard has undergone a substantial shift towards digital solutions over the last few years, both at the customer-facing end of the business and in our back-office. The resulting efficiencies have allowed the group to mitigate general inflation costs and increase margins by 2.7pp over the last three years, well ahead of guidance. In the first half of 2024, we held these margins steady at 62.9%, while same store NOI margins were also stable at 64.7%.

FINANCIAL PERFORMANCE AND STRONG INVESTMENT-GRADE CREDIT RATING

Stable margins and strong growth helped Shurgard post a 7.5% increase in net operating income (NOI) in the first half. Adjusted EPRA earnings grew by 7.7%, representing €0.80 of adjusted EPRA earnings per share. This figure was 1.4% lower than the same figure last year due to the equity raise in November 2023.

Shurgard has always focused on maintaining a robust balance sheet and modest gearing. We are very pleased to have achieved a BBB+ investment-grade credit rating from S&P. We are the first European self-storage company to achieve this important milestone. The rating is a confirmation of our prudent financial stewardship and sustainable business model. It will provide access to capital markets with additional debt options. Post Lok'nStore acquisition (August 1, 2024), proforma wise, our loan-to-value (LTV) rate is c. 24% and net debt/underlying EBITDA ratio is c. 6x. We maintain our medium-term guidance for 25% LTV and a 4-5x net debt/EBITDA ratio, as well as our commitment to maintaining a strong investment grade credit rating.

As per our dividend policy, we announced a half-year dividend payment of €0.58 per share. The dividend payment will be made on or about September 26, 2024 to shareholders on the record at close of business on September 2.

The Board also decided that it will offer shareholders the option of getting cash or shares ("scrip dividend"). Major shareholders confirmed their intention to opt for shares in lieu of a cash dividend, and representing around 70% of the total dividend payout.

PIPELINE

Shurgard accelerated its growth strategy in 2021, and the fruits of this successful plan are being seen across the business. Our three levers of growth – new developments, redevelopments and acquisitions – have built a very healthy pipeline of expanded capacity and sustained operational growth. At the half-year point, Shurgard is poised to grow physically by almost 30% in the next three years, including properties developed, under construction or signed. This new capacity represents c. 365,000 sqm or c. €1,050 million of direct project cost of our year-end 2023 net rentable sqm. The pipeline is expected to deliver an annualized net yield on acquisition cost at maturity of 8% to 9% or c. €90 million of additional yearly NOI at that time.

We remain committed to our longer-term run rate target of adding 90,000 sqm per year to our portfolio, although the Lok'nStore acquisition this year puts us significantly ahead. It doubles the size of Shurgard's footprint in UK and accounts for two years of growth in one transaction.

ESG

Shurgard's commitment to our ESG target of carbon neutrality for Scope 1 and 2 by 2030 continues to build momentum and remains on track. We have maintained our MSCI AA rating, and we began the roll-out of PV solar panels in our UK and Netherlands stores. We expect to have completed this roll-out over the next year and are preparing to extend the program to Germany, Belgium and France.

OUTLOOK

Excluding the impact of the Lok'nStore acquisition that was closed on August 1, 2024, Shurgard is increasing its revenue guidance following the strong start to the year, and now expects to deliver at least 8% total revenue growth in 2024, up from 7.5%. We will retain guidance on our other key indicators, including maintaining stable margins, adding at least 90,000 sqm of rental space through redevelopments, new developments and acquisitions, and forecast a 17% tax rate in 2024.

CONCLUSION

We enter the second half of the year bolstered by a strong operational performance compared with the industry (revenue growth, occupancy level, in-place rates growth, NOI margin growth, underlying EBITDA and earnings growth), and we have a massive pipeline for the coming three years delivering significant additional earnings. Shurgard has a solid balance sheet with more financing options thanks to our BBB+ rating and around c. 70% of the dividend payout will be distributed through ''scrip'' shares with the support of major shareholders.

Last but not least, our teams are excited and fully committed to delivering a great year in 2024 and beyond.

Marc Oursin Chief Executive Officer

THE SHURGARD SHARE

Year-to-date stock performance1 vs. indices

¹ Total performance, assuming reinvestment of dividends.

Stock performance1 vs. indices since IPO (Oct 2018)

1 Total performance, assuming reinvestment of dividends. The performance for Shurgard is based on the price at IPO (€23.00 per share).

BASIC SHARE DATA

ISIN / common code	GG00BQZCBZ44
CFI code	ESVUFR
Ticker	SHUR
Stock exchange	Euronext Brussels
Shares issued / outstanding as of June 30, 2024	97,349,804
Subscribed capital	€69,475,571.67
Share price as of June 30, 20241	€36.05
52-week high / low2	€45.25 / €34.01
Market capitalization as of June 30, 2024	€3,509 million
Average daily trading volume3	168,403 shares

1 Closing price on last trading day of the month.

2 In each case from start of trading on July 1, 2023 to June 30, 2024, based on Euronext Brussels closing price.

3 Includes trade on Lit, Dark, Auction, OTC and SI markets, based on publicly available information.

DIVIDEND

Shurgard intends to declare a dividend of €1.17 per share for the full fiscal year. For the first half of 2024, our Board of Directors approved a half-year dividend of €0.58 per share or €56.5 million to be paid on or around September 26, 2024.

The Board also decided that it will offer shareholders, by way of an optional dividend ("scrip dividend"), the possibility of contributing their claim arising from the distribution of profits, into the capital of the Company against the issue of new shares, in addition to the option of receiving the dividend in cash, and the option of opting for a combination of the two preceding options. Major shareholders confirmed their intention to opt for shares in lieu of a cash dividend

Shurgard will continue to review its dividend policy to ensure it remains competitive.

SHARE TRADING

The Company appointed KBC Securities as liquidity provider in June 2019, with the contract being officially recognized by Euronext. The Company aims to make the necessary efforts to maintain the liquidity of its order book and increase the trading volumes of its share, to benefit current and potential investors. Stock liquidity has doubled since the equity raise in November 2023.

SHAREHOLDERS

The following table sets forth the shareholders of the Company as of June 30, 2024:

Shareholder	Number	%
Public Storage Group	33,803,398	34.7
New York State Common Retirement Fund (together with its subsidiary Shurgard European Holdings LLC)1	32,873,457	33.8
Resolution Capital Ltd	3,386,955	3.5
Free float	27,285,994	28.0
Total	97,349,804	100.0

1 An agreement to act in concert exists between Public Storage group, New York State Common Retirement Fund and Shurgard European Holdings LLC.

MANAGEMENT REPORT

SHURGARD 2018

KEY FINANCIALS

(in € millions, except where indicated otherwise, excluding property under	Q2	Q2	+/-				+/-
management contract)	2024	2023	(CER)1	H1 2024	H1 2023	+/-	(CER)1
Property KPIs at period end
Number of properties	281	266		281	266	5.6%
Closing rentable sqm2	1,446	1,349		1,446	1,349	7.2%
Closing rented sqm3	1,268	1,201		1,268	1,201	5.6%
Closing occupancy rate4	87.7%	89.0%		87.7%	89.0%	-1.3pp
Property KPIs for the period
Average rented sqm5	1,254	1,191	5.3%	1,236	1,185	4.3%
Average occupancy rate6	86.9%	88.5%	-1.6pp	86.8%	88.1%	-1.3pp
Average in-place rent (in € per sqm)7	269.5	257.0	4.5%	269.5	257.0	4.9%	4.4%
Average revPAM (in € per sqm)8	265.9	260.3	1.8%	265.9	259.2	2.6%	2.1%
Financial KPIs for the period
Property operating revenue9	95.9	87.6	9.2%	189.3	174.3	8.6%	8.2%
Income from property (NOI)10	65.4	60.0	8.8%	119.1	110.3	7.9%	7.5%
NOI margin11	68.2%	68.5%	-0.3pp	62.9%	63.3%	-0.4pp	-0.4pp
Underlying EBITDA12	58.4	54.5	6.8%	105.8	99.0	6.9%	6.5%
Adjusted EPRA earnings13	43.9	41.6	4.2%	78.2	71.8	8.9%	7.7%
Adjusted EPRA earnings per share (basic) (in €)14	0.45	0.47	-4.6%	0.80	0.81	-0.3%	-1.4%
Average number of shares (in millions - basic)	97.3	89.1	9.2%	97.3	89.1	9.2%
Total dividend per share (in €)				0.58	0.58	0.0%
Financial KPIs for the period				H1 2024	FY 2023	+/-
EPRA net tangible assets (NTA)15				4,492.5	4,307.8	4.3%
Loan-to-value (LTV)16				15.4%	13.0%	2.3pp
Financial KPIs for the period				H1 2024	H1 2023	+/-
Interest coverage ratio (ICR)17				13.0x	10.0x	3.0x
Net debt/Underlying EBITDA18				3.8x	4.1x	-0.3x

1 In the constant exchange rate (CER) comparison, 2023 financials are recalculated using 2024 exchange rates.

2 Closing rentable sqm is presented in thousands of sqm and calculated as the sum of available sqm for customer storage use at our stores, as of the reporting date.

3 Closing rented sqm is presented in thousands of sqm and calculated as the sum of sqm rented by customers, as of the reporting date.

4 Closing occupancy rate is presented in % and calculated as the closing rented sqm divided by closing rentable sqm as of the reporting date.

5 Average rented sqm is presented in thousands of sqm and calculated as the sum of sqm rented by customers, for the reporting period.

6 Average occupancy rate is presented in % and is calculated as the average of the rented sqm divided by the average of the rentable sqm, each for the reporting periods.

7 Average in-place rent is presented in euros per sqm per year and calculated as rental revenue, divided by the average rented sqm for the reporting period.

9 Property operating revenue represents our revenue from operating our properties, and comprises our rental revenue, fee income from customer goods insurance and ancillary revenue.

10 Income from property (NOI) is calculated as property operating revenue less real estate operating expense for the reporting period.

11 NOI margin is calculated as income from property (NOI) divided by property operating revenue for the reporting period.

12 Underlying EBITDA is calculated as earnings before interest, tax, depreciation and amortization, excluding (i) valuation gain from investment property and investment property under construction and gain on disposal, (ii) acquisition and dead deals costs (iii) cease-use lease expense and (iv) ERP implementation fees and costs of capital raise.

13 Adjusted EPRA earnings is calculated as EPRA earnings adjusted for (i) deferred tax expenses on items other than the revaluation of investment property and (ii) special items ('one-offs') that are significant and arise from events or transactions distinct from regular operating activities.

14 Adjusted EPRA earnings per share in euros (basic) is calculated as adjusted EPRA earnings divided by the weighted average number of outstanding shares.

15 EPRA Net Tangible Assets (NTA) scenario is focused on reflecting a company's tangible assets and assumes that companies buy and sell assets, thereby crystallizing certain levels of unavoidable deferred tax liability.

16 Loan-to-value is the net debt expressed as a percentage of the fair value of the group's investment property and investment property under construction.

17 Interest coverage ratio is calculated as underlying EBITDA divided by total interest expenses for the reporting period.

18 Net debt to underlying EBITDA ratio is calculated as the net financial debt (including leases) divided by trailing 12 months underlying EBITDA.

INTRODUCTORY REMARKS

Shurgard Self Storage Ltd (referred to as the "Company", "Shurgard", "we", "us", "our" or the "Group", which includes the Company together with its consolidated subsidiaries) is a limited Company incorporated under the laws of the Bailiwick of Guernsey.

Certain statements contained herein may be statements of future expectations and/or other forward-looking statements that are based on our current views and assumptions. These involve known and unknown risks and uncertainties that may cause actual results, performance, or events to differ materially from those expressed or implied in such statements. Shurgard does not intend and does not undertake any obligation to revise these forward-looking statements.

GROUP OVERVIEW

BUSINESS MODEL

We are the largest operator of self-storage facilities, which we refer to as properties, stores, assets, or locations, in Europe in terms of number of properties and net rentable sqm1 . We started our operations in 1995 and are one of the pioneers of the self-storage concept in Europe. As of June 30, 2024, we operate 282 self-storage stores (including one under management contract) in France, the Netherlands, the United Kingdom, Sweden, Germany, Belgium, and Denmark.

Across this network, we have developed an integrated self-storage group with local expertise in the seven countries. We have centralized in-house capabilities to design, develop, acquire, and operate properties. This allows us to provide a consistent experience to residential and commercial customers.

We generate revenue through the lease of storage units and related activities such as the sale of storage products and packaging, but also through the fees paid by customers for the coverage of the stored goods. Our property operating revenue and income from property (NOI) have increased steadily in recent years. Over this time, we increased rental rates across our network and grew our portfolio through new developments, redevelopments, and acquisitions. The table below shows our property operating revenue and NOI for the first half year 2024 compared to 2023.

(in € millions)	Q2 2024	Q2 2023	+/-	H1 2024	H1 2023	+/-
Property operating revenue	95.9	87.6	9.6%	189.3	174.3	8.6%
NOI	65.4	60.0	9.1%	119.1	110.3	7.9%
NOI margin	68.2%	68.5%	-0.3pp	62.9%	63.3%	-0.4pp

1 FEDESSA "European Self Storage Annual Survey" 2023.

OUR OPERATING PLATFORM

Our integrated, digitalized, and centralized operating platform allows us to manage many operational functions for our portfolio of properties from a central head office. This centralization of skills and management enables us to run a lean organization and provides significant operational leverage. The resulting economies of scale have a direct positive impact on our NOI margin, which we managed to keep high at 62.9% in H1 2024 compared to 63.3% in H1 2023 despite significant pressure from inflation.

Our platform approach relies on consistency in our performance measures and key support functions across the portfolio. This means managing the yield achieved from our properties through a balance of occupancy and pricing levels. It also means we have consistency in operational and management initiatives, such as aligning sales processes, branding, shop design and supplier relations. On a granular level, we can gather information on local conditions and monitor online traffic, conversion rates and other key metrics through our automated centralized information management systems.

We continue to target growth through further development and bolt-on acquisitions. As an increasing proportion of our sales and marketing activities migrate to online customer interactions, we believe this platform approach will play a significant role in maintaining efficient operations across our network. This belief is supported by the scalability of our information management systems and centralized platform, and the consistency of operations in each of our properties.

GROUP STRUCTURE

Shurgard Self Storage Ltd is the parent Company and principal holding Company of the Group. The Company's significant holding and operational subsidiaries are in Luxemburg, France, the Netherlands, the United Kingdom, Sweden, Germany, Belgium and Denmark.

Name1	Jurisdiction	Percentage ownership (directly or indirectly)
Shurgard Luxembourg S.à r.l.	Luxembourg	100.0%
Shurgard Holding Luxembourg S.à r.l.	Luxembourg	100.0%
Eirene RE S.A.	Luxembourg	100.0%
Shurgard France SAS	France	100.0%
Shurgard Nederland B.V.	The Netherlands	100.0%
Shurgard UK Ltd	The United Kingdom	100.0%
Shurgard Sweden AB	Sweden	100.0%
Shurgard Storage Centers Sweden KB	Sweden	100.0%
Shurgard Germany GmbH	Germany	100.0%
First Shurgard Deutschland GmbH	Germany	94.8%
Second Shurgard Deutschland GmbH	Germany	94.8%
Shurgard Belgium NV/SA	Belgium	100.0%
Shurgard Europe VOF/SNC	Belgium	100.0%
Shurgard Denmark ApS	Denmark	100.0%

1 The entities listed are our main operating and holding entities. For a complete list of the Company's subsidiaries, please refer to Note 38 of the 2023 consolidated financial statements.

All the Company's subsidiaries are, directly and indirectly, wholly owned, except for First Shurgard Deutschland GmbH and Second Shurgard Deutschland GmbH. We own 94.8% of these two companies and the remaining 5.2% therein is held by our two principal shareholders through Shurgard German Holdings LLC.

Since 2021, Eirene RE S.A. acts as a reinsurance undertaking for the Company and its subsidiaries.

MANAGEMENT

The Group is managed by the Board of Directors together with the Senior Management in accordance with applicable laws and as laid out in the Company's Articles of Incorporation. As of 30 June 2024, the Board of Directors comprised the following nine members:

Name	Position	Age	Mandate expires
Ian Marcus	Chairman	65	Annual shareholders' meeting 2025
Lorna Brown	Independent Director	48	Annual shareholders' meeting 2025
Muriel De Lathouwer	Independent Director	52	Annual shareholders' meeting 2025
Frank Fiskers	Independent Director	63	Annual shareholders' meeting 2025
Paula Hay-Plumb	Independent Director	64	Annual shareholders' meeting 2025
Padraig McCarthy	Independent Director	63	Annual shareholders' meeting 2025
Z. Jamie Behar1	Director	67	Annual shareholders' meeting 2025
Tom Boyle2	Director	41	Annual shareholders' meeting 2025
Marc Oursin	Chief Executive Officer	62	Annual shareholders' meeting 2025

1 Director elected on the designation of New York State Common Retirement Fund (NYSCRF).

2 Director elected on the designation of Public Storage.

The biographies of the Directors are available in our Sustainability Report 2023.

As of June 30, 2024, the Senior Management of the Group was made up of the following five members:

Name	Responsibilities Age		Initial appointment
Marc Oursin	Chief Executive Officer	62	January 9, 2012
Jean Kreusch	Chief Financial Officer	59	November 1, 2003
Duncan Bell	Chief Operating Officer	61	April 14, 2009
Ammar Kharouf	General Counsel	54	March 17, 2014
Isabel Neumann	Chief Investment Officer	48	August 30, 2021

MARKET OVERVIEW

SELF-STORAGE BASICS

Self storage is a business-to-consumer (B2C) enterprise in the real estate sector that provides storage units, typically on a monthly basis, to individuals (approximately 72%) and business users (approximately 28%)1 . Individuals primarily use self storage as a "remote attic or basement" to store household goods, while businesses usually store excess inventory or archived records. Storage units often differ in size and can range from one sqm to more than 50 sqm. One of the key drivers of self-storage adoption is population density, where space is at a premium, and households or businesses need cost-effective storage solutions.

For individuals, the industry accommodates storage needs generated by a broad set of "life changes", e.g. death, divorce, marriage, relocation, moving and university, as well as longer-term discretionary uses. On the commercial side, self storage is used by small businesses, e-businesses and other home-based operations as well as large companies looking for overflow storage or the ability to place materials in various locations for sales people or retail distribution.

EUROPEAN SELF-STORAGE MARKET

The European self-storage market has been characterized by a period of sustained growth in recent years. It currently comprises approximately 6,900 facilities across Europe, providing nearly 13.9 million sqm of space.1 In the seven countries where we operate, there are c. 12.0 million sqm of rentable area across approximately 5,000 self-storage properties (including containers).1

The largest self-storage market in Europe is the United Kingdom, accounting for 33% of total facilities. Over 68% of the facilities are located in the four most mature countries within Europe (UK, France, Germany and Spain) with 19 countries making up the remainder. ¹ The average amount of self-storage floor area per capita across Europe is significantly lower than the much more mature US market, indicating significant further growth potential. In terms of competition, the European self-storage market is still highly fragmented. We have a market share of around 25% in the cities where we operate2 .

