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2025
ANNUAL REPORT
JANUARY 1, 2025 TO DECEMBER 31, 2025
01
SHURGARD ANNUAL REPORT 2025
01 Chairman’s letter
02 Performance summary
04 View from our CEO
08 30 years of innovation
10 Purpose-driven
11 European leader
12 The leader in European
self-storage
14 ESG overview
18 Management report
22 Group overview
28 Property portfolio
32 Operational and
financialreview
49 Sustainability report
213 Remuneration report
233 Principal risks
and uncertainties
247Consolidated financial
statements
253 Notes to the consolidated
financial statements
318 Auditor’s report
328 Stand-alone accounts
339 Appendix
340 Alternative performance
measures
OVERVIEW
Chairman’s letter
CONTENTS
It has been 30 years since Shurgard expanded
into Europe. We celebrate the vision of its
founders and anchor investors, Public Storage
and New York State Common Retirement
Fund, in this landmark year of your company.
We remember the long and eventful journey
from private to public company to become
Europe’s largest self-storage business.
2025 is also the year in which self-storage in Europe
graduated to become a broadly accepted asset class with
M&A processes, bid activity, further consolidation and the
commitment of significant capital from real estate private
equity and institutional investors.
For Shurgard, this has not only been a year of growth but of
consolidation following several years of major acquisitions.
We are focused on their integration while delivering
financial and operating performance as originally outlined.
We have also remained innovative and creative in accessing
product, as exemplified by our partnership with car park
operator, Indigo, enabling us to access and convert prime
sites in central Paris and other French cities.
In what remains a volatile and uncertain macro-economic
and geopolitical environment, our operational performance
remains strong with increases in revenue growth, margins
and rentable space, with an identified significant secured
pipeline in place for the forthcoming year. Demand for
high-quality self-storage across all our European markets
remains strong, underpinned by urbanisation, housing
affordability pressures, increased mobility and the growing
needs of small businesses, reinforcing conviction in
Shurgard‘s strategy.
We will continue to focus on the deliverability of our
business plan with operational efficiencies, without losing
sight of the immediate needs and requirements of our
customers and shareholders. Of course, all the while we
remain strongly committed to our BBB+ investment grade
rating.
Our business is only as strong as our people, so we have
continued to ensure that we identify and support our
future leadership with succession planning remaining
paramount to the Board.
This year saw the retirement of Duncan Bell, Chief Operating
Officer, after 16 years of service to Shurgard. I would like
to express my sincere thanks and appreciation, on behalf
of the Board, to him for his exceptional contribution to the
business.
Our Chief Investment Officer, Isabel Neumann, has assumed
additional operational responsibilities, strengthening the
Company’s ability to adapt to evolving business needs. This
strategic step enhances cross-functional leadership within
the organization and supports the Company’s continued
growth and operational excellence.
We have also continued to rotate our Independent
Directors to ensure we refresh the Board and have the
requisite mix of skills required. We thank Paula Hay-Plumb
for her contribution and will shortly welcome Jonathan
Davies to the Board.
Tom Boyle, Public Storage’s Chief Financial Officer and
Chief Investment Officer has been a member of our Board
for three years. He has been promoted to Public Storage’s
Chief Executive Officer, and we congratulate him on this
promotion. As a result of his increased responsibilities,
he will step down from our Board. However, we are very
fortunate that Ronald L. Havner Jr. will be returning to our
Board to represent Public Storage’s interests.
On behalf of the Board, I express our sincere thanks to
Marc and the Executive team for their outstanding efforts
and achievements throughout this year.
Looking ahead, the Board is confident in Shurgard’s long-
term prospects. The group’s scale, brand, balance sheet
strength, operating platform and disciplined allocation of
capital provide a strong foundation for substantial growth
and value creation over the years ahead.
Ian Marcus OBE, Chairman
2025 was another
strong year for Europe’s
self-storage leader.
For more information, visit our website:
shurgard.com/corporate
The consolidated financial statements presented in pdf format are only
a supplementary document. The official ESEF (European Single Electronic
Format) version prevails. In addition to the measures defined under IFRS,
the Group uses certain Alternative Performance Measures (APMs) to
monitor performance, financial position and cash flows. These APMs are
used by the Senior Management to support decision-making and provide
additional information to users of the financial statements. A detailed
description of the APMs used by the Group, including definitions, calculation
methodologies and reconciliations to the most directly comparable IFRS
measures, is provided in the section APMs of this Annual Report.
Gypsy Corner, London,
UK
OVERVIEW
Performance summary
0302
SHURGARD ANNUAL REPORT 2025SHURGARD ANNUAL REPORT 2025
2025 confirmed the continued success of our strategy grounded on a strong purpose.
All operating metrics showed a continued upwards trajectory, underpinning this success.
The following data is on a constant exchange rate (CER) basis, where 2024 actual exchange rate (AER) numbers are recalculated using 2025 exchange rates,
unless otherwise specified.
Property operating
revenue
€ million
+10.8%
20252024
406.8
450.9
Adjusted EPRA
Earnings
€ million
+3.7%
166.9
173.1
20252024
NOI margin
(Same store)
1
%
+0.4pp
67.7
68.1
20252024
Adjusted EPRA
Earnings per share
(basic)
€
+1.7%
1.71
1.74
20252024
Notes: See page 21 for notes to Key Performance Metrics.
1 Changing same store pool at the end of each fiscal year.
Income from property
(NOI)
€ million
+9.9%
268.0
294.6
20252024
Underlying EBITDA
€ million
+10.4%
240.8
265.7
20252024
48.4
53.3
20252024
EPRA net tangible
assets (NTA) per share
€ (at AER)
+10.0%
Read our management report
20252024
4.13
6.00
Portfolio expansion
investments
€ million (at AER)
212.5
769.3
20252024
Substantial acquisitions
in UK and Germany in 2024
Operating profit
€ million
+38.9%
20252024
560.1
778.0
Real estate operating
revenue
€ million
+10.9%
20252024
406.5
450.9
Profit for the year
€ million
+48.5%
20252024
403.7
599.3
Read our consolidated financial statements
Consolidated IFRS (at actual exchange rates)
Earnings per share
(basic)
€
+45.5%
0504
SHURGARD ANNUAL REPORT 2025SHURGARD ANNUAL REPORT 2025
“As we celebrated
30 years of Shurgard in 2025,
innovation and efficiency
remain cornerstones of
our business model.”
OVERVIEW
View from our CEO
1.7% INCREASE
Adjusted EPRA Earnings per share
€450.9 MILLION
(+10.8% versus 2024)
Property operating revenue
6.2x
(Loan-to-value: 23.2%)
Nebt debt/Underlying EBITDA
€265.7 MILLION
(+10.4% versus 2024)
Underlying EBITDA
Following a sustained period of significant
growth (+23% additional sqm in just two
years), 2025 was a year of assimilation and
consolidation as we integrated our UK and
German acquisitions, while delivering on our
strategy and securing long-term financing.
ROBUST GROWTH
Continuing to outperform the European self-storage
industry in terms of strength and scalability, our strategy of
organic and bolt-on expansion, combined with operational
excellence, continues to underpin consistent earnings
growth and reinforces our long-term trajectory.
Our funding strategy, including the 2023 €300 million
capital raise, €1 billion of new debt during 2024 and 2025,
and the offering of the scrip dividends, has allowed us
to bolster growth while maintaining a BBB+ S&P rating.
Despite the scrip dilutionary impact, adjusted EPRA
earnings increased by 3.7% in 2025, with adjusted EPRA
earnings per share (EPS) up by 1.7%, and a dividend of €1.17
per share, resulting in a c. 4% dividend yield.
Generally, market conditions evolved as expected in 2025.
Q4 showed a more competitive environment in several
markets (UK, the Netherlands, France and Germany),
while the Nordics continued to perform strongly. Demand
remained stable, but the required pricing actions impacted
revenues and operational margins in Q4, flowing through to
EBITDA. We have continued to command high occupancy
levels - 85.5% average for all stores and 89.0% for same
stores.
Under IFRS, the profit for the year was up by €195.6 million,
to €599.3 million, which resulted in an increase of Basic
EPS by 45.5% to €6.0. This is mainly driven by an increase
in operating profit, an increase in the valuation gain and a
favorable impact of a phased reduction of corporate tax
rate in Germany.
To further accelerate medium-term adjusted EPRA
EPS growth, we are increasing our NOI yield on cost at
maturity target to 9%-10% for projects approved as of
2026 (+100bps to current requirement), and our Board has
decided to stop the scrip dividend option.
We remain strongly committed to our BBB+ rating and
continue to focus on retaining our loan-to-value (LTV)
target of below 25% (currently 23.2%), and to meet our
Net debt/Underlying EBITDA medium target of 5.0x-6.0x
(current actuals 6.2x) – both well in line with S&P
requirements.
OPERATIONAL EXCELLENCE
As we celebrated 30 years of Shurgard in 2025, innovation
and efficiency remain cornerstones of our business
model. Today, our omnichannel strategy, e-services,
and expert personnel deliver quality and efficiency on a
scale unmatched by our competitors. At year-end, 75% of
customers were opting for app or web servicing, with app
penetration at 90%.
Digitalization and AI bring enormous benefits to our
customers and back-office efficiencies. However, with
these advantages comes a responsibility to safeguard
customer information. In the last year, we have enhanced
our governance frameworks in this area, while rolling
out targeted training initiatives on data analytics and
reporting.
Another facet of rapid growth has been the importance of
a unifying goal. In 2025, we set out to bring our teams and
functions together under a shared purpose:
“To satisfy the needs of household and business, for
every move in life, while creating lasting value for our
shareholders. This purpose is now formally embedded
within our customer value proposition and is being part
of our culture.”
Morangis, Paris,
France
The data is on a constant exchange rate (CER) basis, where 2024 actual
exchange rate (AER) numbers are recalculated using 2025 exchange
rates, excluding IFRS data.
0706
SHURGARD ANNUAL REPORT 2025SHURGARD ANNUAL REPORT 2025
ESG
Alongside strong financial results, we have delivered
consistently against our non-financial targets – as detailed
in our sustainability report. Thanks to our solar strategy,
heat pump deployment and rollout of smart building
management systems, we are well on track for Operational
Net Zero by 2030.
With our stores now consuming approximately half of the
energy that they did in 2019, and with almost 100 solar-
equipped properties in place, we are realizing substantial
financial savings. We are also bolstering our energy
security at a time of economic and geopolitical uncertainty
in Europe.
A consistent 4.5/5 Glassdoor rating over two years reflects
our supportive, inclusive work culture.
“Thanks to our solar strategy,
heat pump deployment and
rollout of smart building
management systems, we are
well on track for Operational
Net Zero by 2030.”
“We are set to deliver around
180,000 sqm in 2026-2027,
including bolt-on M&A.”
2026 PIPELINE
Having consistently delivered our pipeline over the last
years, and, we expect 2026 to be no different. By the end of
this year, we plan to complete seven major redevelopments
and 16 new openings across our markets. We are set to
deliver around 180,000 sqm in 2026-2027, including bolt-
on M&A, which is roughly an 11% increase over 2025.
OUTLOOK AND GUIDANCE
Our same store revenue growth, in early 2026, moved
towards stabilization with non-mature properties ramping
up consistently and our guidance for 2026 reflects this
with a targeted all store revenue growth up to 8% and an
anticipated Adj. EPRA earnings growth up to 6%.
In the medium term (2027-2030), all store revenue is
expected to achieve 6%-8% compound annual growth
rate (CAGR).
OVERVIEW
View from our CEO continued
Hohenschönhausen, Berlin,
Germany
Underlying EBITDA growth is expected to be at 6%-8%
CAGR, and adjusted EPRA earnings growth is expected be
in line with our revenue growth, i.e. 6%-8% CAGR.
In summary, our strategy is driving sustained earnings
growth per share by delivering our pipeline to scale up
our platform, increasing efficiencies of our omnichannel
operations, and reinforcing our trajectory with a strong
balance sheet.
Marc Oursin, Chief Executive Officer
Continuing our commitment to leadership and strong
oversight, the gender diversity of our Board increased from
50% to 56%. With the appointment of a new independent
director, Charley Webb, we gain new expertise while
inspiring women across the organization to grow and lead
with us.
Gillingham, South East,
UK
SHURGARD ANNUAL REPORT 2025
0908
OVERVIEW
From a single store in Brussels in 1995 to
becoming Europe’s market leader – the Shurgard
story is one of innovation, agility, sustainable
growth and success.
1995
First European self-storage facility opens
in Brussels, Belgium.
1997-1999
Expansion into Sweden, France, UK, and
The Netherlands.
2001-2003
Expansion into Denmark and Germany.
140
STORES
2006
Public Storage (United States)
acquires Shurgard.
2012
Website upgrade marks new era of digital services.
2015
City Box (Netherlands) and Secur (Germany)
acquired.
2016-2017
Five stores open across the UK, Germany,
and Sweden.
2017
Operational Net Zero greenhouse
gas goals set.
2018
IPO ON EURONEXT BRUSSELS
228
STORES
2020
E-Rental launched for customers to choose, sign
and pay for a unit, including Bluetooth keypads.
244
STORES
2022
Mobile app launched including
online ID checks and digital contracts.
Data & AI team established.
Multi-Site Operator
Store of the Year
2024
Lok’nStore acquired (UK), adding 44
*
stores. Pickens,
Prime Self-Storage, and Mietlager365 acquired, adding
12 stores in Germany.
First €500 million public bond issued.
335
STORES
2025
348
*
STORES
• Number one self-storage operator in Europe
with unrivalled “digital cluster” model.
• App penetration reaches 90% and e-rental 75%.
• €500 million public bond issued.
BUILDING A PORTFOLIO
CONSOLIDATION , STANDARDIZATION
AND DIGITALIZATION
30 years
of innovation
UK Large Operator
Facility of the Year
UK’s Best Major
Self-Storage Facility
2021
Charity Initiative
of the Year
2023
M&A transactions bring in CitySpace,
A&A Self-Storage, and CityStore (UK),
InStorage (Sweden), Box à la Carte (France),
Opslagman (The Netherlands), and
Top Box (Germany).
276
STORES
European Facility
Manager of
the Year
Best Financial
Communication
BBB+
S&P RATING
Best
Midcap
Award
24&25
Best
Investor
Relations
Award
European
Sustainability
Award
SHURGARD ANNUAL REPORT 2025
24&25
*including third party management properties.
10
SHURGARD ANNUAL REPORT 2025
OVERVIEW
Purpose-driven European leader
Following a period of rapid growth, our new Company Purpose is our unifying path forward.
It is helping to ensure that the Shurgard business model remains fit-for-purpose in the
decades ahead.
As the largest provider of self-storage solutions in Europe, at the end of 2025 we operated
348 facilities across seven European countries, bringing the total rentable storage space to
1.8 million sqm
1
.
STOCKHOLM
COPENHAGEN
BERLIN
PARIS
BRUSSELS
LONDON
Capital cities Major cities
10
STORES
in Denmark
1 At the end of 2025, including third party managed properties.
2 Randstad’s main cities are: Amsterdam, The Hague, Rotterdam and Utrecht.
Total
investment
property value
(€7,123.5 million)
14%
15%
19% 24%
28%
United
Kingdom
Germany
Nordics
France
11
SHURGARD ANNUAL REPORT 2025
STORES
in Belgium
21
71
STORES
in the Netherlands
91
STORES
in the UK
1
68
STORES
in France
41
STORES
in Sweden
46
STORES
in Germany
RANDSTAD
2
Shurgard provides a storage space that satisfies households’ and businesses’ needs,
for every move in life, while creating lasting value for shareholders.
SHURGARD’S PURPOSE
PURPOSE
HOW WE
ORGANIZE
HOW WE
IMPRESS
WHERE
WE PLAY
WHERE
WE EXCEL
HOW
WE CLICK
AND TICK
OUR VALUE
PROPOSITION
• Convenience
• Security
• Pricing
OUR STRUCTURE
• Strong governance
• Integrated, process
driven platform
• Financial strength
OUR CULTURE
• Result driven management
and compensation
• Flat hierarchy
• Entrepreneurial spirit
OUR COMPETENCES
• Digitalized platform
• Data and technology
driven
• Innovative
OUR PLAYING FIELD
• Pan-European presence
in highly urban areas
• Residential (like)
customer focus
• Omnichannel
Portfolio distribution and % per Geography
Netherlands
and Belgium
Based on “Dark Horse strategy hexagon”.
MALMO
DUSSELDORF
GREATER
MANCHESTER
SOU TH EAST
COLOGNE
LILLE
LYON
BORDEAUX
NICE
MARSEILLE
MUNICH
HAMB URG
GOTHENBUR G
FRANKFURT
STU T TGART
MAJOR
BELGIAN
CITIES
MAJOR DUTCH CITIES
SHURGARD ANNUAL REPORT 2025SHURGARD ANNUAL REPORT 2025
OVERVIEW
Shurgard: The leader in European self-storage
Our track record of operating stores, developing, redeveloping and
acquiring stores – combined with our robust growth strategy and attractive
financial profile – makes Shurgard a standout in the market.
UNDISPUTED LEADERSHIP IN EUROPE
NUMBER
1
IN EUROPE BY
NUMBER OF STORES AND
RENTABLE SPACE.
348
*
STORES IN 7 COUNTRIES,
WITH STRONG POSITIONS.
1.8
*
million sqm
ACROSS OUR GEOGRAPHIES.
1312
RESILIENT AND ATTRACTIVE BUSINESS MODEL
SUSTAINED
DEMAND
DRIVEN BY UNDERSUPPLIED
MARKETS AND GROWING
URBANIZATION.
UNRIVALLED
SCALABILITY
AND DIGITAL
OPTIMIZATION.
c. 90%
SAME STORE STABLE
OCCUPANCY ALGORITHM;
DATA DRIVEN PRICING AND
RATE INCREASES.
CONTINUOUS ESG LEADERSHIP
AMBITIOUS
OPERATIONAL NET ZERO
2030 COMMITMENTS.
RATED HIGHLY
BY GRESB, MSCI, EPRA,
SUSTAINALYTICS, ISS.
VALUES AND
DIVERSITY
OUR FOUR PILLARS
:
HAPPINESS/TRAINING/TEAM
SPIRIT/PERSPECTIVE
GLASSDOOR SCORE
:
4.5/5.
PROVEN GROWTH STRATEGY AND OPERATIONAL EFFICIENCIES
UNIQUE TRACK
RECORD
+
48 STORES DEVELOPED
+
110 STORES ACQUIRED
THROUGH M&A
+
47 STORES REDEVELOPED
(2015-2025).
c. €590m
INVESTMENT PIPELINE
(248,000 SQM OVER
2025-2027) EXPECTED
TO DELIVER 8-9% NOI YIELD
ON COST AT MATURITY.
68.1%
SAME STORE NOI MARGIN
WITH A GROWTH OF C. 8PP
FOR THE PAST 10 YEARS.
STRONG FINANCIAL PROFILE
ANCHOR
SHARE-
HOLDERS
GROWING
AND RESILIENT
CASH FLOW FROM
~
42 MONTHS LENGTH
OF STAY.
BBB+
CREDIT RATING,
ENABLING LOW-COST,
LONG-TERM DEBT.
*including third party managed properties.
Wellingborough, East Midlands,
UK
EXTERNAL ACCREDITATION IN THE EYES OF OUR CUSTOMERS
1 The Federation of European Self-Storage Associations,
representing 5,000+ properties and 11+ million sqm
of self-storage space.
>
400
GOOGLE
REVIEWS PER
STORE.
4.8/5
GOOGLE
REVIEWS
SCORE.
14
SHURGARD ANNUAL REPORT 2025SHURGARD ANNUAL REPORT 2025
As shown in our sustainability report, we
have continued to accelerate towards our
Net Zero targets, while also enhancing
responsible governance practices and
increasing our gender diversity within the
Board.
Progress against our Net Zero transition plan has been
strong, thanks to the deployment of smart technologies,
clean energy solutions, and wider operational efficiency
initiatives. These interventions not only support our GHG
emissions reduction goals, but also deliver operational
efficiencies and tangible cost savings.
NET ZERO
We have made ambitious commitments to achieve
operational Net Zero (Scopes 1-2)
1
. GHG emissions by 2030
and material Net Zero by 2040 (Scope 3). In 2025, our
operational GHG emissions totaled 3,820 tonnes of carbon
dioxide equivalent (tCO
2
e), representing a 7% decrease on
2024. When normalized by the growth of the business, we
see a 67% decrease since our 2017 baseline.
Against our goal of eliminating the use of natural gas
from our operations by 2029, we have now replaced all
gas boilers with energy-efficient heat pumps in France,
Sweden, Belgium, and Denmark. The UK, the Netherlands
and Germany are on track with heat pump installations, with
overall more than 60% of affected assets in our portfolio
already having electric heating systems. We completed
a group-wide LED retrofit program across our legacy
portfolio, installing more than 100,000 units. All newly-
acquired properties are being upgraded to this standard. In
parallel, we completed the rollout of Building Management
System (BMS) across most stores. These smart systems
deploy central monitoring, sub-metering, and automated
controls, enabling real-time detection of anomalies and
proactive optimization of energy consumption.
All of the electricity we consume is backed by Renewable
Energy Guarantees of Origin (REGO). In addition, we are
scaling on-site solar generation. After completing a full
inventory of installations in the UK and assessing our
Dutch and Belgian portfolios – including roof capacity,
electricity needs, and energy storage potential – in 2024,
we moved into full deployment for these markets. By the
end of the first quarter of 2026, we will operate more than
100 assets with solar panels across our portfolio, helping
us avoid more than a 1,000 tCO
2
e through renewable
energy generation.
RESPONSIBLE ASSET MANAGEMENT
BREEAM New Construction and BREEAM In-Use
standards are applied where relevant across our
portfolio. Across both new and existing assets, we
focus on pragmatic measures that improve material
efficiency, reduce maintenance needs and support
long-term operational performance, contributing to the
decarbonization of our portfolio.
PEOPLE & COMMUNITY
Our people remain central to our performance. A
continued Glassdoor rating of 4.5 out of 5 reflects
a supportive and inclusive working environment,
complemented by independent assessment through
our Investors in People accreditation. Having obtained
a Silver status in 2023, we are undergoing one more
accreditation, providing structured insight into
employee engagement and leadership practices.
GOVERNANCE
Strong corporate governance is a cornerstone of
our ESG performance and long-term value creation.
Clear accountability, strong oversight and established
internal controls support consistent decision-making
and enable effective management of risks and
opportunities as regulatory expectations continue to
evolve. In 2025, the appointment of Charley Webb to
the Board further strengthened its composition and
increased gender diversity to 56% of women. The
Board also applies a structured annual rotation of
non-executive directors, driven by the necessary skills,
experience and the evolving needs of the organisation,
to ensure appropriate oversight and balance over time.
Our ESG disclosures, incorporated into this report,
outline the programs, processes and performance that
support Shurgard’s long-term strategy. During the year,
our approach continued to be recognised by external
benchmarks including GRESB, EPRA, Sustainalytics
and others. Our priorities and targets are designed
to support the decarbonization of our operations,
strengthen environmental performance and maintain
a responsible and well-governed organization. We will
continue to build on these foundations as expectations,
regulations and our portfolio evolve.
OVERVIEW
ESG overview
-50%
GHG
EMISSIONS
2
92%
GLOBAL REAL
ESTATE
SUSTAINABILITY
BENCHMARK
4.5/5
GLASSDOOR
EMPLOYEE
RATING
56%
FEMALE
BOARD (
+
6PP)
15
Farnborough, South East,
UK
Read our Sustainability Report
1 The international GHG Protocol defines three scopes for categorizing
GHG emissions: Scope 1: Direct emissions from sources owned
or controlled by the company, such as burning fuel in vehicles or
generating electricity. Scope 2: Indirect emissions from the consumption
of purchased energy, including electricity, steam, heating, and
cooling. Scope 3: All other indirect emissions that occur within the
company’s value chain, including emissions from business travel, waste
disposal, and the production of goods and services.
2 Absolute location-based emissions, Scope 1 and 2, compared to the 2017
baseline year.
GRESB
Score 92/100
(+1 YoY), Sector
Leader
5th consecutive
Gold Award
Low ESG risk
‘A’ rating
(-1 grade YoY)
Prime
Status
Confirmed
signee since
2022
Sustainability
Award 2025
EPRA sBPR
Sustainalytics
ISS ESG
Corporate
Rating Prime
Status
UN Global
Compact/
SDGs
MSCI
1
FEDESSA
Stevenage, East of England,
UK
1 The use by Shurgard of any MSCI ESG Research LLC or its affiliates (“MSCI”) data,
and the use of MSCI logos, trademarks, service marks, or index names herein,
do not constitute a sponsorship, endorsement, recommendation, or promotion
of Shurgard by MSCI. MSCI services and data are the property of MSCI or its
information providers, and are provided ‘as-is’ and without warranty. MSCI names
and logos are trademarks or service marks of MSCI.
SHURGARD ANNUAL REPORT 2025
16
THE SHURGARD SHARE
Stock performance
1
vs. indices since IPO (Oct 2018)
1 Total cumulative 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 December 31, 2025 100,972,323
Subscribed capital €72,060,853
Share price as of December 31, 2025
1
€29.30
52-week high / low
2
€37.65 / €28.90
Market capitalization as of December 31, 2025 €2,958 million
Average daily trading volume
3
192,727 shares
1 Closing price on last trading day of the month.
2 In each case from start of trading on January 1, 2025 to December 31, 2025, 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 2025, our Board
of Directors approved a dividend of €0.58 per share or €57.9 million paid on September 15, 2025. This dividend was
distributed with an optional scrip dividend, in addition to the option of receiving the dividend in cash, or a
combination of the two preceding options.
SHURGARD ANNUAL REPORT 2025
17
The Board of Directors recommended, subject to shareholders’ approval, a final dividend for the year 2025 of €0.59
per share or €59.6 million, based on the number of shares outstanding as of December 31, 2025. This second and
final dividend will be payable on or around May 27, 2026 to shareholders on the record at close of business on May
26, 2026. The final dividend will be paid in cash, without optional scrip dividend.
As it has in the past, Shurgard will continue to review its dividend policy to ensure it remains competitive.
SHARE TRADING
KBC Securities was appointed 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.
SHAREHOLDERS
The following table sets forth the shareholders of the Company as of December 31, 2025:
Shareholder Number %
Public Storage Group 35,429,156 35.1
New York State Common Retirement Fund (together with its
subsidiary Shurgard European Holdings LLC)
34,454,496 34.1
Sub-total
1
69,883,652 69.2
Free float 31,088,671 30.8
Total 100,972,323 100.0
1 An agreement to act in concert exists between Public Storage group, New York State Common Retirement Fund and Shurgard European Holdings LLC.
SHURGARD 2018
18
MANAGEMENT REPORT
SHURGARD ANNUAL REPORT 2025
19
TABLE OF CONTENTS
Key IFRS metrics ................................................................................................................................................................................ 20
Key performance metrics ................................................................................................................................................................. 21
Introductory remarks......................................................................................................................................................................... 22
Group overview ................................................................................................................................................................................... 22
Market overview ................................................................................................................................................................................. 24
Our purpose and strategy ............................................................................................................................................................... 25
Growth strategy ................................................................................................................................................................................. 26
Property portfolio .............................................................................................................................................................................. 28
Property layout .........................................................................................................................................................................32
Operational and financial review ...................................................................................................................................................32
Group results .............................................................................................................................................................................32
EPRA KPIs ................................................................................................................................................................................... 42
EPRA NAV metrics .................................................................................................................................................................... 44
Liquidity ...................................................................................................................................................................................... 44
Cash flow overview ................................................................................................................................................................. 45
Financial position .................................................................................................................................................................... 46
Dividend ...................................................................................................................................................................................... 47
Employees .................................................................................................................................................................................. 47
Sustainability report ......................................................................................................................................................................... 49
Remuneration report ....................................................................................................................................................................... 213
Principal risks and uncertainties ................................................................................................................................................ 233
Responsibility statement .............................................................................................................................................................. 246
SHURGARD ANNUAL REPORT 2025
20
KEY IFRS METRICS
(in € millions - except where indicated otherwise) FY 2025 FY 2024 +/-
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
Real estate operating revenue 450.9 406.5 10.9%
Net income from real estate operations 294.6 267.6 10.1%
Operating profit 778.0 560.1 38.9%
Profit before tax 727.2 525.5 38.4%
Profit for the year 599.3 403.7 48.5%
Earnings per share in € (basic) 6.0 4.1 45.5%
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Investment property 6,862.3 6,249.9 9.8%
Investment property under construction 261.2 160.6 62.6%
Total equity attributable to equity holders of the parent 4,515.0 4,011.1 12.6%
Interest bearing loans and borrowings 1,559.5 1,480.5 5.3%
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flows from operating activities 215.8 208.6 3.5%
Cash flows from investing activities (298.8) (903.2) -66.9%
Cash flows from financing activities (3.7) 568.3 -100.6%
Net decrease in cash and cash equivalents (86.6) (126.4) -31.5%
Cash and cash equivalents at the end of the period 56.0 142.6 -60.8%
SHURGARD ANNUAL REPORT 2025
21
KEY PERFORMANCE METRICS
(in € millions - except where
indicated otherwise - excluding
properties under management
contract)
Q4
2025
Q4
2024
+/-
(CER)
1
FY
2025
FY
2024
+/-
+/-
(CER)
1
Property KPIs at period end
Number of properties 332 318 332 318 4.4%
Closing rentable sqm
2
1,707 1,626 1,707 1,626 5.0%
Closing rented sqm
3
1,415 1,384 1,415 1,384 2.2%
Closing occupancy rate
4
82.9% 85.2% 82.9% 85.2% -2.3pp
Property KPIs for the period
Average rented sqm
5
1,424 1,388 2.6% 1,409 1,296 8.8%
Average occupancy rate
6
85.0% 85.9% -0.9pp 85.5% 86.6% -1.1pp
Average in-place rent (in € per sqm)
7
282.7 282.6 0.7% 281.3 276.1 1.9% 1.9%
Average revPAM (in € per sqm)
8
273.3 275.9 -0.2% 273.5 271.9 0.6% 0.6%
Financial KPIs for the period
Property operating revenue
9
114.4 111.5 3.4% 450.9 406.7 10.9% 10.8%
Income from property (NOI)
10
77.2 76.1 2.0% 294.6 267.7 10.0% 9.9%
NOI margin
11
67.4% 68.2% -0.9pp 65.3% 65.8% -0.5pp -0.5pp
Underlying EBITDA
12
70.0 68.9 2.0% 265.7 240.4 10.5% 10.4%
Adjusted EPRA earnings
13
45.1 43.9 3.5% 173.1 167.4 3.4% 3.7%
Adjusted EPRA earnings per share
(basic) (in €)
14
0.45 0.45 0.9% 1.74 1.71 1.4% 1.7%
Weighted average number of shares
(in millions - basic)
101.0 98.5 2.5% 99.5 97.6 2.0% N/A
Total dividend per share (in €) 1.17 1.17 0.0%
Financial KPIs for the period
FY
2025
FY
2024
+/-
EPRA net tangible assets (NTA)
15
5,388.7 4,781.6 12.7%
EPRA NTA per share (basic) (in €) 53.3 48.4 10.0%
Loan-to-value (LTV)
16
23.2% 23.3% -0.1pp
Net debt/Underlying EBITDA
17
6.2x 6.2x 0.0x
Interest coverage ratio (ICR)
18
5.2x 8.0x -2.7x
1 In the constant exchange rate (CER) comparison, 2024 financials are recalculated using 2025 exchange rates (see note 3 of notes to the consolidated financial statements for
exchange rates applied).
2 Closing rentable sqm is calculated as the sum of available sqm (in thousands) for customer storage use at our stores, as of the reporting date.
3 Closing rented sqm is calculated as the sum of sqm (in thousands) 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 calculated as the sum of sqm (in thousands) 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.
9 Property operating revenue represents our revenue from operating our properties, and comprises our rental revenue, fee income from customer goods coverage 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) other adjusting items.
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, net of tax.
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 Net debt to underlying EBITDA ratio is calculated as the net financial debt (including leases) divided by trailing 12 months underlying EBITDA.
18 Interest coverage ratio is calculated as underlying EBITDA divided by total interest expenses for the reporting period.
SHURGARD ANNUAL REPORT 2025
22
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 owner and 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 sqm. We started our operations in 1995
and are one of the pioneers of the self-storage concept in Europe. As of December 31, 2025, we operate 348
self-storage stores (including 16 stores under management contract) in the United Kingdom, the Netherlands,
France, Germany, Sweden, 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 financial year 2025
compared to 2024.
(in € millions) Q4 2025 Q4 2024 +/- FY 2025 FY 2024 +/-
Property operating revenue 114.4 111.5 2.6% 450.9 406.7 10.9%
NOI 77.2 76.1 1.4% 294.6 267.7 10.0%
NOI margin 67.4% 68.2% -0.8pp 65.3% 65.8% -0.5pp
OUR OPERATING PLATFORM
Our integrated, digitalized, and centralized operating platform allows us to manage many operational functions
for our portfolio of properties from our centralized European support centers. This centralization of skills and
management, together with our cluster operating model, enables us to run a lean organization and provide
significant operational leverage. The resulting economies of scale have a direct positive impact on our same store
NOI margin.
SHURGARD ANNUAL REPORT 2025
23
Our platform approach relies on consistency in our performance measures and key support functions across the
portfolio. This means managing the yield achieved by 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 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 Luxembourg, the United Kingdom, the Netherlands, France,
Germany, Sweden, Belgium and Denmark.
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.
BOARD OF DIRECTORS AND SENIOR 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 December 31, 2025, the Board
of Directors comprised the following nine members, appointed for one year, with their mandate expiring at the
2026 annual shareholders’ meeting:
Name Position Age
Ian Marcus Independent Chairman 67
Marc Oursin Director/Chief Executive Officer 63
Z. Jamie Behar
1
Director 68
Tom Boyle
2
Director 42
Lorna Brown Independent Director 50
Paula Hay-Plumb Independent Director 65
Candace Krol Independent Director 64
Padraig McCarthy Independent Director 65
Charley Webb Independent Director 50
1 Director elected on the designation of New York State Common Retirement Fund (NYSCRF).
2 Director elected on the designation of Public Storage.
SHURGARD ANNUAL REPORT 2025
24
The biographies of the Directors are available in our sustainability report 2025.
As of December 31, 2025, the Senior Management of the Group was made up of the following five members:
Name Responsibilities Age Joining date
Marc Oursin Chief Executive Officer 63 January 9, 2012
Thomas Oversberg Chief Financial Officer 53 November 1, 2020
Duncan Bell
1
Chief Operating Officer 62 April 14, 2009
Ammar Kharouf Director Legal/HR 55 March 17, 2014
Isabel Neumann Chief Investment Officer 50 August 30, 2021
1 Duncan Bell retired effective December 31, 2025. On January 1, 2026, Carlo Swaab became Vice President of Operations, joining the Senior Management,
reporting to Isabel Neumann, who became Chief Operating Officer and Chief Investment Officer.
MARKET OVERVIEW
SELF-STORAGE BASICS
Self-storage, as operated by Shurgard, is a business-to-consumer (B2C) enterprise in the real estate sector that
provides storage units, typically on a monthly basis, to individuals (approximately 70%) and business users
(approximately 30%)
1
. Individuals primarily use self-storage as a “remote attic or basement” to store household
goods, while businesses often store for example 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 10,600 facilities across Europe, providing 17.7 million sqm of space.
1
In the
seven countries where we operate, there are c. 13.5 million sqm of rentable area.
1
The top four countries—the UK, France, Spain and Germany—account for 68% of stores and 75% of total
space. The UK holds 34.5% of self-storage space in Europe, followed by France with 15.2%, Germany with 13.6%,
and Spain with 11.3%.
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 fragmented.
Industry growth has been driven by rising customer demand, supported by demographic and macroeconomic
trends, increasing customer awareness of self-storage, and the continued development of 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
SHURGARD ANNUAL REPORT 2025
25
platforms was accelerated by the COVID-19 pandemic, with many customers becoming more comfortable with
online self-storage transactions, especially in the older age groups.
Several factors have particularly 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. Recently, 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.
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.
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.
OUR PURPOSE AND STRATEGY
As Shurgard has expanded its platform across Europe, we initiated a comprehensive review to ensure that our
organization remains aligned behind a clear and cohesive long-term direction. This was driven by the fact that
with greater scale, increasing digitalization, and a growing customer base, it is essential to ensure that the
organization is aligned on who we are, how we operate, and where we create value. We used the well-known
Strategy Hexagon (as shown on page 10) to ensure that we examined each element of what defines us not in
isolation, but with a clear understanding of how they relate to and reinforce one another.
We anchored this around our Company Purpose, which is the fundamental reason for our strategy:
Shurgard provides storage space that satisfies households’ and businesses’ needs, for every move in life,
while creating lasting value for shareholders.
Strategy is the bridge between purpose and action. It connects why we exist (our purpose), where we want to
go (our goals and aspirations), and how we get there (our strategy and operational targets). It is our ambition to
continually ask ourselves if the six pieces fit together seamlessly and tell a clear, compelling story about how we
will create lasting value and successfully operate in a changing environment.
OUR PLAYING FIELD
The playing field defines the scope and domain of the business – the specific markets, customer segments, and
territories in which the company chooses to compete.
We operate as a pan-European leader focused on highly urban areas where population density, mobility, and
demographic trends continue to drive strong demand for storage. Our customer base is primarily residential or
1 Fedessa report 2025.
SHURGARD ANNUAL REPORT 2025
26
residential-like, seeking flexible storage solutions during key moments of their life. We meet this demand through
an omni-channel model, allowing customers to engage with us whenever and however they prefer.
OUR VALUE PROPOSITION
The value proposition is what sets the company apart in its chosen playing field – it’s the mix of benefits and
value the company promises to deliver to customers that will make them choose us over competitors.
Our value proposition is anchored in three core attributes: convenience, security, and pricing clarity. These
principles guide the customer’s experience across all markets, from how customers discover and rent units, to
how they access their space and understand our pricing, resulting in becoming prospects and customers'
preferred and trusted brand.
OUR COMPETENCES
Competences are the critical internal skills, resources, and capabilities the company must have or develop in
order to deliver its value proposition and succeed on our playing field.
Our digitalized platform supports a seamless online journey and effective operational processes. We run a nimble,
data- and technology-driven operating model that supports data informed decision-making. Innovation is central
to our centralized and standardized platform, whether through advanced access control, clustering concepts, or
machine-learning and AI tools.
OUR STRUCTURE
Structure refers to the way the organization is arranged and answers how the company should be organized and
operated to best deliver on its strategy.
Shurgard operates a single integrated and process-driven platform, based on strong foundation of an
independent Board of Directors and lean organization, with the support of two anchor shareholders and a fortress
balance sheet.
OUR CULTURE
Culture encompasses the shared values, norms, and behaviors that characterize the company and influence how
work gets done.
Our culture is built on result-driven management and compensation practices that connect performance with
accountability. We encourage direct communication, and foster an engaged, ownership-driven mindset across
the organization, empowering teams to take initiative. Shurgard aims at keeping an entrepreneurial spirit,
despite the significant growth of the company.
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
major urban areas such as London, Manchester, South-East UK, Paris, the largest cities in Germany (such as
SHURGARD ANNUAL REPORT 2025
27
Berlin and Hamburg), 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 systematically benefit from operating leverage and additional
economies of scale.
REDEVELOPMENT
Throughout our 93% freehold
1
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 NOI yield on cost at maturity
2
justifies the expansion of the rentable area.
1 Including long-term lease agreements of at least 80 years remaining life (“long leasehold properties”).
2 NOI yield on cost at maturity is calculated as NOI at maturity divided by total direct project cost/acquisition cost.
FOOTPRINT EXPANSION
With our strong development team of dedicated organic development, merger & acquisition and construction
specialists, we are seeking to add c. 90,000 sqm per year through new developments and acquisitions
representing a footage growth of c. 5% per year.
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 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 NOI yield on cost at
maturity, 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. We drive revenue growth
through best-in-class yield management, supported by machine learning engines, both for prospects (board
rates) and existing customers (in-place rent). We regularly evaluate our properties’ rental rates and product
offering based on unit demand and unit availability.
BRAND AND MARKETING
We believe the Shurgard brand is a critical part of our strategy and a key marketing tool. We use a range of
channels to build awareness and generate high-intent demand.
Our omnichannel approach combines strong physical visibility with a leading digital presence. This includes
prominent property locations, clear signage and architectural features, as well as visibility across search engines
and online maps, often where customers begin their self-storage journey. We support this with social media and
SHURGARD ANNUAL REPORT 2025
28
other online placements that strengthen brand awareness and direct customers to our website and stores. We
also invest in performance marketing and organic search optimization to capture demand efficiently, including
local search visibility and content that helps customers compare options and choose the right unit size and
features.
This digital acquisition is fully integrated with contact center and store-based support to deliver a single,
seamless customer journey. Customers typically research, compare, and reserve units online, while our contact
center and store teams provide assisted sales and ongoing support. This helps customers select the right solution,
improves conversion, supports pricing discipline, and ensures operational consistency across markets. It also
strengthens customer lifetime value through better onboarding, retention, and service quality.
To continuously improve, we regularly conduct focus groups and online surveys to understand what drives
customer choice and satisfaction. We complement this with data-driven measurement, automation, and AI-
enabled tools to refine targeting, personalize journeys, improve the quality and speed of responses, and optimize
marketing effectiveness. We also ensure our online information is structured and consistent, so it surfaces
accurately in AI-driven search and assistant experiences, where customers increasingly look for quick answers
and recommendations.
Together, these actions – delivered through a consistent omnichannel framework – help us attract, convert, and
serve customers more effectively.
PROPERTY PORTFOLIO
OUR PROPERTIES
The number of properties we operate (including 16 stores under management contract) has grown to a platform
of 348 properties comprising 1,769,198 net rentable sqm as of December 31, 2025. This represents a growth of
4.8% compared to 2024. Shurgard does not own the above-mentioned properties under management contract,
however, we receive a management fee in return for operating them under our operating model and strategy,
and benefit from economies of scale.
We focus the operation of our owned properties to urban areas across Europe, with 95% of our properties located
in capital and major cities. At the end of December 2025, 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”).
SHURGARD ANNUAL REPORT 2025
29
The following table shows our owned portfolio by country (excluding stores under management contract), as of December 31, 2025:
Total number of
properties
Freehold and
long leasehold
1
Net rentable sqm
(in thousands)
Average
occupancy rate
2
Average in-place
rent (in € per
sqm)
3
United Kingdom
75 88.5% 377 80.8% 341.7
The Netherlands 71 84.5% 379 86.7% 252.3
France 68 98.5% 336 87.4% 277.8
Germany 46 97.6% 235 79.4% 284.2
Sweden 41 96.9% 208 90.5% 252.3
Belgium 21 100.0% 118 90.8% 246.1
Denmark 10 100.0% 54 90.5% 310.4
Total 332 93.0% 1,707 85.5% 281.3
1 Average calculated as a weighted average by net rentable sqm.
2 Average occupancy rate all properties 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 all properties is presented in euros per sqm and calculated as rental revenue divided by the average rented sqm for the reporting period
SHURGARD ANNUAL REPORT 2025
30
PORTFOLIO EXPANSION
Property Region Country
Project
status
1
Completion
date
Net sqm
Total
project cost /
purchase
price
Opened in 2025 91,334 213,335
Major redevelopments
Heerenveen Randstad Netherlands C Jan-25 561 771
Waterloo Brussels Belgium C Apr-25 870 2,636
Southwark London UK C May-25 2,648 10,002
Peterborough East of England UK C May-25 2,017 814
Harlow East of England UK C Jun-25 1,579 294
Mannheim Frankfurt area Germany C Dec-25 1,405 911
Tempelhof Berlin Germany C Dec-25 893 2,463
Eindhoven Acht Eindhoven Netherlands C Dec-25 2,147 2,476
Handen Stockholm Sweden C Dec-25 1,582 4,694
New developments
Loevenich
2
(phase 1) NRW Germany C Apr-25 3,180 8,361
Wangen Stuttgart Germany C Apr-25 7,049 17,138
Beverwijk Randstad Netherlands C Apr-25 4,353 9,260
Den Haag Kerketuinen Randstad Netherlands C Jul-25 4,363 11,095
Dusseldorf Neuss NRW Germany C Aug-25 5,814 16,838
Bercy Saint Emilion Paris France C Nov-25 2,748 3,568
Haussman Printemps Paris France C Nov-25 3,803 4,846
Leinfelden Stuttgart Germany C Dec-25 6,762 20,083
Zaandam Randstad Netherlands C Dec-25 4,412 10,538
Rotterdam Oostzeedijk Randstad Netherlands C Dec-25 3,272 9,097
Bolton
Greater
Manchester
UK C Dec-25 5,726 9,075
Barking - Dagenham London UK C Dec-25 8,295 13,051
M&A / Asset Acquisitions
Storage Share Randstad Netherlands C Jul-25 1,700 4,150
Storage World
3
(Ardwick) Manchester UK C Oct-25 4,903 31,175
Sesam Self Storage Skane Sweden C Dec-25 11,252 20,000
Scheduled to open in 2026 102,106 229,594
Major redevelopments
Montigny-le-Bretonneux Paris France C Jan-26 3,689 5,538
Epinay Paris France C Jan-26 1,154 3,648
Forest Brussels Belgium UC 2026 330 1,734
Groot-Bijgaarden Brussels Belgium UC 2026 360 244
Porte de Clignancourt Paris France UC 2026 1,350 12,243
Tonbridge South East UK UC 2026 586 78
Malmo Lundavagen Malmo Sweden UC 2026 981 2,363
New developments
Roedelheim Frankfurt Germany C Jan-26 7,243 21,012
SHURGARD ANNUAL REPORT 2025
31
Lille Grand Place Lille France UC 2026 2,749 4,343
Cité Internationale Lyon France UC 2026 2,249 3,505
Marché Saint Honoré Paris France UC 2026 1,478 2,788
Berlin Marzahn Berlin Germany UC 2026 10,321 27,915
Bonn Bad Godesberg NRW Germany UC 2026 7,219 16,634
Bad Cannstatt Stuttgart Germany UC 2026 6,748 19,715
Loevenich
2
(phase 2) NRW Germany UC 2026 2,994 7,866
Den Haag - Ypenburg Randstad Netherlands UC 2026 6,507 15,621
Eltham London UK UC 2026 5,775 21,314
Cheshunt East of England UK UC 2026 6,085 8,424
Altrincham
Greater
Manchester
UK UC 2026 6,208 9,871
Bracknell South East UK UC 2026 5,453 14,728
Eastbourne - Lottbridge
Drove
South East UK UC 2026 5,834 10,209
Milton Keynes - Crownhill South East UK UC 2026 8,556 19,800
M&A / Asset Acquisitions
Storage World
3
(East) Manchester UK CPA 2026 8,237 0
Scheduled to open in 2027 56,466 146,340
New developments
1 property Paris France PS 2027 1,138 3,672
Teltow Berlin Germany UC 2027 6,734 17,250
Niederrad Frankfurt Germany UC 2027 5,151 11,724
Offenbach Frankfurt Germany UC 2027 5,865 13,254
Haar Munich Germany UC 2027 3,528 12,614
Koln Nippes NRW Germany UC 2027 3,941 9,990
1 property Eindhoven Netherlands PS 2027 5,645 10,295
1 property Randstad Netherlands PS 2027 3,569 6,690
1 property Randstad Netherlands PS 2027 7,100 16,610
1 property Randstad Netherlands PS 2027 2,703 6,029
Sutton London UK UC 2027 5,340 17,925
1 property London UK PS 2027 5,752 20,287
Total portfolio expansion 249,906 589,270
1 CPA = signed conditional purchase agreement and building permit process ongoing, PS = building permit submitted, UC = under construction and
C = completed.
2 Acquisition of a turnkey property.
3 M&A of two properties of which one is currently under construction and expected to open by end 2026. Purchase price for the entire project is reflected in
2025.
As of December 31, 2025, our secured total expansion pipeline stands at 249,906 sqm, equaling 15.4% of our
2024 total rentable sqm. Our pipeline represents a total project cost of c. €589.3 million, invested over the project
horizon, and is expected to deliver an additional NOI yield on cost at maturity between 8% and 9%.
During the year 2025, capital expenditure of €78.0 million was incurred on completed projects and €131.9 million
on investment properties under construction. In 2026, the Group expects to incur approximately €205.6 million
on new developments and €31.0 million on redevelopment projects.
SHURGARD ANNUAL REPORT 2025
32
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 December 31, 2025, 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)
Q4
2025
Q4
2024
+/- CER FY 2025 FY 2024 +/- +/- CER
Real estate operating revenue 114,415 111,309 3.5% 450,853 406,503 10.9% 10.9%
Real estate operating expense (37,256) (35,422) 6.4% (156,261) (138,943) 12.5% 12.6%
Net income from real estate
operations
77,158 75,886 2.2% 294,593 267,560 10.1% 10.0%
General, administrative and other
expenses
(7,722) (6,956) 11.4% (30,783) (27,568) 11.7% 11.5%
of which depreciation and
amortization expense
(1,460)
(1,111) 31.5%
(6,299)
(4,121)
52.9%
52.8%
Royalty fee expense (1,152) (1,098) 5.7% (4,474) (4,008) 11.6% 11.6%
Other expenses, net (162) (3,877) -95.7% (1,107) (6,932) -84.0% -83.7%
Operating profit before property
related adjustments
68,123 63,955 6.9% 258,229 229,052 12.7% 12.5%
Valuation gain on investment
property and investment property
under construction and gain on
disposal
181,014 182,220 0.5% 519,738 331,073 57.0% 57.8%
Operating profit 249,137 246,175 2.2% 777,967 560,125 38.9% 39.2%
Finance costs (13,402) (15,277) -12.4% (53,313) (40,647) 31.2% 29.0%
Finance income 229 1,252 -81.7% 2,557 6,018 -57.5% -57.5%
Profit before tax 235,964 232,150 2.7% 727,212 525,496 38.4% 38.9%
Income tax expense (44,311) (53,567) -17.5% (127,927) (121,818) 5.0% 4.7%
Attributable profit for the period 191,652 178,583 8.9% 599,285 403,678 48.5% 49.3%
Profit attributable to non-controlling
interests
(200) (245) -18.5% (1,525) (827) 84.3% 84.3%
Profit attributable to ordinary
equity holders of the parent
191,453 178,338 8.9% 597,760 402,850 48.4% 49.2%
Earnings per share attributable to
ordinary equity holders of the
parent:
Basic, profit for the period (in €) 1.90 1.81 6.2% 6.00 4.13 45.5% 46.4%
Adjusted EPRA earnings per share
(basic - in €)
0.45 0.45 0.9% 1.74 1.71 1.4% 1.7%
Weighted average number of shares
(basic - in millions)
101.0 98.5 2.5% 99.5 97.6 2.0% 2.0%
SHURGARD ANNUAL REPORT 2025
33
The following discussion of Group revenue and expenses down to underlying EBITDA is on a constant exchange
rate (CER) basis, where 2024 actual exchange rate (AER) numbers are recalculated using 2025 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, ancillary revenue, and other revenue.
(in € thousands) Q4 2025 Q4 2024 +/- FY 2025 FY 2024 +/-
Rental revenue 100,653 97,404 3.3% 396,495 357,841 10.8%
Fee income from customer goods coverage 10,894 10,401 4.7% 42,935 37,980 13.0%
Ancillary revenue
1
2,879 2,892 -0.4% 11,447 10,935 4.7%
Property operating revenue (CER) 114,426 110,697 3.4% 450,877 406,755 10.8%
Other revenue, net
2
(11) (173) -93.4% (24) (162) -85.2%
Real estate operating revenue (CER) 114,415 110,524 3.5% 450,853 406,593 10.9%
Foreign exchange
3
- 785 -100.0% - (89) -100.0%
Real estate operating revenue (AER) 114,415 111,309 2.8% 450,853 406,503 10.9%
1 Ancillary revenue consists of merchandise sales and other revenue from real estate operations.
2 Other revenue includes, besides other, management fees earned and are invoiced on top of any (direct and indirect) cost-recharges to the owners of the
properties. Other revenue net was slightly negative as costs recharged exceeded management fees earned, which resulted in a net loss.
3 Foreign exchange is mainly driven by movements in GBP and SEK and represents the impact of translating prior year numbers with current year exchange
rates.
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 2025, rental revenue increased by 10.8% to €396.5 million, from €357.8 million in 2024. This was driven by an
increase of 8.8% in average rented sqm combined with an increase in rental rates (up 1.9% compared with
2024). Across our expanded network, our average rented sqm increased by 8.8% to 1,409 thousand sqm as of
December 31, 2025, from 1,296 thousand sqm on December 31, 2024.
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. 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 December 31, 2025, fee income from customer goods coverage increased by 13.0% to €42.9 million (2024:
€38.0 million). This was driven both by our non-same store portfolio through more stores and customers, as well
as the same store segment, primarily due to a slightly higher insurance premium and an increase in customer
penetration.
SHURGARD ANNUAL REPORT 2025
34
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 (e.g. office and parking rent, billboards, etc.). Ancillary revenue
increased from €10.9 million to €11.4 million between 2024 and 2025, driven by the other real estate revenue
from our recent acquisitions.
REAL ESTATE OPERATING EXPENSE
(in € thousands) Q4 2025 Q4 2024 +/- FY 2025 FY 2024 +/-
Payroll expense 13,229 12,846 3.0% 51,090 47,037 8.6%
Real estate and other taxes 3,615 3,911 -7.6% 26,405 22,766 16.0%
Repairs and maintenance 3,657 3,544 3.2% 15,120 13,944 8.4%
Marketing expense 3,748 3,485 7.5% 14,590 11,858 23.0%
Utility expense 1,745 1,896 -8.0% 6,897 6,063 13.8%
Impairment loss on receivables 1,872 1,994 -6.1% 7,862 6,937 13.3%
Cost of insurance and merchandise sales 802 1,185 -32.3% 4,104 4,591 -10.6%
Other operating expenses
1
8,589 6,165 39.3% 30,193 25,547 18.2%
Real estate operating expense (CER) 37,256 35,026 6.4% 156,261 138,741 12.6%
Foreign exchange - 397 -100.0% - 202 -100.0%
Real estate operating expense (AER) 37,256 35,422 5.2% 156,261 138,943 12.5%
1 Other operating expenses mainly include travel expenses, legal and consultancy fees, insurance expenses, non-deductible VAT, information system expenses
and property lease expenses.
During 2025, our real estate operating expenses went up by 12.6%. This is mainly attributable to higher payroll
expense driven by the addition of properties combined with the reinforcement of our support centers (up €4.1
million). The increase in real estate and other taxes (€3.6 million) comes from the third consecutive year of real
estate tax increase announced by the UK tax authorities and the addition of new stores. Furthermore, marketing
expenses increased by €2.7 million, reflecting the higher costs of online advertising and our larger portfolio. Other
operating expenses have increased by €4.6 million mainly due to (i) the addition of stores to the portfolio (€1.5
million), (ii) increased card processing fees as we conclude the transition to an integrated and standardized
payment platform (€1.1 million) and (iii) higher license and maintenance costs following transition to a new SaaS
ERP solution (€1.1 million), implemented during 2025. Repair and maintenance expenses increased by almost
€1.2 million following the increase in stores due to recent acquisitions, with costs remaining stable in our same
store portfolio.
Focusing on our same store portfolio: while these stores experienced an increase of 4.7% in real estate and other
taxes and 10.7% in marketing expenses compared to 2024, their corresponding NOI margin has increased by
0.4pp.
Despite operating 81 stores in our non-same store segment compared to 67 stores in the prior year, we were
able to largely maintain our margin. This was made possible by our standardized IT and marketing platforms and
unique strategic position of our operating platform, which helped contain costs and supported revenue growth,
outpacing normalized expense increases.
SHURGARD ANNUAL REPORT 2025
35
NET INCOME FROM REAL ESTATE OPERATIONS
(in € thousands) Q4 2025 Q4 2024 +/- FY 2025 FY 2024 +/-
Real estate operating revenue 114,415 110,524 3.5% 450,853 406,593 10.9%
Real estate operating expense 37,256 35,026 6.4% 156,261 138,741 12.6%
Net income from real estate operations (CER) 77,158 75,498 2.2% 294,593 267,852 10.0%
Foreign exchange - 388 -100.0% - (292) -100.0%
Net income from real estate operations (AER) 77,158 75,886 1.7% 294,593 267,560 10.1%
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 10.0%, to
€294.6 million in 2025.
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.
Number of stores Q4 2025 Q4 2024 +/-
FY 2025 FY 2024 +/-
Same stores
1
251 251 - 251 251 -
Non-same stores 81 67 14 81 67 14
All Stores 332 318 14 332 318 14
(in € thousands)
Same store property operating revenue 94,080 92,703 1.5% 373,465 361,722 3.2%
Non-same store property operating revenue 20,346 17,994 13.1% 77,413 45,033 71.9%
All store property operating revenue
2
114,426 110,697 3.4% 450,877 406,755 10.8%
1 Same stores are (i) all developed stores that have been in operation for at least three full years, (ii) all acquired stores that we have owned for at least one full year, each
measured as of January 1 of the relevant year, as well as (iii) stores that have undergone minor redevelopments, each measured as of January 1 of the relevant year.
2 Revenue from stores under management contract is reported as Other revenue (note 5), reflecting the different nature of these activities compared to property operating
revenue.
SHURGARD ANNUAL REPORT 2025
36
Same stores
The same store facilities segment for a given year comprises (i) stores in operations for more than three full
years as of January 1 of that year in the case of self-developed properties, (ii) stores in operation for one full year
as of January 1 of that year in the case of properties that have been acquired as well as (iii) stores that have
undergone minor redevelopments. The non-same store facilities segment comprises any other self-storage
facilities that we operate. The following table shows certain performance measures across our same store
portfolio.
(at CER ) Q4 2025 Q4 2024 +/- FY 2025 FY 2024 +/-
Property KPIs at period end
Number of properties 251 251 - 251 251 -
Closing rentable sqm
1
1,292 1,283 0.7% 1,292 1,283 0.7%
Closing rented sqm
2
1,133 1,141 -0.7% 1,133 1,141 -0.7%
Closing occupancy rate
3
87.6% 88.9% -1.3pp 87.6% 88.9% -1.3pp
Property KPIs for the period
Average rented sqm
4
1,144 1,150 -0.5% 1,145 1,146 -0.1%
Average occupancy rate
5
88.7% 89.7% -0.9pp 89.0% 89.5% -0.4pp
Average in-place rent (in € per sqm)
6
291.6 284.9 2.3% 288.5 278.7 3.5%
Average revPAM (in € per sqm)
7
291.9 289.0 1.0% 290.3 282.3 2.8%
Financial KPIs for the period
Property operating revenue
8
in € thousands
94,080 92,703 1.5% 373,465 361,722 3.2%
Income from property (NOI)
9
in € thousands
66,128 65,703 0.6% 254,163 244,836 3.8%
NOI margin
10
70.3% 70.9% -0.6pp 68.1% 67.7% 0.4pp
1 Closing rentable sqm is calculated as the sum of available sqm (in thousands) for customer storage use at our stores, as of the reporting date.
2 Closing rented sqm is calculated as the sum of sqm (in thousands) rented by customers, as of the reporting date.
3 Closing occupancy rate is presented in % and calculated as the closing rented sqm divided by closing rentable sqm as of the reporting date.
4 Average rented sqm is calculated as the sum of sqm (in thousands) 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.
10 NOI 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.
Closing rentable sqm went up by 0.7% to 1,292 thousand sqm due to redevelopments done to some of the
properties in our same store pool. Our average rented sqm remained stable in 2025, with 1,145 thousand sqm.
The average in-place rent per sqm for our same store facilities grew by 3.5% to €288.5 in 2025 from €278.7 in
2024.
Property operating revenue generated by our same store facilities increased by €11.7 million or 3.2% to
€373.5 million in 2025, driven by pricing dynamics resulting in increased average in-place rental rates.
SHURGARD ANNUAL REPORT 2025
37
Income from property (NOI) for our same stores rose from €244.8 million in 2024 to €254.2 million in 2025, with
the same store NOI margin increasing by 0.4pp from 67.7% to 68.1%. This margin improvement reflects the
impact of realized synergies, cost benefits from our store clustering and overall cost management initiatives. We
achieved this against a strong inflationary background, reflecting our ability to control operating expenses and
leverage our strong sales.
Non-same stores
Occupancy, in-place rent and margin contribution can vary greatly between these properties depending on their
maturity.
Non-same store property operating revenue increased from €45.0 million in 2024 to €77.4 million in 2025. This
increase was due to the continued “ramp-up” at our new properties and the net addition of 14 non-same stores.
OPERATIONS BY COUNTRY
All store
Property operating revenue
(in € thousands at CER)
Q4 2025 Q4 2024 +/-
FY 2025 FY 2024 +/-
The United Kingdom 27,839 27,033 3.0% 111,621 90,203 23.7%
The Netherlands 23,601 22,481 5.0% 92,109 84,866 8.5%
France 23,343 23,126 0.9% 92,329 89,243 3.5%
Germany 14,771 13,998 5.5% 57,461 48,709 18.0%
Sweden 13,041 12,489 4.4% 50,603 48,494 4.3%
Belgium 7,471 7,352 1.6% 29,577 28,626 3.3%
Denmark 4,359 4,219 3.3% 17,177 16,614 3.4%
Total 114,426 110,697 3.4% 450,877 406,755 10.8%
Same store
Property operating revenue
(in € thousands at CER)
Q4 2025 Q4 2024 +/-
FY 2025 FY 2024 +/-
The United Kingdom 18,088 18,219 -0.7% 73,891 72,955 1.3%
The Netherlands 20,336 19,843 2.5% 80,036 76,403 4.8%
France 21,927 21,807 0.6% 86,862 84,482 2.8%
Germany 8,894 8,775 1.4% 35,356 34,146 3.5%
Sweden 13,004 12,489 4.1% 50,566 48,494 4.3%
Belgium 7,471 7,352 1.6% 29,577 28,626 3.3%
Denmark 4,359 4,219 3.3% 17,177 16,614 3.4%
Total 94,080 92,703 1.5% 373,465 361,722 3.2%
SHURGARD ANNUAL REPORT 2025
38
Same store
Average occupancy rate
1
Q4 2025 Q4 2024 +/- FY 2025 FY 2024 +/-
The United Kingdom 87.0% 87.7% -0.7pp 87.0% 87.2% -0.1pp
The Netherlands 89.3% 91.1% -1.8pp 89.9% 91.1% -1.1pp
France 88.1% 89.1% -0.9pp 88.0% 88.7% -0.6pp
Germany 87.2% 87.1% 0.1pp 87.1% 87.9% -0.8pp
Sweden 90.3% 90.7% -0.4pp 90.8% 90.0% 0.8pp
Belgium 89.6% 91.2% -1.5pp 90.8% 91.3% -0.5pp
Denmark 91.4% 90.7% 0.7pp 91.4% 90.8% 0.6pp
Total 88.7% 89.7% -0.9pp 89.0% 89.5% -0.4pp
Same store
Average in-place rent
2
(at CER)
Q4 2025 Q4 2024 +/-
FY 2025 FY 2024 +/-
The United Kingdom 384.3 383.8 0.1% 391.4 384.8 1.7%
The Netherlands 267.6 258.7 3.5% 262.8 249.1 5.5%
France 284.7 280.1 1.6% 281.5 272.3 3.4%
Germany 302.9 300.4 0.8% 301.6 292.4 3.1%
Sweden 261.5 248.7 5.2% 252.4 243.6 3.6%
Belgium 250.7 243.2 3.1% 246.1 236.2 4.2%
Denmark 316.1 306.0 3.3% 310.4 303.2 2.4%
Total 291.6 284.9 2.3% 288.5 278.7 3.5%
Same store
NOI margin
3
(at CER)
Q4 2025 Q4 2024 +/- FY 2025 FY 2024 +/-
The United Kingdom 60.8% 64.7% -3.9pp 62.5% 63.7% -1.2pp
The Netherlands 73.8% 73.3% 0.5pp 72.4% 71.7% 0.6pp
France 69.1% 69.1% 0.0pp 62.5% 62.3% 0.2pp
Germany 73.2% 72.9% 0.4pp 71.1% 70.2% 0.9pp
Sweden 74.5% 73.9% 0.6pp 73.6% 72.0% 1.6pp
Belgium 73.9% 75.8% -1.9pp 70.7% 70.0% 0.7pp
Denmark 74.7% 73.6% 1.0pp 72.7% 71.9% 0.8pp
Total 70.3% 70.9% -0.6pp 68.1% 67.7% 0.4pp
1 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.
2 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.
3 NOI 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.
4 Slight decrease in the UK same store NOI margin by 0.7pp is primarily due to €0.4m increase in both marketing expenses and real estate taxes.
SHURGARD ANNUAL REPORT 2025
39
Our same store property operating revenue grew over the full year of 2025 by 3.2% compared to 2024:
• Our UK same stores (London) faced a competitive market environment and, in part, more aggressive pricing
in our own stores acquired in 2024. Together with the anticipated normalization of same-store growth, this
resulted in a decline of 0.7% in the last quarter ending the year with a 1.3% growth.
• Our operations in the Netherlands achieved substantial in-place rent growth of 5.5% for the full year. Same
store occupancy (-1.1pp) was, besides others, temporarily impacted by aggressive pricing in our newly
opened nearby stores. With overall demand growing, we continue to expect this effect to be transitory and
anticipate mid-term benefits from scale and efficiencies to support high occupancy and competitive pricing
across the portfolio.
• In France, the second half of the year was impacted by various redevelopments temporarily impacting our
occupancy (-0.9pp versus last quarter 2024). Despite this, we managed to grow in-place rent by 3.4%,
while maintaining high occupancy levels (88.0%), which translated into year-on-year revenue growth of
2.8%.
• In Germany, we saw an uplift in occupancy growth in the last quarter of 2025 (+0.1pp) with occupancy
ending at 87.1% for the year. Simultaneously we were able to grow in-place rent by +3.1% compared to
2024, resulting in a solid 3.5% revenue growth.
• In the Nordics (Sweden and Denmark), revenue growth reflected our ability to increase in-place rent while
improving occupancy. Notably, in-place rent growth accelerated in the final quarter versus the rest of the
year, underscoring our ability to deliver pricing uplift in a competitive market environment.
• In Belgium, occupancy was impacted during the last quarter of the year due to a more competitive
landscape, primarily in the Brussels area due to competition openings. Nevertheless, we achieved in-place
rent growth of 4.2%, driving full-year revenue growth of 3.3%.
GENERAL, ADMINISTRATIVE AND OTHER EXPENSES
(in € thousands, at CER) Q4 2025 Q4 2024 +/- FY 2025 FY 2024 +/-
Payroll expense 3,757 4,194 -10.4% 14,503 13,971 3.8%
Share-based compensation expense 1,799 893 101.5% 4,987 4,425 12.7%
Capitalization of internal time spent on
development of investment property
(1,248) (1,146) 8.9%
(5,011) (4,638) 8.1%
Depreciation and amortization expense 1,460 1,110 31.5% 6,299 4,122 52.8%
Other general and administrative expenses,
net
1
1,954 1,881 3.9% 10,005 9,727 2.8%
General, administrative and other
expenses (CER)
7,722 6,931 11.4% 30,783 27,608 11.5%
Foreign exchange - 25 -100.0% - (40) -100.0%
General, administrative and other
expenses (AER)
7,722 6,956 11.0% 30,783 27,568 11.7%
1 Other general and administrative expenses, net mainly include legal, consultancy, audit fees and non-deductible VAT.
General, administrative and other expenses increased in line with our revenues by 11.5%, from €27.6 million in
2024 to €30.8 million in 2025. Depreciation and amortization increased by €2.2 million, mainly impacted by the
amortization of the Lok’nStore trademark and acquired management contracts’ intangible assets for an amount
of €1.6 million. The remaining increase is due to the impact of our continued investment in IT improvement and
digitalization projects. Our payroll expenses grew by €0.5 million versus prior year, reflecting the impact of
inflation and some forward leaning investments into new positions to support future growth. This was countered
by an increase in capitalized internal development costs of €0.4 million, reflecting our growing development
activities. Other general and administrative expenses remained stable at around €10.0 million.
SHURGARD ANNUAL REPORT 2025
40
ROYALTY FEE EXPENSE
We pay the owner of the trade name “Shurgard”, Public Storage, a royalty fee equal to 1.0% of revenues (net of
doubtful debt expenses) in exchange for the rights to use the trade name and benefit from other services. In
2025, we incurred royalty fees of €4.5 million (2024: €4.0 million).
OTHER EXPENSES, NET
Other expenses for 2025 amount to €1.1 million and consisted mainly of a €1.3 million cost for the implementation
of our new SaaS ERP system and a €0.8 million for upfront costs incurred on pipeline expansion opportunities
that ultimately did not materialize. The latter expenses were partly compensated by a termination gain on one
of our third party managed contracts in the UK (€0.9 million).
OPERATING PROFIT BEFORE PROPERTY RELATED ADJUSTMENTS
Operating profit before property related adjustments increased by 12.5% to €258.2 million in 2025, reflecting
the operational strength of the core business.
VALUATION GAINS FROM INVESTMENT PROPERTY AND INVESTMENT PROPERTY UNDER CONSTRUCTION
The Company recognized a valuation gain from investment property and investment property under construction
of €519.5 million in 2025, compared to a valuation gain of €331.1 million in 2024. Fair valuation gain is mainly
driven by changes in forecasted property rental income and operating expenditure by €206 million, yield impact
of €557 million, partially netted-off by increase in purchaser’s cost and the impact of discounting.
The valuation gain of €519.5 million, combined with €254.4 million net additions and partially offset by €60.9
million unfavorable exchange rate fluctuations, resulted in an increase of €712.9 million in total investment
property value to €7,123.5 million at year-end 2025, an increase of +11.1% compared to December 31, 2024.
OPERATING PROFIT
Operating profit increased by 39.2% to €778.0 million in 2025, largely driven by €189.7 million higher gains from
the fair value revaluation of our investment property.
UNDERLYING EBITDA
(in € thousands) Q4 2025 Q4 2024 +/- FY 2025 FY 2024 +/-
Operating profit before property related
adjustments
68,122 63,955 6.5% 258,229 229,052 12.7%
Depreciation and amortization expense 1,460 1,111 31.4% 6,299 4,121 52.9%
EBITDA (AER) 69,583 65,066 6.9% 264,529 233,173 13.4%
Other
1
406 3,877 -89.5% 1,198 7,272 -83.5%
Underlying EBITDA (AER) 69,989 68,943 1.5% 265,727 240,445 10.5%
Foreign exchange - (323) -100.0% - 341 -100.0%
Underlying EBITDA (CER) 69,989 68,620 2.0% 265,727 240,785 10.4%
Underlying EBITDA Margin 61.2% 62.1% -0.9pp 58.9% 59.2% -0.3pp
1 “Other” includes in 2025 (i) ERP implementation fees €1.3 million (2024: €3.2 million), (ii) €0.8 million for upfront costs incurred on pipeline expansion
opportunities that ultimately did not materialize, (iii) an exceptional income related to the termination of one of our third-party managed contracts in the UK
(€0.9 million). Furthermore, other includes in 2024 the integration costs for our UK acquisition (€3.7 million).
At constant exchange rate, underlying EBITDA rose by 10.4% in 2025, from €240.8 million the previous year to
€265.7 million this year, mainly supported by an increase market in property operating revenue of 10.8%.
SHURGARD ANNUAL REPORT 2025
41
The following tables and commentary are presented at actual exchange rate (AER).
FINANCE RESULT
(in € thousands) FY 2025 FY 2024 +/-
Interest on debts and borrowings 51,934 34,165 52.0%
Interest on lease obligations 5,764 4,700 22.6%
Capitalized borrowing costs (5,423) (2,608) 108.0%
Interest expense 52,275 36,257 44.2%
Loss on early extinguishment of debt 1,006 - N/A
Foreign exchange (gain) loss 33 4,390 -99.3%
Finance costs 53,313 40,647 31.2%
Finance income 2,557 6,018 -57.5%
Finance result 50,756 34,628 46.6%
Finance costs grew from €40.6 million in 2024 to €53.3 million in 2025, reflecting the increase of our net debt,
increased cost of debt, and early repayment of our Term Loan Facility. This increase reflects the long-term
financing of our major acquisitions in the UK and Germany, as well as our development pipeline. Since the second
half of prior year, we issued two 10-year benchmark Euro bonds (October 2024 and May 2025), with fixed
coupons of 3.6% and 4.0%, respectively. As a result, combined with the repayment of lower interest rate debt,
our average cost of debt increased to 3.33% in December 2025 (vs. 3.16% as of December 2024).
Capitalized borrowing costs increased due to a higher interest rate and significant increase in capital
expenditures for projects under construction.
Due to the early refinancing of our term loan facility during 2025, the Group also expensed the unamortized
portion of the related debt financing costs for €1.0 million.
In connection with the acquisition of Lok’nStore, we entered into a €500 million bridge loan facility agreement.
To avoid foreign exchange rate risk, the Company entered into a Deal Contingent Forward (DCF) of a notional
amount of £430 million in exchange for an amount in euros that is equal to the notional amount. On the
settlement date of August 7, 2024, Shurgard recognized a foreign exchange loss of €4.2 million as finance cost.
The foreign exchange loss has been adjusted in the computation of the 2024 adjusted EPRA earnings.
INCOME TAX EXPENSE
(in € thousands) FY 2025 FY 2024 +/-
Current tax expense 38,807 34,869 11.3%
Deferred tax (income) / expense 89,120 86,949 2.5%
Income tax (income) / expense 127,927 121,818 5.0%
Adjusted EPRA earnings effective tax rate
1
18.3% 17.2% 1.1pp
1 Adjusted EPRA earnings effective tax rate is current tax expenses divided by adjusted EPRA earnings before tax.
SHURGARD ANNUAL REPORT 2025
42
Current tax expense increased by €3.9 million from €34.9 million in 2024 to €38.8 million in 2025. The adjusted
EPRA earnings effective tax rate for 2025 ended at 18.3%, compared with 17.2% in the prior year, as a result of
a more unfavorable geographical profit mix.
ATTRIBUTABLE PROFIT AND ATTRIBUTABLE PROFIT PER SHARE
(in € thousands, except for shares and EPS)
FY 2025 FY 2024 +/-
Profit for the period, attributable to 599,285 403,678 48.5%
Equity holders of the Group (A) 597,760 402,850 48.4%
Non-controlling interests 1,525 827 84.3%
Weighted average number of ordinary shares (B) 99,548,156 97,641,112 2.0%
Earnings per share (EPS) - basic € (A/B) 6.00 4.13 45.5%
EPRA KPIS
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 September 2024. 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 Appendix
(Alternative Performance Measures).
(in € thousands, except where indicated) FY 2025 FY 2024 +/-
EPRA Earnings
175,110 158,716 10.3%
Adjusted EPRA Earnings 173,079 167,386 3.4%
Capital Expenditure 256,253 976,127 -73.7%
EPRA Vacancy Rate 17.1% 14.8% 2.3pp
EPRA LFL Rental Growth 3.4% 5.7% -2.2pp
EPRA Cost ratio (including direct vacancy costs) 46.8% 46.2% 0.6pp
EPRA Cost ratio (excluding direct vacancy costs) 46.8% 46.2% 0.6pp
EPRA Net Initial Yield (NIY) 4.7% 4.7% 0.0pp
EPRA Net Initial Yield 'topped-up' NIY 4.7% 4.7% 0.0pp
SHURGARD ANNUAL REPORT 2025
43
EPRA EARNINGS
(in € thousands, except for EPRA EPS) FY 2025 FY 2024 +/-
Profit attributable to ordinary equity holders of the parent 597,760 402,850 48.4%
Adjustments:
Changes in value of investment properties, development
properties held for investment and other investment interests
(519,481) (331,073) 56.9%
Profits or losses on disposal of investment properties,
development properties held for investment and other
investment interests
(257) (2) N/A
Changes in fair value of financial instruments and associated
close-out costs
2,316 - N/A
Adjustments related to non-operating and exceptional items (937) - N/A
Current and deferred tax in respect of EPRA adjustments 94,609 86,511 9.4%
Non-controlling interests in respect of the above 1,100 426 158.1%
EPRA earnings 175,110 158,716 10.3%
EPRA earnings per share (basic - in €) 1.76 1.63 8.2%
EPRA earnings per share (diluted - in €) 1.76 1.62 8.3%
ADJUSTED EPRA EARNINGS
(in € thousands, except for Adjusted EPRA EPS) FY 2025 FY 2024 +/-
EPRA earnings 175,110 158,716 10.3%
Company specific adjustments:
Other adjusting items
1
3,715 11,201 -66.8%
Tax adjustments
2
(5,746) (2,530) 127.1%
Adjusted EPRA earnings 173,079 167,386 3.4%
Adjusted EPRA earnings per share (basic - in €) 1.74 1.71 1.4%
Adjusted EPRA earnings per share (diluted - in €) 1.73 1.71 1.5%
1 Other adjusting items mainly consist of in 2025 (i) ERP implementation fees €1.3 million (2024: €3.2 million) and (ii) €0.8 million for upfront costs incurred on
pipeline expansion opportunities that ultimately did not materialize. Furthermore, other includes in 2024 the integration costs for our UK acquisition (€3.7
million) and exceptional foreign exchange transaction loss related to the bridge loan (€ 4.3 million).
2 Tax adjustments consist of in 2025 (i) deferred tax expense on items other than revaluation of investment property (€5.3 million), (ii) net impact of tax
assessments (€0.2 million) and (iii) current income tax effect of the Company-specific adjustment items included in this adjusted EPRA earnings table (€0.3
million).
Adjusted EPRA earnings exclude significant other adjusting 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 2025, adjusted EPRA earnings were €173.1 million, 3.4% higher than the €167.4 million
in 2024.
SHURGARD ANNUAL REPORT 2025
44
RECONCILIATION OF UNDERLYING EBITDA TO ADJUSTED EPRA EARNINGS
(in € thousands, at AER) FY 2025
FY 2024
+/-
Underlying EBITDA 265,727
240,445
10.5%
Net attributable profit adjustments:
Depreciation and amortization expense (6,299) (4,121) 52.9%
Current tax expense (38,807) (34,869) 11.3%
Deferred tax expense, net of EPRA adjustment 5,255 (438) N/A
Finance costs (excluding foreign exchange) (53,280) (36,257) 47.0%
Finance income 2,557 6,018 -57.5%
Changes in fair value of financial instruments and associated
close out costs
2,316 - N/A
Other expenses, net, net of EPRA adjustments (1,934) (11,661) -83.4%
Non-controlling interests, net of EPRA adjustments (425) (401) 5.9%
Company specific EPRA adjustments:
Other adjusting items
1
3,715 11,201 -66.8%
Tax adjustments
2
(5,746) (2,530) 127.1%
Adjusted EPRA earnings 173,079 167,386 3.4%
1 Other adjusting items consist mainly of in 2025 (i) ERP implementation fees €1.3 million (2024: €3.2 million) and (ii) €0.8 million for upfront costs incurred
on pipeline expansion opportunities that ultimately did not materialize. Furthermore, other includes in 2024 the integration costs for our UK acquisition (€3.7
million) and exceptional foreign exchange transaction loss related to the bridge loan (€ 4.3 million).
2 Tax adjustments consist of in 2025 (i) deferred tax expense on items other than revaluation of investment property (€5.3 million), (ii) net impact of tax
assessments (€0.2 million) and (iii) current income tax effect of the Company-specific adjustment items included in this adjusted EPRA earnings table (€0.3
million).
Adjusted EPRA earnings increased by 3.4% mainly due to an 10.5% increase in underlying EBITDA, partly offset
by higher net finance costs (€17.0 million) and higher current tax expense (€3.9 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) FY 2025 FY 2024 +/-
Net Asset Value (NAV)
4,514,961 4,011,116 12.6%
EPRA Net Restatement Value (NRV) 6,053,276 5,372,359 12.7%
EPRA Net Tangible Assets (NTA) 5,388,720 4,781,618 12.7%
EPRA Net Disposal Value (NDV) 4,570,446 4,035,142 13.3%
The basis of calculation for each of the measures set out above are illustrated in appendix of this Annual 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
SHURGARD ANNUAL REPORT 2025
45
fund these requirements with operating cash flow, our existing cash position and future borrowings under our
current bank credit facility or other borrowings.
Our loan-to-value ratio on December 31, 2025 amounts 23.2% and is in line with year-end 2024 (23.3%). We are
targeting a loan-to-value ratio below 25%, with a short-to-mid-term maximum of 35%.
We maintain (local currency) cash and cash equivalent balances at banking institutions in most of the countries
where 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) FY 2025 FY 2024 +/-
Cash flows from operating activities 215,831 208,595 3.5%
Cash flows from investing activities (298,762) (903,221) -66.9%
Cash flows from financing activities (3,659) 568,251 -100.6%
Net increase (decrease) in cash and cash equivalents (86,590) (126,376) -31.5%
Effect of exchange rate fluctuation (27) 10,833 -100.3%
Cash and cash equivalents as of January 1 142,575 258,118 -44.8%
Cash and cash equivalents as of December 31 55,958 142,575 -60.8%
CASH FLOWS FROM OPERATING ACTIVITIES
Cash flows from operating activities increased by 3.5%, from €208.6 million in 2024, to €215.8 million at year-
end 2025, resulting from the combined effect of (i) €31.7 million higher cash flows from operations, offset by (ii)
€17.4 million working capital movement, and (iii) €7.0 million higher tax payments. Working capital increased
during 2025: On the one hand this is driven by the increase in customers and number of stores, and on the other
hand accounts payables decreased reflecting the dependence of this number on the level and timing of our
construction activities at any given point in time.
CASH FLOWS FROM INVESTING ACTIVITIES
Our cash outflow from investing activities decreased by €604.5 million, from €903.2 million in 2024 to €298.8
million in 2025. This is primarily due to significantly lower acquisitions of investment properties (€721.5 million),
partially compensated by higher capital expenditures (€106.2 million), lower proceeds from disposals (€8.5
million) and less interest income (€3.7 million). Capital expenditures typically fluctuate over years, as construction
expenditures depend on the stage of the various development projects. In 2025 we opened or redeveloped 21
properties, compared to nine in the prior year. Further, in 2025 Shurgard acquired five self-storage and two
development properties, compared to 42 properties in 2024, of which five in Germany and 28 in the United
Kingdom. We refer to the section Portfolio Expansion for further information.
CASH FLOWS FROM FINANCING ACTIVITIES
Our financing activities resulted in a net cash outflow of €3.7 million in 2025 compared to a €568.3 million cash
inflow in 2024. The net cash outflow in 2025 is the result of (i) the early repayment of the Term Loan Facility
(€290.0 million) and re-payment upon maturity of €130.0 million Senior Notes, (ii) €43.3 million interest
payments, (iii) €32.1 million dividends distribution, and (iv) €4.5 million lease payments. This was offset by the
issuance of a new €500.0 million Bond, net of €3.6 million related financing costs.
SHURGARD ANNUAL REPORT 2025
46
This compares to a 2024 increase in net cash inflow of €568.3 million, which was mainly the result of (i) our
€674.1 million net debt issuance and (ii) €1.3 million equity issuance, partially offset by the payment of (iii) €70.5
million dividends, (iv) €31.9 million interests and (v) €4.7 million leases.
FINANCIAL POSITION
TOTAL ASSETS
During 2025, the Company’s total assets increased by €652.7 million or 9.9% from €6,623.2 million end 2024 to
€7,275.9 million, mainly due to the €712.9 million increase in investment property, including under construction
(IPUC), partially offset by a decrease in cash of €86.6 million.
At December 31, 2025, approximately 98.3% of the Company’s total assets consisted of non-current assets, of
which 97.9% related to investment property (including right-of-use investment property and property under
construction).
Investment property
Investment property (including IPUC but excluding IP ROU assets recognized under IFRS 16) increased by 11.5%
(or €718.6 million) during 2025 to €6,988.1 million. The main reasons are: (i) €523.0 million positive fair value
adjustments, (ii) €209.9 million capital expenditures for new and re-developments, (iii) €45.9 million acquisition
for 5 investment properties, partially offset by (iv) €60.2 million unfavourable exchange rate fluctuations (mainly
driven by GBP).
The completed investment property portfolio increased by €618.0 million, mainly due to positive fair value
adjustments of €421.0 million, transfers upon the completion of development properties of €128.8 million and
capital expenditures of €78.0 million, reflecting ongoing redevelopment and value-enhancing initiatives. The
completed portfolio was further increased by acquisitions of €45.9 million. These increases were partly offset by
unfavourable exchange rate differences of €55.6 million.
Investment property under construction increased by €100.6 million, primarily as a result of capital expenditures
of €131.9 million incurred in connection with development projects and positive fair value adjustments of €102.0
million recognised during the year. These increases were partially offset by the transfer of completed projects of
€128.8 million and unfavourable exchange rate impact of €4.6 million.
Cash and cash equivalents
At year-end 2025, cash and cash equivalents amount to €56.0 million compared to €142.6 million at December
31, 2024, or a decrease of €86.6 million. We refer to our commentary on the cash flow activities above.
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 €505.4 million from €4,019.8 million at the end of 2024 to €4,525.2
million on December 31, 2025. This improvement is the result of (i) €599.3 million net profit realized in 2025, (ii)
€84.3 million net proceeds from the issuance of equity, (iii) €4.4 million higher share-based compensation
reserves, partially offset by (iv) €116.0 million dividend distributions and (v) €66.8 million revaluation loss on
consolidation of our foreign operations.
SHURGARD ANNUAL REPORT 2025
47
At December 31, 2025, the equity ratio amounts to 62.3% (2024: 60.7%).
(in € thousands) FY 2025 FY 2024 +/-
Total equity 4,525,219 4,019,848 12.6%
Total assets 7,275,900 6,623,156 9.9%
Equity ratio 62.2% 60.7% 2.5%
Shurgard has outstanding senior guaranteed notes issued in 2014, 2015 and 2021 with a total nominal amount
of €570.0 million at year-end 2025 and maturities varying between 2026 and 2031. Effective interest rates vary
from 1.3% to 3.4%.
