Shurgard Self Storage (SHUR) Company presentation summary

Strategic positioning and market overview

• Leading pan-European self-storage provider with 335 stores across 7 countries and €7.3B portfolio value.

• Focus on highly urbanized areas, serving both residential (80%) and commercial (20%) customers.

• Industry is underpenetrated in Europe, with significant growth and consolidation opportunities.

• Resilient, non-cyclical demand driven by life events and urbanization trends.

• High customer retention, with average stay of 42 months and 20% repeat customers.

Business model and operational excellence

• Omnichannel platform enables 90% digital interactions and 53% e-rental contracts.

• Standardized, scalable operating model with centralized processes and lean cost structure.

• Data-driven pricing and yield management, leveraging proprietary technology and analytics.

• Cluster model and digitalization drive efficiency, reducing FTE per store by 27% since 2014.

• Consistently achieves 90% occupancy across markets, with focus on maximizing customer lifetime value.

Financial performance and growth

• H1 2026 revenue grew 3.3%, with NOI up 0.5% despite cost pressures.

• Non-same store segment is a key growth engine, contributing significantly to NOI.

• Adjusted EPRA earnings per share declined 5.7% due to higher debt costs and discontinued scrip dividend.

• Maintains strong balance sheet: BBB+ rating, 23.7% LTV, and €795M liquidity.

• Portfolio value increased to €7.3B, with stable exit cap rates and moderate leverage.