The industry growth has been driven by increases in customer demand, supported by demographic and macroeconomic trends, increasing customer awareness of self storage, and continued development in the supply of self-storage properties. During the pandemic the industry proved its resilient nature as it did during the global financial crisis in 2008. Self storage recorded excellent rent collection from customers and an increase in occupancy and rental levels. In addition, the trend towards greater online functionality and more sophisticated platforms has been accelerated by the COVID-19 pandemic, with many customers becoming more comfortable with online transactions, especially in the older age groups.

Several factors have supported demand for self storage from residential customers in recent years. These include favorable demographic and macroeconomic trends, such as population growth, urbanization, higher levels of mobility, micro-living, increasing personal wealth and ownership of more storable goods, as well as increased consumer awareness. Furthermore, with the increase in hybrid working, many people have created a home office so have turned to self storage to create space for this by storing household items that they do not need every day. These trends have been particularly strong in urban areas, where high density levels, elevated housing costs and the scarcity of housing and storage space are expected to support longer-term pricing rates and occupancy levels.

1 Fedessa report 2023 2 Internal estimate.

Demand from business customers has generally been supported by the growth of new online retailers and small businesses, which require flexible and cost-effective storage options. We expect these trends to continue to support the demand for self storage in the coming years.

The supply of self-storage properties has grown significantly in recent years, alongside increases in customer demand. This growth is also influenced by the high level of fragmentation in the European self-storage industry. As a result, the market has been characterized by periods of consolidation in recent years, which we expect to continue in the future.

GROWTH STRATEGY

Our goal is to increase shareholder value by further strengthening our position as the leading self-storage operator in Europe, operating strategically located properties and providing an increasingly digitalized customer service designed to satisfy the requirements and priorities of both residential and business customers.

We aim to expand our position in the seven countries where we operate, with a particular focus on attractive urban areas such as London, Manchester, the UK South-East region, Paris, Berlin and other major German cities (known as the "Big Seven"), as well as Randstad in the Netherlands. Our growth strategy benefits from our established track record of redeveloping and developing properties, plus acquiring competitors. With our centralized and technology-focused operating platform, we will benefit from immediate operating leverage and additional economies of scale.

REDEVELOPMENT

Thanks to our 93% freehold portfolio, we are able to continuously analyze our operations for opportunities to undertake remix projects. As part of this, we monitor a variety of demand metrics across our existing property network. These are based on factors like occupancy rates for various unit sizes, customer visits to our website, online pricing searches, and in-store interactions with our customers. Where these metrics indicate the property could benefit from a "remix", we reorganize the units at a property to reflect customer demand in that particular market to improve occupancy levels or increase rental rates. We also expand our existing properties when there is an increase in local demand and the returns justify the expansion of the rentable area.

FOOTPRINT EXPANSION

With our reinforced development team of dedicated development, acquisition and construction specialists, we are seeking to add 90,000 sqm per year through new developments and acquisitions.

We plan new developments, which could be purpose built or an existing building converted into self-storage, by focusing on a set of clear selection criteria, both operational and financial, including attractive and cycle-resilient locations in our existing markets.

In addition, we intend to continue to take advantage of the strong fragmentation of the self-storage market in Europe to acquire properties from competitors across the seven countries where we operate, as well as strategic acquisitions where we deem appropriate. We believe that our experience and knowledge of the markets in which we currently operate should enable us to identify opportunities with attractive potential returns, benefiting from immediate operating leverage and additional economies of scale. We continue to focus on urban areas that we anticipate will enjoy strong demand during all economic cycles and provide attractive growth potential.

YIELD MANAGEMENT

Our goal is to maximize revenue through increased occupancy levels and rental rates. When the occupancy rate of a property reaches maturity, we generally seek to increase rental rates to drive revenue growth through bestin-class yield management, supported by machine learning predictive pricing. We regularly evaluate our properties' rental rates based on unit demand and unit availability. We adjust our marketing and promotional activities and change rental rates as necessary to enhance revenue.

BRAND AND MARKETING

We believe that the Shurgard brand is a critical marketing tool, and we use a variety of channels to increase customer awareness of our name. These include highly visible property locations, site signage and architectural features. In addition, our marketing and sales processes are supported by several activities on social media and other websites to improve our brand awareness and direct potential customers to our website and properties. As part of our marketing activities, we regularly conduct focus group research and online surveys to identify the primary considerations in customers' self-storage choices and satisfaction. This allows us to better attract and service customers.

PROPERTY PORTFOLIO

OUR PROPERTIES

The number of properties we operate (including one store under management contract) has grown to a network of 282 properties comprising 1,453,650 net rentable sqm, as of June 30, 2024. We primarily operate in urban areas across Europe, with 94% of our properties located in capital and major cities. At the end of June 2024, 93% of our net square rentable area was in properties that we own ("freehold properties") or operate under long-term lease agreements of at least 80 years remaining life ("long leasehold properties"). The occupancy rate across all properties averaged 86.8% in H1 2024. The average in-place rent per sqm was €269.3 during the period.

	Total number of properties	Net rentable sqm (in thousands)	Freehold and long leasehold1	Average occupancy rate2	Average in-place rent (in € per sqm)3
France	67	336	94.6%	87.1%	262.5
The Netherlands	66	346	83.0%	87.8%	237.0
United Kingdom	44	222	94.6%	80.9%	377.6
Sweden	39	197	96.8%	89.4%	234.1
Germany	35	180	96.8%	84.2%	278.6
Belgium	21	118	100.0%	91.3%	231.0
Denmark	10	54	100.0%	90.7%	301.0
Total	282	1,454	93.1%	86.8%	269.3

The following table shows our portfolio by country, as of June 30, 2024:

1 Average calculated as a weighted average by net rentable sqm.

2 Average occupancy rate is calculated as the average of the rented sqm divided by the average of the rentable sqm, each for the reporting period.

3 Average in-place rent is presented in euros per sqm and calculated as rental revenue divided by the average rented sqm for the reporting period.

PORTFOLIO EXPANSION

						Direct
						project cost /
Property	Region	Country	Project status1	Completion date	Net sqm	purchase price2
Scheduled to open in 2024					200,652	636,683
Major redevelopments
Top Box major redevelopments	NRW/Frankfurt	Germany	UC	Q4 2024	5,096	2,528
Hayes	London	UK	UC	Q4 2024	4,194	9,286
Southwark	London	UK	UC	Q4 2024	2,644	7,817
Direct access units3	-	-	UC	Q3 2024	2,898	2,932
New developments
Tottenham	London	UK	C	Apr-24	8,168	21,809
Nieuwegein	Randstad	Netherlands	C	Jul-24	4,533	8,687
Almere Veluwsekant	Randstad	Netherlands	UC	Q4 2024	4,073	8,071
Charlottenburg	Berlin	Germany	UC	Q3 2024	4,923	15,480
M&A / Asset Acquisitions
Box a la Carte (Combs-la Ville)	Paris	France	C	Apr-24	4,062	9,273
Pickens (6 properties)4	Berlin/Hamburg	Germany	C	Feb-24	31,300	120,000
Bonn Mietlager	NRW	Germany	C	Aug-24	1,200	3,800
Lok'nStore5	UK	UK	C	Aug-24	127,561	427,000

Scheduled to open in 2025					71,129	177,725
Major redevelopments
Waterloo	Brussels	Belgium	UC	2025	870	2,636
Porte de Clignancourt	Paris	France	UC	2025	568	5,003
Koln Poll (Top Box)	NRW	Germany	UC	2025	1,487	4,851
Heerenveen	Randstad	Netherlands	UC	2025	561	771
New developments
Roedelheim	Frankfurt	Germany	UC	2025	7,329	20,928
Dusseldorf Neuss	NRW	Germany	UC	2025	5,814	16,759
1 property	NRW	Germany	CPA	2025	6,174	16,178
1 property (Top Box)	NRW	Germany	PS	2025	4,068	9,882
Wangen	Stuttgart	Germany	UC	2025	7,049	17,056
Leinfelden	Stuttgart	Germany	UC	2025	6,620	20,083
Beverwijk	Randstad	Netherlands	UC	2025	4,353	9,260
1 property	Randstad	Netherlands	PS	2025	4,363	11,043
1 property	Randstad	Netherlands	PS	2025	3,347	9,189
1 property	Randstad	Netherlands	PS	2025	5,352	11,537
Bolton (Lok'nStore)	Greater Manchester	UK	UC	2025	5,351	9,226
Barking - Dagenham (Lok'nStore)	London	UK	UC	2025	7,822	13,323

Scheduled to open in 2026					93,229	232,958
Major redevelopments
Porte de Clignancourt	Paris	France	UC	2026	822	7,240
New developments
1 property	Berlin	Germany	PS	2026	10,253	27,824
1 property	Berlin	Germany	CPA	2026	6,734	17,250
1 property (Top Box)	Frankfurt	Germany	PS	2026	4,958	11,148
1 property	Frankfurt	Germany	PS	2026	5,865	13,254
1 property	NRW	Germany	CPA	2026	7,219	16,634
1 property	Stuttgart	Germany	PS	2026	6,748	19,715
1 property	London	UK	PS	2026	6,558	22,132
1 property	London	UK	PS	2026	7,365	22,068
1 property	London	UK	PS	2026	6,374	21,409
Cheshunt (Lok'nStore)	East of England	UK	UC	2026	5,602	8,674
Altrincham (Lok'nStore)	Greater Manchester	UK	UC	2026	5,937	10,052
Eastbourne - Lottbridge Drove (Lok'nStore)	South East	UK	CPA	2026	5,351	7,703
Milton Keynes - Crownhill (Lok'nStore)	South East	UK	CPA	2026	6,466	18,077
Bournemouth (Lok'nStore)	South West	UK	CPA	2026	6,977	9,779

Total portfolio expansion 365,010 1,047,367

1 CPA = signed conditional purchase agreement and building permit process ongoing, PS = building permit submitted, UC = under construction and C = completed.

2 Including development fees but excluding absorption costs.

3 Direct access units in France, Germany and the Netherlands.

4 Three stores in Berlin and three stores in Hamburg.

5 Price excludes transaction costs and development pipeline. Number of stores includes one development opened in April (Staines).

In the first half of 2024, our total expansion pipeline continued to grow, with 26.2% (or 365,010 sqm) of our rentable sqm realized, being developed, acquired, under construction and secured, compared to 10.1% (or 136,131 sqm) in H1 2023.

Our pipeline represents a direct cost project value of c. €1,047 million for the three coming years (2024-26) and will deliver an additional NOI return of 8% to 9% at maturity (c. €90 million per year at maturity).

PROPERTY LAYOUT

Although the size of our properties varies, most consist of multi-story buildings. The rental units typically range from one to 20 sqm in size. The average unit size is approximately six sqm, although unit sizes are typically smaller in major metropolitan areas. As of June 30, 2024, we had approximately 800 units on average at each property, and our properties had an average rentable area of over 5,100 sqm.

OPERATIONAL AND FINANCIAL REVIEW

GROUP RESULTS

(in € thousands, except where indicated otherwise)	Q2 2024	Q2 2023	+/- CER	H1 2024	H1 2023	+/-	+/- CER
Real estate operating revenue	95,973	87,612	9.2%	189,382	174,382	8.6%	8.2%
Real estate operating expense	(30,508)	(27,588)	10.1%	(70,220)	(63,934)	9.8%	9.4%
Net income from real estate operations	65,465	60,024	8.8%	119,162	110,448	7.9%	7.4%
General, administrative and other expenses	(7,099)	(5,514)	28.7%	(13,769)	(11,474)	20.0%	19.9%
of which depreciation and amortization expense	(1,000)	(832)	20.2%	(1,947)	(1,635)	19.1%	19.1%
Acquisition costs of business combinations	(1,803)	-	N/A	(1,803)	-	N/A	N/A
Royalty fee expense	(945)	(863)	9.1%	(1,865)	(1,720)	8.4%	8.0%
Other expenses	(710)	-	N/A	(1,425)	-	N/A	N/A
Operating profit before property related adjustments	54,908	53,647	2.0%	100,300	97,254	3.1%	2.7%
Valuation gain from investment property and investment property under construction and gain on disposal	148,854	124,011	19.3%	148,854	124,011	20.0%	19.3%
Operating profit	203,762	177,658	14.1%	249,154	221,265	12.6%	12.0%
Finance costs	(5,762)	(5,342)	7.4%	(11,318)	(10,679)	6.0%	5.3%
Finance income	4,105	388	958.0%	6,050	701	763.1%	763.1%
Profit before tax	202,105	172,704	16.4%	243,886	211,287	15.4%	14.8%
Income tax income/(expense)	(44,684)	(33,269)	34.3%	(54,662)	105,667	-151.7%	-149.5%
Attributable profit for the period	157,421	139,435	12.2%	189,224	316,954	-40.3%	-41.4%
Profit attributable to non controlling interests	(410)	(458)	-10.5%	(489)	(543)	-9.9%	-9.9%
Profit attributable to ordinary equity holders of the parent	157,011	138,977	12.2%	188,735	316,411	-40.4%	-41.4%
Earnings per share attributable to ordinary equity holders of the parent:
Basic, profit for the period (in €)	1.74	1.56	10.8%	1.94	3.55	-45.4%	-46.4%
Diluted, profit for the period (in €)	1.73	1.55	12.3%	1.93	3.53	-45.3%	-45.8%
Adjusted EPRA earnings per share (basic - in €)	0.45	0.47	-4.6%	0.80	0.81	-0.3%	-1.4%
Average number of shares (basic - in millions)	97.3	89.1	9.2%	97.3	89.1	9.2%	9.2%

The following discussion of Group revenue and expenses down to underlying EBITDA is on a constant exchange rate (CER) basis, where 2023 actual exchange rate (AER) numbers are recalculated using 2024 exchange rates.

REAL ESTATE OPERATING REVENUE

Our real estate operating revenue is comprised of property operating revenue, which includes rental revenue, fee income from customer goods coverage and ancillary revenue, and other revenue.

(in € thousands)	Q2 2024	Q2 2023	+/-	H1 2024	H1 2023	+/-
Rental revenue	84,495	76,753	10.1%	166,591	152,900	9.0%
Fee income from customer goods coverage1	8,896	8,321	6.9%	17,531	16,539	6.0%
Ancillary revenue2	2,527	2,762	-8.5%	5,149	5,556	-7.3%
Property operating revenue (CER)	95,918	87,836	9.2%	189,271	174,995	8.2%
Other revenue3	55	56	-1.8%	111	111	0.0%
Real estate operating revenue (CER)	95,973	87,892	9.2%	189,382	175,106	8.2%
Foreign exchange	-	(280)	-100.0%	-	(724)	-100.0%
Real estate operating revenue (AER)	95,973	87,612	9.5%	189,382	174,382	8.6%

1 Fee income from providing customer goods coverage is in scope of IFRS 15, except for UK, to which IFRS 17 applies.

2 Ancillary revenue consists of merchandise sales and other revenue from real estate operations.

3 Other revenue consists of management fee revenue and other, non-recurring income resulting from operations.

Rental Revenue

Rental revenue is derived from our core business of renting storage units. The key levers of rental revenue growth are more storage space (from acquisitions, new developments, and redevelopments), as well as higher occupancy levels and higher rental rates.

In H1 2024, rental revenue increased by 9.0% to €166.6 million, from €152.9 million in H1 2023. This was driven by an increase in rental rates combined with stable occupancy at our same stores, and the solid performance of our non-same stores during their "ramp-up" phase, where occupancy and rental rates also rose strongly. Across our expanded network, our closing rented sqm increased by 5.6% to 1,268 thousand sqm as of June 30, 2024 from 1,201 thousand sqm on June 30, 2023.

Fee income from customer goods coverage

Customers renting storage from Shurgard are required to have coverage for their stored goods. They can use their own insurance provider or Shurgard can offer customer goods protection. Any advice and claims regarding customer goods coverage are directly handled by our insurance broker/insurer. Since 2021, the Company manages its insurable risks through a combination of self-insurance and commercial insurance coverage for property damage, business interruption and customer goods-related claims via our insurance captive.

As of January 1, 2024, the Company has implemented for its UK tenants "SHURprotect", a program whereby UK tenants are compensated for damages to their goods directly by the Group's UK subsidiary. In essence, Shurgard UK is subject to claims up to GBP 15,000 from tenants via this program in exchange for a fee (i.e. premium). The insurance intermediary indemnifies the UK subsidiary via a contractual arrangement and, similar to the situation in 2023, cedes via a quota share reinsurance agreement the claims to the Company.

As of June 30, 2024, fee income from customer goods coverage increased by 6.0% to €17.5 million (H1 2023: €16.5 million). This was driven by our non-same stores, an increase in the proportion of new customers in our same store segment and an increase in the insurance premium.

Ancillary Revenue

Ancillary revenue is derived from the sale of products (cardboard boxes, locks and tape) in our properties. It also includes other revenue from real estate operations. Ancillary revenue decreased from €5.6 million to €5.1 million between H1 2023 and H1 2024, driven by lower merchandise sales.

REAL ESTATE OPERATING EXPENSE

(in € thousands)	Q2 2024	Q2 2023	+/-	H1 2024	H1 2023	+/-
Payroll expense	11,263	10,584	6.4%	22,213	21,374	3.9%
Real estate and other taxes	2,829	2,632	7.5%	15,067	13,916	8.3%
Repairs and maintenance	3,225	3,176	1.5%	6,582	6,848	-3.9%
Marketing expense	2,706	2,534	6.8%	5,262	4,629	13.7%
Utility expense	1,264	918	37.7%	2,944	1,995	47.6%
Doubtful debt expense	1,647	1,478	11.4%	3,239	2,753	17.7%
Cost of insurance and merchandise sales1	1,123	950	18.2%	2,233	2,280	-2.1%
Other operating expenses2	6,451	5,428	18.8%	12,680	10,410	21.8%
Real estate operating expense (CER)	30,508	27,700	10.1%	70,220	64,205	9.4%
Foreign exchange	-	(112)	-100.0%	-	(271)	-100.0%
Real estate operating expense (AER)	30,508	27,588	10.6%	70,220	63,934	9.8%

1 For the six months ended June 30, 2024, the aggregate of cost of insurance and merchandise sales and other operating expense included €1.5 million captive reinsurance revenue and €1.2 million captive reinsurance service expense in scope of IFRS 17. For the six months ended June 30, 2023, the aggregate of cost of insurance and merchandise sales and other operating expense included €1.4 million captive reinsurance revenue and €0.9 million captive reinsurance service expense in scope of IFRS 17.

2 Other operating expenses mainly include travel expenses, legal and consultancy fees, insurance expenses, non-deductible VAT, information system expenses and property lease expenses.

During the first half of 2024, our real estate operating expenses went up by 9.4% at CER. This is mainly attributable to an increase in other operating expenses (€2.3 million) following (i) a one-off credit in irrecoverable VAT prior year, (ii) higher card processing fees following transition to a new integrated and standardized payment platform at the start of the year, (iii) higher tax consulting fees following the addition of new legal entities and (iv) the addition of new stores. Further, and in line with our expectations, real estate and other taxes have gone up by €1.2 million, mainly driven by France and UK. Utility expenses increased by €0.9 million due to price increases. Payroll expenses went up by €0.8 million due to the addition of properties. Finally, marketing expenses increased by €0.6 million, reflecting the higher costs of online advertising.