On May 27, 2025, the Company issued 10-year Corporate Bonds for €500.0 million, bearing fixed interest of 4.0%
(effective interest rate of 4.1%) per annum. The proceeds from this issuance were primarily utilized to repay the
borrowings under the term loan facility (€290.0 million) and maturing Notes (€130.0 million).
On October 22, 2024, the Company issued 10-year Corporate Bonds for €500.0 million, bearing fixed interest of
3.6% (effective interest rate of 3.8%) per annum.
In November 2024, Shurgard replaced its €250.0 million revolving credit facility with a new facility of €500.0
million, maturing in November 2029. In 2025 and 2024, the commitment fee on the undrawn amounts was equal
to 35% of the applicable margins, or 0.16% per annum.
DIVIDEND
It is the Company’s objective to pay dividends twice a year in May/June and September/October. The amount of
any half year 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 2025, our
Board of Directors approved a dividend of €0.58 per share or €57.9 million paid on September 15, 2025. This
dividend was distributed with an optional scrip dividend, in addition to the option of receiving the dividend in
cash, or a combination of the two preceding options.
The Board of Directors recommended, subject to shareholders’ approval, a final dividend for the year 2025 of
€0.59 per share or €59.6 million, based on the number of shares outstanding as of December 31, 2025. This
second and final dividend will be payable on or around May 27, 2026 to shareholders on the record at close of
business on May 26, 2026. The final dividend will be paid in cash, i.e. without optional scrip dividend.
As it has in the past, 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. In summary, our four pillars (Happiness, Training, Team
Spirit and Perspective) are guiding the actions of the whole management line across our company.
Our workforce increased in 2025 compared with 2024 mainly from filling open positions in our support centers,
combined with creation of forward leaning new positions, as well as a slight increase in store personnel and
SHURGARD ANNUAL REPORT 2025
48
operational management (+2.0%) due to an increase in number of stores (+4.4%), partly mitigated by our store
cluster management rolled out across our markets with 60% of our properties in clusters.
FY 2025 FY 2024 +/-
Store personnel
1
656 640 16
Operational management 49 51 -2
Support functions 157 145 12
Total 862 836 26
1 Including properties under management contract.
SUSTAINABILITY REPORT
2025
Sustainability Report
January 1, 2025 – December 31, 2025
Sustainability Report
January 1, 2025 – December 31, 2025
SHURGARD ANNUAL REPORT 2025
50
1.1 ESG HIGHLIGHTS
1.1.1 ENVIRONMENTAL HIGHLIGHTS
1.1.2 SOCIAL HIGHLIGHTS
1.1.3 GOVERNANCE HIGHLIGHTS
SHURGARD ANNUAL REPORT 2025
51
1.1.4 EXTERNAL AGENCIES AND BENCHMARKS
Shurgard participates in several surveys and initiatives led by external agencies and benchmarks and is proud to be
recognized as an ESG leader in its sector by GRESB. Through these ratings, the organizations confirm the quality of
our initiatives and the completeness and transparency of our reporting to our stakeholders.
1
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data are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an
endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their
use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers.¨
GRESB is the Global Real Estate Sustainability Benchmark, a mission-driven and investor-led
organization that provides actionable and transparent Environmental, Social and Governance (ESG)
data to financial markets.
Shurgard is delighted to have received a 5-star result in 2025, with a score of 92 out of 100.
Shurgard maintained for the fifth year in a row the status as GRESB Real Estate Sector leader –
cementing its unique position amongst peers.
The Sustainalytics ESG Risk Ratings measure a company’s exposure to industry-specific material ESG
risks and how well a company is managing those risks. This multi-dimensional way of measuring ESG
risk combines the concepts of management and exposure to arrive at an absolute assessment of ESG
risk. In 2025, Shurgard received an ESG Risk Rating of 11.7 and was assessed by Sustainalytics to be at
low risk of experiencing material financial impacts from ESG factors.*
The EPRA Sustainability Best Practices Recommendations (sBPR) are intended to raise the standards
and consistency of sustainability reporting for listed real estate companies across Europe. As with the
EPRA financial BPR Awards, each year EPRA recognizes companies which have issued the best-in-class
annual sustainability performance report. In 2025, we continued to maintain our Gold Award, which we
first achieved in 2021, reflecting the highest standards of European real estate sustainability reporting.
The Sustainable Development Goals (SDGs) are part of a framework developed by the United Nations
(UN). It brings together society, governments and business to drive positive change. Shurgard is
determined to play an active role, on its own scale, contributing materially to these SDGs via our
Sustainability Strategy. To affirm this, Shurgard has been a signatory of the United Nations Global
Compact since 2022.
We are accredited by Investors in People, an internationally recognized people management
accreditation association. The accreditation and related Silver award recognize Shurgard as having
principles and practices in place to support our employees and that our employees are aware of how to
use them to make our work environment better.
Shurgard has been awarded Prime Status by ISS ESG Corporate Rating, reflecting ESG performance
above the sector-specific Prime threshold. This recognition confirms that Shurgard meets high absolute
sustainability performance standards and demonstrates strong alignment with leading ESG practices.
Shurgard was recognized with the FEDESSA Sustainability Award in 2025, highlighting its leadership
in advancing environmental and social responsibility within the European self-storage sector. This
industry-specific award evaluates companies on the strength of their sustainability strategy,
measurable impact, innovation, and integration of ESG principles into day-to-day operations.
In 2025, Shurgard received a rating of A (on a scale of AAA-CCC) in the MSCI ESG Ratings
assessment.
MSCI ESG Research provides MSCI ESG Ratings on global public and a few private companies on a scale
of AAA (leader) to CCC (laggard), according to exposure to industry-specific ESG risks and the ability to
manage those risks relative to peers. *
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52
1.1.5 MESSAGE FROM OUR CEO
Welcome to our annual Sustainability report 2025.
For over 30 years, we have taken a long-term approach to building and operating our business. As expectations
around sustainability have evolved, so too has our approach, making 2025 no exception in advancing responsible
and sustainable practices across our portfolio. With more stores joining Shurgard’s portfolio, a robust and
consistent approach to Environmental, Social and Governance (ESG) topics has never been more important.
While 2025 reflects strong progress across our ESG priorities, it was not without challenges. The pace of
regulatory change, data availability across an expanding portfolio and the operational complexity of rolling out
initiatives at scale required continuous coordination and prioritisation. The progress reported this year reflects
how we actively managed these challenges rather than avoiding them.
ACCELERATING TOWARDS NET ZERO
Our energy- and carbon-reduction program continued at pace in 2025. Key initiatives, including solar panels,
battery storage, heat pumps, LED retrofits, and building management systems – all contributed to substantial
emissions reductions. Our stores are now consuming approximately 50% less energy per square meter that they
were seven years ago, an achievement that is resulting alongside in financial savings and bolstered energy
security. This progress delivers a clear triple-win situation: lower carbon emissions, reduced operating costs,
and greater resilience to energy price volatility and supply disruption. Together, these benefits strengthen the
long-term performance of our portfolio and provide stability in a period of continued economic and geopolitical
uncertainty across Europe.
Our solar strategy remains a major focus. After completing a full inventory of installations in the UK and
assessing our Dutch and Belgian portfolios – including roof capacity, electricity needs, and energy storage
potential – in 2024, we moved into full deployment for these markets. By the end of the first quarter of 2026,
we will operate more than 100 assets with solar panels across our portfolio, helping us avoid approximately
1,000 t CO₂e through renewable energy generation, every year.
Smart building management systems are now in place on more than 90% of our portfolio, providing precise,
real-time data on energy consumption that helps us target any inefficiencies. Meanwhile, we are steadily
replacing gas boilers with heat pumps as part of our target to eliminate all gas boilers in our stores by 2029,
while more than 60% of affected assets already have electric heating systems. Together with our renewable-
and energy-efficiency initiatives, we are on a good trajectory to Operational Net Zero by 2030.
SOCIAL IMPACT
A steady rating of 4.5/5 from Glassdoor over the last years is testament to the supportive and inclusive working
culture that we work hard to foster – wherever our people work. We have increased gender diversity at Board
level to 56%, creating a precedent for the wider business and inspiring female employees who may wish to
develop into leadership roles.
As our business continues to digitalize in 2025, supported by an enhanced customer app, we see growing
opportunities to strengthen community engagement, supported by our cluster operating model and local
presence (see chapter 5.3 Affected communities for more details). Our teams were involved in volunteering
activities during the year, making a difference in their neighbourhoods and gaining personal satisfaction at the
same time.
In line with our disclosures, our social reporting reflects a disciplined and consistent approach, supported by
clear definitions, reliable data sources and strong internal governance.
Message from Marc Oursin
Chief Executive Officer
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53
DOING THE RIGHT THING
Rooted in our heritage has always been a deep commitment to transparent, ethical decision-making. This can
be seen in our Board structure of rotational non-executive directors, as well as our recent approach to the
upcoming Corporate Sustainability Reporting Directive (CSRD).
For the last two years, we have consulted extensively with relevant stakeholders to identify the CSRD indicators
that will be most relevant and pragmatic to disclose as we strive to be a best practice reporter.
For the fifth consecutive year, we were awarded five stars by the Global Real Estate Sustainability Benchmark
(GRESB). We were also delighted to receive the Federation of European Self Storage Associations’ Sustainability
Award.
Marc Oursin
Chief Executive Officer
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54
SUSTAINABILITY STATEMENT 2025
2. SUSTAINABILITY STATEMENT GENERAL INFORMATION (ESRS 2)
2.1 BASIS OF PREPARATION OF THE SUSTAINABILITY STATEMENT (ESRS 2, BP-1)
EUROPEAN SUSTAINABILITY REPORTING STANDARDS (ESRS)
For the reporting year ended December 31, 2025, the Company continues to report its sustainability information in
accordance with article 3:32/2 of the Companies’ and Associations’ Code, including compliance with the applicable
European Sustainability Reporting Standards (ESRS). This includes: Compliance of the process carried out by the
Company to identify the information reported in the Sustainability statement (the “Process”) is in accordance with
the description set out in note ESRS 2 IRO-1; and compliance of the disclosures in subsection 4.7 within the directors’
report relating to environmental matters of the Sustainability statement with Article 8 of EU Regulation 2020/852
(the “Taxonomy Regulation”).
The contents of the Sustainability statement are subject to limited assurance in accordance with ISAE 3000
(Revised). The Independent Auditor’s Report on a Limited Assurance Engagement can be found on section “9. Limited
assurance on non-financial information”.
The consolidated Sustainability statement is part of the Company's consolidated directors’ report, which was
authorized for issue by the Board of Directors on February 25, 2026.
Some sections of this Sustainability report are not required and are presented voluntarily. When this is the case, the
following clarification has been added to the relevant sections or tables, respectively: “This section is a voluntary
disclosure, which is not required by ESRS considering the outcome of our materiality assessment” and “ESRS non-
material voluntary disclosure”.
CONSOLIDATED BASIS AND VALUE CHAIN REPORTING SCOPE
The Sustainability statement has been prepared on a consolidated basis and covers the same reporting scope as the
financial statements. All statements on strategies, policies, actions, metrics and targets refer to the consolidated
group. The report covers the consolidated group’s entire value chain and, where material, provides information on
upstream and downstream activities in accordance with ESRS 1.
Consolidation of all quantitative ESG data follows the principles above, unless otherwise specified in the accounting
policy placed next to each reported data point in the tables in the following sections of this report: “3. Environmental
information”, “5. Social information” and “6. Governance information”.
GRI 2-1 / GRI 2-3
APPLICATION NOTE – CORPORATE SUSTAINABILITY REPORTING DIRECTIVE (CSRD)
This 2025 Sustainability statement represents Shurgard’s second year of reporting under the CSRD and ESRS
framework. In 2024, our focus was on establishing the foundations of compliance and aligning disclosures with the
new standards.
In 2025, our reporting reflects the evolving CSRD landscape:
• The “Quick Fix” defers the obligation to disclose against certain social standards (S2, S3, S4) until 2028;
• The development of a new set of the ESRS is ongoing under the European Commission “Omnibus” proposal;
and
• Definitions and application practices continue to be refined across the real estate industry.
The impact of these changes has been explained below in section 2.2.
To maintain relevance and comparability, we complement our ESRS disclosures with EPRA Best Practices and
information specific to the real estate sector (e.g., BREEAM certifications). This approach ensures our reporting not
SHURGARD ANNUAL REPORT 2025
55
only aligns with regulatory requirements but also meets the expectations of investors and other stakeholders, while
addressing the material impacts, risks, and opportunities identified in our double materiality assessment. Please
refer to chapter 8 European Public Real Estate Association sustainability best practices recommendations (EPRA
sBPR) for further details.
STRUCTURE OF THE ESRS TOPICS IN OUR REPORT
Each topical chapter in the “Environment”, “Social” and “Governance” sections follow the same structure:
1. Material impacts, risks and opportunities: Visualization of our material impacts, risks and opportunities
(IROs), resulting from our double materiality assessment (DMA).
2. Specific for ESRS E1 – Climate change – Transition plan: Resilience of our strategy and business model to
our IROs.
3. Policies and approaches: Relevant policies per topic and approaches to e.g. employee engagement (ESRS
S1 – Own workforce)
4. Actions and resources: Actions taken in the reporting period and those planned for the future. Resources
spent and planned for those actions.
5. Targets and KPIs: Global targets signaling the objectives and desired outcome we commit to achieve within
a timeframe. KPIs adopted to track effectiveness of our policies and actions towards targets.
6. Metrics: performance data points, primarily disclosed in data tables.
2.2 DISCLOSURES IN RELATION TO SPECIFIC CIRCUMSTANCES (ESRS 2,
BP-2)
TIME HORIZON DEFINITIONS
Shurgard defines its strategic time horizons in alignment with the European Financial Reporting Advisory Group’s
(EFRAG) CSRD implementation guidance, wherein short-term is defined as within the reporting year, medium-term
is defined as two to five years and long-term is defined as more than five years. These time horizons are used in the
double materiality assessment to comprehensively evaluate the IROs, as they are coherent with the Company’s
sustainability reporting processes and tools. Shurgard’s risk analysis of physical and transition climate risks
represents an exception to these standard time horizons given that climate change impacts extend beyond typical
business planning periods. Therefore, to adequately capture and assess the full spectrum of climate-related risks
and opportunities that the company will face in the coming decades, in this context, short-term is defined as up
to 2026, medium-term to 2030 and long-term to 2050.
CHANGES IN PREPARATION AND PRESENTATION OF SUSTAINABILITY INFORMATION COMPARED TO PREVIOUS
REPORTING PERIOD
Scope 3 emissions, Category 1 and Category 2
During the reporting year 2025, Shurgard refined its Scope 3 GHG accounting methodology to improve the delineation
between Scope 3 Category 1 (Purchased goods and services) and Scope 3 Category 2 (Capital goods), in line with the
GHG Protocol. In prior reporting periods, certain capital expenditures (CAPEX) were partially included within Scope 3
Category 1 due to limitations in the availability and granularity of CAPEX-related data at the time.
Following a methodological review, we clarified that:
• Scope 3 Category 1 now includes only non-capitalized operational expenditures (OPEX) related to purchased
goods and services.
• Scope 3 Category 2 includes all capital expenditures (CAPEX), including emissions associated with new
developments, acquisitions, fit-outs, refurbishments, and major asset replacements. Refurbishment
activities are treated within capital expenditures and are therefore included in Scope 3 Category 2,
calculated using the spend-based method.
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56
Both categories are calculated using spend-based methodology and average product method, applying
environmentally extended input-output (EEIO) emission factors to the relevant expenditure categories.
This refinement represents a methodological correction to prior-period information, rather than a change in
underlying activity levels. A reconciliation was performed to ensure that all CAPEX previously included within Scope
3 Category 1 has been accounted for in Scope 3 Category 2, and that no material emissions are omitted or double
counted as a result of this change. Prior-period figures (i.e. financial year 2024) have been updated to reflect the
updated methodology.
Category 1 Purchased goods and services emissions have been updated from 36,058 tCO
2e to 19,328 tCO2e for the
2024 reporting year. Category 2 Capital goods emissions have been updated from 341,534 tCO
2e to 152,620 tCO2e for
the 2024 reporting year.
Scope 3 Category 12
The Scope 3 emissions reported for this category have been updated in the current reporting period following a
review of the emission factors applied to one of the materials included. The revised figure reflects the application of
an updated emission factor and improves the accuracy of the emissions estimate compared to the prior reporting
period. The emissions for this category have been updated from 7,475 tCO
2e to 32 tCO2e for the 2024 reporting year.
Environmental information from previous reporting period
As part of ongoing data quality improvements, Shurgard continues to enhance the completeness and accuracy of its
sustainability data. As additional actual and verified information becomes available, unavailable consumption data
relating to prior reporting periods are progressively filled. In the 2025 reporting cycle, this process resulted in the
update of certain estimated data points for the 2024 reporting period with actual data, thereby reducing the overall
reliance on estimates.
These updates do not constitute a material error within the meaning of ESRS, as they do not arise from a failure to
use, or misuse of, reliable information that was available or could reasonably have been obtained at the time the
2024 Sustainability statement was authorized for issuance. At the time of publication, reported figures were based
on the best information available and on appropriate estimation methodologies. The changes observed therefore
reflect data actualization and improved data completeness, rather than corrections of mistakes, misapplications of
definitions, oversights or misinterpretations of facts.
As a result, comparative 2024 figures have been updated in the relevant tables. The most significant change relates
to total energy consumption, which has been revised from 29,545 MWh to 25,848 MWh. The associated intensity
metrics and GHG emissions totals have been adjusted accordingly. Scope 1 emissions have been updated from 1,376
tCO
2e to 932 tCO2e. Scope 2 location-based have been updated from 4,385 tCO2e to 3,168 tCO2e, while Scope 2
market-based emissions have been updated from 752 tCO
2e to 594 tCO2e.
PRESENTING COMPARATIVE INFORMATION
Where metrics have been reported previously, comparative information is presented.
USE OF “QUICK FIX” DELEGATED REGULATION
In the current Sustainability statement, Shurgard is making use of the “Quick Fix” Delegated Regulation relieve
measures, adopted by the European Commission on July 11, 2025, as part of the Commission’s first “Omnibus”
package.
As a first-wave company (i.e. those required to report for the first time under the CSRD/ESRS regime in 2025 for FY
2024) with more than 750 employees during the reporting period, Shurgard has opted to apply the temporary
exemption to:
• Defer reporting under ESRS S2 Workers in the value chain and ESRS S4 Consumers and end-users, both of
which are material to Shurgard.
• Make use of the option to omit certain datapoints under other standards, namely:
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57
o General disclosures ESRS 2 SBM-3 DR48(e) on anticipated financial effects on material risks and
opportunities;
o ESRS E1-9 “Anticipated financial effects from material physical and transition risks and potential
climate-related opportunities”. We have chosen to include partial information of the E1-9 disclosure
requirements within chapter 3.1.1;
o Resource use and circular economy ESRS E5-6 “Anticipated financial effects from resource use and
circular economy-related impacts, risks and opportunities”;
o Own workforce ESRS S1-7 “Characteristics of non-employees”, S1-11 “Social protection”, S1-12
“Persons with disabilities”, S1-14 “Health and safety metrics” DR88(d), (e) and DR89, S1-15 “Work-life
balance metrics”.
In line with ESRS 2 DR17 “Use of phase-in provisions in accordance with Appendix C of ESRS 1”, Shurgard provides
for each omitted material topical standard:
• A list of the relevant material sustainability matters and a brief description of how Shurgard’s strategy and
business model address related impacts, risks and opportunities;
• A summary of policies, actions and targets in place; and
• The metrics available to monitor progress.
These minimum disclosures are included in the respective topical sections of this Sustainability statement.
MATERIAL ERRORS IN PRIOR PERIOD
The Company identified no material errors in the sustainability information reported in the Sustainability report for
the year ended December 31, 2024.
REFERENCES TO OTHER PARTS OF THE ANNUAL REPORT
Where information has been published in other parts of the annual report, the company has made use of the
incorporation by reference concept. Cross references have been inserted where relevant.
ESTIMATIONS AND UNCERTAINTIES
The use of reasonable assumptions and estimates, including scenario or sensitivity analysis, is an essential part of
preparing sustainability-related information. It does not undermine the usefulness of that information, provided that
the assumptions and estimates are accurately described and explained.
In case estimations have been used or in case there are outcome uncertainties related to the metrics disclosed in
the statement, this is disclosed along with the respective metrics within each topical chapter.
Data and assumptions used in preparing the Sustainability statement are consistent, to the extent possible, with the
corresponding financial data and assumptions used in the undertaking’s financial statements. For example,
calculations to determine Scope 3 GHG emissions (see 3.1.6 Gross scope 1, 2, 3 and total GHG emissions) as included
in the Sustainability statement are mostly based on assumptions and sources from third parties which includes
information about value chain and information collected from actors in the value chain, when appropriate. The
assumptions and sources used, are explained in each topical section of the Sustainability statement.
Significant proportion of environmental data under measured indicators has been estimated for the last month of
2025, i.e., December 1, 2025 to December 31, 2025.
INTELLECTUAL PROPERTY
Shurgard confirms that there are no planned omissions in the CSRD report regarding intellectual property, know-
how, or innovation results, nor are there any exemptions concerning the publication of information on imminent
developments or ongoing negotiations.
FORWARD-LOOKING INFORMATION
In reporting forward-looking information in accordance with the ESRS, the management of the Company is required
to prepare the forward-looking information based on disclosed assumptions about events that may occur in the
future and possible future actions by the company. The actual outcome is likely to be different since anticipated
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58
events frequently do not occur as expected. Forward-looking information relates to events and actions that have not
yet occurred and may never occur.
OTHER GENERALLY ACCEPTED SUSTAINABILITY REPORTING STANDARDS OR FRAMEWORKS INCLUDED IN THIS
SUTAINABILITY REPORT
We use other generally accepted sustainability reporting standards and frameworks in this Sustainability report as
listed below.
Global Reporting Initiative (GRI)
Our sustainability reporting has been prepared with reference to the guidelines developed by the GRI. This content
index demonstrates our alignment with the General Disclosures and Topic-Specific Standards for the Priority 1
material topics that were identified following our most recent double materiality review in 2025.
Shurgard Self Storage Ltd has reported the information cited in this GRI content index for the period January 1, 2025
to December 31, 2025 with reference to the GRI Standards.
The index is published in appendix on our website and is available upon request.
GRI 1-7
European Real estate Association Sustainability Best Practices Recommendations (EPRA sBPR)
Shurgard reports the Company’s sustainability indicators based on EPRA’s (European Public Real Estate Association)
latest recommendations: Best Practice Recommendations on Sustainability Reporting, fourth edition, released in
April 2024. For more information, please refer to our EPRA sBPR tables available in a separate section.
GRI 2-3
United Nations Sustainable Development Goals (UN SDGs)
In 2015, the member states of the United Nations adopted 17 Sustainable Development Goals (SDGs) as a universal
call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity. As
a responsible company, we are committed to contributing to the SDGs as recommended by the United Nations.
Shurgard’s four sustainability pillars guide our efforts to create long-term value for all stakeholders. These ambitions
are directly linked to the United Nations Sustainable Development Goals (SDGs) which are most relevant to our sector.
Through our initiatives in energy efficiency, renewable energy, inclusive workplaces, and ethical governance, we
contribute in a tangible way to global sustainability priorities. Shurgard’s sustainability ambitions are furthermore
aligned with the United Nations SDGs. Our contributions to the SDGs are detailed in the table below.
Pillars Ambitions Relevant SDGs
Sustainable self-storage
As an owner and operator of real
estate, we want to develop in a
sustainable manner, by
controlling and limiting our
environmental impact.
• Transition to low-carbon economy (Operational Net Zero by
2030 and Material by 2040)
o Improve energy efficiency (LED, BMS, heat pumps,
solar, battery)
o Promote sustainable design & construction (BREEAM,
EPC A/A+)
o Encourage responsible resource use & waste
reduction
Employer of choice
Shurgard is passionate about
creating excellent and safe
workplaces which maximize
wellbeing and productivity of our
employees, and foster an open,
supportive, diverse, and inclusive
culture.
• Provide safe and inclusive workplaces
• Foster diversity, equity & inclusion
• Support employee development & training
• Promote health, safety & wellbeing
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59
The SDG framework brings together society, governments and businesses to drive positive change. As a responsible
company, Shurgard is determined to play an active role, on its own scale, contributing materially to these SDGs via
our sustainability strategy. To affirm this, Shurgard has been a signatory of the United Nations Global Compact since
January 2022.
GRI 2-28
2.3 GOVERNANCE
2.3.1 ROLE OF THE ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES (ESRS 2, GOV-1)
BOARD OF DIRECTORS AND COMMITTEES
Shurgard’s governance framework is designed to ensure effective oversight of strategy, risk management, and
sustainability matters. As of December 31, 2025, the Board of Directors consisted of nine members: one Executive
Director and eight Non-Executive Directors, of whom six were independent. The Board included five women (55%)
and four men (45%), with no employee representatives. Collectively, the Board members bring a broad range of
expertise in, among other topics, real estate, finance, governance, sustainability, and international business,
reflecting the geographic scope of Shurgard’s activities (please refer to the skills matrix in chapter 6.1 The role of the
administrative, supervisory and management bodies). Where additional expertise is required, the Board and its
Committees have access to internal specialists and external advisors to support decision-making.
To ensure effective oversight, Shurgard’s Board and Committees integrate sustainability expertise directly into their
work. Members are regularly briefed on developments in CSRD, EU Taxonomy, and other relevant regulations, and
the Company leverages external partners for specialist input such as climate risk modelling and assurance services.
This ensures that the governance framework is equipped to monitor material impacts, risks, and opportunities across
the business and its value chain.
BOARD RESPONSIBILITIES
The Board of Directors retains responsibility for:
• Corporate Governance: Convening general shareholder meetings, defining governance policies, and
appointing key management and Committee members.
• Strategy and Policies: Approving corporate and sustainability strategies, as well as diversity, equity, and
inclusion policies.
• Financial Oversight: Approving annual budgets, financial statements, and strategic investments exceeding
€50 million.
• Governance Framework: Overseeing risk management, compliance, and corporate ethics.
Positive impact on society
Shurgard wants to contribute to
a sustainable society, building a
positive and lasting relationship
with our neighbors,
communities, customers, and
suppliers alike.
• Deliver best-in-class customer service
• Protect customer privacy & data security
• Strengthen relationships with communities and local partners
• Promote human rights in our value chain
Ethics & governance
Shurgard is committed to
respecting high governance
standards. It is organized in such
a way as to promote a strong
culture of awareness of
compliance, business ethics and
risk management.
• Ensure strong governance, transparency & accountability
• Apply high ethical standards & compliance practices
• Strengthen risk management & business ethics culture
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The Board meets at least four times annually, with additional meetings convened as required. Meetings are led by
the Chairperson, and decisions are made by a majority vote with at least half the members present.
COMMITTEES OF THE BOARD
The Board is supported by three Committees:
Audit Committee. The Audit Committee ensures financial integrity, risk management, and compliance with legal
requirements. It oversees financial and sustainability reporting, internal controls, and external audits.
ESG Committee. The ESG Committee oversees sustainability initiatives, executive compensation, and governance
policies. It ensures alignment with ESG objectives and monitors related risks.
Real Estate Investment Committee. This Committee evaluates real estate acquisitions, disposals, and investments
up to €50 million, ensuring alignment with the company’s Net Zero strategy and wider sustainability commitments.
Please refer to chapter 6.1 The role of the administrative, supervisory and management bodies for more information
on the functions and the roles of the Committees of the Board.
SENIOR MANAGEMENT
Senior Management, led by the Chief Executive Officer, is responsible for the daily management of the Company,
including the execution of sustainability strategy and risk management. The CEO is supported by the Chief Financial
Officer, Chief Operating Officer, Chief Investment Officer, and Director of HR/Legal. Reporting lines are structured to
ensure that sustainability issues identified at the management level are regularly escalated to the ESG Committee
and the Board.
2.3.2 INFORMATION PROVIDED TO AND SUSTAINABILITY MATTERS ADDRESSED BY THE BOARD (ESRS 2, GOV-2)
The Board of Directors is regularly informed about sustainability matters through structured reporting from
management and its Committees. The Board received sustainability updates at least four times during the reporting
year. The Audit Committee met four times and reviewed sustainability reporting, assurance, and compliance topics,
while the ESG Committee met five times and reviewed, among other points on the ageda, progress against ESG
targets, monitor key IROs, and oversee the implementation of sustainability initiatives. The Real Estate Investment
Committee, which met four times in 2025, considered acquisitions, developments and disposals, with relevant risk
and performance considerations incorporated into investment discussions where applicable. On the Board level, at
the end of each meeting, the Chair of each Committee is requested to provide a summary of the Committee’s
activities and discussions. Through this reporting channel, the Board is informed of the ESG matters in addition to
the approval of the annual report which includes the ESG report.
Through these processes, the Board considered climate transition risks, physical risks, and other double materiality
outcomes when reviewing Shurgard’s strategy and major transactions. Decisions on portfolio growth, capital
allocation, and acquisitions systematically incorporated ESG considerations. Oversight extended to the approval of
sustainability-related targets (including Net Zero commitments, energy efficiency initiatives, BREEAM certification
strategy, and supplier ESG due diligence) and to monitoring progress against these targets.
During 2025, the Board and its Committees addressed a range of material IROs identified in Shurgard’s double
materiality assessment. These included climate change mitigation and adaptation (with the support of climate risk
analysis from Munich RE), energy efficiency and renewable energy deployment (including the solar panel and heat
pump programmes), sustainable construction and acquisitions (with emphasis on BREEAM certification),
sustainability reporting and compliance (first CSRD disclosures, EU Taxonomy alignment, and GRESB results), as well
as human capital and governance matters such as diversity, equity, inclusion, and succession planning. Stakeholder
expectations were also a key focus, with regular engagement on sustainability topics with investors, ESG rating
agencies, and regulators.
BOARD AND MANAGEMENT SHARE OWNERSHIP
As of December 31, 2025, Board members collectively held 182,823 shares (0.18% of total share capital), while Senior
Management owned 243,426 shares (0.24% of total share capital). Shareholding requirements mandate that the
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61
CEO holds shares equivalent to 3.0x his fixed compensation, while other executives must hold 2.0x their
compensation within five years from the initial appointment.
2.3.3 INTEGRATION OF SUSTAINABILITY-RELATED PERFORMANCE IN INCENTIVE SCHEMES (ESRS 2, GOV-3)
Shurgard integrates sustainability performance metrics into executive remuneration. The ESG Committee sets
incentive targets based on financial and sustainability-related goals. The Remuneration Report provides details on
compensation structures and performance-based incentives.
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2.3.4 STATEMENT ON DUE DILIGENCE (ESRS 2, GOV-4)
Our due diligence framework is designed to identify, prevent, mitigate, and account for potential and actual impacts
on people, the environment, and governance practices.
Shurgard’s approach to due diligence is embedded across various sustainability disclosure topics. The table below
provides a mapping of how and where key due diligence aspects and steps are reflected in our Sustainability
statement:
Core Due Diligence Element
Relevant Paragraph in Sustainability statement
Embedding due diligence in
governance, strategy, and business
model
2.3.2 Information provided to and sustainability matters addressed by the
Board
2.3.3 Integration of sustainability-related performance in incentive schemes
2.4.3
Material impacts, risks and opportunities and their interaction with
strategy and business model
5.2 Workers in the value chain
5.3 Affected communities
5.4 Consumers and end-users
Engaging with affected
stakeholders in all key steps of the
due diligence
2.4.2 Interests and views of stakeholders
5.1.2 Processes for engaging with own workforce and workers’
representatives about impacts
5.2 Workers in the value chain
5.3 Affected communities
5.4 Consumers and end-users
Identifying and assessing adverse
impacts
2.5.1 Process to identify and assess material impacts, risks and
opportunities
3.3.1 Policies related to resource use and circular economy
5.1.1 Policies related to own workforce
5.2 Workers in the value chain
5.3 Affected communities
5.4 Consumers and end-users
Taking actions to address those
adverse impacts
3.1.1 Transition plan for climate change mitigation
3.1.3 Actions and resources in relation to climate change policies
3.2 Water usage
3.3.2 Actions and resources related to resource use and circular economy
5.1.4
Taking action on material impacts on value chain workers, and
approaches to managing material risks and pursuing material opportunities
related to own workforce, and effectiveness of those actions
5.2 Workers in the value chain
5.3 Affected communities
5.4 Consumers and end-users
Tracking the effectiveness of these
efforts and communicating
3.1.4 Targets related to climate change mitigation and adaptation
3.2 Water usage
3.3.3 Targets related to resource use and circular economy
5.1.5
Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities
5.2 Workers in the value chain
5.3 Affected communities
5.4 Consumers and end-users
6.3 Management of relationships with suppliers
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Our due diligence process follows the key steps outlined in ESRS:
• Identification of sustainability risks and impacts through double materiality assessments and stakeholder
engagement.
• Development and implementation of policies and procedures to address identified risks, including supply
chain monitoring and ESG compliance measures.
• Ongoing monitoring and reporting on sustainability performance and due diligence effectiveness.
• Remediation and continuous improvement, ensuring that any identified adverse impacts are appropriately
addressed through corrective actions.
2.3.5 RISK MANAGEMENT AND INTERNAL CONTROLS OVER SUSTAINABILITY REPORTING (ESRS 2, GOV-5)
Shurgard has established a risk management and internal control system to ensure the accuracy and reliability of
sustainability reporting. Key features of this system include:
• Scope and Components: Shurgard's risk management and internal control processes include data
collection, validation, and reporting mechanisms aligned with sustainability disclosure requirements. These
processes integrate into the company’s overall governance framework.
• Risk Assessment Approach: The Company follows a structured risk assessment methodology, prioritizing
risks based on materiality, likelihood, and potential impact. This approach ensures that sustainability-
related risks are effectively identified and managed.
• Main Risks and Mitigation Strategies: Key risks in sustainability reporting include data accuracy,
regulatory compliance, and operational integration. Mitigation measures include internal audits and
internal reviews.
• Integration into Internal Processes: Findings from risk assessments and internal control evaluations are
incorporated into strategic decision-making and operational functions. Shurgard ensures continuous
improvement in sustainability reporting through cross-departmental collaboration.
• Periodic Reporting to Governance Bodies: The Audit Committee and ESG Committee receive regular
updates on risk management efforts related to sustainability reporting. These findings are reviewed, and
necessary corrective actions are taken to enhance transparency and compliance.
For more details on our Risk Management System, please refer to the Annual Report section “Principal risks and
uncertainties”.
2.4 STRATEGY
2.4.1 STRATEGY, BUSINESS MODEL AND VALUE CHAIN (ESRS 2, SBM-1)
Shurgard is the largest owner and operator of self-storage properties (stores) in Europe. Shurgard’s strategy is
centered on delivering secure, accessible, and sustainable self-storage solutions across its seven European markets.
At December 31, 2025, our owned portfolio of 332 stores comprises approximately 1.7 million rentable square meters
and serves c. 220,000 customers in France, the Netherlands, the United Kingdom (UK), Sweden, Germany, Belgium,
and Denmark.
At the date of report compilation, we employ 862 personnel (57.8% men, 42.2% women), with a range of about 45
nationalities (top three: 26.3% British, 18.1% French and 14.5% Dutch).
Our business model involves acquiring, developing, and managing self-storage facilities, supported by a network of
employees, contractors, and suppliers across the value chain. The portfolio consists primarily of owned stores, with
a limited number of additional locations operated under third-party managed arrangements.
Given Shurgard’s single-core service offering and integrated operating model, sustainability-related goals and
strategic considerations are not differentiated by product or customer segment.
GRI 2-6 / 2-7
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How we operate
Shurgard commenced operations in 1995 and is one of the pioneers of the self-storage concept in Europe.
We
generate revenue through the use of storage units and related activities.
Our real estate operating revenue and income from property have increased steadily in recent years, as we increased
occupancy and rental rates, while growing our footprint through redevelopments, new developments and
acquisitions.
We integrate local expertise in the seven countries where we operate, with centralized in-house
capabilities to provide a consistent experience to residential and commercial customers. We primarily operate in
urban areas across Europe, with approximately 95% of our properties located in capital and major cities.
Our Development Strategy
Shurgard has an established track record of redeveloping, developing, and acquiring stores.
Between December 31, 2014 and December 31, 2025, we developed 48 new stores, completed redevelopment projects
at 47 stores, and acquired 110 stores from competitors, a total of 205 stores. Our investment criteria are focused on
acquiring and developing high-quality properties that are easily accessible by our customers in markets we believe
have strong growth potential.
Our Value Chain
Our value chain is made up of activities for our own operations, as well as upstream and downstream activities.
Upstream activities
Our upstream activities involve the acquisition of land or existing buildings that meet strategic needs for
development or conversion. This stage includes the search, planning, design, and construction of new properties, or
the conversion and renovation of existing buildings for self-storage use. Our upstream activities also entail selecting
building and construction materials, as well as materials for the merchandise we sell in our stores (boxes, locks, etc.)
with an emphasis on sustainability, durability, and regulatory compliance.
Own activities
Our own activities relate to the ongoing operation of our self-storage properties. This involves day-to-day operations
such as properties staffing, customer service, inventory management, administration, central office support,
operational standards, or service quality to enhance client satisfaction and retention. Our own activities also cover
the maintenance and repair of our assets and properties, ensuring they remain in good shape and compliant with
safety standards.
The direct environmental consumption of properties owned by a third party that Shurgard operates is excluded from
our Scope 1 and Scope 2 emissions reporting. The environmental data for these stores, including energy usage and
emissions, is considered the responsibility of the actual property owners. As operators of assets, our role is limited
to operational management, and therefore, the environmental impact associated with these stores should be
reported by the asset owners in alignment with their own sustainability frameworks.
Nevertheless, we recognize our operational role and, therefore, we include emissions related to employees at third-
party managed stores within our Scope 3 reporting:
• Scope 3, Category 6 (Business Travel): Emissions from business travel undertaken by these employees are
included.
• Scope 3, Category 7 (Employee Commuting): Emissions related to the commuting of these employees are
included.
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Downstream activities
Finally, our downstream activities refer to our customer engagement, through the renting of self-storage units, sale
of merchandise and insurance, and provision of value-added services that enhance the customer experience and
meet their storage and moving requirements.
Overall, we aim to address the ESG topics that materially affect Shurgard and our stakeholders. We seek to identify
both the risks and opportunities that will impact our ability to operate successfully and create long-term value, as
well as the topics that matter for our stakeholders, to drive positive and transformational change.
2.4.2 INTERESTS AND VIEWS OF STAKEHOLDERS (ESRS 2, SBM-2)
Our stakeholders can be divided into two groups:
•
The Affected Stakeholders (AS), namely individuals or groups whose interests are (or could be) affected
by us, whether positively or negatively. These impacts can be caused directly by our own operations, or
indirectly, through our value chain, including through business relationships or through our products and
services
• The Users of our Sustainability Reporting (USR) that could use the reported information to make informed
decisions.
Stakeholder Engagement Overview
At Shurgard, stakeholder engagement is central to our double materiality assessment and to shaping our
sustainability priorities. We engage directly through surveys, workshops, interviews, roadshows, and one-to-one
meetings, and indirectly by monitoring industry benchmarks, media reports, and regulatory developments with
different frequency, at least once a year. This ensures that we capture both immediate feedback from those most
closely connected to our business and broader societal expectations.
This feedback has directly informed our sustainability strategy, reinforcing the relevance of our four strategic pillars
- Sustainable Self Storage, Employer of Choice, Positive Impact on Society, and Ethics & Governance, as well as our
material topics. The table below summarizes our engagement activities, their purpose, and the outcomes achieved
in 2025.
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66
In addition, as part of our first CSRD-aligned sustainability reporting, our 2024 Sustainability statement was subject
to a regulatory review. The feedback received confirmed our alignment with CSRD, indicating no material findings.
The insights provided have been reflected in the preparation of this report, alongside feedback from other key
stakeholders.
Stakeholders
Ways of Engagement
Purpose
Outcome
Customers
Direct: Move-in/move-out
feedback, Google reviews, Trust
Pilot reviews, customer
satisfaction surveys.
• Understanding customer
needs and expectations
around safety, accessibility,
and climate resilience
• Improving our spaces and
services based on
customers' expectations
• Confirmed strong
satisfaction with
service (c. 90%
5-star reviews
on Google and
Trustpilot)
Indirect: Sector benchmarks and
customer research
Employees
Direct: Employee surveys on
well-being and satisfaction,
trainings, annual performance
reviews, corporate engagement
activities, regular one-on-one
meetings with direct manager,
annual remuneration review
meetings (calibration process)
• Aligning corporate values
with employee expectations
Increasing work/life balance
and health and safety
standards
• Facilitating professional
development
• Providing competitive salary
• Ethical conduct
• Understanding employees'
challenges
• Undergoing Investors in
People accreditation
• Customized
trainings
• Well-being
initiatives
tailored to the
needs of
employees
• 25.7 hours of
training on
average per FTE
in 2025
• Annual feedback
and interaction
for all employees
Indirect: Labor market analysis,
remuneration and performance
benchmarking
Suppliers
Direct: ESG supplier
questionnaire, contractual
clauses, meetings
• Reliable partnership
• Ethical business practices
• Reducing GHG emissions in
the supply chain
• Ensuring transparent
communication
• Promoting ESG standards
across procurement
processes
• Collected ESG
survey data from
critical suppliers
and analyzed
sustainability
practices in the
supply chain
• Integrated Code
of Conduct into
contracts
Indirect: Due diligence reports
and desktop checks
Investors
Direct: Investor roadshows,
conferences
• Communicating progress on
Net Zero strategy, CSRD
compliance, EU Taxonomy
alignment, and risk
management.
• Value creation and earnings
generation
• Investor
confidence
through updated
climate
transition plan,
CSRD readiness,
and improved
GRESB score
Indirect: Third-party
benchmarks (GRESB, MSCI,
Sustainalytics, ISS) and investor
surveys
Local communities
Direct: Feedback on
sustainability report analysis
•
Ensuring compliance with
regulations
• Minimizing construction
impact
• Supporting local economies
• Identifying if actions are
needed to minimize impact
from operations
• Met regulatory
requirements
• Strengthened
community ties
through charity
and sponsorship
initiatives
Public authorities
Indirect: Media reports,
regulatory updates
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67
2.4.3 MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS
MODEL (ESRS 2, SBM-3)
Our ESG strategy is guided by the results of our double materiality assessment, covering our full portfolio and value
chain across nine countries. In 2025, we confirmed 12 material topics, with GHG emissions standing out as the most
significant from both an impact and financial perspective.
These topics shape where we focus resources:
• Low-carbon transition through solar deployment, energy retrofits, and BREEAM-certified buildings.
• Resilience to climate risks in our existing and newly acquired stores.
• People focus on inclusion, safety, and development to attract and retain talent.
• Customer trust through welfare, privacy, and safety.
• Strong governance on ethics, compliance, and data security.
Our business model remains resilient, with limited exposure to water, biodiversity, and product quality risks. We
continue to monitor immaterial topics and review emerging issues such as battery storage and evolving regulatory
requirements.
Please refer to chapter 2.5.2 of the 2025 Sustainability report for the full list of our impacts, risks and opportunities.
2.5 DOUBLE MATERIALITY ASSESSMENT (ESRS 2, IRO-1, IRO-2)
2.5.1 PROCESS TO IDENTIFY AND ASSESS MATERIAL IMPACTS, RISKS AND OPPORTUNITIES
Our materiality assessment process is designed to provide a systematic view of the sustainability issues most
relevant to Shurgard, reflecting both our impacts on people and the environment and the financial implications of
these impacts and dependencies. The process is conducted in line with the principle of double materiality and follows
the requirements of ESRS 1 and ESRS 2.
This approach considers both Shurgard’s impact on the external world and external factors that affect the company.
The scope of Shurgard’s double materiality assessment includes external and internal materiality for the Company's
entire value chain and scope of activities, whether direct or indirect.
It covers all countries we operate in (France, the Netherlands, UK, Sweden, Germany, Belgium, Denmark, Guernsey,
Luxembourg), all our stores, legal entities and workforce.
In our assessment, we considered the impact of acquisitions. These acquisitions align closely with our existing
business in terms of operations and content, meaning the ESG impacts, risks and opportunities we encounter are
and remain consistent across our portfolio. We will continue to ensure that our materiality assessment reflects the
expanded footprint and specificities of these newly acquired assets.
Within the external materiality assessment, we have:
• Evaluated the organization's impact on the external environment, including social, environmental, and
economic aspects.
• Assessed the external risks and opportunities that may affect the organization's ability to create value over
the long term.
Within the internal materiality assessment, we have:
• Examined the organization's financial performance, operational efficiency, and internal processes.
• Identified the internal risks and opportunities that may impact the organization's ability to meet its strategic
objectives.
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GOVERNANCE AND RESPONSIBILITIES
The identification of our material topics and impacts is part of our day-to-day activities and is integrated in our
governance framework and Environmental Management System (EMS). The EMS is overseen by a formal cross-
departmental and multidisciplinary ESG Reporting Group. The ESG Reporting Group is striving to continuously develop
the EMS, report on the progress of our ESG objectives, and maintain transparent ESG reporting. Our EMS evolves over
time to deliver continual improvement. The implementation of our operational Net Zero strategy is overseen by the
Net Zero Working Group, meeting bi-monthly to review the progress towards the operational Net Zero goal.
On a monthly basis, members of Senior Management receive updates and relevant reporting at Executive Committee
meetings. Ultimately, the oversight of ESG matters, including double materiality assessment, is entrusted to the ESG
Committee of the Board of Directors, ensuring that material topics and impacts are supervised, reviewed and
approved at the highest level of the Company.
Our CEO holds the most senior role within our company and has operational responsibility for ensuring that
stakeholder engagement occurs effectively within our workforce, value chain workers, as well as our clients and local
communities at least annually. The CEO oversees the implementation of engagement activities and ensures that the
results directly inform the company’s strategic decisions and operational approaches.
This responsibility includes guiding the identification of key stakeholders, setting priorities for engagement
processes, and integrating stakeholder feedback into the company’s policies and practices. By maintaining direct
oversight, the CEO ensures that stakeholder engagement aligns with our company’s goals and values.
In addition, the CEO is the most senior individual accountable for the implementation of the policies within Shurgard.
The CEO oversees its execution, ensures alignment with the company's strategic objectives, and is responsible for
integrating the policy into Shurgard’s operational and governance framework.
GRI 3-1 / 3-2 / 3-3
2.5.2 DOUBLE MATERIALITY ASSESSMENT PROCESS
As part of our double materiality assessment, we have established a structured process to identify, assess, prioritize,
and monitor sustainability-related risks and opportunities that may have financial effects on our business. This
process is integrated into our overall risk management framework and follows this 6-step process grounded in ESRS
1 section 3.5 guidance on financial materiality:
Identifying & engaging with stakeholders
We define stakeholders as individuals, groups or organizations that may benefit or be affected, directly or indirectly,
by our business activities, or may be interested or have an impact on our strategy and achievement of goals. We
place great importance on building lasting relationships with our stakeholders. Our success depends on the quality
of the interactions we build inside and outside Shurgard, and this requires an understanding of their expectations.
Shurgard used its value chain mapping to assess the impact of its activities and operations on society and / or the
environment, focusing on direct and indirect Impacts, Risks and Opportunities (IRO's).
By engaging with our stakeholders, we strive for completeness of topics considered in the framework of our double
materiality matrix. Please refer to the section 2.4.2 Interests and views of stakeholders .
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Listing relevant sustainability matters
To identify the relevant topics to be considered for our double materiality matrix, we started from a comprehensive
list, using ESRS guidance (i.e. ESRS 1, AR 16), specifically applicable benchmarks for the real estate sector (e.g., GRESB,
GRI), peers, topics identified during previous double materiality assessments and topics that arose from our
stakeholder engagement process.
Considering Shurgard's activities, value chain, sector and geographies, as well as the outcome of our stakeholder
engagement, we retained a short list of 18 topics for further assessment.
As part of our double materiality assessment, we evaluated the full list of sustainability matters in Appendix C of
ESRS 1 and determined which topics are material to our business. In doing so, we also identified additional entity-
specific matters that reflect our company’s specific context, strategy, and stakeholder expectations.
The table below provides an overview of material sustainability matters and associated impacts, risks and
opportunities, distinguishing between:
• Matters derived from the ESRS 1 AR16 list (core topics commonly expected across sectors), and
• Entity-specific matters (topics not explicitly listed in Appendix C but identified through stakeholder input,
sector analysis, or internal expertise).
In doing so, we excluded some sustainability matters that were in the comprehensive initial list, because they were
not raised as a key matter for our stakeholders during our engagement process, and because they were not applicable
to our activities.
Connecting impacts and dependencies with financial risks and opportunities ESRS 2, IRO-1
We assess how our actual and potential impacts on people and the environment — such as GHG emissions, resource
consumption, or labor practices in the value chain — and our dependencies (e.g. energy, materials, skilled labor,
stable regulation) may give rise to financial risks or opportunities. For example, our dependency on grid electricity
exposes us to energy price volatility, while our impact on climate through emissions may result in transition risks
such as carbon pricing or regulatory constraints. These connections form the starting point of our financial risk and
opportunity mapping.
Using assumptions
In conducting our double materiality assessment, Shurgard applied a structured and transparent process that
balances regulatory guidance (ESRS 1 and ESRS 2), sector-specific considerations, and professional judgment. We
have applied the following assumptions:
• Clustering of topics: Similar (sub-)topics defined in ESRS were grouped into broader sustainability themes to
facilitate the identification of IROs during interviews and workshops. Certain topics were tailored to reflect
the specific context of the self-storage industry (e.g., building energy efficiency within “climate change
mitigation”).
• Proxy stakeholder input: In some cases, the views of selected stakeholders were considered representative of
broader stakeholder groups. This approach was applied particularly where direct engagement with all
categories was not feasible.
• Expertise-driven input: It was assumed that consulted stakeholders would focus their feedback on those
topics where they have the most expertise.
Defining impacts, risks and opportunities (IROs)
Based on the identified relevant sustainability matters, we assessed the impacts, risks and opportunities affecting
our business model and our stakeholders. We identified more than 140 IROs, based on their inherent nature to our
business model along the value chain, the input of our stakeholders, our ESG Management group, our internal audit
department, and our Senior Management.
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We analyzed:
• Whether each impact has a positive or negative effect on Shurgard, or whether it involves a risk or opportunity;
• Whether the IRO is a direct or indirect impact resulting from our business model;
• Whether the impact is actual (present) or potential (future);
• The IRO trend over time, assessing whether it is stable, increasing or decreasing;
• Where the IRO is located along our value chain, including whether the IRO originates from the company's own
operations, its value chain or its business relationships; and
• What the time horizon for a potential materialization of the IRO might be.
For the risks and opportunities, we also considered the need for disaggregation; however, given the consistency of
our business model across countries and the alignment of our buildings with common sustainability standards, there
are currently no material variations that require disaggregation by country or asset. Where relevant differences arise,
we will disclose at a more granular level.
In 2025, we reviewed the list of IROs to confirm that they continue to be relevant. The list of material topics stayed
the same with some of the previous topics merged to reflect the way such topics are managed within Shurgard. For
example, the previous topics of “Corporate culture & governance”, “Business ethics” and “Compliance with regulatory
frameworks” have been merged into one singe topic: “Corporate Governance & Company culture”. This consolidation
simplifies the Double Materiality Assessment by reducing overlap between related governance considerations and
ensuring a more coherent narrative.
In this year’s update, we have also considered a limited number of new or emerging topics reflecting recent
developments in our operations and external environment. These include:
• Battery storage and energy flexibility as part of our operational Net Zero strategy, introducing potential
environmental and financial opportunities.
• Investor expectations related to stricter ESG frameworks (e.g. SBTi, CDP), reviewed for reputational relevance.
• Physical climate risks for newly acquired properties, assessed based on updated climate exposure data.
• Evolving regulatory landscape, including updates on EPC requirements and environmental compliance. These
considerations were integrated into the materiality screening to ensure the assessment remains aligned with
current risks, opportunities, and stakeholder expectations.
Assessing impact and financial materiality
The impact materiality perspective focuses on the impact that a company's activities have on society and the
environment. It considers how a company's operations affect external ESG issues. For each impact identified, we
assessed its materiality based on several criteria defined below. This assessment is qualitative, and where
appropriate and possible, integrates quantitative data.
• Scale/gravity: The scale/gravity criterion assesses the level of seriousness of negative impacts. The scale of
impact is a relative measure depending on the context in which the impact takes place.
• Scope: The scope of the impact is related to how widespread the impact is. In the case of environmental
impacts, the scope may be understood as the extent of environmental damage or a geographical perimeter.
In the case of impact on people, the scope may be understood as the number of people adversely affected.
• Remediability: (Irremediable character) concerns whether and to what extent the negative impacts could be
remediated, restoring the environment or affected people to their prior state.
• Likelihood/frequency: The likelihood/frequency of the impact considers the current state as well as the
projected development of the likelihood/frequency of the underlying impacts materialization in all time
horizons relevant to the impact.
Each criterion has been assessed through a grid of 6 levels (scores 0 to 5) defined as below. The final score is
expressed on a scale from 0-10, taking into account the average of scale/gravity, scope and remediability, multiplied
by the likelihood/frequency of the impact. The ranges are aligned with our Enterprise Risk Management.
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The formula applies different prorated weightings depending on whether the impact is actual and positive or subject
to specific conditions (i.e. severe human rights impacts where severity,
defined by the scope, scale, and remediability,
takes precedence over likelihood).
The financial materiality perspective assesses topics from a financial perspective, considering the ERM insights. A
topic is financially material if it triggers financial effects on undertakings, i.e., generates risks or opportunities that
influence or are likely to influence future cash flows and therefore the enterprise value of the undertaking in the
short, medium or long term but are not captured by financial reporting on the reporting date. These risks and
opportunities may derive from past events or future events and may have effects on future cash flows in relation (i)
to assets and liabilities already recognized in financial reporting or that may be recognized as a result of future
events or (ii) to factors of enterprise value creation that do not meet the accounting definition of assets (liabilities)
and/or the related recognition criteria but contribute to the creation/maintenance of enterprise value.
• Actual/potential risk: A risk will be considered actual if it is not a one-off event but a recurring or systemic
issue. If the risk was significant some years ago and remains relevant (through repeated incidents or the risk
of recurrence), it is classified as "actual" risk. However, if the past issue is resolved and unlikely to occur again,
but still represents a future risk, it is classified as "potential".
• Magnitude: Assesses the extent of the financial effects, possibly expressed in monetary units, over the short,
medium and long term. Typically, it refers to cash flows or enterprise value impacts.
• Likelihood/frequency: The likelihood/frequency of the topic considers the current state as well as of the
projected development of the likelihood/frequency of the materialization of the underlying impacts in all time
horizons relevant to the topic.
To determine our impact and financial materiality threshold, we performed a sensitivity analysis (a review of
scenarios based on likelihood and impact, and the cash flow impact on our financial situation, etc.). We also made a
peers’ comparison and applied our own judgment on topics that would be included or excluded based on the
stakeholder engagement process. Based on the above, we have determined that topics with an impact or financial
materiality higher than four are material. All material IROs were assessed qualitatively based on expert judgment,
stakeholder feedback, and internal knowledge of our operations and value chain.
For climate-related impacts, risks and opportunities, the assessment of likelihood, magnitude and time horizons was
informed by climate scenario analysis, including scenarios used to assess physical and transition climate risks.
Further details on the climate scenarios and assumptions applied are provided in chapter 3.1.1.
Preparing the double materiality matrix
Our double materiality assessment is translated into a matrix, where the "x" axis represents the financial materiality
(importance of the topic on Shurgard) and the "y" axis represents the impact materiality (importance of the topic on
our stakeholders). The chart is based on a scale from 0 - 10, based on the scoring mechanisms described previously.
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The following results of the materiality assessment were presented to and validated by the ESG Committee.
Based on the above double materiality assessment, we previously mentioned a short list of 17 topics that are relevant
for our stakeholders or for Shurgard. Our scoring exercise resulted in 11 topics being material, whether from an
impact perspective, a financial perspective, or both. One topic stands out in terms of double materiality: GHG
emissions.
On the contrary, the assessment concluded that six topics can be considered as immaterial both from an impact and
a financial materiality perspective, as they were associated with a score lower or equal to four (4), for both
materialities.
• Product quality & safety: Shurgard does not manufacture products. In our value chain, we considered the
limited number and type of products sold: Merchandise (boxes, locks, etc.) and storage space. Based on our
materiality assessment, it is deemed that quality and safety risk on our merchandise is not material for our
customers, considering the product type and its usage. Unlike businesses that provide mainly physical goods,
Shurgard’s service is rooted in property rental, where customer safety and service quality are primarily
addressed through facility maintenance and safety protocols rather than product standards. The limited
product sales (merchandise) do not constitute a core component of our customer interaction and do not
present material risk in terms of quality or safety. The risk in our store space was considered as a topic related
to our customers, when physically visiting their units in our buildings (see "Customers welfare and safety").
• Biodiversity: While real estate activities can generally have impacts on biodiversity, Shurgard’s developments
are typically located in large, urbanized areas. As a result, our activities do not involve changes in land
allocation, such as the conversion of greenfield sites into commercial areas, and the risks of affecting natural
habitats, species living spaces or deforestation are therefore very limited. Based on our materiality
assessment, we concluded that Shurgard does not directly or indirectly (through its value chain) significantly
exploit scarce natural resources and that the risk of adversely affecting the extent and condition of
ecosystems is low.
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• Customers access and affordability: The double materiality assessment concluded that the impacts related
to customers’ access and affordability are limited, primarily due to the non-essential nature of self-storage
services. Unlike essential services such as housing, public transport or energy supply, self-storage is
discretionary and customers retain a high degree of choice and flexibility. In addition, Shurgard operates in
competitive markets, which contributes to market-based and transparent pricing and helps ensure
affordability for customers. Access considerations are also mitigated by the design of our facilities, which
typically include parking spaces for disabled users, lifts and other accessibility features. Furthermore, the
short-term and flexible nature of our contracts, which can be terminated on a monthly basis, limits potential
negative impacts on customers. Taking these factors together, access and affordability were assessed as less
material for Shurgard compared to sectors providing essential services.
• Water usage: Our operations generally require minimal water consumption. Most of the water use would be
limited to restrooms, basic facility maintenance and water for sprinklers, which does not have a significant
impact on overall consumption or local water resources.
• Pollution: Our facilities typically have low pollution-related impacts. They do not involve manufacturing or
significant industrial processes, which means there is minimal risk of contributing to air, soil, or water
pollution. Additionally, our buildings are often low traffic, reducing the need to address issues like vehicle
emissions or chemical pollution.
Material IROs and stakeholders affected (ESRS 2, SBM-2)
ESRS
Material-topic
Affected stakeholders
Employees Customers Suppliers
Public
authorities
Investors
Local
Communities
E1 -
Climate
change
Climate change
adaptation &
resilience
GHG emissions
E5 -
Resource
use and
Circular
economy
Low-impact
design and
material use
S1 - Own
workforce
Employee
development,
attraction and
retention
Employee
Diversity, Equity
and Inclusion
Employee Health
and Safety
Human rights
S2 -
Workers in
the value
chain
Workers in the
value chain
S4 -
Consumers
and end-
users
Customers
welfare and
safety
Customer data
privacy
G1 -
Business
Conduct
Corporate
Governance &
Company culture
Corporate Data
& Cyber security
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Evaluate strategic implications
Based on the material topics identified, Shurgard has put in place several strategic mitigation actions to address the
impacts, risks and opportunities identified. These actions are subject to detailed disclosures and KPI's in our
Sustainability statement.
GRI 2-29
Material impacts, risks, and opportunities (IROs) (ESRS 2, SBM-3)
The table below summarizes Shurgard’s material IROs by ESG topic, indicating whether they relate to our own
operations or the value chain, their positive or negative nature, and the expected time horizon over which they may
occur (short-, medium- or long-term).
OO - Own Operations
EVC - Entire Value Chain
U - Upstream
D - Downstream
"-" - Negative impact
"+" - Positive impact
ST - Short-term
MD - Medium-term
LT - Long-term
ESRS
Sub-
topic
Impacts Risks Opportunities
E1 - Climate change
Climate change adaptation & resilience
Insufficient adaptation of our assets
to climate risks (e.g. flooding,
extreme weather, sea level rise) may
lead to damage to customer goods
and waste of materials and resources
due to avoidable asset damage.
Damage
to our properties
resulting in business interruptions,
increased repair and insurance
costs.
Given climate change and frequent
extreme weather conditions, safe
and meteorologically resilient self-
storage space becomes an attractive
space for storing goods.
-
ST
OO
ST
OO
LT
OO
Safety risk for our customers or local
communities in case of non-adapted
assets.
Stranded assets, loss of operating
license
for properties with low
energy performance.
Enhancing asset resilience to climate
risks (e.g. through improved building
design, elevated entry points, flood-
resistant materials) can protect asset
value, reduce operating risk, and
create competitive advantage.
-
LT
OO
LT
OO
MT
OO
Battery installations reduce
operational emissions and support
energy resilience.
Decrease in portfolio value.
Climate-
resilient stores attract
investors and decrease insurance
costs.
+
MT
OO
ST
OO
MT
OO
Waste of resources when assets are
damaged due to inappropriate
resilience to extreme weather events.
-
LT
OO
GHG emissions
Impact of emissions of GHG through
direct (on-site) or indirect (non-
renewable energy consumption)
combustion of fossil fuels for
building heating, cooling, lightning,
hot water generation, fans/pumps,
company cars, travel, etc.
High energy consumption due to
low energy efficiency.
Increase in asset value given
successful implementation of the
decarbonation strategy that meets
stakeholders’ expectations.
-
LT
OO
ST
OO
ST
OO
Impact of scope 3 embodied GHG
emissions from new and acquired
assets.
Strengthening of energy related
regulations, increase in energy
costs resulting in significant
investments needs.
Assets value preservation in long
term.
-
LT
EVC
MT
OO
LT
OO
Ownership and acquisition of
buildings with low energy efficiency
(e.g., low EPC, absence of BMS,
outdated lightning
or heating
technologies, poor building
insulation), unnecessary
consumption due to operating
process (e.g., lights at nights,
excessive AC use).
Exposure to increasing energy
costs and increasing market and
client expectations for energy
efficiency.
Higher brand value and recognition,
lower operating costs due to the
effective decarbonization strategy.
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-
LT
OO
ST
OO
MT
OO
Stranded assets and decrease in
portfolio value due to low energy
performance, potentially leading
to loss of operating licenses and
reduced asset viability.
LT
OO
Growing market and client
expectations for energy-efficient
buildings may lead to reduced
demand, lower occupancy rates, or
pricing pressure for
underperforming assets,
potentially impacting rental
income, asset valuation, and
competitiveness.
LT
OO
E5 -
Resource use and Circular economy
Low-
impact design and material use
Inefficient use of property space
resulting in underutilized built
environment.
Strengthening of regulations on
the proportion of recycled
materials used in construction,
digital prints for buildings will
increase the costs at planning
stage.
Minimizing use of virgin materials
and managing waste efficiently helps
future-proof against stricter waste
regulations and material supply
disruptions.
-
ST
OO
MT
OO
LT
OO
Procurement of materials with low
circularity potential (non-reusable,
non-recyclable, or non-refurbishable
sources) leading to limited
adaptability of buildings for
alternative uses.
Increase of sourcing costs for
construction and developments,
due to unavailable resources or
alternative (more ecological) raw
materials use.
Designing modular, flexible spaces
allows buildings to be repurposed
more easily, supporting long-term
asset value and lowering renovation
needs.
-
ST
U
MT
OO
LT
OO
Insufficient maintenance leads to
shortened asset lifespans and
increased resource demand.
Using longer-
life, recyclable
materials in construction and
maintenance reduces replacement
costs and operational waste.
-
LT
OO
LT
OO
Generation of avoidable operational
waste due to lack of circular
practices.
Stable BREEAM coverage supports
property resilience
-
ST
OO
ST
OO
S1 - Own
workforce
Employee
development,
Lack of staff training and mentoring,
slow or absent employee
development may result in skill gaps,
reduced employee growth and long-
term disengagement.
Lack of employee engagement and
low performance can have a
negative impact on the company's
operational success (e.g. bad
customer experience)
Offering meaningful development
and work-life balance helps attract
skilled candidates, particularly in
competitive local markets.
-
ST
OO
ST
OO
ST
OO
Inadequate compensation and job
security can contribute to financial
stress, inequity, and higher turnover
among employees.
Staff turnover and difficulty
attracting talented employees can
lead to operational discontinuity,
loss of critical organizational
knowledge and higher
recruitment costs.
Investing in internal growth and
career mobility reduces turnover and
the cost of recruiting, onboarding,
and lost experience.
-
ST
OO
ST
OO
ST
OO
Insufficient work-
life balance and
flexible working conditions may harm
physical and mental health,
particularly for caregivers and
parents.
Poor working conditions (work-life
balance, flexibility
, ...), company
culture (ongoing feedback, clear
goals & objectives, …) or employee
perspective can lead to
demotivation, difficulties to attract
talented people and higher
turnover.
Continuous training and clear
development pathways empower
employees to perform better,
especially in customer-facing roles.
-
ST
OO
ST
OO
ST
OO
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Employee Diversity, Equity and Inclusion
Different treatment of employees
based on age, race, ethnicity, cultural
background, gender, sexual
orientation, religion, educational
background, etc, resulting in lack of
diversity in the leadership team and
among employees, leading to non-
inclusive decision-
making and not
contributing to the equal treatment
of employees.
Lack of attractiveness on the labor
market due to poor Diversity,
Equity and Inclusion corporate
culture resulting in higher
employee turnover and challenges
of attracting workforce.
Embracing inclusive recruitment
practices helps attract diverse
candidates, improving hiring
outcomes in a competitive labor
market.
-
ST
OO
ST
OO
ST
OO
Absence of policies, internal
communication and training on
Diversity, Equity and Inclusion,
resulting in a lack of corporate
culture and support on these topics.
Employee or customer claims for
inequal treatment and
opportunities, with reputational
impact.
Diverse teams bring varied
perspectives, which enhances
creativity, productivity, customer
insight, and problem-solving across
departments.
-
ST
OO
ST
OO
ST
OO
Employee health
and safety
Inadequate working conditions or
environmental impact on physical,
mental and social wellbeing (e.g.
overworking employees, pressure,
inadequate chairs, desk position,
tools, lights, poor office space
maintenance, etc.)
Higher staff-
related insurance
premiums driven by injuries.
Proactive health and safety measures
lower the risk of injuries and work-
related stress, leading to fewer sick
days and more consistent
performance.
-
ST
OO
ST
OO
ST
OO
Lack of compliance culture, and
protocols on health and safety
resulting in serious injuries and
increase occupational hazards.
Poor working conditions and lack
of adequate health and safety
standards and procedures may
increase absenteeism
and staff
turnover, as well as increase staff
claims and lead to reputational
damage.
A strong safety culture fosters trust
and well-
being, enhancing loyalty
and reducing turnover, especially
among store and facility staff.
-
ST
OO
ST
OO
ST
OO
S2 - Workers in the value chain
Human rights
Lack of freedom of association and
right to collective bargaining, barriers
to unions.
Reputational damages,
mediatization of cases of non-
respect of human rights.
Proactively addressing human rights
risks (e.g. through supplier codes and
due diligence) will ensure business
continuity and improve supply chain
resilience.
- ST U, OO ST
Entire value
chain
MT U, OO
Forced, compulsory or unpaid labor,
staff harassment.
Prosecution and legal claims for
disrespect of employees’ work-
related rights
Ensuring adequate human rights
procedures are in place and providing
adequate and timely remedy to
raised concerns leads to higher
employee satisfaction and provides
adequate working conditions for
employees.
-
ST
EVC
ST
U, OO
MT
U, OO
Inadequate pressure on employees.
Fines for non-respect of the social
law.
-
ST
OO
ST
OO
Workers in the value chain
Health and safety of the value chain
workers, working conditions of
suppliers and subcontractors in the
development and construction stage
of our properties.
Reputational damages,
mediatization of cases of non-
respect of human rights in the
value chain or poor ESG practices.
Higher quality of results and
performance of the value chain
workers thanks to the adequate
human rights practices addressing
value chain workers.
-
ST
U
ST
U, OO
MT
U, OO
Disrupted value chain due to
failure to comply with regulations
or laws.
ST
U, OO
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S4 - Consumers and end-users
Customer
welfare and safety
Health and safety
hazards for
customers visiting our stores: Store
ventilation, fall hazards, fire
prevention, security warnings &
signage, asbestos.
Fines and claims in case of serious
customer injury.
Implementing preventative measures
on robberies and theft could be
perceived positively by clients and
provide a competitive advantage (e.g.
alarms, limitation of access with
personal digits or codes)
-
ST
D
ST
OO
ST
OO
Robberies, burglaries or threats to
customers, specifically for remotely
managed stores or stores opened
24/7.
Loss of operating license for stores
that would not meet the
requirements on health and
safety.
-
ST
D
ST
OO
Customer data privacy
Leakage of personal customer data
held by the company, leading to risk
of identity theft, financial fraud and
misuse.
Customer claims for market
practices abuse or misleading /
poor quality of information on
products and services.
Stronger customer trust and loyalty
by demonstrating that personal data
is handled responsibly.
-
ST
D
ST
D
ST
OO
Lack of transparency or control over
personal data due to inadequate
communication about how customer
data is used, which can lead to
customer mistrust and reputational
damage.
Reputational damage in case of
customer data leaks could
negatively affect customers' and
investors' trust in the company.
Improved compliance and
operational efficiency by building
robust systems for data protection
(reduces time and cost spent on
handling incidents, audits, and
regulatory issues).
-
ST
D
ST
D
ST
D
Secure digital platforms and strong IT
security measures strengthen trust
in our services.
-
ST
D
G1 - Business Conduct
Corporate Governance & Company culture
Strong governance builds investor,
employee, and community trust by
ensuring responsible decision-
making and oversight.
Inadequate board oversight or
internal control weaknesses can
create strategic and operational
uncertainty.
A value-
based, inclusive culture
boosts collaboration, innovation, and
employee loyalty.
+
MT
OO
ST
OO
ST
OO
A values-driven culture aligned with
ethical governance reduces
misconduct, enhances compliance,
and supports sustained growth.
Poor governance (i.e., lack of board
independence, non-transparent
executive remuneration practices,
corruption and bribery) and
unethical conduct can result in
fines, investor distrust and
negative brand image.
Adherence to good governance
practices accelerates the execution
of sustainability strategies and risk
oversight.
+
ST
OO
ST
OO
ST
OO
Weak oversight can lead to
misconduct, poor decisions, or
regulatory breaches (e.g. corruption,
greenwashing).
Loss of shareholder trust &
confidence, with consequently,
difficulty raising capital.
-
ST
OO
ST
OO
Executive Remuneration: Lack of
independence of Remuneration
Committee, non-
compliance with
transparency and disclosure
regulations, unfair rewards,
conflicting interests.
- ST OO
An unhealthy culture and practices
(e.g. fear, discrimination, exclusion,
disrespect
of human rights and
ethics) may negatively affect
employee well-
being, productivity,
and reputation.
- ST OO
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Corporate Data & Cyber security
Secure digital platforms and strong IT
security measures protect them from
data breaches.
Loss of strategic or operational
data, intellectual property theft.
Strong cybersecurity reduces the
likelihood of data breaches, avoiding
potential fines (e.g. under GDPR),
legal costs, remediation expenses,
and revenue loss due to operational
disruption.
+
MT
OO
ST
OO
ST
OO
Exposure of company-sensitive and
employees’ personal data due to
inadequate IT security controls.
-
MT
OO
Increased risk of cyber incidents due
to insufficient user awareness and
lack of incident response
preparedness.
-
MT
OO
3. ENVIRONMENTAL INFORMATION
3.1. CLIMATE CHANGE (E1)
As an owner and operator of real estate, we understand our impact on the built environment and the importance of
managing that impact in a sustainable manner. Storage assets generally have low operational environmental impacts
due to minimal utility use, given the nature of our business. Nonetheless, we continue to explore and, where feasible,
implement solutions designed to mitigate climate change risk, reduce our carbon emissions, and limit our overall
impact on the environment.
CLIMATE CHANGE-RELATED IMPACTS, RISKS AND OPPORTUNITIES (ESRS 2, SBM-3, IRO-2)
Please refer to section 2.4.2 of the 2025 Sustainability statement.
3.1.1 TRANSITION PLAN FOR CLIMATE CHANGE MITIGATION (E1-1)
When developing its transition plan for climate change mitigation, Shurgard considered several widely recognized
climate transition scenarios commonly used by companies and policymakers, including sector-specific pathways
such as the International Energy Agency (IEA) Net Zero by 2050 scenario. These scenarios provide prescriptive
transition roadmaps, particularly for energy systems and technology deployment at sector level. In parallel, Shurgard
assessed global climate science scenarios developed by the Intergovernmental Panel on Climate Change (IPCC), which
highlight international climate policy and carbon budget trajectories.
Given Shurgard’s business model, which is centered on long-lived real estate assets with long investment horizons
and exposure to both transition and physical climate risks, Shurgard has chosen to align its transition plan and risk
assessment with the Intergovernmental Panel on Climate Change (IPCC) AR6 1.5°C scenario. This provides a robust,
science-based foundation for our climate strategy, consistent with the Paris Agreement. While other scenarios we
considered (e.g., the IEA Net Zero by 2050) are commonly used by companies and policymakers as sector-specific
transition roadmaps, providing prescriptive pathways for technology deployment and emissions reductions at sector
level, the IPCC AR6 integrates a broader set of assumptions, including socio-economic dimensions, carbon budgets,
and mitigation pathways. For our business model, which focuses on long-lived real estate assets in urban areas, the
IPCC AR6 1.5°C scenario offers a more comprehensive scientific basis for understanding both transition and physical
risks. To translate this into sector-specific insights, we complement IPCC AR6 with the Carbon Risk Real Estate
Monitor (CRREM) pathways for the real estate sector, which operationalizes the global scenarios. CRREM translates
global and regional decarbonization trajectories into sector-specific benchmarks for building energy use and carbon
performance. By applying CRREM, we can identify potential stranded assets, evaluate portfolio-level decarbonization
progress, and align investment and retrofit strategies with the 1.5°C pathway.
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Thus, our transition plan is grounded in these three elements:
1. Scenario alignment: reduction targets benchmarked against IPCC AR6 1.5°C pathways.
2. Practical application: Shurgard’s climate targets have been developed using the SBTi Buildings Sector tool,
ensuring alignment with 1.5°C pathways at portfolio level. In addition, CRREM decarbonization pathways
are used as a complementary tool to assess potential stranding risks at the asset level, ensuring that our
properties remain aligned with science-based decarbonization trajectories. These tools are complemented
by our annual assessment of climate-related transition risks and physical climate risks.
3. Governance integration: results from this scenario and climate risk analyses feed into our Net Zero strategy,
investment decision-making, prioritization of mitigation actions and risk management processes, ensuring
that our transition plan is both science-based and risk-resilient. The whole process and result are overseen
by the ESG Committee and Board of Directors.
This methodology ensures that our climate targets are not only science-based but also tailored to the operational
realities of our sector and asset portfolio.
The climate scenarios used for Shurgard’s transition plan are compatible with the critical climate-related
assumptions applied in the financial statements. The IPCC AR6 1.5°C scenario and pathways we use assume a gradual
transition characterized by continued operation of existing assets, progressive grid decarbonization and incremental
investments in energy efficiency and electrification. These assumptions are consistent with those used in Shurgard’s
financial statements, including asset useful lives, impairment assessments, expected energy costs and planned
capital expenditure for asset maintenance and upgrades. No material inconsistencies between the climate scenarios
and the financial reporting assumptions have been identified.
GREENHOUSE GASES COVERED IN THE TRANSITION PLAN
Shurgard’s GHG inventory and GHG emissions’ reduction targets follow the GHG Protocol Corporate Standard which
requires 7 gases to be included in inventories: Carbon dioxide (CO₂), methane (CH4), nitrous oxide (N2O),
hydrofluorocarbons (HFC), perfluorocarbons (PFC), sulfur hexafluoride (SF6) and nitrogen trifluoride (NF3). We refer
to these 7 gases in this Sustainability statement when mentioning "GHG emissions" or " CO₂ e". At the same time,
based on our GHG emissions emitted from operations and value chain, as well as life cycle assessments of our
properties, we concluded that CO₂ and HFCs - both carbon-based gases - are the most relevant emissions for
Shurgard. Small amounts of methane (CH4) and nitrous oxide (N2O) may arise indirectly from upstream activities in
our value chain, in particular from the production of construction materials and construction-related processes
included in scope 3 (capital goods). Where relevant emission factors are applied, these gases are captured within
CO₂-equivalent calculations and do not materially affect the overall GHG emissions profile of Shurgard. Other non-
carbon gases such as PFCs, SF6, and NF3 are expected to be negligible, as they are not typically associated with real
estate activities.
SELF-STORAGE VS. REAL ESTATE
Against this scenario backdrop, it is important to consider the specific energy and emissions profile of the self-
storage sector. Compared with other real estate asset classes, self-storage facilities are inherently less energy-
intensive due to limited occupancy, low heating and cooling demand, and relatively simple building systems. As a
result, Shurgard enters the transition from a comparatively low baseline level of energy consumption and operational
greenhouse gas emissions.
This favorable starting position reduces transition risk but does not eliminate the need for action. Shurgard’s
transition plan therefore focuses on further reducing absolute emissions, improving energy efficiency and
strengthening resilience, while supporting continued portfolio growth.
According to the International Energy Agency, the operations of buildings account for 30% of global final energy
consumption and 26% of global energy-related emissions. This statistic does not depict the significant variances
between the industry’s subsectors, as evidenced by a study performed by KPMG on 103 European listed real estate
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companies that were members of the EPRA organization as of December 31, 2023
1 1
. The average GHG intensity
(expressed as emissions of kgCO
2, by year and by sqm) of the self-storage industry is already c.90% below real
estate players active in office, healthcare of retail businesses, and by far the lowest of the real estate subsectors
included in the study.
Notwithstanding the above, we are dedicated to contributing to the continued decarbonization of our industry
operating the assets. Our transition plan is built on a series of mutually reinforcing levers, which we have already
started to deploy across our portfolio.
TRANSITION PLAN TARGETS: OPERATIONAL AND MATERIAL NET ZERO
Despite this comparatively low energy and emissions intensity, Shurgard recognizes its responsibility to contribute
to the achievement of global climate objectives. The Company has therefore set clear Net Zero ambitions covering
both its operational footprint and its value chain. These targets reflect Shurgard’s commitment to decarbonization
beyond structural advantages and form the foundation of its transition plan.
Our transition plan targets are represented through Net Zero targets covering Scopes 1, 2 and 3 emissions:
• Scope 1 emissions relate primarily to the use of natural gas for heating in our properties and to our vehicle
fleet.
• Scope 2 covers the electricity and district heating purchased to power our stores and offices.
• For Scope 3, the related categories for Shurgard are: purchased goods and services, capital goods (embodied
carbon in our developments, refurbishments, and acquisitions), fuel- and energy-related activities, waste,
business travel, employee commuting, downstream transport and logistics, and the end-of-life of packaging
materials we sell to customers.
Name of the target
Scope
Method
Type
Baseline
year*
Target
year
SBTi
approved
Operational Net Zero
1 and 2
Location-based
Absolute
2017
2030
No
Material Net Zero
3
-
Absolute
N/A
2040
No
* The base year selected is representative of Shurgard’s activities and geographic footprint, which have remained broadly consistent over time.
1
1340150_4900146__EPRA_2024__Etude_32_18__241107_KR.pdf
2
A location-based emission reflects the average emissions intensity of grids on which energy consumption occurs (using mostly grid-average emission factor data).
This contrasts to a market-based emission that reflects emissions from electricity that companies have purposefully chosen, including the impact of contractual
instruments, such as energy from renewable sources.
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Thus, our transition plan is split into two phases:
• Phase 1: addressing operational emissions (i.e., Scope 1 and 2 emissions) and
• Phase 2: achieving Material Net Zero by 2040, or sooner, which also addresses Scope 3 emissions (mainly
coming from embodied carbon).
The boundaries used for the GHG emissions inventory and Net Zero targets are indeed aligned.
Operational Net Zero - Scope 1 and 2
Shurgard defines Operational Net Zero as the point at which the greenhouse gas emissions associated with the
operation of our properties (Scope 1 and 2) are reduced to zero on an annual basis. This is achieved through energy
efficiency improvements, the use of on-site and off-site renewable energy, and the compensation of any remaining
emissions through high-quality carbon removal or offsetting mechanisms.
Our target to achieve Operational Net Zero by 2030 covers all direct emissions from our operations (fuel use) and
indirect emissions from purchased energy. These are measured and reported annually following the GHG Protocol’s
guidance for Scope 1 and Scope 2 emissions. For Scope 2, we report according to the market-based method, while
also reporting location-based emissions for transparency. Under the market-based method, reductions are achieved
through the procurement of renewable electricity backed by Renewable Energy Guarantees of Origin (REGOs) or
Guarantees of Origin (GoOs), which certify that the electricity purchased is generated from renewable sources. The
location-based method is reported in parallel to reflect the grid mix of the countries where we operate, ensuring
comparability with peers and sector benchmarks.
Informed by sector-specific Science Based Targets initiative (SBTi) guidance, Shurgard has set an ambition to achieve
Operational Net Zero by 2030. The target boundary covers at least 90–95% of Scope 1 and Scope 2 greenhouse gas
emissions, in line with SBTi requirements. Emissions reductions are achieved through direct decarbonisation
measures, with any residual emissions addressed through high-quality carbon removals.
Potential use of carbon removal projects
At this stage, we are not yet in a position to determine to what extent we may need to rely on carbon removals or
offsets to reach our Operational Net Zero target. We are still evaluating and rolling out new decarbonization
initiatives (e.g. potential expansion of solar energy in other markets, which remains subject to ongoing technical
assessments). Only once we have fully implemented all feasible measures to eliminate and reduce emissions will we
be able to assess the residual footprint, and accordingly evaluate the potential need for high-quality, independently
verified carbon removals
Material Net Zero – Scope 3
Our Material Net Zero ambition extends to significant indirect emissions (Scope 3). Our target to achieve Material
Net Zero by 2040 includes indirect emissions from our value chain, focusing on the most material categories (capital
goods, purchased goods and services, business travel, commuting, waste, upstream transportation and distribution).
We quantify these categories in line with the GHG Protocol’s Corporate Value Chain (Scope 3) Standard.
Regarding Scope 3, we are not yet in a position to set a precise quantified reduction target for Scope 3. This is due
to the fact that a complete Scope 3 baseline was only established in 2024, following the first full accounting of all
relevant categories in line with the GHG Protocol. We are currently enhancing our data quality, methodologies, and
supplier engagement processes to ensure the robustness of the future Scope 3 target boundary and base year.
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Shurgard intends to precise and disclose a science-based Scope 3 reduction target in the coming years, aligned with
the GHG Protocol and SBTi principles. In the interim, we continue to implement actions to reduce Scope 3 emissions,
including applying BREEAM standards to new developments (which integrate life-cycle considerations and promote
lower-carbon design and construction practices), requiring FSC/PEFC certified packaging materials, planning to
procure LCAs for new build, and exploring ways to minimize embodied carbon in building design.
OPERATIONAL NET ZERO IMPLEMENTATION STRATEGY
Shurgard’s approach to contributing to global carbon neutrality follows the principles and requirements of the GHG
Protocol, supplementing it with the sector-specific SBTi criteria for net zero targets. Our decarbonization approach
follows the following hierarchy:
• Eliminate emissions through low-carbon design choices and energy-efficient development.
• Reduce emissions via operational improvements and behavioral changes.
• Substitute remaining high-emission technologies with low-carbon alternatives (e.g. heat pumps).
• Compensate residual emissions through verified offsets post-2030.
In 2025, our Scopes 1 and 2 emissions amounted to 3,820 tCO₂e, a 50% reduction compared with 2017, despite our
portfolio’s gross internal area growing by approximately 52% in the same period. This shows the effectiveness of
our decarbonization measures to date and gives confidence that our net zero goals are achievable.
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MATERIAL NET ZERO IMPLEMENTATION STRATEGY
While our near-term levers and investments for 2030 are well defined, the detailed pathway for the 2030–2040
period is still under development.
This next phase will require us to:
• Further assess our Scope 3 inventory, particularly capital goods, purchased services, and other material
categories;
• Evaluate the role of new technologies, carbon credits or removals, and supply chain engagement; and
• Determine financing needs and integration into long-term strategic and capital planning.
As this work progresses, we will continue to use science-based reference pathways and standards (GHG Protocol,
SBTi), to guide the development of the plan. We expect to present a more detailed 2030–2040 transition roadmap
in upcoming reporting cycles.
DECARBONIZATION LEVERS SCOPES 1 & 2
Advancing transition plan in operations
In 2025, we made progress on our transition plan (i.e. our Net Zero roadmap) through further scaling up operational
efficiency initiatives, smart technology, and clean energy. For example, our investments in smart building
technologies are paying off and are enabling faster and more precise responses to abnormal consumption patterns.
This not only improves our energy performance but also directly supports our emissions reduction goals across the
portfolio. 2025 marked progress in the following decarbonization initiatives:
• Energy efficiency: LED and Building Management Systems (BMS). We have completed a group-wide LED
retrofit programme across our legacy portfolio. LED retrofits have delivered a considerable reduction in
electricity use compared to fluorescent lighting. In addition, the number of fixtures per corridor has been
optimized (from every 3 m to every 6 m), further lowering overall consumption and reducing waste. All newly
acquired properties are being upgraded to this standard. In parallel, we are rolling out BMS with central
monitoring, sub-metering, and automated controls. Already by mid-2025, the BMS programme has been fully
deployed across more than 90% of our portfolio, enabling real-time detection of anomalies and proactive
optimization of energy use.