NET INCOME FROM REAL ESTATE OPERATIONS

Net income from real estate operations reflects the real estate operating revenue minus the real estate operating expenses incurred in running our operations. Net income from real estate operations rose by 7.4%, to €119.2 million in H1 2024, from €110.9 million in H1 2023. The growth indicates the strong strategic position of Shurgard's operating platform. We can leverage economies of scale as we acquire or develop properties, using our standardized IT and marketing platform to contain costs and ensure our revenues grow faster than our normalized expenses.

Segment information

The following table shows the development of our property network (same stores and non-same stores) and our property operating revenue split by the two segments on a year-on-year basis.

(at CER)	Q2 2024	Q2 2023	+/-	H1 2024	H1 2023	+/-
Same stores	245	245	-	245	245	-
Non-same stores	36	21	15	36	21	15
All Store	281	266	15	281	266	15
Same store property operating revenue in € thousands	87,406	83,309	4.9%	173,769	166,317	4.5%
Non-same store property operating revenue in € thousands	8,512	4,527	88.0%	15,502	8,678	78.6%
All store property operating revenue in € thousands	95,918	87,836	9.2%	189,271	174,995	8.2%

Same stores

"Same stores" are all developed properties that have been in operation for at least three full years, and all acquired properties that we have owned for at least one full year from the start of the year. The following table shows certain performance measures across our same store portfolio.

(at CER )
Property KPIs at period end	Q2 2024	Q2 2023	+/-	H1 2024	H1 2023	+/-
Number of properties	245	245	-	245	245	-
Closing rentable sqm1	1,249	1,237	1.0%	1,249	1,237	1.0%
Closing rented sqm2	1,130	1,123	0.6%	1,130	1,123	0.6%
Closing occupancy rate3	90.5%	90.8%	-0.4pp	90.5%	90.8%	-0.4pp
Property KPIs for the period
Average rented sqm4	1,122	1,117	0.4%	1,116	1,114	0.2%
Average occupancy rate5	89.8%	90.4%	-0.5pp	89.5%	90.1%	-0.5pp
Average in-place rent (in € per sqm)6	275.6	261.4	5.4%	275.2	261.8	5.1%
Average revPAM (in € per sqm)7	279.9	269.5	3.8%	278.8	269.1	3.6%
Financial KPIs for the period
Property operating revenue8 in € thousands	87,406	83,309	4.9%	173,769	166,317	4.5%
Income from property (NOI)9 in € thousands	60,684	57,873	4.9%	112,406	107,551	4.5%
NOI margin10	69.4%	69.5%	0.0pp	64.7%	64.7%	0.0pp

1 Closing rentable sqm is presented in thousands of sqm and calculated as the sum of available sqm for customer storage use at our stores, as of the reporting date.

2 Closing rented sqm is presented in thousands of sqm and calculated as the sum of sqm rented by customers, as of the reporting date.

3 Closing occupancy rate for our same stores is presented as a percentage and calculated as the closing rented sqm in our same stores divided by closing rentable sqm in our same stores, each as of the reporting date.

4 Average rented sqm is presented in thousands of sqm and calculated as the sum of sqm rented by customers, for the reporting period.

5 Average occupancy rate for our same stores is presented as a percentage and is calculated as the average of the rented sqm in our same stores divided by the average of the rentable sqm in our same stores, each for the reporting period.

6 Average in-place rent is presented in euros per sqm per year and calculated as rental revenue, divided by the average rented sqm for the reporting period.

7 Average revPAM, which stands for revenue per available sqm, is presented in euros per sqm per year for the reporting period and calculated as property operating revenue, divided by the average rentable sqm for the reporting period.

8 Property operating revenue for our same stores represents our revenue from operating our same stores, and comprises our rental revenue, fee income from customer goods coverage and ancillary revenue.

9 Income from property operations (NOI) for our same stores is calculated as property operating revenue less real estate operating expense for our same stores, each for the reporting period.

10NOI margin for our same stores is calculated as income from property (NOI) divided by property operating revenue for our same stores, each for the reporting period.

Our average rented sqm remained stable in H1 2024, at 1,116 thousand sqm, 0.2% higher than the same period last year. The average in-place rent per sqm for our same store facilities grew by 5.1% to €275.2 in H1 2024 from €261.8 in 2023.

Property operating revenue generated by our same store facilities increased by €7.5 million or 4.5% to €173.8 million in the first six months of 2024, driven by improvements in average in-place rental rates and higher average rented sqm (up by 0.2%).

Income from property (NOI) for our same stores rose from €107.6 million in H1 2023 to €112.4 million in H1 2024, reflecting our ability to control operating expenses and leverage strong sales. NOI margin for our same stores remained stable at 64.7% in H1 2024 versus the prior year period despite the high inflationary environment.

Non-same stores

Non-same stores are any properties that are not classified as same store in a given year. Occupancy and in-place rent can vary greatly between these properties depending on their maturity.

Non-same store property operating revenue increased from €8.7 million in H1 2023 to €15.5 million in H1 2024. This increase was due to the continued "ramp-up" at our new properties and the net addition of 15 non-same stores.

OPERATIONS BY COUNTRY

All store Property operating revenue
(in € thousands at CER)	Q2 2024	Q2 2023	+/-	H1 2024	H1 2023	+/-
France	21,889	20,895	4.8%	43,374	41,754	3.9%
The Netherlands	20,481	19,015	7.7%	40,577	37,546	8.1%
The United Kingdom	19,037	17,709	7.5%	37,684	35,215	7.0%
Sweden	11,537	11,418	1.0%	23,140	23,080	0.3%
Germany	11,789	8,353	41.1%	22,280	16,516	34.9%
Belgium	7,065	6,566	7.6%	14,017	13,107	6.9%
Denmark	4,120	3,880	6.2%	8,199	7,777	5.4%
Total	95,918	87,836	9.2%	189,271	174,995	8.2%
Same store Property operating revenue (in € thousands at CER)	Q2 2024	Q2 2023	+/-	H1 2024	H1 2023	+/-
France	20,230	19,649	3.0%	40,187	39,390	2.0%
The Netherlands	18,932	17,867	6.0%	37,632	35,329	6.5%
The United Kingdom	17,750	16,829	5.5%	35,270	33,494	5.3%
Sweden	11,065	11,064	0.0%	22,238	22,413	-0.8%
Germany	8,244	7,454	10.6%	16,226	14,807	9.6%
Belgium	7,065	6,566	7.6%	14,017	13,107	6.9%
Denmark	4,120	3,880	6.2%	8,199	7,777	5.4%
Total	87,406	83,309	4.9%	173,769	166,317	4.5%

Same store Average occupancy rate1
France	Q2 2024 89.3%	Q2 2023 89.2%	+/- 0.1pp	H1 2024 88.9%	H1 2023 88.8%	+/- 0.1pp
The Netherlands	90.9%	91.6%	-0.6pp	90.9%	91.1%	-0.2pp
The United Kingdom	87.1%	87.8%	-0.6pp	86.6%	87.7%	-1.1pp
Sweden	90.9%	91.7%	-0.8pp	90.4%	91.3%	-1.0pp
Germany	88.7%	90.3%	-1.6pp	88.9%	90.2%	-1.3pp
Belgium	91.7%	92.2%	-0.5pp	91.3%	92.1%	-0.7pp
Denmark	90.6%	91.1%	-0.5pp	90.7%	91.5%	-0.8pp
Total	89.8%	90.4%	-0.5pp	89.5%	90.1%	-0.5pp

Same store Average in-place rent2 (at CER)	Q2 2024	Q2 2023	+/-	H1 2024	H1 2023	+/-
France	271.1	262.8	3.2%	270.4	264.4	2.3%
The Netherlands	243.1	228.8	6.2%	242.2	227.5	6.5%
The United Kingdom	390.4	362.9	7.6%	388.4	361.4	7.5%
Sweden	235.4	235.2	0.1%	238.4	239.4	-0.4%
Germany	292.2	266.8	9.5%	291.7	266.0	9.7%
Belgium	232.0	211.3	9.8%	231.0	211.2	9.4%
Denmark	301.7	285.3	5.7%	301.0	284.9	5.7%

SHURGARD HALF YEAR REPORT 2024

Same store NOI margin3 (at CER)	Q2 2024	Q2 2023	+/-	H1 2024	H1 2023	+/-
France	68.2%	69.5%	-1.3pp	55.2%	56.6%	-1.4pp
The Netherlands	73.4%	72.9%	0.5pp	70.0%	69.9%	0.1pp
The United Kingdom	61.7%	61.9%	-0.2pp	63.2%	63.0%	0.2pp
Sweden	72.4%	72.4%	0.0pp	70.3%	69.7%	0.6pp
Germany	72.1%	70.2%	1.9pp	68.6%	68.7%	-0.1pp
Belgium	73.3%	72.1%	1.2pp	64.3%	62.2%	2.1pp
Denmark	70.5%	72.2%	-1.7pp	70.6%	70.9%	-0.3pp
Total	69.4%	69.5%	0.0pp	64.7%	64.7%	0.0pp

1 Average occupancy rate is presented as a percentage and is calculated as the average of the rented sqm divided by the average of the rentable sqm, each for the reporting period.

2 Average in-place rent is presented in euros per sqm per year and calculated as rental revenue divided by the average rented sqm, each for the reporting

period. 3 NOI margin is calculated as income from property (NOI) divided by property operating revenue, each for the reporting period.

Compared to the same prior year period, our all store revenue grew by 8.2% in H1 2024, to €189.3 million, confirming positive Q1 trends. This was achieved through the robust performance of existing stores as well as 15 new stores offering 7.2% additional rentable sqm versus 2023.

Same store revenue in H1 2024 grew by 4.5% compared to the prior year same period, fuelled by an average rent increase of 5.1%. Germany, Belgium, the Netherlands, Denmark & UK have performed robustly during this first half-year.

In France, same store revenue grew in H1 2024 by 2.0% compared to the same prior year period. This is attributable to a 2.3% rise in average rent, with occupancy stable at 88.9%;
The Netherlands continued to perform very well on a same store basis. Revenue increased by 6.5% and driven by increased rents, with high stable average occupancy (90.9%);
The United Kingdom has shown a strong same store revenue growth of 5.3%, driven by an increase in rental rates (+7.5%), while average occupancy slightly decreased (86.6%, -1.1pp);
In Q2 2024, Sweden's revenue was stable with Q2 2023, inverting the negative trend of Q1 2024 and leading to a cumulated revenue during the first six months of 2024 close to last year (-0.8%). The occupancy has slightly decreased but remains high (90.4%);
In Germany, the impressive Q1 growth accelerated in Q2, leading to a revenue increase of 9.6% in H1. Rental rates were 9.7% higher than last year while the occupancy decreased (-1.3pp), but nevertheless remained close to target levels (88.9%);
The H1 revenue growth in Belgium amounted to 6.9% (+7.6% in Q2 compared to the same period last year) thanks to a significant increase in rental rates (+9.4%) and a strong occupancy at 91.3% (-0.7pp);
In Denmark (Copenhagen), rental rates rose by 5.7%, partly offset by a 0.8pp occupancy decline (although occupancy remained high at 90.7%) versus the prior year, resulting in revenue growth of 6.2% in Q2 (accelerating from Q1) and leading to a 5.4% cumulated increase in H1;
Shurgard's overall same store revenue performance was positively impacted by a stronger GBP (+3% or +€0.8 million) partly countered by a weaker SEK (-1% or -€0.1 million) against euros.

(in € thousands, at CER)	Q2 2024	Q2 2023	+/-	H1 2024	H1 2023	+/-
Payroll expense	3,213	2,857	12.5%	6,371	6,081	4.8%
Share-based compensation expense	1,097	959	14.4%	2,220	2,224	-0.2%
Capitalization of internal time spent on development	(1,119)	(976)	14.7%	(2,370)	(2,010)	17.9%
Depreciation and amortization expense	1,000	832	20.2%	1,947	1,635	19.1%
Other general and administrative expenses1	2,908	1,842	57.9%	5,601	3,557	57.5%
Total	7,099	5,514	28.7%	13,769	11,487	19.9%

GENERAL, ADMINISTRATIVE AND OTHER EXPENSES

1 Other general and administrative expenses mainly include legal, consultancy and audit fees and non-deductible VAT.

General, administrative and other expenses increased by 19.9%, from €11.5 million in H1 2023 to €13.8 million in H1 2024. This mainly came from other general and administrative expenses which increased by €2.0 million. This increase reflects higher tax advisory fees following recent acquisitions and developments and consequential increased external audit and other advisory fees. Our payroll expenses have gone up by €0.3 million versus the prior year, mainly resulting from new hires to support our development plans, while the capitalization of internal time spent went up by €0.4 million, reflecting our increased development pipeline. Depreciation and amortization also ended up €0.3 million higher, following our continued investment in IT improvement and digitalization projects.

ROYALTY FEE EXPENSE

We pay our shareholder Public Storage a royalty fee equal to 1.0% of revenues (net of doubtful debt expenses) in exchange for the rights to use the "Shurgard" trade name and other services. In H1 2024, we incurred royalty fees of €1.9 million.

OTHER EXPENSES

Other expenses for the six months ended June 30, 2024 consist of €1.4 million non-recurring implementation cost for our new ERP system, which have been fully expensed in line with recently issued IFRS guidance.

OPERATING PROFIT BEFORE PROPERTY RELATED ADJUSTMENTS

Operating profit before property related adjustments increased by 3.1%, from €97.3 million in H1 2023 to €100.3 million in H1 2024, reflecting the operational strength of the core business (before non-cash adjustments and exceptional items).

UNDERLYING EBITDA

(in € thousands)	Q2 2024	Q2 2023	+/-	H1 2024	H1 2023	+/-
Operating profit before property related adjustments	54,908	53,647	2.4%	100,300	97,254	3.1%
Depreciation and amortization expense	1,000	832	20.2%	1,947	1,635	19.1%
Other1	2,521	58	N/A	3,565	67	N/A
Underlying EBITDA (AER)	58,429	54,537	7.1%	105,812	98,956	6.9%
Foreign exchange	-	162	-100.0%	-	430	-100.0%
Underlying EBITDA (CER)	58,429	54,698	6.8%	105,812	99,386	6.5%

1 Other includes (i) acquisition and dead deals costs (€1.8 million), (ii) cease-use lease expense (nihil) and (iii) ERP implementation fees and costs of capital raise (€0.7 million).

At constant exchange rates, underlying EBITDA rose by 6.5% in the first half of 2024, from €99.4 million the previous year to €105.8 million this year, mainly supported by an increase in property operating revenue of 8.2%.

VALUATION GAINS FROM INVESTMENT PROPERTY, INVESTMENT PROPERTY UNDER CONSTRUCTION AND RIGHT-OF-USE INVESTMENT PROPERTY

The Company recognized a valuation gain from investment property, investment property under construction and the Right of Use Investment Property (ROU IP) of €148.9 million for the first six months of 2024, which compares to a valuation gain of €124.0 million for the same period last year. The valuation assumptions made by external valuers Cushman & Wakefield include predicted occupancy levels, rental rates, expenses and other factors that, depending on each assumption, can cause substantial fluctuations in valuation gains each year. Exit cap rate remained in line with the previous valuation (from 5.22% in December 2023 to 5.12% on June 30, 2024).

The valuation gain of €148.9 million, combined with capital expenditure, remeasurement of ROU assets, acquisitions of investment property, and favorable exchange rate fluctuations, resulted in an increase in total investment property value of €361.9 million to €5,397.7 million (increase of 7.2%), compared to December 31, 2023.

OPERATING PROFIT

Operating profit increased by 12.6% from €221.3 million in H1 2023 to €249.2 million in H1 2024, largely driven by €24.8 million higher gains on valuation from investment property.

(in € thousands)	H1 2024	H1 2023	+/-
Finance costs	11,296	10,597	6.6%
Finance income	(6,050)	(701)	N/A
Foreign exchange (gain)/loss	22	81	-72.5%
Finance cost, net	5,268	9,977	-47.2%

FINANCE COSTS, NET

Net finance costs decreased by 47.2% (or €4.7 million) to €5.3 million in H1 2024 from €10.0 million in H1 2023. This is mainly due to higher interest income on short term deposits and the recognition of a €2.9 million positive fair value adjustment on a Deal Contingent Forward (''DCF'') with J.P. Morgan SE (''JPM"), entered on in connection with the financing of the acquisition of Lok'nStore (see notes 13 and 19).

VALUATION GAINS ON DERIVATIVES

In connection with the acquisition of Lok'nStore, we entered into a €500 million bridge loan facility agreement with JP Morgan Chase Bank. In order to avoid foreign exchange rate risk, the Company entered into a Deal Contingent Forward (''DCF'') with JP Morgan SE, fixing the payment by JPM of a notional amount of £430 million in exchange for an amount in euros that is equal to the notional amount divided by a contract exchange rate, depending on the settlement date. At June 30, 2024, the fair value of the DCF was €2.9 million, recognized in the profit and loss.

SHURGARD HALF YEAR REPORT 2024

INCOME TAX EXPENSE

(in € thousands)	H1 2024	H1 2023	+/-
Current tax expense	16,668	16,005	4.1%
Deferred tax (income) / expense	37,994	(121,672)	-131.2%
Income tax (income) / expense	54,662	(105,667)	-151.7%
Adjusted EPRA earnings effective tax rate1	17.6%	18.2%	-0.7pp

1 Adjusted EPRA earnings effective tax rate is current tax expenses divided by adjusted EPRA earnings before tax.

Current tax expense increased by €0.7 million from €16.0 million in H1 2023 to €16.7 million in H1 2024. The adjusted EPRA earnings effective tax rate for H1 2024 ended at 17.6%, compared to 18.2% in H1 2023, reflecting the impact of a full period of UK REIT status.

ATTRIBUTABLE PROFIT AND ATTRIBUTABLE PROFIT PER SHARE

For H1 2024, €188.7 million (H1 2023: €316.4 million) profit was attributable to the shareholders of Shurgard Self Storage Ltd, and €0.5 million (H1 2023: €0.5 million) was attributable to non-controlling interests. Based on the average number of shares (H1 2024: 97.3 million), this translates to basic earnings of €1.94 per share.

EPRA KPIS

(in € thousands, except where indicated)	H1 2024	H1 2023	+/-
EPRA Earnings	79,105	69,505	13.8%
Adjusted EPRA Earnings	78,169	71,807	8.9%
EPRA Net Initial Yield (NIY)	5.2%	5.6%	-0.4pp
EPRA Net Initial Yield 'topped-up' NIY	5.2%	5.6%	-0.4pp

We have identified certain non-GAAP measures that we believe give a good reflection of the performance of our underlying business. They are based on definitions from the European Public Real Estate Association (EPRA) in their best practice guidelines dated August 2022. They include EPRA earnings and adjusted EPRA earnings which are presented in detail below. The basis on which we calculate these EPRA KPIs are illustrated in the Appendix of the Half Year Report (Alternative Performance Measures).

EPRA EARNINGS

(in € thousands, except for EPRA EPS)	H1 2024	H1 2023	+/-
Profit attributable to ordinary equity holders of the parent	188,735	316,411	-40.4%
Adjustments:
Gain on revaluation of investment properties1	(148,851)	(124,010)	20.0%
Acquisition costs of business combinations and other2	1,800	(1)	N/A
Changes in fair value of financial instruments and associated close-out costs	(2,902)	-	N/A
Current and deferred tax in respect of EPRA adjustments	40,021	(123,708)	-132.4%
Non-controlling interests in respect of the above	302	812	-62.8%
EPRA earnings	79,105	69,505	13.8%
EPRA earnings per share (basic - in €)	0.81	0.78	4.2%
EPRA earnings per share (diluted - in €)	0.81	0.78	4.4%

1 Including investment property under construction and right-of-use investment property assets.

2 Acquisition costs of business combinations and other includes: (i) acquisition costs of business combinations, (ii) dead deal costs, and (iii) gain on disposal of property, plant and equipment

EPRA earnings exclude acquisition costs which can fluctuate depending on the number and size of acquisitions, the gains or losses on the revaluation of investment property, and other asset sales which are not part of the operational running of the business.

ADJUSTED EPRA EARNINGS

(in € thousands, except for Adjusted EPRA EPS)	H1 2024	H1 2023	+/-
EPRA earnings	79,105	69,505	13.8%
Company specific adjustments:
Non-recurring expenses1	1,069	136	N/A
Tax adjustments2	(2,005)	2,166	-192.5%
Adjusted EPRA earnings	78,169	71,807	8.9%
Adjusted EPRA earnings per share (basic - in €)	0.80	0.81	-0.3%
Adjusted EPRA earnings per share (diluted - in €)	0.80	0.80	-0.1%

1 Non-recurring expenses/(income) consist for the periods presented of fees related to capital increase and new ERP implementation and cost of converting to UK REIT. 2 Tax adjustments consist of (i) deferred tax expense on items other than revaluation of investment property, (ii) net impact of tax assessments and (iii) current income tax effect of the Company specific adjustment items included in this Adjusted EPRA earnings table.

Adjusted EPRA earnings exclude significant one-off items that arise from events and transactions distinct from the Company's regular operating activities, and deferred tax expenses on items other than the revaluation of investment property. In H1 2024, adjusted EPRA earnings were €78.2 million, 8.9% higher than the €71.8 million in H1 2023.

RECONCILIATION OF UNDERLYING EBITDA TO ADJUSTED EPRA EARNINGS

(in € thousands, at CER)	H1 2024	H1 2023	+/-
Underlying EBITDA	105,812	98,956	6.9%
Net attributable profit adjustments:
Cease-use lease (expense)/benefit & other expenses	(1,425)	(9)	N/A
Other expenses	-	-	N/A
Depreciation and amortization expense	(1,947)	(1,635)	19.1%
Finance costs	(11,318)	(10,679)	6.0%
Finance income	3,148	701	N/A
Current tax expense	(16,668)	(16,005)	4.1%
Non-controlling interests, net of EPRA adjustments	(525)	(236)	122.3%
Company specific EPRA adjustments:
Non-recurring expenses1	1,069	136	N/A
Tax adjustments2	23	578	-96.0%
Adjusted EPRA earnings	78,169	71,807	8.9%

1 Non-recurring expenses/(income) consist of fees related to capital increase, new ERP implementation and cost of converting to UK REIT.

2 Tax adjustments consist of (i) net impact of tax assessments and (ii) current income tax effect of the Company specific adjustment items included in this Adjusted EPRA earnings table.

Adjusted EPRA earnings increased by 8.9% mainly due to a 6.9% increase in underlying EBITDA, lower finance costs (€1.8 million) and further strengthened by the exclusion of the exceptional costs related to the ERP implementation (€1.1 million).

EPRA NAV METRICS

The table below provides a summarized overview of the Company's key Alternative Performance Measures (APM) that are NAV related, consisting of NAV, EPRA NRV, EPRA NTA and EPRA NDV:

(in € thousands)	H1 2024	H1 2023	+/-
Net Asset Value (NAV)	3,764,879	3,128,495	20.3%
EPRA Net Restatement Value (NRV)	4,968,095	4,141,994	19.9%
EPRA Net Tangible Assets (NTA)	4,492,503	3,776,446	19.0%
EPRA Net Disposal Value (NDV)	3,820,441	3,237,108	18.0%

The basis of calculation for each of the measures set out above are illustrated in the Appendix of the Half Year Report (Alternative Performance Measures).

LIQUIDITY

Our primary cash requirements are for operating expenses, debt servicing, improvements to existing properties, developments and acquisitions of new properties, and for the payment of dividends. We expect to continue to fund these requirements with operating cash flows, our existing cash position and future borrowings under our current bank credit facility, other borrowings or possible equity issuances, in line with our financing strategy.

Our loan-to-value ratio on June 30, 2024, was 15.4%, compared to 13.0% as of December 31, 2023. The variation is explained by the increase of our net debt, only partly offset by higher investment property value. We are targeting a loan-to-value ratio of 25%, with a short-to-mid-term maximum of 35%.

We maintain (local currency) cash and cash equivalent balances at banking institutions in most countries we operate. It is our policy that investments of surplus funds are made only with approved counterparties with a minimum investment grade credit rating.

CASH FLOW OVERVIEW

(in € thousands)	H1 2024	H1 2023	+/-
Cash flows from operating activities	78,424	96,162	-18.4%
Cash flows from investing activities	(184,863)	(59,550)	210.4%
Cash flows from financing activities	57,452	(67,258)	-185.4%
Net increase / (decrease) in cash and cash equivalents	(48,987)	(30,646)	59.8%
Effect of exchange rate fluctuation	489	493	N/A
Cash and cash equivalents as of January 1	258,118	87,345	195.5%
Cash and cash equivalents as of December 31	209,620	57,192	266.5%

CASH FLOWS FROM OPERATING ACTIVITIES

Operating cash inflow decreased by 18.4% from €96.2 million in the first half of 2023 to €78.4 million in the first half of 2024. This was mainly due to €23.1 million of unfavorable movements in working capital, partially offset by €3.5 million increased cash flows from operations and €1.9 million decreased income tax payments. The movement in working capital consists of €18.3 million of decreased movements in accrued expenses, VAT payable and accounts payable, €4.5 million decreased movement in trade and other receivables and €0.4 million

decreased movements in deferred revenue.

CASH FLOWS FROM INVESTING ACTIVITIES

Our cash outflow from investing activities increased by €125.3 million, from €59.5 million in the first six months of 2023, to €184.9 million in the first six months of 2024. This was primarily due to €127.5 million increased spending on acquisitions, €0.6 million on intangible assets, and €0.5 million on property, plant and equipment, partially offset by €2.4 million increased income from our cash deposits.

Cash outflows in relation to capital expenditure on investment property under construction and completed investment property slightly decreased from €58.5 million in the first half of 2023 to €57.6 million in the first half of 2024.

These cash flows fluctuate over years, as construction expenditures depend on the stage of the various development projects at that time. In the first six months of 2024, we opened two new properties, and we acquired seven new properties. During the same period last year, we opened two properties and did not acquire any new properties. We refer to our project pipeline included earlier in this report.

CASH FLOWS FROM FINANCING ACTIVITIES

Cash inflow during the six months ended June 30, 2024, was €57.5 million, representing a €124.7 million increase versus the €67.3 million net cash outflow during the same period last year.

The increase of net cash inflow was mainly the result of our €130.0 million net issuance in debt and €0.5 million increased equity issuance. These positive fluctuations were partially offset by €4.8 million increased dividend payment, €0.4 million increased equity issuance and financing related costs and €0.4 million increased interest payments.

EFFECT FROM EXCHANGE RATE FLUCTUATIONS

During both the first six months of 2024 and 2023, we had a €0.5 million positive effect of exchange rate fluctuations on our cash flow movements.

FINANCIAL POSITION

TOTAL ASSETS

During the first six months of 2024, the Company's total assets increased by 17.8% from €5,353.9 million on December 31, 2023, to €5,689.6 million on June 30, 2024, mainly driven by the €361.9 million increase in investment property and investment property under construction ("IPUC"), partially offset by a decrease in cash of €48.5 million.

As of June 30, 2024, approximately 95.2% of the Company's total assets consisted of non-current assets. Investment property (including right-of-use investment property) and IPUC represent 94.9% of total assets.

Investment property

Investment property (including IPUC but excluding IP ROU assets recognized under IFRS 16) increased by 7.3% (or €362.1 million) in the period ended June 30, 2024 to €5,291.4 million. The main reasons are acquisitions of €127.8 million, incremental expenditure of €69.5 million, predominantly for developments and redevelopments, and €13.9 million favorable exchange rate fluctuations. In addition, the Company recognized €150.8 million of favorable fair value revaluation income on its investment property and investment property under construction.

Cash and cash equivalents

The Company had cash and cash equivalents of €209.6 million as of June 30, 2024, compared to €258.1 million cash and cash equivalents as of December 31, 2023, a decrease of €48.5 million.

CAPITAL RESOURCES AND FINANCING STRUCTURE

Shurgard's financial resources comprise the Company's total equity as well as certain debt financing instruments. The Company's total equity increased by €151.2 million from €3,622.1 million on December 31, 2023, to €3,773.3 million on June 30, 2024, mainly due to (i) €189.2 million net profit realized during the period, (ii) €16.3 million revaluation gain on consolidation of our Swedish, Danish and British operations because of favorable currency movements, (iii) €2.2 million increase in share-based compensation reserves and (iv) €0.8 million net proceeds from the issuance of equity. These increases were partially offset by €57.4 million dividend distribution in 2024 regarding the Company's 2023 results.

As of June 30, 2024, the equity ratio was 66.3% (December 31, 2023: 67.7%).

(in € thousands)	H1 2024	FY 2023
Total equity	3,773,273	3,622,122
Total equity and liabilities	5,689,575	5,353,877
Equity ratio	66.3%	67.7%

Shurgard has issued senior guaranteed notes in the years 2014, 2015 and 2021 with maturities varying between 2021 and 2031, of which €800 million remains outstanding as of June 30, 2024. Effective interest rates vary from 1.3% to 3.4%.

Shurgard has a €250 million syndicated revolving loan facility maturing in October 2025 and entered in April 2023 into a €450 million term loan facility agreement with BNP Paribas Fortis Bank NV/SA, Belfius Bank SA/NV, ABN Amro Bank NV, KBC Bank NV/SA and Banque Internationale à Luxembourg SA (with BNP Paribas Fortis bank as agent) with maturity of three years, which has been extended by an additional two years to April 2028. On June 26, 2024, the Company drew €130 million on the term loan facility, leaving a remaining borrowing capacity of €320 million. See Note 19 of our interim consolidated financial statements.

As of June 30, 2024, the commitment fee on the undrawn amounts was equal to 35% of the applicable margins, or 0.16% and 0.42%, respectively.

DIVIDEND

It is the Company's objective to pay dividends in May and September of each year. The amount of any interim or final dividends and the determination of whether to pay dividends in any year may be affected by a number of factors, including our earnings, business prospects and financial performance, the condition of the market, the general economic climate and other factors considered important by the Board of Directors.

Shurgard intends to declare a dividend of €1.17 per share for the full fiscal year. For the first half of 2024, our Board of Directors approved a half-year dividend of €0.58 per share or c. €56.5 million to be paid on or around September 26, 2024.

Shurgard will continue to review its dividend policy to ensure it remains competitive.

EMPLOYEES

Our employees play a crucial role in the success of our organization by providing our customers with outstanding levels of service and support. We facilitate this by ensuring our people are well trained and motivated, with clear career progression, and feel safe and supported at work.

Due to the Company's focus on digitalization, which amongst other initiatives includes our e-rental service, our workforce decreased in H1 2024 compared to the prior year despite the increased number of stores. The following table shows the number of full-time equivalent employees by category of activity as of June 30, 2024 and 2023, respectively:

	H1 2024	H1 2023	+/-
Store personnel	511	542	-31
Operational management	48	49	-1
Support functions	130	125	5
Total	689	716	-27

RISKS

Shurgard is exposed to several risks that are described in detail in the "Principal Risks and Uncertainties" section of the 2023 Annual Report.

EVENTS AFTER THE REPORTING PERIOD

Please refer to Note 25 in the Notes to the consolidated financial statements of this report.

ESG UPDATE

As we reflect on the financial performance of the first half of 2024, we believe it is equally important to provide an update on our ESG journey.

GREEN AND SMART BUILDINGS

We are progressing on our initiatives to make our buildings smarter and greener:

All our stores are now equipped with a smart water reader and leak detection system, supporting further the decrease in our water consumption.
We have retro-fitted our entire portfolio with energy-efficient LED's and start seeing the benefits and strong impact on our electricity consumption.
We are making progress with our heat pump project, whereby we plan to install new heat pumps across our portfolio to replace gas heating by the end of 2029. During the first half of 2024, we replaced conventional heating solutions with heat pumps in an additional 19 buildings, contributing to reducing our carbon emissions in these locations and progressing according to our plans. The preliminary results observed on the electricity consumption increase in stores equipped with these heat pumps are currently better than anticipated, confirming the substantiality of this roll-out in our global Net Zero Carbon (NZC) strategy.
After a test phase of a state-of-the-art smart Building Management System installed in our stores in Belgium and the Netherlands, we have been able to measure the environmental and economic benefits of operating our stores in an optimal way, through online monitoring, metering and control of utilities and devices. We are pleased to confirm that we will further roll-out the installation for our entire portfolio, by the end of 2025, contributing to making our buildings smart and green.

GREEN ENERGY AND SOLAR

We are developing a coherent energy supply strategy, with the aim of making it as neutral as possible for the environment. Today, already 100% of our electricity and more than 70% of our gas are sourced from Renewable Energy Guarantees of Origin (REGO) backed sources.

After embarking on a full technical assessment of our properties in the Netherlands, a country where electricity production has a high carbon intensity, we have similarly started assessing the solar generation potential for our UK portfolio. Based on these detailed assessments, we have concluded that 60 stores were eligible for renewable energy production in both countries, technically and economically, and plan to install more than 20,000 sqm of solar panels on their roofs, for a total expected production of c. 4,000 Mwh per year (c. 17% of our 2023 total portfolio absolute consumption of energy).

We are also currently working on prioritizing installation on stores equipped with heat pumps, to maximize the efficiency and returns of these investments.

HIGH GOVERNANCE AND REPORTING STANDARDS

In 2024, we further increased our Board gender diversity, from 33% to 44%, by welcoming Paula Hay-Plumb as new Board member. We are maintaining our strong governance policies.

On the regulatory front, we continue our journey towards the EU Corporate Sustainability Reporting Directive implementation. We updated and strengthened our double materiality assessment process and are working on further increasing the transparency and consistency of our sustainability reporting.

EUROPEAN LEADER IN SUSTAINABLE SELF-STORAGE OPERATIONS

Over the past few years, we have been solidifying our position as a European leader in sustainable self-storage operations. We are excited that our efforts on this front are being recognized by widely accredited frameworks:

We are proud to be part of the Euronext BEL ESG index.
In 2023, GRESB Global Real Estate Sustainability Benchmark awarded us with an excellent 5-star rating and a score of 91 out of 100, recognizing Shurgard as the sector leader. We participated in the 2024 survey, with the ambition of maintaining a strong rating that evidences our continuous efforts on ESG matters.
After an initial rating in 2022, MSCI confirmed our AA rating in 2024, for a third year in a row, only one grade away from their highest level.

SHURGARD GREEN BOND

On July 23, 2021, the Group, via its financing entity Shurgard Luxembourg S.à.r.l., issued new ten years Senior Notes for €300.0 million. The proceeds of the issue were used to repay Tranche A (€100.0 million) of its 2014 senior guaranteed notes maturing in July 2021, to finance potential acquisitions, and to finance or refinance, in whole or in part, recently completed and future projects that are underpinned by sustainable criteria such as a BREEAM certification (Eligible Green Projects).

As of June 30, 2024, the proceeds allocated to Eligible Green Projects amounted to €289.4 million, representing an increase of €29.6 million compared to December 31, 2023.

A portion of €89.2 million has been used to refinance existing projects at issuance, whereas €200.2 million has been used to finance new projects. A total of €10.6 million unallocated proceeds of the Green Bond remains available and is expected to be used before the Bond maturity.

SHURGARD HALF YEAR REPORT 2024

Store Name	Certification date	Rating	Address	(in € thousands) June 30, 2024
Park Royal	September 9, 2019	Outstanding	London	12,793
Greenwich	February 5, 2019	Excellent	London	14,079
Depford	March 5, 2020	Excellent	London	15,428
Herne Hill	July 16, 2020	Excellent	London	13,886
Barking1	September 30, 2020	Excellent	London	12,697
City Airport	April 1, 2021	Excellent	London	6,044
Camden1	August 17, 2022	Excellent	London	2,941
Chiswick1	June 4, 2024	Excellent	London	24,683
Morangis	October 11, 2022	Very Good	Paris	10,278
Rotterdam Stadionweg1	July 25, 2023	Very Good	Rotterdam	16,365
Lagny	October 20, 2023	Very Good	Paris	10,155
Satrouville	April 22, 2024	Very Good	Paris	9,814
Versailles	April 22, 2024	Very Good	Paris	11,111
Projects with BREEAM certificate "Very Good or Higher"				160,275
Croydon Purley Way	Upcoming certification		London	9,044
Bow	Upcoming certification		London	25,401
Chadwell Heath	Upcoming certification		London	17,900
Tottenham	Upcoming certification		London	20,779
Berlin Charlottenburg-Nord	Upcoming certification		Berlin	14,090
Hayes	Upcoming certification		London	6,010
Wangen	Upcoming certification		Stuttgart	15,439
Neuss	Upcoming certification		Dusseldorf	6,695
Leinfelden	Upcoming certification		Stuttgart	8,271
Southwark	Upcoming certification		London	3,111
Frankfurt Roedelheim	Upcoming certification		Frankfurt	2,347
Other Eligible Green Projects (upcoming certification)				129,088

Total Eligible Green Projects				289,363

1 Interim certificate

Shurgard's Green Bond Committee is held annually and took place on July 9, 2024 to review the Green Bond Framework and the amounts of the net proceeds allocated to the Eligible Projects.

There are several projects where obtaining a (final) certificate is delayed. Actions are being taken to obtain these certificates in the near future. Shurgard's Green Bond Committee did not identify any projects on the list where the required certification would be doubtful at this moment. In addition, the Committee reviewed the total amount spent and noted that it was confident that the unallocated amounts would be spent on Eligible Projects in the foreseeable future.

In addition, the amounts allocated to Green Projects have been reviewed by an independent external audit firm and the reports and auditor's limited assurance on the Eligible Green Projects are available on Shurgard's corporate website: https://www.shurgard.com/corporate/corporate-responsibility/reports-and-publications.

RESPONSIBILITY STATEMENT

By order of the Board, we confirm to the best of our knowledge that:

the interim consolidated financial statements of Shurgard presented in this half-year report and established in conformity with IAS 34 as adopted by the European Union give a true and fair view of the assets, liabilities, financial position and results of Shurgard and its subsidiaries included within the consolidation taken as a whole; and the management report presented in this half-year report includes a fair review of the position and performance, business model and strategy of Shurgard and the subsidiaries included within the consolidation taken as a whole, together with a description of the principal risks and uncertainties they face.