• Electrification and fuel switching: heat pumps. We are progressively replacing gas boilers with heat pumps.
As of 2025, more than 60% of our heated stores have already converted, and we plan to eliminate all gas use
from operations by 2029.
Transitioning to renewable energy
• Renewable energy guarantees of origin (REGO) and solar panels. All electricity we consume is backed by
REGOs. In addition, we are scaling on-site solar generation, with projects across Belgium, the Netherlands,
and the UK. Not all buildings in our portfolio are technically or economically suited for on-site solar generation,
due to factors such as roof structure, orientation, shading, grid constraints or lease characteristics. Within
these constraints, we prioritise assets where solar delivers the greatest operational and environmental
benefit.Solar installations are a key contributor to reducing our operational emissions. By the end of 2025,
more than 90 stores and the European Support Centre (ESC) host solar panels, generating c. 5,828 MWh
annually (based on the projected annual generation). Approximately 40% of this energy is consumed directly
on site, lowering our reliance on grid electricity. More on our energy metrics in chapter 3.1.5 Energy
consumption and mix table.
• Battery energy storage. In Belgium, the solar rollout is supported by a more advanced approach, combining
solar with battery energy storage systems (BESS) to enhance system efficiency, maximise self-consumption
and provide grid flexibility. In early July 2025, we piloted battery energy storage solutions at 15 of our 21 sites
in Belgium, aligning with our Operational Net Zero target and broader transition plan. Of these 15 stores, three
are equipped with industrial-scale battery systems, while the remaining 12 stores were designed for
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residential-scale battery units. By the end of 2025, 11 out of the 12 residential-scale battery units had been
installed.
• The broader deployment of battery storage across the portfolio is currently prioritised in markets where the
business case is most favourable, notably Belgium and Germany. In other markets, such as the UK, France and
the Netherlands, battery storage is not yet economically viable due to current market conditions and limited
revenue stacking opportunities. In addition, the availability of mature battery management and smart steering
solutions remains uneven across markets. Shurgard expects these constraints to ease over the next two to
three years as technology matures and regulatory frameworks evolve, enabling a wider rollout of battery
storage solutions across its portfolio.
Sustainable design and embodied carbon
• BREEAM certifications. For new developments and refurbishments, we apply BREEAM New Construction and
In-Use standards, which integrate life-cycle considerations and resource efficiency. We are progressively
embedding life-cycle assessments (LCAs) into our project pipeline, to measure and mitigate embodied carbon
and to prioritise refurbishment over demolition where feasible. As of December 31, 2025, we count 76 assets
holding BRREAM New Construction or BRREAM In-Use certificates, covering 26% of our portfolio.
• Sustainable building materials and design. We implement measures to maximize material efficiency and
reduce maintenance needs across both new and existing buildings, which contributes to our rapid
decarbonization. For further details on our actions for sustainable building materials, design, sustainable
packaging in stores and responsible waste management, please refer to chapter 3.3.2 Actions and resources
related to resource use and circular economy (E5-2).
DECARBONIZATION TRAJECTORY AND EMISSION REDUCTION OUTLOOK (2025–2030) – SCOPE 1 AND 2
Our emissions reduction pathway demonstrates measurable progress in line with our Net Zero strategy. From 2017
to 2025, Shurgard achieved a 50% reduction in absolute Scope 1 and 2 GHG emissions (location-based), despite a
significant portfolio expansion. In 2025, we grew our gross internal area by 52% since the base year, reinforcing the
efficiency gains of our climate mitigation initiatives.
All initiatives are rolled out with consideration for return on investment and national specificities. We have projected
Scope 1 and 2 emissions store-by-store from 2017 to 2030, taking into account energy efficiency initiatives, portfolio
growth, and national grid decarbonization trajectories.
Looking ahead, based on our current decarbonization levers and anticipated national grid decarbonization trends,
we project further reductions to c. 1,973 tCO₂e by 2030 or a 74% decrease compared to 2017 levels, assuming a
constant perimeter. These projections consider implemented and ongoing initiatives, such as solar panel
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installations, smart energy management, and gas-to-heat pump conversion, as well as the expected carbon intensity
evolution of national electricity grids.
Given our projected portfolio growth of over 50% by 2030, intensity-based emissions are expected to continue
declining, but total absolute emissions may fluctuate. We are actively exploring additional mitigation measures,
including battery storage systems to optimize solar energy use, to further accelerate emission reductions and ensure
alignment with the 1.5°C climate pathway.
DECARBONIZATION FRAMEWORKS USED BY SHURGARD
Shurgard uses two internationally recognized, science-based decarbonization frameworks to assess the alignment
of its climate strategy with the Paris Agreement 1.5°C objective: The Carbon Risk Real Estate Monitor (CRREM) and
the Science Based Targets initiative (SBTi).
CRREM is a sector-specific tool developed for real estate. It translates global carbon budgets into country- and asset-
level carbon-intensity thresholds (kg CO₂e/m²/year), enabling portfolio-level and asset-level assessment against a
1.5°C-aligned trajectory. It is primarily used as a risk and alignment assessment tool for real-estate portfolios.
SBTi, by contrast, is a corporate target-setting and validation standard. It defines the criteria and decarbonization
rates companies must follow when setting science-based emission-reduction targets aligned with the Paris
Agreement. SBTi assesses targets at company level and, where applicable, by sector.
Both frameworks are grounded in the same underlying climate science (IEA / IPCC 1.5°C pathways), but they serve
different purposes: CRREM focuses on asset-level real-estate alignment, while SBTi focuses on company-level target
ambition and validation.
Application to Shurgard’s portfolio: CRREM decarbonization pathways
The CRREM tool translates science-based carbon budgets into asset-level energy and carbon intensity benchmarks
(kg CO₂e/sqm/year), allowing us to assess our portfolio against a 1.5°C-aligned trajectory. CRREM and Science Based
Targets initiative (SBTi) have established science-based decarbonization pathways for numerous developed real
estate markets globally, aligning with the climate goals set by the Paris Agreement. We use alignment with CRREM
1.5°C pathways as a complementary assessment to confirm that the resulting emissions intensity trajectory remains
within sectoral carbon budgets.
In 2025, Shurgard conducted a portfolio-wide assessment using the Carbon Risk Real Estate Monitor (CRREM) to
evaluate the alignment of its operational portfolio with the Paris Agreement 1.5 °C decarbonization pathway. The
CRREM model translates climate-science scenarios into country- and asset-specific energy and carbon-intensity
thresholds, allowing Shurgard to benchmark its performance against the levels required to remain within the global
carbon budget for the real-estate sector.
Based on the CRREM 1.5 °C pathway for European distribution-warehouse assets warm (as the tool is not tailored
for self-storage sector), Shurgard’s 2025 portfolio remains aligned with the Paris trajectory. The analysis confirms
that continued implementation of solar PV, LED and heat pump initiatives will further reduce carbon intensity
towards Net Zero 2030 targets.
Application to Shurgard’s portfolio: SBTi targets for real estate
SBTi is an internationally recognized standard that supports companies in setting up carbon reduction targets. It
probes the alignment of these targets, by sector, with the science-based decarbonization pathways required to
achieve the commitments of the Paris Agreement. Although our targets have not been reviewed or approved by SBTi,
Shurgard voluntarily aligns its current GHG trajectory and targets with these scientifically recognized pathways.
As no SBTi guidance currently exists for the self-storage real estate subsector, Shurgard applies the SBTi pathway
for the closest comparable subsector, namely “distribution warehouses (warm)”. While Shurgard’s carbon intensity
in the 2017 base year was approximately 70% lower than the average intensity of this reference subsector, the SBTi
methodology allows company-specific pathways to be derived from an actual base-year emissions. As a result,
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Shurgard’s pathway starts from its own lower baseline and applies the same 1.5°C-aligned decarbonization rate,
rather than converging towards the sector average.
When it comes to Scope 1 & 2, Shurgard’s
targets are significantly more ambitious than
the one what the SBTi decarbonization
pathways would required. Consequenlty, should
we not take any additional initiatives other than
the ones we have already committed to
implement, we would expect to decrease our
emission intensity by 78%, while SBTi would
expect us to reduce our 2030 carbon intensity
by 68%. However, we aim to reach Operational
Net Zero (i.e., -100%), i.e., meaningfully outperforming the SBTi requirements.
The chart below illustrates Shurgard’s Scope 1 and 2 emissions intensity pathway (kg CO₂e/sqm per year) compared
to the Science Based Targets initiative (SBTi) sectoral decarbonization trajectory for distribution warehouses in warm
climates. The grey area shows the SBTi pathway for the broader sector, while the orange line represents the SBTi-
weighted decarbonization pathway tailored for Shurgard’s portfolio.
Our decarbonization levers, including solar PV installations, batteries, LED retrofits, energy-efficient HVAC
replacements, and smart building management systems, are reflected in the red line, which projects Shurgard’s
actual emissions trajectory. This projection demonstrates that Shurgard is expected to remain well below both the
sectoral and Shurgard-specific SBTi pathways, confirming that our Operational Net Zero target by 2030 is aligned
with a 1.5°C scenario.
DECARBONIZATION LEVERS SCOPE 3
Shurgard has set a long-term ambition to achieve a Material Net Zero position by 2040, covering those Scope 3
emissions that are most relevant to our business model. Given that full Scope 3 accounting was completed for the
first time in 2024, the precise scope, baseline and reduction trajectory for Scope 3 emissions are still being refined.
In line with the GHG Protocol and emerging science-based frameworks, our approach to Scope 3 decarbonization
will depend on a combination of supplier engagement, market developments and technological advances across the
value chain. Levers under consideration include, among others:
• Supplier engagement and data improvement, including dialogue with critical suppliers on emissions
transparency and low-carbon practices.
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• Design and material choices that support durability, adaptability and reduced need for replacement or
reconstruction.
• Use of lower-carbon materials and processes, as they become commercially available and technically feasible
at scale.
• Consideration of carbon removals to address residual emissions that cannot be eliminated through other
means.
At this stage, Shurgard has not yet set a final quantitative reduction target for Scope 3 emissions, as the definition
of material categories, system boundaries and abatement potential is still under assessment. References to indicative
reduction levels in external frameworks (such as SBTi) are used to inform our thinking.
Progress on the definition, scope and delivery of our Scope 3 decarbonisation pathway will be reviewed and
communicated in future reporting cycles, as data quality improves and sector practices continue to evolve.
HOW THE TRANSITION PLAN IS ALIGNED WITH EU TAXONOMY REQUIREMENTS
Shurgard’s transition plan is aligned with the objectives of the EU Taxonomy Climate Delegated Act, in particular the
climate change mitigation and climate change adaptation objectives. The plan focuses on improving the energy
performance, operational efficiency and climate resilience of the company’s self-storage portfolio, which directly
supports alignment with the EU Taxonomy technical screening criteria applicable to real estate activities.
As EU Taxonomy alignment for Shurgard’s core activities is largely driven by building energy performance,
operational management and climate risk considerations, the transition plan’s key levers, including energy efficiency
measures, electrification of heating systems, deployment of BMS, on-site renewable energy generation and climate
risk mitigation actions, are expected to contribute to a progressive increase in the alignment of Shurgard’s revenues
and capital expenditure with the EU Taxonomy.
Shurgard aims to align its eligible economic activities with the criteria set out in Commission Delegated Regulation
(EU) 2021/2139 for climate change mitigation and climate change adaptation. While no specific quantitative EU
Taxonomy alignment target has been set to date, the transition plan provides a structured and forward-looking
framework to support continued improvement in Taxonomy alignment over time.
DEPENDENCIES AND RESILIENCE OF THE TRANSITION PLAN
The plan is based on external assumptions including continued grid decarbonisation, availability of heat pumps and
renewable technologies at forecast cost levels, and permitting timelines for solar and battery projects. Portfolio
growth, expected to exceed 50% by 2030 (from 2017 base year), adds to the challenge, but we are confident that
our focus on efficiency, electrification and renewables will deliver absolute reductions alongside intensity
improvements.
• Grid decarbonization: We assume that the electricity mix in our core European markets continues to
decarbonize in line with EU and national climate policies (e.g., Fit-for-55, EPBD revisions).
• Technology adoption and costs: Our plan assumes the continued availability and declining costs of low-carbon
technologies such as LED lighting, heat pumps, energy-efficient HVAC systems, battery storage, and building
management systems. Solar photovoltaic (PV) is assumed to remain a cost-effective source of renewable
electricity generation.
• Refurbishment cycles and building durability: We assume that buildings are upgraded during regular
refurbishment cycles, avoiding premature demolition. Material durability measures (e.g., strengthened and
coated floors, bollards to reduce damage, modular design for reconfiguration) are assumed to extend asset
lifespans and avoid adding subsequent embodied emissions.
• Customer demand stability: We assume stable or growing demand for self-storage services across our
markets, allowing us to continue operating buildings for their intended lifetime and avoiding the need for
major structural refurbishments.
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• Offsets and removals: Our transition plan prioritizes absolute emissions reductions through efficiency,
electrification and renewable energy. Carbon offsets are not relied upon as a primary decarbonization
measure for achieving operational net zero. Where residual emissions remain, we anticipate that limited use
of high-quality carbon removals may be required, in line with emerging best practice and guidance.
STRATEGIC INTEGRATION AND GOVERNANCE
Climate action is not a standalone initiative but a fully integrated element of our business strategy. Our Net Zero
goals are the foundation of our transition plan. Our ESG Committee has ultimate oversight of the transition plan and
monitors progress against targets. The Executive Committee receives monthly updates on implementation.
The transition plan is embedded within Shurgard’s financial strategy and capital allocation framework and is
implemented primarily through the company’s normal asset maintenance, refurbishment and replacement
programmes. Between 2015 and 2025, Shurgard invested more than €17 million in energy-related upgrades,
including LED retrofits, replacement of heating systems, building management systems, EV charging infrastructure
and on-site solar installations. These investments largely reflect the replacement of end-of-life equipment and
routine upgrades aimed at maintaining asset quality, reducing operating costs and improving energy efficiency, while
also delivering decarbonisation benefits.
Looking ahead, within Shurgard’s five-year investment planning horizon (2024–2029), the Company anticipates
allocating capital to similar replacement and upgrade activities, including heat pump installations and the initial
rollout of solar PV, subject to standard internal investment appraisal and approval processes. These investments are
expected to support operational efficiency and cost optimisation, alongside emissions reduction objectives, but do
not represent commitments beyond Shurgard’s normal maintenance and capital renewal programmes.
LOCKED-IN GHG EMISSIONS
As part of its Transition Plan, Shurgard assessed the potential locked-in GHG emissions associated with its key assets
and products. These refer to future GHG emissions that are likely to be caused by our key assets sold within their
operating lifetime.
Our key assets, including newly constructed and acquired assets, may contribute to locked-in GHG emissions due to:
• Embodied carbon in materials: The initial carbon footprint from construction materials, including concrete
and steel, represents a significant proportion of the life-cycle emissions.
• Operational energy consumption: While self-storage facilities typically have lower energy demand than other
real estate asset classes, the reliance on grid electricity, particularly in regions with a carbon-intensive energy
mix, can contribute to emissions over time.
Without effective mitigation strategies, these emissions could jeopardize the achievement of our company’s GHG
reduction targets, particularly as we expand our portfolio through acquisitions and new developments.
For our plans to manage the locked-in GHG emissions, please refer to our numerous initiatives throughout this
chapter (e.g., LED light, heat pumps, solar panels, etc.)
EU PARIS-ALIGNED BENCHMARKS
Shurgard has not been excluded from EU Paris-aligned benchmarks as Shurgard does not fall into any of the excluded
activities.
3.1.1.1 ASSESSING CLIMATE-RELATED RISKS
We identify, assess, and manage climate-related risks annually in line with our Risk Management Policy and ESRS
E1 requirements. Our process covers both physical risks (event-driven and chronic) and transition risks (policy,
market, technology, and reputation).
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The process includes the following steps:
1. Identify climate-related risks across the value chain.
2. Assess likelihood and magnitude of potential financial, operational, and reputational impacts.
3. Prioritize risks based on severity and likelihood.
4. Develop mitigation, adaptation, or acceptance strategies.
5. Monitor and review risk status and response effectiveness.
3.1.1.1.1 Physical climate risk
We assess physical risks of our assets using location-specific scenario analysis, applying the IPCC methodology and
Shared Socioeconomic Pathway 5 - 8.5 (SSP5-8.5) scenario. This scenario is aligned with EU Taxonomy
recommendations for projections to 2050 and comparable to RCP 8.5, but with the use of socioeconomic storylines
(like high fossil fuel use) and updated climate models.
The chosen high-emissions climate scenario assumes limited global mitigation efforts and a continued increase in
greenhouse gas emissions over the assessed time horizons. The analysis focuses on changes in the frequency and
intensity of physical climate hazards rather than on macroeconomic or policy-driven transition effects. Underlying
assumptions include the continued operation of assets under broadly comparable economic and regulatory
conditions, the ongoing availability of existing building technologies, and no abrupt disruption to energy supply or
asset functionality. The analysis does not assume a rapid transition to a low-carbon economy or widespread
deployment of advanced mitigation technologies. These assumptions are applied to ensure internal consistency
between the selected climate scenario and the physical climate risk resilience assessment, rather than to model
macroeconomic or energy demand impacts.
• Time horizons: Short-term (to 2026), Medium-term (2030), Long-term (2050).
• Scope: All owned stores, geo-localized assessment.
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Based on this detailed analysis, river floods and sea level rise are currently the most relevant climate related risks
for Shurgard that could have an impact on our assets and operations. The financial consequences could come from
a range of impacts, such as damage to goods stored, unblocking drains, clearing up large-scale flooding, and more
frequent maintenance of the building infrastructure resulting in higher repair and maintenance, as well as higher
insurance costs and preventive investments in our properties. The analysis also showed that river flood and sea level
rise risks would impact only the ground and underground floors, if any, i.e., not the total building, which in Shurgard’s
case are typically multi-level properties.
For 2025, we identified in total 62 distinct stores that were associated with at least one “high” physical climate risk,
with 39 stores at risk of sea level rise, 13 stores at risk of storm surge and 14 stores at risk of river flood. These
material risks (sea level rise, storm surge and river flood) are considered climate-related physical risks. The physical
climate-related risks are impacting several sides of our value chain, whether upstream (construction/acquisition),
operations (maintenance, retrofit, safety, evacuation protocols, etc.), or downstream (customer goods coverage).
CLIMATE-RELATED PHYSICAL RISKS AND OUR RESPONSE
It is important to note that physical climate-related risks mainly arise from the long-term effects of rising GHG
emissions. Consequently, our main response to climate-related physical risks is our ambitious plan to contribute to
the overall transition of the real estate sector to a low-carbon economy, as described in the following parts of chapter
3, that should partly address or mitigate the physical climate risks described previously.
Some adaptation measures for physical climate can be implemented locally, at asset level, to enhance resilience to
sea level rise, river flooding, and storm surges, the main physical climate-related risks that could affect our portfolio.
For example:
• Adaptation to sea level rise: Reducing our ground floor footprint and favoriting the elevation of our buildings;
increasing the height of critical infrastructure like mechanical and electrical systems; constructing seawalls,
levees, or revetments to protect properties from encroaching water; creating natural buffer zones to absorb
wave energy; using water-resistant materials in construction (e.g., concrete, treated wood, or steel) and
installing flood barriers or deployable flood gates around entrances.
• Adaptation to river floods: Implementing green roofs and rain gardens; constructing retention basins
temporarily storing excess water; installing sump pumps in basements; elevating entrances or constructing
floodproof foundations; Improving stormwater systems and partnering with local authorities to improve
upstream water management.
• Adaptation to storm surges: Strengthening our building’s structural resilience (reinforce roofs, windows, and
walls); implementing urban forestry programs to stabilize soil and reduce erosion.
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• General adaptation measures: developing and communicating evacuation and response plans for our store
staff and customers; adjusting insurance coverage to align with current risk levels; retrofitting properties to
avoid developing in high-risk flood zones or areas projected to be affected by rising sea levels.
Currently, we have not implemented an adaptation plan to address all current physical climate risks in our existing
portfolio, as we are closely monitoring and controlling or accepting these risks at this stage. However, in our
commitment to addressing physical climate risks, we proactively incorporate adaptation measures during the
planning phase of our new projects. By evaluating site-specific vulnerabilities, such as exposure to sea level rise,
river flooding, or storm surges, we design buildings and infrastructure with resilience in mind. This includes elevating
structures, optimizing drainage systems, and using flood-resistant materials. For example: we avoid building
basements; we use mainly resilient building materials such as concrete and steel; in UK and Germany, our new
buildings have water retention areas, either through underground tank systems or open ditches to store excess
storm water; we strictly adhere to the ratio of buildable area (footprint) vs. land area following planning policies; etc.
Furthermore, we actively collaborate with local authorities during the permitting process to ensure compliance with
zoning regulations and to integrate broader community resilience initiatives. This partnership enables us to align
our developments with local climate adaptation strategies, contributing to safer and more sustainable urban
environments.
The resilience analysis is subject to uncertainty due to the use of long-term climate projections under a high-
emissions scenario, model variability and uncertainty regarding the timing of physical impacts. In addition, the
analysis does not assume the full implementation of future adaptation measures, meaning that actual impacts may
be mitigated over time through asset-level interventions and operational adjustments. Assets and business activities
identified as potentially exposed to elevated physical climate risks are monitored at portfolio level. The results of the
resilience analysis are used to improve understanding of potential long-term exposures and to support internal
awareness and reporting on physical climate risks.
ANTICIPATED FINANCIAL EFFECTS FROM MATERIAL CLIMATE-RELATED PHYSICAL RISKS (E1-9)
The rentable sqm at high physical climate risk represents 5.3% of our total rentable area. Most of these properties
are in the Netherlands (3.2% of our total rentable sqm), due to its geographic situation and low elevation against
sea levels, followed by UK, Belgium and Sweden.
We present below the fair value of the rentable area that could be affected, up to 2050, by physical climate risks.
At this stage, there are no additional investments foreseen, other than the ones integrated at the planning and
design phase of our building developments, to increase resilience to physical climate risks.
Our properties and the goods of our customers are also insured against events such as river floods. The increase of
scope or occurrences of such events could increase the cost of our insurance premiums.
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We have so far not identified opportunities related to physical climate risks that could have a material positive
financial impact.
3.1.1.1.2 Climate-related transition risks
Shurgard’s transition plan and climate risk assessment is based on the IPCC AR6 1.5°C with the support of
the Net Zero Emissions by 2050 Scenario by the International Energy Agency (IEA NZE2050) scenarios, which is
aligned with the objective of limiting global warming to 1.5°C with no or limited overshoot.
The IPCC AR6 1.5°C scenario assumes a rapid, coordinated global shift, while CO₂ emissions decrease by 46%
(median) from 2020 to 2030. Firms in all areas of the global economy must take a comprehensive approach, including
transitioning away from fossil fuels and renewable energy sources, adopting electrification, enhancing energy
efficiency, minimizing land clearing, using carbon-negative technology for carbon dioxide removal, and implementing
carbon taxes”
1
.
The IEA NZE2050 scenario aims to minimize transition risks by drastically accelerating the shift to clean energy,
which would reduce the likelihood of stranded assets and high transition costs often associated with slow or abrupt
decarbonization. While the NZE is a pathway to limit physical risks from climate change by achieving net zero
emissions, it still involves significant short-to-medium term costs and challenges, such as the need to rapidly deploy
clean energy technologies and reform energy systems to prevent high-carbon assets from becoming redundant.
For Shurgard, these assumptions mean increasing exposure to policy tightening, market shifts, and changing
stakeholder expectations.
The key assumptions from IPCC AR6 scenarios taken for transition risk identification are:
• Rapid System Transitions: the scenarios require quick, large-scale shifts in energy, land-use, urban, and
industrial systems to reach 1.5°C.
• Overshoot Pathways: some scenarios involve temporarily exceeding 1.5°C before declining again, which
presents additional challenges and risks.
• CDR Requirements: achieving these targets depends on significant deployment of Carbon Dioxide Removal
(CDR) technologies over the 21st century, including afforestation, reforestation, and BECCS.
• Technology & Policy: these pathways highlight the need for the widespread adoption of low-impact
sustainable technologies and strong institutional support, including appropriate policies and international
cooperation, as noted by the IPCC AR6 Synthesis Report.
Based on this scenario, we anticipate the following developments that directly inform our transition risk analysis:
• Policy and regulation: stronger climate policies, including higher carbon pricing, stricter energy performance
standards for buildings, and enhanced disclosure requirements under frameworks such as CSRD and the EU
Taxonomy.
• Market dynamics: shifts in customer demand towards energy-efficient, climate-resilient storage facilities,
growing investor expectations for Net Zero alignment, and increasing competitive pressure from early
adopters of low-carbon technologies.
• Technology trends: accelerated deployment of renewable energy, energy-efficient building solutions, and
digital tools, combined with the risk of obsolescence for fossil-fuel-based technologies and inefficient
building components.
• Financial and legal exposure: rising costs of capital for high-emission assets, potential for asset stranding in
underperforming or non-compliant properties, and a growing likelihood of climate-related litigation.
• Reputation and stakeholder trust: higher scrutiny from customers, employees, investors regarding climate
commitments and delivery on Net Zero targets.
1
UN Environment Programme. A Practical Guide to 1.5°C Scenarios for Financial Users. A deep-dive into the IPCC-assessed 1.5°C scenarios with no or limited overshoot.
January 2025 A-practical-guide-to-1.5C-scenarios-5.pdf
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These assumptions serve as the basis for Shurgard’s transition risk identification, as well as for the development of
our climate transition plan and Net Zero strategy.
Based on this scenario and our sector-specific exposure, we identified the following climate-related transition events
as most relevant to our business:
• Rising carbon prices and fossil fuel phase-out (energy cost volatility)
• Stricter building performance regulation (EPBD, decarbonization pathways, EU Taxonomy)
• Increased investor pressure and cost of capital for high-emission assets
• Technology shifts (towards low-carbon construction and energy systems)
• Reputational shifts in customer and stakeholder expectations
These transition events give rise to the gross transition risks listed below, prior to mitigation.
As part of Shurgard’s risk management system, departments that are part of the ESG Reporting Group are responsible
for identifying, assessing, managing, and monitoring transition risks associated with their business area. Risks are
assessed in line with Shurgard’s risk management policy.
We have structured our transition risk assessment around the entire value chain, evaluating each risk in terms of its
potential impact on financial capital (revenues, costs, asset value), human capital (workforce attraction, retention,
safety, and skills), and reputational capital (trust with customers, investors, and regulators). Each risk is also assessed
on likelihood and impact (considering the likelihood, magnitude, and duration of the transition event).
We have identified the following short-, medium-, and long-term transition risk drivers for our business and
operations across our entire portfolio:
Short-term (0-1 years)
• Energy and resource risks: higher energy prices or scarcity of resources could result in increased operating
costs, such as increased electricity bills or higher costs for raw materials. This could lead to lower profitability
or decreased competitiveness in the market.
• Reputation risks: negative public perception or association with unsustainable practices could lead to
decreased demand for Shurgard’s products and services, which could result in lower revenue.
• Financial risks: increased borrowing costs and access to capital can change quickly due to market sentiment,
regulatory shifts, or investor expectations.
Medium-term (2-5 years)
• Regulatory risks: certain regulatory changes, such as stricter energy efficiency requirements or new carbon
pricing mechanisms, could be introduced within this timeframe, increasing compliance costs, such as the
need to invest in new equipment or technology, or the need to purchase carbon offsetting credits. This could
result in increased CapEx and OpEx, which could affect the value of our properties and the profitability of the
company.
• Technology risks: the adoption of new technologies or changes in the market demand for storage solutions
could lead to the need for new investments in technology or infrastructure. Failure to adapt to these changes
could result in decreased revenue or increased costs.
Long-term (more than 5 years)
• Regulatory risks: the risk of stranded assets due to non-compliance with future energy efficiency standards
and decarbonization pathways is a long-term concern. “Stranded assets” are properties that will not meet
future energy efficiency standards and market expectations and might be increasingly exposed to the risk of
early economic obsolescence. The highest risk for the real estate sector is that assets would lose their
economic value due to, for instance, the loss of their license to operate or the inability to resell them because
of their inability to comply with increasingly stringent regulatory requirements, including for alternative
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businesses’ use. Although decarbonization pathways do not directly reflect the evolution of the local
regulatory environment, they might be used as an indication of an increasing risk of stranded assets.
The risk of asset stranding is a concern across sectors, including real estate. It can arise due to various factors
associated with transition risk, such as policy, legal, technological, market, or reputational factors. While
decarbonization pathways reflect regulatory ambition, they are not precise indicators of regulatory
requirements in each jurisdiction. Instead, they serve as a proxy for regulatory or policy transition risk. An
asset's GHG intensity exceeding its decarbonization pathway does not guarantee license loss but suggests an
elevated risk of stranding if regulatory alignment with national commitments is anticipated, even if it is
currently lagging.
At the time of reporting, Shurgard has not identified any asset that would be stranded or at risk of becoming
stranded in the near future. Our ambitions of being Net Zero in our operations by 2030, should prevent any
material risk related to asset stranding, as our carbon intensity trajectory will remain largely below
scientifically recognized decarbonization pathways.
• Financial risks: if transition planning is inadequate, long-term financial stability could be threatened by
increasing regulatory pressures and market shifts.
CLIMATE-RELATED TRANSITION RISKS AND OUR RESPONSE
We respond to climate-related transition risks through including the considerations below in our business strategy.
Firstly, we strive to rely solely on green electricity. We are reducing our consumption year by year. We invest in
renewable energy sources to reduce our dependence on fossil fuels. By installing solar panels on our facilities, we
not only plan to generate energy and reduce our exposure to rising energy costs and potential carbon taxes, but also
contribute to the overall resilience of our operations. The power created with solar installations can be invested back
into the grid, enhancing our ability to adapt to changing energy dynamics influenced by physical climate risks.
Additionally, we prioritize energy-efficient measures such as LED lighting to further reduce our carbon footprint and
minimize the strain on resources in the face of climate-related challenges.
Secondly, we implement comprehensive measures to enhance the resilience of our infrastructure and operations
against physical climate risks. This includes upgrading lighting (to LED) and HVAC systems to improve energy
efficiency, as well as implementing strategies to reduce waste, manage water resources efficiently, and prevent
water and energy leakage and spilling. By taking these proactive steps, we not only reduce our environmental impact
but also strengthen our ability to withstand and adapt to the physical risks posed by climate change, such as extreme
weather events and changing hydrological patterns.
Thirdly, our company monitors and evaluates opportunities that would support a low-carbon economy and address
physical climate risks. that align with a low-carbon economy and address physical climate risks. We also seek
partnerships with companies and suppliers that offer sustainable solutions, further minimizing our environmental
impact and helping to mitigate physical climate risks. These initiatives demonstrate our commitment to resilience
and adaptation in the face of climate change.
Lastly, Shurgard engages with stakeholders, such as suppliers, investors, customers, and employees to communicate
our commitment to sustainability and seek their input on ways to reduce the company's carbon footprint and address
physical climate risks. By actively involving stakeholders in our sustainability efforts, we foster trust, credibility, and
collaboration, which ultimately enhances our reputation and strengthens our ability to manage potential reputational
risks arising from both transition and physical climate risks.
Through our response to climate-related transition risks, we decrease overall the impact and financial risk of our
material topics.
ANTICIPATED FINANCIAL EFFECTS FROM MATERIAL TRANSITION RISKS (E1-9)
As detailed in this section, we believe that Shurgard is currently not exposed to material financial risks related to
short-, medium- and long-term transition risks.
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Our transition plan currently involves the following investments, that will support our transition plans, but also make
economic sense. See Notes 14 and 15 of the financial statements for the details of the above mentioned.
While in our discussion so far, we have focused on climate-related risk, our double materiality assessment also
identified several climate-related opportunities. These are mainly linked to a reduction in our dependence on energy
and water through lower utilities consumption, as well as generation of our own renewable energy. While these
opportunities are considered positive both from an ecological and economical perspective, considering the limited
importance of utilities in our industry, they are currently not expected to result in material financial gains.
3.1.2 POLICIES RELATED TO CLIMATE CHANGE MITIGATION AND ADAPTATION (E1-2)
Environmental Policy
At the heart of our environmental policy lies our Environmental Management System (EMS). This framework
integrates our sustainability objectives with comprehensive strategies for environmental conservation and risk
mitigation. The EMS enables us to measure, monitor, and continuously improve our environmental performance
across our operations. Through its structured processes, using data-driven insights, and stakeholder engagement,
we are able to proactively address challenges, optimize resource utilization, and uphold compliance with
environmental regulations. We believe that using EMS supports continuous improvement in our ESG results.
Shurgard’s EMS is aligned with the International Standards Organization (ISO) 14001 standard.
Shurgard has adopted an Environmental Policy that sets out our commitments to environmental protection, climate
change mitigation and adaptation, and the sustainable use of resources. The objective of our Environmental Policy
is to provide a framework for setting and reviewing environmental targets, ensuring continuous improvement, and
embedding climate considerations into strategic decision-making.
This policy is part of our Environmental Management System (EMS), fully aligned with ISO 14001 principles. The EMS
enables us to measure, monitor, and continuously improve our environmental performance across our operations. It
applies to all operations, developments, acquisitions, and owned or managed properties across the Shurgard
portfolio, and extends to employees, contractors, suppliers, and other stakeholders. Shurgard’s Environmental Policy
is available internally through the company’s policy framework and externally upon request via its website.
Policy commitments
Shurgard’s climate and environmental policy is structured around the following commitments:
• Climate & energy: Decarbonize operations through renewable energy, energy efficiency, and sustainable
design. Our pathway is structured in two phases: achieving operational Net Zero (Scope 1 and 2) by 2030
and material Net Zero (Scope 3) by 2040.
• Adaptation and resilience: Conduct annual physical climate risk assessments across our portfolio and
integrate adaptation measures into design and operations. Transition risks are reviewed annually in line
with Shurgard’s risk management framework.
• Responsible resource use: Apply circular economy principles to extend the life cycle of building materials,
design modular and durable facilities, and avoid waste to landfill. Packaging sold in stores is sourced
exclusively from FSC/PEFC certified suppliers.
• Water efficiency: Maintain protocols for low water consumption, including submetering and leak detection
systems, and install low-flow fixtures in all new stores.
• Biodiversity: Assess potential impacts of new developments on biodiversity and integrate protective
measures in line with local regulations (e.g. compensatory planting, green roofs).
• No deforestation: Require that all forestry-based packaging products are sourced from certified,
sustainably managed forests.
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Methodological note
The ESG Policy is reviewed at least once every year by the ESG Reporting Group and presented to the Chief Executive
Officer for approval. Updates take into account changes in regulatory requirements, stakeholder expectations, and
performance against defined targets. Each policy principle is linked to action plans with measurable indicators, which
are monitored through Shurgard’s EMS, internal audits, and external assurance processes.
Sustainable Finance and Green Bond Framework
To ensure that our environmental policy commitments are fully embedded into business and financial decision-
making, Shurgard has established a Green Bond Framework. On July 23, 2021, the Group, via its financing entity
Shurgard Luxembourg S.à r.l., issued new ten-year 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
acquisitions, and to finance or refinance, in whole or in part, recently completed projects that are underpinned by
sustainable criteria such as, for instance, a BREEAM certification (Eligible Green Projects).
As of December 31, 2024, we were able to allocate all proceeds to Eligible Green Projects, for a total amount of
€300.0 million.
A portion of €89.2 million was used to refinance existing projects at issuance, whereas €210.8 million was used to
finance new projects.
Store Name Certification date Rating Address
Total ('000€)
31/12/2025
Greenwich
February 5, 2019
Excellent
London
14,079
Park Royal September 9, 2019 Outstanding London 12,793
Depford March 5, 2020 Excellent London 15,428
Herne Hill July 16, 2020 Excellent London 13,886
City Airport April 1, 2021 Excellent London 6,044
Camden* August 17, 2022 Excellent London 2,941
Morangis October 11, 2022 Very Good Paris 10,278
Rotterdam Stadionweg July 25, 2023 Very Good Rotterdam 16,479
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
Barking December 23, 2024 Excellent London 12,697
Chiswick December 24, 2024 Excellent London 24,584
Chadwell Heath February 14, 2025 Excellent London 17,900
Bow April 30, 2025 Excellent London 25,401
Hayes July 30, 2025 Very Good London 7,772
Tottenham October 6, 2025 Excellent London 20,766
Southwark* November 27, 2025 Excellent London 4,445
Projects with BREEAM certificate "Very Good or Higher"
236,574
Wangen Upcoming certification
Stuttgart 16,135
Berlin Charlottenburg-Nord Upcoming certification
Berlin 14,710
Neuss Upcoming certification
Dusseldorf 14,254
Leinfelden Upcoming certification
Stuttgart 9,283
Croydon Purley Way Upcoming certification
London 9,044
Other Eligible Green Projects (upcoming certification)
63,426
Total Eligible Green
Projects
300,000
(*) interim certificate
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Shurgard’s Green Bond Committee meeting, which annually reviews the Green Bond Framework and the allocation
of net proceeds to the Eligible Green Projects, convened its latest meeting on June 30, 2025.
There are several projects, for which we are still awaiting the delivery of the final certificates, this is expected by
2026. Actions are being taken on both Shurgard and assessors’ sides to obtain these final certificates as soon as
possible. Shurgard’s Green Bond Committee has not identified any projects on the list for which obtaining the
required certification is doubtful.
In addition, the amounts allocated to Eligible Green Projects have been reviewed by an independent external audit
firm on annual basis 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.
3.1.3 ACTIONS AND RESOURCES IN RELATION TO CLIMATE CHANGE POLICIES (E1-3)
To support the achievement of our Operational and Material Net Zero targets, Shurgard has implemented a suite of
climate mitigation actions. These actions are deployed across the portfolio and tailored to local market conditions
and the carbon intensity of national grids. For the details of these actions please refer to the part Decarbonization
Levers – Scope 1 and 2. Those actions represent key mitigation levers in our transition plan and support our science-
aligned emissions trajectory. The implementation of these measures is monitored by the stakeholders of the ESG
Reporting Group and reviewed by the Board of Directors.
Milestones
Our plan is supported by interim milestones to track delivery:
2024: Completed LED retrofit program. All legacy portfolio equipped with LED units.
2025: Completion of BMS rollout across all stores; on-site solar operational in more than 70 stores and the ESC.
2029: Elimination of all operational gas consumption, battery storage deployment expanded where possible.
2030: Achievement of operational net zero for Scopes 1 and 2.
2040: Achievement of material net zero, including relevant Scope 3 categories.
Resources
As we mention within our transition plan, between 2015 and 2025, we invested more than €17 million in energy-
related upgrades, including LED retrofits, replacement of heating systems, building management systems, EV
charging infrastructure and on-site solar installations. These investments largely reflect the replacement of end-of-
life equipment and routine upgrades aimed at maintaining asset quality, reducing operating costs and improving
energy efficiency, while also delivering decarbonization benefits.
Looking ahead, within Shurgard’s five-year investment planning horizon (2024–2029), we anticipate allocating
capital to similar replacement and upgrade activities, including heat pump installations and the initial rollout of solar
PV, subject to standard internal investment appraisal and approval processes. These investments are expected to
support operational efficiency and cost optimization, alongside emissions reduction objectives, but do not represent
commitments beyond Shurgard’s normal maintenance and capital renewal programs. Our €300 million Green Bond
was fully allocated to eligible green projects, including BREEAM-certified developments.
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3.1.4 TARGETS RELATED TO CLIMATE CHANGE MITIGATION AND ADAPTATION (E1-4)
Environmental targets are developed through an internal governance process, informed by the identification of
material environmental impacts, risks and opportunities and by relevant stakeholder perspectives. Stakeholders are
considered primarily through internal functions responsible for implementation, including facilities, construction,
operations, finance and senior management. These functions provide technical input on feasibility, timelines and
operational implications, which is taken into account when defining targets.
In addition, external stakeholder expectations are considered indirectly through the use of recognized standards,
regulatory requirements and market frameworks, such as the GHG Protocol, Science Based Targets initiative, EU
Taxonomy and applicable EU climate and energy regulations. Feedback from investors, auditors and rating agencies
is also considered where relevant.
Progress against our transition plan is tracked through targets related to climate change mitigation, presented in
chapter 3.1.1 Transition plan for climate change mitigation. All our targets are set for the global level, for all assets.
More details on scenarios and assumptions for the establishment of those targets are presented in section 2.5.1
Process to identify and assess material impacts, risks and opportunities.
Additionally, progress is tracked through a defined set of KPIs, including:
• Absolute Scopes 1 and 2 emissions (tCO₂e, location- and market-based) : see chapter 3.1.5 and 8.1
• GHG intensity per sqm: see chapter 3.1.5 and 8.1
• Share of electricity from renewable sources: see chapter 3.1.5 and 8.1Number of stores with solar, BMS, and
heat pumps: see chapter 3.1.1
• Gas consumption in MWh: see chapter 3.1.5 and 8.1
• Share of portfolio with EPC A/A+ labels: see chapters 3.1.4 and 8.1
• Share of portfolio with BREEAM certification: see chapters 3.1.4 and 8.1
• Capex and opex allocated to decarbonization: see chapter 3.1.1
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• Scope 3 emissions (key categories), with progressive improvement in data quality tiers compared to
previous year: see chapter 3.1.6
These KPIs are disclosed annually and aligned with ESRS E1-4 and E1-5 requirements.
3.1.5 ENERGY CONSUMPTION AND MIX TABLE (E1-5)
2025
2024
Fuel consumption from coal and coal products
-
-
Fuel consumption from crude old and petroleum products
-
-
Fuel consumption from natural gas
542
1,236
Fuel consumption from other fossil sources
-
-
Consumption of purchased or acquired electricity, heat, steam, and
cooling from fossil sources
1,872
2,344
Total fossil energy consumption
2,414
3,580
Share of fossil sources in total energy consumption (%)
9.3
13.6
Consumption from nuclear sources
5,438
5,048
Share of consumption from nuclear sources in total energy
consumption (%)
21.0
19.1
Fuel consumption for renewable sources, including biomass (also
comprising industrial and municipal waste of biologic origin, biogas,
renewable hydrogen, etc.)
2,947
3,858
Consumption of purchased or acquired electricity, heat, steam, and
cooling from renewable sources
13,604
12,554
The consumption of self-generated non-fuel renewable energy
1,443
1,344
Total renewable energy consumption
17,994
17,756
Share of renewable sources in total energy consumption (%)
69.6
67.3
Total energy consumption
25,846
26,384
All values are in MWh
For methodologies used to report this data, please refer to the paragraph "Estimations of data" in the chapter 8.1 of this Sustainability report.
Comparative figures for 2024 have been updated. See section “Changes in preparation and presentation of sustainability information” for details.
Energy intensity based on net revenue
2025
2024
Total energy consumption from activities in high climate impact
sectors per net revenue from activities in high climate impact
sectors* (MWh/EUR)
0.000057
0.000065
*High climate impact sectors are those listed in NACE Sections A to H and Section L (as defined in Commission Delegated Regulation
(EU) 2022/1288). Real Estate has been listed as a high climate impact sector.
* Revenue used in the calculation is as reported in Note 5 of the Financial Statements
Comparative figures for 2024 have been updated. See section “Changes in preparation and presentation of sustainability information” for details.
Please note that the disclosures on fuel consumption for renewable sources, including biomass, as well as disclosures on biogenic emissions of
CO2 carbon from the combustion or biodegradation of biomass can be found in chapter 8.1 EPRA environmental performance measures.
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3.1.6 GROSS SCOPE 1, 2, 3 AND TOTAL GHG EMISSIONS (E1-6)
Our Scope 1 and 2 emissions
Our Scope 1 emissions include direct GHG emissions that result from sources that are owned or controlled by
Shurgard.
In 2025, we emitted 633 tCO
2e Scope 1 emissions,
mainly resulting from the consumption of gas and heat
from our stores.
Our Scope 2 emissions include indirect emissions from
the use of purchased electricity and district heating. In
2025, we have emitted 3,188 tCO
2e (location-based)
Scope 2 emissions. This covers the heating of our
properties, as well as all electricity used to operate the
store (lighting, lifts, ventilation, etc.). Today, 100% of
our electricity and c. 85% of our gas are
already sourced
from Renewable Energy Guarantees of Origin (REGO)
backed sources.
Despite the significant growth of our portfolio of c. 52%, in terms of Gross Internal Area sqm (GIA) from 2017 to
2025, we have been able to significantly reduce our location-based absolute Scope 1 and 2 emissions, from 7,649
tCO
2e in 2017 to 3,820 tCO2e in 2025 (-50%).
Our Scope 3 emissions
Based on the review of our value chain, we identified eight Scope 3 categories that are relevant to our business
activities.
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101
Category 4 (Upstream transportation and distribution) is excluded from the Scope 3 inventory, as emissions related
to upstream transportation are already captured within the emission factors applied under Category 1 (Purchased
goods and services), and would otherwise be double counted. All remaining Scope 3 categories are considered not
relevant for Shurgard’s business model, as the Company operates self-storage assets and does not manufacture
products, franchise operations, lease assets to third parties under operating leases, or engage in activities that would
give rise to material emissions under those categories.
For our Material Net Zero delivery strategy, please refer to chapter 3.1.1, part Decarbonization Levers Scope 3.
Assumptions & methodologies
• Category 1 Purchased goods and services: we used the average spend-based method, which involves
estimating emissions for goods and services by collecting data on the economic value of goods and services
purchased and multiplying it by the relevant secondary (e.g., industry average) emission factors (e.g., average
emissions per monetary value of goods). Emissions factors for different types of goods and services in real
estate are not readily available; therefore, a general real estate service emission factor was used, in
kgCO
2e/euros as most applicable for European countries. The emission factor used includes upstream
transportation and distribution-related emission, eliminating our need to report on Scope 3 Category 4
Upstream transportation and distribution, equally helping us avoid double-counting.
• Category 2 Capital goods: we used the average-product method from the GHG Protocol, which involves
estimating emissions for goods by collecting data on the mass or other relevant units of goods purchased and
multiplying it by the relevant secondary (e.g., industry average) emission factors (e.g., average emissions per
unit of goods). The relevant unit used here is surface in sqm (GIA), and the industry average emissions factors
used are based on benchmarked values. Where available, the specific property LCA data point was used.
Elsewhere, we used an industry benchmark of relevant locations and asset types. For refurbishments or
extensions, new construction benchmarks were used. Average for major refurbishment is typically 50-70%
of benchmark for new build - to stay conservative, 70% has been used. For acquisitions, as they related to
older buildings and with no data available, we used a conservative benchmark based on industry benchmarks
of relevant locations and asset types. For refurbishments, we use the average spend-based method with the
– nonresidential maintenance and repair emission factor, in kgCO
2e/USD, as most applicable for this type of
activities.
• Category 3 Fuel- and energy-related activities: we included upstream emissions from production, refining,
and transportation of fuels and energy used in our operations. This category covers emissions associated with
electricity generation, transmission and distribution losses, natural gas consumption, and district heating. We
also included upstream emissions arising from the usage of fuel and electric company cars. Emissions were
calculated using activity data from our operations, company cars and recognized emission factors.
• Category 5 Waste generated: our waste emissions calculation follows a waste-type-specific methodology,
applying emission factors based on waste types and treatment methods. Data is based on invoices from waste
management facilities or suppliers.
• Category 6 Business travel: we collected information on the number of kilometers and amount of CO
2e
resulting from the travel of employees by company cars, trains and planes for business-related activities
directly from our travel agencies. We also surveyed our employees benefiting from a company car to estimate
the proportion of use of their car dedicated to business travel.
• Category 7 Employee commuting: the mode of transport and distance of employee commute is collected
based on reimbursements schemes, supplemented by statistical averages from national databases. Emission
factors are collected mainly from national databases based on the type of vehicle. Where no data was
available, national average distance of employee commute per market and average modes of transportation
were used.
• Category 9 Downstream transport and distribution: emissions resulting from customer visits to our stores
is based on the total amount of customer visits (registered through the digital access or our gates and doors),
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102
the average % of customers in various catchment areas and a mean emission factor of a vehicle (we assume
that our customers are mainly visiting us with their own or rented vehicle).
• Category 12 End-of-life treatment of sold products: we calculated the emissions from the end-of-life
treatment of sold products by assessing the material composition and weight of each product we sell at our
stores. Using assumptions based on EU waste treatment statistics and average disposal scenarios, we
estimated the proportion of materials recycled, incinerated, or sent to landfills. Emission factors were applied
for each treatment method and final emissions were calculated.
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103
* Revenue used in the calculation is as reported in Note 5 of the Financial Statements
Comparative figures for 2024 have been updated. See section “Changes in preparation and presentation of sustainability information” for details.
GREENHOUSE GAS EMISSIONS
Retrospective
Milestones and target years
Tonnes CO2 equivalent 2025 2024
∆ %
2024
2025
Baseline
2017
Dev 2025 2030 2040
Annual %
target /
Base year
Scope 1
633
932
-32%
2,045
-69%
% of Scope 1 from regulated emissions trading schemes
-
-
-
-
-
Scope 2 (location-based)
3,188
3,162
1%
5,603
-43%
Scope 2 (market-based)
474
594
-20%
5,603
-92%
Scope 1 + 2 (location-based)
3,820
4,093
-7%
7,649
-50%
-100%
-50%
Scope 1 + 2 (market-based)
1,107
1,526
-27%
7,649
-86%
-100%
-86%
Scope 3
88,384
201,549
-57%
-
Net
Zero
Cat.1 Purchased goods and services
21,580
19,328
12%
-
Cat.2 Capital goods
56,892
168,196
-66%
-
Cat.3 Fuel- and energy-related activities (not included in Scope 1 or
Scope 2)
359
537
-33%
-
Cat.5 Waste generated in operations
8
6
33%
-
Cat.6 Business travel
402
462
-13%
-
Cat.7 Employee commute
404
494
-18%
-
Cat.9 Downstream transportation and distribution
8,715
12,494
-30%
-
Cat.12 End-of-life treatment of sold products
24
32
-25%
-
Total emissions (location-based)
92,204
205,642
-55%
-
Total emissions (market-based)
89,491
203,075
-56%
-
Emissions intensity per net revenue (location-based), tCO
2
e/EUR*
0.00020
0.00051
-60%
-
Emissions intensity per net revenue (market-based), tCO
2
e/EUR*
0.00020
0.00050
-60%
-
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104
3.1.7 GHG REMOVAL AND MITIGATION THROUGH CARBON CREDITS (E1- 7)
Shurgard does not currently use carbon credits or finance GHG mitigation projects as part of its Net Zero strategy.
Our approach to decarbonization is focused on direct abatement measures within our operations and value chain,
including measures described in chapter 3.1.3 Actions and resources related to climate change.
While we recognize that the use of high-quality carbon credits may play a role in addressing residual emissions
that cannot be feasibly abated, no such credits were purchased or retired during the reporting period.
3.1.8 INTERNAL CARBON PRICING (E1-8)
Shurgard does not currently apply an internal carbon price in its investment or decision-making processes.
3.2 WATER USAGE
1
Ensuring sustainable water withdrawal and supply of fresh water to address water scarcity and reduce the number
of people suffering from water scarcity was identified as another important risk. Having said that, water use for self-
storage properties is typically very low compared to sites of a similar size in the real estate sector. Our employees
and visitors have toilet facilities, some stores have showers for employees who choose to travel by bike, some stores
are equipped with fire sprinklers, and our employees have access to a small kitchen. We are maintaining specific
protocols in the design and operation of our storage properties to ensure low water consumption.
Over the past few years, we have rolled out water efficiency measures at portfolio level, such as low flow taps and
other fittings. In 2022, we started to equip our stores with smart water metering facilities, which allows live
monitoring of water consumption by store. The system can detect abnormal water consumption, such as water leaks,
and sends an alert to our facilities teams who can take immediate remediation action. Considering the very low
water consumption overall in our business, water leaks have a major impact on our consumption. Installing these
smart water systems helps us to act in a timely manner and prevent abnormal peaks in consumption. We have
already equipped 257 stores with these meters as of end 2025 and are planning further installations for all new
developments and acquisitions, aiming at full portfolio coverage.
In 2025, our like-for-like water consumption decreased by -59% (against a 2017 baseline). The significant decrease
in like-for-like water consumption after 2023 reflects the transition of stores to remote management, which reduced
on-site staff presence and associated water use, as well as installation of smart water meters preventing leakages
and allowing for a better overview of consumption. These operational changes led to structurally lower consumption
levels without affecting service quality. As a result, post-2023 water use better reflects the underlying efficiency of
our operating model.
1
Please note that this chapter represents voluntary non-ESRS-based disclosures as this is not a material topic for Shurgard, considering the outcome of our materiality
assessment.
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3.3 RESOURCE USE AND CIRCULAR ECONOMY (E5)
DESCRIPTION OF THE PROCESSES TO IDENTIFY AND ASSESS MATERIALRESOURCE USE AND CIRCULAR
ECONOMY-RELATED IMPACTS, RISKS AND OPPORTUNITIES (ESRS2 IRO-1)
Resource efficiency and circular economy principles are material to Shurgard, particularly in the context of
construction, refurbishment, and operational waste management. Our business model requires minimizing waste
generation, reusing materials where possible, and ensuring high recycling performance across sites. These practices
reduce environmental impacts, support compliance with regulatory requirements, and strengthen resilience to
resource scarcity.
3.3.1 POLICIES RELATED TO RESOURCE USE AND CIRCULAR ECONOMY (E5-1)
Shurgard applies circular economy principles as defined in the EU Circular Economy Action Plan, which focus on
resource efficiency, waste prevention, reuse, and recycling. In practice for Shurgard, this means designing durable
and modular storage facilities, prioritizing BREEAM standards in new developments, ensuring sustainable sourcing
of packaging materials (FSC/PEFC-certified), and implementing waste segregation and recycling processes at all
sites.
Building Standards Policy
Our Building Standards Policy serves to ensure maximum resource efficiency, minimize waste generation, and
promote recycling and reuse of materials during both the design and construction phases. The policy formalizes
responsibilities for reducing, reusing, and recycling materials; requires suppliers and contractors to comply; and
ensures structured waste segregation and disposal throughout construction projects. The scope of the policy involves
all Shurgard portfolio, to the buildings at the design, construction and beyond construction phases.
Monitoring and effectiveness
Effectiveness of this policy is monitored through site audits, regular contractor assessments, and internal reporting
on waste segregation practices. The effectiveness of our approach is tracked through waste diversion rates, supplier
certifications, and construction audit results, which are reviewed annually.
3.3.2 ACTIONS AND RESOURCES RELATED TO RESOURCE USE AND CIRCULAR ECONOMY (E5-2)
RESPONSIBLE RESOURCE USE, SUSTAINABLE BUILDING MATERIALS AND DESIGNS
At Shurgard, our approach to building design and construction is guided by circular economy principles and a focus
on long-term durability. Constructing or converting self-storage buildings does not require significantly scarce or
limited resources, and our design choices further minimize the environmental footprint of our assets.
In new developments we integrate sustainability considerations at every stage. Our facilities are intentionally
designed to be durable, modular, and adaptable. Units can be upgraded, reconfigured, or converted without resorting
to large-scale demolition, and the buildings themselves are designed so they can easily be repurposed for other uses
should we ever sell them. This flexibility extends the lifespan of our assets and reduces the need for resource-
intensive new construction. In addition, we build in line with BREEAM New Construction standards, which emphasize
efficient use of resources and responsible design choices.
We implement measures to maximize material efficiency and reduce maintenance needs across both new and
existing buildings. For example:
• Flexible and convertible building design: our facilities are built to be easily adapted to new purposes if
Shurgard ever relocate or sell its properties. This reduces the risk of obsolescence and avoids the need for
demolition and reconstruction.
• Durable floors: in new developments, we specify high-strength flooring with reinforced finishes to ensure
longevity. In existing stores, floors are coated to extend their useful life, minimizing the need for replacements.
• Preventive protection: bollards and other protective measures are installed in high-traffic areas to prevent
damage, lowering maintenance requirements and extending the life of the materials used.
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Please also refer to the section “Sustainable Finance and Green Bond Framework” in chapter 3.1.2 To know more
about the resources related to sustainable buildings.
SUSTAINABLE PACKAGING
Beyond construction materials, we also apply sustainability standards to the packaging we sell to our customers. All
wood fiber–based packaging products are sourced exclusively from certified forests, ensuring sustainable
management and full traceability. Our packaging solutions meet Forest Stewardship Council (FSC) and Programme
for the Endorsement of Forest Certification (PEFC) standards, and these certifications are clearly displayed on our
products. Documentation provided to customers is printed on FSC-certified paper, further reinforcing our
commitment to responsible sourcing.
Through these practices, we ensure that our building materials and designs not only support operational excellence
and customer satisfaction but also contribute to reducing environmental impacts across the value chain.
RESPONSIBLE WASTE MANAGEMENT
We have equipped our properties with waste bins for general waste and recycling, and we have special collection
arrangements for waste electronic and electrical equipment and lightbulbs. We provide guidance on their use and
recycling to our store teams during induction. Our main source of waste is from the operational activities of our
stores. Our employees apply best practice waste segregation for general and mixed dry recyclable materials.
3.3.3 TARGETS RELATED TO RESOURCE USE AND CIRCULAR ECONOMY (E5-3)
For our operations, we set voluntary targets. On a yearly basis, we maintain a clear target to achieve 100% landfill
avoidance. This is verified through waste contractor documentation, with all waste either recycled, reused, or directed
to energy recovery. At the retail level, at all times, we ensure that 100% of the cardboard packaging sold in our
stores is made from recycled materials, reflecting our commitment to reducing virgin resource use.
In the design and development of all new buildings and refurbishments, we commit to apply protocols for efficient
resource use in all instances. This includes modular building design, construction waste management practices, and
compliance with BREEAM New Construction standards, which promote long-term durability, reduced maintenance
requirements, and minimized reconstruction.
These targets were defined by the Company and are considered to support the interests of key stakeholders by
reducing waste, limiting the use of virgin resources and improving operational efficiency.
Looking forward, Shurgard is committed to evaluating embodied carbon assessments for new projects, in line with
EU Taxonomy requirements.
3.3.4 RESOURCE INFLOWS (E5-4)
Resource use identified in the operations and upstream value chain include materials related to construction of self-
storage buildings for which the construction was finished in 2025 and materials sold in the Shurgard stores during
the 2025 reporting year.
The estimation of construction materials is based on average material intensity values for commercial buildings and
the total gross area of new developments done by Shurgard in 2025.
We estimate that the main materials used in the buildings, for which the construction was finished in the reporting
year 2025, are concrete, steel and insulation.
Estimated construction materials used, tonnes
Concrete
68,736
Steel
601
Insulation
620
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As a next step, we plan to make improvements in refining these estimates using third-party feedback (checking the
exact usage of recycled materials) and adjusting for regional variations (to consider for local factors that may affect
material intensity). While the construction of our facilities is managed by third-party developers, we plan to better
understand the resource inflows used during construction in future reporting cycles.
For merchandise sold in our stores, we have gathered data on material composition and sustainability information
from suppliers. For example, 100% of our boxes sold in our stores are made from recycled cardboard certified by
FSC, and efforts are ongoing to encourage the use of sustainable materials in locks and tape dispensers. Our paper
packaging solutions partner uses recycled or virgin paper from a certified chain of custody, and their corrugated
cardboard packaging is both recyclable and biodegradable. They prioritize sustainability by using responsible sources,
recycled or virgin paper, and recyclable and biodegradable materials.
Product
Material
composition
Quantity
sold
Weight per unit,
tonnes
Total weight of sold,
tonnes
Moving boxes Recycled carton 325,213 0.0004 130
Locks Steel 113,384 0.0003 34
Tape Recycled paper 16,364 0.0002 3
Manual tape
dispenser
Plastic 2,981 0.0004 1
Total, tonnes 168
The boxes are made from 100% recyclable corrugated board made from recycled fibers, while the paper tape is
made from recycled materials and is biodegradable As such, the paper-based materials in our merchandise qualify
as secondary reused or recycled components rather than primary biological materials, which typically refer to raw
materials derived directly from natural sources (e.g., virgin wood, bio-based plastics). While some of our construction
materials may contain biological components, we currently lack comprehensive supplier data to verify their exact
composition, which remains a common industry challenge. We aim to enhance data collection on material sourcing
in future reporting cycles.
Weight of biological components, tonnes -
% of biological components
-
Secondary reused or recycled components, tonnes
133
% of secondary reused or recycled components
0.0004
1
1
of total weight of estimated construction materials and merchandise sold materials
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108
3.3.5 RESOURCE OUTFLOWS (E5-5)
Shurgard supports circular economy principles through the design and sourcing of the merchandise sold in our stores,
focusing on sustainability and minimizing environmental impact. Specific contributions include:
• Recycled and certified materials: 100% of the boxes sold in our stores are made from recycled cardboard
certified by FSC. By utilizing recycled materials, we reduce demand for virgin resources and contribute to
waste reduction.
• Sustainability partnerships: we partner with a sustainability-oriented supplier of packaging solutions, whose
products prioritize sustainability. The supplier uses recycled or virgin paper sourced from a certified chain of
custody, ensuring responsible forestry practices. Their corrugated cardboard packaging is designed to be
recyclable and biodegradable, promoting end-of-life circularity.
• Consumer-friendly eco-design: our products, such as boxes and packaging materials, are designed to be
lightweight, durable, and recyclable, catering to the growing consumer demand for sustainable packaging
solutions.
These efforts align with circular economy principles by embedding sustainability into product design, reducing raw
material extraction, and enhancing product recyclability.
Further, we actively contribute to maximizing recycling and minimizing waste:
• Recyclable merchandise: our packaging products, including boxes and tape, are designed to be recyclable. The
corrugated cardboard we use can re-enter the supply chain as raw material for new products.
• Biodegradable materials: products like our corrugated cardboard packaging are biodegradable, ensuring that
even if they do not get recycled, their environmental footprint is minimized.
• Supplier practices: our supplier integrates circular economy principles into their operations by using recycled
inputs and ensuring their packaging can be fully recycled or biodegraded, further promoting material
recirculation.
Through these actions, we not only enhance the recirculation of materials used in our merchandise but also
contribute to reducing overall waste and supporting the broader transition to a circular economy.
As part of our efforts to know how the pre-consumed waste is managed, we prognosed an estimated scenario based
on the latest available average waste treatment in the European Union.
Weight,
tonnes
Recycling
(70%), tonnes
Incineration (15%),
tonnes
Landfill (15%), tonnes
Paper 133 93 20 20
Steel 34 24 5 5
Plastic 1 1 - -
WASTE
We generated the following waste in our operations in 2024 and 2025, including the recycled portion:
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109
Total portfolio waste
Category 2025 2024
Total weight of waste
generated (tonnes)
Hazardous or radioactive waste - -
Non-hazardous waste 1,359 962
Total weight of waste
generated via disposal and
diversion route (tonnes)
Recycled 559 223
Landfill - -
Incinerator 800 738
Composting
Preparation for reuse
-
-
-
Composition of total
weight of waste generated
(tonnes)
Paper 527 185
Metals 32 38
Glass - -
Mixed municipal 800 738
Food waste -
Proportion of total weight
of waste generated (%)
Hazardous or radioactive waste - -
Non-hazardous waste 100% 100%
Proportion of waste
generated via disposal and
diversion route (%)
Recycled 41% 23%
Landfill - -
Incinerator 59% 77%
Composting
Preparation for re-use
-
-
-
Composition of total waste
generated (%)
Paper 39% 19%
Metals 2% 4%
Glass - -
Mixed municipal 59% 77%
Food waste - -
In 2025, we also maintained our achievement of 100% diversion from landfills as well as our protocols for low waste
consumption in the design and operation of our stores.
Waste data is gathered for all properties in the portfolio where Shurgard has waste management contracts. Absolute
waste has increased by 41%. The increase in waste volumes in 2025 is primarily driven by a significant portfolio
expansion in 2024, with newly acquired stores contributing waste for a full reporting year in 2025. Overall, the portion
of waste being recycled increased by almost half and now represents 41%.
In addition to portfolio growth, changes in the waste profile reflect improvements in waste segregation and reporting
practices across the portfolio. An increased focus on source separation at site level has led to a higher proportion of
waste being recycled, a reduction in waste sent for incineration, and a shift towards more clearly classified streams
such as paper and cardboard.
Please refer to our EPRA environmental tables in appendix for more information.
IMPACT OF DIGITALIZATION ON RESOURCE USE
Shurgard leverages digitalization as a means to reduce the use of physical resources and waste across its operations.
Key initiatives include the replacement of paper-based processes with digital alternatives, such as e-rental contracts,
electronic billing, and online customer portals, significantly reducing paper consumption.
The introduction of a remotely managed operating model further supports resource efficiency by reducing on-site
material use and operational waste at store level.
In addition, Shurgard’s homeworking policy reduces commuting-related resource use associated with daily office
operations.
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These initiatives contribute to lower material inputs and waste generation and are therefore considered actions
supporting Shurgard’s approach to responsible resource use under ESRS E5.
4. EU TAXONOMY
DISCLOSURES PURSUANT TO ARTICLE 8 OF REGULATION (EU) 2020/852 (TAXONOMY REGULATION)
EU TAXONOMY PERFORMANCE SUMMARY
Compared to the previous year, we were able to increase our aligned EU taxonomy turnover. This is mainly driven by
the increasing number of our stores meeting the technical screening criteria of the climate change mitigation
objective. The increase in EU Taxonomy alignment is driven by improved energy performance across the portfolio,
including EPC upgrades for 38 assets in Germany and further rollout of Building Management Systems (BMS). In
addition, fewer stores were identified as exposed to material physical climate risks compared with the prior year,
reducing exclusions from alignment. Portfolio optimization effects, including acquisitions of higher-performing
assets, also contributed to the improved alignment. The green investments (c.€6.6 million) such as heat pumps, LED,
solar panels and batteries.
Following the temporary dilution effect from major acquisitions in the United Kingdom in the prior period, EU
Taxonomy CapEx alignment rebounded strongly in the reporting year, increasing by almost 20%. While these
acquired assets are recent, purpose-built and exhibit strong EPC performance, their initial exclusion from alignment
was primarily linked to the absence of BMS, which is required for large non-residential buildings exceeding 5,000
sqm. As BMS deployment and other qualifying investments progressed during the year, a significantly higher share
of capital expenditure became aligned with the EU Taxonomy, reflecting both operational catch-up and accelerated
implementation of alignment-enabling measures.
Our EU Taxonomy OpEx alignment also increased slightly, reaching 48.1% for the year 2025. This is 24.2pp higher
than the prior year, mainly driven by the higher proportion of our stores that are considered as “green” by the
taxonomy and the higher proportion of aligned expenses (from 27.3% in 2024 to 51.5% in 2025) related to the repair
and maintenance.
EU TAXONOMY OBJECTIVES
The European Union (EU) is aiming to address the sustainability-related challenges through ambitious environmental
objectives. As part of these activities, the EU Taxonomy has been issued. This establishes a common understanding
of green economic activities that make a substantial contribution to the environmental goals of the EU, by providing
consistent and objective criteria to classify and list activities that are environmentally sustainable. The EU Taxonomy
aims to provide companies, investors, and policymakers with appropriate definitions to objectively measure how
sustainable a company is, enabling comparability and helping direct investments towards sustainable projects.
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The EU Taxonomy defined six environmental objectives:
Shurgard’s Taxonomy-eligible activities
An economic activity is considered Taxonomy-eligible when it is described in the European Commission’s Delegated
Acts and falls within the scope of the applicable Technical Screening Criteria (TSC), which are linked to defined NACE
codes. As a first step, undertakings must assess whether their activities are covered by the EU Taxonomy and, where
relevant, identify the environmental objectives to which those activities may contribute.
In 2025, Shurgard assessed all its economic activities against all six environmental objectives of the EU Taxonomy:
(i) climate change mitigation,
(ii) climate change adaptation,
(iii) sustainable use and protection of water and marine resources,
(iv) transition to a circular economy,
(v) pollution prevention and control, and
(vi) protection and restoration of biodiversity and ecosystems.
This assessment was performed in line with the Climate Delegated Act and the complementary Delegated Acts
covering the non-climate environmental objectives, taking into account the nature of Shurgard’s business model as
a self-storage real estate operator.
Shurgard specific interpretation / application:
Determining whether an activity falls within the scope of the EU Taxonomy requires judgement, particularly where
activities are ancillary to the core business. Although Shurgard is involved in the construction of new self-storage
facilities, these assets are developed for long-term own use and operation, rather than for sale. Based on available
guidance, Shurgard is therefore not considered a professional real estate developer for the purposes of the EU
Taxonomy.
As a result, activity 7.1 “Construction of new buildings” was assessed as not applicable. New developments are
instead included under activity 7.7 “Acquisition and ownership of buildings”, which covers the acquisition and
exercise of ownership of real estate assets, including assets under development intended for own use.
Activity description
Shurgard examples
7.2
Renovation of existing buildings
Major renovation of existing stores, leading to a reduction of the
primary energy demand
7.3
Installation, maintenance and repair of energy
efficiency equipment
Improving insulation of our properties, installing energy efficient
windows or doors, replacement of lights with LED, heat pumps,
installation of water flow reduction on the stores’ water taps
7.4
Installation, maintenance and repair of
charging stations for electric vehicles in
buildings (and parking spaces attached to
buildings)
Installation of charging stations in the close surroundings of our
stores for electric vehicles
7.5
Installation, maintenance and repair of
instruments and devices for measuring,
regulation and controlling energy
performance of buildings
Installation of smart meters for electricity, motion control for lights,
building energy management systems, smart thermostat systems
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112
Similarly, certain technical activities such as the installation of solar panels or heat pumps are considered supporting
in nature. While these technologies are explicitly referenced in the TSC under activities such as electricity generation
or heat pump installation, Shurgard reports these investments under the relevant real-estate-related enabling
activities (7.3, 7.5 and 7.6), which more accurately reflect their role within the Group’s operating model.
Based on the above, we concluded that the Group is currently engaged into the following eligible activities:
With respect to the four non-climate environmental objectives, Shurgard concluded that only activity 7.2 “Renovation
of existing buildings” could potentially make a substantial contribution, specifically to the circular economy objective,
where renovation meets the definition and applicable requirements for major renovation. No renovations meeting
these criteria were undertaken in 2025; therefore, no alignment with the circular economy, water, pollution
prevention, or biodiversity objectives was identified for the reporting year.
Treatment of eligible activities with no attributable amounts
Although activities 7.2 “Renovation of existing buildings” and 7.5 “Installation of energy performance control
systems” were identified as Taxonomy-eligible, no attributable turnover, CapEx or OpEx meeting the EU Taxonomy
definitions could be assigned to these activities in 2025. Consequently, these activities are not reflected in the
numerical EU Taxonomy disclosure templates for the reporting year.
Where eligible activities have no attributable amounts in a given reporting period, Shurgard discloses this information
in the contextual narrative to ensure transparency. All remaining activities performed by Shurgard were assessed
and classified as non-eligible, as they do not fall within the scope of activities defined in the EU Taxonomy Delegated
Acts.
Taxonomy-aligned activities
In accordance with Article 8 of the EU Taxonomy Regulation and the Disclosures Delegated Act, Shurgard has applied
a consistent methodology to avoid double counting across economic activities, environmental objectives and KPIs.
Each economic activity, asset and related turnover, CapEx or OpEx is allocated to a single EU Taxonomy activity and
counted only once in the calculation of the Taxonomy KPIs. Where an activity is eligible for assessment under more
than one environmental objective (e.g. Climate Change Mitigation and Climate Change Adaptation), alignment
assessments are performed separately, but the associated amounts are included only once in the KPIs, under the
objective for which alignment is demonstrated.
Similarly, investments in enabling technologies such as solar panels, heat pumps, energy efficiency equipment and
building management systems are reported under the most relevant real-estate-related enabling activities (activities
7.3, 7.5 and 7.6) and are not double counted under other activities or under activity 7.7 “Acquisition and ownership
of buildings”.
For assets under development or recently acquired assets where alignment evidence is not yet fully available,
amounts are conservatively classified as not aligned until the applicable Technical Screening Criteria can be
demonstrated. This approach prevents premature recognition and ensures the integrity of the reported KPIs.
Shurgard has assessed the alignment of the eligible activities by reviewing (i) their substantial contribution based
on the TSC outlined in the Climate Delegated Acts, (ii) the fact they do not significantly harm the other five
environmental objectives and (iii) the compliance with minimum safeguards checks. The result of the alignment
assessment is reported through Key Performance Indicators (KPIs) as detailed below.
All activities were first tested for their alignment with the first environmental objective (Climate Change Mitigation).
When a specific activity was partly or totally not aligned, we tested the alignment versus Climate Change Adaptation,
while avoiding any double count.
7.6
Installation, maintenance and repair of
renewable energy technologies
Installation of solar panels
7.7
Acquisition and ownership of buildings
Acquisition of new stores and ownership of current portfolio of
stores
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113
In some cases, we cannot reliably obtain the required evidence at the time of this report that a specific activity is
meeting the TSC’s. This is the case for instance for assets recently acquired. When this occurs, we reported these
properties as “not aligned”, knowing that this affected our KPI’s negatively. Going forward we expect the number of
existing properties that are reported as aligned to increase and consequently positively impact our KPIs, as evidence
collection progresses.
Climate Change Mitigation (CCM)– substantial contribution criteria
In 2025, Shurgard incurred capital expenditure and operating expenses related to several EU Taxonomy-eligible
economic activities. In accordance with the Climate Delegated Act, each eligible activity was assessed for substantial
contribution to the Climate Change Mitigation (CCM) objective against the applicable Technical Screening Criteria
(TSC).
In parallel, and in line with Commission Notice 2022/C385/01, Shurgard also assessed alignment with the Climate
Change Adaptation (CCA) objective for all activities eligible for that objective. While alignment assessments were
performed separately for CCM and CCA, economic activities are counted only once in the EU Taxonomy KPIs in order
to avoid double counting.
The assessment of substantial contribution to the CCM objective is summarized below per activity.
• 7.3 Installation, maintenance and repair of energy efficiency equipment:
The substantial criteria are met when the activity respects nationally defined measures implementing the EU
Directive 2010/31/EU. In 2025, Shurgard continued to replace old lighting bulbs with energy efficient LEDs in
its recently acquired stores and further invested in the installation of heat pumps in several buildings,
replacing e.g., gas heating. This program is aligned with the requirements outlined in the TSC.
• 7.5 Installation, maintenance and repair of instruments and devices for measuring, regulating and
controlling energy performance of buildings:
During 2025, Shurgard incurred costs for the installation or maintenance of its building management system
in the Netherlands and France, in order to operate its stores in an optimal way, through online centralized
monitoring, metering and control of utilities and devices to lower consumption (heating, ventilation, etc.). It
also comes with consumption analytics and alerts on unusual consumption. These investments are aligned
with climate change mitigation TSC’s.
• 7.6 Installation, maintenance and repair of renewable energy technologies:
Throughout 2025, Shurgard invested in the installation of renewable energy technologies, usually through the
roll out of solar panels, which is an enabling activity contributing to the climate change mitigation objective.
• 7.7 Acquisition and ownership of buildings:
Existing Buildings: According to the TSC, when a property has been constructed before December 31, 2020, it
is substantially contributing to the climate objective in the event it has an Energy Performance Certificate
(EPC) of A or equivalent. This is the case for most of our properties. Alternatively, an entity can demonstrate
that the property is in the top 15% of the national or regional building stock, expressed as Primary Energy
Demand (PED), in order to count as substantially contributing to the climate objective.
Shurgard evaluated this criterion, where necessary, country by country, based on national studies and surveys
and assessed the outcome at property level. When construction for a property was completed after December
31, 2020, the TSC requires that the property has a PED at least 10% lower than the Nearly Zero Emitting
Building (NZEB) requirements, usually expressed as a maximum PED in terms of kWh/sqm per year. In
addition, when a property has a size of at least 5,000 sqm, the TSC requires that it needs to undergo air
tightness and thermal integrity testing. The life-cycle Global Warming Potential resulting from the
construction should be calculated for each stage in the life cycle. In any event, large non-residential properties
are required to be efficiently operated through energy performance monitoring and assessment, which is
reviewed on a property-by-property basis.
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114
Properties under construction: As indicated above, while Shurgard does construct self-storage properties,
these activities are not included under EU Taxonomy activity 7.1, but 7.7. This requires applying the above-
described requirements for existing properties to assets under construction. It will typically not be possible to
test most of the TSC before the construction has been substantially completed, at which point most of the
capital expenditures have already been incurred. For instance, when Shurgard constructs a new property,
there is no EPC available and air tightness testing can only be done late in the construction process. In such
cases, we use our best estimates, based on the designed construction and materials used, to evaluate whether
we can reasonably expect that the TSC will be met at completion and only then include the capital
expenditures in our reporting. In line with EU Taxonomy guidance, any outcome that would materially differ
from our initial expectations will result in a restatement of prior year information.
Climate Change Adaptation (CCA)– substantial criteria
In addition to the CCM assessment described above, Shurgard assessed all eligible activities for alignment with the
Climate Change Adaptation objective, in line with the applicable TSC and Commission Notice 2022/C385/01. This
assessment focused on the identification of material physical climate risks and the implementation of appropriate
adaptation solutions at asset level.
For the CapEx KPI, the Disclosures Delegated Act requires the nature and scope of CapEx in an activity that
contributes substantially to CCM to be differentiated from the CapEx that makes that activity adapted to climate
change. On the other hand, where the adaptation solution is an inherent part of the design of the new asset that is
itself aligned to CCM, and that it is difficult to distinguish both types of CapEx, both can be reported under CCM.
Regarding the turnover KPI, in accordance with the Annex I to the Disclosures Delegated Act, the revenue generated
from an activity that is adapted to climate may not be computed in the numerator of the turnover KPI of the
undertaking unless that activity is an activity enabling or is aligned with CCM or any non-climate environmental
objective.
Other delegated acts: water, circular economy, pollution, and biodiversity – substantial criteria
We reviewed Shurgard’s economic activities and noted that the only activity carried out by Shurgard, in the real
estate sector, that would be contributing significantly to these new objectives was 7.2 “Renovation of existing
buildings”, for its contribution to the circular economy objective. The TSC’s of the circular economy objective aims
to ensure that (i) construction and demolition waste generated by the renovation is treated in accordance with Union
waste legislation and the full checklist of the EU Construction and Demolition Waste Management Protocol, (ii) the
life cycle Global Warming Potential (GWP) of the building’s renovation works has been calculated for each stage in
the life cycle, (iii) construction designs and techniques support circularity via the incorporation of concepts for design
for adaptability and deconstruction, (iv) at least 50% of the original building is retained and (v) the use of primary
raw material in the renovation of the building is minimized through the use of secondary raw materials.
Do no significant harm
After testing the substantial contribution criteria (CCM and CCA), Shurgard also confirmed that the activities were
not significantly harming other EU Taxonomy objectives.
For all activities in scope for Shurgard in 2025, a physical climate risk assessment is necessary to consider the activity
as aligned. This is to ensure that investments made are climate risk proof.
In addition, measures are in place to ensure that the building is not dedicated to extraction, storage, transport, or
manufacture of fossil fuels. Finally, when testing properties for their alignment on CCA, Shurgard reviewed whether
the properties built before December 31, 2020, had an EPC of at least class C or were in the top 30% of the national
or regional building stock, expressed as PED. For properties built after December 31, 2020, we made sure that the
PED was lower than the threshold for the NZEB requirements. This has been reviewed using national studies and
surveys.
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Minimum Safeguards
Considering the nature of the self-storage industry, along with the countries we are active in and our key clients and
suppliers, the likelihood of Shurgard violating fundamental human and labor rights as outlined by the United Nations,
the International Labor Organization, and the OECD is assessed to be low. Shurgard has established policies and
implemented processes to ensure high ethical standards in its business practices, including an effective
whistleblowing system and existing communication channels with both internal and external stakeholders.
We continuously monitor the relevance of our policies governing e.g., human rights, fair labor practices, modern
slavery, health and safety, diversity, and compensation against the latest standards. To assess our social safeguards
alignment with the EU Taxonomy-approved frameworks, we further analyzed our compliance with the following:
ILOs Core Conventions, OECD MNEs, UN Guiding Principles, and the International Bill of Human Rights. Our Human
Rights Policy with its principles strengthens the oversight of Shurgard over the minimum social safeguards and
human rights.
Implementation of social safeguards is assessed internally by the Executive Committee and the ESG Management
Group through regular monitoring and reporting on outcomes that are included in the organization’s internal
communication.
Besides having internal procedures, employees and dedicated working groups (e.g., ESG Management Group) are in
place to ensure our business’ alignment with the social safeguards.
As a signee of the UN Global Compact since January 2022, we align our ESG strategy with the universal principles
on human rights, labor, environment, and anti-corruption. We monitor our existing policies for updates and make
sure that our ESG agenda tackles these topics.
Additionally, we participate in the Global Reporting Initiative (GRI), making annual disclosures on our business
practices, where an organization's most significant impacts on the economy, environment, and people, including
impacts on their human rights are represented.
We have established adequate due diligence processes that allow us to monitor that all third-party agreements have
clauses relating to anti-bribery, human rights, and modern slavery, among other topics. In addition, we inquire about
the business practices of our suppliers on a regular basis, to ensure they align with our principles.
Finally, Shurgard also developed strong policies related to fair competition and taxation and promotes employee
awareness as well as training covering the importance of compliance with all applicable competition and tax laws.
Based on the above, we concluded that the Company has adequate processes in place as required by the minimum
safeguards, and that no instances of non-compliance were identified or reported. Our business activities are aligned
with the minimum safeguard requirements stated in the EU Taxonomy.
Turnover, CapEx and OpEx KPIs
Article 8 of the Taxonomy Regulation defines three KPIs to assess the proportion of (i) turnover, (ii) CapEx and (iii)
OpEx associated with economic activities that qualify as environmentally sustainable.
The basis for providing these KPIs is Shurgard’s financial information, prepared in accordance with International
Financial Reporting Standards (IFRS), as adopted by the European Union. The KPIs calculated below are based on EU
Regulation definitions. In order to increase the readers’ understanding of these KPIs, qualitative information is
provided to give some clarity on what is included or excluded from the KPIs to detail how these KPIs were calculated,
allowing the reader to compare these to the financial statements of the Group.
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EU TAXONOMY TURNOVER
The turnover KPI represents the proportion of Shurgard’s net turnover derived from products or services that are
Taxonomy eligible, as currently covered by the first Delegated Act. The EU Taxonomy turnover corresponds to the
real estate operating revenue, as per IFRS 4. The turnover increased from €406.5 million in 202 to €450.8 million,
mainly as result of higher rental and insurance revenue resulting from the portfolio expansion and rate increases.
Shurgard specific interpretation / application:
• The EU Taxonomy’s first Delegated Act covers, in connection with activity 7.7 “Acquisition and ownership
of buildings”, revenues derived from the ownership of a building, i.e., owners renting out their properties
to generate rental income directly from the property itself.
• In a draft Commission notice from December 2022, the Commission clarified that only turnover derived from
the ownership of the building (whether through freehold or right-of-use asset), should be considered,
regardless of the activities that take place in a building. Other non-related revenues, i.e., revenues that are
not derived from the ownership of the building, are not in scope.
• Based on this guidance, Shurgard concluded that the revenue generated from renting storage space is to
be considered as a rental income covered by the EU Taxonomy, whereas the revenue generated from related
services such as merchandise, insurance sales or third-party property management income should not be
considered for EU Taxonomy.
Total EU taxonomy turnover is €450.8 million, of which €290.3 million is aligned (64.4%), €110 million is eligible but
not aligned and €50.5 million is not eligible. All of the EU Taxonomy-aligned revenue is coming from its substantial
contribution to Climate Change Mitigation. The aligned proportion strongly increased compared to last year (from
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38.3% in 2024 to 64.4% in 2025), resulting from the higher proportion of stores with strong energy performance,
our green investments, such as LED, heat pump or solar, and the roll out of a BMS in Belgium and the Netherlands.
EU TAXONOMY CAPITAL EXPENDITURES (CAPEX)
The CapEx KPI represents the proportion of Shurgard’s capital expenditure that is either already associated with
environmentally sustainable economic activities or is part of a credible plan to extend such activities, or for activities
which are not yet taxonomy-aligned to reach environmental sustainability. We did not include any CapEx Plan in the
2024 or 2025 CapEx figures.
The CapEx defined under the EU Taxonomy differs from the information included in our financial statements in the
sense that it excludes e.g., remeasurements, revaluations, impairments, and fair value changes. For 2025, the total
CapEx considered for EU Taxonomy amounts to €261,485 million and consists of the acquisition of stores (accounted
for under IAS 40), expenditures on our investment property (IAS 40), rights of use assets from lease agreements
(IFRS 16), as well as additions to property, plant and equipment (PP&E, IAS 16) and intangible assets (IAS 38):
In total, we concluded that 98.0% of the EU Taxonomy CapEx is eligible. The non-eligible activities relate to the
acquisition of intangible assets (mainly software capitalized costs and IT developments) and the PP&E additions
related to equipment and other assets.
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We reviewed the substantial contribution of the eligible CapEx against the technical screening criteria, their
compliance with the “Do no significant harm” principles, and the “minimum safeguards”. 2.9% of our CapEx was
assessed to be aligned with the Climate Change Mitigation objective.
EU TAXONOMY OPERATING EXPENDITURES (OPEX)
The OpEx KPI represents the proportion of operating expenditure associated with environmentally sustainable
economic activities or the above-mentioned CapEx plan. The operating expenditure covers essentially direct non-
capitalized costs that relate to research and development, building renovation measures, short-term lease,
maintenance and repair, and any other direct expenditures relating to the day-to-day servicing of assets of property,
plant and equipment that are necessary to ensure the continued and effective functioning of such assets.
Consequently, the OpEx defined under the EU Taxonomy differs significantly from the IFRS operating expenses:
Our EU Taxonomy OpEx increased, from €19.8 million in 2024 to €30.4 million in 2025. This is driven by higher payroll
expenses, higher repair and maintenance expenses on our stores and other operating expenses meeting the EU
taxonomy OpEX definition (+€1.2 million, driven by higher information system expenses and legal and consultant
costs).