London, August 13, 2024

Marc Oursin Chief Executive Officer

Jean Kreusch Chief Financial Officer INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE SIX MONTHS PERIOD ENDED 30 JUNE 2024 AND 2023

SHURGARD ANNUAL REPORT 2018

(in € thousands)	Notes	June 30, 2024	June 30, 2023
Real estate operating revenue	3,9	189,382	174,382
Real estate operating expense	4,9	(70,220)	(63,934)
Net income from real estate operations		119,162	110,448
General, administrative and other expenses	5	(13,769)	(11,474)
Of which depreciation and amortization expense		(1,947)	(1,635)
Acquisition expense of business combinations	1	(1,803)	-
Royalty fee expense	23	(1,865)	(1,720)
Other expenses	6	(1,425)	-
Operating profit before property related adjustments		100,300	97,254
Valuation gain from investment property and investment property under construction and gain on disposal	10	148,854	124,011
Operating profit		249,154	221,265
Finance costs	7	(11,318)	(10,679)
Finance income1		6,050	701
Profit before tax		243,886	211,287
Income tax (expense)/income	8	(54,662)	105,667
Attributable profit for the period		189,224	316,954
Profit attributable to non-controlling interests		489	543
Profit attributable to ordinary equity holders of the parent		188,735	316,411
Earnings per share in €, attributable to ordinary equity holders of the parent:
Basic, profit for the period		1.94	3.55
Diluted, profit for the period		1.93	3.53

INTERIM CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE SIX MONTHS ENDED JUNE 30

1 Finance income as of June 30, 2024, includes a €2.9 million valuation gain recognized on a derivative instrument measured at fair value at period end, as disclosed in note 13

(in € thousands)	June 30, 2024	June 30, 2023
Profit for the period	189,224	316,954
Other comprehensive income
Items that may be reclassified to profit or loss in subsequent periods:
Foreign currency translation and net investment hedge reserves	16,331	1,325
Net other comprehensive income, net of tax, that may be reclassified to profit or loss in subsequent periods	16,331	1,325
Total comprehensive income for the period, net of tax	205,555	318,279
Attributable to non-controlling interests	(489)	(543)
Attributable to ordinary equity holders of the parent	205,066	317,736

INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(in € thousands)	Notes	June 30, 2024	December 31, 2023
Assets
Non-current assets:
Investment property	10	5,318,024	4,929,819
Investment property under construction	10	79,634	105,951
Property, plant and equipment		3,125	2,482
Intangible assets		8,396	7,657
Deferred tax assets		901	891
Other non-current assets	11	5,206	8,977
		5,415,286	5,055,777
Current assets:
Trade and other receivables	12	19,701	19,730
Derivative instruments	13	2,902	-
Other current assets	14	41,445	19,722
Cash and cash equivalents		209,620	258,118
Current assets, excluding assets held for sale		273,668	297,570
Assets held for sale		621	530
Total current assets, including assets held for sale		274,289	298,100
Total assets		5,689,575	5,353,877
Equity and liabilities
Equity
Issued share capital	15	69,476	69,449
Share premium	16	832,728	831,940
Share-based payment reserve	17	15,013	12,798
Distributable reserves	18	415,401	472,835
Other comprehensive loss		(99,816)	(116,147)
Retained earnings		2,532,077	2,343,342
Total equity attributable to equity holders of the parent		3,764,879	3,614,217
Non-controlling interests		8,394	7,905
Total equity		3,773,273	3,622,122
Non-current liabilities:
Interest-bearing loans and borrowings	19	697,873	698,441
Deferred tax liabilities		734,671	698,836
Lease obligations		106,270	106,389
Total non-current liabilities		1,538,814	1,503,666
Current liabilities:
Interest-bearing loans and borrowings	19	229,924	99,950
Lease obligations		4,643	4,427
Trade and other payables and deferred revenue	20	139,306	118,174
Income tax payable		3,615	5,538
Total current liabilities		377,488	228,089
Total liabilities		1,916,302	1,731,755
Total equity and liabilities		5,689,575	5,353,877

SHURGARD HALF YEAR REPORT 2024

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

									Total
							Other		attributable	Non
		Issued			Share-based		Compre		to shareholders	con
		share	Treasury	Share	payment	Distributable	hensive (loss)	Retained	of the	trolling	Total
(in € thousands)	Notes	capital1	shares	premium1	reserve	reserves1	gain2	Earnings1	Company	interests	equity
On January 1, 2023		63,610	-	540,087	8,562	146,277	(138,422)	2,240,879	2,860,993	6,815	2,867,808
Proceeds from issuance of equity		10	-	312	-	-	-	-	322	-	322
Transaction costs incurred in connection
with issuance of equity		-	-	(1)	-	-	-	-	(1)	-	(1)
Allocation to distributable reserves		-	-	-	-	430,850	-	(430,850)	-	-	-
Cash dividends on ordinary shares
declared and paid		-	-	-	-	(52,587)	-	-	(52,587)	-	(52,587)
Share based compensation expense		-	-	-	2,032	-	-	-	2,032	-	2,032
Net profit		-	-	-	-	-	-	316,411	316,411	543	316,954
Other comprehensive gain		-	-	-	-	-	1,325	-	1,325	-	1,325
On June 30, 2023		63,620	-	540,398	10,594	524,540	(137,097)	2,126,440	3,128,495	7,358	3,135,853
On January 1, 2024		69,449	-	831,940	12,798	472,835	(116,147)	2,343,342	3,614,217	7,905	3,622,122
Proceeds from issuance of equity	15,16	27	-	800	-	-	-	-	827	-	827
Transaction costs incurred in connection
with issuance of equity	16	-	-	(12)	-	-	-	-	(12)	-	(12)
Cash dividends on ordinary shares
declared and paid		-	-	-	-	(57,434)	-	-	(57,434)	-	(57,434)
Share based compensation expense		-	-	-	2,215	-	-	-	2,215	-	2,215
Net profit		-	-	-	-	-	-	188,735	188,735	489	189,224
Other comprehensive gain		-	-	-	-	-	16,331	-	16,331	-	16,331
On June 30, 2024		69,476	-	832,728	15,013	415,401	(99,816)	2,532,077	3,764,879	8,394	3,773,273

1 As per the Companies (Guernsey) law, 2008, distributable reserves also include share capital, retained earnings, and share premium.

2 Other comprehensive loss as of June 30 and January 1, 2024 consists only of the foreign currency translation reserve except for a net investment hedge reserve amounting to €4.9 million and the accumulated result from remeasurement on defined benefit plans (comprehensive income of €0.2 million).

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30

(in € thousands)	Notes	June 30, 2024	June 30, 2023
Operating activities
Profit for the period before tax		243,886	211,287
Adjustments to reconcile profit before tax to net cash flows:
Valuation gain on investment property and investment property under construction and gain on disposal	10	(148,851)	(124,010)
Valuation gain on derivative instruments	13	(2,902)	-
Gain on disposal of right of use assets, other than investment property		(3)	(1)
Depreciation and amortization expense		1,947	1,635
Share-based compensation expense	17	2,215	2,082
Finance cost, net	7	8,170	9,978
Working capital movements:
Change in trade receivables, other current and non-current assets	11,12,14	(16,276)	(11,808)
Change in other current and non-current liabilities and deferred revenue	20	10,840	29,503
Income tax paid		(20,602)	(22,504)
Cash flows from operating activities		78,424	96,162
Investing activities
Capital expenditures on investment property under construction and completed investment property	10	(57,574)	(58,477)
Capital expenditures on property, plant and equipment		(531)	(20)
Acquisition of investment properties and other assets, net	10	(127,710)	(195)
Acquisition of intangible assets		(2,196)	(1,559)
Interest received		3,148	701
Cash flows from investing activities		(184,863)	(59,550)
Financing activities
Proceeds from the issuance of equity	15,16	827	322
Payment for equity issuance costs	16	(12)	(1)
Proceeds from term loan facility	19	130,000	-
Payment for debt issuance costs	19	(2,215)	(1,785)
Repayment of principal amount of lease obligations		(2,264)	(2,200)
Cash dividends on ordinary shares paid to Company's shareholders	18	(57,434)	(52,587)
Interest paid		(11,450)	(11,007)
Cash flows from financing activities		57,452	(67,258)
Net decrease in cash and cash equivalents		(48,987)	(30,646)
Effect of exchange rate fluctuation		489	493
Cash and cash equivalents on January 1		258,118	87,345
Cash and cash equivalents at the end of the period		209,620	57,192

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

SHURGARD HALF YEAR REPORT 2022

1.	Corporate information 47
2.	Basis of preparation, changes in accounting policies 48
3.	Real estate operating revenue 51
4.	Real estate operating expense51
5.	General, administrative and other expenses 52
6.	Other expenses 52
7.	Finance costs 52
8.	Income tax 53
9.	Segment information 53
10.	Investment property and investment property under construction 56
11.	Other non-current assets 56
12.	Trade and other receivables57
13.	Derivative instruemnts57
14.	Other current assets57
15.	Issued share capital58
16.	Share premium 58
17.	Share-based payment reserve 58
18.	Distributable reserves and distributions made58
19.	Interest-bearing loans and borrowings 59
20.	Trade and other payables and deferred revenue61
21.	Share-based compensation expense 61
22.	Insurance 62
23.	Related party disclosures 65
24.	Contingencies, commitments and guarantees 65
25.	Events after the reporting period 65

1. CORPORATE INFORMATION

The Company is incorporated in Guernsey and is resident in UK for tax purposes. It has been listed on Euronext Brussels since October 15, 2018 (ticker "SHUR").

Our principal business activities are the acquisition, development and operation of self-storage facilities providing month-to-month leases for business and personal use. We also provide ancillary services at our self-storage properties consisting primarily of sales of storage products (merchandise) and protection of customers' stored goods.

As of June 30, 2024, we operate 282 self-storage facilities including one under management contract (276 selfstorage facilities as of December 31, 2023) in France, the Netherlands, the United Kingdom, Sweden, Germany, Belgium and Denmark.

SIGNIFICANT EVENTS AND TRANSACTIONS

This interim report only provides an explanation of events and transactions that are significant to an understanding of the changes in financial position and reporting since the last annual reporting period and should therefore be read in conjunction with the consolidated financial statements for the financial year ended on December 31, 2023.

In the months of January and February of 2024, the Group acquired six self-storage properties in Germany. This acquisition has been accounted for as an acquisition of assets, with the acquisition cost (total of €124.8 million, including €5.1 million of capitalized transaction costs) being allocated to the individual identifiable assets and liabilities (if any) based on their relative fair values at the date of purchase. As part of the transaction the Group acquired other net current liabilities for €0.1 million.
In April 2024, the Group acquired one self-storage property in France. This acquisition has been accounted for as an acquisition of assets, with the acquisition cost (total of €8.2 million, including €0.3 million of capitalized transaction costs) being allocated to the individual identifiable assets and liabilities (if any) based on their relative fair values at the date of purchase.
On April 11, 2024, the Company announced a cash offer of £11.10 per share, representing total equity value of £378 million, to acquire the entire issued and to be issued share capital of Lok'nStore Self Storage, a UK competitor. The UK scheme of arrangement to implement the acquisition was subject to Lok'nStore shareholder approval, which was received on June 10, 2024. Closing occurred on August 1, 2024, as of which date Lok'nStore will be included in the Group's financial statements. This acquisition will be accounted for as a business combination under IFRS 3. Until June 30, 2024, the Company has expensed transaction costs of approximately €1.8 million in its consolidated financial statements.

With this acquisition, Shurgard will increase its UK footprint from 47 to 99 stores (including management contract stores) over the coming years and expand beyond London to Manchester and the South East region.

At announcement day, Shurgard also entered into a Bridge Financing Facility for €500 million and a Deal Contingent Forward to fix the exchange rate for delivering the purchase price in GBP.

2. BASIS OF PREPARATION, CHANGES IN ACCOUNTING POLICIES

The interim consolidated financial statements as of and for the six months ended June 30, 2024 have been prepared in accordance with Accounting Standard IAS 34 Interim Financial Reporting, as adopted by the European Union ("EU").

The interim consolidated financial statements are presented in euros and all values are rounded to the nearest thousand, except where otherwise indicated.

CHANGES IN ACCOUNTING POLICIES

The accounting policies adopted in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Company's annual consolidated financial statements for the year ended December 31, 2023, except for any standards that were adopted for the first time as from January 1, 2024.

The following new standard and amendments to standards are mandatory for the first time for the financial year beginning January 1, 2024 and have been endorsed by the European Union:

Amendments to IAS 1 "Presentation of Financial Statements: Classification of Liabilities as current or non-current" (effective January 1, 2024), affect only the presentation of liabilities in the statement of financial position — not the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items.
Amendments to IAS 7 "Statement of Cash Flows" and IFRS 7 "Financial Instruments: Disclosures": Supplier Finance Arrangements. The amendment describes the characteristics for which reporters will have to provide additional disclosures regarding the impact of supplier finance arrangements on liabilities, cash flows and exposure to liquidity risk.
Amendments to IFRS 16 "Leases": Lease Liability in a Sale and Leaseback (effective January 1, 2024). The amendments explain how an entity accounts for a sale and leaseback after the date of the transaction, specifically where some or all the lease payments are variable lease payments that do not depend on an index or rate.

These changes in accounting policy did not result in a material change in information in the interim consolidated financial statements.

During the first six months of 2024, there were no changes in the Company's accounting policy choice which resulted in material change in information in the interim consolidated financial statements.

SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

The preparation of the interim consolidated financial statements in conformity with IFRS requires us to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Estimates and assumptions

The key estimates and assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.

• Valuation of Investment Property

The fair value of investment property and investment property under construction is determined by external real estate valuation experts using recognized valuation techniques and the principles of IFRS 13 Fair Value Measurement.

• Share-based payments

Estimating the fair value of share-based payment transactions requires determination of most appropriate inputs to the valuation model, including the expected life of the share option, volatility, etc.

Determination regarding accounting treatment of acquisitions

From time to time, the Group acquires entities that own real estate. At the time of acquisition, the Company considers whether such a transaction represents the acquisition of a business or the acquisition of an asset (a group of assets) for IFRS purposes. The Company accounts for an acquisition as a business combination when the integrated set which includes the property contains processes that have the ability to create output (mainly in the form of rental income). Judgement is required to make this determination and the Group applies the guidance included in IFRS 3 (as amendment) to support its judgement. When the acquisition does not represent a business combination, it is accounted for as an acquisition of assets and liabilities. The cost of the acquisition is allocated to the assets and liabilities acquired based upon their relative fair values, and no goodwill or deferred tax is recognized.

IMPACT OF CLIMATE CHANGE

In preparing the consolidated financial statements, we considered the possible impact of climate change (both physical and transition risks) on our financial statements, in connection with a potential impact on estimates and assumptions applied. For example:

Climate change, including associated regulations, could impact the useful life, residual value and / or repair and maintenance expectations relating to our assets or require additional investments in connection with climate change adaption or mitigation.
The fair value of our investment properties may at one point be affected by climate events, the costs involved by the transition to a low carbon economy or changes to legislation and regulation.
Our customer goods protection contract liabilities include assumptions on the frequency of claims and loss ratios.
Climate risk, and specifically floods, can affect the frequency or magnitude of insured events and have in turn an impact on the claim charges or such liabilities.
Governments in the countries we operate, may enact climate-related changes to tax legislations (e.g. restriction on cost deductibility or penalties), which might negatively impact our ability to generate profits.
Our short-term incentive plans of the management team incorporate sustainability targets, which might impact strategic decisions taken by the Company.

Shurgard's ESG strategy and internal processes aim at considering and addressing the impact climate change might have on our financial statements. Currently, we have not identified any material impact that would require specific disclosure beyond what has been disclosed in our Sustainability Report 2023 or in Note 37 of the Annual Report 2023 as commitments.

As an example, Shurgard targets the replacement of existing gas heating (in 108 stores) with heat-pumps by 2029. In doing so, the Group will incur future capital expenditures. However, currently these are expected - for a not insignificant part - to be replacements of defective or outdated existing heating system and as such replace repair and maintenance or replacement cash outflows that would have been incurred anyway. The Group further intends to roll out comprehensive solar panel strategies by markets, which will result on the one hand in future capital investments, while on the other hand reducing utility costs. Once firm capital expenditure commitments have been identified, they will be included in Note 37 of the Annual Report 2023.

GOING CONCERN

The financial statements are prepared based on the going concern assumptions. This is based on a forecast of the Group's future cash flows. In doing so, the Group considered changes to the principal risks, as disclosed in the Annual Report 2023, considering information for at least, but not limited to, twelve months from the end of the reporting period, that might have an impact on the Group's cash flows and in place covenants and existing committed borrowing facilities.

The assessment included a stress test, which assumed a plausible reduction in future cash flows and the fair value of investment properties, ("plausible Severe Downside scenario"). The outcome of the stress test showed that the Group is expected to continue to comply with all its loan covenants through the going concern period, it has sufficient liquidity to meet its day-to-day cash flows, and loans that mature during the going concern period can be repaid with existing committed finance facilities and cash at hand.

The Group also performed a reverse stress test, which showed that property values could largely more decrease than considered in the stress test, before our covenants would approach the maximum short-term level that is within the Group's financial policy and well below the level permitted under debt covenants.

Finally, the Directors took comfort in the fact that the Group has not granted any assets as security for any financing.

Based on the above, the Directors have not identified any material uncertainties which may cast significant doubt on the Group's ability to continue as a going concern for the duration of the going concern period. Accordingly, the Directors believe it is appropriate to adopt the going concern basis in preparing these financial statements.

3. REAL ESTATE OPERATING REVENUE

Real estate operating revenue for the six months ended June 30 is comprised of the following:

(in € thousands)	June 30, 2024	June 30, 2023
Rental revenue1	166,591	152,264
Fee income from customer goods insurance2	17,531	16,478
Ancillary revenue3	5,149	5,529
Property operating revenue	189,271	174,271
Other revenue4	111	111
Real estate operating revenue	189,382	174,382

1 There were no contingent rentals with customers recognized during the first half of the year 2024.

2 Fee income from providing customer goods coverage is in scope of IFRS 15, except for UK, to which IFRS 17 applies (Note 22).

3 Ancillary revenue consists of merchandise sales and other revenue from real estate operations.

4 Other revenue mainly consists of management fee revenue and other, non-recurring, income resulting from operations.

4. REAL ESTATE OPERATING EXPENSE

Real estate operating expense for the six months ended June 30 consists of the following:

(in € thousands)	June 30, 2024	June 30, 2023
Payroll expense	22,213	21,317
Real estate and other taxes	15,067	13,823
Repairs and maintenance	6,582	6,814
Marketing expense	5,262	4,605
Utility expense	2,944	1,988
Doubtful debt expense1	3,239	2,738
Cost of insurance and merchandise sales2	2,233	2,270
Other operating expenses2,3	12,680	10,379
Real estate operating expense	70,220	63,934

1 Doubtful debt expense for the six months ended June 30, 2024, includes €2.7 million loss on debtors and €0.5 million collection fees and other expense. For the six months ended June 30, 2023, doubtful debt expense included €2.3 million loss on debtors and €0.4 million collection fees and other expense.

2 For the six months ended June 30, 2024, the aggregate of cost of insurance and merchandise sales and other operating expense included €1.5 million captive reinsurance revenue and €1.2 million captive reinsurance service expense in scope of IFRS 17.

For the six months ended June 30, 2023, the aggregate of cost of insurance and merchandise sales and other operating expense included €1.4 million captive reinsurance revenue and €0.9 million captive reinsurance service expense in scope of IFRS 17.