Shurgard specific interpretation/application:
• We considered in the EU Taxonomy OpEx KPI that all direct expenses related to searching, acquiring, and
developing our portfolio of properties are part of the “direct non-capitalized costs that relate to research and
development” (R&D) referred to in the definition. We excluded indirect costs such as travel expenses, and
included all direct employee benefits, accounted for in line with IAS 19.
• Even though they are not specifically mentioned in the definition, we also included R&D and repair and
maintenance related to our intangible assets in the denominator, in line with guidance issued by the EU
Commission, explaining that “(…) maintenance and repair or other direct costs could be also relevant for
intangible assets (e.g., right-of-use assets, software, ERP)”.
• We excluded most property linked costs that are not necessary to ensure their continued and effective
functioning. These costs are usually associated with our operations (e.g., real estate taxes, marketing
expenses, utilities, etc.).
• Most expenses in scope for the OpEx KPI can be directly linked to individual assets. However, for some specific
expenses we used allocation keys to spread the cost on the relevant assets.
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In line with the EU Taxonomy OpEx definition, the following operating expenses were considered for the denominator:
• The non-capitalized employee compensation and benefits expenses, including share-based compensation, of
our personnel directly related to research and development, maintenance and repair, and other direct
expenses related to the day-to-day servicing of our assets.
• Repair and maintenance expenses, excluding specific expenses that are not directly necessary for the day-
to-day servicing of our properties and are rather associated with our operating activity (e.g., snow removal,
carpets, trash collection, etc.). Other operating expenses include mainly IT related contracts, non-capitalized
IT development expenses, real estate lawyer fees, outsourced architecture, design or engineering services,
and non-capitalized office equipment.
Based on the above, we concluded that 72.8% of the total EU Taxonomy OpEx is eligible. The non-eligible activities
relate to expenses that are not directly related to the acquisition and ownership of buildings (e.g., intangible assets
including ERP, office equipment, general and administrative tasks, etc.).
We reviewed the substantial contribution of the eligible OpEx against the technical screening criteria, and their
compliance with the “Do no significant harm” principles. 51.5% of our OpEx was assessed as aligned with the Climate
Change Mitigation objective. This is 24.2pp higher than the prior year, mainly driven by the higher proportion of our
stores that are considered as “green” by the taxonomy.
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NUCLEAR AND FOSSIL GAS ACTIVITIES
Nuclear energy-related activities
1
The undertaking carries out, funds or has exposures to research, development, demonstration and
deployment of innovative electricity generation facilities that produce energy from nuclear
processes with minimal waste from the fuel cycle.
No
2
The undertaking carries out, funds or has exposures to construction and safe operation of new
nuclear installations to produce electricity or process heat, including for the purposes of district
heating or industrial processes such as hydrogen production, as well as their safety upgrades, using
best available technologies.
No
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear
installations that produce electricity or process heat, including for the purposes of district heating
or industrial processes such as hydrogen production from nuclear energy, as well as their safety
upgrades.
No
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity
generation facilities that produce electricity using fossil gaseous fuels.
No
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation
of combined heat/cool and power generation facilities using fossil gaseous fuels.
No
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation
of heat generation facilities that produce heat/cool using fossil gaseous fuels.
No
RESOURCE AVAILABILITY AND FINANCIAL CONSIDERATIONS FOR IMPLEMENTATION
Our ability to implement sustainability actions, including energy efficiency improvements and renewable energy
investments, depends on the availability of financial resources and access to affordable capital. Financing
mechanisms, such as sustainability-linked loans, support our transition efforts, while macroeconomic conditions and
interest rates influence the timing of investments. Additionally, acquisitions of existing storage facilities may require
further capital allocation to align with our ESG goals. Balancing financial performance with sustainability
commitments remains a key priority in our investment strategy.
OBJECTIVES OR PLANS TO INCREASE THE ALIGNMENT WITH EU TAXONOMY
Shurgard does not have specific targets or objectives in terms of EU taxonomy CapEx, OpEx or Revenues KPI’s.
However, we are committed to maximizing the alignment of our economic activities with the various EU Taxonomy
objectives.
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We expect the following plans and actions to increase the alignment with EU Taxonomy:
EU taxonomy KPI Plans / Actions to increase alignment Reference
CapEx • Electrification of heating:
Shurgard is progressing with the
phased replacement of gas-based heating systems with energy-
efficient alternatives, primarily heat pumps, across the portfolio.
The program is expected to eliminate gas use from operations by
2029, with qualifying investments contributing to EU Taxonomy-
aligned CapEx under the climate change mitigation objective.
• Solar PV deployment: Shurgard has launched a multi-year solar
program and, by the end of 2025, equipped more than 90 stores
and the European Support Centre with on-site solar installations
across Belgium, the Netherlands and the UK. Remaining eligible
stores in these and other markets are being assessed for phased
rollout. Capital expenditure related to qualifying installations is
expected to be EU Taxonomy-aligned.
•
Building Management Systems (BMS): Shurgard has accelerated
the rollout of BMS across its portfolio. By the first half of 2025, BMS
deployment has been completed for the vast majority of eligible
assets, including recently acquired stores. This has removed a key
alignment constraint for large non-
residential buildings and is
expected to further increase EU Taxonomy-aligned CapEx.
• Energy performance upgrades: Improvements in building energy
performance, including EPC upgrades (notably for assets in
Germany), contribute to increased alignment under activity 7.7
(Acquisition and ownership of buildings).
3.1.1 Transition
plan for climate
change
mitigation
OpEx & Revenue • Operational compliance with TSC: The electrification of heating
systems, full deployment of BMS and continued optimization of
energy performance are expected to increase the proportion of
stores meeting the EU Taxonomy technical screening criteria for
climate change mitigation, thereby supporting higher alignment of
OpEx and revenue over time.
3.1.1 Transition
plan for climate
change
mitigation
5. SOCIAL INFORMATION
5.1 OWN WORKFORCE (S1)
Our commitment to the development of our human capital is based on common values such as collective
effort, a strict sense of ethics and the search for excellence. Our ambition is to embed Shurgard‘s culture in
everyday practices in order to forge positive relationships, improve the employee experience and create a
united internal environment. This also means ensuring that our employees are working in a safe and inclusive
environment. We invest in our talent through training, feedback, internal mobility, promotion opportunities
as well as a dynamic and fair remuneration policy.
Shurgard sets annual targets for employee engagement, diversity, training, and well-being as part of our
strategic workforce planning. These targets are informed by our materiality assessment, employee surveys,
and benchmarking against industry. Progress is tracked through key performance indicators, internal audits,
and feedback mechanisms, ensuring continuous improvement. Insights from employee engagement surveys
and external benchmarking guide adjustments to our policies and initiatives, reinforcing our commitment to
being an employer of choice.
INTERESTS AND VIEWS OF STAKEHOLDERS (ESRS 2 SBM-2)
To understand how Shurgard actively considers the views of its employees, please see Section 2.4.1 Strategy,
business model and value chain, and Section 2.4.3 Material impacts, risks and opportunities and their
interaction with strategy and business model, as well as the IROs table below.
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND
BUSINESS MODEL (ESRS 2, SBM-3, IRO-2)
As part of our materiality assessment, we analyzed the potential risks and opportunities related to our
workforce. This assessment involved identifying how individuals, working in specific contexts, or performing
particular activities may be at greater risk of harm. The assessment included consultations with internal
stakeholders, an evaluation of workforce demographics, and a review of operations and working conditions
across all locations.
Our assessment results indicate that there are no groups within our workforce identified as being at an
increased risk of negative impacts. Our workforce operates within the context of a non-residential real estate
company with a focus on self-storage services. The nature of our operations and work environment does not
expose any specific group to unique risks. Additionally, our policies, such as our Code of Conduct, health and
safety procedures, and equal opportunity practices, ensure a consistent and fair approach to managing
workforce risks across all demographics and activities. As no specific groups within our workforce were
identified as being at heightened risk, all material risks and opportunities are managed at the organizational
level.
For more information, please refer to chapter 2.5.2 Double Materiality Assessment Process of this
Sustainability statement.
5.1.1 POLICIES RELATED TO OWN WORKFORCE (ESRS S1-1)
Shurgard is committed to aligning its workforce policies with internationally recognized principles, including
the UN Guiding Principles on Business and Human Rights (UNGPs), the ILO Core Labour Standards, and the
OECD Guidelines for Multinational Enterprises. These standards provide the foundation for our approach to
respecting human rights, promoting fair labor practices, and fostering a safe, inclusive and equitable
workplace.
Our workforce policies apply to all employees across all geographies and functions. They also extend to
contractors, value chain workers, customers, and local communities where relevant. We have not identified
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any specific sub-groups within our own workforce as being at heightened risk of negative impacts; therefore,
our policies are managed at the organizational level to ensure equal protection for all.
Compliance with our workforce policies is overseen by Senior Management and the ESG Management Group,
with ultimate oversight by the ESG Committee of the Board. Awareness is promoted through annual training,
online resources, and audits. Employees are encouraged to raise concerns without fear of retaliation, with
100% of the workforce covered by whistleblowing protections.
Human Rights Policy
Guided by our Human Rights Policy, which covers employees, value chain workers, contractors, customers,
and the communities in which we operate, we are committed to ensuring equal opportunity and respect for
human rights, including the explicit prohibition of trafficking in human beings, forced or compulsory labor,
and child labor. Shurgard’s Human Rights Policy (with the support of the Code of Conduct, more on which in
chapter 6.2 Business Conduct Policies and Corporate Culture) outline our commitments to:
• Respect for labor rights, including elimination of forced or compulsory labor, abolition of child labor,
and equality of opportunity.
• Non-discrimination, equal opportunity, and diversity, explicitly covering gender, racial and ethnic
origin, color, sexual orientation, gender identity, disability, age, religion, political opinion, national
extraction or social origin, and other grounds consistent with EU and national legislation.
• Explicit prohibitions against trafficking in human beings, forced labor, compulsory labor, and child
labor.
• The policy also articulates our commitment to social dialogue, i.e. freedom of association and collective
bargaining agreements.
• Access to remedy through formal grievance mechanisms and a secure whistleblowing platform,
consistent with the UNGP “Protect, Respect, Remedy” framework.
Shurgard has adopted a separate Non-discrimination and Anti-harassment Policy to eliminate discrimination
and harassment, promote equal opportunities, and foster inclusion across its workforce. While we do not
specifically identify any groups as being at particular risk of vulnerability within our workforce, we maintain
a strong commitment to equal treatment and non-discrimination across all aspects of employment. The
principle of non-discrimination is embedded in all our people’s practices, including recruitment, career
development, and performance management. All employment decisions at Shurgard are based solely on
professional qualifications, performance, and merit, ensuring equitable treatment for every individual
regardless of their personal characteristics.
Training on sexual harassment and discrimination is mandatory for all employees during onboarding and is
refreshed regularly to reflect evolving best practices. These efforts are monitored for effectiveness through
employee feedback and regular assessments. Specific procedures are in place to detect, prevent, and act on
incidents of discrimination or harassment, with remedial actions including training, policy reinforcement, or
disciplinary measures.
Internal mobility and promotion
Shurgard’s priority is to support employees in their career development in line with business needs, helping
them build fulfilling careers while strengthening their employability. Mobility is viewed as a key lever for long-
term engagement and talent retention.
This policy establishes a clear and transparent framework for career progression, which applies differently
across the organization:
• Operations: Career progression is primarily driven through the Shurgard Academy, a structured
program that enables employees to advance from Junior Assistant Store Manager to District Manager
roles. In 2024, we launched the District Manager in Training program to identify and develop high-
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potential employees for leadership positions. The 35-hour training program resulted in several
employee nominations who successfully started as District Managers or Bench District Managers in
2025.
• Support center: Promotions and mobility opportunities are managed through an annual review
process, ensuring alignment between individual career goals, team needs, and strategic priorities.
• Succession planning is embedded in both areas and reviewed on an ongoing basis to ensure business
continuity and leadership development.
Two key principles guide the policy:
• Publication of all open positions on our corporate website to ensure equal access and transparency.
• Priority consideration for internal candidates, encouraging mobility within the company before
external recruitment.
Looking ahead, the forthcoming EU Pay Transparency Directive will further clarify promotion pathways and
strengthen transparency around career progression criteria.
Dynamic remuneration and fair compensation
The philosophy of Shurgard‘s remuneration policy is to reward long-term performance, attracting and
retaining talent through competitive, fair and discrimination-free compensation. Performance is as much
individual as it is collective. Shurgard is committed to the sincerity and transparency of the link between
performance and remuneration. This link must also be a driver for employee motivation and commitment. We
are looking at pay equity at all levels.
Each year, we review our compensation structures to provide an equitable balance for all employees, aligning
with our values and legal obligations. Based on our annual salary review process and benchmarking analysis,
all our employees are paid an adequate wage.
To ensure fairness and equity:
• Calibration meetings are held annually among the Executive team to ensure remuneration decisions
are equitable across the organization. Employees in similar roles with comparable responsibilities and
experience receive consistent compensation.
• Pay equity is a continuous focus, with ongoing reviews of salary structures to align with market trends
and address any disparities.
Executive remuneration policies are reviewed annually by the ESG Committee, ensuring alignment with best
practices and compliance with relevant regulations.
GRI 2-19, GRI 2-20
EU Pay Transparency Directive
Shurgard has initiated a structured program to prepare for the implementation of the EU Pay Transparency
Directive across all markets. During 2024–2025, we completed foundational work including job architecture
review, job levelling and the development of pay structures across markets. Building on this work, Shurgard
is progressing with pay gap analyses, qualitative reviews of pay and benefit policies, and roadmap planning
to support compliance with upcoming national transposition requirements. Further steps will include the
refinement of policies, reporting processes, and internal communication and training, supported by external
expertise where appropriate.
Training and Development
Shurgard places the development of human capital at the center of its workforce strategy. We are committed
to ensuring that all employees have access to continuous learning opportunities that enhance both
professional and personal skills, supporting long-term employability, engagement, and alignment with
Shurgard’s corporate strategy.
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Our Training and Development Policy is structured around two key principles:
1. Continuous learning and skills development
• We provide a comprehensive training offer, updated annually in line with Shurgard’s strategy,
regulatory requirements, and the Investors in People accreditation. This includes sustainability and
compliance training, designed to equip employees with the knowledge and skills needed to
contribute to Shurgard’s ESG commitments.
2. Structured development pathways and tailored training
• Shurgard Academy provides a transparent career progression framework, enabling store employees
to progress from Junior Assistant Store Manager to Senior Store Manager and District Trainer.
• Shurgard provides customized training opportunities tailored to the needs of each role across the
organization.
Shurgard Culture
To create a united and engaged internal environment, Shurgard has anchored its culture in four pillars
recognized across all levels of the organization:
1. Happiness: ensuring employees feel valued and appreciated.
2. Training: providing continuous learning opportunities to develop skills and careers.
3. Team spirit: building strong, collaborative relationships across teams.
4. Perspective: offering clear career paths and opportunities for professional growth.
These pillars shape our identity as Shurgard employees and lay the foundation for a successful career within
the company. In 2025, we continued the “four pillars training”, an e-learning module that all new hires follow
during their onboarding period to help integrate them into the working culture of Shurgard.
Health and Safety
We maintain workplace accident prevention systems and health and safety policies, aligned with international
safety standards, to ensure a safe and supportive working environment for all employees. Shurgard is fully
committed to providing safe storage facilities for our customers and our employees. Health and safety criteria
are regularly assessed in our properties to ensure that applicable health and safety rules are respected. All
the properties are audited from a health and safety perspective:
• By Internal Audit within a three-year cycle (more than one third of the properties are audited each
year); and
• By the District Managers three times per year (self-assessments).
A workplace health and safety organizational induction is provided to all new team members and contractors
upon initial employment or engagement with Shurgard.
Regular periodic training is conducted with all team members, in addition to instances of changes to the
workplace or operations, plant or equipment, legislation, policies, or processes, and generally as required.
Furthermore, task-specific training is conducted to provide knowledge of health and safety issues and safe
work practices relevant to work activities, workplaces, or equipment. Training is hands-on and interactive, to
ensure complete understanding of procedures. Records of training conducted, participation, and
acknowledgment of training by team members, are kept in an online learning management system or filed
with the Human Resources department.
Well-being
At Shurgard, well-being is an integral part of our Health and Safety policy. We are committed to fostering a
healthy, safe, and supportive workplace that promotes both physical and mental vitality. Our well-being policy
is based on structured feedback from employees, regular surveys, and direct engagement, ensuring that
initiatives are tailored to the evolving needs of our workforce. The framework focuses on creating safe and
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ergonomic working conditions, supporting mental health, encouraging work-life balance, and promoting an
inclusive and engaging culture. Through continuous monitoring and adaptation, well-being remains
embedded in our organizational policies as a core component of employee health and productivity.
5.1.2 PROCESSES FOR ENGAGING WITH OWN WORKFORCE AND WORKERS’ REPRESENTATIVES ABOUT
IMPACTS (S1-2)
At Shurgard, engagement with our workforce is a structured and ongoing process that ensures employees
are informed, heard, and involved in shaping the Company’s response to actual and potential impacts.
Engagement processes are designed to meet international standards, including the UN Guiding Principles on
Business and Human Rights, and are embedded within our wider governance and human capital management
framework.
Our engagement approach combines regular structured processes with ad hoc interactions, ensuring broad
coverage across all countries and workforce groups. Engagement takes place through the channels described
below.
Employee surveys
In 2025, our annual well-being initiatives were guided by insights gathered from various surveys and feedback
mechanisms, including:
• Well-Being survey for support center employees;
• Feedback surveys for operations employees, enabling personalized insights into their workplace
experiences;
• Direct employee survey on welfare, aimed at addressing immediate concerns and feedback to foster a
healthier and more productive workplace.
These tools provided us with a deeper understanding of the most critical factors contributing to employee
vitality, such as office conditions, workplace appreciation, inclusive culture, and work-life balance.
Company-wide accreditations on people management by Investors in People
At Shurgard, the Investors in People (IiP) accreditation serves
not only as an external recognition of our people management
practices but also as a structured engagement mechanism with
our workforce. The assessment process includes a comprehensive employee survey, open to all employees
across the organization, which provides valuable insights into employee experience, engagement, and
satisfaction.
In 2022, we underwent our second IiP assessment and in 2023 were recognized as Silver Investors in People
organization. We are undergoing a further Investors in People accreditation, which is expected to be
completed in 2026. The employee surveys completed in Q4 2025 show that the employee engagement
remains strong, with approximately 70% response rate across the workforce.
Survey results highlight continued progress in managing performance, reflecting the increased focus on
performance management and regular one-to-one discussions. Despite a period of significant change,
including a major acquisition and the implementation of new technologies, the theme of delivering
continuous improvement continues to show an upward trend.
The IiP survey gives every employee a voice in shaping the workplace environment. Results are systematically
analyzed and benchmarked against international standards, highlighting both strengths and opportunities
for improvement. These findings are reviewed by senior leadership and directly inform decision-making in
areas such as employee development, well-being, diversity and inclusion, and workplace culture.
By integrating the outcomes of the IiP survey into our policies and initiatives, Shurgard ensures that employee
perspectives are embedded in our strategy. This process strengthens transparency and reinforces a culture
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of continuous improvement. Moreover, the IiP accreditation supports UN Sustainable Development Goal #8
– Decent Work and Economic Growth, demonstrating our commitment to fostering an engaged, motivated,
and resilient workforce.
Glassdoor
This is our year-round engagement channel, through which employees leave feedback at different stages
(before and after ending their contractual obligations with Shurgard) and it reflects our commitment to
employee happiness and engagement. As for 2025, our company continues to rank significantly above
average, with a 4.5/5 overall rating compared to the platform average of 3.7/5. Additionally, our CEO has a
96% approval rating, surpassing the average rating of 71%. These results demonstrate that our mission and
values resonate strongly with our employees, and our workplace culture supports their satisfaction and
loyalty.
Social dialogue
23% of employees are covered by workers’ representatives, and 15% by collective bargaining agreements.
We respect freedom of association and the right to collective bargaining in all jurisdictions. Employee
representatives are consulted on significant changes and health and safety topics, with engagement
occurring in line with local laws and practices.
Direct engagement
Regular meetings with line managers, store visits, and feedback sessions with district managers three times
per year ensure frequent two-way dialogue.
Summary of topics covered in engagement
Engagement activities focus on material impacts, risks, and opportunities identified through our double
materiality assessment. These include:
• Health, safety, and well-being: Safe working conditions, ergonomic homeworking, stress management,
workplace culture.
• Diversity, equity, and inclusion: Training, gender balance, non-discrimination, equal opportunities in
recruitment, promotion, and pay.
• Remuneration and mobility: Fair compensation, pay equity reviews, transparent career pathways,
internal promotions.
• Workforce development: Shurgard Academy, FranklinCovey "7 Habits" framework, 360° feedback, and
new digital learning methods.
• Company culture: Through the “Four Cultural Pillars” program, ensuring employees are engaged
around happiness, training, team spirit, and career perspective.
Integration into decision-making
Outcomes of workforce engagement are systematically analyzed by HR and leadership teams, with findings
reported to the Executive Committee and, where relevant, to the ESG Committee of the Board of Directors.
Feedback directly informs policy updates, workplace improvements, and resource allocations, ensuring
alignment with both employee expectations and Shurgard’s strategic goals.
Employees are regularly informed of engagement outcomes and subsequent actions via newsletters, intranet
updates, town halls, and team meetings. Examples in 2025 include the roll-out of stress management
workshops, teleworking and ergonomics training, and office space improvements following survey feedback.
The feedback we get through the employee engagement channels guide us to choose specific actions
described further in chapter 5.1.4.
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5.1.3 PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS FOR OWN WORKFORCE TO RAISE
CONCERNS (S1-3)
Our company provides multiple channels for employees to raise concerns or report negative impacts, including
confidential whistleblowing hotlines and open-door culture with line managers. Employees can also submit
complaints anonymously through our online grievance portal. The whistleblowing platform is accessible to
external stakeholders, including value chain workers, our clients and local communities.
In 2025, we registered one incident related to discrimination topics, including harassment, and three
complaints through the whistleblowing platform, among our own workforce. There were no fines, penalties,
or compensation for damages as a result of these incidents and complaints.
All concerns raised are reviewed by the HR department or the appropriate personnel. Depending on the nature
of the concern, investigations may be initiated, and outcomes are communicated back to the employee or
any external stakeholder (if contact information is provided). Regular reporting on grievances is conducted to
identify patterns and address systemic issues.
When negative impacts on employees are identified, Shurgard takes immediate steps to remediate the
situation. This may involve mediation, changes to workplace practices, or financial compensation where
appropriate. We are committed to ensuring fair and timely resolutions for all cases, including work-related
accidents.
We actively promote the availability of these channels through employee onboarding sessions, internal audit
reviews, regular internal communications, and our intranet, where details about grievance mechanisms are
accessible. Information about accessing our whistleblowing platform is available on our website.
REPORTING TO GOVERNANCE BODIES
The outcomes of reported concerns, along with trends and remediation measures, are periodically reviewed
and presented to the Executive Committee. These updates are included in internal reports and compliance
briefings presented to the said Committee to ensure oversight and informed decision-making. Significant
cases or systemic issues are escalated as necessary to the Audit Committee or the Board of Directors for
further review and action.
THE IMPACT OF OUR TRANSITION ON EMPLOYMENT
In line with our transition to reducing emissions, we have not observed significant workforce restructuring or
employment loss. However, we anticipate potential job role optimization in areas such as energy
management and sustainability compliance as we implement energy-efficient technologies across our
portfolio. We are integrating smart energy monitoring systems, solar panels and electric chargers, and our
employees will adapt to these operational improvements in due course.
5.1.4 TAKING ACTION ON MATERIAL IMPACTS ON OWN WORKFORCE, AND APPROACHES TO MANAGING
MATERIAL RISKS AND PURSUING MATERIAL OPPORTUNITIES RELATED TO OWN WORKFORCE, AND
EFFECTIVENESS OF THOSE ACTIONS (S1-4)
OUR ACTIONS
Training and development
Our ambition is to place the development of human capital at the center of our priorities by devoting attention
to the continuous improvement of skills and knowledge, and therefore to a continuous process of education
and learning. A comprehensive training offer is defined and updated every year, in line with Shurgard‘s
strategy, the Investors in People accreditation, and regulatory requirements. We support our managers and
business units in setting development priorities through specific training or on-the-job learning activities.
We believe the quality of customers’ interactions with our employees is critical to our long-term success.
Accordingly, we emphasize customer service and teamwork in our employee training programs. Each store
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employee is required to complete a training program which builds a foundation to assist our customers with
their storage needs. All new support center employees are also engaged in an extensive induction program
which lasts several weeks. We offer a continuous feedback program to help employees improve their
performance. We invest in a wide range of training to develop both professional skills as well as soft skills,
such as communication, problem-solving and time management.
We continue to invest in a wide range of training initiatives to
enhance both professional and soft skills, including
communication, problem-solving, and time management. To
further support organizational excellence, Shurgard’s employee
development program incorporates the "7 Habits of Highly
Effective People" framework by FranklinCovey.
The 7 Habits framework has become an integral part of our
employee development program. Through this program, our
employees have learned to cultivate habits that prioritize and
balance personal and professional goals. Teams routinely
engage in feedback sessions and 7 habits-themed lunches,
identifying areas for growth and implementing positive changes
in their everyday work and life.
To streamline various aspects of talent management and development, Shurgard uses a cloud-based talent
management platform. It allows us to establish a structured performance management process and manage
all training offered at Shurgard. It helps us to create better onboarding processes and follow-up of new hires
to make sure they are well integrated into the company from day one. The platform provides a central hub
for organizing and delivering training and development programs. It offers a learning management system
(LMS) that allows us to create, manage, and track training courses. Our employees can access training
materials, complete courses, and monitor their progress through the platform. On top of that, the platform
facilitates 360-degree feedback processes, where employees receive feedback from managers and
subordinates. To support the feedback process, we also have a 360-degree assessment for managers via the
FranklinCovey training platform.
Comprehensive feedback helps our employees gain insights into their strengths and areas for improvement,
enabling them to grow and develop in their roles.
Shurgard Academy
Since its launch in 2018, the Shurgard Academy has offered employees a
transparent career progression framework, from Junior Assistant Store
Manager to Senior Store Manager and District Trainer. This structured
approach empowers employees to develop professionally and grow their
careers within the organization. We combine the Shurgard Academy with
game-based learning.
Dynamic remuneration policy and fair compensation
In 2025, we conducted a comprehensive salary benchmarking survey for executive roles. Please see our
Remuneration Report for more details. Calibration meetings have been held for employees to ensure the
salaries match the market expectations and employee skills.
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Health and Safety
Shurgard takes a preventive and proactive approach to managing health and safety risks across both store
operations and corporate offices. Our actions are designed to build awareness, strengthen safe practices, and
foster a culture of accountability.
• For our operations employees, safety topics are incorporated into onboarding and continuous training.
Mandatory forklift training, store-specific safety briefings, and a health and safety questionnaire are
part of the annual learning plan.
• For support center employees, the focus is on ergonomics and office safety. In 2025, we expanded our
ergonomics training via the PlayIt platform and included a dedicated section in the Welcome Guide for
both the European Support Center (ESC) and store staff.
• Additional digital trainings, including burnout prevention and general H&S awareness, are also
available on PlayIt platform, ensuring accessibility and practical learning for all employees.
Employee well-being
At Shurgard, we prioritize the health, happiness, and productivity of our workforce. We believe that a thriving
workplace stems from the active engagement and well-being of our employees, supported by policies,
surveys, and initiatives tailored to their needs.
Our employee engagement tools (see chapter 5.4) provided us with a deeper understanding of the most
critical factors contributing to employee vitality, such as office conditions, workplace appreciation, inclusive
culture, and work-life balance. These assessments drive Shurgard to make tangible changes. In response to
feedback collected, we implemented several key initiatives that continued into 2025:
• Teleworking and ergonomics training: enhanced training to create comfortable and effective
homeworking environments.
• Office space improvements: noise reduction panels installed in the European Support Center in 2025.
• Physical well-being promotion: encouraging employees to use office bicycles during lunch breaks,
fostering activity and wellness (e.g., organizing padel and hockey tournaments).
• Mental well-being: employees can consult psychologists via our insurer’s assistance program. An
additional well-being training is provided, a five-day mental health challenge, and access to “Vitality
at Work” micro-learnings on ergonomics, stretching, and stress management.
• Social and team-building events: regular gatherings, including quarterly and annual corporate events,
team-building sessions, and recognition initiatives such as “Employee of the Month”.
• Promotion of trusted support: employees can confidentially reach out to an internal person of trust for
guidance or concerns.
DIVERSITY, EQUITY AND INCLUSION
In 2025, we launched a new Diversity, Equity and Inclusion training program to promote awareness and
inclusive behaviors across all functions. This training complements existing initiatives on fair recruitment and
equal opportunities and is embedded in our broader learning offer.
ENSURING OWN PRACTICES DO NOT CAUSE NEGATIVE IMPACTS
We continuously review procurement, HR, and operational practices to ensure they do not cause or contribute
to material negative impacts. For example:
• Recruitment and promotions are based on merit only, avoiding bias or unfair treatment.
• Compensation reviews are benchmarked to ensure fairness across roles and geographies.
• Procurement practices incorporate ESG clauses in supplier contracts, extending workforce protections
to indirect workers.
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131
TRACKING EFFECTIVENESS
The effectiveness of our actions is monitored through:
• Annual KPIs on engagement, training hours, well-being participation, and diversity.
• Targeted indicators such as participation in performance appraisals (98.1% in 2025), gender pay gap
(6.3%).
• Glassdoor engagement score (4.5/5).
• Tracking resolution and remediation outcomes for grievances and incidents.
• Regular reporting of progress to the Executive Committee and the ESG Committee of the Board.
RESOURCES ALLOCATED
Shurgard allocates dedicated human and financial resources to manage workforce-related impacts and
opportunities. This includes:
• Budgets for training: Shurgard Academy, Franklin Covey programs, Diversity, Equity and Inclusion
training, vitality micro-learnings.
• Funding for well-being initiatives: stress workshops, ergonomics, mental health first aid, social events.
• Dedicated HR and Learning and Development personnel.
• Funding for team building activities.
5.1.5 TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE IMPACTS,
AND MANAGING MATERIAL RISKS AND OPPORTUNITIES (S1-5)
Shurgard has established clear targets for Health and Safety, as well as career development topics, reflecting
the priority we place on protecting employees and customers. In 2025, we set the following targets:
• Annually, 0% injury rate among all employees.
• Annually, the percentage of total employees who received regular performance and career
development reviews during the reporting period >90%.
• In 2026, get accredited by Investors in People.
Progress against these targets is monitored quarterly and reported to the Executive Committee.
Targets for the material social matter under ESRS S1 are defined through an internal governance process led
by Human Resources and senior management. In setting these targets, Shurgard considered internal policies,
legal requirements, recognized good practice and workforce-related risks identified through ongoing
employee engagement. While the targets are not co-created with external stakeholders, relevant internal
stakeholders, including line management and employees, are involved through consultation and feedback
mechanisms.
The company engages directly with its workforce in tracking performance against these targets through
regular reporting, employee surveys, performance management processes and health and safety monitoring.
Results are reviewed by management on an ongoing basis and discussed with relevant teams. Feedback from
employees and insights from performance reviews, incident reporting and engagement surveys are used to
identify lessons learned and continuous improvements to policies, practices and implementation measures.
For other material workforce topics such as Diversity, Equity and Inclusion, fair remuneration, training and
employee engagement, we do not currently set formal, time-bound and quantified targets. Instead, we ensure
continuous improvement by tracking KPIs (see our metrics reported in the chapters below), benchmarking
performance, and adjusting our programs accordingly, while managing these areas through policies.
In defining and monitoring these targets, Shurgard engages with its workforce through existing engagement
channels rather than formal co-creation processes. Employee input is gathered through regular performance
and career development reviews, health and safety reporting, employee engagement surveys and ongoing
dialogue between employees and line management. Feedback received through these mechanisms is
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132
reviewed by management and used to assess the relevance of targets, identify areas for improvement and
inform adjustments to policies, practices and implementation measures.
5.1.6 METRICS RELATED TO OWN WORKFORCE
Methodological note
Employee data disclosed in this chapter are based on the headcount at year-end (December 31, 2025), while
cumulative annual data is used for certain disclosures (e.g., training hours, accidents). Own employees are all
individuals employed directly by Shurgard under a permanent or temporary contract, as registered in the
company’s HR system. Employee figures are consolidated at Group level. Information is drawn from
Shurgard’s centralized HR platform, supplemented by local HR records where necessary.
Characteristics of our employees (S1-6)
Shurgard’s workforce includes employees and non-employees impacted by its operations:
• Employees: store personnel, operational management and support function employees.
• Third-party workers: cleaning and maintenance staff from employment agencies.
• Self-employed and contractors: consultants.
Shurgard includes all materially impacted workers in its disclosures, considering risks from its operations,
value chain, and business relationships.
Employee head count by gender
2025 2024
Gender
Headcount % Headcount %
Male
498
58%
492
56%
Female
364 42%
391 44%
Total
862
100%
883
100%
Employee headcount by gender and country
2025
2024
Country
Male
%
Female
%
Total
Male
%
Female
%
Total
UK
146
57%
110
43%
256
158
55%
127
45%
285
Netherlands
80
60%
54
40%
134
72
56%
57
44%
129
France
95
60%
64
40%
159
96
57%
73
43%
169
Germany
64
68%
30
32%
94
56
64%
31
36%
87
Sweden
33
45%
40
55%
73
30
41%
43
59%
73
Belgium
22
61%
14
39%
36
21
58%
15
42%
36
ESC*
40
48%
44
52%
84
42
53%
37
47%
79
Denmark
14
88%
2
13%
16
14
78%
4
22%
18
Luxembourg
4
40%
6
60%
10
3
43%
4
57%
7
Total
498
58%
364
42%
862
492
56%
391
44%
883
*European Support Center, located in Belgium
SHURGARD ANNUAL REPORT 2025
133
Employee by contract type and gender
2025
Contract type
Male
%
Female
%
Total
Permanent employees
468
58%
345
42%
813
Temporary employees
30
61%
19
39%
49
Non-guaranteed hours employees
0
0%
0
0%
0
2024
Contract type
Male
%
Female
%
Total
Permanent employees
468
56%
369
44%
837
Temporary employees
24
52%
22
48%
46
Non-guaranteed hours employees
0
0%
0
0%
0
New hires and employee turnover
2025
2024
Indicator
Number
Rate, %
Number
Rate, %
New employee hires
248
29%
489
56%
Employee turnover
267
31%
321
36%
Collective bargaining, freedom of association and social dialogue (S1-8)
Shurgard supports freedom of association. As part of this, it respects the right of employees to join unions
and to be represented by representatives of these unions internally and externally in accordance with the
applicable national or local laws and practices.
GRI 2-30 / 407
As of December 31, 2025, Shurgard is not aware of any cases in which freedom of association or the right to
collective bargaining have been jeopardized or even breached. As of December 31, 2025, 15% of our
employees are covered by collective bargaining agreements.
% of total employees covered by collective bargaining agreements
All countries: 15%
% of employees within the EEA covered by Collective Bargaining Agreements in ea
country where we have significant employment (defined as at least 50 employe
representing at least 10% of the total workforce)
Belgium: 100%
France: 0%
Germany: 0%
Netherlands: 0%
Sweden: 0%
% of employees outside the EEA covered by Collective Bargaining Agreements in ea
country where we have significant employment (defined as at least 50 employe
representing at least 10% of the total workforce)
UK: 0%
As of December 31, 2025, 23% of our employees are covered by workers’ representatives.
% of total employees covered by workers’ representatives
All countries: 23%
% of employees within the EEA covered by workers’ representatives in each country whe
we have significant employment (defined as at least 50 employees, representing at lea
10% of the total workforce)
Belgium: 30%
France: 100%
Germany: 0%
Netherlands: 0%
Sweden: 0%
% of employees outside the EEA covered by workers’ representatives in each country
where we have significant employment (defined as at least 50 employees, representin
at least 10% of the total workforce)
UK: 0%
SHURGARD ANNUAL REPORT 2025
134
As of December 31, 2025, 31% of our employees are represented by an independent trade union.
% of total employees covered by an independent trade union All countries: 31%
% of employees within the EEA covered by workers’ representatives in each country
where we have significant employment (defined as at least 50 employees,
representing at least 10% of the total workforce)
Belgium: 30%
France: 100%
Germany: 0%
Netherlands: 0%
Sweden: 100%
% of employees outside the EEA covered by workers’ representatives in each country
where we have significant employment (defined as at least 50 employees,
representing at least 10% of the total workforce)
UK: 0%
In summary:
Collective Bargaining Coverage
Social dialogue
Coverage
Rate
Employees - EEA Employees - Non-EEA
Workplace representation
(EEA only)
for countries with >50 empl.
Representing >10% total
empl.
for countries with >50 empl.
Representing >10% total
empl.
for countries with >50
empl. representing >10%
total empl.
0-19%
France, Germany,
Netherlands, Sweden
United Kingdom Germany, Netherlands
20-39%
Belgium
40-59%
60-79%
80-100% Belgium
France, Sweden
There is no existing agreement with our employees for representation by a European Works Council (EWC), a
Societas Europaea (SE) Works Council, or a Societas Cooperativa Europaea (SCE) Works Council.
Diversity metrics (S1-9)
Diversity at the senior management level
2025
2024
Male
%
Female
%
Male
%
Female
%
Senior management
4
80%
1
20%
4
80%
1
20%
Distribution of employees by age group
2025
2024
Number
%
Number
%
under 30 years old
251
29%
265
30
30-50 years old
477
55%
485
55
over 50 years old
134
16%
133
15
Adequate wages (S1-10)
Based on our annual salary review process and benchmarking analysis, all our employees are paid an
adequate wage. For more details, please refer to the chapter 5.1.1, policy on “Dynamic remuneration and fair
compensation”.
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135
Training and skills development metrics (S1-13)
Performance review
2025
2024
% of total employees who received regular performance and
career development reviews during the reporting period
98% 98%
Proportion of male employees*
99%
98%
Proportion of female employees*
98%
97%
*Based on total headcount at year end
Training and skills development
2025 2024
Average hours of training undertaken by employees in the
reporting period (per employee)
31 57
Proportion of male employees*
31
57
Proportion of female employees*
31
57
*Based on total headcount at year end
Total training hours in 2025 exceeded 26,000 hours, covering induction training for new joiners, mandatory
safety training (first aid and fire), game-based learning, and external upskilling initiatives. Training hours
decreased compared to 2024, mainly due to lower hiring levels and the absence of large, one-off digital
upskilling programs completed in prior years, bringing training volumes back in line with business-as-usual
levels.
Training opportunities are provided consistently across the workforce. All new in-store employees complete
a structured training program during their first four months of employment, while European Support Center
employees follow a multi-week induction program. In 2025, 248 new employees completed induction training.
For more information, please refer to the information in our EPRA social performance measures, part
“Employee Training & Development”.
Health and safety metrics (S1-14)
2025
2024
% of workforce covered by health and safety management
system
76% 78%
Number of fatalities as a result of work-related
injuries and work-related ill health (own employees)
- -
Number of fatalities as a result of work-related
injuries and work-related ill health (value chain)
- -
Number of recordable work-related accidents 42 44
Rate of recordable work-related accidents 0.003% 0.004%
Shurgard has specific internal control and management systems to mitigate health and safety risks, including
technological solutions and a program of audit and assurance.
GRI 403-1/ 403-2
Shurgard is fully committed to providing safe storage facilities to our customers and our staff. Health and
safety criteria are regularly assessed in our properties to ensure that applicable health and safety rules are
respected. All the properties are audited with respect to health and safety criteria:
• By Internal Audit within a three-year cycle (more than one third of the properties are audited each
year);
• By the District managers three times per year (self-assessments).
SHURGARD ANNUAL REPORT 2025
136
The organization has identified one instance of non-compliance with regulations and/or voluntary codes.
GRI 416-1 / 416-2
Remuneration metrics (S1-16)
Gender pay gap
2025
2024
Gender pay gap, expressed as a percentage of the average pay level of male
employees
15% 16%
Incidents of discrimination, complaints and human rights violations (S1-17)
Incidents and complaints
2025
2024
Total number of incidents of discrimination, incl. harassment
1
2
Number of complaints filed through whistleblowing platform
3
6
Total amount of fines, penalties, and compensation for damages as a result of the
incidents and complaints disclosed above
-
-
The number of complaints filed through channels for people in own workforce to raise human rights concerns,
take into account reports from all of Shurgard’s reporting channels, including reports made to HR and Legal
departments, as well as managers.
Severe human rights incidents
2025
2024
Number of severe human rights incidents - -
Total amount of fines, penalties, and compensation for damages as a result of
the incidents and complaints disclosed above
- -
In 2025, no severe human rights incidents were reported, and no fines, penalties, or compensation related to
workforce human rights were incurred. Internal audits and stakeholder consultations confirmed effective
implementation of our workforce policies.
CEO to employee median pay ratio
2025
2024
Annual basic salary ratio of the CEO* to the median annual basic salary for
all employees (excl. CEO)
23 24
* Highest paid individual
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137
5.2 WORKERS IN THE VALUE CHAIN (S2)
1
RELEVANT MATERIAL MATTERS, IMPACTS, RISKS AND OPPORTUNITIES
Workers in Shurgard’s value chain include contracted maintenance and cleaning staff, construction workers,
and suppliers of construction materials and packaging. Potential risks identified include occupational safety,
fair wages, and labor rights in upstream supply chains. Opportunities exist to promote higher ESG standards,
mitigate risks of forced or child labor, and strengthen supplier relationships. Our strategy is to embed ESG
criteria into procurement and supplier engagement, thereby managing risks while creating value through
sustainable sourcing.
POLICIES, ACTIONS AND TARGETS
We commit to working with appointed partners, suppliers, and contractors to improve ESG performance
through our supply chain.
To drive positive changes and as part of our procurement process, we ask our suppliers strategic questions
and evaluate different options using a wide variety of criteria. Sustainable procurement means going beyond
price, quality, and value to also incorporate environmental, social, and governance considerations into our
supply-chain decisions and purchases. Our sustainable procurement strategy contributes to local
communities and, by buying locally, helps reduce negative environmental and health impacts, by notably
promoting high labor standards and local job creation.
As part of our sustainable procurement strategy, Shurgard:
• Considers environmental, social and governance matters when procuring products, services and
equipment;
• Provides employees and suppliers with knowledge and resources about sustainable procurement
principles;
• Proactively implements compliance provisions in contract templates;
• Reviews human rights, modern slavery and bribery risks throughout the supply chain through the ESG
questionnaire and due diligence processes.
Supplier Code of Conduct
We continually look for opportunities to increase the dialogue around, and improve understanding of,
sustainable sourcing both internally and externally. Strategies include addressing sustainability-specific
requirements in our standard procurement agreements. Within all our contracts we have clauses related to
human rights, as we intend to partner with suppliers who share the same values. Our Suppliers’ Code of
Conduct clarifies the guiding principles Shurgard applies to our suppliers to create a mutual understanding
of our core values. It is a commitment we make to our customers, employees, and investors to ensure
sustainable sourcing of services and aims to ensure that suppliers adhere to high standards of safe working
conditions, fair and respectful treatment of employees, and ethical and environmental practices. Suppliers’
obligations to acknowledge the Code of Conduct is a part of our current standard supplier contract templates.
Reducing risks in the value chain
We partner with suppliers who work on a contractual basis with us. Our operations are not inherently exposed
to significant risks of forced or child labor. However, we acknowledge potential risks in our supply chain,
particularly in the procurement of construction materials. To mitigate these risks, we require suppliers to
adhere to our Supplier Code of Conduct, which includes explicit prohibitions against forced and compulsory
labor, as well as child labor. Based on our due diligence and risk mapping, we have assessed the risk of forced
or compulsory labor in our current operations. This assessment considers The Global Slavery Index by Walk
1
Please note that in the current Sustainability statement, Shurgard is making use of the “Quick Fix” Delegated Regulation relieve
measures for this ESRS standard. For more details, please refer to section “Use of “Quick Fix” Delegated Regulation” under chapter 2.1.2.
SHURGARD ANNUAL REPORT 2025
138
Free to identify high-risk countries or regions. No countries or geographic areas where we operate have been
classified as high-risk based on these criteria. Our due diligence process and contractual documentation
include background checks of partners suppliers for any previous human rights violations or risks associated
with forced labor, child labor, or unsafe working conditions.
We conduct rigorous sample-based audits of our vendors and suppliers on a yearly basis, with a specific focus
on new development sites. These audits serve as a comprehensive evaluation of various aspects, ensuring
the well-being and compliance of supply chain employees with health and safety, as well as human rights
standards. Our audit process involves physical site inspections, document reviews, and an examination of the
working conditions for third-party employees. We go beyond confirming adherence to local laws and
standards and require all suppliers to adhere to the Shurgard Safety Charter, a robust framework that
regulates vital health and safety issues within the working environment.
Recognizing the importance of the well-being of our supply chain employees, we ensure that each new
worker or contractor undergoes thorough safety induction training for every construction site. This training,
which encompasses essential components such as the prevention and health plan and the general safety
plan, equips employees with the knowledge and awareness necessary to maintain a secure environment on
a construction site.
Moreover, we take a proactive approach to enforcing working procedures that support the rights and welfare
of all employees on site, e.g., identification and formal registration of all visitors and workers, verification of
legal papers. This also ensures that child labor is not involved on site.
Through these on-site checks and comprehensive audits, we not only fulfill our regulatory obligations but
also reinforce our dedication to maintaining an ethical and sustainable supply chain. By prioritizing the well-
being of employees in the supply chain, adhering to local standards and laws, and eliminating any potential
ethical concerns, we strive to create a supply chain that reflects our commitment to corporate responsibility
and sustainable business practices.
Engagement with value chain workers
We engage with value chain entities to develop corrective action plans, such as ensuring timely resolution of
labor grievances raised by subcontractors. In 2025, no actual negative impact has been identified. We are
committed to fostering positive impacts on value chain workers by improving existing processes.
Currently, we track our engagement effectiveness with value chain workers by getting insights from key
performance indicators (KPIs), such as feedback from audits. We ensure effective remedy processes by
maintaining grievance mechanisms accessible to value chain workers and tracking resolution outcomes when
issues are raised.
Human rights incidents in the value chain
No severe human rights issues or incidents have been reported in our upstream or downstream value chain.
Allocated resources include dedicated budgets for supplier audits and grievance mechanisms.
Targets
Our key target is:
• Annually, at least 1/3 of our portfolio is audited for health and safety, ethics and compliance, including
with regards to working conditions of value chain workers.
METRICS
• In 2025, we surveyed more than 60 critical suppliers on their ESG practices to evaluate ESG risks in
the supply chain.
• Annual audits of new development sites include occupational safety and human rights controls.
• The number of fatalities as a result of work-related injuries and work-related ill health for value chain
workers (e.g. during construction, renovation) is zero.
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139
5.3 AFFECTED COMMUNITIES (S3)
1
At Shurgard, to help enable meaningful action, we define community as our immediate neighbors and those
in the local catchment areas surrounding our stores. We support and empower our community partners by
focusing on building positive and lasting relationships and maintaining a sustainable operation. We believe
that having an open and transparent dialogue with our local communities enables us to create a harmonious
environment for our neighbors, customers, and employees alike.
All our stores have time and financial budgets to provide in-kind support and sponsorship to our community
partners and during this financial year they have continued to utilize these budgets to make a positive
contribution.
The effectiveness of our community engagement is continuously reviewed and adjusted to ensure that we
sufficiently address community interests and opportunities
. Our Community and Charity Policy outlines the
scope of engagement between Shurgard and several initiatives we are supporting.
GRI 413-1
OUR CHARITY SUPPORT
We have a charity partnership with Le Rire Médecin,
a leading association in France working with clowns
entertaining children in hospitals. Shurgard
provides free storage space at three of our stores in
the Paris region, and many our staff participated in
a fundraising flea market event across the country
during the Christmas period. In addition, Shurgard
France continues to support this association
financially. In 2025, Shurgard employees in France
participated in the Course des Lumières in Paris on
November 15, 2025, a symbolic event that unites
thousands of participants in lighting up the night
against cancer. While the run itself supports cancer
research through Institut Curie, our OPS and Facility
Management teams chose to dedicate their 10 km effort to Le Rire Médecin. In addition to their participation,
the team donated €800 in registration fees to support the charity’s work.
We also have a charity partnership with Stichting
Babyspullen, a leading foundation in the Netherlands
providing free baby
essentials to low-
income parents and
parents-to-be.
Shurgard serves as a
collection point for
the foundation by
placing donation
containers at
selected self-storage
locations across the
1
Please note that this chapter represents voluntary non-ESRS-based disclosures as this is not a material topic for Shurgard, considering
the outcome of our materiality assessment.
Our Dutch
employees participated in
the Dam tot Dam Evening Run.
Shurgard France District, Store and Assistant Store
managers participating to the “Course des Lumières” in
Paris on November 15, 2025.
Shurgard employees in Sweden and
Danmark cycled for 12 hours
SHURGARD ANNUAL REPORT 2025
140
Netherlands. Shurgard provides free storage space for Stichting Babyspullen at 20 of our locations in the
Netherlands. In 2025, Shurgard Nederland employees participated in the Dam tot Dam Evening Run, a five-
mile charity race held in Amsterdam, raising both awareness and funds for the Stichting Babyspullen
foundation. Our Dutch District teams and Support Center employees raised money to support the
organization’s mission.
Shurgard’s UK charity partner is the
Mayor’s Fund for London, an
independent social mobility charity
helping young Londoners from low-
income backgrounds prepare for the
world of work. In 2025, our UK team
delivered a successful workshop at
Ark Putney Academy, where
volunteers conducted one-on-one
mock interviews with students. Each
session allowed young people to
practice presenting their CVs,
respond to interview questions, and receive tailored feedback to build their confidence and skills. Students
described the experience as “helpful,” “supportive,” and “trust-building,” highlighting the value of
constructive guidance in preparing for real job opportunities. This initiative is part of the Fund’s Access
Aspiration programme, which focuses on wellbeing, skills, and employment for young adults. Alongside mock
interviews, our UK colleagues also support CV writing workshops,
career development sessions, and fundraising activities across
Shurgard locations to further strengthen the programme’s reach.
As of August, 2025, Shurgard UK partnered with Teenage Cancer
Trust. Throughout the year, several fundraising initiatives were
organised in support of the Teenage Cancer Trust, including a
Christmas Jumper Day and a UK Store Managers’ walk for the cause.
These activities engaged employees across the business and raised
funds for the charity, demonstrating ongoing commitment to
supporting young people affected by cancer.
In 2025, our Scandinavian teams in Sweden and Denmark have
shown how small actions can add up to a big impact. In March,
colleagues joined Spin of Hope, the Nordic region’s largest spinning event, raising more than €300,000 for
Team Rynkeby, a Nordic charity cycling team raising money for organizations that support children with
critical diseases across Europe. Cycling side by side for hours, employees described the experience as
“amazing”
and
“a moment of pride”
, highlighting both the impact for families affected by cancer and the
strengthened team spirit within Shurgard. In 2025, 36 of our employees undertook spinning sessions to
support the cause and cycled for 12 hours straight. Team Rynkeby donated €9.7 million to organizations that
help children with critical illnesses in 2025 and Shurgard is proud to have contributed to this goal.
Alongside this, our stores launched a bottle and can deposit competition between April and June, with staff,
customers, local restaurants, and companies joining forces. The collection continued throughout the rest of
the year, contributing to the end year goal of charity contributions.
UK District Managers facilitating the workshop at Ark Putney Academy.
SHURGARD ANNUAL REPORT 2025
141
We support Off Road Kids, a German non-profit organization that runs a street social work system to prevent
homeless young people from becoming street children. We provide free
storage space for this charity at five of our stores in Germany.
In 2025, Shurgard Belgium launched a new charity partnership with
Run&Wheels, a non-profit organization dedicated to promoting
inclusive sports for children with motor disabilities. Run&Wheels has
spent over a decade creating opportunities for children to experience
the joy of sports, foster social interaction, and raise awareness of the
importance of inclusion. Our first collaboration took place at The Pico’s
Cup, an adapted sports day for children with motor disabilities. The
2025 edition welcomed around 500 participants from Europe and
beyond, who participated in workshops ranging from athletics and rugby
to yoga, boccia, and judo, before joining an adapted football tournament.
For the third year in a row, the European Support Center (ESC) organized a charity bake-off where employees
donated money for the pies and pastries deliciously prepared by their colleagues
. The money gathered from
the sale of baked products were donated to
"De Warmste Week" a Belgian initiative that supports various
charitable projects aimed at fostering solidarity and assisting vulnerable groups in society.
Through initiatives like this, Shurgard fosters a sense of community and shared purpose among employees
while contributing to meaningful causes.
PHILANTHROPIC CONTRIBUTIONS
For 2025, we have estimated the total monetary value (at cost) of Shurgard's corporate
citizenship/philanthropic contributions in cash, time and in-kind donations. 100% of our corporate
citizenship and/or philanthropic activities are comprised of charitable donations, and a breakdown is
provided in the table below:
Philanthropic contributions
Type of contribution (in €)
2025
2024
Cash contributions
14,943
21,233
Time: employee volunteering during paid working hours
9,844
20,070
In-kind giving: product or service donations, projects/partnerships or similar
135,781
115,538
Total charitable contributions
160, 568
156,841
5.4 CONSUMERS AND END-USERS (S4)
1
RELEVANT MATERIAL MATTERS, IMPACTS, RISKS AND OPPORTUNITIES
Customer experience and trust are material to Shurgard’s long-term success. Impacts include the health,
safety, and privacy of our customers, with risks relating to data protection breaches or insufficient safety
measures. Opportunities exist to differentiate through best-in-class service, robust security, and transparent
customer practices.
1
Please note that in the current Sustainability statement, Shurgard is making use of the “Quick Fix” Delegated Regulation relieve
measures for this ESRS standard. For more details, please refer to section “Use of “Quick Fix” Delegated Regulation” under chapter 2.1.2.
Our Scandinavian stores competed
to see who could collect the most
SHURGARD ANNUAL REPORT 2025
142
POLICIES, ACTIONS AND TARGETS
Our Customer Service Policy commits to high standards of service, transparency, and fairness. Policies also
cover customer privacy and health and safety. A cross-functional Security Committee monitors cybersecurity
and data protection, reporting bi-monthly to the Board. Security policies cover firewalls, encryption, and 24/7
monitoring, following the KYC rules, protecting sensitive customer data, alongside mandatory staff training.
Health and safety controls are embedded in store design, operations, and insurance coverage.
Actions include annual customer satisfaction surveys, Google Reviews and Trustpilot reviews, regular security
audits, customer privacy training for staff, and ongoing upgrades of physical security infrastructure. Since
2024, we have operated technology for enhanced customer security systems.
Customer service policy
Delivering excellent customer service is central to the Shurgard ethos and we view it as a key competitive
advantage. We are committed to understanding our customers’ needs, providing tailored storage solutions
and delivering on our brand promise.
Our policies and procedures are designed to protect the health, safety, and privacy of our customers. We
monitor and assess these programs which are updated regularly based on our learnings.
Shurgard proactively manages customer-related operational risks through the following actions:
• Customer data protection and security: implementing robust cybersecurity measures and data
protection protocols to safeguard customer information.
• Service quality and customer experience: regular customer satisfaction surveys (incl. annual
customer satisfaction surveys) and service improvements to maintain high standards in security,
accessibility, and convenience.
• Transparent pricing and fair practices: ensuring clear communication of pricing, contract terms, and
policies to prevent customer disputes.
Effectiveness is monitored through:
• Customer satisfaction metrics and feedback (e.g., Net Promoter Score, move-in and move-out
surveys).
• Compliance with data protection regulations (e.g., audits).
• Customer feedback analysis and trends (e.g., volume and nature of complaints).
Data protection
Please refer to section 6.2.3 Data and Cyber Security covering material impacts, risks and opportunities related
to data protection of our customers.
Customer Safety and Service Reliability
Customer safety is a material topic for Shurgard, reflecting our responsibility to provide secure and reliable
storage solutions. Shurgard has a structured framework in place to ensure that our facilities are safe, well-
maintained, and meet the expectations of our customers.
Responsibility for customer and service safety lies with our Operations leadership, supported by store teams
across all markets. We conduct regular risk assessments covering fire safety, access control, structural
resilience, and customer interaction risks. Preventive measures include:
• strategically placed digital CCTV camera;
• alarms monitored by an external security team;
• sensor lighting;
• perimeter fencing;
• PIN coded electronic gates and phone app-only access since end 2025;
• individual storage units with specifically designed secure locks.
SHURGARD ANNUAL REPORT 2025
143
On top of these security measures, we also make sure all our stores are fully insured for such things as natural
disasters, and our customers are all insured for stored items against loss or damage.
All employees receive training on safety practices and emergency response, with refresher training provided
annually. We also carry out regular fire drills and emergency simulations to ensure readiness. In 2025, our
Internal Audit team reviewed over one-third of our properties, while District Managers performed three safety
self-assessments at each store.
We maintain a clear incident reporting and corrective action process. Reported issues are logged, investigated,
and addressed promptly, with escalation to the Executive Committee if required. In 2025, no severe incidents
relating to customer safety were recorded.
Shurgard’s objective is to prevent severe safety incidents and continuously improve customer safety
outcomes. Performance is monitored through internal audits, customer feedback, and safety-related KPIs.
Therefore, our targets are focused on:
• Annually, 100% protection coverage for all customer data under GDPR-compliant processes.
• Annual revision of upgrades for customer safety and security at stores.
METRICS
• We received 20,462 Google reviews, with an overall 4.8/5 rating (c. 90% 5-star), collated from over
413 reviews per property.
• Trustpilot rating: 4.6/5 across more than 27,000 reviews.
• We conducted a structured customer satisfaction and loyalty survey, using recognized market
methodologies, to monitor customer experience and inform service improvements. Internal move-
in and move-out surveys.
• 100% of properties equipped with cameras, monitored alarms, fencing and PIN coded gates.
• 40% of properties were subject to internal audit assessment of health and safety measures.
• Zero severe data breaches recorded in 2025.
6. GOVERNANCE INFORMATION (G1)
GOVERNANCE-RELATED IMPACTS, RISKS AND OPPORTUNITIES (ESRS 2, SBM-3, IRO-2)
Please refer to section 2.4.2 of this Sustainability statement.
6.1 THE ROLE OF THE ADMINISTRATIVE, SUPERVISORY AND MANAGEMENT BODIES (ESRS 2 GOV-1)
The governing bodies of our Company are the Board of Directors and the General Shareholders’ Meeting. The
Board of Directors, together with the Senior Management, manages the Company in accordance with
applicable laws
MANAGEMENT AND SUPERVISION OF THE COMPANY
The management and supervision of Shurgard comprises a Board of Directors which is the body responsible
for Shurgard’s Senior Management, supervision, and control. To support the Board, there are three main
committees: the Audit Committee, the ESG Committee and the Real Estate Investment Committee.
Board of Directors
9 members
Audit committee
4 members
ESG Committee
4 members
Real Estate Investment Committee
4 members
The Board of Directors can amend or rescind the powers delegated to each of the Committees and amend
the internal rules and regulations to which the Committee is subject.
SHURGARD ANNUAL REPORT 2025
144
Having robust governance bodies is a priority for Shurgard. A diversity of profiles is required among the
members of its collegiate bodies. Thus, the collective expertise of each of them contributes to the
implementation, management, and supervision of all business activities. The Board of Directors provides
guidance, direction, and oversight to advance the interests of Shurgard and our stakeholders.
Shurgard is committed to respecting the rules of governance. To this end, it established transparent financial
reporting and effective internal controls. It is organized in such a way as to promote a strong culture of
awareness of compliance, business ethics and risk management.
GRI 2-14 / 2-9
BOARD OF DIRECTORS
Board of Directors
9 members
Independence
67%
Nationality
6
Gender diversity
56%*
Meetings
4
Attendance
100%
* The Board of Directors is made up of nine members, four men (44%) and five women (56%).
According to our Articles of Incorporation, the Directors are appointed by the General Shareholders’ Meeting
for a one-year term. The General Shareholders’ Meeting also determines the number of Directors and their
remuneration. The Directors are eligible for reelection, and they can be removed at any time by the General
Shareholders’ Meeting, with or without cause. If the Board has a vacancy, the remaining Directors have the
right to appoint a replacement before the next General Shareholders’ Meeting.
The Board of Directors is currently composed of nine members - one Executive Director and eight Non-
Executive Directors. We consider the majority (six) of the members of our Board of Directors to be
independent. At the Annual General Shareholders’ Meeting of May 14, 2025, eight members of the Board were
re-appointed. Frank Fiskers stepped down from his role of director, while Candace Krol (previously appointed
in November 2024) was re-appointed in his replacement. At the same Annual General Meeting of
Shareholders, Charley Webb was proposed as a new Director, in replacement of Muriel De Lathouwer, who
stepped down from her role of director.
There are no employee representatives present on the Board of Directors.
SHURGARD ANNUAL REPORT 2025
145
Responsibilities
The Board of Directors retains sole responsibility for the following matters:
Topics
Responsibilities
Corporate
g
overnance
• Convene the general meeting of shareholders of the Company;
• Establish the internal regulations of governance of the Company;
• Elect the members of the Audit Committee, the ESG Committee and the Real
Estate Investment Committee;
• Appoint and remove the Chief Executive Officer of the Company;
• Delegate the day-to-day management of the Company to the Chief Executive
Officer;
• Appoint and remove the other executive Board members when their
appointment or removal is proposed by the Chief Executive Officer.
Strategy and
policies
•
Approve the overall Company strategy;
• Approve the Sustainability strategy of the Company;
• Approve the Diversity, Equity and Inclusion policy.
Financial
information,
budget,
investments and
pensions schemes.
• Approve the annual overall Company budget;
• Approve the annual balance sheet and profit and loss accounts and propose
the allocation of the annual profits;
• Approve any acquisition or disposal of assets, properties or subsidiaries worth
more than €50 million;
• Decide on a Company basis on the introduction or major amendments of
pension schemes, share option schemes, participation of employees in
profits, or similarly important labor related schemes.
Meetings
According to their internal rules and regulations, each of the Committees convenes at appropriate times and
whenever required. The meetings are called by the Chairperson or by two members acting jointly. The
meetings of the Committees are held at the place indicated on the convening notice; or via an online secured
videoconference system due to certain circumstances and as authorized by the law. Except in urgent cases
or with the prior consent of all the Directors, at least 48 hours’ written notice must be given for Board and
committee meetings. This notice can be waived if each member of the Committee provides documented
consent. Meetings previously scheduled by the Committees do not require separate notice. Members of the
committees can participate in a meeting remotely by conference call or videoconference. Remote
participation is equivalent to a physical presence at the meeting. At least half of the Committee members
present or represented at a Committee meeting constitute a quorum, and resolutions are adopted by a simple
majority vote of the Committee members present or represented. In the case of a tie, the resolution will not
be approved. The Committees provide periodic reports to the Board of Directors, which retains ultimate
responsibility, and assesses their own effectiveness annually.
The Board of Directors meets as often as the interests of the Company require and at least four times a year.
The meetings are called by the Chairperson of the Board.
The Chairperson prepares the agenda of the Board meetings after consultation with the Chief Executive
Officer.
The Chairperson presides at meetings of the Board. If they are absent the Board can vote by majority to
appoint another Director as Chairperson for the relevant meeting. At least half of the Directors must be
present at the meeting for any deliberation and voting to be valid. No Directors can be represented by another
Director at any meeting of the Board.
SHURGARD ANNUAL REPORT 2025
146
The convening notice provides details of the day, time, and place of the Board meetings. The Board and its
Committee meetings are conducted in English and can be held remotely (e.g., by video or telephone
conference). In these circumstances, the connection must be uninterrupted, all members taking part in the
meeting must be identified, and they must be able to communicate with each other on a continuous basis.
During the financial year 2025, the Board of Directors held four meetings. All members of the Board were
present at these meetings.
GRI 2-10 / 2-11
Directorships and Shurgard shares held by Board members
As of December 31, 2025, our Board members held directorship mandates in the following companies:
As of December 31, 2025, the members of the Board of Directors owned 182,823 shares or 0.18% of the total
share capital of the Company.
Independence
Six of the Non-Executive directors – Ian Marcus (Chairman), Lorna Brown, Paula Hay-Plumb,
Padraig McCarthy, Charley Webb and Candace Krol – are independent of management and other outside
interests that might interfere with the exercise of their independent judgement. We define an “independent
Board member” as a member who:
• is not an executive or managing director of the Company or an associated company;
• is not an employee of the Company or an associated company;
• does not receive significant additional remuneration from the Company or an associated company
apart from a fee received as Non-Executive Director;
1
In addition to being a director in the Company, Marc Oursin is also a director in Shurgard Luxembourg S.à r.l., Shurgard Holding
Luxembourg S.à r.l., Shurgard France SAS, Shurgard Nederland B.V., Shurgard UK Ltd, Shurgard Sweden AB, Shurgard Germany GmbH,
First Shurgard Deutschland GmbH, Second Shurgard Deutschland GmbH, Shurgard Europe VOF/SNC, and Shurgard Denmark ApS.
Name Mandates
Shurgard shares
owned
Ian Marcus
Town Centre Securities plc, Anschutz Entertainment,
Work-Life, Elysian Residences, the Wharton Business
School Real Estate Faculty, Eastdil Secured LLP, Redevco
NV, Cambridge Land Economy Dept Advisory Board, Green
Mountain Global
2,635
Marc Oursin
1
CAG23 Capital 175,302
Z. Jamie Behar
Armour Residential REIT, Inc., Sila Realty Trust, Benefit
Street Partners Multifamily Trust
1,960
Padraig McCarthy Eutelsat Communications 2,066
Tom Boyle None 0
Lorna Brown
BREC 1 UK Limited, Birchwood Real Estate Capital UK
Limited, Birchwood Real Estate Capital Limited, BREC Fund
I Jersey Limited, BREC Fund I CIP GP Limited
0
Paula Hay-Plumb
Calthorpe Estates, Oenoke Settlement, Mineworkers’
Pension Scheme, Michelmersh Brick Holdings plc
860
Candace N. Krol None 0
Charley Webb None 0
SHURGARD ANNUAL REPORT 2025
147
• does not have an employee, contractual or managerial relationship with, is not an agent of, nor has a
financial interest in or receives compensation from, the controlling shareholder(s) (i.e., a strategic
shareholder with a 10% or larger holding);
• has no significant business relationship with the Company. Business relationships include significant
suppliers of goods or services (including financial, legal, advisory or consulting services), a significant
customer and organizations that receive significant contributions from the Company or Group;
• is not a partner or employee of the external auditor of the Company or an associated company;
• is not an executive or managing director in another company in which an executive or managing
director of the Company is a non-executive or supervisory director, and does not have other significant
links with executive directors of the Company through involvement in other companies or bodies; and
• is not a close family member of an executive or managing director, or of persons in the situations
referred to in points above.
Skills matrix
Shurgard is committed to achieving a high level of diversity at all levels in qualities such as age, gender, race,
ethnicity, geography, sexual orientation, gender identity and diverse background. The commitment to
diversity also extends to the Company’s Board. Our Board reflects diverse perspectives, including a
complementary mix of skills, experience, and backgrounds, which we believe is paramount to the Company’s
ability to represent the interest of all shareholders. To enhance the self-storage and corporate governance
skills of the members of the Board, ongoing training is provided by the Company.
GRI 405-1
Board member
Management
Finance
Environmental
and Social
Real Estate
Risk
m
anagement
and
c
ompliance
Digital, IT
and
t
echnology
Retail
and
c
onsumer
goods
Ian Marcus
Independent Chairman
Marc Oursin
Executive Director/CEO
Z. Jamie Behar
Director
Padraig McCarthy
Independent Director
Tom Boyle
Director
Lorna Brown
Independent Director
Paula
Hay-Plumb
Independent Director
Candace
Krol
Independent Director
Charley Webb
Independent Director
SHURGARD ANNUAL REPORT 2025
148
Directors’ biographies
Mr. Ian Marcus is a member of Redevco’s Advisory Board and a Non-Executive Director for Town Centre
Securities Plc. He was appointed as a Senior Consultant to Eastdil Secured in 2013. He is also a Trustee of the
Saracens Multi Academy Trust, a Senior Advisor to Work Life and Elysian
Residences. He chaired the Princes Regeneration Trust for 11 years and was a
Trustee of the Princes Foundation for 4 years. He has been a Board member of
Shurgard since 2018 and has become its independent Chair in 2023.
Formerly Mr. Marcus was in the banking industry for over 32 years having
previously worked for Bank of America, UBS, NatWest and Bankers
Trust/Deutsche, always focusing on the real estate industry. He joined Credit
Suisse First Boston in 1999 to establish the Real Estate Group and became
Managing Director and Chairman of the European Real Estate Investment
Banking.
Mr. Marcus is a former Crown Estate Commissioner, a past President of the British Property Federation, past
Chairman of the Investment Property Forum, Past President of the Cambridge University Land Society, a
Fellow of the RICS and for 10 years chaired the Bank of England Commercial Property Forum.
Mr. Marcus graduated from the University of Cambridge in 1981 with a degree in Land Economy. Mr. Marcus
was made an Officer of the Order of the British Empire in HM Queen’s 2020 Birthday Honours List.
Before joining Shurgard in January 2012 as Chief Executive Officer, Mr. Marc Oursin held different executive
positions for several major retailers. In 2010 and 2011, Mr. Oursin managed the
turnaround of Sport 2000 in France with the Private Equity firm Activa Capital.
He started his professional career working at Promodes from 1987 to 1995 in
France and Switzerland. He then joined Carrefour, working at the French retail
giant from 1995 until 2009 in leadership and CEO roles in France, Thailand,
South Korea, Taiwan and Belgium. His experience in leading the development
and reorganization of major business to consumer industries is a cornerstone
of the current strong management of Shurgard. He has also served abroad on
the Boards of various French chambers of commerce.
Mr. Oursin holds an MBA from Essec Business School Paris and a Master’s
degree in Agricultural and Food Industries Engineering from AgroParisTech.
From 2005 to 2015, Ms. Z. Jamie Behar was Managing Director, Real Estate
& Alternative Investments, for GM Investment Management Corporation
(GMIMCo), having previously served as Portfolio Manager at the company for
19 years. Ms. Behar was responsible for the management of approximately
$12 billion at peak portfolio value of primarily private market and publicly
traded real estate on behalf of both General Motors Company and other
unaffiliated clients. She has served on numerous Boards within the real
estate sector, and she brings this investment, real estate and financial
expertise to the Shurgard Board.
Ms. Behar currently serves on the boards of Armour Residential REIT (NYSE:
ARR), Sila Realty Trust (NYSE: SILA) and Benefit Street Partners Multifamily
Trust, an open-end private real estate fund. She also serves as an Independent Member of the CBRE
Investment Management - Indirect Investment Committee. Ms. Behar is a member of the Real Estate
Ian Marcus
Independent Chairman
since 2023
Marc Oursin
CEO since 2012
Z. Jamie Behar
Director since 2018
SHURGARD ANNUAL REPORT 2025
149
Investment Advisory Council of the National Association of Real Estate Investment Trusts (Nareit) and serves
as an advisor to the Investment Committee of the Board of the non-profit Guiding Eyes For The Blind.
Ms. Behar previously served on the Boards of Sunstone Hotel Investors, Inc., Gramercy Property Trust, Forest
City Realty Trust, Desarrolladora Homex, SAB de CV and Hospitality Europe, B.V., as well as on the Board of
the Pension Real Estate Association (PREA), having held the position of Board Chair of PREA from March 2010
to March 2011.
Ms. Behar holds a B.S in Economics (magna cum laude) from The Wharton School, University of Pennsylvania,
an M.B.A. from Columbia University Graduate School of Business, and the Chartered Financial Analyst (CFA)
designation. In December 2018, Ms. Behar was the recipient of Nareit’s E. Lawrence Miller Industry
Achievement Award for her contributions to the REIT industry.
Mr. Tom Boyle is Chief Financial Officer and Chief Investment Officer of Public
Storage. He is responsible for capital allocation including development,
acquisitions, asset management and third-party management as well as
leading finance and accounting, revenue management and risk management
including the storage insurance program.
Mr. Boyle has experience building and leading teams and has worked closely
with Public Storage’s executive leadership since his arrival in 2016. He was
also instrumental in diversifying the company’s capital structure beginning
with the company’s inaugural public bond offering in 2017. From 2005-2016,
Mr. Boyle held various positions at Morgan Stanley. In his last role, Mr. Boyle
was Executive Director, Equity and Debt Capital Markets. In that role, he led a capital markets team for equity
and debt financing for US real estate lodging and gaming companies.
Mr. Boyle holds a Bachelor of Arts in Economics from the University of Notre Dame.
Mrs. Lorna Brown is an established real estate professional with extensive
experience investing in real estate debt and equity, gained during a 26-year
career spanning a number of major financial institutions and asset managers.
In 2022, she assumed the role of Chief Executive Officer of Birchwood Real
Estate Capital, a newly established commercial real estate investment
manager with cornerstone capital provided by a large US insurer.
Mrs. Brown's diverse career has seen her hold senior positions at a range of
real estate investment firms including at UK-based real estate management
and advisory firm Delancey, where she was Head of Capital Markets and
managed direct real estate investment and debt sourcing for a £4bn UK real
estate fund and established their first debt fund. Prior to this role, Mrs. Brown
was Head of Real Estate Debt at Legal and General Investment Management and held Managing Director
positions at Blackstone Real Estate and The Royal Bank of Scotland.
She holds a master’s degree in Land Economy from the University of Aberdeen, and an Honors degree in
Environmental Planning from the University of Strathclyde and is a fellow of the Royal Institution of Chartered
Surveyors.
Tom Boyle
Director since 2023
Lorna Brown
Independent Director
since 2023
SHURGARD ANNUAL REPORT 2025
150
Mrs. Krol is an established human resources executive with over 30 years of
experience in global public and private companies. Her areas of expertise
include executive compensation, leadership development, succession planning
as well as talent acquisition and retention.
Mrs. Krol joined Public Storage in 2005 and led the human resources function
as Senior Vice President and then Chief Human Resources Officer until her
retirement in 2017. She played a key role in recruiting and developing
executives for Public Storage and Shurgard and creating leadership
development and succession planning programs. Mrs. Krol worked closely with
the executive team and board to ensure the compensation philosophy and
plans were designed to attract, motivate and retain the best talent while
aligning with shareholders’ interests.
From 1985 to 2005, Mrs. Krol served in a variety of roles at Parsons Corporation, a global defense and
infrastructure firm. She was selected to participate in a leadership fast track program that enabled her to
gain experience in project controls, operations, acquisition integration, business development and human
resources. Mrs. Krol then served as Vice President of Human Resources for the largest global business unit
from 2000 until her departure in 2005.
Mrs. Krol holds a Masters Degree in Organizational Management and a Bachelor’s Degree in Business
Management. She is an avid supporter of animal advocacy and enjoys attending workshops and volunteering
at the Best Friends Sanctuary in Utah.
Mr. Padraig McCarthy is currently a Senior Advisor and Partner in NewSpace
Capital, a growth stage private equity firm serving the space industry, which he
joined in 2018 and where he also previously served as Chief Financial Officer.
Prior to this he served in various financial and business leadership positions
during his 23-year tenure at SES, a global satellite operator, including Chief
Financial Officer of SES Astra from 2002 to 2011 and of SES from 2013 to 2018.
His extensive experience as a global senior finance and business leader is
brought to bear in his role on Shurgard’s Board. He also serves as an
Independent Director on the Board of the global satellite operator, Eutelsat
Communications where he chairs the Audit and Risk Committee and has also
previously served on various Boards within the space and satellite sector including in the NewSpace Capital
structure.
He has been on the Board of SES Astra, a subsidiary of SES, since 2013, relinquishing his executive role in
2018. From 2013 until 2018, Mr. McCarthy also chaired the Board of SES Insurance International, SES Insurance
International Re, SES's insurance companies, and has served on various other Board roles with SES for wholly
and non-wholly-owned entities. Prior to joining SES, Mr. McCarthy was Financial Director for Europe at Norton
S.A.
Mr. McCarthy holds an Honors Bachelor of Commerce from University College Cork. He is a Fellow of the Irish
Institute of Chartered Accountants and pursued advanced management programs at Babson College U.S.A.
and INSEAD.
Candace Krol
Independent Director
since 2024
Padraig McCarthy
Independent Director
since 2018
SHURGARD ANNUAL REPORT 2025
151
Mrs. Paula Hay-Plumb is an experienced board member and audit Committee
chair in the private and public sectors. She served as a non-executive board
member of The Crown Estate, a £16 billion UK real estate business, from 2015
to 2022. She is a trustee of Calthorpe Estates, The Oenoke Settlement and the
Mineworkers’ Pension Scheme, as well as the senior independent director at
Michelmersh Brick Holdings plc. Other recent non-executive appointments have
included Aberforth Smaller Companies Trust plc, Hyde Housing Association and
the Oxford University Hospitals NHS Foundation Trust.
Mrs. Hay-Plumb’s extensive executive experience includes her role on the board
of English Partnerships, the national regeneration agency, between 1994 and
2002, latterly as Chief Executive, and Corporate Finance and Group Reporting
Director at Marks and Spencer plc. She brings sector-specific experience along with wide-ranging governance,
audit and risk management expertise to Shurgard’s board.
Her experience in stakeholder engagement, corporate finance, major project delivery and pensions and
investment management enhances the board and strengthens governance. A chartered accountant, Mrs. Hay-
Plumb is also a Fellow of the Association of Corporate Treasurers. Mrs. Hay-Plumb was made an Officer of
the Order of the British Empire in HM King’s 2023 Birthday Honours List.
Mrs. Charley Webb is a seasoned customer strategy and brand manager with
more than 20 years of experience driving growth and transformation across
diverse industries.
She is currently Chief Marketing & Operations Officer at Sonar, a software
company focused on continuous code quality and security, where she is
responsible for shaping the company's strategic direction and enhancing its
brand presence. Before joining Sonar, Mrs. Webb served as Chief Customer
officer at Bumble where she was tasked with creating a central customer
function, preparing the company for an IPO and driving revenue growth. She
had responsibility for analytics, data engineering, market research, strategy &
operations, customer care, and user safety.
Prior to Bumble, Charley held senior roles at John Lewis & Partners, and Waitrose & Partners, where she led
various high-impact projects. Her strategic experience extends to McKinsey and Company where she was an
associate principal between 2007 and 2014 working with companies to carry out strategic reviews, growth
and turnaround plans, market entry and marketing strategy.
Mrs. Webb has an honors degree from the University of London and an MBA from Columbia Business School.
Upcoming changes in the composition of the Board of Directors
Paula Hay-Plumb will retire from the Board of Directors in 2026. At the Annual General Meeting of
Shareholders to be held on May 13, 2026, Jonathan Davies will be proposed as a new Director, in replacement
of Paula Hay-Plumb. Additionally, Tom Boyle will step down from the Board of Directors in 2026 and will be
replaced by Ronald L. Havner, Jr., who would return to the Board following his earlier resignation in May 2023.
All other current Directors’ mandates will be up for renewal.
Paula Hay-Plumb
Independent Director
since 2024
Charley Webb
Independent Director
since 2025
SHURGARD ANNUAL REPORT 2025
152
Mr. Ronald L. Havner, Jr., has been Chairman of Public Storage, the largest
self-storage company in the world, from 2011 to 2026, having previously
served as its Chief Executive Officer between November 2002 and December
2018. He joined Public Storage in 1986 and held a variety of senior
management positions and is currently a member of its Board.
In addition, Mr. Havner was Chairman of the Board of Public Storage’s former
affiliate, PS Business Parks, Inc. (PSB) and previously served as PSB's Chief
Executive Officer. He is also the former Chairman of the National Association
of Real Estate Investment Trusts (NAREIT).
Mr. Havner’s extensive leadership experience and company and industry
knowledge for 40 years, along with his mandates as Chairman of both Public
Storage and PSB, provides him with an invaluable perspective in Board
discussions about the operations and strategic direction of the Company. This is especially pertinent in
Europe, where self-storage awareness has not yet reached the same level as in the USA.
Mr. Havner has served as an independent director of many other companies. He is currently a member of the
Board of AvalonBay Communities, Inc. (NYSE: AVB), a position he has held since September 2014 and which
includes serving on the Audit Committee and the Investment and Finance Committee.
Mr. Havner holds a Bachelor of Arts in Economics from the University of California, Los Angeles.
Mr. Jonathan Davies brings wide-ranging experience in retail, hospitality
and real estate, following a 40-year career in both publicly listed and private
equity backed businesses. Most recently, Jonathan served as the Group Chief
Financial Officer and Deputy Chief Executive Officer of SSP Group plc, the
leading food and beverage provider in the travel sector, with operations in
38 countries globally. During his career at SSP, spanning 21 years, Jonathan
has taken SSP into private ownership, in 2006, and listed it on the London
Stock Exchange, in 2014. He has also overseen its expansion into many new
markets, including North America, India, Australia and several South East
Asia countries, through a combination of organic growth and M&A.
Jonathan has also served as a NED at Assura plc, the leading property REIT in the UK primary health care
sector, between 2018 and 2025, where he was Senior Independent and Audit Committee Chair from 2019.
Following the takeover of Assura by PHP plc late last year, Jonathan joined the board of PHP as a NED in
December 2025.
Through his executive roles at Unilever, OC&C Strategy Consultants, Safeway, and SSP Group, Jonathan has
acquired broad functional expertise spanning procurement, commercial marketing, M&A, information
technology, corporate affairs and legal. He also brings extensive capital markets experience through IPOs
and numerous equity and debt raises.
He holds a degree in Chemistry from Oxford University and an MBA from INSEAD in France.
Jonathan Davies
Recommended
Independent Director
Ronald L. Havner, Jr.
Recommended Director
SHURGARD ANNUAL REPORT 2025
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Director conflicts of interest
Pursuant to the Company’s Articles of Incorporation and Corporate Governance Charter, if a member of the
Board of Directors has a direct or indirect financial interest conflicting with that of the Company, in any
Company transaction submitted to the approval of the Board of Directors, such member must inform the
Board of Directors at that meeting and include a record of its statement in the minutes of the meeting. Such
member of the Board of Directors may not take part in the deliberations relating to that transaction and may
not vote on the resolutions relating to that transaction.
As of December 31, 2025, the following member of the Board of Directors is partner, director, representative
and/or employee of Public Storage or an affiliate thereof: Tom Boyle. Another member of the Board of
Directors elected on the designation of our shareholder New York State Common Retirement Fund is Z. Jamie
Behar. Apart from these potential conflicts of interest and the transactions and legal relations described in
the section “Related Party Transactions”, there are no other actual or potential conflicts of interest between
the obligations of the members of the Board of Directors or Senior Management toward the Company and
their respective private interests or other obligations.
None of the Board members or members of Senior Management are related to one another by blood or
marriage. We have not granted any Board members or members of Senior Management any loans, nor have
we assumed any guarantees or sureties on their behalf.
GRI 2-15
Diversity of Board members
Female directors hold 55% of the Board seats. Also, six nationalities are represented on the Board which
allows for an enriching cultural exchange.
Furthermore, the Board members have different backgrounds: all of them have management experience,
eight directors have finance experience, and seven directors have a strong background in real-estate,
including self-storage (four directors). All directors have environmental and social expertise on the board
through current and previous professional experiences, academic background and/or charity work. The Board
members’ profile is further complemented by experience in marketing, engineering, and insurance, as well as
in digitalization, transformation, and technology. To enhance the self-storage and corporate governance skills
of the members of the Board, ongoing training is provided by the Company.
GRI 405-1
AUDIT COMMITTEE
Audit Committee
4 members
Meetings
4 meetings
Attendance
100%
Padraig McCarthy
Independent Chairperson
Financial expert
Lorna Brown
Independent Director
Financial expert
Paula Hay-Plumb
Independent Director
Financial expert
Z. Jamie Behar
Director
Financial expert
The Audit Committee is responsible for all matters set forth in its internal rules and regulations as adopted
by the Board. The Audit Committee should, in particular, perform the following activities:
• Inform the Board of Directors of the outcome of the statutory audit and explain how the statutory
audit contributed to the integrity of financial reporting and what the role of the Audit Committee
was in that process;
• Monitor the financial and sustainability reporting drawing-up process and submit recommendations
or proposals to ensure its integrity;
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154
• Monitor the effectiveness of our internal quality control and risk management systems and, where
applicable, its internal audit, regarding our financial reporting, without breaching its independence;
• Monitor the statutory audit of the annual and consolidated financial statements, in particular its
performance;
• Review and monitor the independence of the approved statutory auditor(s);
• Be responsible for the selection of the approved statutory auditor(s) and ensure that they are duly
qualified for appointment pursuant to the Companies (Guernsey) law, 2008 as amended regarding
commercial companies (the Guernsey Company Law).
At least one member of the Audit Committee should be competent in accounting and/or auditing. The Audit
Committee members as a whole should be competent in the relevant sector in which we are operating. A
majority of the members of the Audit Committee should be independent of the Company. The Chairperson of
the Audit Committee should be appointed by its members and should also be independent of the Company.
ESG COMMITTEE
ESG Committee
4 members
Meetings
5 meetings
Attendance
100%
Candace Krol
Independent Chairperson
Padraig McCarthy
Independent Director
Paula Hay-Plumb
Independent Director
Z. Jamie Behar
Director
GRI 2-14
Shurgard previously operated a dedicated Remuneration and Nomination Committee in line with best
governance practices. However, as ESG considerations became increasingly embedded in our strategic
priorities and leadership processes, the scope of this Committee was expanded. The Committee was therefore
formally restructured into the ESG Committee to integrate oversight of environmental, social, and governance
matters alongside its original responsibilities. The ESG Committee members should be and are competent in
the relevant sector in which we operate.
This governance evolution reflects Shurgard’s commitment to aligning ESG oversight with core Board-level
functions such as executive remuneration, leadership development, and strategic appointments. While the
ESG Committee continues to review topics such as candidate assessments and remuneration frameworks,
these matters are now assessed through an ESG lens, ensuring that sustainability and long-term stakeholder
value are embedded in key decision-making processes.
We believe this integrated approach is fully consistent, provided that clear responsibilities are assigned and
that the Board retains ultimate oversight. Full details of the ESG Committee’s responsibilities are available in
the ESG Committee Rules published on our website.
The ESG Committee is responsible for the following matters:
• The review and approval of corporate goals and objectives relevant to the Senior Management’s
compensation, and the evaluation of their performance related to these goals;
• Making recommendations to the Board on incentive compensation plans and equity-based plans;
• Submitting proposals to the Board on the remuneration of members of the Senior Management;
• Making recommendations to the Board on the Company’s framework of remuneration for Senior
Management and other members of the executive management, and assisting the Board in drawing
up the remuneration policy of the Company;
• Identifying candidates qualified to serve as members of the Board and executive officers;
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155
• Recommending candidates to the Board for appointment by the General Meeting or for appointment
by the Board to fill interim vacancies on the Board;
• Facilitating the evaluation of the Board and reporting to the Board on all matters relating to
remuneration (including, for example, on internal pay disparity);
• Preparing a remuneration report (which should contain, among others, disclosure on the remuneration
of each executive officer) and which should be submitted to the annual Shareholders’ Meeting for an
advisory vote;
• overseeing the Environment, Social and Governance (ESG) strategy of the Company and monitoring
the completion of the ESG objectives;
• Reviewing any sustainability report filed by the Company;
• Assisting the Board in reviewing and assessing the Company’s ESG risks;
• Submitting a list of candidates to the Board on the appointment of new directors and Senior
Management;
• Assessing the existing and required skills, knowledge and experience for any post to be filled and
preparing a description of the role, together with the skills, knowledge and experience required;
• Making an assessment about the independence of candidate directors; and,
• Assessing, together with the Chief Executive Officer, the way in which Senior Management operates
and the performance of its members at least once a year.
GRI 2-12
REAL ESTATE INVESTMENT COMMITTEE
The Real Estate Investment Committee is authorized by the Board to review and approve all acquisitions or
disposal of assets, properties, or subsidiaries under €50 million.
SENIOR MANAGEMENT
Senior Management
5 members
Gender diversity
20%
Average age
55 years
Shares owned
0.24%
The Senior management of the Group is made up of five members, four men (80%) and one woman (20%).
The Board of Directors has delegated the daily management of the business to the Chief Executive Officer.
The Chief Executive Officer has the authority to represent the Board, as well as a number of ancillary specific
powers. In addition, the Chief Executive Officer has been granted powers to approve any development or
refurbishment of real estate assets.
Real Estate Investment Committee 4 members
Meetings
4 meetings
Attendance
100%
Z. Jamie Behar
Chairperson
Lorna Brown
Independent Director
Charley Webb
Independent Director
Tom Boyle
Director
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Directorships and Shurgard shares held by Senior Management
As of December 31, 2025, Senior management owned the following numbers of shares, adding up to 243,426
shares or 0.24% of the total share capital.
The members of the Senior management team must meet share ownership requirements proportional to
their fixed compensation over five years. This shareholding requirement was increased to 3.0 times the fixed
compensation for the Chief Executive Officer (previously 2.5x) and 2.0 times for all other Senior Management
members (previously 1.5x for the other Senior Mangement members, except the Chief Financial Officer who
was already at 2.0x). For Marc Oursin, Duncan Bell and Ammar Kharouf this five-year period began at the
time of the Company’s IPO in 2018. These requirements were satisfied by the members who were present in
2018 well before the five-year period. For Isabel Neumann, this period began when she started in 2022 and
therefore, she has until 2027 to comply with this requirement. For Thomas Oversberg, this period began in
2025 when he became Chief Financial Officer, he has until 2030 to comply with this requirement.
Upcoming leadership changes
Duncan Bell retired as per December 31, 2025. On January, 1, 2026, Carlo Swaab will become VP of Operations,
reporting to Isabel Neumann who will become Chief Operations Officer and Chief of Investment Officer.
Board Fees, Executive Remuneration, and Incentive Schemes
As part of our commitment to transparency and alignment with the CSRD requirements, we disclose
information on the fees of the Board members and the remuneration provided to our executive management.
This includes the integration of sustainability-related performance metrics in incentive schemes. The ESG
Committee sets annual incentive award targets for Senior Management through a performance-based cash
bonus program, rewarding their contributions to both financial and sustainability-related goals during the
fiscal year.
Detailed information on the structure and amount of board fees, the sustainability-related performance
criteria for executive Committee members, and incentive schemes is included in our Remuneration Report.
This report provides a comprehensive overview of how our remuneration practices align with our long-term
strategy and sustainability objectives. For more information, please refer to the Remuneration Report in the
Annual Report.
ANNUAL GENERAL MEETING
The Annual General Meeting of Shareholders must be held within six months following the end of the financial
year at the place and on the day set by the Board of Directors. The Board of Directors can convene
Extraordinary General Meetings as often as the Company’s interests require. In accordance with the
Companies (Guernsey) Law, 2008 (as amended) and the Company’s Corporate Governance Charter, a General
1
Ammar Kharouf is a director of Shurgard Europe SNC/VOF, Shurgard Germany GmbH, Shurgard France SAS, Shurgard Luxembourg S.à
r.l., Shurgard Nederland BV, Shurgard UK Ltd, and Shurgard Sweden AB.
Name
Position
Mandates
Shurgard shares owned
Marc Oursin
Director /Chief Executive Officer CAG23 Capital
175,302
Thomas Oversberg
Chief Financial Officer No other directorship 0
Duncan Bell
Chief Operating Officer No other directorship
15,
645
Ammar Kharouf
Director HR/Legal
1
No other directorship
46,479
Isabel Neumann
Chief Investment Officer Belfius Bank & Insurance 6,000
SHURGARD ANNUAL REPORT 2025
157
Meeting of Shareholders must be convened on the request of one or more shareholders who together
represent at least one tenth of the Company’s capital.
The right of a shareholder to participate in a General Meeting and to exercise the voting rights attached to
his shares are determined with respect to the shares held by such shareholder on the 14
th
day before the
General Meeting of Shareholders at 24 hours London time, which is known as the “Record Date”. Each
shareholder has the right to ask questions about the items on the agenda of a General Meeting of
Shareholders. Each share entitles the holder to one vote. Each shareholder can exercise their voting rights in
person, through a proxy holder, or by correspondence in advance of the General Meeting of Shareholders, by
means of the form made available by the Company.
In 2025, the Annual General Meeting of Shareholders took place on May 14 (further information can be found
on our website 2025 Annual General Assembly | Shurgard Investor Relations).
STATUTORY AUDITOR (NON-ESRS DISCLOSURE)
During the financial year 2025, the Company’s independent statutory auditor (réviseur d’entreprise agréé)
was PricewaterhouseCoopers CI LLP, P.O. Box 321, Royal Bank Place, 1 Glategny Esplanade, St Peter Port,
Guernsey, GY1 4ND as auditors for a term ending at the Company’s annual general meeting of shareholders
to be held in 2026.
The audit fees in 2025 were €937,398 for the audits of the consolidated and statutory financial statements
of the Company and its subsidiaries. Considering the audit-related assurance and other services, including
the limited review of the sustainability information, the total auditor’s remuneration was €1,176,918.
6.2 BUSINESS CONDUCT POLICIES AND CORPORATE CULTURE (G1-1)
As a publicly listed company on Euronext Brussels, Shurgard is committed to maintaining the highest
standards of corporate governance and ethical conduct. Our Corporate Governance Charter, last updated on
February 17, 2023, sets out the framework for principled actions, informed decision-making, and effective
oversight of compliance and performance across the organization.
Business conduct at Shurgard is guided by our Code of Conduct and supporting policies, which apply to all
employees, management, and directors. These policies define the standards of integrity, transparency, and
accountability that underpin our company culture and relationships with stakeholders. They ensure
compliance with laws and regulations across all jurisdictions in which we operate, while also embedding
responsible practices into daily decision-making.
Oversight of business conduct policies rests with the Board of Directors and its Committees, which review
and monitor implementation through regular reporting and audits. Key performance indicators are tracked to
assess effectiveness, identify areas for improvement, and ensure that corporate culture evolves in line with
our values and sustainability objectives.
For more details, the full Corporate Governance Charter is available on our website: Governance Documents |
Shurgard Investor Relations. Updates to our governance structure are also disclosed annually in the “Group
Structure” section of the Annual Report.
Code of Conduct
Policy scope and objectives
The Code of Conduct applies to all employees, directors, contractors, and business partners of Shurgard. It
sets out expected standards of professional and ethical behavior, aiming to:
• Ensure compliance with laws and regulations in all markets where we operate;
• Promote integrity, transparency, and accountability in our dealings with stakeholders;
• Prevent conflicts of interest, insider dealing, bribery, and corruption;
• Provide a safe, respectful, and inclusive workplace, free from discrimination or harassment.
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• It covers a number of important topics, including:
• Compliance with the laws and regulations of the countries in which we operate;
• Ethics and transparency in the services provided to customers;
• Protecting confidential information;
• The fight against money laundering and corruption;
• Maintaining a healthy environment, free from harassment and discrimination (including Human Rights
Policy and a separate Non-Discrimination and Anti-Harassment policies, more on which in chapter
5.3).
It underlines our desire to have a positive and lasting impact on society and our commitment to sustainability.
It provides the overall framework for all topics relevant to our activities. Shurgard employees must comply
with it at all times. Shurgard further expects its employees to promote Shurgard values outside their business
activities and to speak up when they have a concern about a possible violation of the underlying Shurgard
policies or the applicable laws.
We have put in place internal guidelines for each issue that may impact our activities, our employees, or our
other stakeholders. These arrangements ensure the active monitoring of compliance with regulations, and all
employees facing these risks are informed of any regulatory changes. Shurgard‘s objective is twofold:
maintain active communication on procedures and guidelines, and review ethics-related policies to integrate
non-financial risks.
Governance and accountability
• Oversight of the Code of Conduct lies with the Board of Directors, through the Audit Committee and
ESG Committee.
• Day-to-day implementation is led by the HR and Legal departments, supported by line managers.
• Annual conflict-of-interest declarations are required from all employees and Board members, ensuring
100% coverage of functions exposed to corruption or independence risks.
Processes and procedures
Conflict of interest
All employees and directors are required to disclose any conflict at the earliest opportunity. Annual
declarations are mandatory. Shurgard wants its employees to remain neutral and independent when acting
for the Company. Hence, conflicts of interest are to be avoided by employees. If a conflict of interest is
unavoidable, it must be disclosed at the earliest opportunity. All employees and Directors of the Board are
required to annually complete a declaration relating to conflicts of interest. This declaration serves as both a
preventive measure and an awareness initiative, ensuring employees and directors understand their
responsibilities in identifying and managing potential conflicts. Training programs on anti-corruption and
anti-bribery are incorporated into onboarding processes for relevant roles, emphasizing the importance of
ethical behavior and compliance with legal and regulatory standards. The annual conflict-of-interest
declaration ensures 100% coverage of employees and board members, targeting all functions identified as
having potential exposure to corruption risks.
Insider dealing
Employees and directors are prohibited from trading on the basis of inside information or during closed
periods. Shurgard wants to ensure that its employees do not abuse, or place themself under suspicion of
abusing, price sensitive or inside information that they may have or be thought to have, especially in periods
leading up to an announcement of financial results or of price sensitive events or decisions. Shurgard’s
directors or employees (or people closely associated with them) are prohibited from dealing or attempting to
deal in financial instruments for his, her or its own account or for the account of a third party at any time (i)
when such person is in possession of inside information or (ii) during a closed period (as communicated by
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159
the management). Other restrictions, such as the prohibition of short sales, hedging, or disclosing or using
inside information, also apply. Community contribution: Employees are encouraged to support local
communities and engage in charitable initiatives aligned with Shurgard’s values.
Anti-bribery and anti-money laundering
See section 6.4.
Monitoring and training
• Ethical and accountability principles are integrated into annual performance reviews.
• In 2025, employees completed their annual Code of Conduct refresher training, which includes
guidance on insider dealing to ensure compliance with regulations and company policies.
• As part of the store audit, Internal Audit tests employee knowledge of policies.
Communication
The Code of Conduct is accessible on Shurgard’s SharePoint. It is available in local languages and forms part
of employee onboarding.
Continuous improvement
Policies are reviewed annually and updated to reflect new regulations, stakeholder expectations, and best
practices.
GRI 102-15 / 102-17 / 102-29
Whistleblowing
Policy scope and objectives
Shurgard annually reviews and updates its whistleblowing procedure, consistent with best practice. The
Shurgard’s Whistleblowing Policy provides all employees, contractors, suppliers, shareholders, and other
stakeholders (Concerned Persons) with secure and confidential channels to report malpractice, unethical
behavior, or breaches of law or policy. The objectives are to:
• Ensure concerns can be raised safely and anonymously;
• Guarantee protection from retaliation, harassment, or victimization;
• Promote early detection and corrective action on ethical and compliance breaches.
Governance and accountability
• Reports are handled by the Internal Audit department, with an independent reporting line to the Audit
Committee.
• In cases of conflict of interest, responsibility lies with the Legal department.
• The Audit Committee oversees aggregate reporting of cases and follow-up actions.
Processes and procedures
• Concerns can be raised via a secure online platform (anonymous reporting enabled), or via other local
legal channels.
• Investigations are conducted confidentially and outcomes are reported to the Audit Committee.
• Escalation and remediation procedures ensure corrective measures are taken where needed.
Monitoring and training
• Whistleblowing is included in the annual Code of Conduct refresher training. In 2025, employees
completed their annual Code of Conduct refresher training, which includes guidance on
whistleblowing.
• Internal Audit tests store employees on their knowledge of whistleblowing procedures.
• Awareness campaigns and periodic updates reinforce accessibility of the channels.
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Communication
The policy is available in local languages, on the SharePoint, and on the company website to ensure
accessibility for suppliers and third parties.
Continuous improvement
The policy is reviewed annually against best practices and evolving EU and national requirements (e.g., EU
Whistleblower Protection Directive).
Data and Cyber Security
Policy scope and objectives
Shurgard considers cybersecurity to be a material aspect of business conduct and risk management. The
cybersecurity policy applies to all employees, contractors, suppliers, and business partners who access
Shurgard systems, data, or networks. Its objectives are to:
• Safeguard the confidentiality, integrity, and availability of information and systems;
• Ensure resilience of digital infrastructure and continuity of business operations;
• Comply with applicable laws and regulations on data protection and information security; and
• Maintain the trust of customers, employees, investors, and other stakeholders.
The Company has set up a privacy policy that can be found on our website, available in all languages in the
countries in which we operate. Our contracts with our customers, but also with our suppliers and employees,
contain a data privacy provision, to ensure that all the rights and duties are understood by the parties. A
dedicated email address is available to raise any request or issue regarding the protection of personal data:
dataprotection@shurgard.eu
Governance and accountability
Cybersecurity oversight is integrated into Shurgard’s governance framework.
• The Board of Directors and its ESG Committee receive updates on cybersecurity risks and controls as
part of the Group’s risk management system.
• Day-to-day responsibility lies with the IT and Security teams, reporting to senior management.
• Annual declarations of compliance with cybersecurity policies are required from relevant employees.
Shurgard aligns its policies and procedures with the EU's NIS2 Directive, a comprehensive law strengthening
cybersecurity for a wider range of sectors across the EU by introducing robust risk management requirements,
standardized incident reporting, and stricter supervisory measures.
Specialized Security Committee, a cross-departmental body (IT, finance, legal, HR, internal audit, operations,
real estate), has been established for the purpose of proactively engaging and monitoring security across the
organization as well as spreading awareness on the topic and training employees about it.
The Security Committee convenes on a quarterly basis and discusses the different security topics related to
each department based on findings, experiences, proposals, actions and reactions, and dedicated reporting.
Activities of this Committee are reported to the Board of Directors.
The Security Committee actively monitors security and privacy risks, improving our ability to mitigate them
through:
• Company-wide programs;
• Established industry practices;
• Assessments and responses to threats and vulnerabilities.
We ensure confidentiality, integrity, and availability of data. This is essential to maintain the trust placed in
us by our customers, employees, and other stakeholders. Since the spread of teleworking for our corporate
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employees, we have further strengthened our security capabilities. We can thus monitor the increasing
number of threats involving phishing and social engineering.
Processess and procedures
To operationalize this policy, Shurgard applies a defense-in-depth approach including:
• Risk assessment and management: periodic evaluations of vulnerabilities and threat exposure;
• Security policies and training: annual mandatory training, cybersecurity awareness month in
September, phishing simulations, and awareness campaigns for all employees, evolving to continuous
ad-hoc training;
• Software updates and patch management: systematic deployment of updates across all systems;
• Network protection: use of firewalls and monitoring tools to detect and block suspicious traffic;
• Incident response plan: defined processes for detection, containment, investigation, communication,
and recovery, supported by escalation procedures;
• Regular audits and testing: annual security audits, external vulnerability assessments, and continuous
attack surface monitoring;
• Cloud security: encryption, access control, and monitoring of all cloud-based environments;
• Business continuity and disaster recovery: documented plans to ensure essential operations continue
in case of cyber incidents.
Monitoring and training
Performance is tracked through key performance indicators (KPIs), including phishing test results, security
incident statistics, audit outcomes, and system patch rates. In 2025, an external attack surface analysis
confirmed no severe vulnerabilities and has been embedded into a continuous monitoring process. Insights
from audits and simulations inform the development of tailored training and technical improvements.
Training on cybersecurity was conducted for all employees in 2025. Our employees from the HR, Marketing
and IT departments annually participate in regular data privacy training, specifically designed for their area
of business.
Communication and accessibility
The cybersecurity policy is available to all employees through Shurgard’s intranet and is embedded into
onboarding for new staff. Contractors and third parties accessing company systems are required to adhere
to the same standards.
6.3 MANAGEMENT OF RELATIONSHIPS WITH SUPPLIERS (G1-2)
Shurgard’s supply chain management is built on the principles of fairness, transparency, and sustainability.
We seek long-term partnerships with suppliers and contractors that share our values and standards. Our
procurement process is designed to ensure responsible behavior with suppliers while also managing potential
risks related to ESG performance, human rights, and operational resilience.
We maintain open dialogue with suppliers and contractors throughout the engagement process and integrate
ESG due diligence into supplier evaluations. This includes strategic questions during procurement, compliance
clauses in all contracts, and regular surveys of our critical tier-one suppliers. These practices allow us to
manage risks to our own operations and to identify, mitigate, or prevent negative social or environmental
impacts along the supply chain.
INTEGRATION OF SOCIAL AND ENVIRONMENTAL CRITERIA
Beyond price and quality, Shurgard applies environmental, social, and governance criteria when selecting and
monitoring suppliers. Key requirements include:
• Compliance with our Supplier Code of Conduct, which covers human rights, fair labor practices, non-
discrimination, occupational health and safety, and anti-bribery provisions.
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• Due diligence to identify risks such as modern slavery, child labor, or unsafe working conditions, with
reference to recognized benchmarks like the Global Slavery Index. This assessment considers The
Global Slavery Index by Walk Free to identify high-risk countries or regions. No countries or geographic
areas where we operate have been classified as high-risk based on these criteria.
• Commitment to sustainable sourcing: all wood fiber–based packaging materials procured by Shurgard
are FSC or PEFC certified.
• Ongoing supplier audits, particularly for construction and refurbishment projects, to ensure alignment
with health, safety, and ethical standards. We conduct rigorous sample-based audits of our vendors
and suppliers on a yearly basis, with a specific focus on new development sites. These audits serve as
a comprehensive evaluation of various aspects, ensuring the well-being and compliance of supply
chain employees with health and safety, as well as human rights standards. Our audit process involves
physical site inspections, document reviews, and an examination of the working conditions for third-
party employees. We go beyond confirming adherence to local laws and standards and require all
suppliers to adhere to the Shurgard Safety Charter, a robust framework that regulates vital health and
safety issues within the working environment.
• Our due diligence process and contractual documentation include background checks of partners
suppliers for any previous human rights violations or risks associated with forced labor, child labor, or
unsafe working conditions.
FAIR TREATMENT OF SUPPLIERS
Shurgard is committed to maintaining fair commercial relationships with all suppliers, including small and
medium-sized enterprises (SMEs). We have adopted a policy to prevent late payments, with clear provisions
ensuring that suppliers are paid within agreed timelines. Our procurement and finance departments monitor
compliance with this policy to avoid financial strain on suppliers.
ENGAGEMENT AND CONTINUOUS IMPROVEMENT
Our ESG supplier survey, conducted every three years (with the last one conducted in 2025), is an engagement
tool to foster dialogue and incremental improvements, rather than a punitive compliance mechanism. In 2025,
we have surveyed our top-tier critical suppliers on their sustainability practices and ESG policies. We found
that the majority of our critical suppliers have well-established sustainability practices, including carbon
accounting and formal certifications. A smaller share demonstrated developing ESG structures, while a limited
number reported no current ESG policies or evidence. This insight enables us to adopt a tiered approach to
supplier engagement, focusing on raising standards among those less advanced, while leveraging best
practices from industry leaders.
6.4. PREVENTION AND DETECTION OF CORRUPTION AND BRIBERY (G1-3)
As part of its commitment to ethical business conduct and compliance with applicable laws, Shurgard has
established policies and procedures related to anti-bribery and anti-corruption. These policies apply to all
employees, including senior management and the Board of Directors, and are embedded in our Code of
Conduct and Ethical Behavior Policy.
Shurgard prohibits employees from engaging in or facilitating schemes involving any payment or transfer of
Shurgard funds or assets to representatives of suppliers, customers, public authorities, officials, or others in
the form of bribes, kickbacks, facilitation payments, or other improper benefits. These prohibitions extend to
gifts, excessive hospitality, loans, and other transfers of value, except where explicitly permitted by our
business expense policy and in line with customary, lawful business practice.
To prevent and detect risks, employees and Directors of the Board must make an annual declaration of
conflicts of interest, which is monitored by human resources team.
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Suspected violations can be reported through our whistleblowing channel, available to employees and
external stakeholders, which ensures confidentiality and protection against retaliation.
Allegations of corruption or bribery are investigated under the responsibility of Internal Audit, which is
independent from management. Findings are reported to the Audit Committee of the Board of Directors,
ensuring governance-level oversight.
Where misconduct is confirmed, disciplinary actions may include termination of employment and/or
termination of contracts with business partners.
All employees receive the Code of Conduct at onboarding and during refresher campaigns. The policy is
published on the company’s intranet and shared during mandatory compliance communications, ensuring
accessibility and clarity for all relevant employees and business partners.
In 2025, all employees participated in a mandatory online anti-bribery and anti-corruption training as part of
the Code of Conduct refreshment program. This training covered:
• Types of corruption and bribery risks;
• Examples relevant to our business (e.g. building permits, supplier relations);
• Procedures for reporting and escalation.
Currently, no tailored training has been delivered to members of the Board of Directors or Executive
Management, but these individuals are expected to comply with the Code of Conduct and receive periodic
compliance briefings. Shurgard will assess the need for dedicated training for senior leadership in line with
evolving best practice and regulatory expectations.
Shurgard does not identify individual departments as “functions-at-risk,” as we recognize that corruption
and bribery risks can potentially affect all functions across our business model. For this reason, our policies
and training are applied company-wide, supported by annual conflict-of-interest declarations and
monitoring.
6.5 INCIDENTS OF CORRUPTION OR BRIBERY (G1-4)
In 2025, no cases of corruption or bribery were reported. There were no legal proceedings against Shurgard
or its employees and no confirmed incidents of contracts with business partners being terminated. There
were also no convictions or fines imposed on Shurgard or its employees for violations of anti-corruption and
anti-bribery laws.
GRI 205-1 / 205-2 / 205-3o
6.6 POLITICAL INFLUENCE AND LOBBYING ACTIVITIES (G1-5)
Shurgard did not make any contributions to/or expenditures for political campaigns or organizations,
lobbying, tax-exempt entities, or other groups whose role is to influence political campaigns or public policy
and legislation in the reporting year.
(GRI 415-1)
In the current reporting period, none of the members of the Executive Committee or the Board of Directors
of Shurgard held positions in public administration, including regulatory bodies, in the two years prior to their
appointment.
EU TRANSPARENCY REGISTER
Shurgard is not registered on the EU Transparency Register or in any equivalent transparency register in a
Member State.
ADVOCACY AND STAKEHOLDER ENGAGEMENT
The group is part of local trade associations for self-storage. In 2025, the total amount of membership fees
across the group was around €58,675.
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Association expenditures 2025
Self Storage Association UK (UK) £ 17,912
NSSA (The Netherlands) € 9,025
CISS (France) € 6,800
VDSU (Germany) €3 0,000
Self Storage Association (Sweden) SEK 18,750
Belgian Self Storage association (Belgium) € 3,375
Self Storage Association Denmark (Denmark) DKK 33,304
6.7 PAYMENT PRACTICES (G1-6)
We commit to a strong relationship with our suppliers and to timely payments in accordance with established
accounting policies. Shurgard’s accounts payable policy is approved annually and targets all suppliers,
including SME suppliers. Ensuring timely payments helps create stronger, more reliable partnerships with
suppliers and, for example, may lead to enhanced service levels.
To ensure timely payments, we follow a specific accounts payable policy, reviewed and approved annually by
the Executive Committee. Invoices submitted by suppliers are processed using an automated system that
ensures accurate allocation and streamlined approvals in compliance with our Delegation of Authority (DOA)
framework. Payments are executed through a secure weekly cycle, which uses an online payment tool, where
dual authorization by authorized personnel guarantees compliance and accountability.
PAYMENT TERMS AND CALCULATION METHODOLOGY
The average time Shurgard takes to pay an invoice from invoice date to pay date is 34 days. This calculation
is based on the total number of days between the invoice issue date and the payment completion date,
averaged across all supplier invoices processed within the reporting period.
Shurgard's standard contract payment terms are payment on receipt of invoice within 30 days for building
and construction-related suppliers (including construction, maintenance, repair, rent, and utilities). These
suppliers account for approximately 48% of our annual invoice value. The supplier invoices are paid within
an average of 34 days from the receipt of invoice. Please note that direct debit payments are excluded from
this calculation. This limitation is under consideration for improvements in future reporting cycles.
There are no legal proceedings against Shurgard related to late payments, and there have been no confirmed
incidents of contract termination with business partners due to delayed payments.
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7. ESRS INDEX AND REFERENCES
7.1 ESRS CONTENT INDEX
DISCLOSURE REQUIREMENTS IN ESRS COVERED BY THE UNDERTAKING’S SUSTAINABILITY STATEMENT
ESRS 2 IRO-2
The table below lists all the ESRS disclosure requirements in ESRS 2 and the topical ESRS standards which
are material to Shurgard, and which have guided the preparation of our Sustainability statement. They can
be used to navigate information relating to a specific ESRS disclosure requirement or to our ‘entity specific
data points’. They also show where to find information relating to specific disclosure requirements that lie
outside of the Sustainability statements and are incorporated by reference. Our Remuneration Report has
been published as a separate report.
Disclosure
Material
Chapter
ESRS 2 – General disclosures
ESRS 2 BP-1: General basis for preparation of Sustainability statements N/A 2.1
ESRS 2 BP-2: Disclosures in relation to specific circumstances N/A 2.2
ESRS 2 GOV-1: The role of the administrative, management and supervisory bodies N/A 2.3.1
ESRS 2 GOV-2: Information provided to and sustainability matters addressed by the
undertaking’s administrative, management and supervisory bodies
N/A 2.3.2
ESRS 2 GOV-3: Integration of sustainability-related performance in incentive
schemes
N/A 2.3.3
ESRS 2 GOV-4: Statement on due diligence N/A 2.3.4
ESRS 2 GOV-5: Risk management and internal controls over sustainability reporting N/A 2.3.5
ESRS 2 SBM-1: Strategy, business model and value chain N/A 2.4.1
ESRS 2 SBM-2: Interests and views of stakeholders N/A 2.4.2
ESRS 2 SBM-3: Material impacts, risks and opportunities and their interaction with
strategy and business model
N/A 2.4.3
ESRS 2 IRO-1: Description of the processes to identify and assess material impacts,
risks and opportunities
N/A
2.5.1
2.5.2
ESRS 2 IRO-2: Disclosure requirements in ESRS covered by the undertaking’s
Sustainability statement
N/A
2.5.1
2.5.2
ESRS E1 – Climate change Yes
ESRS 2 GOV-3: Incentive schemes Yes 2.3.3
ESRS E1-1: Transition plan for climate change mitigation Yes 3.1.1
ESRS 2 SBM-3: Strategy and business model Yes 2.4.3
ESRS 2 IRO-1: Processes for IROs Yes
2.5.1
2.5.2
ESRS E1-2: Policies related to climate change mitigation and adaptation Yes 3.1.2
ESRS E1-3: Actions and resources in relation to climate change policies Yes 3.1.3
ESRS E1-4: Targets related to climate change mitigation and adaptation Yes 3.1.4
ESRS E1-5: Energy consumption and mix Yes 3.1.5
ESRS E1-6: Gross Scope 1, 2, 3 and Total GHG emissions Yes 3.1.6
ESRS E1-7: GHG removals and GHG mitigation projects financed through carbon
credits
Yes 3.1.7
ESRS E1-8: Internal carbon pricing Yes 3.1.8
ESRS E1-9: Potential financial effects from material physical and transition risks
and potential climate-related opportunities
N/A N/A
ESRS E2– Pollution No
ESRS 2 IRO-1 – Description of the processes to identify and assess material
pollution-related impacts, risks and opportunities
No N/A
ESRS E2-1: Policies related to pollution No N/A
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ESRS E2-2: Actions and resources related to pollution No N/A
ESRS E2-3: Targets No N/A
ESRS E2-4: Pollution of air, water and soil No N/A
ESRS E2-5: Substances of concern and substances of very high concern No N/A
ESRS E2-6: Anticipated financial effects from pollution-related impacts, risks and
opportunities
No N/A
ESRS E3 – Water and marine resources No
ESRS 2 IRO-1 – Description of the processes to identify and assess material water
and marine resources-related impacts, risks and opportunities
No N/A
ESRS E3-1: Policies related to water and marine resources No N/A
ESRS E3-2: Actions and resources related to water and marine resources No N/A
ESRS E3-3: Targets related to water and marine resources No N/A
ESRS E3-4: Water consumption No N/A
ESRS E3-5: Anticipated financial effects from water and marine resources-related
impacts, risks and opportunities
No N/A
ESRS E4 – Biodiversity and ecosystems No
ESRS E4-1: Transition plan and consideration of biodiversity and ecosystems in
strategy and business model
No N/A
ESRS E4-2: Policies related to biodiversity and ecosystems No N/A
ESRS E4-3: Actions and resources related to biodiversity and ecosystems No N/A
ESRS E4-4: Targets related to biodiversity and ecosystems No N/A
ESRS E4-5: Impact metrics related to biodiversity and ecosystems change No N/A
ESRS E4-6: Anticipated financial effects from biodiversity and ecosystem-related
risks and opportunities
No N/A
ESRS E5 – Resource use and circular economy Yes
ESRS 2 IRO-1 – Description of the processes to identify and assess material
resource use and circular economy-related impacts, risks and opportunities
Yes 3.3
ESRS E5-1: Policies related to resource use and circular economy Yes 3.3.1
ESRS E5-2: Actions and resources related to resource use and circular economy Yes 3.3.2
ESRS E5-3: Targets related to resource use and circular economy Yes 3.3.3
ESRS E5-4: Resource inflows Yes 3.3.4
ESRS E5-5: Resource outflows Yes 3.3.5
ESRS S1 – Own workforce Yes
ESRS 2 SBM-2 – Interests and views of stakeholders Yes 5.1
ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction
with strategy and business model
Yes 5.1
ESRS S1-1: Policies related to own workforce Yes 5.1.1
ESRS S1-2: Processes for engaging with own workers and workers’ representatives
about impacts
Yes 5.1.2
ESRS S1-3: Processes to remediate negative impacts and channels for own workers
to raise concerns
Yes 5.1.3
ESRS S1-4: Taking action on material impacts on own workforce, and approaches
to mitigating material risks and pursuing material opportunities related to own
workforce, and effectiveness of those actions
Yes 5.1.4
ESRS S1-5: Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities
Yes 5.1.5
ESRS S1-6: Characteristics of the undertaking’s employees Yes 5.1.6
ESRS S1-8: Collective bargaining coverage and social dialogue Yes 5.1.6
ESRS S1-9: Diversity indicators Yes 5.1.6
ESRS S1-10: Adequate wages Yes 5.1.6
ESRS S1-13: Training and skills development indicators Yes 5.1.6
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ESRS S1-14: Health and safety indicators Yes 5.1.6
ESRS S1-16: Compensation indicators (pay gap and total compensation) Yes 5.1.6
ESRS S1-17: Incidents, complaints and severe human rights impacts and incidents Yes 5.1.6
ESRS S2 – Workers in the value chain Yes
ESRS 2 DR17 “Use of phase-in provisions in accordance with Appendix C of ESRS
1”
Yes 5.2
ESRS S3 – Affected communities No
ESRS 2 DR17 “Use of phase-in provisions in accordance with Appendix C of ESRS
1”
No 5.3
ESRS S4 – Consumers and end-users
ESRS 2 DR17 “Use of phase-in provisions in accordance with Appendix C of ESRS
1”
Yes 5.4
ESRS G1 – Business conduct Yes
ESRS 2 GOV-1: The role of the administrative, supervisory and management bodies Yes 6.1
ESRS 2 IRO-1: Description of the processes to identify and assess material impacts,
risks and opportunities
Yes
2.5.1
2.5.2
ESRS G1-1: Corporate culture and business conduct policies Yes 6.2
ESRS G1-2: Management of relationships with suppliers Yes 6.3
ESRS G1-3: Prevention and detection of corruption or bribery Yes 6.4
ESRS G1-4: Confirmed incidents of corruption or bribery Yes 6.5
ESRS G1-5: Political influence and lobbying activities Yes 6.6
ESRS G1-6: Payment practices Yes 6.7
7.2 LIST OF DATAPOINTS THAT DERIVE FROM OTHER EU LEGISLATION ESRS 2, IRO-2, §56
The table below outlines the data points derived from other EU legislation as listed in ESRS 2 Appendix B.
It indicates where these data points can be found in our report and identifies which data points are assessed as
‘Not material’.
Disclosure
Requirement
and related
datapoint
SFDR ( 2
3 ) refer
ence
Pillar 3 ( 24 ) reference
Benchmark
Regulation ( 25 ) r
eference
EU
Chapter/
Materiality
or
Applicability
relevance
Climate
Law ( 26 )
reference
ESRS 2 GOV-1
Indicator
number
13 of
Table #1
of Annex
1
Commission
Delegated
Regulation
(EU) 2020/1816 (
27 ) , Annex II
2.3.1
6.1
Board's gender
diversity
paragraph 21 (d)
ESRS 2 GOV-1
Delegated
Regulation
(EU) 2020/1816,
Annex II
2.3.1
6.1
Percentage of
board members
who are
independent
paragraph 21 (e)
ESRS 2 GOV-4
Indicator
number
10 Table
#3 of
Annex 1
2.3.4
Statement on
due diligence
paragraph 30
ESRS 2 SBM-1
Indicator
s
Article 449a Regulation
(EU) No 575/2013;
Delegated
Regulation
Not
applicable
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Involvement in
activities related
to fossil fuel
activities
paragraph 40
(d) i
number
4 Table
#1 of
Annex 1
Commission
Implementing
Regulation
(EU) 2022/2453 ( 28 )
Table 1: Qualitative
information on
Environmental risk and
Table 2: Qualitative
information on Social
risk
(EU) 2020/1816,
Annex II
ESRS 2 SBM-1
Indicator
number
9 Table
#2 of
Annex 1
Delegated
Regulation
(EU) 2020/1816,
Annex II
Not
applicable
Involvement in
activities related
to chemical
production
paragraph 40
(d) ii
ESRS 2 SBM-1
Indicator
number
14 Table
#1 of
Annex 1
Delegated
Regulation
(EU) 2020/1818 (
29 ) , Article 12(1)
Delegated
Regulation
(EU) 2020/1816,
Annex II
Not
applicable
Involvement in
activities related
to controversial
weapons
paragraph 40
(d) iii
ESRS 2 SBM-1
Delegated
Regulation
(EU) 2020/1818,
Article 12(1)
Delegated
Regulation
(EU) 2020/1816,
Annex II
Not
applicable
Involvement in
activities related
to cultivation
and production
of tobacco
paragraph 40
(d) iv
ESRS E1-1
Regulatio
n
(EU) 2021
/1119,
Article 2(1
)
3.1.1
Transition plan
to reach climate
neutrality by
2050 paragraph
14
ESRS E1-1
Article 449a
Delegated
Regulation
(EU) 2020/1818,
Article12.1 (d) to
(g), and
Article 12.2
3.1.1
Undertakings
excluded from
Paris-aligned
Benchmarks
paragraph 16 (g)
Regulation (EU)
No 575/2013;
Commission
Implementing
Regulation
(EU) 2022/2453
Template 1: Banking
book-Climate Change
transition risk: Credit
quality of exposures by
sector, emissions and
residual maturity
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ESRS E1-4
Indicator
number
4 Table
#2 of
Annex 1
Article 449a
Delegated
Regulation
(EU) 2020/1818,
Article 6
3.1.1
3.1.4
GHG emission
reduction
targets
paragraph 34
Regulation (EU)
No 575/2013;
Commission
Implementing
Regulation
(EU) 2022/2453
Template 3: Banking
book – Climate
change transition risk:
alignment metrics
ESRS E1-5
Indicator
number
5 Table
#1 and
Indicator
n. 5
Table #2
of Annex
1
3.1.5
8.1
Energy
consumption
from fossil
sources
disaggregated
by sources (only
high climate
impact sectors)
paragraph 38
ESRS E1-5
Energy
consumption
and mix
paragraph 37
Indicator
number
5 Table
#1 of
Annex 1
3.1.5
ESRS E1-5
Indicator
number
6 Table
#1 of
Annex 1
3.1.5
8.1
Energy intensity
associated with
activities in high
climate impact
sectors
paragraphs 40
to 43
ESRS E1-6
Gross Scope 1, 2,
3 and Total GHG
emissions
paragraph 44
Indicator
s number
1 and 2
Table #1
of Annex
1
Article 449a;
Regulation (EU)
No 575/2013;
Commission
Implementing
Regulation
(EU) 2022/2453
Template 1: Banking
book – Climate
change transition risk:
Credit quality of
exposures by sector,
emissions and residual
maturity
Delegated
Regulation
(EU) 2020/1818,
Article 5(1), 6
and 8(1)
3.1.6
8.1
ESRS E1-6
Indicator
s number
3 Table
#1 of
Annex 1
Article 449a
Regulation (EU)
No 575/2013;
Commission
Implementing
Regulation
(EU) 2022/2453
Template 3: Banking
book – Climate
change transition risk:
alignment metrics
Delegated
Regulation
(EU) 2020/1818,
Article 8(1)
3.1.6
8.1
Gross GHG
emissions
intensity
paragraphs 53
to 55
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ESRS E1-7
Regulation
(EU) 2021/11
19,
Article 2(1)
3.1.7
GHG removals
and carbon
credits
paragraph 56
ESRS E1-9
Delegated
Regulation
(EU) 2020/1818,
Annex II
Delegated
Regulation
(EU) 2020/1816,
Annex II
Not
applicable
Exposure of the
benchmark
portfolio to
climate-related
physical risks
paragraph 66
ESRS E1-9
Article 449a
Regulation (EU)
No 575/2013;
Commission
Implementing
Regulation
(EU) 2022/2453
paragraphs 46 and 47;
Template 5: Banking
book - Climate change
physical risk:
Exposures subject to
physical risk.
Not
applicable
Disaggregation
of monetary
amounts by
acute and
chronic physical
risk paragraph
66 (a)
ESRS E1-9
Location of
significant
assets at
material
physical risk
paragraph 66
(c).
ESRS E1-9
Breakdown of
the carrying
value of its real
estate assets by
energy-
efficiency
classes
paragraph 67
(c).
Article 449a
Regulation (EU)
No 575/2013;
Commission
Implementing
Regulation
(EU) 2022/2453
paragraph 34;Template
2:Banking book -
Climate change
transition risk: Loans
collateralised by
immovable property -
Energy efficiency of
the collateral
Not
applicable
ESRS E1-9
Delegated
Regulation
(EU) 2020/1818,
Annex II
Not
applicable
Degree of
exposure of the
portfolio to
climate- related
opportunities
paragraph 69
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ESRS E2-4
Indicator
number 8
Table #1 of
Annex 1
Indicator
number 2
Table #2 of
Annex 1
Indicator
number 1
Table #2 of
Annex 1
Indicator
number 3
Table #2 of
Annex 1
Not material
Amount of
each pollutant
listed in
Annex II of the
E-PRTR
Regulation
(European
Pollutant
Release and
Transfer
Register)
emitted to air,
water and soil,
paragraph 28
ESRS E3-1
Indicator
number 7
Table #2 of
Annex 1
Not material
Water and
marine
resources
paragraph 9
ESRS E3-1
Indicator
number 8
Table 2 of
Annex 1
Not material
Dedicated
policy
paragraph 13
ESRS E3-1
Indicator
number 12
Table #2 of
Annex 1
Not material
Sustainable
oceans and
seas
paragraph 14
ESRS E3-4
Indicator
number 6.2
Table #2 of
Annex 1
Not material
Total water
recycled and
reused
paragraph 28
(c)
ESRS E3-4
Indicator
number 6.1
Table #2 of
Annex 1
Not material
Total water
consumption
in m
3
per net
revenue on
own
operations
paragraph 29
ESRS 2- SBM 3
- E4 paragraph
16 (a) i
Indicator
number 7
Table #1 of
Annex 1
Not material
ESRS 2- SBM 3
- E4 paragraph
16 (b)
Indicator
number 10
Table #2 of
Annex 1
Not material
ESRS 2- SBM 3
- E4 paragraph
16 (c)
Indicator
number 14
Table #2 of
Annex 1
Not material
ESRS E4-2
Indicator
number 11
Table #2 of
Annex 1
Not material
Sustainable
land /
agriculture
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practices or
policies
paragraph 24
(b)
ESRS E4-2
Indicator
number 12
Table #2 of
Annex 1
Not material
Sustainable
oceans / seas
practices or
policies
paragraph 24
(c)
ESRS E4-2
Indicator
number 15
Table #2 of
Annex 1
Not material
Policies to
address
deforestation
paragraph 24
(d)
ESRS E5-5
Indicator
number 13
Table #2 of
Annex 1
3.3.5
8.1
Non-recycled
waste
paragraph 37
(d)
ESRS E5-5
Indicator
number 9
Table #1 of
Annex 1
3.3.5
8.1
Hazardous
waste and
radioactive
waste
paragraph 39
ESRS 2- SBM3
- S1
Indicator
number 13
Table #3 of
Annex I
5.1
Risk of
incidents of
forced labour
paragraph 14
(f)
ESRS 2- SBM3
- S1
Indicator
number 12
Table #3 of
Annex I
5.1
Risk of
incidents of
child labour
paragraph 14
(g)
ESRS S1-1
Indicator
number 9
Table #3 and
Indicator
number 11
Table #1 of
Annex I
5.1.1
Human rights
policy
commitments
paragraph 20
ESRS S1-1
Delegated
Regulation
(EU) 2020/1816,
Annex II
5.1.1
Due diligence
policies on
issues
addressed by
the
fundamental
International
Labor
Organisation
Conventions 1
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to 8,
paragraph 21
ESRS S1-1
Indicator
number 11
Table #3 of
Annex I
5.1.1
processes and
measures for
preventing
trafficking in
human beings
paragraph 22
ESRS S1-1
Indicator
number 1
Table #3 of
Annex I
5.1.1
workplace
accident
prevention
policy or
management
system
paragraph 23
ESRS S1-3
Indicator
number 5
Table #3 of
Annex I
5.1.1
6.2
grievance/co
mplaints
handling
mechanisms
paragraph 32
(c)
ESRS S1-14
Indicator
number 2
Table #3 of
Annex I
Delegated
Regulation
(EU) 2020/1816,
Annex II
5.1.6
Number of
fatalities and
number and
rate of work-
related
accidents
paragraph 88
(b) and (c)
ESRS S1-14
Indicator
number 3
Table #3 of
Annex I
5.1.6
Number of
days lost to
injuries,
accidents,
fatalities or
illness
paragraph 88
(e)
ESRS S1-16
Indicator
number 12
Table #1 of
Annex I
Delegated
Regulation
(EU) 2020/1816,
Annex II
5.1.6
Unadjusted
gender pay
gap paragraph
97 (a)
ESRS S1-16
Indicator
number 8
Table #3 of
Annex I
5.1.6
Excessive CEO
pay ratio
paragraph 97
(b)
ESRS S1-17
Indicator
number 7
Table #3 of
Annex I
5.1.6
Incidents of
discrimination
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paragraph 103
(a)
ESRS S1-17
Non-respect of
UNGPs on
Business and
Human Rights
and OECD
Guidelines
paragraph 104
(a)
Indicator
number 10
Table #1 and
Indicator
n. 14 Table
#3 of
Annex I
Delegated
Regulation
(EU) 2020/1816,
Annex II Delegated
Regulation
(EU) 2020/1818
Art 12 (1)
5.1.6
ESRS 2- SBM3
– S2
Indicators
number 12
and n. 13
Table #3 of
Annex I
Not material
Significant risk
of child labour
or forced
labour in the
value chain
paragraph 11
(b)
ESRS S2-1
Indicator
number 9
Table #3 and
Indicator
n. 11 Table #1
of Annex 1
Not material
Human rights
policy
commitments
paragraph 17
ESRS S2-1
Policies
related to
value chain
workers
paragraph 18
Indicator
number 11
and n. 4
Table #3 of
Annex 1
Not material
ESRS S2-1
Non-respect of
UNGPs on
Business and
Human Rights
principles and
OECD
guidelines
paragraph 19
Indicator
number 10
Table #1 of
Annex 1
Delegated
Regulation
(EU) 2020/1816,
Annex II Delegated
Regulation
(EU) 2020/1818,
Art 12 (1)
Not material
ESRS S2-1
Delegated
Regulation
(EU) 2020/1816,
Annex II
Not material
Due diligence
policies on
issues
addressed by
the
fundamental
International
Labor
Organisation
Conventions 1
to 8,
paragraph 19
ESRS S2-4
Indicator
number 14
Table #3 of
Annex 1
Not material
Human rights
issues and
incidents
connected to
its upstream
and
downstream
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value chain
paragraph 36
ESRS S3-1
Indicator
number 9
Table #3 of
Annex 1 and
Indicator
number 11
Table #1 of
Annex 1
Not material
Human rights
policy
commitments
paragraph 16
ESRS S3-1
Indicator
number 10
Table #1
Annex 1
Delegated
Regulation
(EU) 2020/1816,
Annex II Delegated
Regulation
(EU) 2020/1818,
Art 12 (1)
Not material
non-respect of
UNGPs on
Business and
Human Rights,
ILO principles
or OECD
guidelines
paragraph 17
ESRS S3-4
Indicator
number 14
Table #3 of
Annex 1
Not material
Human rights
issues and
incidents
paragraph 36
ESRS S4-1
Policies
related to
consumers
and end-users
paragraph 16
Indicator
number 9
Table #3 and
Indicator
number 11
Table #1 of
Annex 1
Not material
ESRS S4-1
Indicator
number 10
Table #1 of
Annex 1
Delegated
Regulation
(EU) 2020/1816,
Annex II Delegated
Regulation
(EU) 2020/1818,
Art 12 (1)
Not material
Non-respect of
UNGPs on
Business and
Human Rights
and OECD
guidelines
paragraph 17
ESRS S4-4
Indicator
number 14
Table #3 of
Annex 1
Not material
Human rights
issues and
incidents
paragraph 35
ESRS G1-1
Indicator
number 15
Table #3 of
Annex 1
6.2
United Nations
Convention
against
Corruption
paragraph 10
(b)
ESRS G1-1
Indicator
number 6
Table #3 of
Annex 1
6.2
Protection of
whistle-
blowers
paragraph 10
(d)
SHURGARD ANNUAL REPORT 2025
176
ESRS G1-4
Indicator
number 17
Table #3 of
Annex 1
Delegated
Regulation
(EU) 2020/1816,
Annex II)
6.5
Fines for
violation of
anti-
corruption and
anti-bribery
laws
paragraph 24
(a)
ESRS G1-4
Indicator
number 16
Table #3 of
Annex 1
6.5
Standards of
anti-
corruption and
anti- bribery
paragraph 24
(b)
7.3 INCORPORATION BY REFERENCE (ESRS 2 DR-16)
ESRS Disclosure requirement Data points Annual Report 2025 section
2 Gov-3 29 (a) – (e) Remuneration report
2 Gov-5 36 (a) – (e) Principal risks and uncertainties
8. EUROPEAN PUBLIC REAL ESTATE ASSOCIATION SUSTAINABILITY BEST
PRACTICES RECOMMENDATIONS (EPRA SBPR)
In combination with GRI standards references.
8.1 EPRA ENVIRONMENTAL PERFORMANCE MEASURES
NOTE ON THE EPRA ENVIRONMENTAL PERFORMANCE INDICATORS
Shurgard reports the Company’s sustainability indicators based on EPRA’s (European Public Real Estate
Association) latest recommendations: Best Practice Recommendations on Sustainability Reporting, fourth
edition, released in April 2024.
We have reported on all EPRA Sustainability Performance Measures, using the EPRA Best Practices
Recommendations on Sustainability Reporting 4th Version, the main requirements of the GHG Protocol
Corporate Standard (revised edition) and emissions factors from country-specific, best practice conversion
factors for the appropriate year, such as UK Government’s Conversion Factors for Company Reporting.
Shurgard aligns its report to the following overarching recommendations from EPRA:
Organization boundary: Applicable properties refer to the number of properties within our organizational
boundaries for this indicator.
Shurgard limits its report to properties controlled by Shurgard (operational control) in accordance with
the principles of the Greenhouse Gas Protocol. This includes all real estate assets owned by Shurgard.
Data is reported for our storage center portfolio and separately for our own occupied office(s).
Operational control has been chosen since it provides Shurgard with the best conditions for
demonstrating statistics and data that Shurgard can directly influence.
Coverage: Shurgard works actively to access relevant data for the properties that Shurgard owns and
operates. Having access to data is important to Shurgard, as the information creates conditions for
efficient and sound technical management of the buildings. The proportion of properties included in
SHURGARD ANNUAL REPORT 2025
177
each indicator is mentioned in connection with respective key indicators. Measurement data is affected
by changes in the portfolio – i.e., recently purchased, sold and project properties – which complicate
access to relevant data. Shurgard constantly strives to access all relevant data as comprehensively as
possible. We commit to reporting on progress annually.
Reporting period: Reporting for each year accounted for in the EPRA table refers to the calendar year, e.g.,
January 1, 2025 to December 31, 2025.
Estimations of data: In order to meet Annual Report deadlines, a significant proportion of environmental data
under measured indicators has been estimated for the last month of 2025, i.e., December 1, 2025 to
December 31, 2025. There are also a number of data gaps outside this period in 2023 and 2024 which
needed to be estimated. To fill these data gaps, we have used the following estimation methodology:
(i) short gap estimation: where data is absent for 15 days or less in a given month, we use the average
daily consumption from the available actual data for the remaining portion of that month to bridge the
gap; (ii) trend adjusted consumption: in instances where complete data was available for the previous
year (2024), we calculated the year-on-year percentage change between periods of known data in both
2025 and 2024. This percentage change was then applied to the data we needed to estimate in 2025,
utilizing the corresponding period of data in 2024; (iii) Industry benchmarks averages where both 2025
and 2024 have major gaps. This three-step methodology to estimate data is used to ensure that any
estimates produced are in line with the trends observed in the proportion of actual data on which they
are based.
Segmentation by Property Type and Geography: The absolute performance measures are each reported in
two sections, one for the own office occupation and one for owned assets. “Own office” refers to our
European Support Center located in Groot-Bijgaarden, near Brussels, Belgium. “Owned assets” refers to
our storage properties. All performance metrics segmented by geography. Considering the number of
countries, and the quantity of information, these were not disclosed in this report but are available upon
demand.
Third party verification/assurance: This report has been independently assured. The assurance statements
can be found at the end of this report.
Normalization: Shurgard calculates energy and water intensity ratios by dividing the in-scope buildings’ gross
internal floor area into the relevant total consumption figure. This is the most widely accepted method
in Europe for a self-storage facility to compare energy utilization and resource consumption.
Narrative on performance: Where appropriate, we have provided a narrative on our performance alongside
the relevant performance measures in this document.
Reporting on landlord and tenant consumption: Due to the nature of the self-storage business model,
Shurgard does not have any “tenants” – as such all utilities are the responsibility of the landlord i.e.,
Shurgard. Shurgard does have “customers” – those that use the portfolio to store belongings – but
these are not responsible for any utility consumption.
Like-for-Like Measures: Like-for-like measures cover those assets held for the full two-year period from
January 1, 2024 to December 31, 2025, for which we have at least 92% of data in the year. We also
exclude from these measures any newly acquired assets or assets where a building extension has been
added, or stores that have been temporarily closed. Stores opened in 2025 were therefore excluded from
the like-for-like measures. These were all included in the absolute measures. Any further exclusions
from absolute and like-for-like measures have been reported in the data notes accompanying the EPRA
tables.
Emission Calculation Methodology: We have used the GHG Protocol’s location-based methodology for
conversion factors for Scope 2 emissions and have also reported market-based emissions to
demonstrate the effect of green procurement. Greenhouse gas emissions are reported as metric tonnes
CO
2 equivalent (tCO2e), and greenhouse gas intensity is reported as kilograms of CO2 equivalent per
square meter of Gross Internal Area (kgCO
2e/sqm).
SHURGARD ANNUAL REPORT 2025
178
Data in previous reporting period: As part of ongoing data quality improvements, data gaps in prior reporting
periods are progressively filled as additional actual and verified information becomes available. In 2025,
this resulted in the replacement of certain estimated 2024 data points with actual data, thereby reducing
the overall use of estimates in the dataset. These updates do not constitute a material error under ESRS,
as they do not arise from a failure to use, or misuse of, reliable information that was available, or could
reasonably have been obtained, at the time the prior Sustainability statement was authorized for
issuance. At the time of publication, the reported figures reflected the best available data and
appropriate estimation methodologies. The observed fluctuations therefore reflect data actualization
and improved completeness rather than corrections of mistakes, misapplications of definitions,
oversights or misinterpretations of facts.
More on how Shurgard aligns its report to the overarching recommendations from EPRA, please refer to
chapter 2.2 “Other generally accepted sustainability reporting standards or frameworks included in this
Sustainability report”.
ENVIRONMENTAL SUSTAINABILITY PERFORMANCE MEASURES
The table below provides an overview of the EPRA sustainability performance measures that Shurgard is able
to report on, and an explanation of where data cannot be reported. It also provides an index of the GRI Topic
Standards which these metrics have been disclosed with reference to.
GRI
Topic
Standa
rd
EPRA sBPR
Measure
ESRS
ENVIRONMENTAL PERFORMANCE
MEASURES
Storag
e
assets
Own
offices
Pages
302 Elec-Abs E1 Total electricity consumption V V 180-181
302 Elec-LfL E1
Like-for-like total electricity
consumption
V V 180-181
302 DH&C-Abs E1
Total district heating & cooling
consumption
V N/A 182-185
302 DH&C-LfL E1
Like-for-like total district heating &
cooling consumption
V N/A 182-185
302
Fuels-Abs
E1
Total fuel consumption
V
N/A
182-185
302
Fuels-LfL
E1
Like-for-like total fuel consumption
V
N/A
182-185
302
Energy-Int
E1
Building energy intensity
V
185
305
GHG-Dir-
Abs
E1
Total direct greenhouse gas (GHG)
emissions
V N/A 186-188
305
GHG-
Indir-Abs
E1
Total indirect greenhouse gas (GHG)
emissions
V V 186-188
305 GHG-Int E1
Greenhouse gas (GHG) intensity from
building energy consumption
V V 188-189
303
Water-Abs
/
Total water consumption
V
V
189-191
303
Water-LfL
/
Like-for-like total water consumption
V
V
189-191
303
Water-Int
/
Building water intensity
V
V
189-191
306
Waste-
Abs
E5 Total weight of waste by disposal route V V 191-194
SHURGARD ANNUAL REPORT 2025
179
306 Waste-LfL E5
Like-for-like total weight of waste by
disposal route
V V 191-194
N/A Cert-Tot E1
Type and number of sustainably
certified assets
V
195
Fully reported: “V”
ESRS non-material voluntary disclosure: “/”
Not reported: “X”
Not applicable: “N/A”
SHURGARD ANNUAL REPORT 2025
180
Electricity - own assets
Assurance
Own assets
GRI
Code
EPRA
Code
Unit Indicator Category
Absolute Performance (abs)
Like-for-like performance (LFL)
ISAE3000
2024
2025
2024
2025
% change
302-1
Elec-
Abs,
Elec-
LFL
MWh Electricity
for landlord shared services
-
-
-
-
-
(sub)metered exclusively to tenants
-
-
-
-
-
Total landlord-obtained electricity
17,566
19,007
14,616
14,341
-2%
Total tenant-obtained electricity
-
-
-
-
-
Total electricity
18,905
20,443
14,616
14,341
-2%
Proportion of landlord obtained
electricity from renewable sources
100% 100%
Quantity of landlord obtained
electricity from renewable sources
18,905 20,443
%
Proportion of
landlord obtained
electricity by
source:
Solar Photovoltaic
13%
14%
Wind turbine
23%
24%
Nuclear
27%
27%
Hydroelectric technology
11%
10%
Coal
-
-
MWh
Quantity of landlord
obtained electricity
by source:
Solar Photovoltaic
2,488
2,889
Wind turbine
4,361
4,862
Nuclear
5,029
5,419
Hydroelectric technology
2,093
2,014
Coal
-
-
No. applicable properties
Energy disclosure coverage
318
332
251
sqm of applicable properties 2,410,403 2,549,760 1,939,993
%
Proportion of electricity estimated
10%
6%
-
Data notes for electricity: All reported energy totals are in MWh. We have been able to report electricity consumption for 318 assets (2024) and 332 assets (2025) for absolute
data, whereas LfL consumption covers 251 assets. Please note that Shurgard does not have any tenants, so tenant consumption is zero.
The proportion of landlord obtained electricity by source metric has been calculated using data from the International Energy Agency (IEA) which publishes grid composition figures
on an annual basis. For Solar Photovoltaic the proportion also includes solar generated on-site via solar panels.
Narrative on performance for electricity: Total Shurgard obtained electricity for stores has increased by 8%, reflecting a growing portfolio and increased electricity usage as the
portfolio electrified. Across the portfolio there have been L4L decreases in total electricity consumption across Germany (-19%), Sweden (-16%), and the United Kingdom (-9%),
resulting in a net -2% decrease in L4L electricity usage between 2024 and 2025. 100% of our electricity comes from renewable sources, via REGOs or self-supply renewables such
as Solar Photovoltaic, of which self-supply renewables have grown by 7%.
SHURGARD ANNUAL REPORT 2025
181
Electricity - own office
Assurance
Own office
GRI
Code
EPRA
Code
Unit Indicator Category
Absolute Performance (abs)
Like-for-like performance (LFL)
ISAE3000
2024
2025
2024
2025
% change
302-1
Elec-
Abs,
Elec-
LFL
MWh Electricity
for landlord shared services
-
-
-
-
-
(sub)metered exclusively to tenants
-
-
-
-
-
Total landlord-obtained electricity
40
38
40
38
-6%
Total tenant-obtained electricity
-
-
-
-
-
Total electricity
46
44
46
44
-4%
Proportion of landlord obtained electricity from
renewable sources
100% 100%
Quantity of landlord obtained electricity from
renewable sources
46 44
%
Proportion
of landlord
obtained
electricity
by source:
Solar Photovoltaic
35%
26%
Wind turbine
11%
21%
Nuclear
48%
47%
Hydroelectric technology
3%
2%
Coal
0%
0%
MWh
Quantity of
landlord
obtained
electricity
by source:
Solar Photovoltaic
16
12
Wind turbine
5
9
Nuclear
22
21
Hydroelectric technology
1
1
Coal
-
-
No. applicable properties
Energy disclosure coverage
1
1
1
sqm of applicable properties
1,652
1,652
1,652
%
Proportion of electricity estimated
12%
7%
Data notes for electricity: All reported energy totals are in MWh. Please note that Shurgard does not have any tenants, so tenant consumption is zero. The proportion of landlord
obtained electricity by source metric has been calculated using data from the International Energy Agency (IEA) which publishes grid composition figures on an annual basis.
Narrative on performance for electricity: Total Shurgard obtained electricity for the office has decreased by 4% between 2024 and 2025. Electricity for the office building is
partly provided by on-site solar. Overall, 100% of our electricity comes from renewable sources, via REGOs or self-supply renewables such as Solar Photovoltaic.
1
1
*Our company procures 100% of its landlord-obtained electricity from renewable sources, as verified by Renewable Energy Guarantees of Origin (REGOs). This ensures that our electricity consumption is matched with renewable energy production. The
presence of nuclear energy in the mix does not imply that our company directly purchases nuclear-generated electricity. It reflects the general composition of the electricity grid in our region, independent of our renewable energy procurement efforts.
SHURGARD ANNUAL REPORT 2025
182
District Heating and Fuels - own assets
Assurance
Own assets
GRI
Code
EPRA
Code
Unit Indicator Category
Absolute Performance (abs)
Like-for-like performance (LFL)
2024
2025
2024
2025
% change
302-1
DH&C-
Abs,
DH&C-
LFL
MWh
District heating and
cooling
for landlord shared services
ISAE3000
-
-
-
-
-
(sub)metered exclusively to
tenants
- - - - -
Total landlord-obtained district
heating and cooling
2,344 1,872 N/A N/A -
Total tenant-obtained district
heating and cooling
- - - - -
Total heating and cooling
2,344
1,872
N/A
N/A
-
Proportion of landlord obtained
district heating and cooling from
renewable sources
- -
%
Proportion of landlord
obtained heating and
cooling by source
Geothermal
-
-
Bioenergy: Biogas
-
-
MWh
Quantity of landlord
obtained heating and
cooling by source
Geothermal
-
-
Bioenergy: Biogas - -
No. applicable properties
Heating and cooling disclosure
coverage
39
39
-
sqm of applicable properties
301,817
301,817
-
%
Proportion of heating and cooling
estimated
20% 65% -
Fuels-
Abs,
Fuels-
LfL
MWh Fuels
for landlord shared services
-
-
-
-
-
(sub)metered exclusively to
tenants
-
-
-
-
-
Total landlord-obtained fuels
5,093
3,489
2,298
1,202
-48%
Total tenant-obtained fuels
-
-
-
-
-
Total fuel
5,093
3,489
2,298
1,202
-48%
Proportion of landlord-obtained
fuels from renewable sources
76% 84%
%
Proportion of landlord
obtained fuel by source
Natural Gas
24%
16%
Bioenergy
76%
84%
SHURGARD ANNUAL REPORT 2025
183
MWh
Quantities of landlord
obtained fuels by source
Natural Gas
1,236
542
Bioenergy
3,871 2,947
No. applicable properties
Fuel disclosure coverage
100
84
55
sqm of applicable properties
808,140
667,789
439,052
%
Proportion of fuel estimated
13%
38%
-
Data notes for district heating and fuels: All reported energy totals are in MWh. We have been able to report district heating consumption for 39 assets (2024 and 2025) and gas
consumption for 100 and 84 assets respectively in 2024 and 2025 for absolute data. In terms of LfL, 0 assets are covered for district heating due to a high proportion of unavailable
data that was estimated and 55 assets for gas. Please note that Shurgard does not have any tenants, so tenant consumption is zero.
The proportion of landlord obtained heating and cooling by source is unknown as the information is not available from providers, and appropriate benchmarks are not available.
All fuels consumed on-site are Natural Gas, 84% of which is backed by green certificates in 2025.
Narrative on district heating and fuels: Our LfL total fuel consumption decreased by 32% in absolute terms and 48% in LfL terms, mainly driven by efforts to disconnect our
sites from gas in place of alternative heating sources. The portfolio reported gas for 100 assets in 2024, whereas this year the total is 84 (some of which were disconnected
throughout the year), marking a significant decrease in exposure to scope 1 energy (gas) over the last years (see more details below for Scope 1). District heating has decreased in
absolute terms, however due to gaps in the dataset in 2025, 65% of the data has been estimated. As a result, there is no LfL analysis available for district heating.
SHURGARD ANNUAL REPORT 2025
184
District Heating and Fuels - own office
Assurance
Own assets
GRI
Code
EPRA
Code
Unit Indicator Category
Absolute Performance (abs)
Like-for-like performance (LFL)
2024
2025
2024
2025
% change
302-1
DH&C-
Abs,
DH&C-
LFL
MWh
District heating and
cooling
for landlord shared services
ISAE3000
-
-
-
-
-
(sub)metered exclusively to
tenants
- - - - -
Total landlord-obtained district
heating and cooling
- - N/A N/A 0%
Total tenant-obtained district
heating and cooling
- - - - -
Total heating and cooling
-
-
N/A
N/A
0%
Proportion of landlord obtained
district heating and cooling from
renewable sources
- -
%
Proportion of landlord
obtained heating and
cooling by source
Geothermal - -
Bioenergy: Biogas
-
-
MWh
Quantity of landlord
obtained heating and
cooling by source
Geothermal
-
-
Bioenergy: Biogas - -
No. applicable properties
Heating and cooling disclosure
coverage
-
-
N/A
sqm of applicable properties
1,652
1,652
1,652
%
Proportion of heating and cooling
estimated
- - 0%
Fuels-
Abs,
Fuels-
LfL
MWh Fuels
for landlord shared services
-
-
-
-
0%
(sub)metered exclusively to
tenants
- -
-
-
0%
Total landlord-obtained fuels
-
-
-
-
-48%
Total tenant-obtained fuels
-
-
-
-
0%
Total fuel
-
-
-
-
-48%
Proportion of landlord-obtained
fuels from renewable sources
- -
%
Proportion of landlord
obtained fuel by source
Natural Gas
-
-
Bioenergy
-
-
SHURGARD ANNUAL REPORT 2025
185
MWh
Quantities of landlord
obtained fuels by source
Natural Gas
- -
Bioenergy
- -
No. applicable properties
Fuel disclosure coverage
-
-
-
sqm of applicable properties
1,652
1,652
1,652
%
Proportion of fuel estimated
-
-
-
Data notes for district heating and fuels: All reported energy totals are in MWh. Please note that the consumption district heating as well as gas (or any fuel) in our office is not
present and is, therefore, reported as zero in this table.
Energy intensity – own assets & own offices
Assurance
Own assets
GRI
Code
EPRA
Code
Unit Indicator Category
Absolute Performance (abs)
Like-for-like performance (LFL)
2024
2025
2024
2025
% change
302-3
Energy
-Int
kWh/ sqm/year
Energy
Intensity
Landlord-obtained energy ISAE3000
11
10
kWh/ revenue
(€)/year
0.06 0.05
Assurance
Own offices
GRI
Code
EPRA
Code
Unit Indicator Category
Absolute Performance (abs)
Like-for-like performance (LFL)
2024
2025
2024
2025
% change
302-3
Energy
-Int
kWh/ sqm/year
Energy
Intensity
Landlord-obtained energy ISAE3000
28
27
kWh/ revenue
(€)/year
0.16 0.15
Data notes for energy intensity: Energy intensity is measured as kWh/sqm GIA/year and kWh /revenue in EUR/year. Please note that Shurgard does not have any tenants, so
tenant energy intensity is zero.
Narrative on energy intensity: Our energy intensity in stores decreased in 2025, from 11 kWh /sqm/year to 10 kWh /sqm/year in 2025, despite portfolio growth (in sqm). This is
mainly driven by more efficient energy use as a result of efficiency measures, such as the installation of heat pumps and gas disconnections across the portfolio.
SHURGARD ANNUAL REPORT 2025
186
GHG direct and indirect emissions – own assets
Assurance
Own assets
GRI
Code
EPRA
Code
Unit Indicator Category
Absolute Performance (abs)
Like-for-like performance (LFL)
ISAE3000
2024
2025
2024
2025
% change
305-1
GHG-
Dir-Abs
tCO₂ e
Direct
Total Direct Scope 1
932
633
Natural Gas
224
101
Bioenergy
708
531
305-2
GHG-
Indir-
Abs
Indirect
(Scope 2)
Total Indirect Scope 2 Market based
594
474
Scope 2 Electricity
-
-
Bioenergy: Biogas
-
-
Local District Heating
594
474
Total Indirect Scope 2 Location based
3,162
3,188
Scope 2 Electricity
2,567
2,713
Local District Heating
594
474
305-3
GHG-
Indir-
Abs
Indirect
(Scope 3)
Total Scope 3
-
-
Electricity sub-metered to occupiers
- -
Outside
of
scopes
Direct
Bioenergy: Wood pellets
-
-
Direct
Bioenergy: Biopropane
-
-
Indirect
Bioenergy: Biogas
-
-
Total
Scope 1 + Scope 2 (location based)
4,093
3,820
Scope 1 + Scope 2 (market based)
1,526
1,107
Scope 1 + Scope 2 (location based) + Scope 3
205,642
92,204
Scope 1 + Scope 2 (market based) + Scope 3
203,075
89,491
%
Proportion of Scope 1 + Scope 2 (location based) estimated
10%
19%
Proportion of Scope 1 + Scope 2 (market based) estimated
10%
31%
Proportion of Scope 3 estimated
-
-
No. applicable properties
GHG disclosure coverage
318
332
N/A
sqm of applicable properties
2,410,403
2,549,760
N/A
Data notes for GHG emissions: GHG emissions are measured in tonnes of CO₂ equivalents. Note that Shurgard does not have any tenants, so any emissions linked to tenants are
zero. Shurgard has used appropriate conversion factors from industry or government sources, such as the UK’s Department for Energy Security and Net Zero, which publishes
annual conversion factors for grid electricity and natural gas.
SHURGARD ANNUAL REPORT 2025
187
Narrative on performance for GHG emissions: Our location-based Scope 1 and 2 emissions decreased by 7% from 4,093 tCO₂ e in 2024 to 3,820 tCO₂ e in 2025. This is mainly
driven by disconnections from gas across the portfolio and increased electricity consumption across the portfolio. By contrast, and despite the opening of new stores, our market-
based emissions decreased by 27% thanks to the lower gas consumption across the portfolio.
We report location-based Scope 2 emissions alongside market-based emissions to demonstrate the effect of green procurement. The location-based method reflects the average
grid emissions in each country, which is why GHG emissions are still shown even when 100% of electricity is REGO-backed.
GHG direct and indirect emissions – own office
Assurance
Own office
GRI
Code
EPRA
Code
Unit Indicator Category
Absolute Performance (abs)
Like-for-like performance
(LFL)
ISAE3000
2024
2025
2024
2025
% change
305-1
GHG-Dir-
Abs
tCO₂e
Direct
Total Direct Scope 1
-
-
Natural Gas
-
-
Bioenergy: Wood pellets
-
-
Bioenergy: Biopropane
-
-
305-2
GHG-Indir-
Abs
Indirect (Scope
2)
Total Indirect Scope 2 Market based
-
-
Scope 2 Electricity
-
-
Bioenergy: Biogas
-
-
Local District Heating
-
-
Total Indirect Scope 2 Location
based
5.9
5.6
Scope 2 Electricity
5.9
5.6
Local District Heating
-
-
305-3
GHG-Indir-
Abs
Indirect (Scope
3)
Total Scope 3
-
-
Electricity sub-metered to occupiers
-
-
Outside of
scopes
Direct
Bioenergy: Wood pellets
-
-
Direct
Bioenergy: Biopropane
-
-
Indirect
Bioenergy: Biogas
-
-
Total
Scope 1 + Scope 2 (location based)
5.9
5.6
Scope 1 + Scope 2 (market based)
-
-
Scope 1 + Scope 2 (location based) + Scope 3
5.9
5.6
Scope 1 + Scope 2 (market based) + Scope 3
5.9
5.6
%
Proportion of Scope 1 + Scope 2 (location based)
estimated
- -
Proportion of Scope 1 + Scope 2 (market based)
estimated
- -
SHURGARD ANNUAL REPORT 2025
188
No. applicable properties
GHG disclosure coverage
1
1
1
sqm of applicable properties
1,652
1,652
1,652
Data notes for GHG emissions: GHG emissions are measured in tonnes of CO₂ equivalents. Note that Shurgard does not have any tenants, so Scope 3 emissions linked to tenants
is zero. Shurgard has used appropriate conversion factors from industry or government sources, such as the UK’s Department for Energy Security and Net Zero, which publishes
annual conversion factors for grid electricity and natural gas.
Narrative on performance for GHG emissions: Our location-based Scope 1 and 2 emissions decreased from 5.9 tCO₂e e in 2024 to 5.6 tCO₂e in 2025 due to decreased grid energy
consumption. Market-based emissions are 0 as all energy is procured from renewable sources. We attribute all Scope 3 emissions to our stores, resulting in 0 in this table.
GHG intensity and coverage – own assets
Assurance
Own assets
GRI
Code
EPRA
Code
Unit Indicator Category
Absolute Performance
(abs)
Like-for-like performance (LFL)
2024
2025
2024
2025
% change
305-4
GHG-
Int
kg CO₂e/ sqm/year
GHG emission
intensity
Scope 1 and 2
emissions (location
based)
ISAE3000
1.7
1.5
kg CO₂e/ revenue/year 0.010 0.008
kg CO₂e/ sqm/year
Scope 1 and 2
emissions (market
based)
0.6 0.4
kg CO₂e/ revenue/year 0.004 0.002
Data notes for GHG intensity: GHG intensity is expressed in kilos of CO₂ equivalents per sqm GIA per year and kilos of CO₂ equivalents per revenue in EUR per year. Note that
Shurgard does not have any tenants, so Scope 3 emissions linked to tenants is zero.
Narrative on performance for GHG intensity: Our location-based GHG intensity increased from 1.7 kg CO₂e/sqm/year in 2024 to 1.5 kg CO₂e /sqm/year in 2025. This was mainly
driven by increased consumption of electricity in the portfolio, and decrease gas consumption. We have been able to lower our market-based Scope 1 & 2 intensity from 1.0 kg
CO₂e/sqm/year in 2024 to 0.7 kg CO₂e/sqm/year in 2025.
GHG intensity and coverage – own office
Assurance
Own office
GRI
Code
EPRA
Code
Unit Indicator Category
Absolute Performance (abs)
Like-for-like performance (LFL)
2024
2025
2024
2025
% change
305-4
GHG-
Int
kg CO₂e/ sqm/year
GHG
emission
intensity
Scope 1 and 2 emissions
(location based)
ISAE3000
3.6
3.4
kg CO₂e/
revenue/year
0.020
0.019
kg CO₂e/ sqm/year
Scope 1 and 2 emissions
(market based)
N/A
N/A
kg CO₂e/
revenue/year
N/A N/A
SHURGARD ANNUAL REPORT 2025
189
No. applicable properties
GHG disclosure coverage
1
1
sqm of applicable properties
1,652
1,652
Data notes for GHG intensity: GHG intensity is expressed in kilos of CO₂ equivalents per sqm GIA per year and kilos of CO₂ equivalents per revenue in EUR per year. Note that
Shurgard does not have any tenants, so Scope 3 emissions linked to tenants is zero.
Narrative on performance for GHG intensity: Our location-based GHG intensity decreased from 3.6 kg CO₂e/sqm/year in 2024 to 3.4 kg CO₂e /sqm/year in 2025 due to decreased
grid energy consumption.
Water Measures – own assets
Assurance
Own assets
GRI
Code
EPRA
Code
Unit Indicator Category
Absolute Performance (abs)
Like-for-like performance (LFL)
2024
2025
2024
2025
% change
303-5
Water-
Abs
Water-
LfL
cbm /year Water
for landlord shared services
ISAE3000
-
-
-
-
0%
(sub)metered exclusively to tenants
-
-
-
-
0%
Total landlord-obtained water
21,775
20,163
14,442
10,359
-28%
Total tenant-obtained water
-
-
-
-
0%
Total water
21,775
20,163
14,442
10,359
-28%
cbm /year
Total
volume of
water
withdrawn
by source
Surface water, sourced from wetlands,
rivers, lakes, and oceans
- -
Ground Water - -
Rainwater collected directly and
stored by the reporting organization
- -
Waste water from another
organization
- -
Municipal water supplies or other
public or private utilities
21,775 20,163
Water-
Int
cbm/
revenue/year
Water
intensity
Landlord obtained water
0.00005 0.00004
cbm/ sqm/
year
0.009 0.008 0.009 0.007 -28%
No. applicable properties
Water disclosure coverage
318 332 202
sqm of applicable properties
2,410,403
2,549,760
1,554,195
%
Proportion of water estimated
13%
27%
0%
SHURGARD ANNUAL REPORT 2025
190
Data notes for water: Water consumption is reported in cbm (Cubic Meter) and water intensity is reported in cbm/sqm GIA. We have been able to report water usage for 332
properties (all) for absolute measures and 202 on a LfL basis. Due to the size of the portfolio and low water demand the intensity of the portfolio is 0.01 cbm/ sqm/ year for both
2024 and 2025. Please note that Shurgard does not have any tenants, so tenant consumption is zero.
Narrative on performance for absolute water: All water is municipal potable water discharged from taps in the communal areas of Shurgard properties. There is minimal landlord
obtained water across Shurgard’s portfolio and as the business does not operate in water-stressed locations, water consumption is not considered material. Total Shurgard
obtained water consumption has shown a significant reduction in 2025 (-7% on an absolute basis, and -28% on a LfL basis), which is due to more sites that have become remotely
managed, reducing the amount of staff on-site and subsequent water consumption, as well as smarter water management and minimization of leakages.
Water Measures – own office
Assurance
Own office
GRI
Code
EPRA
Code
Unit Indicator Category
Absolute Performance (abs)
Like-for-like performance (LFL)
2024
2025
2024
2025
% change
303-5
Water-
Abs
Water-
LfL
cbm/year
Water
for landlord shared services
ISAE3000
-
-
-
-
-
(sub)metered exclusively to
tenants
- - - - -
Total landlord-obtained water
83
66
83
66
-20%
Total tenant-obtained water
-
-
-
-
0%
Total water
83
66
83
66
-20%
cbm/year
Total volume
of water
withdrawn
by source
Surface water, sourced from
wetlands, rivers, lakes, and oceans
- -
Ground Water - -
Rainwater collected directly and
stored by the reporting
organization
- -
Waste water from another
organization
- -
Municipal water supplies or other
public or private utilities
82.8 65.9
Water-
Int
cbm/
revenue/year
Water
intensity
Landlord obtained water
0.0003 0.0002
cbm/ sqm/ year
0.05
0.04
0.05
0.04
-20%
No. applicable properties
Water disclosure coverage
1
1
1
sqm of applicable properties
1,652
1,652
1,652
%
Proportion of water estimated
0%
0%
0%
SHURGARD ANNUAL REPORT 2025
191
Data notes for water: Water consumption is reported in cbm (cubic meter) and water intensity is reported in cbm/ sqm GIA. Please note that Shurgard does not have any tenants,
so tenant consumption is zero.
Narrative on performance for absolute water: All water is municipal potable water discharged from taps in the communal areas of Shurgard properties. There is minimal landlord
obtained water across Shurgard’s portfolio and as the business does not operate in water-stressed locations, water consumption is not considered material. Total Shurgard
obtained water consumption for the office has shown a YoY 20% reduction in 2025.
Waste Measures – own assets
Assurance
Own assets
GRI
Code
EPRA
Code
Unit Indicator Category
Absolute Performance (abs)
Like-for-like performance (LFL)
2024
2025
2024
2025
% change
306-
3,
306-4,
306-5
Waste
-Abs,
Waste
-LfL
Tonnes
Total weight of waste
generated
Hazardous waste
ISAE3000
-
-
-
-
-
Non-hazardous waste
961
1,353
892
1,257
41%
Total weight of waste
generated via disposal and
diversion route
Recycled
223
556
197
538
173%
Landfill
-
-
-
-
-
Composting
738
797
695
718
3%
Composition of total weight of
waste generated
Paper
-
-
-
-
-
Metals
-
-
-
-
-
Glass
-
-
-
-
-
Mixed municipal
-
-
-
-
-
Food waste
-
-
-
-
-
General Waste
734
797
695
718
3%
Plastics
13
17
8
17.2
115%
Paper and Cardboard
186
524
184
521
183%
WEEE
-
-
-
-
-
Mixed Recyclables
29
14
5
-
-100%
Food
-
-
-
-
-
Fluorescent Tubes
-
-
-
-
-
Mixed Metals
-
-
-
-
-
Printer Toners
-
-
-
-
-
Glass
-
-
-
-
-
%
Proportion of total weight of
waste generated
Hazardous waste
-
-
-
-
Non-hazardous waste
100%
100%
100%
100%
Proportion waste generated via
disposal and diversion route
Recycled
23%
41%
22%
43%
Landfill
-
-
-
-
Composting
-
-
-
-
SHURGARD ANNUAL REPORT 2025
192
Composition of total waste
generated
Paper
-
-
-
-
Metals
-
-
-
-
Glass
-
-
-
-
Mixed municipal
-
-
-
-
Food waste
-
-
-
-
General Waste
76%
59%
78%
57%
Plastics
1%
1%
1%
1%
Paper and Cardboard
19%
39%
21%
41%
WEEE
-
-
-
-
Mixed Recyclables
-
-
-
-
Food
-
-
-
-
Fluorescent Tubes
-
-
-
-
Mixed Metals
-
-
-
-
Printer Toners
-
-
-
-
Glass
-
-
-
-
No. of applicable properties
Waste disclosure
coverage
316
332
275
sqm of applicable properties
2,410,403
2,549,760
2,132,768
%
Proportion of waste
estimated
- - -
Data notes for waste: All waste totals are reported in tonnes. Please note that Shurgard does not have any tenants, so tenant waste is zero.
Narrative on performance for absolute waste: Waste data is gathered for all properties in the portfolio (332 in 2025 vs. 318 in 2024) where Shurgard has waste management
contracts.
Absolute waste has increased by 41%. The increase in waste volumes in 2025 is primarily driven by a significant portfolio expansion in 2024, with newly acquired stores contributing
waste for a full reporting year in 2025. Overall, the portion of waste being recycled increased by almost half and now represents 41%, compared to 23% in 2024.
In addition to portfolio growth, changes in the waste profile reflect improvements in waste segregation and reporting practices across the portfolio. An increased focus on source
separation at site level has led to a higher proportion of waste being recycled, a reduction in waste sent for incineration, and a shift towards more clearly classified streams such
as paper and cardboard.
On a LfL basis (275 stores), the increase is equally 41%, largely driven by increased paper and cardboard. Overall, the portion of waste being recycled (on LfL basis) has increased
from 23% to 41%.
SHURGARD ANNUAL REPORT 2025
193
Waste Measures – Own offices
Assurance
Own office
GRI
Code
EPRA
Code
Unit Indicator Category
Absolute Performance (abs)
Like-for-like performance (LFL)
2024 2025 2024 2025
%
change
306-3,
306-4,
306-5
Waste
-Abs,
Waste
-LfL
Tonnes
Total weight of waste
generated
Hazardous waste
ISAE3000
-
-
-
-
-
Non-hazardous waste
6
7
6
7
17%
Total weight of waste
generated via disposal
and diversion route
Recycled
4
3
4
3
-25%
Landfill
-
-
-
-
-
Composting
3
4
3
4
23%
Composition of total
weight of waste
generated
Paper
-
-
-
-
-
Metals
-
-
-
-
-
Glass
-
-
-
-
-
Mixed municipal
-
-
-
-
-
Food waste
3
-
3
-
-100%
General Waste
-
-
-
-
-
Plastics
-
4
-
4
-
Paper and Cardboard
1
0.8
1
0.8
-19%
WEEE
3
2
3
2
-26%
Mixed Recyclables
-
-
-
-
-
Food
-
-
-
-
-
Fluorescent Tubes
-
-
-
-
-
Mixed Metals
-
-
-
-
-
Printer Toners
-
-
-
-
-
Glass
-
-
-
-
-
%
Proportion of total weight
of waste generated
Hazardous waste
-
-
-
-
Non-hazardous waste
100%
100%
100%
100%
Proportion waste
generated via disposal
and diversion route
Recycled
57%
45%
57%
45%
Landfill
-
-
-
-
Composting
43%
55%
43%
55%
Composition of total
waste generated
Paper
-
-
-
-
Metals
-
-
-
-
Glass
-
-
-
-
Mixed municipal
-
-
-
-
Food waste
43%
-
43%
-
General Waste
-
-
-
-
SHURGARD ANNUAL REPORT 2025
194
Plastics
-
55%
-
55%
Paper and Cardboard
14%
12%
14%
12%
WEEE
43%
33%
43%
33%
Mixed Recyclables
-
-
-
-
Food
-
-
-
-
Fluorescent Tubes
-
-
-
-
Mixed Metals
-
-
-
-
Printer Toners
-
-
-
-
Glass
-
-
-
-
No. of applicable properties
Waste disclosure coverage
1
1
1
sqm of applicable properties
1,652
1,652
1,652
%
Proportion of waste
estimated
-
- -
Data notes for waste: All waste totals are reported in tonnes. Please note that Shurgard does not have any tenants, so tenant waste is zero.
Narrative on performance for absolute waste: Absolute waste of the office has seen a slight increase of 17%. The portion of waste being recycled has decreased by 25%,
explained by the changes in the waste type and segregation.