3 Other operating expenses mainly include travel expenses, legal and consultancy fees, insurance expenses, non-deductible VAT, information system expenses and property lease expenses. Of the increase, €0.7 million is attributable to non-deductible VAT, €0.4 million to legal and consultancy fees, €0.3 million to IS expense, €0.3 million to bank charges and €0.2 million to both insurance and travel expense.

5. GENERAL, ADMINISTRATIVE AND OTHER EXPENSES

General, administrative and other expenses for the six months ended June 30 consists of the following:

(in € thousands)	June 30, 2024	June 30, 2023
Payroll expense	6,371	6,060
Share-based compensation expense	2,220	2,222
Capitalization of internal time spent on development of investment property	(2,370)	(1,996)
Depreciation and amortization expense	1,947	1,635
Other general and administrative expenses, net1	5,601	3,553
General, administrative and other expenses	13,769	11,474

1 Other general and administrative expenses, net, mainly include legal, consultancy and audit fees and non-deductible VAT. The year-on-year increase in other general and administrative expenses is mainly attributable to €1.5 million increased consultancy fee expense, €0.3 million increased abandoned project cost and €0.2 million increased irrecoverable VAT expense.

6. OTHER EXPENSES

Other expenses for the six months ended June 30, 2024 consists of €1.4 million non-recurring implementation costs for our new ERP system, which have been fully expensed, in line with recently issued guidance by the IFRS Interpretation Committee on implementation of Software as a Service solutions.

7. FINANCE COSTS

Finance costs for the six months ended June 30 include the following:

(in € thousands)	June 30, 2024	June 30, 2023
Interest expense1	11,296	10,598
Foreign exchange loss	22	81
Finance costs	11,318	10,679

1 The capitalization rate of the borrowing costs was 2.37% and 2.34%, respectively, in the first six months of 2024 and 2023. We primarily capitalize these borrowing costs as investment property under construction (Note 10).

8. INCOME TAX

The income tax expense for the six months ended June 30 consists of the following:

(in € thousands)	June 30, 2024	June 30, 2023
Current tax expense	16,668	16,005
Deferred tax expense / (income)	37,994	(121,672)
Income tax expense / (income)	54,662	(105,667)
Profit before tax	243,886	211,287
Effective tax rate1,2	22.4%	N/A

1 The average effective current income tax rates based on adjusted EPRA earnings before tax are disclosed in the Appendix on Alternative Performance Measures.

2 The June 30, 2023 effective tax rate is impacted by the Company's entry to the UK REIT regime as per March 1, 2023. In connection with the Group becoming a REIT, the ETR for the first half of 2023 was impacted by an income of €158.7 million, mainly consisting of the reversal of deferred tax liabilities.

9. SEGMENT INFORMATION

The same stores facilities segment we present for the first six months of 2024 and 2023 comprises facilities in operations for more than three full years as of January 1, 2024 in the case of self-developed properties or facilities in operations for one full year as of January 1, 2024 in the case of properties that have been acquired. On June 30, 2024, 245 self-storage facilities met the same store definition. The non-same store facilities segment comprises any other self-storage facilities (36) that we have acquired or self-developed.

The below table sets forth segment data for the six months periods ended June 30, 2024 and 2023 based on the 2024 same store/non-same store definition:

(in € thousands)	June 30, 2024	June 30, 2023
Same store facilities	173,769	165,631
Non-same store facilities	15,502	8,640
Property operating revenue	189,271	174,271
Same store facilities	112,406	107,124
Non-same store facilities	6,645	3,213
Income from property (NOI)	119,051	110,337

The following table sets forth the reconciliation of income from property (NOI) as presented in the above segment table and Net income from real estate operations presented in the interim consolidated statement of profit and loss:

(in € thousands)	June 30, 2024	June 30, 2023
Income from property (NOI)	119,051	110,337
Other revenue1	111	111
Net income from real estate operations	119,162	110,448

1 Other revenue comprises management fee revenue from self storage and other income resulting from operations.

SHURGARD HALF YEAR REPORT 2024

SEGMENT INFORMATION BY COUNTRY FOR THE SIX MONTHS ENDED JUNE 30, 2024

		The
(in € thousands)	France	Netherlands	UK	Sweden	Germany	Belgium	Denmark	Total
Same store facilities	40,188	37,632	35,270	22,238	16,226	14,017	8,199	173,769
Non-same store facilities	3,186	2,945	2,414	903	6,054	-	-	15,502
Property operating revenue	43,375	40,576	37,684	23,139	22,280	14,017	8,199	189,271

Same store facilities	22,200	26,353	22,294	15,626	11,132	9,012	5,788	112,406
Non-same store facilities	945	1,432	883	469	2,915	-	-	6,645
Income from property	23,145	27,785	23,177	16,095	14,047	9,012	5,788	119,051

Investment property	1,153,598	1,044,921	1,219,559	644,507	708,938	306,389	240,111	5,318,024
Investment property under construction	656	6,014	11,671	-	61,292	-	-	79,634
Property, plant and equipment and intangible assets	566	350	416	92	125	9,948	24	11,521
Deferred tax assets	-	-	77	3	783	39	-	901
Other non-current assets	863	260	171	36	313	3,545	18	5,206
Non-current assets	1,155,683	1,051,546	1,231,895	644,638	771,451	319,920	240,153	5,415,286

SHURGARD HALF YEAR REPORT 2024

SEGMENT INFORMATION BY COUNTRY FOR THE SIX MONTHS ENDED JUNE 30, 2023

		The
(in € thousands)	France	Netherlands	UK	Sweden	Germany	Belgium	Denmark	Total
Same store facilities	39,389	35,329	32,665	22,545	14,807	13,107	7,789	165,631
Non-same store facilities	2,364	2,217	1,679	671	1,709	-	-	8,640
Property operating revenue	41,753	37,546	34,344	23,216	16,516	13,107	7,789	174,271

Same store facilities	22,306	24,701	20,556	15,716	10,176	8,149	5,520	107,124
Non-same store facilities	176	1,238	798	231	770	-	-	3,213
Income from property	22,482	25,939	21,354	15,947	10,946	8,149	5,520	110,337

SEGMENT INFORMATION BY COUNTRY FOR THE YEAR ENDED DECEMBER 31, 2023

Non-current assets as of December 31, 2023

		The
(in € thousands)	France	Netherlands	UK	Sweden		Germany	Belgium	Denmark	Total
Investment property		1,107,360	1,020,525	1,092,438	649,847	547,025	292,279	220,345	4,929,819
Investment property under construction		-	3,673	53,548	-	48,730	-	-	105,951
Property, plant and equipment and intangible assets		413	127	110	95	149	9,245	-	10,139
Deferred tax assets		-	-	74	2	760	55	-	891
Other non-current assets		849	279	122	37	5,082	2,591	17	8,977
Non-current assets		1,108,622	1,024,604	1,146,292	649,981	601,746	304,170	220,362	5,055,777

10. INVESTMENT PROPERTY AND INVESTMENT PROPERTY UNDER CONSTRUCTION

The table below sets forth the movement in completed investment property and investment property under construction:

(in € thousands)	Completed investment property Level 3	Investment property ROU assets Level 3	Total completed investment property Level 3	Investment property under construction Level 32	Total investment property Level 3
As of January 1, 2024	4,823,442	106,377	4,929,819	105,951	5,035,770
Exchange rate differences	13,081	(14)	13,068	860	13,927
Remeasurement of ROU assets1	-	1,775	1,775	-	1,775
Transfers for new development	56,222	-	56,222	(56,222)	-
Capital expenditure3	37,431	-	37,431	32,090	69,521
Acquisition of investment property4	127,814	-	127,814	-	127,814
Net gain (loss) of fair value adjustment	153,821	(1,925)	151,895	(3,045)	148,851
As of June 30, 2024	5,211,811	106,213	5,318,024	79,634	5,397,658

1 At initial recognition, the Right of Use (ROU) assets are recognized for an equal amount as the related lease liabilities. Remeasurements of ROU assets mainly consist of the effect of yearly indexations of our lease agreements.

2 The Group measures its investment property under construction at fair value. Under certain circumstances, it might also be measured at cost where cost is deemed to be a reasonable approximation of fair value.

3 For the six months ended June 30, 2024, capital expenditure includes €2.4 million capitalized internal time spent, €0.8 million capitalized interest and €5.4 million capitalized transaction costs we incurred on our acquisition.

4 In the first six months of 2024, we paid €119.9 million for the acquisition of six self-storage facilities located in Germany and €7.9 million for the acquisition of one self-storage facility in France. These acquisitions have been accounted for as acquisition of assets, whereby the cost of the acquisition has been allocated to the individual identifiable assets and liabilities based on their relative fair values at the date of purchase.

The Company's investment properties and investment properties under construction are valued semi-annually as of June 30 and December 31 of each year. Our investment property is a Level 3 fair market value measurement and for the periods concerned, there have been no transfers to or from Level 3.

11. OTHER NON-CURRENT ASSETS

Other non-current assets mainly consist of deposits paid to vendors, VAT recoverable after more than one year and the unamortized non-current portion of capitalized debt financing cost incurred in connection with the revolving syndicated loan facility and the term loan facility (Note 19).

As of June 30, 2024, other non-current assets includes €2.0 million of debt financing cost (€1.8 million as of December 31, 2023) we incurred in connection with the April 2023 term loan facility (Note 19).

As of December 31, 2023, other non-current assets included €5.0 million we paid in escrow and that were released in the first six months of 2024 in connection with the German acquisition that we completed.

12. TRADE AND OTHER RECEIVABLES

(in € thousands)	June 30, 2024	December 31, 2023
Gross amount	27,209	26,215
Provision for doubtful debt	(7,508)	(6,485)
Trade and other receivables	19,701	19,730

Rent and service charge receivables are non-interest-bearing and are typically due within 30 days. The receivables are due from local retail and business tenants.

13. DERIVATIVE INSTRUMENTS

On April 11, 2024, in connection with the acquisition of Lok'nStore (Note 1) and the bridge loan facility (Note 19), the Company, through its subsidiary Shurgard Luxembourg S.à.r.l. entered into a Deal Contingent Forward (''DCF'') with JP Morgan SE ("JPM").

The agreement stipulates the payment by JPM of a notional amount of £430 million in exchange for an amount in euros to be paid by Shurgard Luxembourg S.à.r.l. that is equal to the notional amount divided by a contract exchange rate that is variable, depending on the settlement date, i.e. the closing date, with a long-stop date of October 11, 2024. The DCF is a level 2 fair market value measurement.

The DCF is not part of a designated hedge relationship, with changes in the fair value recognized in profit and loss.

At June 30, 2024, the fair value of the DCF was €2.9 million.

14. OTHER CURRENT ASSETS

(in € thousands)	June 30, 2024	December 31, 2023
Prepayments1	15,534	4,616
Receivables from tax authorities other than VAT	5,527	3,164
Other current assets2	20,384	11,942
Other current assets	41,445	19,722

1 The increase in prepayments is mainly driven by an increase in prepayments for real estate taxes (€7.3 million), insurance expense (€2.1 million) and arrangement fees of €1.3 million we incurred in connection with the JP Morgan bridge loan facility (Note 19).

2 Other current assets include for both periods a €9.6 million receivable resulting from the sale in the first half of 2022 of one of our Dutch properties that has maturity in the third quarter of 2024, inventories, recoverable VAT and other. The increase during the six months ended June 30, 2024 is mainly attributable to €6.4 million assets relating to our reinsurance activity (€ nil as of 31 December 2023), and €2.5 million transaction costs to recover regarding our 2024 German acquisition.

15. ISSUED SHARE CAPITAL

As of December 31, 2023, the share capital of the Company as presented in the statement of financial position of €69,448,518 is represented by 97,311,896 ordinary shares that all have been fully paid up.

During the first six months of 2024, the Group issued 37,908 new shares to satisfy the exercise of 30,000 stock options under the Group's 2017 stock option plan and 7,908 stock options under the Group's 2018 stock option plan. Of the €827,184 subscription price, €27,054 has been allocated to share capital and the remainder has been allocated to share premium.

As of June 30, 2024, the share capital of the Company as presented in the statement of financial position of €69,475,572 is represented by 97,349,804 ordinary shares that all have been fully paid up.

16. SHARE PREMIUM

As of December 31, 2023, the share premium of the Company amounts to €831,939,518.

During the first six months of 2024, in connection with the issuance of 37,908 new ordinary shares, the share premium increased by €800,130, representing the part of the subscription price of the issuance of new shares that has not been allocated to share capital and reduced by €11,200 for equity issuance costs incurred.

As of June 30, 2024, the share premium of the Company amounts to €832,728,448.

The share capital account and the share premium account taken together constitute the "share capital account" under section 294 of The Companies Guernsey Law, 2008 (as amended).

17. SHARE-BASED PAYMENT RESERVE

As of December 31, 2023, the share-based payment reserve of the Company amounts to €12,798,426.

During the first six months of 2024, we recognized a share-based compensation expense of €2,145,236 for our 2021 equity-settled share-based compensation plan and €70,000 for our 2024 Restricted Stock Unit ("RSU") plan in share-based payment reserve (Note 21).

As of June 30, 2024, the share-based payment reserve of the Company amounts to €15,013,662.

18. DISTRIBUTABLE RESERVES AND DISTRIBUTIONS MADE

As of December 31, 2023, the Company's distributable reserves are €472,834,788.

On May 29, 2024, the Company paid €57,433,434 dividend in connection with the distribution of a final dividend of 2023 of €0.59 per outstanding share.

As of June 30, 2024, the Company's distributable reserves are €415,401,354. As per The Companies (Guernsey) Law, 2008, distributable reserves also include share capital, retained earnings, and share premium.

19. INTEREST-BEARING LOANS AND BORROWINGS

	Effective
(in € thousands)	interest rate	Maturity	June 30, 2024	December 31, 2023
Non-current
Senior guaranteed notes – issued July 2014	3.24%	July 24, 2024	100,000	100,000
Senior guaranteed notes – issued July 2014	3.38%	July 24, 2026	100,000	100,000
Senior guaranteed notes – issued June 2015	2.67%	June 25, 2025	130,000	130,000
Senior guaranteed notes – issued June 2015	2.86%	June 25, 2027	110,000	110,000
Senior guaranteed notes – issued June 2015	3.03%	June 25, 2030	60,000	60,000
Senior notes – issued July 2021	1.28%	July 23, 2031	300,000	300,000
Nominal values senior guaranteed notes			800,000	800,000
Term loan facility	Euribor +120bps	August 28, 2026	130,000	0
Nominal value of term loan			130,000	-
Less:
Unamortized balance of debt issuance cost on notes issued			(1,415)	(1,609)
Unamortized balance of debt issuance cost on term loan			(788)	-
Borrowings as reported on statement of financial position			927,797	798,391
Non-current portion			697,873	698,441
Current portion1			229,924	99,950
Weighted average cost of debt			2.39%	2.36%

1 The current portion of our interest borrowing loans and borrowings consists of series B of the notes we issued in 2014 (maturity of July 2024) and series A of the notes we issued in 2015 (maturity of June 2025) that have a carrying value of €100 million and €130 million, respectively.

Set out below is a comparison of the carrying amounts and fair value of the Company's senior guaranteed notes:

(in € thousands)	June 30, 2024	December 31, 2023
Carrying value	798,585	798,391
Fair values	743,023	744,677

The following methods and assumptions were used to estimate the fair values:

The fair values of our senior guaranteed notes (level 2) consist of the discounted value of principal amounts and any future interest payments;
The discount rates used take into account the various maturities of the notes issued and are based on risk free interest rates plus spreads that are in line with market spreads for private placements as of the respective reporting dates.

REVOLVING SYNDICATED LOAN FACILITY

As of June 30, 2024 and December 31, 2023, the Company has access to a €250 million syndicated revolving loan facility with BNP Paribas Fortis Bank NV/SA, Société Générale, Belfius Bank SA/NV and KBC Bank NV/SA (with BNP Paribas Fortis as agent) with maturity of October 16, 2025, bearing interest of Euribor plus a margin varying between 0.45% and 0.95% per annum dependent on the most recent loan-to-value ratio.

On May 24, 2024, the Company drew €25 million on the facility that it repaid on June 28, 2024. During the six months ended June 30, 2024, we incurred €0.1 million interest on the borrowed amount.

TERM LOAN FACILITY

On April 28, 2023, the Company, through its subsidiary Shurgard Luxembourg S.à.r.l. entered into a committed €450 million term loan facility agreement with BNP Paribas Fortis Bank NV/SA (acting also as agent), Belfius Bank SA/NV, ABN Amro Bank NV, KBC Bank NV/SA and Banque Internationale à Luxembourg SA with a maturity of three years, which can be extended at the option of the Company by an additional period of up to two years (resulting in a maximum tenor of five years) subject to certain conditions being met (including agreement of the lenders).

The Term Loan Facility is bearing interest of Euribor plus a margin between 100bps and 175bps, at June 30, 2024, 120bps, dependent on our most recent loan-to-value ratio or external rating and will move to the lower end of the range with our strong investment grade external rating (100bps for a BBB+).

The Term Loan Facility under the Facility Agreement is available for drawing by the Company for a period of 12 months as from signing the agreement.

As of December 31, 2023, we had no outstanding borrowings under this facility, and the commitment fee on the undrawn amount (€290 million) was equal to 35% of the applicable margin, or 0.42%.

On April 10, 2024, the Group agreed with the lenders of the term loan facility to increase the total commitments by an aggregate amount of €160 million to €450 million and to extend the availability period by one year till April 28, 2025.

On June 24, 2024, the Group drew €130 million from the facility, leaving a remaining borrowing capacity of €320 million. The Group incurred €0.1 million interest on the borrowed amount.

During the six months ended June 30, 2024, the Company incurred €1.0 million arrangement and commitment fees. As of June 30, 2024, the Company allocated €0.8 million of fees to the €130 million loan.

As of June 30, 2024, the Group carries as other non-current assets €2.0 million arrangement, extension, commitment and legal fees (€1.8 million as of December 31, 2023), as the Group expects to draw on the remainder of the facility in the foreseeable future.

JP MORGAN BRIDGE LOAN FACILITY

In connection with the financing for the acquisition of Lok'nStore Self Storage (Note 1), the Group, through its subsidiary Shurgard Luxembourg S.à.r.l., entered on April 11, 2024 into an unsecured €500 million bridge loan facility agreement with JP Morgan Chase Bank (acting also as agent).

The Bridge Loan Facility is bearing interest on Euribor plus a margin varying between 0.70% (for the first six months of the borrowing) and 1.90% per annum dependent on the number of quarterly interest periods.

In connection with this bridge facility, the Group incurred during the six months ended June 30, 2024, €1.3 million arrangement fees on the facility that were recorded as other current assets, as the Group drew on the facility at the date of this report.

As of June 30, 2024, there were no outstanding borrowings under this facility.

20. TRADE AND OTHER PAYABLES AND DEFERRED REVENUE

(in € thousands)	June 30, 2024	December 31, 2023
Accrued compensation and employee benefits	8,502	10,461
Accrued share-based compensation expense	418	411
Accounts payable (including accrued expenses)1	86,464	61,730
Payables to affiliated companies	951	1,122
Deferred revenue – contract liabilities	35,600	34,832
Accrued interest on notes issued and other external borrowings	2,243	2,033
Other payables2,3	5,129	7,585
Trade and other payables and deferred revenue	139,306	118,174

1 The increase in accounts payable is mainly due to increased accruals for real estate taxes, construction costs and insurance expenses and an increase in the amount payable to vendors.