SHURGARD ANNUAL REPORT 2025
195
Type and number of sustainably Certified Assets
2025
2024
GRI Topic
Standard
EPRA sBPR
Code
Certification Level No. of Certified Stores
Percentage of
portfolio certified (by
floor area)
No. of Certified
Stores
Percentage of
portfolio certified (by
floor area)
N/A Cert-Tot
EU Energy Performance Certificate
317
95.4%
309
90.7%
BREEAM - In Use
Pass
8
2.5%
13
5.1%
Acceptable
3
1.0%
1
0.3%
Good
34
10.8%
29
10.2%
Very Good
11
3.8%
7
2.4%
Excellent
-
-
1
0.3%
Outstanding
-
-
-
-
BREEAM – New Construction
Pass
-
-
-
-
Good
-
-
-
-
Very Good
7
2.7%
6
1.6%
Excellent
12
4.8%
8
3.5%
Outstanding
1
0.4%
1
0.5%
EU ENERGY PERFORMANCE CERTIFICATES 2025
EPC Score A B C D E F G
N/A
Number of Assets 226 45 27 13 5 1
-
15
% of portfolio (by floor
area)
68.1% 14.8% 7.9% 3.2% 1.4% 0.2% 0.0% 4.6%
Narrative on performance for green building certificates: EU energy performance certificates are not mandatory for all Shurgard's properties, but we make sure that all new
developed and acquired stores obtain EPC's. We plan not to have any stores with a rating lower than E by 2027 and lower than D by 2030. As Shurgard holds assets long-term this
is not a material aspect, however, to better understand the portfolio makeup, energy performance certificates have been obtained for the entire portfolio in 2021 and continue to
be obtained for new properties where feasible.
Shurgard recognizes the benefits of green building certification and seeks to increase the percentage coverage year-on-year. We focus on pursuing BREEAM (Building Research
Establishment Environmental Assessment Method) certification, with the goal to obtain BREEAM certificates at all new constructions wherever possible. Further properties have
been entered for BREEAM certification but have not yet had their certification finalized as of the compilation of this report.
SHURGARD ANNUAL REPORT 2025
196
8.2 EPRA SOCIAL PERFORMANCE MEASURES
SOCIAL PERFORMANCE MEASURES
We report on all Social and Governance Performance Measures. The EPRA sBPR compliance table below provides
an overview of the EPRA sustainability performance measures that Shurgard reports on, and an explanation of
where data cannot be reported.
GRI
Topic
Standard
EPRA
sBPR
Measure
ESRS
SOCIAL PERFORMANCE
MEASURES
Storage
assets
Corporate
Own office
occupation
Pages
405
Diversity-
Emp
S1
Employee gender
diversity
N/A V N/A 197
405
Diversity-
Pay
S1 Gender pay ratio N/A V N/A 197
405
Diversity-
Pay
S1 Equal pay analysis N/A V N/A 197-198
404
Emp-
Training
S1
Employee training and
development
N/A V N/A 198-199
404 Emp-Dev S1
Employee performance
appraisals
N/A V N/A 198-199
401
Emp-
Turnover
S1 New hires and turnover N/A V N/A 199
403
H&S-
Emp
S1
Employee health and
safety
N/A V N/A 199-200
416
H&S-
Asset
S1
Asset health and safety
assessments
V N/A V 200
416
H&S-
Comp
S1
Asset health and safety
compliance
V N/A V 200
413
Comty-
Eng
/
Community
engagement, impact
assessments and
development programs
V N/A V 200
Fully reported: “V”
ESRS non-material voluntary disclosure: “/”
Not reported: “X”
Not applicable: “N/A”
SHURGARD ANNUAL REPORT 2025
197
SOCIAL PERFORMANCE MEASURES
Note that our CEO has two functions: one as Board member and one as Senior
Management. In order to avoid a double count, the CEO has been excluded from the
Senior Management social performance measures.
Employee Gender Diversity
GRI Topic
Standard
EPRA
sBPR
Measure
Indicator
2025
2024
Female Male Female Male
405-1
Diversity-
Emp
Employees in the
organization’s
Board
of Directors
55.6% 44.4% 50.0% 50.0%
Employees in the
organization’s
Senior
Management
20.0% 80.0% 20.0% 80.0%
All employees 42.3% 57.7% 44.3% 55.7%
Narrative on performance:
Shurgard believes that a diverse perspective is key to success. We have increased our
female representation on the Board for the second year in a row, which stands at
55.0%. The overall gender diversity in the company has slightly decreased.
GRI 405-1
Gender Pay Ratio
GRI Topic
Standard
EPRA sBPR
Measure
Indicator
2025
2024
Mean
Mean
405-2 Diversity-Pay
Gender pay gap, expressed as
a percentage of the average
pay level of male employees
6.3% 5.6%
Narrative on performance:
This metric discloses the percentage pay gap between average female and average
male pay for all in-store employees.
The gender pay ratio has slightly increased compared to our 2024 disclosures and
now represents 6.3% in 2025. We are dedicated to promoting equity and maintaining
a workplace free from discrimination. Please refer to chapter 5.1.1 to learn more about
our fair remuneration policies and chapter 5.1.4 on actions we take to address them.
GRI 405-2
Equal Pay Analysis
ESRS non-material voluntary disclosure
Employee Level
2025
2024
Female Male Female Male
Executive level (base salary
only)
€ 450,000 € 354,457 € 400,000 € 352,381
Executive level (base salary
+ other cash incentives)
€ 1,050,000 € 744,115 € 688,000 € 651,587
Management level (base
salary only)
€ 89,815 € 94,290 € 88,091 € 91,971
Management level (base
salary + other cash
incentives)
€ 106,113 € 115,761 € 106,187 € 114,963
Data notes for equal pay analysis: Executive level functions include all Senior
Management, except for the CEO position. Management level functions include all
positions with people management responsibilities. Salary levels refer to average
salaries divided per gender.
SHURGARD ANNUAL REPORT 2025
198
Narrative on performance for equal pay analysis:
We believe that our salary paid is reflective of our continued commitment to maintain
a workplace that is free from discrimination. Every year, we provide an equal balance
for all employees.
GRI 405-2
Gender pay ratio for directors and employees
GRI
Topic
Stand
ard
EPRA
sBPR
Measure
Indicator
Gender pay gap, expressed as a
percentage of the average pay
level of male employees.
2025
2024
405-2
Diversity-
Pay
The organization’s Board of
Directors
16.4% 15.0%
Employees in the
organization’s Senior
Management
-27.5% -12.9%
All employees
15.4% 15.7%
Narrative on performance for gender pay ratio for directors and employees:
Shurgard discloses the mean percentage pay gap between female and male pay for
three levels of employees. Shurgard’s remuneration policy makes no differentiation
between female and male functions, therefore, all differences are mandate specific.
A positive result means that average male pay is higher than average female pay. A
negative result means average male pay is lower than average female pay. Please
refer to chapter 5.1.1 to learn more about out fair remuneration policies and chapter
5.1.4 on actions we take to address it.
GRI 405-2
Employee Training & Development
GRI
Topic
Standar
d
EPRA
sBPR
Measur
e
Indicator
2025
2024
Female
Male
Female
Male
404-1
Emp-
Training
Average hours of
training undertaken by
employees in the
reporting period (per
employee)
30.9 56.5
Average hours of
training undertaken by
employees in the
reporting period
30.9 30.9 56.5 56.5
404-3
Emp-
Dev
% of total employees
who received regular
performance and
career development
reviews during the
reporting period
98.1% 97.6%
% of employees who
received regular
performance and
career development
reviews during the
reporting period
97.5% 98.6% 97.2% 98.2%
N/A
Average spent on
training per employee
in the reporting period
€ 794.1 € 497.0
N/A
Total of hours of
training undertaken by
all employees in the
reporting period
(overall)
26,674.0 49,897.3
SHURGARD ANNUAL REPORT 2025
199
Narrative on performance:
Total training hours in 2025 amounted to over 26,000 hours, covering game-based
training, first aid and fire emergency training, new joiners’ induction programs, and
externally provided upskilling initiatives supporting workforce development.
Compared to 2024, total training hours decreased, primarily reflecting lower hiring
volumes and employee turnover, as well as the completion in prior years of large,
one-off digital upskilling programs that did not recur in 2025. Following a temporary
peak in training hours in 2024 driven by these initiatives, 2025 levels are broadly in
line with our normalized, business-as-usual training baseline, while continuing to
support the skills, safety and development of our workforce
In addition, changes in the operational organization across several markets
contributed to the year-on-year decrease in recorded training hours (e.g., higher
degree of clustering resulted in fewer Assistant Store Managers and Store Managers
requiring training). The rollout of SAP across the company also influenced reported
training hours. During the implementation phase, employees prioritized operational
continuity, limiting participation in other formal training programs. Furthermore, a
significant portion of SAP-related learning took place through on-the-job training by
key users at store and office level. These training hours were not systematically
tracked or recorded and are not reflected in the reported training figures.
It should be noted that the training budget for 2025 is derived directly from the SAP
system and reflects expenditure related to all training activities. As such, the budget
may include training delivered through informal or on-the-job formats that are not
captured in the reported training hours, resulting in a difference between training
spend and recorded hours.
Training hours and upskilling opportunities are distributed evenly among our
employees. For the overall numbers of employees, we took into consideration the
total headcount at the reporting year end. Each in-store employee is required to
complete a rigorous training program over the course of their first four months
employment. This builds the foundation to assist our customers with their storage
needs. European Support Center employees are also engaged in an extensive
induction program which lasts several weeks. Shurgard recruited 248 new employees
over 2025 who all went through induction training.
GRI 404-1 / 404-3
New Hires and Turnover
GRI Topic
Standard
EPRA
sBPR
Measure
Indicator
2025
2024
Female Male Female Male
401-1
Emp-
Turnover
Total
employee
headcount
364
498 391 492
Indicator
Number
Rate Number Rate
New
employee
hires
248
28.7% 489 55.5%
Employee
turnover
267 30.9% 321 36.4%
Narrative on performance: There have been less new hires due to lower amount of
acquisitions compared to 2024, along with lower turnover compared to last year
As of December 31, 2025, the total number of employees was 862, with 57.7% male
and 42.3% female employees.
GRI 401
Employee Health and Safety
GRI
Topic
Standard
EPRA
sBPR
Measure
Indicator 2025 2024
403-2
H&S-
Emp
Injury rate
0.003% 0.004%
Injury number 42 44
Lost day rate 0.16% 0.14%
Absentee rate 6.7% 7.5%
Fatalities own
workforce
- -
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200
Fatalities value chain
workers
- -
Employees covered by
health and safety
management system
76.1% 77.5%
Narrative on performance: Shurgard has specific internal control and management
systems to mitigate health and safety risks, including technological solutions and a
program of audit and assurance.
In 2025, our injury and absentee rates decreased slightly, while our lost day rate
slightly increased.
GRI 403-1/ 403-2
Asset Health and Safety Assessments and Compliance
GRI Topic
Standard
EPRA sBPR
Measure
Indicator 2025 2024
416-1 H&S-Assets
% of assets for which
H&S impacts are
assessed or reviewed
31.3% 40.2%
416-2 H&S-Comp
Number of incidents of
non-compliance
with regulations and/or
voluntary standards
1 1
Narrative on performance:
Shurgard is fully committed to providing safe storage facilities to our customers and
our staff. Health and safety criteria are regularly assessed in our properties to ensure
that applicable health and safety rules are respected. All the properties are audited
with respect to health and safety criteria:
• By Internal Audit within a three-year cycle (more than one third of the
properties are audited each year);
• By the District Managers three times per year (self-assessments).
The organization has identified one instance of non-compliance with regulations
and/or voluntary codes.
GRI 416-1 / 416-2
Community Engagement, Impact Assessments and Development Programs
GRI Topic
Standard
EPRA
sBPR
Measure
Indicator
2025 2024
413-1
Comty-
Eng
% of assets under
operational control that
have implemented local
community engagement,
impact assessments,
and/or development
programs
100.0% 100.0%
Narrative on performance:
Shurgard has a corporate company-level community program that applies across all
activities. Further details of which are included in the “Positive impact on local
communities” section mentioned earlier.
All our community initiatives are based on an assessment of local community needs
and we conduct social and environmental impact assessments for planning purposes.
We provide grievance processes for all stakeholders, including a formal complaints
procedure.
GRI 413-1
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201
8.3 EPRA GOVERNANCE PERFORMANCE MEASURES
GOVERNANCE PERFORMANCE MEASURES
GRI Topic
Standard
EPRA
sBPR
Measure
ESRS
GOVERNANCE PERFORMANCE
MEASURES
Storage
assets
Corporate
Own office
occupation
Pages
2-9
Gov
-Board
G1
Composition of the highest governance
body
N/A V N/A 201
2-10
Gov
-Selec
G1
Process for nominating and selecting
the highest governance body
N/A V N/A 202
2-15
Gov
-CoI
G1
Process for managing conflicts of
interest
N/A V N/A 203
GOVERNANCE PERFORMANCE MEASURES
Composition of the Highest Governing Body
GRI Topic
Standard
EPRA sBPR
Measure
Indicator
2025
2024
Female
Male
Female
Male
2-9 Gov-Board
Number of executive
board members
0 1 0 1
Number of independent
board
members
4 2 4 3
Number of non-executive
board
members
5 3 5 4
Average tenure on the
governance body
3.7 years 4.3 years
Number of independent /
non-
executive board
members with
competencies relating to
environmental and social
topics
5 7
Narrative on performance:
The Board of Directors (highest governance body) is currently composed of 9 members, consisting of 1 executive
director and 8 non-executive directors. We define “Executive” as a director with executive functions within the
Shurgard group (such as Chief Executive Officer, Chief Financial Officer, etc.). The Independent Chairman, Ian Marcus,
leads the Board.
The ESG Committee plays a key role in overseeing the company’s ESG strategy and monitoring progress on ESG
objectives, ensuring sustainability-related matters are effectively integrated into the company’s governance
framework.
It is considered that 8/9 board members possess competencies related to environmental and social topics, as
evidenced by their biographies, professional mandates, and prior experience, including academic backgrounds,
industry expertise, and engagement in charitable or sustainability-focused activities. Additionally, through the ESG
Fully reported: “V”
ESRS non-material voluntary disclosure: “/”
Not reported: “X”
Not applicable: “N/A”
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202
Committee’s oversight, certain sustainability-related aspects are actively reviewed and discussed, reinforcing the
Board’s collective knowledge and commitment to ESG topics.
GRI 2-9
Process for Nominating and Selecting the Highest Governing Body
GRI Topic
Standard
EPRA sBPR
Measure
ndicator
2025 2024
2-10
Gov-
Select
Composition
of
the Board of
Directors
(Relevant for the reporting rules and did not change between 2024 and 2025
in relation to the nomination and selection of the Directors; rules last
reviewed February 2024 in relation to overseeing the ESG strategy of the
Company)
Source: Internal Rules and Regulations of the ESG Committee
Available under
https://corporate.shurgard.eu/governance/committee-
charter
The ESG Committee acts to:
- Identify candidates qualified to serve as members of the Board and
executive officers;
- Recommend candidates to the Board for appointment by the General
Meeting of Shareholders or for appointment by the Board to fulfil interim
vacancies at the Board;
- Submit a list of candidates to the Board on the appointment of new
Directors and executive officers;
- Make an assessment of the existing and required skills, knowledge and
experience for any post to be filled and prepare on that basis a description
of the role, together with the skills, knowledge and experience required -
this includes ESG topics;
- Make an assessment as to whether candidate Directors meet the criteria
of independence.
For more information on independence criteria of the Board of Directors
please refer to the part “Independence” in chapter 6.1.
Narrative on performance:
The rules for the nomination and selection of members of the Board of Directors have not changed since 2018. The
ESG Committee makes recommendations to the Board about the renewal of the directors’ mandates and the
nomination of new directors when requested. It is then the prerogative of the shareholders of the Company to approve
the mandates of the directors.
GRI 2-10
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203
Process for managing Conflicts of Interest
GRI Topic
Standard
EPRA
sBPR
Measure
Indicator 2025
2-15 Gov-Col
Board of
Directors’
composition
Source 1: Corporate Governance Charter
Available under https://corporate.shurgard.eu/governance/governance-
documents procedure
- In relation to any transaction, submitted for approval to the Board or any
Committee of the Board conflicting with that of the Company, a director
having a direct or indirect financial interest shall notify the Board or any
Committee of the Board of Directors and shall not participate in any
discussions or vote of the Board or any Committee of the Board, and the
decision shall be taken by simple majority of the voting directors.
- Where, due to a conflict of interest, the number of directors required to be
present for a valid quorum is not reached, the Board may defer the decision
to the general meeting of shareholders.
Source 2: Directors Code of Conduct
Directors must take appropriate actions in case of conflicts of interest.
Directors must use their best efforts to avoid any potential conflict of interest
with the Company or any company controlled by it.
If a director has a direct or indirect personal and conflicting interest of a
financial nature in a decision or transaction within the authority of the Board,
he must so notify the other directors prior to a decision by the Board. A
director who has a conflicting interest may not participate, nor vote in the
deliberations of the Board on such transactions or decisions.
This procedure does not apply if the decisions of the Board relate to
transactions at arm’s length and concerning the daily affairs of the Company.
Source 3: Disclosure into the Annual Report of the other directorships of the
directors of the Board
Narrative on performance: No conflicts of interest were identified in either year.
This indicator describes our processes to ensure that conflicts of interest are avoided and managed in the highest
governance body, and how conflicts of interest are disclosed to stakeholders. For more information on the conflict of
interest, please refer to the part “Conflict of Interest” in chapter 6.2 Business Conduct Policies and Corporate Culture.
GRI 2-15
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204
9. LIMITED ASSURANCE ON NON-FINANCIAL INFORMATION
9.1. CSRD ISAE 3000 ASSURANCE REPORT
LIMITED ASSURANCE REPORT OF THE REGISTERED AUDITOR TO THE GENERAL
SHAREHOLDERS’ MEETING ON THE CONSOLIDATED SUSTAINABILITY STATEMENT
OF SHURGARD SELF STORAGE LTD FOR THE ACCOUNTING YEAR ENDED ON 31
DECEMBER 2025
We present to you our registered auditor’s report in the context of our legal limited assurance engagement on the
consolidated sustainability statement of Shurgard Self Storage Ltd. (the “Company”) and its subsidiaries (jointly “the
Group”). The consolidated sustainability statement of the Group is included in the section “Chapter 1 to 7 of the
Sustainability Report 2025” of the “Annual Report 2025” on 31 December 2025 and for the year then ended (hereafter
“the consolidated sustainability statement”).
We have been appointed by the annual general meeting 14 May 2025, following the proposal formulated by the board
of directors and following the recommendation by the audit committee to perform a limited assurance engagement
on the consolidated sustainability statement of the Group.
Our mandate will expire on the date of the general meeting which will deliberate on the annual accounts for the year
ending 31 December 2025. We have performed our assurance engagement on the consolidated sustainability
statement for 2 consecutive years.
Limited assurance conclusion
We have conducted a limited assurance engagement on the consolidated sustainability statement of the Group.
Based on the procedures we have performed and the assurance evidence we have obtained, nothing has come to our
attention that causes us to believe that the consolidated sustainability statement of the Group, in all material respects:
● has not been prepared in accordance with the requirements of article 3:32/2 of the Companies’ and
Associations’ Code, including compliance with the applicable European Sustainability Reporting Standards
(ESRS);
● is not in accordance with the process (the “Process”) carried out by the Group, as disclosed in note “2.5 Double
materiality assessment (ESRS 2, IRO-1, IRO-2)” of the consolidated sustainability statement, to identify the
information reported in the consolidated sustainability statement on the basis of ESRS;
● does not comply with the requirements of article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”)
disclosed in subsection “4 EU Taxonomy” within the environmental section of the consolidated sustainability
statement.
SHURGARD ANNUAL REPORT 2025
205
Basis for conclusion
We conducted our limited assurance engagement in accordance with International Standard on Assurance
Engagements (ISAE) 3000 (Revised),
Assurance engagements other than audits or reviews of historical financial
information
(“ISAE 3000 (Revised)”),
as applicable in Belgium.
Our responsibilities under this standard are further described in the “Responsibilities of the registered auditor on the
limited assurance engagement on the consolidated sustainability statement”
section of our report.
We have complied with all ethical requirements that are relevant to assurance engagements of sustainability
statements in Belgium, including those related to independence.
We apply International Standard on Quality Management 1 (ISQM 1), which requires the registered audit firm to design,
implement and operate a system of quality management including policies or procedures regarding compliance with
ethical requirements, professional standards and applicable legal and regulatory requirements.
We have obtained from the board of directors and Company officials the explanations and information necessary for
performing our limited assurance engagement.
We believe that the assurance evidence we have obtained is sufficient and appropriate to provide a basis for our
conclusion.
Responsibilities of the board of directors relating to the preparation of the
consolidated sustainability statement
The board of directors is responsible for designing and implementing a Process and for disclosing this Process in note
“Double materiality assessment (ESRS 2, IRO-1, IRO-2)” of the consolidated sustainability statement. This responsibility
includes:
● understanding the context in which the activities and business relationships of the Group take place and
developing an understanding of its affected stakeholders;
● the identification of the actual and potential impacts (both negative and positive) related to sustainability
matters, as well as risks and opportunities that affect, or could reasonably be expected to affect the Group’s
financial position, financial performance, cash flows, access to finance or cost of capital over the short-,
medium-, or long- term;
● the assessment of the materiality of the identified impacts, risks and opportunities related to sustainability
matters by selecting and applying appropriate thresholds; and
● making assumptions that are reasonable in the circumstances.
SHURGARD ANNUAL REPORT 2025
206
The board of directors is further responsible for the preparation of the consolidated sustainability statement, which
includes the information established by the Process:
• in accordance with the requirements referred to in article 3:32/2 of the Companies’ and Associations’ Code,
including the applicable European Sustainability Reporting Standards (ESRS);
• in compliance with the requirements of article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”)
disclosed in subsection “4 EU Taxonomy” within the environmental section of the consolidated
sustainability statement.
• This responsibility comprises:
● designing, implementing and maintaining such internal control that the board of directors determines is
necessary to enable the preparation of the consolidated sustainability statement that is free from material
misstatement, whether due to fraud or error; and
● the selection and application of appropriate sustainability reporting methods and making assumptions and
estimates that are reasonable in the circumstances.
Those charged with governance are responsible for overseeing the Group’s sustainability reporting process.
Inherent limitations in preparing the consolidated Sustainability Statement
In reporting forward-looking information in accordance with ESRS, the board of directors is required to prepare the
forward-looking information on the basis of disclosed assumptions about events that may occur in the future and
possible future actions by the Group Actual outcomes are likely to be different since anticipated events frequently do
not occur as expected and the deviation from that can be of material importance.
Responsibilities of the registered auditor on the limited assurance engagement
on the consolidated sustainability statement
Our responsibility is to plan and perform the assurance engagement with the aim of obtaining a limited level of
assurance about whether the consolidated sustainability statement contains no material misstatements, whether due
to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from
fraud or errors and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the decisions of users taken on the basis of the consolidated sustainability statement.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), as applicable in Belgium, we apply
professional judgment and maintain professional scepticism throughout the engagement. The work performed in an
engagement aimed at obtaining a limited level of assurance, for which we refer to the section "Summary of work
performed," is less in scope than in an engagement aimed at obtaining a reasonable level of assurance. Therefore, we
do not express an opinion with a reasonable level of assurance as part of this engagement.
As the forward-looking information in the consolidated sustainability statement and the assumptions on which it is
based, are future related, they may be affected by events that may occur in the future and possible future actions by
the Group. Actual outcomes are likely to be different from the assumptions, as the anticipated events frequently do
not occur as expected, and the deviation from that can be of material importance. Therefore, our conclusion does not
provide assurance that the reported actual outcomes will correspond with those included in the forward-looking
information in the consolidated sustainability statement.
Our responsibilities regarding the consolidated sustainability statement, with respect to the Process, include:
SHURGARD ANNUAL REPORT 2025
207
● obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the
effectiveness of the Process, including the outcome of the Process;
● designing and performing work to evaluate whether the Process is consistent with the description of the
Process by the Group in section “Double materiality assessment (ESRS 2, IRO-1, IRO-2)”.
Our other responsibilities regarding the consolidated sustainability statement include:
● acquiring an understanding of the entity's control environment, the relevant processes, and information
systems for preparing the sustainability information, but without assessing the design of specific control
activities, obtaining supporting information about their implementation, or testing the effective operation
of the established internal control measures;
● identifying where material misstatements are likely to arise, whether due to fraud or error, in the
consolidated sustainability statement; and
● designing and performing procedures responsive to where material misstatements are likely to arise in the
consolidated sustainability statement. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
Summary of work performed
A limited assurance engagement involves performing procedures to obtain evidence about the consolidated
sustainability statement. The procedures carried out in a limited assurance engagement vary in nature and timing
from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance
obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained
had a reasonable assurance engagement been performed.
The nature, timing, and extent of procedures selected depend on professional judgment, including the identification
of areas where material misstatements are likely to arise in the consolidated sustainability statement, whether due to
fraud or errors.
SHURGARD ANNUAL REPORT 2025
208
In conducting our limited assurance engagement with respect to the Process, we have:
● obtained an understanding of the Process by:
○ performing inquiries to understand the sources of the information used by management (e.g.,
stakeholder engagement, business plans and strategy documents); and
○ reviewing the Group’s internal documentation relating to its Process
● evaluated whether the evidence obtained from our procedures with respect to the Process implemented by
the Group was consistent with the description of the Process set out in section “Double materiality
assessment (ESRS 2, IRO-1, IRO-2)”.
In conducting our limited assurance engagement, with respect to the consolidated sustainability statement, we have:
● obtained an understanding of the Group’s reporting processes relevant to the preparation of its
consolidated sustainability statement by obtaining an understanding of the Group’s control environment,
processes and information system relevant to the preparation of the consolidated sustainability statement,
but not for the purpose of providing a conclusion on the effectiveness of the Group’s internal control;
● evaluated whether the information identified by the Process is included in the consolidated sustainability
statement;
● evaluated whether the structure and the presentation of the consolidated sustainability statement is in
accordance with the ESRS;
● performed inquiries of relevant personnel and analytical procedures on selected information in the
consolidated sustainability statement;
● performed substantive assurance procedures on selected information in the consolidated sustainability
statement;
● evaluated the methods/assumptions for developing estimates and forward-looking information as
described in the section 'Responsibilities of the registered auditor on the limited assurance engagement on
the consolidated sustainability statement';
● obtained an understanding of the Group’s process to identify taxonomy-eligible and taxonomy-aligned
economic activities and the corresponding disclosures in the consolidated sustainability statement.
SHURGARD ANNUAL REPORT 2025
209
Statement related to independence
Our registered audit firm and our network did not provide services which are incompatible with the limited assurance
engagement, and our registered audit firm remained independent of the Group in the course of our mandate.
Diegem, 25 February 2026
The registered auditor
PwC Bedrijfsrevisoren BV/PwC Reviseurs d'Entreprises SRL
Represented by
Jeroen Bockaert*
Bedrijfsrevisor/Réviseur d'entreprises
* Acting on behalf of Jeroen Bockaert BV
SHURGARD ANNUAL REPORT 2025
210
9.2 EPRA ISAE 3000 ASSURANCE REPORT
INDEPENDENT LIMITED ASSURANCE REPORT ON EPRA sBPR OF THE SUSTAINABILITY REPORT INCLUDED IN THE
ANNUAL REPORT 2025 OF SHURGARD SELF STORAGE LTD
________________________________________________________________________________
To the Board of Directors of Shurgard Self Storage Ltd.
This report has been prepared in accordance with the terms of our engagement contract dated 16 February 2026 (the
“Agreement”), whereby we have been engaged to issue an independent limited assurance report in connection with
the 2025 EPRA sustainability indicators as set out under chapter 8 “European Real Estate Association sustainability
best practices recommendations (“EPRA sBPR”)” of the Sustainability Report which is part of the Annual Report of
Shurgard Self Storage Ltd. as of and for the year ended 31 December 2025 (the “Report”).
The Directors’ responsibility
The Directors of Shurgard Self Storage Ltd. (“the Company”) are responsible for the preparation and presentation of
the information and data in the 2025 EPRA sustainability indicators as set out under chapter 8 “European Real Estate
Association sustainability best practices recommendations (“EPRA sBPR”)” of the Report (the “Subject Matter
Information”), in accordance with the EPRA Sustainability Best Practices Recommendations Guidelines – Version 4,
April 2024 (the “Criteria”).
This responsibility includes the selection and application of appropriate methods for the preparation of the Subject
Matter Information, for ensuring the reliability of the underlying information and for the use of assumptions and
estimates for individual sustainability disclosures which are reasonable in the circumstances. Furthermore, the
responsibility of the Directors includes the design, implementation and maintenance of systems and processes relevant
for the preparation of the Subject Matter Information that is free from material misstatement, whether due to fraud
or error.
Auditor’s responsibility
Our responsibility is to express an independent conclusion about the Subject Matter Information based on the
procedures we have performed and the evidence we have obtained.
We conducted our work in accordance with the International Standard on Assurance Engagements 3000 (Revised)
“Assurance Engagements other than Audits or Reviews of Historical Financial Information” (ISAE 3000), issued by the
International Auditing and Assurance Standards Board. This standard requires that we comply with ethical
requirements and that we plan and perform the engagement to obtain limited assurance as to whether any matters
have come to our attention that cause us to believe that the Subject Matter Information has not been prepared, in all
material respects, in accordance with the Criteria.
SHURGARD ANNUAL REPORT 2025
211
In a limited-assurance engagement the evidence-gathering procedures are more limited than for a reasonable
assurance engagement, and therefore less assurance is obtained than in a reasonable- assurance engagement. The
procedures selected depend on the auditor’s judgement, including the assessment of the risks of material
misstatement of the Subject Matter Information in accordance with the Criteria. The scope of our work comprised the
following procedures:
● assessing and testing the design and functioning of the systems and processes used for data-gathering,
collation, consolidation and validation, including the methods used for calculating and estimating the
Subject Matter Information as of and for the year ended 31 December 2025 presented under chapter 8
“European Real Estate Association sustainability best practices recommendations (“EPRA sBPR”)” in the
Report;
● conducting interviews with responsible officers;
● reviewing, on a limited test basis, relevant internal and external documentation;
● performing an analytical review of the data and trends in the information submitted for consolidation;
● considering the disclosure and presentation of the Subject Matter Information.
The scope of our work is limited to assurance over the Subject Matter Information. Our assurance does not extend to
information in respect of earlier periods or to any other information included in the Report.
Our independence and quality management
We have complied with the independence and other ethical requirements in the International Ethics Standards Board
for Accountants’ (IESBA) International Code of Ethics for Professional Accountants (IESBA Code) together with the legal
Belgian requirements in respect of the auditor independence, particularly in accordance with the rules set down in
articles 12, 13, 14, 16, 20, 28 and 29 of the Belgian Act of 7 December 2016 organising the audit profession and its
public oversight of registered auditors.
Our firm applies International Standard on Quality Management n°1, Quality Management for Firms that Perform Audits
and Reviews of Financial Statements, and Other Assurance Related Services Engagements, and accordingly, maintains
a comprehensive system of quality management including documented policies and procedures regarding compliance
with ethical requirements, professional standards and applicable legal and regulatory requirements.
Our conclusion
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention
that causes us to believe that the Subject Matter Information within your Sustainability Report as part of your Annual
Report as of and for the year ended 31 December 2025 has not been prepared, in all material respects, in accordance
with the Criteria.
Other ESG related information
The other information comprises all of the ESG related information in the Report other than the Subject Matter
Information and our assurance report. The directors are responsible for the other ESG related information. As explained
above, our assurance conclusion does not extend to the other ESG related information and, accordingly, we do not
express any form of assurance thereon. In connection with our assurance of the Subject Matter Information, our
responsibility is to read the other ESG related information and, in doing so, consider whether the other ESG related
information is materially inconsistent with the Subject Matter Information or our knowledge obtained during the
assurance engagement, or otherwise appears to contain a material misstatement of fact. If we identify an apparent
material inconsistency or material misstatement of fact, we are required to perform procedures to conclude whether
SHURGARD ANNUAL REPORT 2025
212
there is a material misstatement of the Subject Matter Information or a material misstatement of the other
information, and to take appropriate actions in the circumstances.
Other matter - restriction on use and distribution of our report
Our report is intended solely for the use of the Company, to whom it is addressed, in connection with their Report as
of and for the year ended 31 December 2025 and should not be used for any other purpose. We do not accept or
assume and deny any liability or duty of care to any other party to whom this report may be shown or into whose
hands it may come.
Diegem, 25 February 2026
PwC Bedrijfsrevisoren BV/PwC Reviseurs d'Entreprises SRL
Represented by
Jeroen Bockaert*
Bedrijfsrevisor/Réviseur d'entreprises
* Acting on behalf of Jeroen Bockaert BV
SHURGARD ANNUAL REPORT 2025
213
REMUNERATION REPORT
INTRODUCTION
AGM & STAKEHOLDER ENGAGEMENT
At the 2025 AGM, 88.3% of shareholders voted in favor of our Remuneration report. While we are grateful for the
solid foundation of support and trust in our reporting that this positive outcome reflects, we also received important
feedback that our Remuneration report and the link between pay-and-performance could still be enhanced. As a
company, we take our stakeholder views very seriously and welcome an open dialogue on all aspects of our
remuneration. As part of this, we find it imperative to understand any feedback received and act upon it. As such,
this year’s report builds on the feedback we have received and improves our pay-for-performance linkage, disclosure
and transparency. Specifically, amongst others, the following enhancements were made:
• In 2025, 50% of the long-term incentive award for Senior Management was made in the form of a
performance-based share award;
• Clarified link between our variable incentive plans and our remuneration principles (on the one hand) as
well as how these link to the company’s financial and sustainability objectives (on the other hand);
• Visual illustrations of our Senior Management’s pay mix under different scenarios: at target, and maximum;
• Added explanations on the market references as used in our remuneration benchmarking assessments;
• Throughout the report, more simplification and clarifications are added, to ensure readers fully understand
the applicable remuneration framework and how this translates into pay outcomes.
We strongly believe the 2025 Remuneration report has taken the necessary steps to ensure it is reflective of
feedback received from our stakeholders and trust that the report provides a clear and transparent explanation
of the drivers of our 2025 remuneration outcomes.
2025 PERFORMANCE AND ITS IMPACT ON PAY OUTCOMES
In 2025, we achieved significant milestones that directly influenced the remuneration outcomes for our executives.
Our performance was notable in several key areas, reflecting both our short-term operational successes and long-
term strategic positioning.
The Short-Term Incentive (STI) payout for performance year 2025 (to be paid in 2026) ranged between 52% and
67% of the base salary for our Senior Management. This payout level underscores our commitment to align
remuneration with actual performance outcomes. Our property operating revenue grew by an impressive c. 11%,
demonstrating our ability to drive top-line growth effectively. Furthermore, we successfully achieved critical
milestones in our development pipeline, including mergers and acquisitions, on time and within budget. These
achievements are pivotal for the Company's long-term sustainability and were primary drivers for the STI payout.
However, it is important to note that while adjusted EPRA earnings per share increased by c. 2%, we recognized that
shareholder returns were not as strong as anticipated and not aligned with the stretching targets we set ourselves
as part of our incentive programs. This discrepancy was a critical consideration in our decision to moderate STI
payouts, as it reflects our balanced approach to rewarding actual performance.
For the Long-Term Incentive (LTI), there were no vesting events scheduled for 2025, resulting in no LTIs vesting
for this period.
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214
Overall, the remuneration outcomes reflect our strategic priorities and operational achievements. While we
celebrate our progress, particularly in de-risking the business and positioning for the next growth cycle, we
remain committed to enhancing shareholder value in the upcoming years.
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215
LOOKING AHEAD
For 2026, no changes are anticipated to the overall remuneration design for our Senior Management. We will
continue to operate a one-year performance-based STI and a three-year LTI plan. The ESG Committee regularly
assesses the effectiveness of the measures as applicable in our variable incentive plans but is of the opinion that
the measures as used in the plans in 2025 have been effective and appropriate.
In terms of levels, STI and LTI opportunity levels (i.e. target and maximum; expressed as % of base salary) will remain
unchanged in 2026 vs. 2025. Any changes to base salary levels are detailed in the final section of this Remuneration
report. These adjustments are based on changes in roles and responsibilities, career advancement, and/or market
competitiveness.
For our Non-Executive Directors, the remuneration design and levels will be reviewed on a regular basis to ensure
they remain aligned with prevailing market practice. Any changes to the 2026 levels and design will be included in
the 2026 Remuneration report.
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216
2025 REMUNERATION FRAMEWORK
SENIOR MANAGEMENT
GOVERNANCE
The 2025 remuneration of Senior Management is overseen by our ESG Committee and our Board of Directors. The
Board determines the remuneration structure and levels for Senior Management, following recommendations from
the ESG Committee, and has delegated to the ESG Committee the authority to decide on equity grants. The chair of
the ESG Committee is an independent board member. Further information on Directors’ and Management conflicts
of interest is available under the section ‘Corporate Governance’ of this annual report
The ESG Committee solicits the views of the Board on remuneration matters relating to all Senior Management
members, particularly the CEO. The CEO attends all Committee meetings where discussions involve:
o the remuneration of other members of Senior Management,
o company-wide remuneration matters, including potential new equity plans, or
o Senior Management succession planning.
The CEO does not vote on any items and is not present during the Committee’s discussion and determination of his
own remuneration. For the other members of Senior Management, the ESG Committee provides recommendations
to the Board to set their remuneration after consideration of the recommendations from the CEO.
REMUNERATION PRINCIPLES
Shurgard’s remuneration principles are designed to attract and retain exceptional executives, to align the interests
of management with those of the shareholders to create long-term shareholder value and to pay-for performance,
while, at the same time, promoting a well-governed approach to remuneration.
The following key design features of the remuneration framework reflect Shurgard’s principles:
o Promote retention and increase long-term shareholder value: a high percentage of Senior Management
remuneration is paid in equity, with grants only fully vesting several years after the grant. In addition,
substantial equity ownership guidelines are in place.
o Pay-for-performance: the largest component of our Senior Management’s remuneration is “at risk”
through our variable incentives and based on performance against pre-defined KPIs which directly tie
rewards to both Company achievements and strategy, as well as individual achievements.
o Mitigate undue risk in our executive remuneration programs: financial targets for bonuses are thoughtfully
crafted based on diverse, strategic metrics selected by the ESG Committee, ensuring a holistic and
sustainable pursuit of excellence without overemphasizing any single aspect. In addition, all variable
incentive payments are capped at a maximum payout level, reflecting our commitment to reward
performance responsibly.
The ESG Committee carefully selects KPIs for the variable incentive plans that align with the remuneration principles,
drive strategic business performance and reflect the company’s financial and sustainability objectives:
SHURGARD STRATEGIC, FINANCIAL
AND SUSTAINABILITY GOALS
2025 SHORT-TERM INCENTIVE
KPIS
2025 LONG-TERM INCENTIVE
KPIS
Deliver long-term shareholder value o Total Shareholder Return
(TSR) vs. EPRA and peers
o The evolution of the share
price determines the
realizable value under both
the time-based and
performance-based share
plan
SHURGARD ANNUAL REPORT 2025
217
Pay-for-performance: drive profitable
revenue growth and execute the
Shurgard winning strategy
o Revenue performance
o Adjusted EPRA earnings
per share
o Development and M&A
o Strategic objectives
o Earnings Per Share (EPS)
at Compound Annual
Growth Rate (CAGR) (PSU)
Mitigate undue risk & create value
through responsible and sustainable
practices
o ESG (based on GRESB
rating)
MARKET REFERENCE
To promote alignment with market practice and ensure competitiveness of remuneration levels, Senior
Management’s total remuneration is reviewed against regular benchmark assessments:
HOW THE
COMPENSATION
PEER GROUP IS
SELECTED
The starting point for identifying the relevant peer group, which subsequently informs our
remuneration levels, is to ensure it accurately reflects the pool of Senior Management
talent. This is achieved by applying the criteria outlined below:
1. Geographic scope: only European headquartered companies are considered for
inclusion in the peer group, with a focus on companies based in Shurgard’s key
geographic markets
2. Industry: as Shurgard has a broad pool for talent and is one of the only pan-
European storage companies, companies within any industry except financial
services are considered, with a focus on companies in B2C industries as
comparable to Shurgard
3. Size and complexity: companies of comparable size in terms of market
capitalization are considered
Based on the criteria above, a robust peer group in terms of number of companies
(approximately 20) is selected from a long list of resulting companies, which is
balanced from a geographic and size perspective.
HOW THE
COMPENSATION
PEER GROUP IS
USED
The ESG Committee considers median market rates to assess competitiveness of Senior
Management and sets levels of remuneration accordingly.
SHURGARD ANNUAL REPORT 2025
218
REMUNERATION ELEMENTS
The following table summarizes the core elements of the Senior Management’s total remuneration:
SHURGARD ANNUAL REPORT 2025
219
PAY MIX
1
The majority of our Senior Management’s remuneration is “at risk” through our variable incentives and linked to
long-term value creation:
1 Pay-mix scenarios rounded and assuming stable share price
OTHER PROVISIONS
CLAWBACK
Awards granted through our long-term incentive plans are subject to
mandatory cancelation if the Company’s financial statements are restated
as a result of errors, omissions or fraud, or if a grantee engaged in
conduct that resulted in substantial losses or is responsible for such
losses.
EXTRAORDINARY ITEMS
Extraordinary items may include specific, non‑recurring remuneration
components that fall outside the regular remuneration framework. These
may be considered by the ESG Committee only in exceptional
circumstances, for example to address specific business needs, attract or
retain critical talent, or support the execution of strategic priorities. Such
extraordinary items may include, for example:
o Transaction‑related bonuses, such as remuneration linked to
significant M&A activity;
o Retention arrangements awarded in exceptional circumstances
to secure the continuity of key personnel during periods of
strategic transition or organizational restructuring;
o One off projectbased incentives relating to the successful
delivery of critical, timebound strategic initiatives;
o Sign‑on bonuses granted to attract key talent where market
practice or competitive dynamics require additional one‑off
compensation.
Any such extraordinary items will be disclosed in detail in the
Remuneration report of the respective year.
SHURGARD ANNUAL REPORT 2025
220
LEAVER PROVISIONS
Our Senior Management’s termination agreements are governed by
different legal jurisdictions and are therefore determined based on the
local applicable regulations. Where contractual severance agreements are
applicable, these do not exceed one time the annual base salary. These
would apply unless other local legislation prevailing over individual
contractual arrangements would provide for other mandatory
requirements.
NON-EXECUTIVE DIRECTORS
GOVERNANCE
The ESG Committee reviews the remuneration of the Non‑Executive Directors and proposes any adjustments to the
Board, considering factors such as market positioning and evolving market practice.
Any changes to the remuneration
framework for Non‑Executive Directors are submitted to the Board and subsequently presented to the Annual
General Meeting of Shareholders for approval.
REMUNERATION PRINCIPLES
The Non-Executive Directors’ remuneration framework is designed to be competitive with our relevant reference
markets, ensuring the Company can attract and retain qualified non-executive directors who form a diverse and
balanced group with the necessary skills, competencies, and experience.
MARKET REFERENCE
The Board of Director fee levels are assessed against prevailing European market practices.
REMUNERATION ELEMENTS
Non-Executive directors receive cash retainers for their roles on the Board, for chairing a committee, and for serving
as committee members. These retainers are distributed quarterly and are adjusted on a pro-rata basis when a non-
executive director joins the Board or a committee, changes their role within a committee, or steps down from the
Board.
Any expenses incurred by the Non-Executive Directors in relation to their attendance of Board or Committee
meetings are reimbursed by Shurgard. Non-Executive Board members currently do not receive variable or equity-
related remuneration, nor are they entitled to receive benefits.
The following table summarizes the 2025 Remuneration Framework for the Non-Executive Directors:
POSITION 2025 RETAINER
Board Chair €140,000
Board member €60,000
Committee Chair €25,000
Committee member €10,000
SHURGARD ANNUAL REPORT 2025
221
2025 REMUNERATION OUTCOMES
SENIOR MANAGEMENT
The following table summarizes the 2025 remuneration levels for the Senior Management. As we take great pride in
our culture of transparency and equality, detail is provided for each Senior Management position individually, for
2025 and two prior years:
1 The amounts for Mr. Bell are converted from pound Sterling. As a constant exchange rate, we took the average exchange rate of 2025.
2 The amounts shown under pension & benefits for all Senior Managers reflect contributions to their group insurance. It also includes either a car allowance or the
benefit in kind for using a company car. For Mr. Kreusch this amount also includes his representation allowance.
3 The amounts reported for year x relate to the short-term incentive paid for performance year x, to be paid in year x+1.
4 The amounts included relate to the long-term incentive vesting in year x. There were no LTI plans vesting in 2025, 2024 and 2023. The Equity Compensation Plan
2021 partially vested in 2024, i.e. 60% of stock options granted in 2021 vested in 2024 (the remaining 40% will vest in 2026). The value of the stock options
vesting in 2024 was calculated by multiplying the number of options vesting in 2024 with the difference between the share price at the date of vesting and the
exercise price. More specifically:
a. For all incumbents reported above (except for Mrs. Neumann), the grant took place on August 2, 2021 and partially vested on August 2, 2024. On August
2, 2024, the share price was below the exercise price of €43.05 and the reported value is therefore 0.
b. For Mrs. Neumann, the grant took place on September 1, 2021 and partially vested on September 1, 2024. On September 1, 2024, the share price was below
the exercise price of €47.75 and the reported value is therefore 0.
5 The proportion is calculated excluding extraordinary items. Fixed proportion = Total fixed ÷ (Total remuneration – Extraordinary items). Variable proportion =
Total variable ÷ (Total remuneration – Extraordinary items).
Name
and
position
Year
Fixed remuneration Variable remuneration
Extraordinary
items
Total
remuneration
Proportion of
fixed and
variable
remuneration
5
Base
salary
Pension &
Benefits
2
Total
fixed
Short-term
Incentives
3
Long-term
Incentives
4
Total
Variable
Marc Oursin
Director /
CEO
2025 750,000 52,000 802,000 392,000 - 392,000 - 1,194,000 67% | 33%
2024 750,000 52,000 802,000 1,050,000 - 1,050,000
- 1,852,000 43% | 57%
2023 500,000 52,000 552,000 500,000 - 500,000 - 1,052,000 52% | 48%
Thomas
Oversberg
CFO
2025 300,000 16,014 316,014 183,000 - 183,000 - 499,014 63% | 37%
Jean Kreusch
Former
CFO
2024 400,000 32,796 432,796 600,000 - 600,000 - 1,032,796 42% | 58%
2023 355,584 32,796 388,380 350,000 - 350,000 - 738,380 53% | 47%
Duncan Bell
COO
1
2025 408,656 32,342 440,998 265,626 - 265,626 408,656 1,115,280 62% | 38%
2024 350,276 32,342 382,618 525,415 - 525,415 - 908,033 42% | 58%
2023 291,897 26,504 318,401 291,897 - 291,897 - 610,298 52% | 48%
Ammar
Kharouf
2025 350,000 104,157 454,157 234,500 - 234,500 - 688,657 66% | 34%
2024 300,000 104,157 404,157 450,000 - 450,000 - 854,157 47% | 53%
Director/ HR
and Legal
2023 250,000 13,099 263,099 250,000 - 250,000 - 513,099 51% | 49%
Isabel
Neumann
2025 450,000 5,220 455,220 299,250 - 299,250 - 754,470 60% | 40%
2024 400,000 5,225 405,225 600,000 - 600,000 - 1,005,225 40% | 60%
CIO
2023 320,000 23,868 343,868 288,000 - 288,000 - 631,868 54% | 46%
SHURGARD ANNUAL REPORT 2025
222
The total aggregate remuneration for the members of the Senior Management in the year ended December 31, 2025
amounted to
€4,251,421, versus €5,652,211 in 2024 and €3,545,645 in 2023.
FIXED REMUNERATION
The fixed remuneration for our Senior Management consists of a base salary, pension plans, and other benefits.
Base salaries are set considering positioning versus market benchmarks and based on roles and responsibilities.
While our CEO salary remained equal to 2024 in 2025, a strategic decision was made to increase the salaries of the
other Senior Management positions for 2025. As outlined in detail in the 2024 annual report, Senior Managers’ base
salaries had remained relatively unchanged for an extended period, which created a risk of misalignment with their
evolving roles and responsibilities as well as with market practice, impacting the Company’s competitive position in
attracting and retaining key leadership talent. An external compensation review confirmed this gap and identified
the need to bring several roles closer to appropriate benchmark levels.
The 2025 base salaries were therefore updated accordingly as follows:
SENIOR MANAGEMENT NAME AND POSITION 2024 BASE SALARY 2025 BASE SALARY
Marc Oursin – Director / CEO €750,000 €750,000
Thomas Oversberg
1
- CFO N/A €300,000
Duncan Bell – COO £300,000 £350,000
Ammar Kharouf – Director / HR and Legal €300,000 €350,000
Isabel Neumann - CIO
€400,000 €450,000
1 Mr. Oversberg was promoted to CFO as of January 1, 2025, with a base salary of €300,000
.
Our Senior Managers participate in the pension plans available to the broader employee population in their country
of contract. Each plan varies in line with the local competitive and legal environment. Where aligned with local market
practice, members of our Senior Management may also participate in supplementary defined contribution plans.
The other benefits as applicable to the Senior Management consist of contributions to their group insurance, car
allowances or the benefit in kind for using a company car and representation allowances.
Members of our Senior Management are not entitled to additional fees for being a member of the Board of Directors.)
SHURGARD ANNUAL REPORT 2025
223
SHORT-TERM INCENTIVES
Our pay-for-performance culture is strongly emphasized through our STI plan, with competitive target levels and
capped pay-outs in the case of overachievement. For performance year 2025, the ESG Committee crafted clear Senior
Management targets that demanded excellence. These meticulously designed metrics, weighed for maximum impact,
directly tie rewards to both Company and individual achievements. The ESG Committee’s process blended financial
and critical non-financial factors to ensure that our Senior Management focusses on true value creation for our
shareholders.
The STI payout for performance year 2025 (to be paid in 2026) ranged between 52% and 67% of the base salary for
our Senior Management. This payout level underscores our commitment to align remuneration with actual
performance outcomes. Our property operating revenue grew by an impressive c. 11%, demonstrating our ability to
drive top-line growth effectively. Furthermore, we successfully achieved critical milestones in our development
pipeline, including mergers and acquisitions, on time and within budget. These achievements are pivotal for the
Company's long-term sustainability and were primary drivers for the STI payout. However, it is important to note
that while adjusted EPRA earnings per share increased by c. 2%, we recognized that shareholder returns were not
as strong as anticipated and not aligned with the stretching targets we set ourselves as part of our incentive
programs. This discrepancy was a critical consideration in our decision to moderate STI payouts, as it reflects our
balanced approach to rewarding actual performance.
SENIOR
MANAGEMENT NAME
AND POSITION
2025 STI TARGET
(% OF BASE SALARY)
2025 STI MAXIMUM
(% OF BASE SALARY)
2025 STI ACTUAL
(% OF BASE
SALARY)
2025 STI ACTUAL
AMOUNT
Marc Oursin
Director / CEO
93%
1
140% 52% €392,000
Thomas Oversberg
CFO
100% 150% 61% €183,000
Duncan Bell
COO
100% 150% 65% £227,500
Ammar Kharouf
Director / HR and Legal
100% 150% 67% €234,500
Isabel Neumann
CIO
100% 150% 67% €299,250
1 For CEO considering an amount of €700,000 whereas base pay is €750,000.
SHURGARD ANNUAL REPORT 2025
224
For financial year 2025, the metrics, respective weightings and achievement levels are shown below. In order to
safeguard commercially sensitive information, the Company does not publish detailed target levels. Variable
remuneration outcomes are based on a holistic evaluation of both financial and non‑financial results, ensuring that
payouts are aligned with the Company’ s overall performance during the year.
LONG-TERM INCENTIVES
Long-term incentives granted in 2025
To ensure alignment with long-term shareholder value creation and promote retention, in 2025 Shurgard granted
an equity compensation plan which consists of a 50/50 mix of time-based (RSU) and performance-based (PSU)
share awards to the Senior Management with a target value of 200% of base salary. Aligned with our remuneration
principle to pay for long-term performance, the LTI is a substantial portion of our Senior Management’s total
remuneration. PSUs were granted for the first time in 2025, with the award fully based on a stretching target of 3-
year EPS growth (2024 – 2027). Potential payouts under the PSU award range from 0% to 200% of target in the
case of under- or overachievement on the EPS growth (CAGR) target. Both the RSUs and PSUs have a three-year cliff
vesting period.
The following table shows the overview of the RSUs and PSUs conditionally granted per Senior Management position
in 2025:
SENIOR
MANAGEMENT
POSITION
PLAN
SPECIFICATION
GRANT DATE
VESTING
DATE
NUMBER OF
SHARES
GRANTED
GRANT VALUE (€)
1
Marc Oursin
Director / CEO
RSU 2025 13/08/2025 12/08/2028 21,802
1,500,000
PSU 2025 17/12/2025 16/12/2028 25,906
Thomas Oversberg
CFO
RSU 2025
13/08/2025 12/08/2028
14,534
2
1,000,000
2
PSU 2025 17/12/2025 16/12/2028 17,271
2
Duncan Bell
COO
RSU 2025
13/08/2025 12/08/2028
-
-
PSU 2025 17/12/2025 16/12/2028 -
Ammar Kharouf
Director / HR and
Legal
RSU 2025
13/08/2025 12/08/2028
10,174
700,000
PSU 2025 17/12/2025 16/12/2028 12,089
1 Weightings differentiated among Senior Management members
2 Based on GRESB rating
3
SHURGARD ANNUAL REPORT 2025
225
1 Grant value is calculated by multiplying the number of shares granted by the closing share price at the grant date.
2 For Mr. Oversberg and Mrs. Neumann, the LTI grant in 2025 exceeded the structural 200% of base salary. The grant was increased on a one-off / exceptional basis
for the following reasons:
a) for Mr. Oversberg, due to being new in position. Whereas the base salary is still subject to potential increases in the next few years to recognize the potential
career advancement, the long-term incentive grant level, as an amount, was immediately aligned to the associated value at Senior Management level;
b) for Mrs. Neumann, to recognize the additional operational responsibilities.
Long-term incentives vesting in 2025
In 2021, Shurgard approved an equity compensation plan that has a two-stage vesting period with 60% of the stock
options vesting three years after the date of grant (2024), and the remaining 40% of the stock options vesting five
years after the date of grant (2026). As a result, there has been no vesting of awards in 2025.
Long-term incentives forfeited in 2025
There were no stock options and shares granted to Senior Management members forfeited in 2025.
EXTRAORDINARY ITEMS
In the year ended December 31, 2025, Duncan Bell received an extraordinary bonus of £350,000. This bonus was
awarded, given Duncan’s years of service, to compensate for the loss of opportunity to exercise his outstanding stock
options during the full duration of the term (i.e. 10 years), as the exercise window was shortened to a couple of
months post-vesting. Moreover, Duncan Bell did not receive any LTI grant during the course of 2025 as
documented in the table above.
SHARE OWNERSHIP GUIDELINES
To align Senior Management’s interests with those of our shareholders, Shurgard has stretching share ownership
guidelines in place
. Share ownership is subject to a build-up period of five years. The table below provides the level
of equity ownership of each of the Senior Management incumbents as per December 31, 2025. All Senior
Management incumbents either exceed the minimum equity ownership guidelines or are still in the five-year build
up period post-joining the Senior Management (share ownership guidelines were implemented in 2018 and
increased to the current levels in 2024):
SENIOR
MANAGEMENT
POSITION
YEAR OF ENTRY
IN SENIOR
MANAGEMENT
OWNERSHIP
GUIDELINE
2025
BASE
SALARY
(IN EUR)
NUMBER
OF SHARES
HELD
VALUE OF
SHARES
HELD
(IN EUR)
1
OWNERSHIP
RATIO
Marc Oursin
Director / CEO
2012 3X 750,000 175,302 5,136,349 6.8X
Thomas Oversberg
CFO
2025 2X 300,000 - - -
Duncan Bell
COO
2014 2X 408,656
2
15,645 458,399 1.1X
Ammar Kharouf
Director / HR and
Legal
2014 2X 350,000 46,479 1,361,835 3.9X
Isabel Neumann
CIO
2021 2X 450,000 6,000 175,800 0.4X
1 The value of the shares held is obtained by multiplying the number of shares held by the share price as per December 31, 2025 (i.e. €29.30).
2 The amounts for Mr. Bell are converted from pound Sterling. The original Sterling value was £350,000 for 2025. As exchange rate, we took the average exchange
rate of 2025.
Isabel Neumann
CIO/COO
RSU 2025
13/08/2025 12/08/2028
14,534
2
1,000,000
2
PSU 2025 17/12/2025 16/12/2028 17,271
2
SHURGARD ANNUAL REPORT 2025
226
OUTSTANDING EQUITY AWARDS
The following table shows the overview of all outstanding equity compensation plans per Senior Management incumbent, as of December 31, 2025:
OUTSTANDING OPTION AWARDS
OPENING
BALANCE
DURING THE YEAR 2025
CLOSING
BALANCE
SENIOR MANAGEMENT
POSITION
PLAN GRANT DATE VESTING DATE
EXPIRATION
DATE
STRIKE
PRICE
(€)
NUMBER OF
OPTIONS
OUTSTANDING
AT START OF
YEAR
NUMBER OF
OPTIONS
AWARDED
NUMBER OF
E OPTIONS
VESTED
NUMBER
OF
OPTIONS
EXERCISED
NUMBER OF
OPTIONS
UNVESTED
NUMBER OF
OPTIONS VESTED
BUT UNEXERCISED
Marc Oursin
Director / CEO
Options 2018 16/10/2018 15/10/2021 15/10/2028 23.00 227,092 - - - - 227,092
Options 2021 02/08/2021
01/08/2024 (60%)
01/08/2026 (40%)
01/08/2031 43.05 400,000
- - - 160,000 240,000
Duncan Bell
COO
Options 2018 16/10/2018 15/10/2021 15/10/2028 23.00 100,000
- - 25,000 - 75,000
Options 2021 02/08/2021
01/08/2024 (60%)
01/08/2026 (40%)
01/08/2031 43.05 200,000 - - - 80,000 120,000
Ammar Kharouf
Director/ HR and Legal
Options 2017 03/07/2017
02/07/2018 (25%)
02/07/2019 (25%)
02/07/2020 (25%)
02/07/2021 (25%)
02/07/2027 21.51 30,000
- - - - 30,000
Options 2018 16/10/2018 15/10/2021 15/10/2028 23.00 100,000 - - - - 100,000
Options 2021 02/08/2021
01/08/2024 (60%)
01/08/2026 (40%)
01/08/2031 43.05 200,000
- - - 80,000 120,000
SHURGARD ANNUAL REPORT 2025
227
Isabel Neumann
CIO/COO
Options 2021 01/09/2021
31/08/2024 (60%)
31/08/2026 (40%)
31/08/2031 47.75 200,000
- - - 80,000
120,000
Jean Kreusch
former CFO
Options 2017 03/07/2017
02/07/2018 (25%)
02/07/2019 (25%)
02/07/2020 (25%)
02/07/2021 (25%)
02/07/2027 21.51 40,000 - - - - 40,000
Options 2018 16/10/2018 15/10/2021 15/10/2028 23.00 150,000
-
-
-
-
150,000
Options 2021 02/08/2021
01/08/2024 (60%)
01/08/2026 (40%)
01/08/2031 43.05 250,000
- - - 100,000 150,000
OUTSTANDING PSU & RSU AWARDS
OPENING
BALANCE
DURING THE YEAR 2025
CLOSING
BALANCE
SENIOR
MANAGEMENT
POSITION
PLAN
PERFORMANCE
PERIOD
GRANT DATE
VESTING
DATE
NUMBER OF SHARES
OUTSTANDING AT START OF YEAR
NUMBER OF SHARES
AWARDED
NUMBER OF SHARES
VESTED
NUMBER OF SHARES
UNVESTED AT YEAR END
Marc Oursin
Director/CEO
RSU 2024 N/A 21/05/2024 20/05/2027 18,983
-
-
18,983
RSU 2024 N/A 05/11/2024 04/11/2027 18,983
- -
18,983
RSU 2025 N/A 13/08/2025 12/08/2028 - 21,802 - 21,802
PSU 2025 2025-2027 17/12/2025 16/12/2028
-
25,906
-
25,906
SHURGARD ANNUAL REPORT 2025
228
Thomas
Oversberg
CFO
RSU 2025 N/A 13/08/2025 12/08/2028
-
14,534
-
14,534
PSU 2025 2025-2027 17/12/2025 16/12/2028
-
17,271
-
17,271
Duncan Bell
COO
RSU 2024
N/A
21/05/2024
20/05/2027
8,859
-
-
8,859
RSU 2024 N/A 05/11/2024 04/11/2027 8,859
-
-
8,859
Ammar
Kharouf
Director / HR
and Legal
RSU 2024
N/A
21/05/2024
20/05/2027
8,859
-
-
8,859
RSU 2024 N/A 05/11/2024 04/11/2027 8,859
- -
8,859
RSU 2025 N/A 13/08/2025 12/08/2028
-
10,174
-
10,174
PSU 2025 2025-2027 17/12/2025 16/12/2028 - 12,089 - 12,089
Isabel
Neumann
CIO/COO
RSU 2024 N/A 21/05/2024 20/05/2027 12,655
- -
12,655
RSU 2024 N/A 05/11/2024 04/11/2027 12,655
- -
12,655
RSU 2025 N/A 13/08/2025 12/08/2028
-
14,534
-
14,534
PSU 2025 2025-2027 17/12/2025 16/12/2028
-
17,271
-
17,271
Jean Kreusch
(former CFO)
RSU 2024
N/A
21/05/2024
20/05/2027
10,124
-
-
10,124
RSU 2024
N/A
05/11/2024 04/11/2027 10,124
- -
10,124
SHURGARD ANNUAL REPORT 2025
229
NON-EXECUTIVE DIRECTORS
The following table summarizes the 2025 remuneration for the Non-Executive Directors. The remuneration amounts
are gross amounts and do not include any applicable VAT or the deduction of any applicable withholding tax.
Director Positions
1
Fixed
board
fees
# of board
meetings
attended
Committee
fees
# of
committee
meetings
attended
Total 2025
fees
Total 2024
fees
Ian Marcus
Chair
140,000
4/4
N/A
N/A
140,000
140,000
Z. Jamie
Behar
2
Director
60,000
4/4
N/A
N/A
105,000 100,000
Real Estate
Chair
N/A
N/A
25,000 4/4
ESG Member
N/A
N/A
10,000 5/5
Audit Member
N/A
N/A
10,000
4/4
Muriel De
Lathouwer
3
Independent
Director
30,000 2/4
40,000 80,000
Audit Member
N/A
5,000 2/4
ESG Member
N/A
5,000
2/5
Frank
Fiskers
4
Independent
Director
30,000 2/4
40,000 87, 50 0
ESG Member
N/A
5,000 2/5
Real Estate
Member
N/A
5,000 2/4
Padraig
McCarthy
Independent
Director
60,000 4/4
95,000 95,000
Audit Chair
N/A
25,000
4/4
ESG Member
N/A
10,000 5/5
Tom Boyle
Director
60,000
4/4
70,000 70,000
Real Estate
Member
10,000 4/4
Lorna Brown
5
Independent
Director
60,000 4/4
82,500 77,5 0 0
Real Estate
Member
17,500 4/4
Audit Member
5,000
2/4
Paula Hay-
Plumb
Independent
Director
60,000 4/4
75.000 35,000
Audit Member
10,000 4/4
ESG Member
5,000
3/5
Candace Krol
6
Independent
Director
60,000 4/4 77, 5 00 17, 50 0
ESG Chair
17,500 5/5
Charlotte
Webb
7
Independent
Director
30,000 2/4
35,000
-
Real Estate
Member
5,000 2/4
Total
€760,000
€742,500
1 The position listed is their position as of December 31, 2025.
2 Mrs. Jamie Behar attended two meetings of the ESG Committee as Chair and three meetings as a member. She attended two meetings of the Real Estate Investment
Committee as a member and two as a Chair.
3 Mrs. Muriel de Lathouwer only attended two meetings of the Board, the Audit Committee and of the ESG Committee as her director’s mandate was not renewed
upon the AGM held on May 15, 2025.
4 Mr. Frank Fiskers only attended two meetings of the Board and two of the ESG Committee as his director’s mandate was not renewed upon the AGM held on May
15, 2025.
5 Mrs. Lorna Brown attended two meetings of the Real Estate Investment Committee as a Chair and two as a member.
6 Mrs. Candace Krol attended two meetings of the ESG Committee as member and three as a Chair.
7 Mrs. Charlotte Webb became a Board member as of Q3/2025.
SHURGARD ANNUAL REPORT 2025
230
COMPARATIVE INFORMATION ON THE CHANGE OF REMUNERATION AND COMPANY PERFORMANCE
For comparison purposes, the table below provides information on Remuneration for different groups as well
Company performance over the five most recent financial years:
Remuneration
2021 2022 2023 2024 2025
Non-Executive Directors
1
700,000 797,500 790,000 742,500
760,000
Change year on year
N/A 13.93% -0.94% -6.01%
2.36%
CEO
2
1,052,000 1,052,000 1,052,000 1,852,000 1,194,000
Change year on year
N/A 0% 0% 76.05% -35.53%
Other Senior Management
2,3
2,083,948 2,570,945 2,493,645 3,800,211 3,057,421
Change year on year
N/A 23.37% -3.01% 52.40% -19.55%
Employees Average
(full-time equivalent basis)
43,570 46,044 50,019 48,832
5
50,439
Change year on year
N/A 5.68% 8.63% -2.37% 3.29%
Company Performance (change year-on year) 2021 2022 2023 2024 2025
Property operating revenue growth
4
10.7% 11.0% 7.4% 13.7% 10.8%
Adj. EPRA earnings
growth
4
11.0% 9.5% 10.3% 5.7% 3.7%
Average share price per year (€)
44.62 48.17 42.63 39.61 33.75
1 For a detailed breakdown of NED remuneration for 2025 and 2024, see table just above.
2 For a detailed breakdown of Senior Management remuneration for 2025, 2024 and 2023, see table just above. Please note that the amounts reported for year x
include the STI paid for performance year x (paid in year x+1) and the LTI vesting in year x.
3 The amounts for Duncan Bell are converted from Pound Sterling at constant exchange rates.
4 At actual exchange rates.
5 The average remuneration in 2024 decreased as the Lokn’Store acquisition included many new employees with salaries below the average. Additionally, turnover
of more senior store employees contributed to the decrease.
SHURGARD ANNUAL REPORT 2025
231
LOOKING AHEAD TO 2026
SENIOR MANAGEMENT
FIXED REMUNERATION
During 2025, the ESG Committee reviewed the Senior Management salaries and has decided on increases based on
changes in roles and responsibilities, career advancement, and/or market competitiveness. Following this review, it
was decided that the base salaries of the Senior Management for 2026 will be adjusted as follows
:
• For Thomas Oversberg, increased from €300,000 to €400,000. This increase reflects his anticipated career
progression, with 2025 marking his inaugural year in this position. The adjustment aligns with the expected
growth and contributions he is set to bring to his role.
• For Ammar Kharouf, increased from €350,000 to €400,000. This adjustment acknowledges the significant
responsibilities and the relative importance of his role within the organization. Moreover, it ensures that his
compensation remains competitive with market standards.
• For Isabel Neumann, increased from €450,000 to €500,000. This change is implemented to recognize the
extensive responsibilities associated with her role and to maintain competitiveness with market
benchmarks.
SENIOR MANAGEMENT POSITION 2026 BASE SALARY
Marc Oursin
Director/CEO
€750,000
Thomas Oversberg
CFO
€400,000
Carlo Swaab
VP Operations
€250,000
Ammar Kharouf
Director/HR and Legal
€400,000
Isabel Neumann
CIO/COO
€500,000
SHORT-TERM INCENTIVES
The measures, targets and weightings as applicable in the short-term (and long-term) incentive plans are reviewed
annually by the ESG Committee and are carefully chosen to drive strategic business performance, reflective of the
company’s objectives.
The STI plan for the Senior Management for the year 2026 will comprise the following performance measures and
weightings:
Weight
KPIs CEO
All other Senior
Management
1
Revenue performance:
All Stores revenue growth, Same Store revenue growth
20% 20% - 30%
Adj. EPRA earnings per share growth & Same Store NOI margin growth 35% 25% -30%
Development & M&A (all new sqm):
Total FBO sqm pipeline, total M&A transactions, total FBO sqm organic & M&A
pipeline
15% 0% - 20%
TSR vs EPRA index and European self-storage peers 10% 5% - 10%
ESG initiatives and other projects 15% 15% - 20%
Strategic objectives 5% 10% - 20%
Total 100% 100%
1 Weights per section vary per member of the Senior Management as aligned with the strategic importance of the KPIs to the role.
SHURGARD ANNUAL REPORT 2025
232
It is intended that the level of the STIP award for 2026 will continue to comprise 100% of the base salary at target
and 150% of target at maximum for our Senior Management.
LONG-TERM INCENTIVES
For 2026, the LTI design has not been finalized yet. Any vehicle(s), performance measure(s), target(s) (and
weightings) and levels will be chosen to align with long term shareholder value and reward performance in line with
business strategy.
NON-EXECUTIVE DIRECTORS
For our Non-Executive Directors, the remuneration design and levels will be reviewed on a regular basis to ensure
alignment with prevailing market practice. Any changes to the levels and design will be included in the 2026
Remuneration report.
SHURGARD ANNUAL REPORT 2025
233
PRINCIPAL RISKS AND UNCERTAINTIES
OVERALL STATEMENT ON THE RISK POSITIONS
We see a variety of opportunities to continue our growth through optimization of our existing operations,
including leveraging our platform across planned redevelopment and development activities and bolt-on
acquisitions.
Besides these opportunities, Shurgard regularly faces risks that can have negative effects on the operating
results, financial position, and net assets of the Group. The risks set out below represent the principal risks and
uncertainties that may adversely impact the Group’s performance and the execution of our strategy.
To identify risks at an early stage and manage them adequately, Shurgard deploys effective risk management
and control systems which are also described below. Accordingly, we continuously assess the risks and conclude
at the time of the preparation of the Management Report the risks identified herein are limited and properly
mitigated. No identifiable risks currently exist that either individually or together would lead to a significant or
sustainable impairment of the Shurgard Group's operating results, financial position, and net assets.
Similarly, Shurgard also impacts its various stakeholders through its operations and faces risks related to ESG
topics. We refer to the chapter on Double materiality assessment (ESRS 2, IRO-1, IRO-2) of our Sustainability
Report.
Refer to Note 4 of our consolidated financial statements for a list of significant accounting judgements, estimates
and assumptions.
RISK MANAGEMENT SYSTEM
Shurgard’s Risk Management is carried out by the Senior management, under policies approved by the Board of
Directors. The Board provides principles for the overall risk management, as well as policies covering specific
areas, such as foreign exchange risk, real estate risk, market risk, climate risk and credit risk, the use of derivative
and non-derivative financial instruments and investment of excess liquidity. The Group’s risk exposure is regularly
reported to the Company’s Executive Committee, which comprises the Chief Executive Officer, Chief Financial
Officer, Chief Operating Officer, Director HR and Legal, and Chief Investment Officer. The Company’s Audit
Committee is responsible for monitoring the effectiveness of our risk management system. It receives a report
about the Group’s risk situation on a periodic basis.
The Group’s risk management process is designed to systematically identify and assess risks. We aim to identify
unfavorable developments at an early stage and promptly take counteractive measures and monitor them. All
risks are recorded in a risk register and are assigned to specific risk owners. The assessment of the risks is carried
out, as much as possible, according to quantitative parameters, likelihood of occurrence and the potential
financial and reputational impact. According to the results of this assessment, risks are qualified in a risk map
as low, medium, high, or very high. Risks that are categorized as high or very high on the risk map receive special
attention and are monitored very closely. The risk register and the resulting risk map are updated periodically,
based on risk owners’ input (new risks, closed risks, mitigation factors, change of positioning).
SHURGARD ANNUAL REPORT 2025
234
KEY RISKS SPECIFIC TO THE GROUP AND ITS INDUSTRY
The risks set out below represent the principal risks and uncertainties that may adversely impact the Group’s
performance and the execution of our strategy. Other factors could also adversely affect the Group’s performance.
Accordingly, the risks described below should not be considered as a comprehensive list of all potential risks and
uncertainties. The principal risks are not listed in order of significance. In addition to the principal risks described
below, we are exposed to certain specific market risks such as foreign exchange risk, credit risk and liquidity risk.
A detailed discussion of these risks is included in Note 32 of the consolidated financial statements.
We also refer to the impacts, risks and opportunities identified in the framework of our double materiality
assessment in our Sustainability Report.
SHURGARD ANNUAL REPORT 2025
235
Risk & Impact
Risk Mitigating Activities
Access to Capital Market
We may face risks in relation to financing future
development, redevelopment, or acquisition activities.
Our ability to undertake future investments may depend
on our ability to arrange necessary (or desired)
financing, and we may not have access to capital
markets or sufficient availability under existing or
future financing facilities when such opportunities
arise. As a result, we may be unable to finance future
acquisition activity, on favorable terms or at all. If
financing is available, but only on unfavorable terms
(i.e., only expensive lending options available), this
could have a significant impact on our interest
expenses, impose additional or more restrictive
covenants or reduce cash available for distribution or
for other investments in the business. We could also be
restrained from raising significant debt for future
acquisition activity due to covenants in our existing debt
agreements.
Also, significant systemic political,
economic
, or
financial crises or sustained periods of slow growth may
restrict our ability to access the capital markets and
generate sufficient financing due to cautious investor
attitudes.
We also face risks related to the outstanding debt,
which might have customary covenant rules, which
could affect,
limit
, or prohibit our ability to undertake
certain activities. These include limitations on
acquisitions, changes of business, disposal of assets
and certain specific acquisitions and joint ventures.
A clear financial strategy is in place for the coming years.
This strategy is based on the underlying principle that
Shurgard’s financial position should allow the execution
of our strategy, independent of capital market conditions,
i.e., should enable Shurgard to have access to funding at
any point in time. Funding requirements for investments
and timing for commitments are reviewed regularly.
Shurgard manages liquidity in accordance with Board
approved policies designed to ensure that the Group has
adequa
te funds for its ongoing needs.
To support this, we
maintain a committed revolving credit facility of €500
million, which was undrawn at year
-end.
We have a financial policy to maintain a low level of
indebtedness
and a clear commitment to maintaining our
BBB+ S&P rating. We aim to achieve this with a
policy that
targets a
loan-to value at c. 25% (with a short- to mid
-
term maximum of 35%
)
and Net debt/ Underlying EBITDA
ratio
between 5.0x – 6.0x (with a short- to mid-
term
above
6.0x but in line with the rating requirements).
Financial covenants are tested
periodically
and
headrooms are closely monitored
.
The directors assess the ability of the Group to continue
as a going concern for a period of twelve months from
when the financial statements are approved for issue,
based on a forecast of the Group’s future cash flows and
forecast future loan covenant compliance. In making this
assessment, changes to the principal risks are evaluated,
as well as events and conditions which may warrant the
extension of the going concern period beyond twelve
months if they may have an impact on the Groups cash
flows, loan covenants and borrowing facilities.
SHURGARD ANNUAL REPORT 2025
236
Acquisitions
One aspect of our growth strategy includes acquiring
and integrating acquisitions of properties, either as
individual sites or existing businesses. Demand for
storage services at an acquired site may not be as
strong as we had projected prior to the acquisition. We
may fail to realize the occupancy levels or rental rates
that were expected, either at the levels or within the
timeframe anticipated. We may also experience
stabilization of rental and occupancy rates of acquired
properties that differ from our expectations. The costs
of achieving and maintaining high occupancy levels and
rental rates at acquired sites may be higher than
expected.
The integration of newly acquired properties could also
result in unanticipated operating costs and exposure to
undisclosed or previously unknown potential liabilities,
such as liabilities for clean
-
up of undisclosed
environmental contamination, claims by
people
dealing
with the former owners of the properties and claims for
indemnification by general partners, directors, officers,
and others indemnified by the former owners of the
properties. If we fail to successfully integrate any
acquired sites, or if doing so requires investments
beyond budgeted amounts or other liabilities, it could
have a material adverse effect on our business, financial
condition, and results of operations.
Finally, we may face significant competition from other
real estate investors to acquire suitable properties,
which might prevent Shurgard from acquiring as many
properties as it intends.
Management has an established and clear strategy for
targeting and acquiring properties in our markets.
Thorough due diligence is conducted and detailed analysis
is undertaken with the support of external experts prior to
deciding on property investment and development. This
includes all aspects of risks potentially impacting our
revenue, costs, capital expenses and legal compliance
requirement that might impact our investment criteria.
Projects are not pursued when they fail to meet the
required investment
criteria.
Integration of acquired properties follows a standard
process with the involvement of cross
-
departmental
specialists.
Performance of individual properties is benchmarked
against target returns and post
-
investment reviews are
undertaken.
Climate risk
We are exposed to climate
-
related transition and
physical risks. Physical risks may affect our stores and
result in higher maintenance, repair, and insurance
costs. Failing to transition to a low carbon economy may
have a financial or reputational impact.
Transition risks can be related to changes in regulations
(e.g., stranded assets, stricter energy efficiency
requirements or new carbon pricing mechanisms),
technology (e.g., adoption of new technologies or
changes in the market demand), reputation or
reso
urces scarcity.
At the Board level, the ESG Committee oversees our ESG
strategy, monitors completion of ESG objectives, reviews
the Sustainability report, and assists the Board in
reviewing and assessing the Company’s ESG risks. The
Audit Committee is responsible for monitoring the ESG
reporting process and the effectiveness of ESG controls.
We seek to obtain BREEAM certificates for our new store
developments, where relevant. Additionally, our stores are
regularly inspected and maintained while following
sustainable principles where possible.
Climate-
related risk
assessments are performed on all our properties to
identify and register the applicable risks to the property
(flood, hurricane, earthquake, etc.). As a result, we deploy
risk mitigation measures where necessary. We
implemented an Environmental Management System
(EMS) to integrate ESG processes, train personnel, review
efficiency and report on outcomes of environmental
commitments.
We plan to be Operational Net-
Zero Carbon
by 2030 and Material Net
-Zero by 2040.
We
also actively seek out external advice
to ensure
compliance with the applicable ESG framework.
SHURGARD ANNUAL REPORT 2025
237
Competition for Suitable Properties
Shurgard primarily operates in capital and major cities,
where undeveloped or available sites are generally in
short supply and where real estate prices have
historically been at a premium. As a result, there is
generally a limited number of prime sites available for
new self
-
storage properties, and competition for these
sites can be intense and may constrain our growth. At
times of economic growth, this competition can lead to
significant inflation of property prices. This can
contribute to higher purchase
prices or rents for prime
properties, or result in the selection of less suitable
properties, either of which could result in a material
adverse effect on our business, financial condition, and
results of operations.
We can leverage our large and experienced development
team dispersed across our markets and a flexible
development strategy. Thanks to our efficient and scalable
operating platform, as well as the limited building
requirements needed to operate self
-
storage properties
and remotely managed stores, we can consider a wide
range of opportunities, including buildings requiring
conversion or buildings that might appear too small for our
competitors.
Compliance Risks
We must operate our properties in compliance with
numerous building codes and regulations and other
land
-
use regulations. These include fire and health and
safety regulations, labor codes, building codes, data
privacy and other regulatory requirements. Failure to
comply with the applicable regulations could result in
the imposition of substantial fines or require us to incur
significant additional costs, or to limit or cease part of
our operations. This could have a material adverse
effect on our business, financial condition, and results
of operations.
We are subject to several laws and strive to comply with
all applicable laws and regulations. However, it is
possible that such requirements may be interpreted and
applied in a manner that is inconsistent from one
jurisdiction to another or may conflict with other rules
or our practices.
We are subject from time to time to disputes with tax
or other governmental or regulatory bodies. We may be
required to devote significant management time and
attention to its successful resolution (through litigation,
settlement or otherwise). Any such resolution could
involve the payment of damages or expenses by us,
which may be significant. In addition, any such
resolution could involve our agreement to terms that
restrict the operation of our business.
As we are a publicly listed company, we also must
comply with a large amount of ongoing reporting and
disclosure requirements. Any failure to meet these
requirements could result in significant penalty fees.
Shurgard is committed to conducting business with
respect to laws and its values. Our business Code of
conduct is a guidebook for putting these values into
practice. This code applies to every Shurgard employee in
all countries where Shurgard is present.
We continuously communicate, train and review
compliance with our
health and s
afety standards.
Employee awareness is high in this area.
We seek legal and tax advice from our local lawyers and
tax advisers. When needed, specific projects are set up to
address the implementation of regulatory requirements.
Training is provided to our new and existing employees on
applicable and new regulations included in company
policies.
As part of their audits, Internal Audit assesses compliance
with applicable laws and regulations, including
h
ealth and
s
afety, fire, building permits, consumer protection
and
data privacy.
SHURGARD ANNUAL REPORT 2025
238
Constructions and Developments
We consider strategic acquisitions of existing properties
and sites for development, as well as redevelopment
and remix activities at specific properties in our
network, to be a significant part of our growth strategy.
Our redevelopment activities often entail significant
building works at an existing site, requiring material
levels of investment and, at times, severe disruption to
ongoing operations.
We undertake many of our development activities
through service contracts where specific builders and
other personnel tender for particular roles in the
construction process, rather than comprehensive
design
-and-
build agreements. Construction delays due
to
adverse weather conditions, unforeseen site
conditions, personnel problems, or cost overruns could
prevent us from commencing operations at these
locations on the timing or scale anticipated at the time
we commenced development activities. If we
experience significant cost increases after acquiring or
commencing construction at a particular site, we could
be required to alter, or in severe circumstances, curtail
development plans. In future periods, construction costs
may also increase due to increases in the cost of local
contractors, in high demand markets, as well as
changes in the cost of raw materials, whether due to
market forces or other events, such as changes in tariff
regimes or trade policy.
Other risks arising from developing new properties may
result
from any unfamiliarity with local development
regulations or delays in obtaining construction permits
or risks in relation to the quality of available
contractors.
However, the environmental assessments that we have
undertaken might not have revealed all potential
environmental liabilities. It is possible that the remedial
measures subsequently prove to be inadequate, or that
former owners are found not to be liable or, even in
situations where they are found to be liable, they are
otherwise unable to compensate us fully for such
liabilities.
Our in-house development team and our professional
advisers have significant experience in obtaining planning
consents for self
-storage sites.
We manage the construction of our properties very tightly.
We work with established professional advisers and sub-
contractors who have worked with us for many years to
our specifications.
We obtain environmental assessment reports on the
properties we acquire, develop, and operate to evaluate
their environmental condition and potential
environmental liability associated with them.
Internal Audit regularly reviews controls of new
development projects to assess control effectiveness of
new development business cases, tendering and
contracting, construction sites and budgeting and
invoicing.
SHURGARD ANNUAL REPORT 2025
239
Cyber Security
An increasing proportion of our business operations is
conducted over the internet, increasing the risk of
viruses that could cause system failures and disruption
of operations. Experienced computer programmers may
be able to penetrate our network security
and
misappropriate our confidential information, create
system disruptions, or cause shutdowns. Cyber
incidents could also cause disruption and impact our
operations, which could require substantial restoration
costs or investment in new systems to protect against
future cyber incidents.
In the ordinary course of our business, we collect and
may store sensitive data, including intellectual property,
our proprietary business information and that of our
customers, suppliers and business partners, and
personally identifiable information of our customers
and employees.
Our information technology and infrastructure may be
vulnerable to attacks by hackers or breached due to
employee error, malfeasance, or other disruptions. Any
such breach could compromise our networks and the
information stored there could be accessed, publicly
disclosed, lost, or stolen.
Any network interruptions or problems with our
websites that could prevent customers from accessing
our website could have a negative impact on potential
new rentals or damage our brand and reputation
.
Security measures are in place, including securing our
systems and applications,
designing
, and implementing an
IT control framework, maintaining policies on the handling
of customer information, conducting awareness training
programs for our employees, regularly reviewing
assessments of the effectiveness of controls, and
maintaining a security
committee that regularly meets to
discuss and review cyber security related matters.
We have established and tested crisis management,
business continuity and disaster recovery plans. Our
environment is regularly reviewed by external and internal
specialists in respect of cyber security. We have dedicated
monitoring in place.
Cyber Risk Insurance is in place covering data breaches.
We minimize the retention of customer and employee
data in accordance with GDPR best practice.
SHURGARD ANNUAL REPORT 2025
240
Pandemic Diseases
Our business may be impacted by pandemic outbreaks
and such impacts could be materially adverse.
The COVID
-
19 pandemic forced us to adapt our way of
operating our business and our self
-
storage properties,
both from an employee and from a customer point of
view.
The roll
-
out of vaccines provided a return to more
normal economic conditions, however risks around new
variants remain. We need to be adaptable in ensuring
our business resilience and maintaining our strong
performance.
Shurgard is monitoring pandemic risks and is taking
mitigation actions, with a focus on protecting our
employees and customers, and ensuring the continuity of
our operations. Overall and based on its performance
during the height of the most recent pandemic,
we
did not
identify any uncertainties that would cast any doubt on
Shurgard’s ability to continue as a going concern
.
Our
performance during the Covid pandemic was resilient
.
We
continue to adapt, if necessary, to respect the guidance
issued by the various health organizations across our
markets to ensure the security of our employees and
customers.
Price War
Competitors may offer lower prices, better locations,
better services, or other attractive features in any given
property’s catchment area, which may heighten
competition for customers. Local market conditions
have a significant impact on our business. This impacts
the prices we can set, and from
time-to-time
additional
competition has lowered occupancy levels and rental
revenue of our properties in specific markets.
Aggressive price discounting measures by our
competitors (i.e., a price war) can have a significantly
negative impact on our property operating revenue
from activities at affected properties. Also, increased
pricing transparency because of the increasing
prevalence of online
transactions
, may increase pricing
pressure in our markets.
Regulatory developments in Europe may increase
scrutiny of indexation and pricing clauses in customer
contracts, potentially limiting future rent increases for
existing tenants. This could negatively impact revenue
growth and profitability.
The self-storage
industry
is very fragmented across
Europe. The presence of Shurgard in seven different
markets dilutes the price risk.
Shurgard’s
pricing model has proven dynamic versus local
market conditions. Shurgard also actively monitors prices
of competitors
in order to assess
its own pricing position
vs strategy. Price fluctuations are continuously reviewed,
discussed, and reported.
SHURGARD ANNUAL REPORT 2025
241
Property Damage
We face risks relating to potential catastrophic property
damage due to fires or other disasters. Any catastrophic
events that cause significant property damage or affect
the areas where a store operates could limit our ability
to continue operations at a store, or in a portion of a
store, after such an event, while restoration or
rebuilding works are undertaken. Property damage
could be caused by a variety of factors, including
external events such as natural disasters, earthquakes,
hurricanes, or other severe weather events. Property
damage could also be caused by catastrophic events
inside a store, such as power outages, fires, flooding,
plumbing problems, or other issues, such as
infestation.
Moreover, our properties can be damaged or destroyed
by acts of violence, civil unrest or terrorist attacks or
accidents, including accidents linked to the goods
stored.
We are also subject to potential liability relating to
damage to customer goods. Such damage can arise
from a variety of factors, such as fire, flooding, pest
infestations and moisture infiltration, which can result
in mold or other damage to our customers’ property, as
well as potential health concerns.
Although we maintain reasonable liability cover where
possible, certain types of losses may be either
uninsurable or not economically insurable in some
countries, such as losses due to hurricanes, tornadoes,
riots, acts of war or terrorism. In such circumstances,
we would remain liable for any debt or other financial
obligation related to that property. Our business,
financial condition and results of operations could be
materially and adversely affected in such
circumstances.
Business continuity plans are in place and tested regularly.
Our system backups are at offsite locations and we have
remote working capabilities.
During store audits, we review and assess risks related to
potential natural disasters,
health and safety, building
,
and facilities. This also includes a specific focus on fire
prevention and safety procedures. As a result of
the store
audits, we enhance the existing compliant aspects of
buildings and processes. Fire risk assessments are done
as part of all new store developments.
Staff training on all
operational procedures, including health and safety, and
fire is continuously updated.
Our terms and conditions define what customers can and
cannot do with their unit. Additionally, every customer
must sign an insurance contract or prove that the
customer’s goods are adequately covered by personal
insurance.
The Group manages its insurable risks relating to property
damage, business interruption (PDBI) and customer
goods
-related claims through a combination of self
-
insurance and commercial insurance coverage. For this,
the Group uses a reinsurance undertaking.
All our stores are equipped and monitored by fire alarms,
in
truder
alarms and CCTV. Store access is secured by a
centralize
access system fully implemented in our stores.
We have a
Crisis Management Plan
designed to be used if
necessary.
SHURGARD ANNUAL REPORT 2025
242
Public Relations (PR)
As a listed company, Shurgard maintains transparency
for its investors. This is a legal requirement and can
significantly impact the share price and the placing of
Shurgard's shares on the market. Additionally, the
group must remain responsive in its public relations
efforts in the event of any developments.
Our company is exposed to risks of serious incidents
materially affecting our customers, people, financial
performance and hence our brand and reputation. The
main risks include:
F
ailure to quickly respond to PR
issues, inadequate public communication and response
plan, inadequate monitoring of news media, negative
press on/from competitors affecting the Company’s
image.
Our Investors Relations function is supported by external
advis
e
rs to communicate with investors and the market.
Investor Relations and the executive team conduct non-
deal roadshows
every year
to meet investors and to
promote good communication with the Group. We
maintain regular communication with our key
stakeholders, customers, employees, shareholders, and
debt providers.
Our management team is supported by PR agencies and
the Group set
s
up a communication plan to address the
main risks it may face. The management team undertakes
regular media and crisis management training.
Finally, the Group is part of the professional associations
of the self
-
storage industry, in the markets where we
operate. It allows the Group to have a global
understanding of the market, to exchange good practices
with peers and to have, when needed, a global response
to the challenges faced by the self
-storage industry.
Legislation Changes
We operate our business and our properties in
compliance with laws, regulations or government
policies which may be adopted or changed from time to
time. These include laws and regulations relating to
health and safety and environmental compliance,
numerou
s building codes and regulations, other land
-
use regulations, labor codes and other regulatory
requirements. Changes in such laws and regulations
may increase the costs of complying with these
provisions, increase construction, operating and
maintenance costs, increase liabilities or lower the
value of our properties.
The regulatory regimes might also evolve, including in
relation to data privacy and our ability to share
customer data within our organization. This could result
in a material adverse effect on our future business,
financial
condition, and results of operations.
New regulations might develop in the United Kingdom
because of a change in its relationship with the
European Union.
Legislation changes are actively monitored by our legal
team and external lawyers in our local markets. Our
policies and procedures are updated accordingly to reflect
applicable legislative updates and employees are regularly
trained. When needed, specific
projects are set up to
address the implementation of new regulatory
requirements.
SHURGARD ANNUAL REPORT 2025
243
Real Estate Market Development
Our business is dependent on residential and
commercial demand for self
-
storage areas, and our
operating results are driven by our ability to maximize
occupancy levels and rental rates at our properties. As
a result, we are exposed to local, national, and
international economic conditions and other events and
factors that affect customer demand for
self-storage
in
the European markets in which we operate. Demand for
self
-storage
could decrease if these or other growth
trends declined or reversed in the future.
Moreover, we own substantially all our properties.
Property investments are subject to varying degrees of
risks. The value of these properties can fluctuate
significantly when economic conditions are unfavorable
or could be adversely affected by a downturn
in the
property market in terms of capital and/or rental
values. Rents and values are affected (among other
things) by changing demand for
self-storage
, changes
in general economic conditions, changing supply within
a particular area of competing space and attractiveness
of real estate relative to other investment choices.
Shurgard owns most of its assets and has a good spread
of properties (and risks) across different European
countries. In our markets, we have high concentrations of
self
-
storage properties in urban areas. In recent years, our
operating results have been supported by structural
trends, including increased migration and mobility, growth
in urban areas and increased population density.
Further,
our operating model allows efficient execution in various
building types and sizes.
Our development team
proactively
and continuously
monitor the housing market trends to adjust the
development strategy when needed.
Effective internal controls are in place to review cap rates,
store trading data and property status rates.
Our investment criteria and returns are carefully reviewed
and adjusted based on market conditions and risk profiles.
Investments are not pursued when they fail to meet our
set return targets. The performance of individual
properties, once opened, is benchmarked against target
returns and post
-investment reviews are performed.
Recruitment and Personnel Leakage
We depend significantly on the contribution of our
Senior management team who make significant
contributions to our strategy and operations. In
addition, our ability to continue to identify and develop
properties depends on the knowledge and expertise of
the management team in the real estate and self-
storage market. There is no guarantee that any member
of the management team will remain employed with us.
The failure to retain these individuals in key
management positions could have a material adverse
effect on our business.
We also depend on our store personnel responsible for
the management and operation of our properties. Our
store managers’ customer service, marketing skills and
knowledge of local market demand and competitive
dynamics are significant contributing factors to our
ability to maximize customer satisfaction and rental,
insurance, and ancillary revenue. Difficulties in hiring,
training, and retaining skilled store personnel may
adversely affect our occupancy and rental revenues.
We may face risks related to relations with our
employees. Across our network, turnover of our
personnel in
the last two
years has been approximately
34% per year, which has historically been moderately
higher in certain markets from year to year.
Our employee engagement campaign stimulates internal
mobility, benchmarks competitive compensation &
benefits, and supports training in the Shurgard Academy.
We are supported by external recruitment agencies to find
the right talents.
Our e
mployer branding "we believe in you" is in
place on
social
media.
We implemented employee development plans and
succession planning at our Support Center including for
our executive team and in our operations.
Long
-term incentive plans are in place to incentivize
key
employees to continue working for Shurgard
.
SHURGARD ANNUAL REPORT 2025
244
Self-storage Misuse
We do not generally have access to and monitor our
customers’ storage units and cannot prevent our
customers from storing hazardous materials, stolen
goods, counterfeit goods, drugs, or other illegal
substances in our properties. It is possible that our
customers will violate their lease agreements and we
cannot exclude the possibility that we may be held
ultimately liable with respect to the goods stored by our
customers. This also includes a potential close
-
down by
local authorities.
In addition, unfavorable publicity from illegal contents
stored at one of our properties, or items that have been
used or are planned to be used in crimes or for other
illegal purposes, including terrorist attacks, could have
a material adverse effect on our business, financial
condition, and results of operations.
Our customer lease contract terms prohibit the storage of
illegal and certain other goods on our premises.
The safety and security of our customers and goods,
stores, and our employees is a key priority. This is achieved
using access control systems, CCTV systems
and
intruder
and fire alarm systems
.
Additionally, training and
awareness sessions around safety and security are
provided regularly to all our
store
employees. We review
the effectiveness of operational procedures on a
continuous basis through regular store audits.
As part of our ongoing commitment to safeguarding our
properties and customer goods, we have implemented a
comprehensive security enhancement program, aiming to
further strengthen the security at all our properties.
The program includes different initiatives such as
personalized access control, continuous CCTV monitoring,
and real
-
time access detection, reinforced fencing, and
improved online customer identification.
Shurgard Trademarks and Logos
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, including
highly visible store locations, site signage and
architectural features. However, we do not own the
trademarks for the Shurgard name and the Shurgard
logos, which are held by Public Storage.
If we fail to keep or protect the trademarks against
infringement or misappropriation, our competitive
position could suffer, and we could suffer a decrease in
demand for storage units, which could materially
adversely affect the results of operations.
Cer
tain
standards of quality must be met and there are certain
restrictions on the use of any other trademarks. We pay
Public Storage monthly fees of 1.0% of the Group’s
gross revenues for the right to use the trademarks.
Although we do not own the Shurgard brand, we have
signed a license agreement with Public Storage (the
“Relationship Agreement”). Under this agreement, Public
Storage owns the rights to the Shurgard’
s
name and
licenses these rights to us in a number of European
countries for a fixed term of 25 years from the date
Shurgard
was admitted
to trading on a regulated market
(i.e. October 2018). This term can be extended for two
consecutive 25
-year periods. Following the initial 25-
year
period Shurgard may elect to purchase the ownership
rights to the trademarks. Public Storage may not
terminate the Relationship Agreement except for in
certain specific situations.
Public Storage and Shurgard management are in regular
contact regarding the use of the trademarks.
Tax Increases
Taxes and levies are or might be increasing in our
operating markets, beyond Shurgard’s direct span of
control. We might not be able or willing to pass on the
higher taxes to our customers. As a result, our earnings
might be adversely impacted during periods
immediately following such increases.
We are advised by external advisers for the review of all
applicable taxes. We regularly monitor actual changes in
tax legislation with the support of our advisers to
understand and mitigate the impact. We evaluate tax
changes against the projected demand in the relevant
markets, in order to anticipate the effect on our earnings
and decide on whether we
can and should
adjust our prices
accordingly.
When changes apply, our policies and procedures are
updated accordingly, and training is provided to relevant
employees.
SHURGARD ANNUAL REPORT 2025
245
Valuation
The valuation of our portfolio has continued to grow
over the years, resulting from the portfolio expansion,
operational performance of the assets and tightening of
the cap rates. Investment property valuation is
inherently subject to judgment and volatility, leading to
a degree of uncertainty. The value of our properties
might decline resulting from the evolution of the local
real estate markets in which we operate.
Independent valuations are conducted regularly by
experienced, independent and qualified valuers, who have
significant experience in the self
-storage industry.
Internal controls are implemented effectively to mitigate
key risks related to valuation.
We refer to the section Fair
Value Measurement Valuation of Notes to the
consolidated financial statements, for more information
about the valuation process and risks
.
Fraud
Fraud poses a potential risk in the self-storage industry,
increasing exposure to regulatory and reputational
risks.
Customers may attempt to
use units with
false
information or for illegal activities, while payment fraud,
such as chargebacks, can impact revenue. Internal
fraud, including employee misconduct or
mismanagement of assets, also presents a risk.
As fraud tactics evolve, we remain vigilant to the
financial, operational, and compliance
-
related impacts
of fraudulent activities.
We strive to maintain operational integrity and protect the
interests of our customers and stakeholders.
Our approach to fraud risk includes stringent internal
controls, regular audits, and enhanced security measures
such as digital access and identity verification for all
customers and employees.
We also invest in employee training to identify and
mitigate potential fraud risks. We continuously monitor
transactions for compliance with operating procedures.
Our Whistleblowing policy has procedures for disclosing
malpractice and, together with our Code of Conduct, is
intended to act as a deterrent to fraud or other corruption
or serious malpractice.
Material Misstatement
Risk of financial misstatement due to complex
accounting estimates and judgments in areas such as
asset valuations, provisions, impairments, and accruals
which require management discretion,
Market pressures, regulatory requirements, and
evolving accounting standards further heighten the risk
The company maintains a strong control framework to
mitigate the risk of material misstatement in financial
reporting.
Our Code of Conduct, policies, and tone at the top
reinforce integrity and accountability. Key internal
controls include invoice and payment reviews, order
approvals, and IT
-
automated checks, supported by
controlling functions for second
-line oversight.
Senior management reviews financial data, ensuring
accuracy and compliance.
Loss of REIT status in the UK
Shurgard is exposed to the risk of losing its REIT status
in the UK if it fails to comply with applicable UK REIT
legislation.
While the REIT regime is limited to the Group’s UK
activities, any loss of that status would result in
increased taxation on UK income and gains, reduced
cash flows available for distribution, and an adverse
impact on the Group’s consolidated financial
per
formance and effective tax rate.
The Board of Directors monitor the compliance with UK
REIT requirements on an ongoing basis.
This review
covers
the continued exercise of central management and control
of Shurgard Self Storage Ltd in the UK, review of the level
of qualifying income, asset composition, distribution
requirements, as well as the Group’s ownership structure
and changes in relevant tax legislation, supported by tax
advisers where appropriate.
SHURGARD ANNUAL REPORT 2025
246
RELATED PARTY TRANSACTIONS
We are engaged in certain commercial and financial transactions with related parties. Please refer to Note 31 of
the consolidated financial statements for further details.
RESPONSIBILITY STATEMENT
By order of the Board, we confirm to the best of our knowledge that:
• The consolidated financial statements of Shurgard presented in this annual report
1
and established in
conformity with IFRS 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 annual 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, February 25, 2026
Marc Oursin
Director / Chief Executive Officer
Thomas Oversberg
Chief Financial Officer
1 This report is also a Directors' report for the purposes of section 248 et seq. of the Companies (Guernsey) Law, 2008 (as amended).
SHURGARD HALF YEAR REPORT 2025
247
CONSOLIDATED FINANCIAL
STATEMENTS
AS OF AND FOR THE YEAR
ENDED DECEMBER 31, 2025
SHURGARD ANNUAL REPORT 2025
248
CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED DECEMBER 31, 2025
(in € thousands)
Notes
December 31, 2025
December 31, 2024
Real estate operating revenue
5
450,853
406,503
Real estate operating expense
6
(156,261)
(138,943)
Net income from real estate operations
11
294,593
267,560
General, administrative and other expenses
7
(30,783)
(27,568)
Of which depreciation and amortization expense
(6,299)
(4,121)
Royalty fee expense
31
(4,474)
(4,008)
Other expenses, net
8
(1,107)
(6,932)
Operating profit before property related adjustments
258,229
229,052
Valuation gain from investment property and investment
14,15
519,738
331,073
property under construction and gain (loss) on disposal
Operating profit
777,967
560,125
Finance costs
9
(53,313)
(40,647)
Finance income
9
2,557
6,018
Profit before tax
727,212
525,496
Income tax expense
10
(127,927)
(121,818)
Profit for the year
599,285
403,678
Attributable to:
Non-controlling interests
25
1,525
827
Equity holders of the parent
597,760
402,850
Earnings per share in €, attributable to ordinary equity
holders of the parent:
Basic, profit for the year
13
6.00
4.13
Diluted, profit for the year
13
5.99
4.11
SHURGARD ANNUAL REPORT 2025
249
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2025
(in € thousands)
2025
2024
Profit for the period
599,285
403,678
Other comprehensive income
Items that may be reclassified to profit or loss in subsequent periods:
Foreign currency translation reserve, net of tax
(66,793)
59,086
Net other comprehensive (loss) income, net of tax, that may be
reclassified to profit or loss in subsequent periods
(66,793)
59,086
Net other comprehensive income, net of tax, not to be reclassified to
profit or loss in subsequent periods
160
123
Total comprehensive income for the period, net of tax
532,652
462,887
Attributable to:
Non-controlling interests
1,525
827
Ordinary equity holders of the parent
531,127
462,060
SHURGARD ANNUAL REPORT 2025
250
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2025
(in € thousands)
Notes
December 31, 2025
December 31, 2024
Assets
Non-current assets:
Investment property
14
6,862,252
6,249,911
Investment property under construction
14
261,203
160,629
Property, plant and equipment
16
4,086
3,434
Intangible assets
16
11,756
13,839
Deferred tax assets
10
3,544
147
Other non-current assets
17
7,822
6,689
Total non-current assets
7,150,664
6,434,650
Current assets:
Trade and other receivables
18
51,759
29,566
Other current assets
19
17,519
15,707
Cash and cash equivalents
20
55,958
142,575
Current assets, excluding assets held for sale
125,236
187,848
Assets held for sale
-
657
Total current assets, including assets held for sale
125,236
188,505
Total assets
7,275,900
6,623,156
Equity and liabilities
Equity
Issued share capital
21
72,061
70,287
Share premium
21
958,288
875,758
Share-based payment reserve
22
21,257
16,877
Distributable reserves
23
242,973
358,938
Other comprehensive loss
24
(123,571)
(56,938)
Retained earnings
3,343,952
2,746,192
Total equity attributable to equity holders of the parent
4,514,961
4,011,115
Non-controlling interests
25
10,257
8,732
Total equity
4,525,219
4,019,848
Non-current liabilities:
Interest-bearing loans and borrowings
26
1,459,518
1,350,691
Deferred tax liabilities
10
881,145
781,897
Lease obligations
27
134,273
140,021
Other non-current liabilities
12
4,161
-
Total non-current liabilities
2,479,097
2,272,609
Current liabilities:
Interest-bearing loans and borrowings
26
99,948
129,839
Lease obligations
27
6,896
6,009
Trade and other payables and deferred revenue
28
155,559
183,998
Income tax payable
9,181
10,854
Total current liabilities
271,584
330,699
Total liabilities
2,750,682
2,603,309
Total equity and liabilities
7,275,900
6,623,156
SHURGARD ANNUAL REPORT 2025
251
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2025
Total
Other
attributable
Share-
Compre-
to
Issued
based
hensive
shareholders
Non-
share
Share
payment
Distributable
(loss)
Retained
of the
controlling
(in € thousands)
Notes
capital
premium
reserve
reserves
income
Earnings
Company
interests
Total equity
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
43
1,292
-
-
-
-
1,336
-
1,336
Transaction costs related to issuance of
equity
-
(62)
-
-
-
-
(62)
-
(62)
Dividends on ordinary shares declared and
paid
795
42,588
-
(113,897)
-
-
(70,514)
-
(70,514)
Share based compensation expense
-
-
4,079
-
-
-
4,079
-
4,079
Net profit
-
-
-
-
-
402,850
402,850
827
403,678
Other comprehensive gain
-
-
-
-
59,209
-
59,209
-
59,209
On December 31, 2024
70,287
875,758
16,877
358,938
(56,938)
2,746,192
4,011,115
8,732
4,019,848
On January 1, 2025
70,287
875,758
16,877
358,938
(56,938)
2,746,192
4,011,115
8,732
4,019,848
Proceeds from issuance of equity
21
19
579
-
-
-
-
598
-
598
Transaction costs related to issuance of
equity
21
-
(119)
-
-
-
-
(119)
-
(119)
Dividends on ordinary shares declared and
paid
21,23
1,755
82,069
-
(115,965)
-
-
(32,140)
-
(32,140)
Share based compensation expense
23
-
-
4,380
-
-
-
4,380
-
4,380
Net profit
-
-
-
-
-
597,760
597,760
1,525
599,285
Other comprehensive loss
24
-
-
-
-
(66,633)
-
(66,633)
-
(66,633)
On December 31, 2025
72,061
958,288
21,257
242,973
(123,571)
3,343,952
4,514,961
10,257
4,525,219
SHURGARD ANNUAL REPORT 2025
252
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2025
(in € thousands)
Notes
2025
2024
Operating activities
Profit for the year before tax
727,212
525,496
Adjustments to reconcile profit before tax to net cash flows:
Valuation gain on investment property and investment
14,15
(519,738)
(331,073)
property under construction and gain (loss) on disposal
Depreciation and amortization expense
16
6,299
4,121
Share-based compensation expense
23
4,380
4,079
Finance cost, net
9
50,756
34,628
Cash flow from operations
268,908
237,252
Change trade receivables and other (non) current assets
(21,560)
8,229
Change other (non) current liabilities and deferred
7,624
(4,760)
revenue
Working capital movements
(13,936)
3,469
Income tax paid
(39,141)
(32,126)
Cash flows from operating activities
215,831
208,595
Investing activities
Capital expenditures on investment property
14
(253,401)
(147,167)
Capital expenditures on property, plant and equipment
16
(167)
(722)
Acquisition of investment properties and other assets, net
12,14
(45,250)
(766,796)
Proceeds from disposal of investment property, property,
plant and equipment
19
1,030
9,569
Acquisition of intangible assets
16
(3,273)
(4,123)
Interest received
2,298
6,018
Cash flows from investing activities
(298,762)
(903,221)
Financing activities
Proceeds from the issuance of equity
21
-
1,336
Payment for equity issuance costs
21
(119)
(62)
Proceeds from debt issuance and drawings on credit
26
500,000
1,315,000
facilities
Repayment of issued debt and drawings on credit facilities
26
(420,000)
(625,000)
Payment for debt issuance costs
26
(3,634)
(11,662)
Foreign currency premium paid on forward contract
26
-
(4,269)
Repayment of principal amount of lease obligations
27
(4,452)
(4,709)
Dividend paid to company’s shareholders
23
(32,140)
(70,514)
Interest paid
(43,313)
(31,869)
Cash flows from financing activities
(3,659)
568,251
Net increase (decrease) in cash and cash equivalents
(86,590)
(126,376)
Effect of exchange rate fluctuation
(27)
10,833
Cash and cash equivalents on January 1
142,575
258,118
Cash and cash equivalents at the end of the period
55,958
142,575
SHURGARD ANNUAL REPORT 2025
253
SHURGARD HALF YEAR REPORT 2022
254
NOTES TO THE
CONSOLIDATED FINANCIAL
STATEMENTS
SHURGARD ANNUAL REPORT 2025
255
TABLE OF CONTENTS
1. CORPORATE INFORMATION ..................................................................................................................... 256
2. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES ......................................................................... 260
3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION ............................................................. 260
4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS .......................................... 273
5. REAL ESTATE OPERATING REVENUE ......................................................................................................... 275
6. REAL ESTATE OPERATING EXPENSE .......................................................................................................... 275
7. GENERAL, ADMINISTRATIVE AND OTHER EXPENSES ................................................................................ 276
8. OTHER EXPENSES, NET .............................................................................................................................. 276
9. FINANCE RESULT ....................................................................................................................................... 276
10. INCOME TAX ........................................................................................................................................... 277
11. SEGMENT INFORMATION ....................................................................................................................... 281
12. ACQUISITION OF PROPERTIES ................................................................................................................. 285
13. EARNINGS PER SHARE (EPS) ................................................................................................................... 286
14. INVESTMENT PROPERTY AND INVESTMENT PROPERTY UNDER CONSTRUCTION ................................. 287
15. FAIR VALUE MEASUREMENT – INVESTMENT PROPERTY ........................................................................ 288
16. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS ............................................................ 296
17. OTHER NON-CURRENT ASSETS ............................................................................................................... 297
18. TRADE AND OTHER RECEIVABLES ........................................................................................................... 297
19. OTHER CURRENT ASSETS ........................................................................................................................ 298
20. CASH AND CASH EQUIVALENT ................................................................................................................ 298
21. ISSUED SHARE CAPITAL AND SHARE PREMIUM...................................................................................... 298
22. SHARE-BASED PAYMENT RESERVE ......................................................................................................... 299
23. DISTRIBUTABLE RESERVES AND DISTRIBUTIONS MADE ......................................................................... 299
24. OTHER COMPREHENSIVE INCOME ......................................................................................................... 299
25. NON-CONTROLLING INTERESTS .............................................................................................................. 300
26. INTEREST-BEARING LOANS AND BORROWINGS ..................................................................................... 300
27. LEASES ..................................................................................................................................................... 303
28. TRADE AND OTHER PAYABLES AND DEFERRED REVENUE ...................................................................... 304
29. PENSIONS ................................................................................................................................................ 304
30. SHARE-BASED COMPENSATION EXPENSE .............................................................................................. 305
31. RELATED PARTY DISCLOSURES ................................................................................................................ 309
32. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES .................................................................. 310
33. CAPITAL MANAGEMENT ......................................................................................................................... 314
34. INSURANCE ............................................................................................................................................. 315
35. CONTINGENCIES, COMMITMENTS AND GUARANTEES .......................................................................... 317
36. LIST OF CONSOLIDATED ENTITIES ........................................................................................................... 318
37. EVENTS AFTER THE REPORTING PERIOD ................................................................................................ 320
38. STANDARDS ISSUED BUT NOT YET EFFECTIVE ........................................................................................ 320
39. AUDIT FEES ............................................................................................................................................. 321
SHURGARD ANNUAL REPORT 2025
256
1. CORPORATE INFORMATION
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 in
Guernsey and therefore subject to the Companies (Guernsey) law, 2008. The Company is resident in UK for
tax purposes and has its registered office and principal place of business at the Ground Floor, Plaza House,
Admiral Park, St Peter Port, GY1 2HU, Guernsey. Being listed on Euronext Brussels since October 15, 2018
(ticker “SHUR”), the Company is subject to the regulatory control of the FSMA, the Belgian Financial Services
and Market Authority and it has also to comply with the European Market Abuse Regulation.
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 December 31, 2025, we operate 348 self-storage facilities (335 self-storage facilities as of December
31, 2024), including 16 stores under management contract, in the United Kingdom, the Netherlands, France,
Germany, Sweden, Belgium and Denmark.
BASIS OF PREPARATION
The consolidated financial statements of the Company have been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by the European Union and have been properly prepared in
accordance with the requirement of the Companies (Guernsey) Law, 2008.
The Company’s financial statements have been prepared on a historical cost basis, except for the following:
• Investment property and investment property under construction, which are measured at fair
value;
• Equity-settled share-based compensations plans, being measured at fair value on the grant
date using the Black-Scholes model, with the cost being recognized over the period in which
the service conditions are fulfilled; and
• Defined benefit pension plans, for which the assets are measured at fair value. Pension plan
liabilities are measured according to the projected unit credit method.
The consolidated financial statements are presented in euros and all values are rounded to the nearest
thousand, except where otherwise indicated.
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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 or in Note 35 as
commitments.
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, considering
information for at least, but not limited to, twelve months from the date of approval of the financial
statements (going concern 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 has the ability to ensure that it maintains sufficient liquidity to meet its day-to-day
cash flows, and loans that will be reimbursed 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 decline
significantly more than assumed in the initial stress test, before our covenants would approach the maximum
short-term threshold set 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.
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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 a going concern basis in preparing these financial
statements.
SIGNIFICANT EVENTS AND TRANSACTIONS
Events and/or transactions significant to an understanding of the changes since December 31, 2024, have
been included in the notes of these consolidated financial statements and mainly relate to:
• In 2025, Shurgard completed several acquisitions of self-storage and development properties across
Germany, the Netherlands, the United Kingdom and Sweden:
- On April 1, 2025, the Group acquired one self-storage property in Germany for €7.5 million and
paid €2.5 million in escrow for the completion of a related second building
that is under
construction, adding almost 3,200 sqm to our German portfolio.
- On July 2, 2025, Shurgard paid €4.2 million to take over the self-storage property (1,700 sqm),
which became an extension of the Amsterdam Centrum facility.
- On October 2, 2025, the Group signed an agreement to acquire two properties in Manchester:
One property of almost 5,000 sqm for a cash consideration of €14.1 million and a second site
under construction (8,200 sqm), subject to customary conditions, which is expected to open
end 2026 (including prepayment of €1.7 million).
- On December 2, 2025, Shurgard acquired two self-storage facilities in Sweden, adding
approximately 11,200 sqm across 1,800 units for a total consideration of approximately €20.2
million (of which €4.2 million remains payable within three years and €0.4 million within one
year).
- Furthermore, the Company paid an additional €0.4 million for a prior year acquisition.
In total, Shurgard invested during 2025, €45.9 million, of which €45.3 million are classified as
Acquisition of investment properties and other assets in the cash flow statement, while the
remaining €0.6 million have been included in Capital expenditures on investment property under
construction and completed investment property.
• On May 14, 2025, the General Assembly of Shareholders of Shurgard decided to distribute a final
dividend of €0.59 per share (gross) in relation to the financial year 2024. On June 16, 2025, the
Company distributed €58.1 million dividend, partially through the issuance of 1,267,459 new shares
(share capital/premium impact of €43.6 million), and partially through settlement in cash (€14.5
million).
• On May 27, 2025, Shurgard issued €500.0 million Eurobonds, maturing in May 2035. The bonds
carry a fixed coupon of 4.0%. Rated BBB+ by S&P, the proceeds from this issuance were primarily
utilized to repay the borrowings under the Term Loan Facility (€290.0 million) and Series A Notes
issued in June 2015 (€130.0 million).
• In August 2025, a half-year dividend of €0.58 per share (gross) was issued, offering shareholders the
choice to receive the dividend in cash or shares (optional scrip dividend). Shareholders opted for a
contribution of their dividend rights of almost 73% of their shares into Shurgard in exchange for
new shares. This resulted in the strengthening of Shurgard’s equity of €40.2 million through the
issuance of 1,192,066 new shares in September 2025 and cash distribution of €17.6 million.
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2. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The accounting policies adopted in the preparation of the 2025 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, 2024, except for the adoption of amended standards effective as of January
1, 2025. The Group has not early-adopted any other standard, interpretation or amendment that has been
issued but is not yet effective.
The following new amendment to standards is mandatory for the first time for the financial year beginning
January 1, 2025, and has been endorsed by the European Union:
• Amendments to IAS 21 ‘The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability’
(effective January 1, 2025)
IAS 21 previously did not cover how to determine exchange rates in case there is long-term lack of
exchangeability and the spot rate to be applied by the Company is not observable. Shurgard is not
exposed to such transactions and as such the adoption did not have an impact on the Group’s
consolidated financial statements.
3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION
BASIS OF CONSOLIDATION
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries
as at December 31, 2025. Specifically, the Group controls an investee if, and only if, it has:
• Power over the investee (i.e., existing rights that give it the current ability to direct the relevant
activities of the investee);
• Exposure, or rights, to variable returns from its involvement with the investee; and
• The ability to use its power over the investee to affect its returns.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when
the Company loses control of the subsidiary.
Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders
of the parent of the Company and to the non-controlling interests. All intra-company assets and liabilities,
equity, income, expenses and cash flows relating to transactions between members of the Company are
eliminated in consolidation.
PROPERTY ACQUISITIONS
Where a property is acquired, whether through share deals or otherwise, management assesses whether
the acquisition represents the acquisition of a business in accordance with IFRS 3 Business Combinations.
As part of this assessment, management applies the so-called “Concentration Test”, where appropriate, to
determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single
identifiable asset or group of similar identifiable assets. If the Concentration Test is met, the acquisition is
accounted for as an asset acquisition. Where such acquisitions are not judged to be an acquisition of an asset
acquisition they are treated as business combinations.
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The assessment by its very nature requires the application of judgement and for material transactions will
be explained in the relevant note of these financial statements.
FOREIGN CURRENCIES
The Company’s consolidated financial statements are presented in euros, which is also the parent company’s
functional currency. For each entity, the Company determines the functional currency and items included in
the financial statements of each entity are measured using that functional currency. The functional
currencies used by the Company’s main subsidiaries are the euro, UK Pound Sterling, the Swedish Krona and
the Danish Krone.
The main exchange rates used are:
2025
Average rate
closing rate
1 EUR =
Q1
Q2
Q3
Q4
December 31
Pound Sterling
GBP
0.8354
0.8495
0.8669
0.8752
0.8725
Swedish Krona
SEK
11.2402
10.9623
11.1208
10.9494
10.8144
Danish Krone
DKK
7.4600
7.4615
7.4636
7.4683
7.4688
2024
Average rate
closing rate
1 EUR =
Q1
Q2
Q3
Q4
December 31
Pound Sterling
GBP
0.8561
0.8532
0.8450
0.8324
0.8286
Swedish Krona
SEK
11.2861
11.5098
11.4518
11.4997
11.4597
Danish Krone
DKK
7.4561
7.4597
7.4607
7.4586
7.4577
TRANSACTIONS AND BALANCES
Transactions in foreign currencies are initially recorded by the Company’s entities at their respective
functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and
liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange
at the reporting date.
Exchange differences arising on the settlement or translation of monetary items are recognized in finance
cost/ finance income in our consolidated statement of profit or loss, except for the exchange differences on
monetary items that form part of the Company’s net investment of a foreign operation. Such exchange rate
differences are recognized in OCI and re-classified to finance costs on disposal of the net investment. Tax
charges and credits attributable to exchange differences on those monetary items are also recorded in OCI.
Non-monetary items measured at historical cost in a foreign currency are translated using the exchange rates
at the dates of the initial transactions. Non-monetary items measured, at fair value in a foreign currency
(e.g., investment properties) are translated using the exchange rates at the date when the fair value is
determined. Exchange differences on the translation of non-monetary items measured at fair value are
recognized consistent to the recognition of the related fair value gains or losses, in other comprehensive
income or profit or loss, as applicable.
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SUBSIDIARIES
On consolidation, the assets and liabilities of foreign operations are translated into euros at the rate of
exchange prevailing at the reporting date and their statements of profit or loss are translated at average
exchange rates for the quarter, approximating the exchange rates prevailing at the dates of the transactions.
The exchange differences arising on translation for consolidation are recognized in OCI.
SEGMENT REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief
Operating Decision Maker (CODM). The CODM is the Executive Committee (“the Executive Committee”).
INVESTMENT PROPERTY AND INVESTMENT PROPERTY UNDER CONSTRUCTION
Investment property comprises completed property and property under construction or re-development
that is held to earn rentals. Property held under a lease is classified as investment property when it is held
to earn rentals, rather than for use in production or administrative functions.
Freehold Investment property and investment property under construction is initially measured at cost,
including transaction costs. Transaction costs include transfer taxes, professional fees for legal services and
initial leasing commissions to bring the property to the condition necessary for it to be capable of operating.
Subsequently, investment property is measured at fair value, in accordance with IAS 40 Investment Property.
Investment property under construction is fair valued by independent valuer (except where Shurgard is in
process of getting the permit) based on the cash flow projection expected for the property at opening and
allowing for the outstanding costs to take each property from its current state to completion and full fit out.
The discount rate applied in the valuation is risk-adjusted by the independent valuer to reflect the
development risks specific to each property.
Leasehold investment property comprises:
• The fair value of a leased investment property reflects all the expected cash flows to be derived
from the investment property and is determined by our independent valuer, using a DCF method
that reflects future lease payments as negative cash flows.
• In addition, and in line with IAS 40 Investment Property, the Company recognizes a right-of-use
asset that equals the corresponding lease liability, to avoid double counting of the lease cash flows
in the financial statements. The Group is showing these values separately in Note 14 as right-of-use
assets.
Investment property (both freehold and leasehold) and investment property under construction is
subsequently measured at fair value at each reporting date and changes in the fair values are included in
valuation gain and loss from investment property and investment property under construction on our
consolidated statement of profit and loss in the period in which they arise.
Transfers are made to (or from) investment property only when there is a change in use which can be
evidenced, for example with the commencement or end of owner-occupation.
Investment property is derecognized either when it has been disposed of or when it is permanently
withdrawn from use and no future economic benefit is expected from its disposal. The difference between
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the net disposal proceeds and the carrying amount of the asset is recognized in the statement of profit or
loss in the period of derecognition.
Cash outflows related to the acquisition of investment property and property under construction are
classified as an investing activity in the consolidated statement of cash flows.
LEASES
A lease is a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a
period of time in exchange for consideration.
The determination of whether an arrangement is (or contains) a lease is based on the substance of the
arrangement at the inception of the lease.
GROUP AS A LESSEE
The Group leases various plots of land, self-storage facilities, equipment and company cars. Certain contracts
may contain both lease and non-lease components. The Group elected to apply the practical expedient of
IFRS 16 to not separate lease and non-lease components and thus accounts for these as a single lease
component.
As mentioned above, leasehold properties are recognized as investment properties, when the leased asset
is held for the purpose to earn rentals.
Assets and liabilities arising from a lease are initially measured at the present value of the lease payments to
be made over the lease term.
Lease liabilities include the net present value of the following lease payments:
• Fixed payments (including in-substance fixed payments), less any lease incentives receivable;
• Variable lease payments: The Company is exposed in all countries it operates to potential future
increases in variable lease payments based on an index or rate which are not included in the
lease liability until they take effect; when adjustments to lease payments based on an index or
rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset;
• Amounts expected to be payable by the Company under residual value guarantees;
• The exercise price of a purchase option if the Group is reasonably certain to exercise that
option; and
• Payments of penalties for terminating the lease, if the lease term reflects the Company
exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the
measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case, the lessee’s incremental borrowing rate (IBR) is used, being the rate
that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value
to the right-of-use asset in a similar economic environment with similar terms, security and conditions. To
determine IBR for leases denominated in the various functional currencies, we are using relevant swap rates
increased by a credit spread to reflect the incremental borrowing rate for such an asset, taking into account
the payment pattern applicable under the leases. This credit spread is based on the credit spreads observed
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on the retail mortgage market and is adjusted for Loan-to-Value (total net debt to total assets) and non-
commercial character of the underlying asset.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or
loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of
the liability for each period.
Right-of-use assets are initially measured at cost comprising the following, if applicable:
• The amount of the initial measurement of lease liability;
• Any lease payments made at or before the commencement date less any lease incentives
received;
• Any initial direct costs; and
• Restoration costs.
Except for right-of-use assets that are part of the investment properties held by the Company, right-of-use
assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-
line basis. If the Company is reasonably certain to exercise a purchase option, the right-of-use asset is
depreciated over the underlying asset’s useful life.
Payments associated with short-term leases and all leases of low value assets are recognized on a straight-
line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.
GROUP AS A LESSOR
Leases in which the Group does not transfer substantially all the risks and rewards of ownership of an asset
are classified as operating leases. Contingent rents are recognized as revenue in the period in which they are
earned. We refer to the accounting policy on revenue recognition for further information on the accounting
policies of rental income.
PROPERTY, PLANT AND EQUIPMENT
Our property, plant and equipment mainly consist of building improvements, office equipment and right-of-
use assets related to company cars and offices we lease. We refer to the accounting policy on leases for
further information on the accounting for leased assets.
Owned assets are carried at historical cost that includes expenditure that is directly attributable to the
acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognized as a
separate asset, as appropriate, only when it is probable that future economic benefits associated with the
item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of
any asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss
during the reporting period in which they are incurred.
Property, plant and equipment is depreciated on a straight-line basis over its estimated economic useful life.
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each
reporting period.
When there is an impairment indicator, an asset’s carrying amount is written down immediately to its
recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.
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Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are
included in the consolidated statement of profit or loss.
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INTANGIBLE ASSETS
The Company’s intangible assets consist primarily of internally developed software, tradenames and
management contract businesses. Intangible assets are amortized on a straight-line basis over their
economic useful lives from the moment at which the asset is ready for use:
Useful lives
Internally developed software
3-5 years
Tradenames & management contract businesses
3 years
Software development costs that are directly attributable to the design and testing of identifiable and unique
software products controlled by the Company are recognized as intangible assets when the criteria, as
defined in IAS 38, are met. Costs associated with maintaining software programs are recognized as an
expense as incurred.
Research expenditure and development expenditure that do not meet the criteria for capitalization above
are recognized as an expense as incurred. Development costs previously recognized as an expense are not
recognized as an asset in a subsequent period.
Software-as-a-service (SaaS) arrangements provide the user with the right to access the provider’s
application software in the cloud over the contract period. In response to this, the IFRS Interpretation
Committee issued an agenda decision explaining how IFRS should be applied to these types of arrangements.
While the general IAS 38 guidance applies, the Interpretation Committee noted that the license agreements
typically limit the ability to meet the requirements of the standards to capitalize most of the implementation
costs of such a SaaS solution. As such, costs incurred to implement, configure or customize, and the ongoing
fees to obtain access to the application are recognized as expenses when the services are received.
BORROWINGS
All borrowings are initially recognized at fair value less directly attributable transaction costs. After initial
recognition, borrowings are subsequently measured at amortized cost using the effective interest method.
Borrowings are derecognized when the obligation specified in the contract is discharged, canceled or
expired. The difference between the carrying amount of a financial liability that has been extinguished or
transferred to another party and the consideration paid, including any non-cash assets transferred or
liabilities assumed, is recognized in profit or loss as other income or finance costs.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer
settlement of the liability for at least 12 months after the reporting period.
Covenants that the Group is required to comply with, on or before the end of the reporting period, are
considered in classifying loan arrangements with covenants as current or non-current. Covenants that the
Group is required to comply with after the reporting period do not affect the classification in the current and
prior year.
(CAPITALIZED) BORROWING COSTS
General borrowing costs attributable to the acquisition or construction of an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the
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asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of
interest and other costs that an entity incurs in connection with the borrowing of funds.
The interest capitalized is calculated using the Group’s weighted average cost of borrowings. Interest is
capitalized as from the commencement of the development work until the date of practical completion, i.e.,
when substantially all the development work is completed. The capitalization of finance costs is suspended
if there are prolonged periods when development activity is interrupted. Interest is also capitalized on the
purchase cost of a property acquired specifically for redevelopment, but only where activities necessary to
prepare the asset for redevelopment are in progress.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents in the statement of financial position comprise cash at bank and cash equivalents
with an original maturity of three months or less, which are subject to an insignificant risk of changes in
value.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and
cash equivalents, as defined above, net of outstanding bank overdrafts as they are considered an integral
part of the Company’s cash management.
RENT AND OTHER RECEIVABLES
Rent and other receivables are recognized at their original invoiced value except where the time value of
money is material, in which case receivables are recognized at fair value and subsequently measured at
amortized cost and are subject to impairment. For rent and other receivables, the Group applies a simplified
approach in calculating expected credit losses. Therefore, the Company does not track changes in credit risk
but instead recognizes a loss allowance based on lifetime expected credit losses at each reporting date. The
Company has established a provision matrix that is based on its historical credit loss experience, adjusted for
forward-looking factors specific to the debtors and the economic environment .
TRADE AND OTHER PAYABLES
These amounts represent liabilities for goods and services provided to the Company prior to the end of the
financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of
recognition. Trade and other payables are presented as current liabilities unless payment is not due within
12 months after the reporting period.
REVENUE RECOGNITION
Shurgard is in the business of operating self-storage facilities providing month-to-month rental agreements
for business and personal use in scope of IFRS 16. We also provide ancillary services at our self-storage
facilities consisting primarily of sales of storage products (such as storage boxes or locks, included in
“Ancillary revenue”) and protection of customers’ stored goods (referred to as “Fee income from customer
goods coverage”).
Revenue from contracts with customers is recognized when control of the goods or services is transferred to
the customer at an amount that reflects the consideration to which the Company expects to be entitled in
exchange for those goods or services. The Group concluded that it is the principal in all of its revenue
arrangements for the activities on its owned stores, because it controls the goods or services before
transferring them to the customer.
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RENTAL INCOME
The Group is acting as the lessor in operating lease agreement it enters into with its customers. Rental
income arising from such operating leases of investment property is accounted for on a straight-line basis
over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature,
except for contingent rental income which is recognized when it arises. Generally, the Group requires
advance payments from new contracts (customers), and the proceeds received are deferred on the balance
sheet under the caption “Deferred rent”.
Tenant lease incentives are recognized as a reduction of rental revenue on a straight-line basis over the term
of the lease. The lease term is the non-cancelable period of the lease together with any further term for
which the tenant has the option to continue the lease, where, at the inception of the lease, management is
reasonably certain that the tenant will exercise that option. Typically, this has been assessed to be one
month.
Amounts received from tenants to terminate leases or to compensate for dilapidation are recognized in the
statement of profit or loss when the right to receive them arises.
FEE INCOME FROM CUSTOMER GOODS COVERAGE
This fee income from customer goods coverage is assessed to be outside the scope of IFRS 17 and inside the
scope of IFRS 15 because the contracts between Shurgard and the tenant do not transfer significant
insurance risk between these two parties. In the UK, however, customer goods coverage is within the scope
of IFRS 17, and accounted for as such.
Fee income from providing coverage for customer goods is recognized on a straight-line basis over the period
that a customer occupies its storage unit.
SERVICE CHARGES, MANAGEMENT CHARGES AND OTHER EXPENSES RECOVERABLE FROM TENANTS
Income from service charges, management fees and other expenses recharged to the tenants is recognized
in the period in which the related services are provided and the amount becomes receivable. Such income
is presented gross within real estate operating revenue, as the Company acts as principal in providing these
services and bears the associated costs.
EMPLOYEE BENEFITS
SHORT-TERM EMPLOYEE BENEFITS
Liabilities for wages and salaries that are expected to be settled wholly within 12 months after the end of
the period in which the employees render the related service are recognized in respect of employees’
services up to the end of the reporting period and are measured at the amounts expected to be paid when
the liabilities are settled. The liabilities are presented as current employee benefit obligations in the
consolidated statement of financial position.
Bonuses received by company employees and management are based on pre-defined Company and
individual target achievements. The estimated amount of the bonus is recognized as an expense over the
period the bonus is earned.
PENSION BENEFITS
A defined contribution plan is a post-employment benefit plan under which the Group pays fixed
contributions and has no legal or constructive obligation to pay further contributions regardless of the
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269
performance of the funds held to satisfy future benefit payments. A defined benefit plan is a post-
employment benefit plan other than a defined contribution plan.
The Company has defined contribution plans in various countries in which it operates, whereby contributions
by the Company are charged to real estate operating expenses and general, administrative and other
expenses in our consolidated statement of profit and loss in the period in which services are rendered by the
covered employees.
The defined contribution plans in Belgium include a legally guaranteed minimum return, which must be
provided by the Group (based on the so-called “Law Vandenbroucke”). The external insurance company that
receives and manages all plan contributions does also provide a different return guarantee, which may be
higher or lower than the one that must be provided by the Group. Therefore, these plans also have defined
benefit plan features, as the Group is exposed to the investment and funding risk relating to the difference
in returns, if any. For these plans, the projected unit credit method has been used as the actuarial technique
to measure the defined benefit obligation, calculated by independent actuaries.
TERMINATION BENEFITS
Termination benefits are payable when employment is terminated by the Company before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The
Group recognizes termination benefits at the earlier of the following dates: (i) when it can no longer
withdraw the offer of those benefits; and (ii) when the entity recognizes costs for a restructuring that is
within the scope of IAS 37 and involves the payment of terminations benefits. In the case an offer is made
to encourage voluntary redundancy, the termination benefits are measured based on the number of
employees expected to accept the offer. Benefits falling due more than 12 months after the end of the
reporting period are discounted to their present value.
SHARE-BASED COMPENSATION
The Group operates various equity-settled share-based compensation plans, under which the Company
receives services from employees and senior executives as consideration for equity instruments (options) of
the Group.
SHARE OPTIONS
The cost of equity-settled compensation plans is determined by the fair value at the grant date of the awards
using the Black-Scholes model. The cost is recognized, together with a corresponding increase in share-based
payment reserve in equity, over the period in which the service conditions are fulfilled (the vesting period).
The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting
date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number
of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a
period represents the movement in cumulative expense recognized as of the beginning and end of that
period and is recognized in general, administrative and other expenses. No expense is recognized for awards
that do not ultimately vest because non-market performance and/or service conditions have not been met.
RESTRICTED STOCK UNITS (RSUS)
The Group also operates equity-settled share-based payment arrangements in the form of restricted share
units (RSUs) granted to eligible participants. RSUs are measured at the fair value of the equity instruments
granted at the grant date. The fair value is recognized as an expense over the vesting period, with a
corresponding increase in equity, based on the Group’s estimate of the number of RSUs expected to vest.
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No subsequent remeasurement of the fair value of equity-settled RSUs is made after the grant date.
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CLASSIFICATION OF EXPENSES
Expenses that are directly attributable to the operation, maintenance and management of the Group’s real
estate properties are recognized as real estate operating expenses (Note 6), while expenditures related to
corporate management, administrative activities and other general support functions are recognized within
general, administrative and other expenses (Note 7).
INCOME TAX
Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent
that it relates to a business combination, or items recognized directly in equity or in OCI. Interest and
penalties related to income taxes, including uncertain tax treatments, can be accounted for under IAS 12
Income taxes or under IAS 37 Provisions, Contingent Liabilities and Contingent Assets depending on the
specific nature of the particular interest and penalties and whether the relevant law considered these
interest and penalties as income taxes.
CURRENT INCOME TAX
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported
in the consolidated statement of profit or loss and other comprehensive income because it excludes items
of income or expense that are taxable or deductible in other years and it further excludes items that are not
taxable or tax deductible.
The Group’s liability for current tax is calculated using tax rates (and tax laws) that have been enacted or
substantively enacted by the end of the reporting period.
DEFERRED TAX
Deferred tax is recognized for temporary differences between the carrying amounts of assets and liabilities
in the consolidated financial statements and their corresponding tax basis used in the computation of taxable
profit.
Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets
are recognized to the extent that it is probable that taxable profit will be available against which deductible
temporary differences and tax losses carried forward can be utilized.
Deferred tax assets and liabilities are not recognized when the temporary difference arises from the initial
recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at
the time of the transaction, affects neither accounting profit nor taxable profit or loss.
For taxable temporary differences associated with investments in subsidiaries and interests in joint
arrangements:
• Deferred tax liabilities are not recognized when the timing of the reversal of the temporary
differences can be controlled and it is probable that the temporary differences will not reverse
in the foreseeable future; and
• Deferred tax assets are recognized only to the extent that it is probable that the temporary
differences will reverse in the foreseeable future and taxable profit will be available against
which the temporary differences can be utilized.
The measurement of deferred tax reflects the tax consequences that would follow from the manner, in which
the Group expects, at the reporting date, to recover or settle the carrying amount of assets and liabilities, at
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272
the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based
on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
The Group concluded that its investment properties are held with the objective to consume substantially all
of the economic benefits embodied in the investment properties over time, rather than through sale, which
is reflected in the measurement of deferred tax assets and liabilities. For example, in case of change in
enacted tax rates, deferred taxes linked to investment properties are measured at the tax rates reflecting
the intended use of the properties (rather than through a sale) in the foreseeable future.
EARNINGS PER SHARE
BASIC EARNINGS PER SHARE
Basic earnings per share is calculated by dividing:
• The profit attributable to equity holders of the Company by;
• The weighted average number of ordinary shares outstanding during the financial year,
excluding treasury shares.
DILUTED EARNINGS PER SHARE
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take
into account:
• The after-tax effect of interest and other financing costs associated with dilutive potential
ordinary shares, and
• The weighted average number of additional ordinary shares that would have been outstanding,
assuming the conversion of all dilutive potential ordinary shares (including outstanding share
options).
FAIR VALUE MEASUREMENTS
The Group measures investment property and investment property under construction at fair value. Fair
value related disclosures for items measured at fair value or where fair values are disclosed, are summarized
in Notes 14 and 15.
A fair value measurement of a non-financial asset takes into account a market participant's ability to
generate economic benefits by using the asset in its highest and best use or by selling it to another market
participant that would use the asset in its highest and best use. The Group uses valuation techniques that
are appropriate in the circumstances and for which sufficient data are available to measure fair value,
maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.
All assets and liabilities, for which fair value is measured or disclosed in the financial statements are
categorized within the fair value hierarchy (described as follows), based on the lowest level input that is
significant to the fair value measurement as a whole:
• Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
• Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable;
• Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable.
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273
DIVIDEND
The Company recognizes a liability for dividends when the distribution is authorized and the distribution is
no longer at the discretion of the Company. Annual dividend is ultimately approved by shareholders at the
Annual General Meeting, while interim dividends are authorized by the Board of Directors only. Accordingly,
a liability is recognised when a dividend is declared and authorized by the Board. Dividends are recognised
as a distribution to equity holders and are recorded directly in equity. Scrip dividends are accounted for as a
reclassification within equity, with distributable reserves reduced and share capital and share premium
increased for the value of shares issued.
4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND
ASSUMPTIONS
The preparation of the 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 and investment property under construction
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.
At December 31, 2025, the Group’s market capitalization remained lower than the total equity
attributable to equity holders of the parent as reported in the consolidated statement of financial
position under IFRS.
As explained, the Group accounts for its investment properties in accordance with IAS 40 and IFRS
13 at fair value, based on discounted cash flow models and market-based assumptions reflecting
current expectation in connection with future cash flow and yields for comparable assets, reflecting
an assumed value in an orderly transaction between market participants at measurement date.
Management notes that the market capitalization reflects investors’ views at a specific point in time
that consider factors beyond the fair value of the underlying investment properties, such as market
volatility, liquidity, interest rate expectations, investor sentiment and other macroeconomic
conditions, which may not directly correspond to the long-term fair value of the underlying
investment property portfolio and result in the shares of the Group trading at a discount to net asset
value.
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274
• Share-based payments
Estimating the fair value of share-based payment transactions requires determination of the most
appropriate inputs to the valuation model.
• 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) and liability 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.
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275
5. REAL ESTATE OPERATING REVENUE
Real estate operating revenue is comprised of the following:
(in € thousands)
2025
2024
Rental revenue
1
396,495
357,757
Fee income from customer goods coverage
2
42,935
37,961
Ancillary revenue
3
11,447
10,963
Property operating revenue
450,877
406,681
Other revenue, net
4
(24)
(177)
Real estate operating revenue
450,853
406,503
1 There were no contingent rentals with customers recognized during both the presented periods.
2 Fee income from providing customer goods coverage is in scope of IFRS 15, except for the UK, to which IFRS 17 applies (Note 34).
3 Ancillary revenue consists of merchandise sales and other revenue from real estate operations.
4 Other revenue net includes, besides other, management fees earned and are invoiced on top of any (direct and indirect) cost-recharges to the owners
of the properties. Other revenue net was slightly negative as costs recharged exceeded management fees earned, which resulted in a net loss. The
management fees earned are currently not significant to the Group’s consolidated results.
6. REAL ESTATE OPERATING EXPENSE
Real estate operating expense of investment property which generates property operating revenue consists
of the following:
(in € thousands)
2025
2024
Payroll expense
51,090
47,067
Real estate and other taxes
26,405
22,936
Repairs and maintenance
15,120
13,944
Marketing expense
14,590
11,888
Utility expense
6,897
6,083
Doubtful debt expense
1
7,862
6,962
Cost of insurance and merchandise sales
2
4,104
4,592
Other operating expenses
3
30,193
25,473
Real estate operating expense
156,261
138,943
1 Doubtful debt expenses for the year ended December 31, 2025, includes €6.8 million loss on debtors and €1.1 million collection fees and other expense,
compared to €5.9 million and €1.1 million, respectively, in 2024.
2 For the year ended December 31, 2025, the aggregate of cost of insurance and merchandise sales and other operating expense included €3.7 million
captive reinsurance revenue and €2.4 million captive reinsurance service expense in scope of IFRS 17, compared to €3.1 million and €2.8 million
respectively in 2024.
3 The other operating expenses increased mainly due to an increased store portfolio (€1.5 million), increased card processing fees as we conclude the
transition to an integrated and standardized payment platform and (€1.1 million) and higher licence and other SaaS ERP solution related costs (€1.1
million).
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276
7. GENERAL, ADMINISTRATIVE AND OTHER EXPENSES
General, administrative and other expenses can be detailed as follows:
(in € thousands)
2025
2024
Payroll expense
14,503
14,018
Share-based compensation expense
4,987
4,426
Capitalization of internal time spent on development of investment
(5,011)
(4,646)
property
Depreciation and amortization expense
1
6,299
4,121
Other general and administrative expenses, net
2
10,005
9,649
General, administrative and other expenses
30,783
27,568
1 Depreciation and amortization expenses increased in 2025, reflecting the amortization of intangible assets acquired in the second half of 2024 related
to the Lok’nStore acquisition in the UK and which are amortized over three years.
2 Other general and administrative expenses, net, mainly include legal, consultancy and audit fees and non-deductible VAT.
8. OTHER EXPENSES, NET
Other expenses in 2025 mainly consists of €1.3 million implementation costs for the new SaaS ERP system
moved into operations mid-2025 and €0.8 million upfront costs incurred on pipeline expansion opportunities
that ultimately did not materialize, offset by €0.9 million compensation obtained related to the termination
of one of our third party managed contracts in the UK. In 2024, other expenses were impacted by €3.2 million
implementation cost for the new SaaS ERP system and €3.7 million integration cost regarding the UK store
portfolio acquisition.
9. FINANCE RESULT
The finance result comprises the following:
(in € thousands)
2025
2024
Interest expense
52,275
36,257
Interest on debt and borrowings
1
51,934
34,165
Interest on lease obligations
5,764
4,700
Capitalized borrowing costs
2
(5,423)
(2,608)
Foreign exchange loss
3
33
4,390
Loss early extinguishment debt
4
1,006
-
Finance costs
53,313
40,647
Interest income
2,557
6,018
Finance income
2,557
6,018
Net finance costs
50,756
34,628
1 In 2025, the Group expensed €1.5 million commitment and other related fees related to the early termination of the term loan facility (Note 26). These
costs were capitalized as other non-current assets in 2024 for the unused part of the facility.
2 The capitalization rate of borrowing costs was on average 3.18% and 2.92% in 2025 and 2024, respectively. We primarily capitalize these borrowing
costs as investment property under construction (Note 14).
3 Foreign exchange loss in 2024 included a €4.3 million exchange loss incurred in connection with the deal contingent forward (Note 26) related to the
financing of the UK portfolio acquisition. No similar transaction took place in 2025.
4 In May 2025, the Group early repaid its borrowings under the term loan facility (€290.0 million) and the unamortized portion of the related debt financing
cost were recorded as loss on early extinguishment of debt (Note 26).
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277
10. INCOME TAX
INCOME TAX EXPENSE
(in € thousands)
2025
2024
Current tax expense
38,807
34,869
Deferred tax expense
89,120
86,949
Income tax expense
127,927
121,818
Profit before tax
727,212
525,496
Effective tax rate
1
17.6%
23.2%
1 The average effective current income tax rates based on adjusted EPRA earnings before tax for the year ended December 31, 2025 is 18.2% (2024:
17.2%).
Tax expenses have been calculated in accordance with local and international tax laws. The tax expense on
the Group’s consolidated profit (loss) before tax differs from the theoretical amount that would arise using
the domestic rate in each individual jurisdiction (on the pretax profits/losses) of the consolidated companies
as follows:
(in € thousands)
2025
%
2024
%
Profit before tax
727,212
525,496
Expected tax based on local tax rates
192,856
26.5%
127,391
24.2%
Disallowed expenses
5,108
0.7%
2,646
0.5%
Non-taxable income
1
(44,100)
-6.1%
(27,290)
-5.2%
Non-recognition of DTA on current year tax
3,296
0.5%
4,133
0.8%
losses
Prior year adjustments and other changes to the
deferred tax balances
(6,364)
-0.9%
15,155
2.9%
Impact of substantively enacted tax rate changes
(23,055)
-3.2%
(158)
0.0%
Other
186
0.0%
(59)
0.0%
Tax expense for the year
127,927
17.6%
121,818
23.2%
1 Non-taxable income includes impact of the UK REIT regime on current and deferred tax expense.
Prior year adjustments and other changes to the deferred tax balances provide for a consolidated view on
past and current factors influencing our level of deferred tax balances. 91% of our deferred tax balances
relate to deferred taxes for investment properties carried at fair value. In line with IAS 12, the Group
recognized deferred tax liabilities and deferred tax assets for all temporary differences linked to investment
properties (due to changes in the carrying amount and/or tax base), subject to certain conditions and
exceptions. For 2025, main variations are linked to changes in the carrying amount and relate to Germany
(€3.0 million) and the Netherlands (€2.6 million).
The impact of substantively enacted tax rate changes reflects the phased reduction in corporate tax rates in
Germany from 15.83% to 10.55%, for the period from 2028 to 2032.
SHURGARD ANNUAL REPORT 2025
278
DEFERRED TAXES
The movement in deferred tax assets and liabilities during the year ended December 31, 2025 is as follows:
(Charged)/
Charged to
January 1,
credited to
other
Acquired
December
2025
profit or loss
comprehensive
31, 2025
(in € thousands)
income
Deferred tax assets:
Tax loss carry-forwards
6,145
4,340
13
-
10,497
Deductible temporary
2,758
1,827
8
-
4,593
difference
Total deferred tax assets
8,903
6,167
20
-
15,091
Deferred tax liabilities:
Investment property
(787,101)
(94,375)
(6,587)
(152)
(888,215)
Other taxable temporary
(3,552)
(912)
(11)
-
(4,475)
differences
Total deferred tax liabilities
(790,653)
(95,287)
(6,598)
(152)
(892,690)
Net deferred tax position
(781,750)
(89,120)
(6,578)
(152)
(877,600)
Deferred tax assets
147
3,544
Deferred tax liabilities
(781,897)
(881,145)
The movement in deferred tax assets and liabilities during the year ended December 31, 2024 is as follows:
(Charged)/
Charged to
January 1, 2024
credited to
other
December 31,
profit or loss
comprehensive
2024
(in € thousands)
income
Deferred tax assets:
Tax loss carry-forwards
6,261
(107)
(9)
6,145
Deductible temporary difference
2,391
370
(3)
2,758
Total deferred tax assets
8,652
263
(12)
8,903
Deferred tax liabilities:
Investment property
(703,746)
(86,512)
3,157
(787,101)
Other taxable temporary
(2,851)
(701)
-
(3,552)
differences
1
Total deferred tax liabilities
(706,597)
(87,213)
3,157
(790,653)
Net deferred tax position
(697,945)
(86,950)
3,145
(781,750)
Deferred tax assets
891
147
Deferred tax liabilities
(698,836)
(781,897)
Net deferred tax liabilities as of December 31, 2025 amount to €877.6 million, of which €10.5 million relates
to recognized tax losses carried forward and €888.2 million relates to deferred tax liabilities arising from
investment property.
The net deferred tax position increased by €95.9 million, mainly due to an increase in deferred tax liabilities
related to our investment property, due to favorable changes in their fair values (see Notes 14 and 15).
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279
The Group recognized deferred tax assets arising from unused tax losses only to the extent that it is probable
that future taxable profit will be available or there are sufficient amounts of deferred tax liabilities against
which the tax losses can be utilized. The recognized deferred tax assets relating to unused tax losses
amounted to €10.5 million as of December 31, 2025 (2024: €6.1 million).
For the year ended December 31, 2025, the Group has tax losses carried forward of €289.9 million (2024:
€271.0 million), of which €51.0 million (2024: €48.1 million (2024: €48.1 million) are subject to recapture
rules. In total, €238.9 million (2024: €222.9 million) tax losses are available indefinitely for offsetting against
future taxable profits of the entities in which the losses arose.
No deferred tax assets have been recognized in respect of these losses, as currently it is not probable that
sufficient recurring future taxable profits will be available in the near future against which the Group can
utilize the losses.
If the Group were to recognize all unrecognized deferred tax assets, the profit would increase by €39.7
million (2024: €54.8 million).
No deferred tax liability was recognized on the unremitted earnings of subsidiaries. Management had no
intention to pay dividends or repatriate from its subsidiaries, and no tax is expected to be payable on them
in the foreseeable future. If all earnings were remitted, tax of €1.1 million for the year ended December 31,
2025, would be payable (2024: €1.0 million).
As explained in Note 2, deferred tax assets and liabilities are measured at the tax rates that are expected to
apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that
have been enacted or substantively enacted by the end of the reporting period.
UK REIT
During the first quarter of 2023, Shurgard Self Storage S.A. migrated to Guernsey and was incorporated as
Shurgard Self Storage Ltd pursuant to Guernsey law and became a UK REIT on March 1, 2023. Since then,
central management and control of the Group is exercised through the Board of Directors of Shurgard Self
Storage Ltd located in the United Kingdom.
UK REITs are exempt from UK corporation tax on rental profits and capital gains arising from their UK
property business. As a result, there are no temporary differences and deferred tax liabilities within the REIT
rules recognized per December 31, 2025.
The change to a UK REIT is considered as a change of tax status, in which case IFRS requires that current and
deferred tax consequences are recognized in profit and loss for the period.
In order to maintain its Real Estate Investment Trust (REIT) status in respect of its UK operations, the Group
is required to comply with certain conditions under UK tax legislation.
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280
These conditions are:
(i) Central management and control are exercised from the United Kingdom;
(ii) At least 75% of the Group’s profits and asset values relate to its property rental business;
(iii) At least 90% of UK property rental profits are distributed annually to shareholders as Property
Income Distributions;
(iv) The ratio of property rental profits to financing costs exceeds the statutory threshold of 1.25;
and
(v) The REIT is not closely held.
The directors are closely monitoring the requirements of being a UK REIT and Shurgard has complied with all
requirements to date. As a UK REIT, Shurgard is required to distribute 90% of its tax-exempt UK rental profits
(i.e., rental income from the UK property business). These profits form part of the total dividend the Group
intends to distribute to its shareholders.
Any other income and gains generated in the UK, which are not specifically derived from Shurgard’s UK
property rental activities, are part of the “residual business” and are subject to a UK corporation tax rate of
25%
INTERNATIONAL TAX REFORM – PILLAR TWO MODEL RULES
The OECD/G20 Inclusive Framework on “Base Erosion and Profit Shifting” (BEPS) aims at addressing the
challenges arising from the digitalization of the global economy. To ensure that profits are taxed where
economic activities take place and value is created, the Inclusive Framework on BEPS proposes two so-called
“pillars”:
• Pillar One applies to Multinational enterprises (MNEs) with global turnover above €20 billion
and profitability above 10% (i.e., profit before tax/revenue); while
• Pillar Two applies to MNEs with revenue in excess of €750 million per their consolidated
financial statements.
The Pillar Two “Global anti-Base Erosion” rules (GloBE Rules) in substance result in a system of top-up taxes
to ensure that the total amount of taxes paid by a MNE in a jurisdiction on its “Excess Profit” is at a minimum
rate.
During July 2023, the government of the UK, being the country where the parent company of the Group is a
tax resident, enacted the implementation of the provisions of Pillar Two, which is effective for the Group as
of January 1, 2024. Subsequently, several amendments were enacted into law.
UK, Belgium, Luxembourg, France, the Netherlands, Germany, Denmark and Sweden have all transposed the
Pillar Two rules in their local legislation per December 31, 2023, being effective for the Group as of January
1, 2024.
The Group is closely monitoring the legislative and administrative progress in the countries it is currently
present, to ensure it is able to comply with the legislation as enacted and the guidance issued by the OECD
and the local tax administrations in the jurisdictions in which the Group operates.
The Group has performed an assessment as regards (a) the transitional CbCR safe harbor relief rules and (b)
more detailed Pillar Two effective tax rate calculations of its potential exposure to Pillar Two, assuming that
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281
it would surpass the revenue threshold for Pillar Two purposes of €750 million. This assessment is based on
the most recent financial information of the Group entities such as the latest available tax filings and the
latest IFRS financial information, determined as part of the preparation of the Group’s consolidated financial
statements, for 2025, considering only adjustments that would have been required or allowed applying the
enacted legislation.
Based on an impact assessment performed, the following conclusions were drawn:
• No Top-Up tax should arise in the UK, because (i) Shurgard Self-Storage Ltd. should qualify as
an excluded entity as it is the ultimate parent of the Shurgard group and is the principal member
of a group UK REIT and (ii) each of Shurgard Self-Storage Ltd.’s UK subsidiaries should be
regarded as an investment entity as each is member of the Group UK REIT.
• The transitional CbCR and UTPR safe harbor relief rules should be available for all jurisdictions
outside the UK.
• Furthermore, the Pillar Two effective tax rates in the jurisdictions in which the Group operates,
outside of the UK, are above 15%, where relevant.
•
Consequently, and based on the current legislator environment, the Group does not expect any material
exposure to Pillar Two top-up taxes. Note that as of December 31, 2025, the Group had unrecognized
deferred tax assets, mainly in connection with tax losses carried forward, for a total amount of approximately
€63.4 million.
In line with the amended IAS 12, Shurgard did not recognize or disclose any deferred tax assets or liabilities
related to Pillar Two.
11. SEGMENT INFORMATION
For earnings from investment property, discrete financial information is provided on an operating segment
basis to the Chief Operating Decision Maker (CODM). The individual properties are aggregated into operating
segments which are defined as the individual countries where Shurgard owns or leases properties.
The same store facilities segment for a given year comprises (i) stores in operations for more than three full
years as of January 1 of that year in the case of self-developed properties, (ii) stores in operation for one full
year as of January 1 of that year in the case of properties that have been acquired as well as (iii) stores that
have undergone minor redevelopments.
The operating segments (individual countries where the Group operates properties, split between same
store facilities and non-same store facilities) have been aggregated into two reportable segments which
reflect the significant components of our operations. Therefore, we present our self-storage operations in
two reportable segments: “Same store facilities” and “Non-same store facilities” because we believe that
the individual countries exhibit similar economic characteristics and the operations are similar with respect
to their main elements (e.g., nature of products and services offered, the class of customers, the distribution
method). On an annual basis, the composition of the “same stores” and “non-same stores” changes based
on the reclassification of the stores from non-same stores to same stores in line with the period of operation.
Following the change in composition of its reportable segments, the Group presents comparative
information consistent with the current year classification as “same store” or “non-same” stores.
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282
As of December 31, 2025, and excluding the properties we operate under management contract, the
Company operated 332 self-storage properties (compared to 318 self-storage facilities as of December 31,
2024). Based on these criteria, 251 self-storage stores met the same store definition.
The non-same store facilities segment comprises any other self-storage facilities (2025: 81, 2024: 67) that
we have acquired or self-developed.
Management believes that “Property operating revenue” and “Real estate operating expense” and resulting
Income from property (NOI) are the only material items to be disclosed at a segmental level.
Royalty fee expense, valuation gain and loss from investment property and investment property under
construction, depreciation expense, acquisition costs on business combinations, general, administrative and
other expenses, gain/loss on disposal of investment property and assets held for sale, finance costs and
income tax expense are not reported to the CODM on a segment basis.
The CODM does not receive or review assets or liabilities on a segment basis. However, a breakdown of non-
current assets by country is nevertheless presented.
The table below sets forth segment data for the years ended December 31, 2025, and 2024 based on the
2025 same store/non-same store definition:
(in € thousands except NOI margin)
2025
2024
Same store facilities
373,465
361,051
Non-same store facilities
77,413
45,629
Property operating revenue (see Note 5)
450,877
406,681
Same store facilities
(119,301)
(116,818)
Non-same store facilities
(36,959)
(22,125)
Real estate operating expense (see Note 6)
(156,260)
(138,943)
Same store facilities
254,163
244,233
Non-same store facilities
40,454
23,504
Income from property (NOI)
294,617
267,737
Same store facilities
68.1%
67.6%
Non-same store facilities
52.3%
51.5%
NOI margin
65.3%
65.8%
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 consolidated statement of profit
and loss:
(in € thousands)
2025
2024
Income from property (NOI)
294,617
267,737
Other revenue (see Note 6)
(24)
(177)
Net income from real estate operations
294,593
267,560
SHURGARD ANNUAL REPORT 2025
283
SEGMENT INFORMATION BY COUNTRY
December 31, 2025
(in € thousands)
France
The
UK
Sweden
Germany
Belgium
Denmark
Total
Netherlands
Same store facilities
86,862
80,036
73,891
50,566
35,356
29,577
17,177
373,465
Non-same store facilities
5,467
12,073
37,730
37
22,105
-
-
77,413
Property operating revenue
92,329
92,109
111,621
50,603
57,461
29,577
17,177
450,877
Same store facilities
54,311
57,913
46,173
37,224
25,128
20,918
12,495
254,163
Non-same store facilities
2,368
8,565
17,688
(10)
11,843
-
-
40,454
Income from property (NOI)
56,679
66,478
63,861
37,214
36,971
20,918
12,495
294,617
NOI margin
61.4%
72.2%
57.2%
73.5%
64.3%
70.7%
72.7%
65.3%
Investment property
1,328,705
1,321,552
1,886,240
742,501
968,602
363,700
250,952
6,862,252
Investment property under construction
17,921
18,628
130,837
-
93,810
6
-
261,203
Property, plant and equipment and intangible
assets
635
399
3,224
96
374
11,105
9
15,842
Deferred tax assets
-
-
1,498
139
1,907
-
-
3,544
Other non-current assets
1,058
334
2,461
38
2,624
1,288
18
7,822
Non-current assets
1,348,319
1,340,914
2,024,261
742,774
1,067,318
376,099
250,979
7,150,664
SHURGARD ANNUAL REPORT 2025
284
December 31, 2024
(in € thousands)
France
The
UK
Sweden
Germany
Belgium
Denmark
Total
Netherlands
Same store facilities
84,482
76,403
73,849
46,920
34,146
28,626
16,625
361,051
Non-same store facilities
4,761
8,463
17,844
-
14,562
-
-
45,629
Property operating revenue
89,243
84,866
91,693
46,920
48,709
28,626
16,625
406,681
Same store facilities
52,670
54,815
47,081
33,689
23,972
20,051
11,956
244,233
Non-same store facilities
2,136
5,595
8,041
-
7,732
-
-
23,504
Income from property (NOI)
54,806
60,410
55,122
33,689
31,703
20,051
11,956
267,737
NOI margin
61.4%
71.2%
60.1%
71.8%
65.1%
70.0%
71.9%
65.8%
Investment property
1,229,821
1,147,306
1,834,264
653,314
819,609
326,308
239,288
6,249,911
Investment property under construction
2,729
18,194
61,219
-
78,488
-
-
160,629
Property, plant and equipment and intangible
assets
731
321
4,584
126
109
11,383
19
17,273
Deferred tax assets
-
66
79
2
(0)
(0)
(0)
147
Other non-current assets
896
277
809
37
674
3,979
17
6,689
Non-current assets
1,234,177
1,166,164
1,900,955
653,479
898,881
341,670
239,325
6,434,650
SHURGARD ANNUAL REPORT 2025
285
12. ACQUISITION OF PROPERTIES
Country
2025
2024
France
-
1
The Netherlands
1
1
Germany
1
12
United Kingdom
1
28
Sweden
2
-
Total number of properties acquired
5
42
In total, Shurgard invested during 2025, €45.9 million (2024: 787.7 million), of which €45.3 million (2024:
€766.8 million) are classified as Acquisition of investment properties and other net assets in the cash flow
statement, while the remaining €0.6 million (2024: €21.0 million) have been included in Capital expenditures
on investment property under construction and completed investment property.
2025 ACQUISITIONS
We refer to section “Significant events and transactions” for a more detailed description of the properties
acquired during 2025. The total considerations amounted to €49.8 million, excluding €0.6 million capitalized
transaction costs, of which €4.2 million are payable within 3 years and €0.4 million within one year. These
transactions did not meet the definition of a business combination in the scope of IFRS 3 and therefore have
been accounted for as asset and liability acquisitions.
2024 ACQUISITIONS
In 2024, Shurgard completed several acquisitions of self-storage and development properties across
Germany, France, the Netherlands, and the United Kingdom. The most significant transactions related to:
• February 2024: acquisition six Pickens Self-Storage properties in Germany for a total cash
consideration of €120.0 million, expanding our footprint by 31,300 net sqm.
• August 2024: acquisition Lok’nStore for £378 million (equivalent to €439.9 million) and assumed
liabilities of £47.8 million (equivalent to €55.3 million) (immediately paid after acquisition), adding
171,000 sqm to our UK portfolio (including pipeline). The acquisition was initially funded through
a bridge financing arrangement, which was subsequently settled using proceeds from the
Eurobonds issuance in October 2024.
These acquisitions have been accounted for as acquisitions of assets and liabilities, with the acquisition cost
(total of €787.7 million, including €21.0 million capitalized transaction costs and €21.7 million net other
liabilities) being allocated to the individual identifiable assets and liabilities (if any) based on their relative
fair values at the date of purchase.
SHURGARD ANNUAL REPORT 2025
286
13. EARNINGS PER SHARE (EPS)
The following tables reflect the income and share data used in the basic and diluted EPS computations:
(in € thousands, except for shares and earnings per share)
2025
2024
Profit attributable to ordinary equity holders of the
597,760
402,850
parent for basic earnings
Weighted average number of ordinary shares for basic
99,548,156
97,641,112
EPS
Earnings per share - basic €
6.00
4.13
Effect of dilution:
(in € thousands, except for shares and earnings per share)
2025
2024
Profit attributable to ordinary equity holders of the
597,760
402,850
parent for basic earnings
Weighted average number of ordinary shares for basic EPS
99,548,156
97,641,112
Dilutive effect from share options
217,712
297,314
Weighted average number of ordinary shares adjusted for the
effect of dilution
99,765,868
97,938,426
Earnings per share - diluted €
5.99
4.11
There have been no other transactions involving ordinary shares or potential ordinary shares between the
reporting date and the date of authorization of these financial statements.
SHURGARD ANNUAL REPORT 2025
287
14. INVESTMENT PROPERTY AND INVESTMENT PROPERTY UNDER
CONSTRUCTION
The table below sets forth the movement in completed investment property and investment property under
construction:
Investment
Total
Investment
Completed
property
completed
property
Total
investment
ROU
investment
under
investment
(in € thousands)
property
assets
property
construction
2
property
As of January 1, 2024
4,823,442
106,377
4,929,819
105,951
5,035,770
Addition of ROU assets
1
-
18,816
18,816
-
18,816
Remeasurement of ROU assets
1
-
2,771
2,771
-
2,771
Transfers new development
78,541
-
78,541
(78,541)
-
Capital expenditure
3
84,176
-
84,176
103,435
187,611
Acquisition of investment property
4
738,434
16,629
755,063
33,453
788,516
Net gain (loss) of fair value adjustment
340,577
(3,992)
336,585
(5,512)
331,073
Exchange rate differences
43,690
451
44,141
1,843
45,984
As of December 31, 2024
6,108,860
141,052
6,249,911
160,629
6,410,541
Remeasurement of ROU assets
1
-
1,880
1,880
-
1,880
Transfers new development
128,757
-
128,757
(128,757)
-
Capital expenditure
3
78,002
-
78,002
131,929
209,931
Acquisition of investment property
4
45,883
439
46,322
-
46,322
Disposals
5
-
(3,772)
(3,772)
-
(3,772)
Net gain (loss) of fair value adjustment
6
420,999
(3,535)
417,464
102,016
519,481
Exchange rate differences
(55,621)
(692)
(56,313)
(4,614)
(60,927)
As of December 31, 2025
6,726,881
135,371
6,862,252
261,203
7,123,455
1 At initial recognition, the Right-of-Use (ROU) assets are recognized for an amount equal as the related lease liabilities. Remeasurements of ROU assets
mainly consist of the effect of periodic indexations of our lease agreements.
2 When investment properties under construction are nearly completed, the Group measures these properties at fair value, all other construction projects
are valued at cost, which is considered to approximate fair value. At 2025 year-end, of the total €261.3 million investment property under construction
€231.5 million was fair valued (2024: €117.6 million) and €29.8 million recorded at cost (2024: €43.0 million).
At year-end 2025, we had 32 properties under construction for a total amount of €261.3 million (€182.1 million acquisition cost plus €79.2 million fair
value adjustment).
3 In 2025, capital expenditure includes €5.0 million capitalized internal time spent (2024: €4.6 million), €5.4 million capitalized interest (2024: €2.6 million)
and €0.6 million capitalized additional transaction costs we incurred on our acquisitions (2024: €21.0 million).
4 In 2025, we acquired five self-storage properties and two development properties for a total value of €46.3 million, compared to €788.5 million in 2024
for the acquisition of 28 self-storage properties and seven development areas in the UK, 12 self-storage facilities in Germany and one in the Netherlands
and France.
5 Early 2025, we acquired the freehold of a property in Paris area that was formerly under a long-term lease.
6 Net gain(loss) of fair value adjustment on Completed investment property includes fair value adjustments relating to properties subsequently transferred
to completed investment property. The gain on investment properties under construction arises from the fair value measurement of a portfolio of
properties under development, based on an external independent valuation.
The Group’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.
Reconciliation of completed investment property and investment property under construction values
calculated by our external valuer with value of completed investment property and investment property
under construction disclosed for financial reporting purposes:
SHURGARD ANNUAL REPORT 2025
288
(in € thousands)
December 31, 2025
December 31, 2024
Market value of completed investment property and investment
6,917,431
6,202,599
property under construction estimated by the external valuer
Self-storage properties recently acquired valued at their acquisition
35,678
20,945
cost
Projects under pre-development valued at historical cost
1
34,974
45,945
Investment property ROU assets
135,371
141,052
Total fair value
7,123,455
6,410,541
1 Historical cost is the proxy for fair value.
Using the Discounted Cash Flows (DCF) method, fair value is estimated using assumptions regarding the
benefits and liabilities of ownership over the asset’s life including an exit or terminal value. This method
involves the projection of a series of cash flows on a real estate property interest. To this projected cash flow
series, an appropriate, market-derived discount rate is applied to establish the present value of the income
stream associated with the asset. Finally, an exit cap rate is determined, which differs from the discount rate
to determine any terminal value, if any.
Except for the valuation of the Investment Property right-of-use asset, the valuations were performed by
Cushman and Wakefield (C&W), an accredited independent valuer with a recognized and relevant
professional qualification and with recent experience in the locations and categories of the investment
property being valued. The valuation models in accordance with those recommended by the International
Valuation Standards Committee have been applied and are consistent with the principles in IFRS 13 for the
year ended December 31, 2025 as compared to the year-end 2024.
Shurgard operates some investment properties on leased land mainly in The Netherlands, France, the United
Kingdom and to a lesser degree in Sweden. These right-of-use assets amount to €135.4 million at year-end
2025 (2024: €141.1 million). Aggregating the right-of-use value and the related fair value of the owned
storage facility, would result in a total property value of €1,012.7 million as of December 31, 2025 (2024:
€961.1 million).
15. FAIR VALUE MEASUREMENT – INVESTMENT PROPERTY
C&W’s external valuation has been carried out in accordance with the RICS Valuation – Global Standards
which incorporate the International Valuation Standards (IVS), published by The Royal Institution of
Chartered Surveyors (“the RICS Red Book”). The valuation of each of the investment properties and the
investment properties under construction has been prepared on the basis of Fair Value as a fully equipped
operational entity, having regard to trading potential (as appropriate).
SHURGARD ANNUAL REPORT 2025
289
VALUER DISCLOSURE REQUIREMENTS
C&W’s valuation has been provided for reporting purposes and as such, is a Regulated Purpose Valuation as
defined in the RICS Red Book. In compliance with the disclosure requirements of the RICS Red Book, C&W
has confirmed that:
• C&W has carried out independent bi-annual valuations for this purpose since the financial year
ending December 31, 2015;
• In relation to the preceding financial year of C&W, the proportion of the total fees payable by
the Group to the total fee income of the firm is less than 5.0%; and
• The fee payable to C&W is a fixed amount per property and is not contingent on the appraised
value.
Outside of the subject portfolio, C&W has, and may continue to do so going forward, provided Shurgard with
valuation advice in relation to potential acquisitions.
MARKET CONDITIONS AND UNCERTAINTY
The external valuations are not reported as being subject to “material valuation uncertainty” as defined by
VPS 3 and VPGA 10 of the RICS Valuation – Global Standards.
MACROECONOMIC ENVIRONMENT
In response to evolving climate risks, the Group ensures that climate-related factors are taken into account
when measuring its investment properties through its valuation process. To achieve this, the independent
valuers (Cushman & Wakefield) consider relevant climate-related risks and opportunities in their cash flows,
with the Group ensuring that such factors are communicated for incorporation into the valuation models.
These considerations include the potential impact of physical climate risks (such as flooding, storms, and
extreme weather events) and transition risks (such as regulatory changes, energy efficiency requirements)
on the cashflows from related properties, marketability, and long-term sustainability.
Growing market demand for energy-efficient and sustainable buildings has influenced the projected
occupancy rates and rental income for some properties. The Group has considered potential changes in
tenant preferences for sustainable buildings, which may impact both cash flows and property values.
The Group’s property valuations have been prepared by independent external valuers who incorporate
climate-related factors where relevant. Climate-related assumptions, including expected increases in
operational costs and potential capital expenditures for climate resilience, have been factored into the
discounted cash flow models used to value properties, where deemed necessary. Outside of the subject
portfolio, C&W has, and may continue to do so going forward, provided Shurgard with valuation advice in
relation to potential acquisitions.
SHURGARD ANNUAL REPORT 2025
290
CURRENCY AND AGGREGATE VALUES REPORTED
C&W’s valuation report confirms that each property has been valued individually in local currency. C&W’s
valuation report then converts each property valuation to a euro amount at the spot exchange rates provided
by the Company. The total value reported in euro is the aggregate amount for each individual value reported
in euro.