2 Other payables mainly consist of VAT payable in less than one year and customer deposits.

3 Other payables as of June 30, 2024 and December 31, 2023 include €1.1 million and €1.8 million, respectively of obligations arising from our reinsurance activity.

21. SHARE-BASED COMPENSATION EXPENSE

In connection with a new equity compensation plan approved on May 21, 2024, the Group granted 129,105 restricted stock units (''RSU's'') that give the Participants the right to receive Shurgard Shares for no consideration but a vesting period of 3 years, in accordance with the Plan Rules.

The RSU's granted have vesting of three years after they are being offered.

The following weighted average assumptions were used to determine the fair value of the options granted under the 2024 plan that are outstanding as of June 30, 2024:

	May 2024 3-yr vesting
Estimated fair value of Shurgard shares	€39.35
Anticipated yearly dividend per share	€1.17
Expected forfeiture rate per annum	3.00%
Fair value per RSU	€36.00

This share-based compensation plan has no performance conditions, is accounted for as equity-settled awards, and does not contain any cash settlement alternatives.

For all our share-based compensation plans, we incurred €2.2 million in share-based compensation expense, including social security charges, for the six months ended June 30, 2024, of which €0.1 million for the new RSU plan.

For the six months ended June 30, 2023, we incurred €2.2 million in share-based compensation expense, including social security charges.

22. INSURANCE

Except for our UK customer goods insurance earnings, the income Shurgard earns for extending to its tenants the insurance coverage of the umbrella agreement with an external insurance company qualifies as revenue in the scope of IFRS 15.

As of January 1, 2024, the Company has implemented for its UK tenants SHURprotect, a program that changed the overall contractual arrangement related to the customer goods insurance program. Rather than the insurance intermediary providing insurance coverage to the customer, the UK tenants will via the SHURprotect program be compensated for damages to their goods directly by the Group's UK subsidiary. This scheme is accounted for under IFRS 17, having no significant impact on our overall business and results, and the Group's consolidated financial statements. For the six months ended June 30, 2024, Shurgard UK earned €3.1 million fee income and incurred claims charges of €0.3 million under the SHURprotect program.

Overall, for the six months ended June 30, 2024 and 2023, the Group fee income earned from customer goods insurance, including UK, was €17.5 million and €16.5 million, respectively.

Simultaneously, Shurgard, through its captive reinsurance entity, entered into a reinsurance agreement with an external insurance company. This arrangement is in the scope of IFRS 17. Through this agreement, an external insurance company cedes to our captive certain insurance risk in lieu for a reinsurance premium of €1.5 million for the six months ended June 30, 2024 (€1.4 million for the six months ended June 30, 2023). For the six months ended June 30, 2024, the Group accounted for reinsurance service expense of €1.2 million (€0.9 million for the six months ended June 30, 2023), consisting of claim charges of €1.1 million (€0.8 million for the six months ended June 30, 2023), as well as fronting and handling fees of €0.1 million (€0.1 million for the six months ended June 30, 2023).

Captive reinsurance revenue and captive insurance service expense are included in cost of insurance and merchandise sale and in other operating expenses in real estate operating expense.

SHURGARD HALF YEAR REPORT 2024

Relevant quantitative disclosures for our reinsurance activities are as follows for the period ended June 30, 2024:

	Liabilities
	remaining	Liabilities for
(in € thousands)	coverage	incurred claims	Total
Opening assets	-	-	-
Opening liabilities	-	1,804	1,804
Net opening balance	-	1,804	1,804
Changes in the statement of profit or loss and OCI
Insurance revenue1	(1,531)	-	(1,531)
Insurance service expenses
Changes in liabilities for incurred claims	-	515	515
Incurred claims and other insurance service expenses	-	645	645
Amortization of insurance acquisition cash flows	61	-	61
Insurance service result	(1,470)	1,160	(310)
Total changes in the statement of profit and loss and OCI	(1,470)	1,160	(310)
Cash flows
Premiums received	-	-	-
Insurance acquisition cash flows	-	-	-
Claims and other insurance service expenses paid	-	(1,887)	(1,887)
Total cash flows	-	(1,887)	(1,887)
Closing assets	(1,470)	-	(1,470)
Closing liabilities	-	1,077	1,077
Net closing balance	(1,470)	1,077	(393)

1 Insurance revenue relates to revenue from accepted reinsurance contracts.

The expense we incurred during the six months ended June 30, 2024 in connection with our reinsurance undertaking consists of the following:

(in € thousands)	June 30, 2024
Incurred claims customer goods	1,103
Insurance service expenses	75
Amortization of insurance acquisition cash flow	61
Total expense	1,239

SHURGARD HALF YEAR REPORT 2024

Relevant quantitative disclosures for our reinsurance activities are as follows for the six months ended June 30, 2023:

(in € thousands)	Liabilities remaining coverage	Liabilities for incurred claims	Total
	-	-	-
Opening liabilities	-	1,562	1,562
Net opening balance	-	1,562	1,562

Changes in the statement of profit or loss and OCI

Insurance revenue1	(1,406)	-	(1,406)
Insurance service expenses		781	781
Changes in liabilities for incurred claims		109	109
Incurred claims and other insurance service expenses	-	890	890
Amortization of insurance acquisition cash flows	17	-	17
Insurance service result	(1,389)	890	(499)
Total changes in the statement of profit and loss	(1,389)	890	(499)
d OCI

Cash flows

-		-
35		35
-	(1,37)	(137)
35	(137)	(102)

(1,354)	-	(1,354)
-	2,315	2,315
(1,354)	2,315	961

1 Insurance revenue relates to revenue from accepted reinsurance contracts.

The expense we incurred during the six months ended June 30, 2023 in connection with our reinsurance undertaking consists of the following:

(in € thousands)	June 30, 2023
Incurred claims customer goods	781
Insurance service expenses	109
Amortization of insurance acquisition cash flow	17
Total expense	907

23. RELATED PARTY DISCLOSURES

Except as disclosed otherwise below, there are no material changes to the Company's related parties, related party transactions (including their terms and conditions) and (future) obligations towards related parties, compared to December 31, 2023.

KEY MANAGEMENT PERSONNEL COMPENSATION

(in € thousands)	June 30, 2024	June 30, 2023
Short term employee benefits	2,790	2,591
Post-employment benefits	110	53
Share-based payments	1,448	1,464
Total	4,348	4,108

The above table consists of the compensation for the Senior Management.

In addition, the Company incurred in the first six months of 2024 €0.4 million expense for the provision of key management personnel services by non-executive board members that were provided by separate management entities (€0.5 million during the same period last year).

TRANSACTIONS WITH OTHER RELATED PARTIES

We pay Public Storage, one of our significant shareholders, a royalty fee equal to 1.0% of our pro rata equity share of revenues in exchange for the rights to use the "Shurgard" trade name and other services. For the six months ended June 30, 2024 and June 30, 2023, we incurred royalty fees of €1.9 million and €1.7 million, respectively.

24. CONTINGENCIES, COMMITMENTS AND GUARANTEES

As of June 30, 2024, we had €25.2 million of outstanding capital expenditure commitments under contract regarding certain self-storage facilities under construction.

Except for changes mentioned in these interim consolidated financial statements, if any, contingencies, commitments and guarantees are materially unchanged from those described in Note 37 of the 2023 annual report.

25. EVENTS AFTER THE REPORTING PERIOD

On April 11, 2024, the boards of Shurgard and Lok'nStore announced that they had reached agreement on the terms of a recommended cash offer pursuant to which Shurgard will acquire the entire issued and to be issued ordinary share capital of Lok'nStore. The acquisition is being implemented by means of a Court-sanctioned scheme of arrangement under the UK Companies Act.

On June 10, 2024, the Scheme was approved by the requisite majority of Scheme Shareholders at the court meeting and the special resolution was passed by the requisite majority of Lok'nStore shareholders at the general meeting.

SHURGARD HALF YEAR REPORT 2024

On July 18, 2024, the court sanctioned the Scheme under the UK Companies Act and the court order was delivered to the Registrar of Companies, on August 1, 2024, at which point the closing took place.

The total consideration transferred amounts to £378 million and the Group is currently in the process of determining initial business combination accounting, which just started at the time the financial statements were authorized for issue by the Board of Directors.

As indicated in Note 19 above, the transaction is financed via a bridge facility of €500 million and a related deal contingent forward agreement, which will be executed simultaneously.

INDEPENDENT INTERIM REVIEW

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHURGARD SELF STORAGE LIMITED

REPORT ON THE REVIEW OF THE CONSOLIDATED FINANCIAL STATEMENTS

Appendix A

Shurgard Self Storage Ltd 1st and 2nd Floors, Elizabeth House Les Ruettes Brayes St Peter Port Guernsey, GY1 1EW

For the attention of the Board of Directors

Registered auditor's review report of interim financial statements

Introduction

In accordance with the terms of our engagement contract dated 9 August 2024 (the "Contract"), we have reviewed the accompanying condensed interim consolidated financial statements of Shurgard Self Storage Ltd (the "Company") as of 30 June 2024 which comprise the interim consolidated statement of financial position as at 30 June 2024 and the related interim consolidated statement of profit and loss, the interim consolidated statement of comprehensive income, the interim consolidated statement of changes in equity, the interim consolidated statement of cash flow for the six-month period then ended as well as the explanatory notes (the "condensed interim financial statements").

Board of Directors' responsibility for the condensed interim financial statements

The Board of directors is responsible for the preparation and presentation of the condensed interim financial statements in accordance with IAS 34 Interim financial reporting as adopted by the European Union, and for such internal control as the Board of directors determines is necessary to enable the preparation of the condensed interim financial statements that are free from material misstatement, whether due to fraud or error.

Registered auditor's responsibility

Our responsibility is to express a conclusion on the accompanying condensed interim financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), "Engagements to Review Historical Financial Statements". ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the condensed interim financial statements, taken as a whole, have not been prepared, in all material respects, in accordance with IAS 34 Interim financial reporting as adopted by the European Union. This standard also requires us to comply with relevant ethical requirements.

A review of interim financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. The registered auditor performs procedures, primarily consisting of making inquiries of management and others within the entity, as appropriate, and applying analytical procedures, and evaluates the evidence obtained.

The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing. Accordingly, we do not express an audit opinion on these condensed interim financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial statements have not been prepared, in all material respects, in accordance with IAS 34 Interim financial reporting as adopted by the European Union.

Use of our report

This report is solely addressed to the Company in accordance with guidance contained in International Standard on Review Engagements (ISRE) 2400 (Revised), "Engagements to Review Historical Financial Statements" issued by the International Auditing and Assurance Standards Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the conclusions we have formed.

Diegem, 13 August 2024

PwC Bedrijfsrevisoren / Réviseurs d'Entreprises Represented by

Jeroen Bockaert* Bedrijfsrevisor/Réviseur d'entreprises

*Acting on behalf of Jeroen Bockaert BV

APPENDIX: ALTERNATIVE PERFORMANCE MEASURES (APM)

ALTERNATIVE PERFORMANCE MEASURES (APM)

APM are defined by the European Securities and Markets Authority ("ESMA") as a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified by IFRS, as adopted by the EU.

SAME STORE AND NON-SAME STORE

The Group's most important APM, as also apparent from the segment reporting, relates to same stores and nonsame stores. Shurgard classifies as 'same stores' (i) all developed stores that have been in operation for at least three full years, and (ii) all acquired stores that we have owned for at least one full year, each measured as of January 1 of the relevant year. Any stores that are not classified as same stores for a given year are presented as "non-same stores", comprising (i) all developed stores that have been in operation for less than three full years ("new stores") and (ii) acquired stores that we have owned for less than one full year ("acquired stores"), each measured as of January 1 of the relevant year.

As a result, on a year-to-year basis, the size of our same store network changes based on the reclassification of stores from non-same stores to same stores following the time periods described in the prior paragraph. Under some circumstances, for purposes of these full-year metrics, this results in significant changes in financial and operational metrics presented on a segmental basis from year to year.

In line with common practice in self-storage and other industries (e.g., retail), same store information is a crucial factor to assess the performance of the organic business, while providing at the same time information on the expansion activities of the Group. For this reason, the Chief Operating Decision Maker ("CODM") reviews the performance of the Group based on this distinction (see Note 9 of the 2024 HY report) and same store information represents part of the remuneration for Senior Management.

INCOME FROM PROPERTY ("NOI")

NOI is calculated as 'Property operating revenue' (A) less 'Real estate operating expenses' (B) for the relevant period and can be reconciled to the closest line item in the financial statements as follow:

	Reference to
Income statement line item	2024 HY report	June 30, 2024	June 30, 2023
Rental revenue	Note 3	166,591	152,264
Fee income from customer goods coverage	Note 3	17,531	16,478
Ancillary revenue	Note 3	5,149	5,529
Property operating revenue (A)		189,271	174,271
Other revenue	Note 3	111	111
Real estate operating revenue	Statement of Profit and Loss	189,382	174,382

	Reference to
Income statement line item	2024 HY report	June 30, 2024	June 30, 2023
Payroll expense	Note 4	22,213	21,317
Real estate and other taxes	Note 4	15,067	13,823
Repairs and maintenance	Note 4	6,582	6,814
Marketing expense	Note 4	5,262	4,605
Utility expense	Note 4	2,944	1,988
Doubtful debt expense	Note 4	3,239	2,738
Cost of insurance and merchandise sales	Note 4	2,233	2,270
Other operating expenses	Note 4	12,680	10,379
Real estate operating expenses (B)	Statement of Profit and Loss	70,220	63,934
Income from property (NOI)	(A) - (B)	119,051	110,337

NOI measures the financial performance of our properties. It focusses on property operating revenue (generated through the lease of storage units and related activities, including insurance referrals and the sale of storage products and packaging) less real estate operating expense. As such it is a key performance indicator of the performance of the Group's core operating activity.

The Group's CODM periodically receives and reviews NOI when making capital allocation and operating decisions. Further, NOI represents a crucial input in the valuation of the Group's investment property, as described in Note 10 to our 2024 HY financial statements.

NOI MARGIN

The NOI margin is calculated as Income from property ("NOI") divided by Property operating revenue for the relevant period and measures the operational performance and efficiencies of our properties as it shows in percentage how much property operating revenue remains after deduction of the real estate operating expense. As with all ratios, it also allows easier comparison within our industry, as it eliminates the need for size or currency adjustments.

Item	Operator	June 30, 2024	June 30, 2023
Income from property (NOI)		119,051	110,337
Property operating revenue	÷	189,271	174,271
NOI Margin %	=	62.9%	63.3%

OPERATING PROFIT BEFORE PROPERTY RELATED ADJUSTMENTS

This is a commonly reported KPI by real estate companies. We believe that this subtotal provides improved structure to the profit and loss information and enables investors to better analyze and compare our earnings with those of other companies.

UNDERLYING EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION (UNDERLYING EBITDA)

Underlying EBITDA is calculated as earnings before interest, tax, depreciation and amortization, excluding (i) valuation gain from investment property and investment property under construction and gain on disposal, (ii) acquisition and dead deals costs (iii) cease-use lease expense and (iv) other non-recurring items (such as cost of equity raise or significant SaaS implementation costs).

(in € thousands)	Q2 2024	Q2 2023	+/-	June 30, 2024	June 30, 2023	+/-
Operating profit before property related adjustments	54,908	53,647	2.4%	100,300	97,254	3.1%
Depreciation and amortization expense	1,000	832	20.2%	1,947	1,635	19.1%
Other1	2,521	58	4256.5%	3,565	67	5193.9%
Underlying EBITDA (AER)	58,429	54,537	7.1%	105,812	98,956	6.9%
Foreign exchange	-	162	-100.0%	-	430	-100.0%
Underlying EBITDA (CER)	58,429	54,698	6.8%	105,812	99,386	6.5%

1 Other includes (i) acquisition and dead deals costs (€1.8 million) (ii) cease-use lease expense (nihil) and (iv) ERP implementation fees and costs of capital raise (€0.7 million).

CONSTANT EXCHANGE RATE ("CER")

Certain of the above-mentioned non-GAAP measures, such as underlying EBITDA, are also presented at constant exchange rate ("CER") versus actual exchange rate ("AER"), in order to highlight the underlying operating performance versus the impact of changes in exchange rate on the particular KPI.

NET (FINANCIAL) DEBT

Net debt represents our long-term and short-term interest-bearing loans and borrowings, including lease obligations and excluding debt issuance costs, less cash and cash equivalents. This liquidity metric is used to evaluate the Group's capability of repaying all its debts, were they due immediately.

(in € thousands)	June 30, 2024	June 30, 2023
Carrying value of interest-bearing loans and borrowings	927,797	798,200
Unamortized portion of debt financing cost	2,203	1,800
Carrying value of lease obligations	110,913	107,264
Less Cash and cash equivalents	-209,620	-57,192
Net financial debt	831,293	850,072

LOAN-TO-VALUE ("LTV")

LTV, which stands for loan-to-value, represents the Group's Net Debt divided by the fair value of investment properties and investment properties under construction, expressed as a percentage and is a commonly used leverage KPI in the real estate industry. The Group reviews its capital structure based on this metric with the primary objective to ensure that it complies with its debt covenants and to maintain a target loan-to-value ratio at c. 25%, short- to mid-term maximum of 35%.

(in € thousands)	June 30, 2024	June 30, 2023
Net financial debt	831,293	850,072
Investment property and investment property under construction (Note 10)	5,397,658	4,712,305
Loan-to-value ratio	15.4%	18.0%

NET DEBT TO UNDERLYING EBITDA RATIO

Net debt to underlying EBITDA ratio represents the Group's net financial debt divided by trailing 12 months earnings before interest, taxes, depreciation, and amortization (TTM EBITDA).

(in € thousands)	June 30, 2024	June 30, 2023
Net financial debt	831,293	850,072
TTM Underlying EBITDA	219,826	207,255
Net debt/Underlying EBITDA	3.8x	4.1x

INTEREST COVERAGE RATIO ("ICR")

ICR, which stands for interest coverage ratio, represents the Group's underlying earnings before interest, taxes, depreciation, and amortization (underlying EBITDA) divided by the total net finance costs, expressed as a ratio. The ICR of 13.0x demonstrates Shurgard's capacity to meet its outstanding debt obligations on time.

(in € thousands)	June 30, 2024	June 30, 2023
Underlying EBITDA	105,812	98,956
Interest expense net1	8,148	9,896
Interest coverage ratio	13.0x	10.0x

1 Excluding foreign exchange (gain)/loss

EUROPEAN PUBLIC REAL ESTATE ASSOCIATION ("EPRA") APM

In addition to the above, the Group mainly uses alternative performance measures that are issued and defined by EPRA with the aim to align the various accounting and reporting methodologies for the public real estate sector in Europe in order to increase the overall transparency of the sector by providing performance measures that result meaningful information for the readers of the financial statements.

The EPRA KPIs used by Shurgard are based on the EPRA best practice guidelines dated August 2022.

The table below provides a summarized overview of certain of the Company's key earnings related APM, consisting of (Adjusted) EPRA earnings and (Adjusted) EPRA earnings per share:

SUMMARY OF EPRA EARNINGS METRICS

(in € thousands, except for earnings per share for the period

ended June 30)	June 30, 2024	June 30, 2023
EPRA earnings	79,105	69,505
EPRA earnings per share (basic - €)	0.81	0.78
EPRA earnings per share (diluted - €)	0.81	0.78
Adjusted EPRA earnings	78,169	71,807
Adjusted EPRA earnings per share (basic - €)	0.80	0.81
Adjusted EPRA earnings per share (diluted - €)	0.80	0.80

The bases of calculation of each of the measures set out above, are illustrated below:

EPRA EARNINGS AND EPRA EARNINGS PER SHARE

(in € thousands, except for earnings per share for the six months ended

June 30)	June 30, 2024	June 30, 2023
Profit attributable to ordinary equity holders of the parent for basic earnings	188,735	316,411
Adjustments:
Changes in value of investment properties, development1 properties held for investment and other interests	(148,851)	(124,010)
Profits or losses on disposal of investment properties, development properties held for investment, right of use assets and other interests	(3)	(1)
Profits or losses on sales of trading properties including impairment charges in respect of trading properties.	-	-
Tax on profits or losses on disposals	-	-
Negative goodwill / goodwill impairment	-	-
Changes in fair value of financial instruments and associated close-out costs	(2,902)	-
Acquisition expense of business combinations and non- controlling joint venture interests and other	1,803	-
Current and deferred tax in respect of EPRA adjustments2	40,021	(123,708)
Adjustments (i) to (viii) above in respect of joint ventures (unless already included under proportional consolidation)	-	-
Non-controlling interest in respect to the above	302	812
EPRA earnings	79,105	69,505
EPRA earnings per share (basic - €)	0.81	0.78
EPRA earnings per share (diluted - €)	0.81	0.78

¹ Including investment property under construction and right-of-use investment property assets

² For the first half year of 2023, deferred taxes are impacted by an income of €158.7 million resulting from the reversal of deferred tax liabilities in connection with the conversion of the group to a UK REIT.

ADJUSTED EPRA EARNINGS AND ADJUSTED EPRA EARNINGS PER SHARE

(in € thousands, except for earnings per share for the six months ended

June 30)	June 30, 2024	June 30, 2023
EPRA earnings	79,105	69,505
Company specific adjustments:
Deferred tax (benefit) expense on items other than the revaluation of investment property	(2,028)	1,588
Cost incurred in connection with capital raise and ERP implementation	1,425	-
Compensation received for termination lease agreement	-	-
Net impact of tax assessments and non-recurring expenses	23	748
Current income tax adjustments in respect of the above	(356)	(34)
Non-controlling interest in respect to the above	-	-
Adjusted EPRA Earnings	78,169	71,807
Adjusted EPRA earnings per share (basic) €	0.80	0.81
Adjusted EPRA earnings per share (diluted) €	0.80	0.80

ADJUSTED EPRA EARNINGS EFFECTIVE TAX RATE

(in € thousands, for the period ended June 30)	June 30, 2024	June 30, 2023
Adjusted EPRA earnings	78,169	71,806
Current Tax Expense	16,668	16,005
Adjusted EPRA earnings before Current Tax Expense	94,837	87,811
Adjusted EPRA Earnings Effective Tax Rate	17.6%	18.2%

ADJUSTED EPRA EARNINGS AND FOREIGN EXCHANGE RATE RISK

The following table presents the sensitivity analysis of our adjusted EPRA earnings in EUR in case the euro would weaken by 10% versus the GBP, SEK and DKK, respectively:

(in € thousands)	June 30, 2024	June 30, 2023
GBP/EUR exchange rate – increase 10%	1,774	1,648
SEK/EUR exchange rate – increase 10%	1,174	1,140
DKK/EUR exchange rate – increase 10%	510	449

Positive amounts represent an increase in adjusted EPRA earnings.

SUMMARY OF EPRA NAV METRICS

The table below provides a summarized overview of the Company's key APM that are NAV related, consisting of NAV, EPRA NRV, EPRA NTA, EPRA NDV and EPRA LTV:

(in € thousands, except for NAV per share)	June 30, 2024	December 31, 2023
NAV	3,764,879	3,614,217
NAV per share (basic) €	38.67	37.14
NAV per share (diluted) €	38.57	36.98
EPRA NRV	4,968,095	4,708,381
EPRA NRV per share (diluted) €	50.89	48.17
EPRA NTA	4,492,503	4,307,807
EPRA NTA per share (diluted) €	46.02	44.07
EPRA NDV	3,820,441	3,667,931
EPRA NDV per share (diluted) €	39.14	37.53
EPRA Group LTV %	12.5%	12.5%
EPRA Combined LTV %	12.6%	12.5%

The bases of calculation of each of the above measures set out above, are illustrated below.

NAV (BASIC AND DILUTED)

Basic NAV per share amounts are calculated by dividing net assets in the statement of financial position attributable to ordinary equity holders of the parent by the number of ordinary shares outstanding at the reporting date.

The following reflects the net asset and share data used in the basic and diluted NAV per share computations:

(in € thousands, except for number of shares and NAV per share)	June 30, 2024	December 31, 2023
NAV attributable to ordinary equity holders of the parent	3,764,879	3,614,217
Number of ordinary shares at the reporting date	97,349,804	97,311,896
Number of diluted shares at the reporting date	265,991	427,052
NAV per share (basic) €	38.67	37.14
NAV per share (diluted) €	38.57	36.98

EPRA NRV (DILUTED)

The EPRA NRV scenario aims to represent the value required to rebuild the properties and assumes that no selling of assets takes place.

(in € thousands, except for NRV per share)	June 30, 2024	December 31, 2023
Equity attributable to ordinary equity holders of the parent (diluted)	3,764,879	3,614,217
Include / Exclude:
Hybrid instruments	-	-
Diluted NAV	3,764,879	3,614,217
Include:
Revaluation of investment properties	-	-
Revaluation of investment properties under construction	-	-
Revaluation of other non-current investments	-	-
Revaluation of tenant leases held as finance leases	-	-
Revaluation of trading properties	-	-
Diluted NAV at fair value	3,764,879	3,614,217
Exclude:
Deferred taxes on fair value adjustments of investment property	738,922	701,247
Fair value of financial instruments	(2,902)	-
Goodwill as a result of deferred tax	-	-
Include:
Real estate transfer tax	467,196	392,917
EPRA NRV	4,968,095	4,708,381
EPRA NRV per share (diluted) €	50.89	48.17

In the above EPRA NRV calculation, the fair value adjustment of our notes issued and deferred tax expense other than on the fair value adjustment of investment property are not considered, and real estate transfer tax has been considered.

EPRA NTA (DILUTED)

The EPRA NTA scenario is focused on reflecting a company's tangible assets and assumes that companies buy and sell assets, thereby crystallizing certain levels of unavoidable deferred tax liability.

(in € thousands, except for NTA per share)	June 30, 2024	December 31, 2023
Equity attributable to ordinary equity holders of the parent (diluted)	3,764,879	3,614,217
Include / Exclude:
Hybrid instruments	-	-
Diluted NAV	3,764,879	3,614,217
Include:
Revaluation of investment properties	-	-
Revaluation of investment properties under construction	-	-
Revaluation of other non-current investments	-	-
Revaluation of tenant leases held as finance leases	-	-
Revaluation of trading properties	-	-
Diluted NAV at fair value	3,764,879	3,614,217
Exclude:
Deferred taxes on fair value adjustments of investment property	738,922	701,247
Fair value of financial instruments	(2,902)	-
Goodwill as a result of deferred tax	-	-
Goodwill recognized in the statement of financial position	-	-
Intangible assets recognized in the statement of financial position	(8,396)	(7,657)
Include:
Real estate transfer tax1	-	-
EPRA NTA	4,492,503	4,307,807
EPRA NTA per share (diluted) €	46.02	44.07

¹ The Company did not opt for the "optimised net property value" approach, as we do not have a history that would indicate that we can achieve lower taxes when buying and selling and as we have a buy and hold strategy, which would indicate limited relevance of the optimised EPRA NTA.

In the above EPRA NTA calculation, the fair value adjustment of our notes issued and deferred tax expense other than on the fair value adjustment of investment property are not considered.

EPRA NDV (DILUTED)

The EPRA NDV scenario aims to represent the shareholder's value under an ordinary sale of business, where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability, net of any resulting tax.

(in € thousands, except for NDV per share)	June 30, 2024	December 31, 2023
NAV attributable to ordinary equity holders of the parent (diluted)	3,764,879	3,614,217
Include / Exclude:
Hybrid instruments
Diluted NAV	3,764,879	3,614,217
Include:
Revaluation of investment properties	-	-
Revaluation of investment properties under construction	-	-
Revaluation of other non-current investments	-	-
Revaluation of tenant leases held as finance leases	-	-
Revaluation of trading properties	-	-
Diluted NAV at fair value	3,764,879	3,614,217
Exclude:
Goodwill as a result of deferred tax	-	-
Goodwill recognized in the statement of financial position	-	-
Include:	-	-
Fair value of fixed interest rate debt: Carrying value senior guaranteed notes lower than fair value	55,562	53,714
EPRA NDV	3,820,441	3,667,931
EPRA NDV per share (diluted) €	39.14	37.53

In the above EPRA NDV calculation, all our cumulative deferred tax expense is not considered.

EPRA LTV

The EPRA LTV's aim is to assess the gearing of the shareholder equity within a real estate company. To achieve that result, the EPRA LTV provides adjustments to IFRS reporting which are described in more details in this document.

The main overarching concepts that are introduced by the EPRA LTV are:

In case of doubt, and unless otherwise defined below, any capital which is not equity (i.e., which value accrues to the shareholders of the company) is considered as debt irrespective of its IFRS classification;
The EPRA LTV is calculated based on proportional consolidation. This implies that the EPRA LTV include the Group's share in the net debt and net assets of joint venture or material associates;
Assets are included at fair value, net debt at nominal value.

No adjustment related to IFRS 16 is proposed for the purposes of calculating the EPRA LTV as, for most real estate entities, these balances typically gross up both sides of the LTV calculation and generally do not have a commercial impact on the leverage of the business.

As of June 30, 2024, EPRA LTV is as follows:

	Proportionate Consolidation
EPRA LTV Metric	Group as reported € '000	Share of joint ventures € '000	Share of Material Associates € '000	Non controlling Interests € '000	Combined € '000
Include:
Borrowings from Financial Institutions	-	-	-	-	-
Bond loans	798,585	-	-	-	798,585
Foreign currency derivatives (futures, swaps, options and forwards)	(2,902)	-	-	-	(2,902)
Net payables	76,569	-	-	1,791	78,360
Exclude:
Cash and cash equivalents	(209,620)	-	-	18	(209,602)
Net Debt (a)	662,632	-	-	1,809	664,441
Include:
Investment properties at fair value	5,211,811	-	-	(11,164)	5,200,647
Properties held for sale	621	-	-	-	621
Properties under development	79,634	-	-	-	79,634
Intangibles	8,396	-	-	-	8,396
Total Property Value (b)	5,300,462	-	-	(11,164)	5,289,298
LTV (a/b)	12.5%			N/A	12.6%

Reconciliation of certain EPRA LTV components

		Proportionate Consolidation
EPRA LTV Metric	Group as reported € '000	Share of joint ventures € '000	Share of Material Associates € '000	Non controlling Interests € '000	Combined € '000
Investment property

Investment property presented in IFRS FS	5,318,024	-	-	-	5,318,024
Less ROU IP (IFRS 16)	(106,213)	-	-	-	(106,213)
Investment property for EPRA LTV calculation	5,211,811	-	-	-	5,211,811
Payables, net

Trade and other receivables	(19,701)	-	-	30	(19,671)
Other current assets	(41,445)	-	-	28	(41,417)
Other non-current assets	(5,206)	-	-	-	(5,206)
Other non-current liabilities	-	-	-	-	-
Trade and other payables	103,706	-	-	1,883	105,589
Deferred revenue	35,600	-	-	(83)	35,517
Income tax payable	3,615	-	-	(67)	3,548
Net Payables	76,569	-	-	1,791	78,360

As of December 31, 2023, EPRA LTV is as follows:

		Proportionate Consolidation
	Group as reported	Share of joint ventures	Share of Material Associates	Non controlling Interests	Combined
EPRA LTV Metric Include:	€ '000	€ '000	€ '000	€ '000	€ '000
Borrowings from Financial Institutions	-	-	-	-	-
Commercial paper	-	-	-	-	-
Hybrids (including convertibles, preference shares, debt, options, perpetuals)	-	-	-	-	-
Bond loans	798,391	-	-	-	798,391
Foreign currency derivatives (futures, swaps, options and forwards)	-	-	-	-	-
Net payables	75,281	-	-	1,611	76,892
Owner occupied property (debt)	-	-	-	-	-
Current accounts (equity characteristic)	-	-	-	-	-
Exclude:
Cash and cash equivalents	(258,118)	-	-	30	(258,088)

Net Debt (a)	615,555	-	-	1,641	617,195

Include:
Owner occupied property	-	-	-	-	-
Investment properties at fair value	4,823,442	-	-	(10,676)	4,812,766
Properties held for sale	-	-	-	-	-
Properties under development	105,951	-	-	(0)	105,951
Intangibles	7,657	-	-	-	7,657
Net receivables	-	-	-	-	-
Financial assets	-	-	-	-	-

Total Property Value (b)	4,937,050	-	-	(10,676)	4,926,374

LTV (a/b)	12.5%	-	-	N/A	12.5%

Reconciliation of certain EPRA LTV components

		Proportionate Consolidation
EPRA LTV Metric	Group as reported € '000	Share of joint ventures € '000	Share of Material Associates € '000	Non controlling Interests € '000	Combined € '000
Investment property
Investment property presented in IFRS FS	4,929,819	-	-	(10,676)	4,919,142
Less ROU IP (IFRS 16)	(106,377)	-	-	-	(106,377)
Investment property for EPRA LTV calculation	4,823,442	-	-	(10,676)	4,812,766
Payables, net
Trade and other receivables	(19,730)	-	-	29	(19,700)
Other current assets	(19,722)	-	-	12	(19,710)
Other non-current assets	(8,979)	-	-	-	(8,979)
Other non-current liabilities	-	-	-	-	-
Trade and other payables	83,341	-	-	1,694	85,036
Deferred revenue	34,832	-	-	(81)	34,751
Income tax payable	5,538	-	-	(43)	5,495
Net Payables	75,281	-	-	1,611	76,892

EPRA NET INITIAL YIELD (NIY) AND TOPPED-UP NIY

EPRA NIY is calculated as the annualized rental income based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the gross market value of the property.

(in € thousands, except where indicated)	June 30, 2024	June 30, 2023	+/-
Investment property – wholly owned	5,262,248	4,597,557	14.5%
Investment property – share of JVs/Funds	-	-	N/A
Trading property (including share of JVs)	-	-	N/A
Less: developments	53,401	81,229	-34.3%
Completed property portfolio	5,208,847	4,516,329	15.3%
Allowance for estimated purchasers' costs	355,660	276,281	28.7%
Gross up completed property portfolio valuation	5,564,507	4,792,609	16.1%
Annualized cash passing rental income	333,183	304,525	9.4%
Property outgoings	(42,636)	(37,251)	14.5%
Annualized net rents	290,547	267,274	8.7%
Add: notional rent expiration of rent free periods or other lease incentives1	-	-	N/A
Topped-up net annualized rent	290,547	267,274	8.7%
EPRA Net Initial Yield (NIY)	5.2%	5.6%	-0.4pp
EPRA 'topped-up' NIY	5.2%	5.6%	-0.4pp

1 No unexpired lease incentives such as rent-free periods, discounted rent periods and step rents applicable.

PUBLISHER

Shurgard Self Storage Ltd 1st and 2nd Floors, Elizabeth House Les Ruettes Brayes St Peters Port Guernsey, GY1 1EW

www.shurgard.com

COPYWRITING AND DESIGN

Instinctif Partners Berlin, Frankfurt, Cologne, Munich, London https://instinctif.com/ www.creative.instinctif.com

PHOTOS

Shurgard Self Storage Ltd

AI Terminal

Shurgard

9952_ir_2024-08-14_917b2688-1094-4ebd-bf22-9f1affbadaf3.pdf

HALF - YEAR REPORT

AT A GLANCE

FINANCIAL HIGHLIGHTS H1 2024

PROPERTY HIGHLIGHTS H1 2024

CHIEF EXECUTIVE OFFICER'S LETTER

REVENUE GROWTH AND MARGIN STABILITY

FINANCIAL PERFORMANCE AND STRONG INVESTMENT-GRADE CREDIT RATING

PIPELINE

ESG

OUTLOOK

CONCLUSION

THE SHURGARD SHARE

BASIC SHARE DATA

DIVIDEND

SHARE TRADING

SHAREHOLDERS

MANAGEMENT REPORT

KEY FINANCIALS

INTRODUCTORY REMARKS

GROUP OVERVIEW

BUSINESS MODEL

OUR OPERATING PLATFORM

GROUP STRUCTURE

MANAGEMENT

MARKET OVERVIEW

SELF-STORAGE BASICS

EUROPEAN SELF-STORAGE MARKET

GROWTH STRATEGY

REDEVELOPMENT

FOOTPRINT EXPANSION

YIELD MANAGEMENT

BRAND AND MARKETING

PROPERTY PORTFOLIO

OUR PROPERTIES

PORTFOLIO EXPANSION

Total portfolio expansion 365,010 1,047,367

PROPERTY LAYOUT

OPERATIONAL AND FINANCIAL REVIEW

GROUP RESULTS

REAL ESTATE OPERATING REVENUE

Rental Revenue

Fee income from customer goods coverage

Ancillary Revenue

REAL ESTATE OPERATING EXPENSE

NET INCOME FROM REAL ESTATE OPERATIONS

Segment information

Same stores

Non-same stores

OPERATIONS BY COUNTRY

SHURGARD HALF YEAR REPORT 2024

GENERAL, ADMINISTRATIVE AND OTHER EXPENSES

ROYALTY FEE EXPENSE

OTHER EXPENSES

OPERATING PROFIT BEFORE PROPERTY RELATED ADJUSTMENTS

UNDERLYING EBITDA

OPERATING PROFIT

FINANCE COSTS, NET

VALUATION GAINS ON DERIVATIVES

SHURGARD HALF YEAR REPORT 2024

INCOME TAX EXPENSE

ATTRIBUTABLE PROFIT AND ATTRIBUTABLE PROFIT PER SHARE

EPRA KPIS

EPRA EARNINGS

ADJUSTED EPRA EARNINGS

RECONCILIATION OF UNDERLYING EBITDA TO ADJUSTED EPRA EARNINGS

EPRA NAV METRICS

LIQUIDITY

CASH FLOW OVERVIEW

CASH FLOWS FROM OPERATING ACTIVITIES

CASH FLOWS FROM INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES

EFFECT FROM EXCHANGE RATE FLUCTUATIONS

FINANCIAL POSITION

TOTAL ASSETS

Investment property

Cash and cash equivalents

CAPITAL RESOURCES AND FINANCING STRUCTURE