VALUATION METHODOLOGY AND ASSUMPTIONS
C&W has adopted different approaches for the valuation of the leasehold and freehold assets as follows:
FREEHOLD AND LONG LEASEHOLD
The valuation is based on a discounted cash flow of the net operating income over a 10-year period and a
notional sale of the assets at the end of the tenth year.
SHURGARD ANNUAL REPORT 2025
291
Assumptions:
The following assumptions, as explained below, have been applied by the independent valuer for the valuation of our investment properties for the years concerned:
December 31, 2025
Valuation Assumptions
1, 2
Belgium
Germany
Denmark
France
Netherlands
Sweden
UK
Group
Stabilised occupancy
91.5%
89.6%
91.5%
90.1%
90.4%
91.2%
89.3%
90.2%
Stabilised occupancy (Highest)
95.7%
93.2%
93.5%
94.2%
95.1%
94.4%
94.2%
95.7%
Stabilised occupancy (Lowest)
90.0%
87.0%
90.0%
87.7%
85.0%
88.0%
88.0%
85.0%
Time to stabilisation (months)
1.7
11.9
1.7
6.8
6.6
2.1
8.9
6.9
Time to stabilisation (months) (Highest)
3.0
48.0
6.0
42.0
42.0
12.0
48.0
48.0
Time to stabilisation (months) (Lowest)
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
Exit capitalisation rate (%)
5.3%
5.2%
5.2%
4.9%
5.3%
5.2%
4.9%
5.1%
Exit capitalisation rate (%) (Highest)
5.7%
5.9%
5.2%
6.7%
7.4%
9.4%
15.0%
15.0%
Exit capitalisation rate (%) (Lowest)
5.2%
4.7%
4.7%
4.3%
4.7%
4.5%
4.3%
4.3%
Discount rate (%)
8.3%
8.1%
8.0%
8.1%
8.3%
8.2%
8.1%
8.2%
Discount rate (Highest)
8.6%
8.9%
8.2%
9.7%
10.4%
12.4%
17.9%
17.9%
Discount rate (Lowest)
8.1%
8.0%
8.0%
7.6%
8.0%
8.0%
8.0%
7.6%
Average Rental Growth Rate - 10 yrs
3.0%
2.9%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
Current ARR (Average) - €
242
262
306
286
246
259
336
292
Current ARR (Highest) - €
363
451
375
640
364
482
997
997
Current ARR (Lowest) - €
171
137
249
151
146
113
168
113
Potential ARR (Average) - €
282
344
354
351
291
307
417
378
Potential ARR (Highest) - €
437
536
421
794
380
535
1,130
1,130
Potential ARR (Lowest) - €
183
237
296
214
216
219
262
183
Fully built out area (sqm)
118,313
250,319
53,836
342,474
385,401
196,860
369,325
1,716,527
SHURGARD ANNUAL REPORT 2025
292
December 31, 2024
Valuation Assumptions
1, 2
Belgium
Germany
Denmark
France
Netherlands
Sweden
UK
Group
Stabilised occupancy
91.3%
90.8%
92.3%
90.5%
91.1%
92.3%
89.6%
90.9%
Stabilised occupancy (Highest)
94.0%
94.0%
93.0%
92.5%
93.5%
94.0%
94.0%
94.0%
Stabilised occupancy (Lowest)
89.0%
89.0%
90.0%
87.5%
85.0%
89.0%
85.0%
85.0%
Time to stabilisation (months)
2.8
7.4
4.8
7.1
7.3
7.6
12.1
7.3
Time to stabilisation (months) (Highest)
6.0
42.0
9.0
12.0
48.0
9.0
36.0
48.0
Time to stabilisation (months) (Lowest)
1.0
1.0
1.0
1.0
1.0
3.0
1.0
1.0
Exit capitalisation rate (%)
5.3%
5.1%
5.0%
4.8%
5.3%
5.2%
5.0%
5.1%
Exit capitalisation rate (%) (Highest)
5.7%
5.9%
5.2%
6.7%
7.4%
9.4%
15.5%
15.5%
Exit capitalisation rate (%) (Lowest)
5.2%
4.7%
4.7%
4.3%
4.7%
4.5%
4.2%
4.2%
Discount rate (%)
8.2%
8.1%
8.0%
7.8%
8.3%
8.3%
8.0%
8.1%
Discount rate (Highest)
8.6%
9.0%
8.2%
9.4%
10.2%
12.5%
18.3%
18.3%
Discount rate (Lowest)
7.8%
7.5%
7.7%
7.2%
7.7%
7.7%
7.0%
7.0%
Average Rental Growth Rate - 10 yrs
2.5%
2.6%
2.7%
2.5%
2.6%
2.7%
2.6%
2.6%
Current ARR (Average) - €
249
285
315
298
254
245
413
314
Current ARR (Highest) - €
355
471
377
640
347
477
930
930
Current ARR (Lowest) - €
169
117
252
125
107
150
181
107
Potential ARR (Average) - €
270
351
342
359
287
287
528
381
Potential ARR (Highest) - €
383
549
404
764
356
498
984
984
Potential ARR (Lowest) - €
183
237
274
210
204
189
328
183
Fully built out area (sqm)
117,630
242,736
53,849
332,086
378,254
196,887
354,585
1,676,026
1 Unless otherwise mentioned, weighted average, calculated based on the fair values of the underlying investment properties in respective asset class.
2 For certain asset class, the wider valuation range reflects the inclusion of investment properties under construction and the specific risk profile associated with such assets.
SHURGARD ANNUAL REPORT 2025
293
Definition assumptions:
• Stabilized Occupancy: Stabilized occupancy is the projected occupancy level once stores reach
maturity and normalized operating conditions, weighted by rentable sqm.
• Time to stabilization: Time to stabilization is the period required following completion, for the
property to achieve stabilized occupancy and cash flows, in months. It generally takes, a period of
two to four years, to reach a mature occupancy level of approximately 90%, depending on market
conditions, asset class and location.
• Exit Capitalization Rate (Cap Rate): The exit cap rate is determined by the independent valuers
based on observable market evidence, where available, including recent transactions for
comparable properties, prevailing market yields, and current market conditions. This rate is then
adjusted by the valuers to consider property-specific factors such as location, asset quality, lease
length and expected rental growth, as well as broader market factors including interest rates,
liquidity, investor demand, and macroeconomic conditions. This cap rate is applied to the year 10
cash flows in the valuation, determining the terminal value of each property. A decrease in the Cap
Rate would result in an increase in value, and vice versa.
• Discount rate: The discount rate is derived by an external independent valuer from the Cap Rate
and its inputs and reflects the return requirements of investors for similar assets. Being based on
actual market transactions, it reflects the market participants risk appetite and implicit funding, but
as self-storage operators typically operate with relatively low leverage short-term volatility in bond
yields is not resulting in immediate and corresponding changes in discount rates. Pre-tax discount
rate used to discount the future cash flows of each property.
• Average rental growth rate: This is the average projected rental growth of the properties for the
relevant asset class over the 10-year period, modelled by the valuer.
• Current Annual Rental Revenue (ARR): Annualised actual rent receivable per square meter, based
on contractual rents in place at the reporting date.
• Potential ARR: Estimated annual rental income per square meter for the relevant asset class, as per
the valuer.
• Fully built-out areas: Total lettable area of the property assuming completion of all committed and
planned development in accordance with the valuation assumptions.
On December 31, 2025, the increase in the value of investment properties and investment properties under
construction is driven by the acquisition of new properties €46.3 million, combined with the capital
expenditure of €209.9 million and fair valuation gain of €519.5 million mainly driven by changes in forecasted
operating cash flows and new store openings, while exit cap rates remained stable compared to 2024.
During 2024, the increase in the value of investment properties and investment properties under
construction is mainly driven by the acquisition of Lokn'store, capital expenditure of €187.6 million and net
gain of fair value adjustment of €331 million mainly driven by increase of our operating cash flows.
Purchaser’s costs in the range of approximately 6.9% to 8.0% have been assumed, reflecting the applicable
legislative and taxation frameworks in each of the relevant local markets. These assumptions are reviewed
twice a year and updated, where applicable, to reflect the changes in local legislation and taxation, with the
resulting impacts reflected in the measurement of market values.
SHURGARD ANNUAL REPORT 2025
294
SHORT LEASEHOLDS
The same methodology has been used as for freeholds, except that no sale of the assets in the tenth year is
assumed but the discounted cash flow continues until the expiry of the lease.
The Group operates a number of short leases where there is an assumption that the Group has the sole
discretion and will extend the current agreements for a significant number of years. These have been valued
on the same basis as the freehold and long leasehold assets due to their security of tenure arrangements
and the potential compensation provisions in the event of the landlord wishing to take possession at expiry.
The capitalization rates on these properties reflect the risk not extending the lease at the expiration date.
CHANGES IN VALUATION TECHNIQUES
There were no changes in the valuation techniques during the years concerned.
HIGHEST AND BEST USE
For all investment property that is measured at fair value, the current use of the property is considered the
highest and best use.
FAIR VALUE HIERARCHY
Based on the significant unobservable inputs to the DCF method used for determining the fair value of all
our investment property and investment property under construction that we recognized in our
consolidated statement of financial position as of December 31, 2025 and 2024, our investment property is
a Level 3 fair market value measurement, and for the years concerned, there have been no transfers to or
from Level 3.
The geographical split of our investment property and investment property under construction is set forth
in Note 11.
Unrealized gains and (losses) for recurring fair value measurements relating to investment property and
investment property under construction held at the end of the reporting period categorized within Level 3
of the fair value hierarchy amount to €519.5 million in 2025 (2024: €331.1 million) and are presented in the
consolidated statement of profit and loss in the line-item “Valuation (loss) gain from investment property
and investment property under construction”.
SHURGARD ANNUAL REPORT 2025
295
SENSITIVITY OF THE VALUATION TO ASSUMPTIONS
All other factors being equal, higher net operating income would lead to an increase in the valuation of a
property and an increase in the capitalization rate or discount rate would result in a lower valuation, and
vice versa. Higher assumptions for stabilized occupancy, absorption rate, rental rate and other revenue, and
a lower assumption for operating costs, would result in an increase in projected net operating income, and
thus an increase in valuation.
For the year ended December 31, 2025, all other factors being equal, the effect of changes in the following
key variables, which management assessed would be the most material ones, on the valuation of our
property portfolio is as follows:
Amount increase
(in € thousands)
(decrease) valuation
% change
One hundred basis points increase in stabilized occupancy rates
99,926
1.44%
One hundred basis points decrease in stabilized occupancy rates
(99,907)
-1.44%
Twenty- five basis points increase in both discount and exit capitalization
rates
(306,493)
-4.42%
Twenty-five basis points decrease in both discount and exit capitalization
rates
338,582
4.88%
One hundred basis points increase in average 10-year rental growth rates
122,410
1.77%
One hundred basis points decrease in average 10-year rental growth rates
(138,058)
-1.99%
For the year ended December 31, 2024, all other factors being equal, the effect of changes in the following
key variables, which management assed would be the most material once, on the valuation of our property
portfolio is as follows:
Amount increase
(in € thousands)
(decrease) valuation
% change
One hundred basis points increase in stabilized occupancy rates
1
85,527
1.50%
One hundred basis points decrease in stabilized occupancy rates
1
(95,540)
-1.67%
Twenty- five basis points increase in both discount and capitalization rate
(268,571)
-4.35%
Twenty-five basis points decrease in both discount and capitalization rate
297,318
4.81%
One hundred basis points increase in average 10-year rental growth rates
162,485
2.85%
One hundred basis points decrease in average 10-year rental growth rates
(173,805)
-3.05%
1 Sensitivity impact for the stabilized occupancy rates has been updated and therefore differ from those disclosed in the 2024 annual report; this change
is considered immaterial.
SHURGARD ANNUAL REPORT 2025
296
16. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
Property, plant and equipment mainly consists of building improvements and office machinery and
equipment in use in the local head offices located in the countries in which we operate.
ROU
Intangible
in € thousands
Building
Equipment
assets
1
Total PP&E
assets
At cost
As of January 1, 2024
1,578
5,781
4,054
11,413
17,872
Additions
407
315
1,259
1,981
4,123
Acquisition of intangible assets
2
-
-
-
-
4,822
Remeasurements
-
-
5
5
-
Disposals
-
-
(1,169)
(1,169)
-
Exchange rate differences
3
(2)
3
4
322
As of December 31, 2024
1,988
6,094
4,151
12,234
27,141
Additions
89
167
1,702
1,959
3,273
Remeasurements
-
-
15
15
-
Disposals
(97)
-
(464)
(561)
-
Exchange rate differences
(4)
7
(9)
(6)
(200)
As of December 31, 2025
1,976
6,269
5,396
13,641
30,213
Depreciation and impairment
As of January 1, 2024
(782)
(5,496)
(2,653)
(8,931)
(10,215)
Depreciation and amortization
(76)
(233)
(725)
(1,034)
(3,085)
Disposals
-
-
1,159
1,159
-
Exchange rate differences
2
4
-
6
-
As of December 31, 2024
(856)
(5,725)
(2,219)
(8,800)
(13,301)
Depreciation and amortization
(86)
(263)
(771)
(1,120)
(5,179)
Disposals
-
-
385
385
-
Exchange rate differences
(7)
(12)
-
(19)
24
As of December 31, 2025
(949)
(6,000)
(2,605)
(9,554)
(18,457)
Net book value
As of December 31, 2025
1,027
269
2,791
4,087
11,756
As of December 31, 2024
1,132
369
1,933
3,434
13,839
1 Right-of-use assets mainly relate to company cars and offices we lease.
2 Additions to intangible assets in 2025 relate to capitalized computer software, while in 2024 the additions also included the Lok’nStore tradename (€1.2
million) and the value of the related management contract business acquired in the UK (€3.6 million).
SHURGARD ANNUAL REPORT 2025
297
17. OTHER NON-CURRENT ASSETS
Other non-current assets can be detailed as follows:
(in € thousands)
December 31, 2025
December 31, 2024
Deposits paid for planned acquisitions and/or construction of
4,136
-
property
Unallocated transaction costs for future acquisitions
96
1,642
Unamortized non-current portion capitalized financing costs of
undrawn credit facilities
1
1,137
2,703
Other deposits paid to vendors
1,806
1,657
Other
647
687
Total other non-current assets
7,822
6,689
1 Relates in 2025 to the unamortized non-current portion of capitalized financing cost of the undrawn revolving credit facility, while 2024 included the
unamortized capitalized financing costs of both the undrawn revolving credit facility and the term loan, which was early repaid in 2025, for a total of
€2.7 million. We refer to Note 26 for additional information.
18. TRADE AND OTHER RECEIVABLES
(in € thousands)
December 31, 2025
December 31, 2024
Gross amount
59,864
37,655
Provision for doubtful debt
(8,105)
(8,089)
Trade and other receivables
51,759
29,566
Rent and service-charge receivables are non-interest-bearing and are typically due within 30 days. These
receivables are due from local retail and business tenants.
The following table sets forth the movement of our provision for credit loss:
(in € thousands)
2025
2024
As of January 1
8,089
6,485
Impairment charges
6,798
5,862
Write-off doubtful debt
(6,678)
(4,194)
Additions from investment property acquisition
-
216
Other
(10)
(354)
Exchange gain (loss)
(95)
74
As of December 31
8,105
8,089
Management has assessed that the fair values of trade and other receivables approximate their carrying
amounts.
SHURGARD ANNUAL REPORT 2025
298
19. OTHER CURRENT ASSETS
(in € thousands)
December 31, 2025
December 31, 2024
Prepayments
6,153
7,579
Prepaid income taxes
1,459
1,419
Recoverable VAT
1,460
1,008
Other current assets
1
8,447
5,701
Other current assets
17,519
15,707
1 Other current assets include inventories, recoverable VAT and other.
20. CASH AND CASH EQUIVALENT
Cash and cash equivalents primarily consist of cash and cash on deposit. Short-term deposits are made for
varying periods of between one week and three months, depending on the immediate cash requirements of
the Group, and earn interest at the respective short-term deposit rates.
(in € thousands)
December 31, 2025
December 31, 2024
Cash at banks and on hand
38,826
131,206
Short-term deposits
17,132
11,369
Cash and cash equivalents
55,958
142,575
There are no cash and cash equivalents which are restricted from withdrawal or general corporate use as of
December 31, 2025 and December 31, 2024.
21. ISSUED SHARE CAPITAL AND SHARE PREMIUM
At December 31, 2024, the share capital and share premium of the Company amount to €70.3 million and
€875.8 million respectively. The share capital is represented by 98,486,798 ordinary shares that all have been
fully paid up.
In connection with the dividend distribution of June 13, 2025, the Group issued 1,267,459 new ordinary
shares at a subscription price of €34.38 per share to shareholders that had opted to contribute their dividend
rights of 77.2% of their shares into Shurgard in exchange for new shares. Of the €43.6 million subscription
amount, €0.9 million has been allocated to share capital and €42.7 million has been allocated to share
premium.
In August 2025, a half-year dividend of €0.58 per share (gross) was issued, offering shareholders the choice
to receive the dividend in cash or shares (optional scrip dividend). Shareholders opted for a contribution of
their dividend rights of almost 73% of their shares into Shurgard in exchange for new shares. This resulted in
the strengthening of Shurgard’s equity of €40.2 million (€0.9 million in share capital and €39.4 million in
share premium) through the issuance of 1,192,066 new shares. These newly issued shares carry the same
rights and benefits as the existing shares, including eligibility for future dividends.
In September 2025, the Group issued 26,000 new shares to satisfy the exercise of stock options under the
Group’s 2017 and 2018 stock option plans. Of the €0.6 million subscription price, €19 thousand has been
allocated to share capital and the remainder has been allocated to share premium.
SHURGARD ANNUAL REPORT 2025
299
During 2025, the share premium reduced by €0.1 million for equity issuance costs incurred.
Consequently at December 31, 2025, the share capital of the Company amounts to €72.1 million and is
represented by 100,972,323 ordinary shares that all have been fully paid up, while share premium equals
€958.3 million.
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).
22. SHARE-BASED PAYMENT RESERVE
As of December 31, 2024, the share-based payment reserve of the Company amounts to €16.9 million.
During 2025, we recognized a share-based compensation expense of €1.3 million for our 2021 equity-settled
share-based compensation plan and €3.1 million for our 2024 Restricted Stock Unit (RSU) plan in share-based
payment reserve.
As of December 31, 2025, the share-based payment reserve of the Company amounts to €21.3 million.
23. DISTRIBUTABLE RESERVES AND DISTRIBUTIONS MADE
As of December 31, 2024, the Company’s distributable reserves amount to €358.9 million.
During 2025, the Company paid €116.0 million dividends in connection with (i) the distribution of a final
dividend of 2024 of €0.59 per share and (ii) an interim dividend over 2025 of €0.58 per share. These dividends
were partially settled in new shares (€83.8 million) and partially in cash (€32.1 million) (see also Note 21
above).
As of December 31, 2025, the Company’s distributable reserves amount to €243.0 million.
As per The Companies (Guernsey) Law, 2008 (as amended), there is no restriction on the Company making
distributions from any capital or reserve account, subject to passing a solvency test in accordance with
section 527 of the law.
24. OTHER COMPREHENSIVE INCOME
Other comprehensive (loss) income consists 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 of €0.4 million (2024: €0.3 million).
In 2025, the Group recognized a total of €66.8 million translation losses from our foreign operations: €99.7
million related to the UK and €0.4 million in Denmark, partially offset by €33.2 million translation gains for
our Swedish operations, and €0.2 million defined benefit plan remeasurement gain.
In 2024, the movement in the foreign currency translation reserve resulted in a net gain of €59.1 million,
thanks to €74.9 million translation gain on our UK operations, but partially offset by translation losses for
SHURGARD ANNUAL REPORT 2025
300
our Swedish (€15.7 million) and Danish (€0.1 million) operations, and €0.1 million defined benefit plan
remeasurement gain.
25. NON-CONTROLLING INTERESTS
Non-controlling interests represent 5.2% ownership interests in our German subsidiaries First Shurgard
Deutschland GmbH and Second Shurgard Deutschland GmbH, which own in total 13 properties at the end of
2024 and 2025 in Germany. We allocated €1.5 million and €0.8 million of net income to non-controlling
interests during the years ended December 31, 2025 and 2024, respectively, based upon their respective
interests in the net income of the subsidiaries.
During the year ending December 31, 2025, there were no transactions with non-controlling interests (2024:
nil).
26. INTEREST-BEARING LOANS AND BORROWINGS
The interest-bearing loans and borrowings consist of:
Effective
December 31,
December 31,
(in € thousands)
Start
Maturity
interest rate
2025
2024
Corporate Bond
4.09%
May 2025
May 2035
500,000
-
Corporate Bond
3.80%
Oct. 2024
Oct. 2034
500,000
500,000
Senior Green Notes
1.28%
July 2021
July 2031
300,000
300,000
Senior guaranteed Notes
3.03%
June 2015
June 2030
60,000
60,000
Senior guaranteed Notes
2.86%
June 2015
June 2027
110,000
110,000
Senior guaranteed Notes
2.67%
June 2015
June 2025
-
130,000
Senior guaranteed Notes
3.38%
July 2014
July 2026
100,000
100,000
Term loan facility
Euribor
June 2024
April 2026
-
290,000
+100bps
Nominal value
1,570,000
1,490,000
Capitalized debt issuance costs
(13,388)
(12,225)
Accumulated amortization debt issuance costs
2,855
2,755
Unamortized balance of debt issuance costs
(10,533)
(9,471)
Carrying value
1,559,467
1,480,529
Non-current portion
1,459,518
1,350,691
Current portion
99,948
129,839
Weighted average cost of debt
3.33%
3.16%
SHURGARD ANNUAL REPORT 2025
301
The movement of the interest-bearing loans and borrowings can be summarized as follows:
(in € thousands)
2025
2024
As of January 1
1,480,529
798,391
Proceeds from debt issuance and drawings on credit facilities
500,000
1,315,000
Repayment of debt
(420,000)
(625,000)
Capitalization debt financing costs
(3,634)
(10,372)
Amortization debt financing costs
1,566
2,510
Loss early extinguishment debt
1,006
-
As of December 31
1,559,467
1,480,529
The Group is typically using its financing entity Shurgard Luxembourg S.à r.l. to issue its external debt, which
is guaranteed by Shurgard Self Storage Ltd.
CORPORATE BONDS
2025 Corporate Bond
On May 27, 2025, the Company issued 10-year Corporate Bonds for €500.0 million, bearing fixed interest of
4.0% per annum, to fund the repayment of the term loan facility (€290.0 million) and series A of the 2015
notes (€130.0 million), with the remainder being dedicated to general corporate purposes. The Company
paid €3.6 million placement and legal fees and other expenses.
2024 Corporate Bond
On October 22, 2024, the Company issued 10-year Corporate Bond for €500.0 million, bearing fixed interest
of 3.625% per annum, to fund the repayment of the bridge loan facility. The Company paid €6.9 million
placement and legal fees and other expenses.
2014 and 2015 Senior Notes
On July 24, 2014, the Group, issued to certain European and U.S. investors senior guaranteed notes for a
total amount of €200.0 million and paid €2.3 million of placement and legal fees and other expenses. In 2024,
the first Series of €100.0 million matured and were repaid.
On June 25, 2015, the Group issued to certain European and U.S. investors three tranches of Senior
guaranteed Notes for a total amount of €300.0 million. The Company paid €1.4 million of placement and
legal fees and other expenses. During 2025, the Company repaid at maturity date Series A of the 2015 Notes
with a nominal amount of €130.0 million.
2021 Green notes
On July 23, 2021, the Group issued 10 years Green Notes for €300.0 million bearing fixed interest of 1.24%
per annum. The Company paid €1.2 million placement and legal fees and other expenses.
All placement and legal fees and other expenses capitalized on the above Bonds and Notes are amortized as
interest expense using the effective interest method.
SHURGARD ANNUAL REPORT 2025
302
2024 BRIDGE LOAN FACILTY
Shurgard entered into a €500.0 million unsecured bridge loan on April 11, 2024, to finance the acquisition of
Lok’nStore Self Storage. The loan was fully drawn on August 7, 2024, and repaid on October 24, 2024, using
proceeds from euro bond issuance. The Group incurred €4.6 million in interest and amortized €1.6 million in
arrangement fees, with no outstanding balance as of December 31, 2024.
Additionally, on August 7, 2024, the Company executed a “Deal Contingent Forward” (DCF) agreement with
JP Morgan SE, effective July 1, 2024, and terminating by October 11, 2024, based on the acquisition
settlement date. The agreement involved the bank paying £430 million in exchange for euros at a contract
exchange rate. For the DCF, the Company realized an exchange loss of €4.3 million (see Note 9).
TERM LOAN FACILITY
At the end of 2024, the Group had borrowings of €290.0 million outstanding under a €450.0 million term
loan facility it entered into in 2023 with a consortium of lenders, maturing on April 28, 2026 with an optional
two-year extension, at the option of the Company and subject to certain conditions. The facility had an
interest at Euribor plus a margin of 100bps and a commitment fee on the undrawn amount of €160.0 million
of 0.35%.
On May 27, 2025, the Company repaid the €290.0 million borrowings with the proceeds of the 2025 bonds
issuance of the same day. At repayment date, the unamortized debt financing cost totaled €1.0 million,
which the Group expensed as loss on early extinguishment of debt (Note 9). In addition, the Group expensed
as commitment fee €1.5 million it had previously carried in other non-current assets for related fees, because
it did not utilize in full the facility (Note 9).
REVOLVING SYNDICATED LOAN FACILITY
As of December 31, 2023, the Company had access to €250.0 million syndicated revolving loan facility with
BNP Paribas Fortis bank, Société Générale bank and Belfius bank 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 (the “RCF”). On May 22, 2024, the Company has drawn €25.0 million on the facility
that was repaid in full on June 28, 2024.
In November 29, 2024, the €250.0 million syndicated loan facility was early terminated and replaced by a
€500.0 million new facility maturing on November 29, 2029. Lenders to the amended facility are BNP Fortis,
KBC bank, ABN Amro bank, Belfius bank and HSBC bank with BNP Paribas Fortis bank as agent. The amended
facility bears interest of Euribor plus a margin varying between 0.35% and 0.75% per annum dependent on
the Shurgard Group's credit rating (currently 0.45% based on BBB+ rating) and a commitment fee of 35% of
the applicable margin (or 0.16% per annum as of December 31, 2025) applied to undrawn amounts. The
facility is subject to certain customary covenants (senior leverage and fixed charge cover) that are tested on
a semi-annual basis (Note 33).
As of December 31, 2025, and December 31, 2024, the Company had no outstanding borrowings under the
revolving credit facilities. The Company incurred commitment fees of €0.8 million in 2025 (2024: €0.4 million)
on the revolving syndicated loan facilities.
SHURGARD ANNUAL REPORT 2025
303
PARENT GUARANTOR AND COVENANTS
The full and prompt performance and observance by Shurgard Luxembourg S.à r.l. of all its obligations under
the 2014, 2015 and 2021 Note purchase agreements, the Corporate Bonds, the revolving syndicated loan
facility and the term loan facility are unconditionally guaranteed by Shurgard Self Storage Ltd as Parent
Guarantor pursuant to the terms and conditions provided for under the respective note purchase
agreements.
The 2014, 2015 and 2021 Notes, the 2024 and 2025 Bonds and the revolving credit facility are subject to
certain customary covenants, including senior leverage, fixed charge cover or fixed interest cover and
unencumbered asset value to total unsecured liabilities (2014 and 2015 Notes issuances only) that we test
for compliance on a periodic basis. As of December 31, 2025 and December 31, 2024, we are in compliance
with all such covenants.
27. LEASES
The movement in lease liabilities can be detailed as follows:
(in € thousands)
2025
2024
As of January 1
146,030
110,816
Repayments (including interest)
(10,217)
(9,409)
Additions (net)
3,597
22,851
Terminations
(3,705)
-
Leases assumed in acquisitions
439
16,629
Interest accretion
5,764
4,700
Exchange rate differences
(739)
443
As of December 31
141,169
146,030
Non-current portion
134,273
140,021
Current portion
6,896
6,009
The expenses relating to short-term leases, low value leases and variable lease payments not included in the
measurement of the lease liabilities are not material for 2025 and 2024. There are no material lease
commitments for leases not commenced at year-end.
The lease contracts where Shurgard is acting as lessor consist of month-to-month rental agreements that
are classified as operating leases. Rental revenues do not include material contingent rental income.
The maturity analysis of lease liabilities is disclosed in Note 32.
SHURGARD ANNUAL REPORT 2025
304
28. TRADE AND OTHER PAYABLES AND DEFERRED REVENUE
(in € thousands)
December 31, 2025
December 31, 2024
Accounts payable (including accrued expenses)
1
78,559
115,145
Payables to related parties
702
1,139
Deferred revenue – contract liabilities
40,933
40,306
Accrued compensation and employee benefits
11,807
13,722
VAT payable
4,875
6,121
Accrued interest on external borrowings
2
17,185
6,004
Accrued share-based compensation expense
813
544
Deposits received from customers
685
1,018
Trade and other payables and deferred revenue
155,559
183,998
1 Accounts payable and accrued expenses decreased primarily due to lower accruals relating to construction activities, compared to prior year.
2 Higher accrued interest increased due to the new 2025 Bond issued in May 2025 which has annual interest payments (see also Note 26).
Management has assessed that the fair values of trade and other payables approximate their carrying
amounts.
29. PENSIONS
DEFINED CONTRIBUTION PLANS
For the year ended December 31, 2025 the Group incurred €1.4 million pension plan expense (€1.4 million
for the year ended December 31, 2024). These amounts are included in property operating expenses or
general, administrative and other expenses in our consolidated statement of profit and loss.
The Company operates a Belgian pension plan that, while structured as a defined contribution plan, requires
to be accounted for as a defined benefit plan in accordance with IAS 19 (due to the requirement of minimum
guaranteed return).
During the years ended December 31, 2025 and December 31, 2024, we contributed €2.0 million and €1.9
million, respectively to a third-party insurance company. We expect to contribute in 2026 the same amount
as in 2025. The insurance company invests most of its funds in sovereign and corporate bonds and provides
a guaranteed return on these funds. Investment decisions are based on strategic asset allocation studies and
risk management best practices.
As of December 31, 2025, the defined benefit obligation amounted to €11.9 million (€10.3 million as of
December 31, 2024), offset by plan assets of €12.5 million as of December 31, 2025 (€10.8 million as of
December 31, 2024).
SHURGARD ANNUAL REPORT 2025
305
For former plan participants with deferred pension rights, the defined benefit obligation equals plan assets.
The weighted average assumptions used to determine net benefit obligations for our pension plans were as
follows:
(in € thousands)
December 31, 2025
December 31, 2024
Discount rate
3.55% - 4.00%
3.40%
Inflation
2.00%
3.60%
Rate of salary increases
3.00%
4.60%
Mortality tables
MR-5/FR-5
MR-5/FR-5
30. SHARE-BASED COMPENSATION EXPENSE
The Company’s share-based compensation program consists of grants of share options and restricted stock
units.
SHARE OPTIONS
Under various share option plans, the Group granted to a number of employees stock options of the parent
entity. The exercise prices equal the fair values of the share at the respective grant dates. The terms of these
grants were established by our Board of Directors:
• Under the 2017 long-term incentive plan, the stock options vested ratably over a four-year
period and expire ten years after the grant date;
• Stock options granted under the 2018 equity compensation plan had a three-year cliff vesting
period and expire ten years after the grant date;
• Stock options granted under the 2021 equity compensation plan have a two-stage vesting
period with (i) 60% of the stock options vesting after three years after the date they are being
offered; and (ii) the remaining 40% of the stock options will vest after a period of five years
after the date they are being offered. They expire ten years after the grant date.
None of the share-based compensation plans have performance conditions and all plans are accounted for
as equity-settled awards and do not contain any cash settlement alternatives. Further details are described
in the remuneration report.
The following weighted average assumptions were used to determine the fair value of the options that are
outstanding as of December 31, 2025 for the options granted under the 2017 and 2018 plans:
2017 grants
2018 grants
Estimated fair value of Shurgard shares
€23.00
€26.50
Expected volatility
20.00%
20.00%
Risk free interest rate
-0.08%
0.11%
Expected remaining term (in years)
6.0
7.0
Dividend yield
-
3.68%
Expected forfeiture rate per annum
5.00%
5.00%
Fair value per option
€2.35
€3.45
SHURGARD ANNUAL REPORT 2025
306
The following weighted average assumptions were used to determine the fair value of the options, at grant
date, that are outstanding as of December 31, 2025 for the options granted under the 2021 plan in August
and September 2021:
August 2021
August 2021
Sept. 2021
Sept. 2021
3-yr vesting
5-yr vesting
3-yr vesting
5-yr vesting
Estimated fair value of Shurgard shares
€50.80
€50.80
€53.00
€53.00
Expected volatility
20.00%
20.00%
20.00%
20.00%
Risk free interest rate
-0.58%
-0.05%
-0.23%
-0.02%
Expected remaining term (in years)
7.0
8.0
7.0
8.0
Dividend yield
2.30%
2.30%
2.21%
2.21%
Expected forfeiture rate per annum
5.00%
5.00%
5.00%
5.00%
Fair value per option
€8.42
€9.05
€8.33
€8.67
On July 18, 2022, the Company granted 19,000 options under the 2021 equity compensation plan at an
exercise price of €46.81 (the “2022 option grants”).
We used the following weighted average assumptions to determine the fair value of the 2022 option grants
(issued under 2021 plan):
July 2022
July 2022
3-yr vesting
5-yr vesting
Estimated fair value of Shurgard shares
€42.90
€42.90
Expected volatility
20.00%
20.00%
Risk free interest rate
1.77%
1.79%
Expected remaining term (in years)
7.0
8.0
Dividend yield
2.73%
2.73%
Expected forfeiture rate per annum
5.00%
5.00%
Fair value per option
€5.39
€5.65
The following table sets forth the number of share options granted, forfeited, exercised and outstanding at
December 31, 2025 and December 31, 2024:
2025
2024
Weighted
Weighted
Number of
average
Number of
average
options
exercise price
options
exercise price
Outstanding, January 1
2,529,592
€37.84
2,595,300
€37.48
Granted (a)
-
-
-
-
Forfeited (b)
(20,000)
€ 43.05
(5,000)
€ 43.05
Exercised (c)
(26,000)
€ 23.00
(60,708)
€ 22.00
Outstanding, December 31
2,483,592
€ 37.95
2,529,592
€ 37.84
Exercisable, December 31
1,760,792
€ 35.63
1,787,392
€ 35.42
SHURGARD ANNUAL REPORT 2025
307
The following table summarizes information about our share options outstanding as of December 31, 2025
under the 2017, 2018 and 2021 plans:
As of December 31, 2025
Fair value
Options outstanding
Weighted
Options exercisable
Weighted
per
Weighted
average
Weighted
average
Year of grant
option at
Number of
average
remaining
Number of
average
remaining
grant
Options
exercise
contractual
Options
exercise
contractual
price
price
date
life
life
2017
2.35
71,500
€ 21.51
1.5 years
71,500
€ 21.51
1.5 years
2018
3.45
605,092
€ 23.00
2.9 years
605,092
€ 23.00
2.9 years
2021-Aug. -3 yr.
8.42
952,800
€ 43.05
5.6 years
952,800
€ 43.05
5.6 years
2021-Aug. -5 yr.
9.05
635,200
€ 43.05
5.6 years
-
-
-
2021-Sept. -3 yr.
8.33
120,000
€ 47.75
5.7 years
120,000
€ 47.75
5.7 years
2021-Sept. -5 yr.
8.67
80,000
€ 47.75
5.7 years
-
-
-
2022-July-3 yr.
5.39
11,400
€ 46.81
6.6 years
11,400
€ 46.81
6.6 years
2022-July-5 yr.
5.65
7,600
€ 46.81
6.6 years
-
-
-
2,483,592
€ 37.95
4.8 years
1,760,792
€ 35.63
4.5 years
RESTRICTED STOCK UNITS
2025 Issuances
During the year 2025, the Group granted in August, November and December 2025, 61,044, 13,500 and
72,537 restricted stock units (’RSUs’’), respectively, that give the participants the right to receive Shurgard
shares for no consideration but a cliff vesting period of three years, in accordance with the Plan rules.
The following weighted average assumptions were used to determine the fair value of the options granted
under the 2025 plan that are all outstanding as of December 31, 2025:
August 2025
November 2025
December 2025
3-yr vesting
3-yr vesting
3-yr vesting
Estimated fair value of Shurgard shares
€33.60
€31.15
€29.05
Anticipated yearly dividend per share
€1.17
€1.17
€1.17
Expected forfeiture rate per annum
3.00%
3.00%
3.00%
Fair value per RSU
€30.21
€27.75
€25.65
RSUs are accounted for as equity-settled awards, and do not contain any cash settlement alternatives. RSUs
issued in August and November 2025 have no performance conditions. However, RSUs issued in December
2025 are subject to company performance and highest possible vesting could be 200% of the number of
RSUs granted. As at year end 2025, 100% vesting has been assumed for the expense calculation. Until the
vesting date, management will monitor the performance conditions and its impact on vesting of RSUs. All
the RSUs are unvested as at reporting date.
SHURGARD ANNUAL REPORT 2025
308
2024 Issuances
In connection with the equity compensation plan approved on May 21, 2024, the Group granted in May and
November 2024, 129,105 and 130,980 RSUs, respectively, that give the participants the right to receive
Shurgard shares for no consideration but a cliff vesting period of three years, in accordance with the Plan
rules.
During the year 2024, 3,750 and 3,250 RSUs were forfeited from May 2024 and November 2024 grants,
respectively.
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 December 31, 2024:
May 2024
November 2024
3-yr vesting
3-yr vesting
Estimated fair value of Shurgard shares
€39.35
€39.35
Anticipated yearly dividend per share
€1.17
€1.17
Expected forfeiture rate per annum
3.00%
3.00%
Fair value per RSU
€36.00
€35.96
This RSU 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 plans, we incurred €5.0 million and €4.4 million in share-based compensation expense, including social
security charges in the years ended December 31, 2025 and 2024, respectively. For the year ended
December 31, 2025, share-based compensation expense included €0.2 million for the new RSU plan.
At year-end 2025, we had €0.8 million, and €9.1 million of unrecognized share-based compensation expense,
net of estimated pre-vesting forfeitures, related to unvested option and RSU awards, respectively (2024:
€1.7 million and €8.4 million, respectively).
As of December 31, 2025 and December 31, 2024, the weighted average remaining vesting period of our
share options was 0.6 and 1.6 years, respectively and for our RSU’s was 2.12 years and 2.7 years, respectively.
SHURGARD ANNUAL REPORT 2025
309
31. RELATED PARTY DISCLOSURES
SUBSIDIARIES
Interests in subsidiaries are set out in Note 36.
KEY MANAGEMENT PERSONNEL COMPENSATION
(in € thousands)
2025
2024
Short-term employee benefits
5,140
3,930
Post-employment benefits
177
220
Share-based payments
2,167
2,585
Total
7,484
6,735
Key management personnel consists of the members of the Executive Committee.
In addition, the Company incurred in 2025, €0.8 million expense for the provision of services by non-
executive board members that were provided by separate management entities (2024: €0.8 million).
TRANSACTIONS WITH OTHER RELATED PARTIES
As of December 31, 2025, the Group had two significant shareholders: Public Storage (PSA), which owned
directly and indirectly in total 35.4% (2024: 35.2%) of the interest in Shurgard and the New York State
Common Retirement Fund (NYSCRF), which held directly and indirectly 33.8% (2024: 33.5%).
We pay PSA a royalty fee equal to 1.0% of our revenues in exchange for the rights to use the “Shurgard”
trade name and other services. During the years 2025 and 2024, we incurred royalty fees of €4.5 million and
€4.0 million, respectively. In addition to granting the Group the right to use the trade name Shurgard, PSA
provides a range of additional strategic and operational insights to the Group. These include, but are not
limited to, performance benchmarking and the sharing of best practices across key functional areas, insights
and feedback on technology and IT systems, knowledge exchange in relation to operational matters, and
procurement support, including leveraging PSA’s scale and financial strength to assist the Group in obtaining
favorable terms for goods and services. These benefits are provided at no additional cost for Shurgard and
are deemed to be included in the royalty fee, allowing Shurgard to benefit from the knowledge and expertise
of one of the biggest self-storage operators in the world.
For the years 2025 and 2024 there were no transactions with NYSCRF.
We also refer to Note 25 in respect of the non-controlling interest held by the two main shareholders in
certain subsidiaries in Germany.
SHURGARD ANNUAL REPORT 2025
310
32. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
This note explains the Company’s exposure to financial risks and how these risks could affect the Company’s
future financial performance.
The Group has tenant and other receivables, trade and other payables, deferred revenue and cash and cash
equivalents that arise directly from its operations. The Company’s principal financial liabilities consist of loans
and borrowings, as well as trade and other payables. The main purpose of the Company’s loans and
borrowings is to finance the acquisition and development of the Company’s property portfolio.
The Group is exposed to market risk, credit risk and liquidity risks:
• Market risk is the risk that the fair value or future cash flows of a financial instrument fluctuates
due to a change in market prices and can be broken down into interest rate, currency and other
price (e.g., equity or commodity) risks; Not all these risks are relevant to the Group, which is
mainly exposed to foreign currency risks. The Group is currently not exposed to significant
interest rate risk, as it does not have any long-term debt with variable interest rates;
• Credit risk is the risk that one party to an agreement will cause a financial loss to another party
by failing to discharge its obligation. For Shurgard, credit risk mainly covers its tenant
receivables and financing activities, which include cash and cash equivalents with banks and
financial institutions;
• Liquidity risk includes the risk that the Group will encounter difficulties in raising financing and
in meeting payment obligations when they come due.
The Company’s risk management is carried out by Senior Management, under policies approved by the Board
of Directors. The Board of Directors provides written principles for overall risk management, as well as
policies covering specific areas, such as foreign exchange risk, real estate risk and credit risk, the use of
derivative and non-derivative financial instruments and investment of excess liquidity. The Board of Directors
reviews and agrees to policies for managing each of these risks which are summarized below.
FOREIGN EXCHANGE RISK
Financing of non-Euro operations
The Group’s operations outside the Eurozone are primarily financed through locally generated cash flows.
Where additional funding is required by these entities, financing is provided through the Group’s central
financing entity by means of intercompany loans and participation in the Group’s cash pooling arrangements.
This approach facilitates efficient liquidity management across the Group and reduces the need for external
borrowing in foreign currencies. It also allows the Group to manage currency exposure centrally while
maintaining operational flexibility at the local level.
Translation Risk
The Group operates internationally and is exposed to foreign exchange risk arising from currency exposures,
with respect to the UK Pound Sterling (GBP), the Swedish Krona (SEK) and the Danish Krone (DKK). Since
Shurgard's subsidiaries purchase and sell primarily in local currencies, the Group’s exposure to exchange rate
movements in its commercial operations is limited. Translation risk related to our foreign subsidiaries is not
actively hedged; however, the Company aims to minimize this exposure by funding its foreign operations in
their functional currency through intercompany financing. Exchange gains or losses arising from long-term
intercompany loans granted to a foreign operation, i.e. part of a net investment, for which settlement is
SHURGARD ANNUAL REPORT 2025
311
neither planned nor likely to occur in the foreseeable future, are recorded into “other comprehensive
income”.
The Company is subject to foreign currency exchange risks due to exchange rate movements in connection
with the translation of its foreign subsidiaries’ income, assets and liabilities into euros for inclusion in its
consolidated financial statements.
The following table presents the sensitivity analysis of the year end statement of financial position balances
in euros in case the euro would strengthen or weaken by 10% versus the GBP, SEK and DKK, respectively:
(in € thousands)
2025
2024
+10%
-10%
+10%
-10%
GBP
(21,448)
13,635
(11,488)
14,041
SEK
(4,489)
1,215
(1,383)
1,691
DKK
(1,752)
1,929
(2,175)
2,658
Total impact on net result
(27,689)
16,779
(15,047)
18,390
(in € thousands)
December 31, 2025
December 31, 2024
+10%
-10%
+10%
-10%
GBP
(180,172)
220,210
(156,440)
191,205
SEK
(54,558)
66,682
(48,561)
59,353
DKK
(18,310)
22,379
(22,212)
27,148
Total impact on net assets
(253,040)
309,272
(227,214)
277,706
CREDIT RISK
Credit risk from balances with banks and financial institutions is managed by the Company’s Senior
Management in accordance with the Company’s policy. Investments of surplus funds are made only with
approved counterparties with a minimum investment grade credit rating. The Company’s maximum
exposure to credit risk for the balances with banks and financial institutions as of December 31, 2025 is the
carrying value of the cash and cash equivalents.
Credit risk is managed by requiring tenants to pay rentals in advance. The maximum exposure to credit risk
at the reporting date is the carrying value of each class of financial asset. There are no significant
concentrations of credit risk, whether through exposure to individual customers or regions.
The Group applies the IFRS 9 simplified approach to measure its expected credit losses, which uses a lifetime
expected loss allowance for all lease receivables. Loss allowances are recognized in the consolidated
statement of profit or loss within real estate operating expense. Subsequent recoveries of the amounts
previously provided for are offset against the previously recognized loss on debtors within real estate
operating expense.
SHURGARD ANNUAL REPORT 2025
312
Set out below is the information about the credit risk exposure of our trade receivables using a provision
matrix:
December 31, 2025
(in € thousands)
Outstanding < 60 days
Overdue > 60 days
Total
Expected credit loss rate
6.0%
56.3%
13.5%
Carrying amount
50,887
8,977
59,864
Expected credit loss
(3,053)
(5,052)
(8,105)
Net amount
47,833
3,926
51,759
December 31, 2024
(in € thousands)
Outstanding < 60 days
Past due > 60 days
Total
Expected credit loss rate
6.0%
71.2%
21.5%
Carrying amount
28,716
8,939
37,655
Expected credit loss
(1,723)
(6,366)
(8,089)
Net amount
26,993
2,573
29,566
Lease receivables are written off when there is no reasonable expectation of recovery. Indicators that there
is no reasonable expectation of recovery include among others:
• Significant financial difficulties of the debtor; and
• Probability that the debtor will enter bankruptcy or financial reorganization.
The other classes within trade and other receivables and other current assets do not contain impaired assets
and are not past due. It is expected that these amounts will be received when due. The Company does not
hold any collateral in relation to these receivables.
LIQUIDITY RISK
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the
availability of funding through an adequate amount of committed credit facilities to meet obligations when
due. The Company maintains flexibility in funding by maintaining availability under committed credit lines.
The operating activities of our subsidiaries and the resulting cash inflows are the main source of liquidity.
Our cash pooling system enables us to benefit from surplus funds of certain subsidiaries to cover the financial
requirements of other subsidiaries. We invest surplus cash in current accounts and short-term cash
equivalents, selecting instruments with appropriate maturities or sufficient liquidity.
Management monitors rolling forecasts of the Company’s liquidity reserve (comprising the undrawn credit
facilities listed below) and cash and cash equivalents (see Note 20) on the basis of expected cash flows.
The Company has access to the following undrawn borrowing facilities at the end of the reporting year:
(in € thousands)
December 31, 2025
December 31, 2024
Expiring within one year (floating rate)
1
-
160,000
Expiring beyond one year (floating rate)
2
500,000
500,000
Total undrawn borrowing facilities
500,000
660,000
1 The amount related to the “Term Loan Facility” (TLF), which has been repaid in May 2025.
2 The amount relates to the Revolving Credit Facility contracted in November 2024.
SHURGARD ANNUAL REPORT 2025
313
CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES
The tables below analyze the Company’s financial liabilities based on their contractual maturities. The
amounts disclosed are the contractual undiscounted cash flows (including interest payments):
December 31, 2025
(in € thousands)
< 1 year
1-5 years
> 5 years
Total
Interest bearing loans and
borrowings
149,747
348,729
1,379,248
1,877,724
Lease liabilities
1
11,250
41,767
232,907
285,924
Trade and other payables
2
114,626
-
-
114,626
Total contractual cash flows
275,623
390,496
1,612,155
2,278,274
December 31, 2024
(in € thousands)
< 1 year
1-5 years
> 5 years
Total
Interest bearing loans and
borrowings
174,084
608,180
921,078
1,703,342
Lease liabilities
1
11,413
43,996
235,402
290,811
Trade and other payables
2
143,693
-
-
143,693
Total contractual cash flows
329,189
652,176
1,156,480
2,137,846
1 Perpetual lease agreements, mainly Dutch and Swedish real estate leases, are included for 99 years.
2 Trade and other payables exclude deferred revenue.
FAIR VALUES
Management has assessed that the fair values of cash and cash equivalents, trade and other receivables,
trade and other payables approximate their carrying amounts largely due to the short-term maturities of
these instruments.
Set out below is a comparison of the carrying amounts and fair value of the Company’s guaranteed notes,
which have a fixed interest rate:
(in € thousands)
December 31,
December 31,
2025
2024
Carrying value guaranteed notes
1,559,467
1,191,964
Fair value guaranteed notes
1,503,982
1,167,937
The following methods and assumptions were used to estimate the fair values:
• The fair values of our senior guaranteed notes and corporate bond (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.
SHURGARD ANNUAL REPORT 2025
314
33. CAPITAL MANAGEMENT
The Group’s Executive Committee reviews the capital structure on an ongoing basis. The primary objective
of the Group’s capital management is to ensure that it complies with its covenants. The Group targets a loan-
to-value ratio of around 25% with the flexibility to go up to a short- to mid-term maximum amount up to
35%. The Company reviews during each reporting year the appropriateness of the loan-to-value ratio. The
Company is currently satisfied with its current loan-to-value ratio.
For our rated corporate debts, consisting of:
• Corporate Bond issued in 2024 (outstanding amount of €500.0 million as of December 31, 2025 and
2024);
• Corporate Bond issued in 2025 (outstanding amount of €500.0 million as of December 31, 2025);
the following covenants apply:
i. Loan-to-value (total net debt to total assets, or “LTV-TA”) applicable should not exceed 0.60 (2025
and 2024: 0.23);
ii. Interest coverage ratio (Underlying EBITDA to interest expense) should be higher than 1.25 (2025:
4.21, 2024: 5.18);
iii. Secured debt to total assets ratio should not be higher than 40% (2025 and 2024: no secured debt).
The Group has complied with these covenants throughout the reporting year. There are no indications that
the entity may have difficulties complying with the covenants when they will be tested in the next 12 months.
The table below provides an overview of the evolution of the loan-to-value ratio as of December 31, 2025
and December 31, 2024:
(in € thousands)
December 31, 2025
December 31, 2024
Net debt
1,655,211
1,493,455
Total assets
7,275,900
6,623,156
Loan-to-value ratio (LTV-TA)
22.7%
22.5%
Net debt is composed of:
(in € thousands)
December 31, 2025
December 31, 2024
Carrying value of interest-bearing loans and borrowings
1,559,467
1,480,529
Unamortized portion of debt financing costs
10,533
9,471
Carrying value of lease obligations
141,169
146,030
Less: Cash and cash equivalents
(55,958)
(142,575)
Net debt
1,655,211
1,493,455
SHURGARD ANNUAL REPORT 2025
315
34. INSURANCE
We have historically obtained third-party insurance coverage for property/business interruption and general
liability, through internationally recognized insurance carriers, subject to deductibles. Additionally, we bind
coverage for our cyber and terrorism risk, as well as any local compulsory insurances, such as workers
compensation or strict liability in Belgium.
Except for the local insurance policies, coverage was searched for by means of international programs,
insuring all affiliates of the Company. When acquiring a new location, our aim is to integrate the cover as
soon as possible and economically justified in our insurance programs.
Besides insurance policies covering our own risks, we carry coverage for the risk of our tenants, via a tenant
insurance program. This program provides insurance to certificate holders (tenants) against claims for
property losses due to perils to goods stored by tenants at our self-storage facilities. Any advice and claims
regarding customer insurance are handled directly by our insurance broker/insurer.
The Group manages its insurable risks relating to property damage, business interruption (PDBI) and
customer goods-related claims through a combination of self-insurance and commercial insurance coverage.
For this, the Group uses a reinsurance undertaking. In line with this assumption, no division for profitability
is necessary. Where required, Shurgard registered as an insurance intermediary for regulatory purposes.
During each of the years ended December 31, 2025 and 2024, the Company paid €0.1 million insurance
acquisition expense to a third-party insurance company in connection with its re-insurance undertaking.
GENERAL LIABILITY INSURANCE
Our insurance deductible for general liability insurance is €2,500 per occurrence. Insurance carriers’ limit is
€5.0 million. In case claims exceed the policy limit, we benefit from excess coverage up to $100.0 million, or
approximately €85.2 million at the December 31, 2025 exchange rate, under the Public Storage general
liability program. As such, our insurance limit is higher than estimates of maximum probable losses that could
occur from individual catastrophic events determined in recent engineering and actuarial studies; however,
in case of multiple catastrophic events, these limits could be exceeded.
CUSTOMER GOODS
Except for our UK customer goods coverage 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 coverage 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.
In 2025, Shurgard UK earned €9.7 million fee income and incurred claims charges of €0.4 million under the
SHURprotect program, compared to €7.7 million and €0.6 million respectively in 2024.
SHURGARD ANNUAL REPORT 2025
316
Overall, for the years ended December 31, 2025 and 2024, the Group fee income earned from customer
goods coverage, including UK, was €42.9 million and €38.0 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
€3.7 million for 2025 (€3.1 million for 2024). For the year 2025, the Group accounted for reinsurance service
expense of €2.4 million (€2.8 million for 2024), consisting of claim charges of €2.2 million (2024: €2.5 million),
as well as fronting and handling fees of €0.3 million (2024: €0.3 million).
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.
Relevant quantitative disclosures for our reinsurance activities are as follows:
December 31, 2025
Liabilities
Liabilities for
remaining
incurred claims
Total
(in € thousands)
coverage
Opening liabilities
-
1,788
1,788
Changes in the statement of profit or loss and OCI
Insurance revenue
1
(3,661)
-
(3,661)
Insurance service expenses
Changes in liabilities from incurred claims
-
663
663
Incurred claims and other insurance expenses
-
1,594
1,594
Amortization of insurance acquisition cash flow
143
-
143
Insurance service result
(3,517)
2,257
(1,261)
Total changes in the statement of profit or loss and OCI
(3,517)
2,257
(1,261)
Ending assets
23
-
23
Ending liabilities
-
1,919
1,919
Net closing balance
23
1,919
1,942
1 Insurance revenue relates to revenue from accepted reinsurance contracts.
SHURGARD ANNUAL REPORT 2025
317
December 31, 2024
Liabilities
Liabilities for
remaining
incurred claims
Total
(in € thousands)
coverage
Opening liabilities
-
1,804
1,804
Changes in the statement of profit or loss and OCI
Insurance revenue
1
(3,123)
-
(3,123)
Insurance service expenses
Changes in liabilities from incurred claims
-
789
789
Incurred claims and other insurance expenses
-
1,860
1,860
Amortization of insurance acquisition cash flow
123
-
123
Insurance service result
(3,000)
2,649
(351)
Total changes in the statement of profit or loss and OCI
(3,000)
2,649
(351)
Ending assets
-
-
-
Ending liabilities
-
1,788
1,788
Net closing balance
-
1,788
1,788
The expense we incurred in connection with our reinsurance undertaking consists of the following:
(in € thousands)
2025
2024
Incurred claims customer goods
2,169
2,520
Insurance services expenses
87
129
Amortization of insurance acquisition cash flow
143
123
Total cash flows
2,400
2,772
PROPERTY DAMAGE AND BUSINESS INTERRUPTION
The Property Damage and Business Interruption (PDBI) insurance program consists of a combination of
reinsurance activities through the Company’s captive and insurance through a third-party insurer.
Through our captive, we cover the damages to our properties up to €3.5 million per occurrence and €7.0
million in annual aggregate. In the event of Dutch Flood we cover the damages to our properties located in
the Netherlands up to €5.0 million per occurrence and €5.0 million in annual aggregate. All claims exceeding
these amounts are covered by the external insurance provider up to €25.0 million per occurrence. The
deductible is €100,000 per occurrence.
The ceding of property and business interruption risk between Shurgard and its re-insurance captive qualifies
as self-insurance, hence it is not in scope of IFRS 17.
35. CONTINGENCIES, COMMITMENTS AND GUARANTEES
CAPITAL EXPENDITURE COMMITMENTS
SHURGARD ANNUAL REPORT 2025
As of December 31, 2025, we had €60.0 million (2024: €49.1 million) outstanding capital expenditure
commitments under contract related to certain self-storage facilities under construction.
CONTINGENT LOSSES
We are a party to various legal proceedings and subject to various claims and complaints; however, we
believe that the likelihood of these contingencies resulting in a material loss to the Company, either
individually or in the aggregate, is remote.
INCOME TAX
The Group operates in multiple jurisdictions with often complex legal and tax regulatory environments.
Shurgard considers the income tax positions to be supportable and are intended to withstand challenge from
tax authorities. However, the Group continues to be subject to tax audits in the various jurisdictions it
conducts business and the outcome of these audits and the conclusions drawn by the tax authorities are not
certain and therefore it is inherent that some of the positions taken by the Group are uncertain and include
interpretations of complex tax laws which could be disputed by tax authorities.
Shurgard regularly assesses these positions individually on their technical merits with no offset or
aggregation between positions, using all the information available (legislation, case law, regulations,
established practice and authoritative tax guidance). The Group has established tax liabilities that it believes
are adequate for the exposures identified. These liabilities have been estimated by the Group as the best
estimate of the current tax it expects to pay using its best estimate of the likely outcomes of such
examinations. These estimates are based on facts and circumstances existing at the end of the reporting
period and assume full access of the tax authorities to all relevant facts and circumstances.
36. LIST OF CONSOLIDATED ENTITIES
As of December 31, 2025
As of December 31, 2024
Country of
Consolidated
% Ownership
Consolidated
% Ownership
Entity name
incorporation
Shurgard Self Storage Ltd
Luxembourg
Yes
100
Yes
100
Shurgard Luxembourg S.à r.l.
Luxembourg
Yes
100
Yes
100
Shurgard Holding Luxembourg S.à r.l.
1
Luxembourg
Yes
100
Yes
100
Eirene RE S.A.
Luxembourg
Yes
100
Yes
100
Shurgard Belgium N.V.
Belgium
Yes
100
Yes
100
Shurgard Europe VOF
Belgium
Yes
100
Yes
100
Second Shurgard Belgium B.V.
Belgium
N/A
-
Yes
100
Shurgard France SAS
France
Yes
100
Yes
100
Shurgard Nederland B.V.
The Netherlands
Yes
100
Yes
100
VMK5 B.V.
The Netherlands
Yes
100
Yes
100
Shurgard Nederland OA B.V.
The Netherlands
Yes
100
Yes
100
Shurgard Denmark ApS
Denmark
Yes
100
Yes
100
Shurgard UK Ltd
UK
Yes
100
Yes
100
Second Shurgard UK Ltd
UK
Yes
100
Yes
100
1
1
2
3
318
SHURGARD ANNUAL REPORT 2025
319
As of December 31, 2025
As of December 31, 2024
Country of
Consolidated
% Ownership
Consolidated
% Ownership
Entity name
incorporation
Second Shurgard UK Camberley Ltd
3
UK
N/A
-
Yes
100
Shurgard UK West-London Ltd
UK
Yes
100
Yes
100
Shurgard UK LNS Holding Ltd
UK
Yes
100
Yes
100
Shurgard UK LNS Trading Ltd
UK
Yes
100
Yes
100
Shurgard UK LNS Semco Ltd
UK
Yes
100
Yes
100
Shurgard UK TBR Ltd
UK
Yes
100
Yes
100
Shurgard UK LNS Trustee Ltd
UK
Yes
100
Yes
100
Shurgard UK LNS Semco M Ltd
UK
Yes
100
Yes
100
Shurgard UK LNS Semco E Ltd
UK
Yes
100
Yes
100
Shurgard UK LNS PNC Ltd
3
UK
N/A
-
Yes
100
Shurgard Sweden AB
Sweden
Yes
100
Yes
100
Shurgard Storage Centers Sweden KB
Sweden
Yes
100
Yes
100
Shurgard Sweden Årstaberg KB
Sweden
Yes
100
Yes
100
First Shurgard Sweden Invest KB
Sweden
Yes
100
Yes
100
Second Shurgard Sweden Invest KB
Sweden
Yes
100
Yes
100
Shurgard Sweden Stockholm Invest AB
3
Sweden
N/A
-
Yes
100
Shurgard Sweden RE FUB AB
4
Sweden
Yes
100
Yes
100
Shurgard Sweden RE TF AB
4
Sweden
Yes
100
Yes
100
Shurgard Sweden RE LH AB
4
Sweden
Yes
100
Yes
100
Shurgard Sweden GC AB
4
Sweden
Yes
100
Yes
100
Shurgard Sweden JPB4 AB
5
Sweden
Yes
100
N/A
-
Shurgard Sweden SES AB
5
Sweden
Yes
100
N/A
-
Shurgard Germany AP GmbH
5
Germany
Yes
100
N/A
-
Shurgard Germany GmbH
Germany
Yes
100
Yes
100
First Shurgard Deutschland GmbH
4
Germany
Yes
94.8
Yes
94.8
Second Shurgard Deutschland GmbH
4
Germany
Yes
94.8
Yes
94.8
Shurgard Germany ZL MU GmbH
4
Germany
Yes
100
Yes
100
Shurgard Germany ZL LH GmbH
4
Germany
Yes
100
Yes
100
Shurgard Germany ZL FER GmbH
4
Germany
Yes
100
Yes
100
Shurgard Germany TBIH GmbH
4
Germany
Yes
100
Yes
100
Shurgard Germany SSMH GmbH
4
Germany
Yes
100
Yes
100
Shurgard Germany TBW GmbH
4
Germany
Yes
100
Yes
100
Shurgard Germany TBD GmbH
4
Germany
Yes
100
Yes
100
Shurgard Germany TBM GmbH
4
Germany
Yes
100
Yes
100
Shurgard Germany TBK GmbH
4
Germany
Yes
100
Yes
100
Shurgard Germany TBE GmbH
4
Germany
Yes
100
Yes
100
Shurgard Germany TBL GmbH
4
Germany
Yes
100
Yes
100
Shurgard Germany TB8F GmbH
4
Germany
Yes
100
Yes
100
Shurgard Germany TB7K GmbH
4
Germany
Yes
100
Yes
100
SHURGARD ANNUAL REPORT 2025
320
1 Holding and/or financing company with no operating activities.
2 Re-insurance entity incorporated in December 2020.
3 Merged or dissolved during the year.
4 These German and Swedish entities make use of an exemption that is based on company size and ownership criteria and consequently do not file stand-
alone annual accounts.
5 Acquired during the year.
37. EVENTS AFTER THE REPORTING PERIOD
There have been no significant events after the reporting period.
38. STANDARDS ISSUED BUT NOT YET EFFECTIVE
The relevant new and amended standards and interpretations that are issued, but not yet effective, up to
the date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt
these new and amended standards and interpretations, if applicable, when they become effective.
• IFRS 18 Presentation and Disclosure in Financial Statements (effective - 1 January 2027)
IFRS 18, which replaces IAS 1 Presentation of Financial Statements, introduces new requirements
for:
• Presentation within the statement of profit or loss, including specified totals and subtotals;
• Classification of all income and expenses within the statement of profit or loss into one of five
categories: operating, investing, financing, income taxes and discontinued operations;
• Disclosure of newly defined management-defined performance measures; and
• Aggregation and disaggregation of financial information based on the identified “roles” of the
primary financial statements (PFS) and the notes.
Even though IFRS 18 will not impact the recognition or measurement of items in the financial
statements, its impacts on presentation and disclosure are expected to be pervasive. IFRS 18 will
apply retrospectively, i.e. 2026 comparative information will be presented in line with IFRS 18 as
part of the 2027 financial statements.
Management is performing a detailed assessment to understand the implications of IFRS 18;
however, no changes are expected to the presentation of Revenue or Valuation gain from
investment property in the profit and loss account. Some changes to EPRA APMs may arise as a
result of reclassifications driven by IFRS 18.
• Annual Improvements to IFRS Accounting Standards - Volume 11
The nine narrow scope amendments include clarifications, simplifications, corrections or changes
to improve consistency in various standards. The amendments are effective for reporting periods
beginning on or after 1 January 2026. The amendments are not expected to have a material impact
on the Group’s financial statements.
• Amendments to the Classification and Measurement of Financial Instruments—Amendments to
IFRS 9 and IFRS 7
Amendments to the Classification and Measurement of Financial Instruments – Amendments to
IFRS 9 and IFRS 7, effective for annual periods beginning on or after 1 January 2026 include:
SHURGARD ANNUAL REPORT 2025
321
• A clarification that a financial liability is derecognized on the ‘settlement date’ and the
introduction of an accounting policy choice (if specific conditions are met) to derecognize
financial liabilities settled using an electronic payment system before the settlement date
• To clarify and add further guidance for assessing whether a financial asset meets the solely
payments of principal and interest (SPPI) criterion;
The Group does not anticipate that the amendments will have a material effect on the Group’s
financial statements.
39. AUDIT FEES
For 2025 and 2024, professional services were performed by PricewaterhouseCoopers CI LLP and their
respective affiliates.
(in € thousands)
2025
2024
Audit fees
1
937
943
Audit related assurance services
2
128
190
Audit and audit related assurance services
1,065
1,133
Other fees
112
20
Total
1,177
1,153
1 Audit fees include the audit of the statutory and consolidated accounts of Shurgard Self Storage Ltd. and its affiliates.
2 The audit related assurance services primarily relate to the CSRD limited assurance engagement.
318
INDEPENDENT AUDIT
REPORT
319
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SHURGARD
SELF STORAGE LIMITED
Report on the audit of the consolidated financial statements
Our opinion
In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position
of Shurgard Self Storage Limited (the “company”) and its subsidiaries (together “the group”) as at 31 December
2025, and of their consolidated financial performance and their consolidated cash flows for the year then ended in
accordance with International Financial Reporting Standards as adopted by the European Union and have been
properly prepared in accordance with the requirements of The Companies (Guernsey) Law, 2008.
What we have audited
The group’s consolidated financial statements comprise:
● the consolidated statement of financial position as at 31 December 2025;
● the consolidated statement of profit and loss for the year then ended;
● the consolidated statement of comprehensive income for the year then ended;
● the consolidated statement of changes in equity for the year then ended;
● the consolidated statement of cash flows for the year then ended; and
● the notes to the consolidated financial statements, comprising material accounting policy information and
other explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (“ISAs”). Our responsibilities
under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated
financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Independence
We are independent of the group in accordance with the ethical requirements that are relevant to our audit of
the consolidated financial statements of the group, which includes those required by the Crown Dependencies’
Audit Rules and Guidance. We have also fulfilled our other ethical responsibilities in accordance with these
requirements.
320
Our audit approach
Overview
Audit scope
●
We conducted a full scope audit of the consolidated financial statements of the group.
●
The company is incorporated in Guernsey and its subsidiaries are incorporated in France, the
Netherlands, the United Kingdom, Sweden, Germany, Belgium, Denmark and Luxembourg.
●
The audit was performed under the direction and supervision of PricewaterhouseCoopers CI LLP. The
centralisation of the group accounting function and preparation of the group financial statements are
located in Belgium. We have therefore determined the supporting firm (a separate PwC network firm) to
be the only component auditor.
●
Our approach is designed to address the risk of material misstatement and is tailored to consider the
investment objectives of the group.
Key audit matters
●
Valuation of investment property and investment property under construction.
●
Implementation of the new financial accounting system.
Materiality
●
Overall group materiality: EUR 72 million (2024: EUR 66 million) based on 1% of Total assets.
●
Performance materiality: EUR 54 million (2024: EUR 33 million).
The scope of our audit
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the
consolidated financial statements. In particular, we considered where the directors and management made
subjective judgements; for example, in respect of significant accounting estimates that involved making
assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed
the risk of management override of internal controls, including among other matters, consideration of whether
there was evidence of bias that represented a risk of material misstatement due to fraud.
Key audit matters
Key audit matters are those matters that, in the auditor’s professional judgement, were of most significance in
the audit of the consolidated financial statements of the current period and include the most significant assessed
risks of material misstatement (whether or not due to fraud) identified by the auditors, including those which had
the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts
of the engagement team. These matters, and any comments we make on the results of our procedures thereon,
were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on these matters.
321
This is not a complete list of all risks identified by our audit.
Key audit matter
How our audit addressed the key audit matter
Valuation of investment property and
investment property under construction
(collectively referred to as “investment
property/ies”)
The investment property portfolio comprises
of investment properties and investment
properties under construction and are valued
at EUR 6,862 million and EUR 268 million,
respectively at the year end as reflected in the
consolidated statement of financial position.
Please refer to note 3, note 14 and note 15.
The valuation methodology requires
significant judgement and use of estimates by
the independent external valuer and
management. Any input inaccuracies or
unreasonable bases used in these judgements
could result in a material misstatement of the
valuation of investment property or
investment property under construction.
The existence of significant estimation
uncertainty, coupled with the fact that only a
small percentage difference in individual
property valuation assumptions, when
aggregated, could result in a material
misstatement led us to consider this to be a key
audit matter.
The valuations of all investment properties,
other than investment properties under
predevelopment 1where historic cost was
deemed to be a reasonable proxy for fair
value, were carried out by managements’
external valuer, Cushman & Wakefield (the
“external valuer”), in accordance with RICS
Valuation – Professional Standards and the
group’s accounting policies.
We refer to note 14, which includes a
reconciliation between the value determined
by the external valuer and the fair value of
investment properties per the consolidated
financial statements.
• We assessed the investment properties accounting policy and
disclosures for compliance with the accounting framework.
• We have understood and evaluated the design, implementation, and
appropriateness of the group’s controls related to the valuation of
investment properties.
• We have tested the operating effectiveness of controls related to the
accuracy and completeness of the input data used by the external
valuer.
• Together with our auditor’s valuation expert we assessed the
competency, qualifications, and objectivity of the external valuer and
read their terms of engagement with the group to determine whether
there were any matters that might have affected their objectivity or
may have imposed scope limitations upon their work.
• In addition, together with our auditor’s valuation expert we assessed the
appropriateness of the methodology and assumptions used by the
external valuer and considered alternative metrics, assumptions and
methodologies.
• For investment properties under pre-development, we assessed the
reasonableness of the historic cost as a basis for the fair value in
consultation with our auditor’s valuation expert.
• Together with our auditor’s valuation expert we have met with the
external valuer and the group’s management to discuss the valuation
methodology, including the model, challenge the significant
assumptions and the input data.
• For the investment properties in scope for the external valuer, we have
agreed that the fair value as determined by the external valuer agrees
with the group accounting records and financial statements.
• For a sample of investment properties, we have tested the accuracy of key
input data by agreeing the factual inputs to underlying property records
held by the group.
• For investment properties under predevelopment where historic cost
was deemed to be a reasonable proxy for fair value, we have assessed
for indicators of impairment.
Implementation of the new financial accounting
system
During the course of the year, the group
implemented a new cloud based financial
accounting system, which replaces the previous
financial and operating reporting system.
This project significantly impacted the financial
reporting controls environment of the group.
Due to the magnitude of the project and
associated risks involved in migrating to a new
system, we considered this a key audit matter.
With the assistance of our IT specialists, we performed the following audit
procedures:
• Identified the associated IT risks and IT General Controls (“ITGCs”) based
on our understanding of the overall controls environment;
• For relevant ITGCs, considered whether the design and
implementation of those controls was appropriate to address the
associated IT risks;
• Identified additional IT risks and ITGCs relating to the system
implementation; project development, Computer operations, access
management and change management;
• Tested the operating effectiveness of those ITGCs considered
322
relevant to our audit
• We performed the following audit procedures over the migration of
data between the systems:
o We understood the controls that were relevant to the data
migration process; and
o We agreed the completeness and accuracy of the data
reported in the accounting records in the previous system to
the amounts reported in the accounting records in the new
system as at the migration date.
• Where we identified deficiencies in ITGCs, we reported these to
management and tested additional compensatory controls that
addressed the related IT risks or where required, performed
additional testing such as evaluating management’s mitigating
actions or expanding the scope and nature of our substantive testing
procedures.
How we tailored the audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the
consolidated financial statements as a whole, taking into account the structure of the group, the accounting
processes and controls, and the industry in which the group operates and we considered the risk of climate
change and the potential impact thereof on our audit approach.
Scoping was performed at the group level with reference to the overall group materiality and the risks of material
misstatement identified, irrespective of whether the underlying transactions took place within the company or
within the subsidiaries.
The transactions relating to the company and the subsidiaries are all maintained and made available to us and our
supporting firm (a separate PwC network firm) by the financial function.
We are responsible for the active direction, supervision and review of the work performed by the supporting firm
to ensure that sufficient and appropriate audit evidence was obtained to support our opinion on the consolidated
financial statements as a whole. We maintain ultimate responsibility for the opinion and oversee the overall
direction, supervision, and performance of the group audit.
Materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for
materiality. These, together with qualitative considerations, helped us to determine the scope of our audit and
the nature, timing and extent of our audit procedures on the individual financial statement line items and
disclosures and in evaluating the effect of misstatements, both individually and in aggregate on the consolidated
financial statements as a whole.
Based on our professional judgement, we determined materiality for the consolidated financial statements as a
whole as follows:
323
Overall group materiality
EUR 72 million (2024: EUR 66 million)
How we determined it
1% of Total assets
Rationale for the materiality benchmark
We believe that total assets is the primary measure used by the
shareholders in assessing the performance of the group.
We use performance materiality to reduce to an appropriately low level the probability that the aggregate of
uncorrected and undetected misstatements exceeds overall materiality. Specifically, we use performance
materiality in determining the scope of our audit and the nature and extent of our testing of account balances,
classes of transactions and disclosures, for example in determining sample sizes. Our performance materiality was
75% (2024: 50%) of overall materiality, amounting to EUR 54 million (2024: EUR 33 million) for the group financial
statements.
In determining the performance materiality, we considered a number of factors – the history of misstatements,
risk assessment and aggregation risk and the effectiveness of controls - and concluded that an amount at the upper
end of our normal range was appropriate.
We agreed with the Audit Committee that we would report to them misstatements identified during our audit
above EUR 3.6 million (2024: EUR 3.3 million), as well as misstatements below that amount that, in our view,
warranted reporting for qualitative reasons.
Reporting on other information
The other information comprises all the information included in the Annual Report but does not include the
consolidated financial statements and our auditor’s report thereon. The directors are responsible for the other
information. Our opinion on the consolidated financial statements does not cover the other information and we
do not express any form of assurance conclusion thereon.
The consolidated sustainability statement is included in this other information and has been the subject of a
separate report, which contains an 'Unqualified conclusion' on the limited level of assurance with regard to this
sustainability information, issued by PwC Bedrijfsrevisoren BV/PwC Reviseurs d'Entreprises SRL on 25 February
2026.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report based on these responsibilities.
324
Responsibilities for the consolidated financial statements and the audit
Responsibilities of the directors for the consolidated financial statements
As explained more fully in the Responsibility Statement, the directors are responsible for the preparation of the
consolidated financial statements that give a true and fair view in accordance with International Financial
Reporting Standards as adopted by the European Union, the requirements of Guernsey law and for such internal
control as the directors determine is necessary to enable the preparation of consolidated financial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing the group’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or
have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these consolidated financial
statements.
Our audit testing might include testing complete populations of certain transactions and balances, possibly using
data auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than
testing complete populations. We will often seek to target particular items for testing based on their size or risk
characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population
from which the sample is selected.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional
scepticism throughout the audit. We also:
●
Identify and assess the risks of material misstatement of the consolidated financial statements, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
325
●
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the group’s internal control.
●
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
●
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the group’s ability to continue as a going concern over a period of at least twelve
months from the date of approval of the consolidated financial statements. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the group to cease to continue as a going concern.
●
Evaluate the overall presentation, structure and content of the consolidated financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
●
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business units within the group as a basis for forming an opinion on the
consolidated financial statements. We are responsible for the direction, supervision and review of the audit
work performed for purposes of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats
or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the consolidated financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
326
Use of this report
This independent auditor’s report, including the opinions, has been prepared for and only for the members as a
body in accordance with Section 262 of The Companies (Guernsey) Law, 2008 and for no other purpose. We do
not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to
whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in
writing.
Report on other legal and regulatory requirements
Company Law exception reporting
Under The Companies (Guernsey) Law, 2008 we are required to report to you if, in our opinion:
●
we have not received all the information and explanations we require for our audit;
●
proper accounting records have not been kept; or
●
the consolidated financial statements are not in agreement with the accounting records.
We have no exceptions to report arising from this responsibility.
European Uniform Electronic Format (ESEF)
We have also verified, in accordance with the standard on the verification of the compliance of the annual report
with the European Uniform Electronic Format (hereinafter “ESEF”), the compliance of the ESEF format with the
regulatory technical standards established by the European Delegate Regulation No.
2019/815 of 17 December 2018 (hereinafter: “Delegated Regulation”) and with the Royal Decree of 14 November
2007 concerning the obligations of issuers of financial instruments admitted to trading on a regulated market.
The board of directors is responsible for the preparation of an annual report, in accordance with ESEF
requirements, including the consolidated accounts in the form of an electronic file in ESEF format (hereinafter
“digital consolidated accounts”).
Our responsibility is to obtain sufficient appropriate evidence to conclude that the format and marking language
XBRL of the digital consolidated financial accounts complies in all material respects with the ESEF requirements
under the Delegated Regulation.
Based on our procedures performed, we believe that the format of the annual report and marking of information
in the digital consolidated accounts included in the annual report of Shurgard Self Storage Limited per 31
December 2025 complies, and which will be available in the Belgian official mechanism for the storage of regulated
information (STORI) of the FSMA, are, in all material respects, in compliance
SHURGARD ANNUAL REPORT 2025
327
with the ESEF requirements under the Delegated Regulation and the Royal Decree of 14 November 2007.
Other statements
This report is consistent with the additional report to the audit committee referred to in article 11 of the
Regulation (EU) N° 537/2014.
Evelyn Brady
For and on behalf of PricewaterhouseCoopers CI LLP
Chartered Accountants and Recognised Auditor
Guernsey, Channel Islands
25 February 2026
a. The maintenance and integrity of Shurgard Self Storage Limited’s website is the responsibility of the directors; the work
carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no
responsibility for any changes that may have occurred to the financial statements since they were initially presented on the
website.
b. Legislation in Guernsey governing the preparation and dissemination of financial statements may differ from legislation in
other jurisdictions.
SHURGARD T 2018
328
STAND-ALONE ACCOUNTS OF
SHURGARD SELF STORAGE
LTD AND AUDITOR’S REPORT
SHURGARD ANNUAL REPORT 2024
329
The summarized annual accounts of Shurgard Self Storage Ltd. (the “Company”) presented below are prepared in
accordance with the accounting principles as approved by the Board of Directors.
On February 17, 2023, Shurgard Self Storage S.A. migrated to Guernsey and was incorporated as Shurgard Self Storage
Ltd. pursuant to Guernsey law. This allowed legal continuity of the entity, meaning that all rights and obligations of
Shurgard Self Storage S.A. are maintained.
On the same day, the UK tax residence was established, with central management and control of the Company being
exercised through the Board of Directors of Shurgard Self Storage Limited, located in the United Kingdom.
On March 1, 2023, Shurgard Self Storage Limited elected to become a UK REIT.
The Independent Auditor has expressed an unqualified opinion on these annual accounts.
SUMMARY OF ACCOUNTING PRINCIPLES
FORMATION EXPENSES
Formation expenses related to the creation of the share capital are capitalized and amortized on a straight-line basis
over a period of five years.
FINANCIAL FIXED ASSETS
Shares in affiliated entities are valued at acquisition cost including the expenses incidental thereto. Impairment loss is
recorded to reflect long-term impairment of value. Impairment loss is reversed when it is no longer justified due to a
recovery in the asset value.
Loans to affiliated entities are valued at nominal value. At the end of each financial year, a value adjustment is made for
any durable decrease in value, which is considered to be an impairment in value, based on an evaluation of each
individual loan. These value adjustments are not continued if the reasons for which they were made have ceased to
apply.
RECEIVABLES AND PAYABLES
Amounts receivable and payable are recorded at their nominal value, less allowance for any amount receivable whose
value is considered to be impaired on a long-term basis. Amounts receivable and payable in a currency, other than the
currency of the Company, that are not hedged by a derivative instrument, are valued at the exchange rate prevailing on
the closing date. The resulting translation difference is written off if it is a loss and deferred if it is a gain.
Amounts receivable and payable in a currency other than the currency of the Company, and hedged by a derivative
instrument, are valued at the exchange rate fixed within the financial instrument with a consequence that there is no
resulting translation difference in the exchange rate.
SIGNIFICANT EVENTS
On May 14, 2025, the General Assembly of Shareholders of Shurgard decided to distribute a final dividend of EUR 0.59
per share (gross) in relation to financial year 2024. On June 16, 2025, the Company distributed €58.1 million dividend,
partially through the issuance of 1,267,459 new shares (share capital/premium impact of €43.6 million), and partially
through settlement in cash (€14.5 million).
In August 2025, a half-year dividend of €0.58 per share (gross) was issued, offering shareholders the choice to receive
the dividend in cash or shares (optional scrip dividend). Shareholders opted for a contribution of their dividend rights
of almost 73% of their shares into Shurgard in exchange for new shares. This resulted in the strengthening of Shurgard’s
SHURGARD ANNUAL REPORT 2024
330
equity by €40.2 million through the issuance of 1,192,066 new shares in September 2025 and cash distribution of €17.6
million.
SHURGARD ANNUAL REPORT 2024
331
2B2BBALANCE SHEET
ASSETS
(in € thousands)
Codes
December 31, 2025
December 31, 2024
Formation expenses
20
1,647
2,118
Fixed assets
21/28
1,651,656
1,651,656
Financial fixed assets
28
1,651,656
1,651,656
Affiliated Companies
280/1
1,651,656
1,651,656
Participating interests
280
1,651,656
1,651,656
Current assets
29/58
51,443
102,895
Amounts receivable within one year
40/41
51,283
102,811
Cash and bank
54/58
160
85
Accruals and deferred charges
490/1
104
29
TOTAL ASSETS
20/58
1,704,849
1,756,698
LIABILITIES AND EQUITY
(in € thousands)
Codes
December 31, 2025
December 31, 2024
Equity
10/15
1,263,074
1,315,636
Capital
10
72,061
70,287
Share premium account
1100/10
981,077
898,429
Reserves
13
249,335
365,299
Available reserves
133
249,335
365,299
Accumulated profits (losses)
14
(39,399)
(18,380)
Amounts payable after more than one year
17
439,862
439,862
Financial debts
170/4
439,862
439,862
Other loans
174/0
439,862
439,862
Amounts payable within one year
42/48
1,914
1,201
Trade debts
44
1,906
1,201
Taxes, remuneration and social security
45
8
-
Taxes
450/3
8
-
Remuneration and social security
454/9
-
-
TOTAL LIABILITIES
10/49
1,704,849
1,756,698
2B2B
SHURGARD ANNUAL REPORT 2024
332
INCOME STATEMENT
(in € thousands)
Codes
2025
2024
Operating income and operating charges
146
143
Gross margin
9900
146
143
Remuneration, social security and pensions
62
(806)
(829)
Amortisations of formation expenses and intangible
fixed assets
630
(590)
(584)
Other operating charges
640/8
(3,763)
(3,792)
Operating profit (loss)
9901
(5,013)
(5,062)
Financial income
75/76B
(1)
-
Non-recurring financial income
76B
(1)
-
Financial charges
65/66B
(17,001)
(7,381)
Recurring financial charges
65
(17,001)
(7,381)
Non-recurring financial charges
65B
-
-
Profit (loss) for the period before taxes
9903
(22,015)
(12,442)
Income taxes on the result
67/77
995
1,068
Profit (loss) for the period
9904
(21,019)
(11,374)
Transfer (-) to/release (+) from tax-exempt reserves
-
-
Profit (Loss) of the period available for appropriation
9905
(21,019)
(11,374)
APPROPRIATION OF RESULT
(in € thousands)
Codes
December 31, 2025
December 31, 2024
Profit (loss) to be appropriated
9906
(21,019)
(11,374)
Profit (loss) of the period available for appropriation
(9905)
(21,019)
(11,374)
Profit (loss) of the preceding period brought forward
14P
-
-
Appropriations to equity
691/2
-
-
to legal reserve
6920
to other reserves
6921
Profit (loss) to be carried forward
(14)
(21,019)
(11,374)
Profit to be distributed
694/7
-
-
SHURGARD ANNUAL REPORT 2024
333
NOTES TO THE ACCOUNTS
20 FORMATION EXPENSE
Formation expense consists of cost incurred with the Company’s capital increases.
The additions during 2025 consist of equity issuance cost incurred in connection with the issuance of 2,485,525 new
ordinary shares.
(in € thousands)
December 31, 2025
December 31, 2024
Cost of capital increase
At the beginning of the year
22,672
22,610
Additions
119
62
At the end of the period
22,790
22,672
Accumulated amortization
At the beginning of the year
20,554
19,970
Amortization for the period
590
584
At the end of the period
21,143
20,554
Net book value
At the beginning of the year
2,118
2,640
At the end of the period
1,647
2,118
280 PARTICIPATING INTERESTS
The Company holds participating interests as follows in affiliated entities at December 31, 2025 and 2024:
Affiliated entities
Country
Ownership
in € thousands
Shurgard Luxembourg S.à r.l.
Luxembourg
100.0%
345,816
Shurgard UK Ltd
UK
100.0%
857,987
Shurgard UK LNS Holding Ltd
UK
100.0%
447,853
Total interests in affiliated entities
1,651,656
10 CAPITAL AND SHARE PREMIUM
(in € thousands except number of shares)
# shares
Share capital
Share premium
At the beginning of the year
98,486,798
70,287
898,429
Issue of new shares - June 2025 (scrip) dividend
1,267,459
905
42,671
Issue of new shares - Sep 2025 (scrip) dividend
1,192,066
851
39,398
Issue of new shares - share option exercises
26,000
19
579
At the end of the financial year
100,972,323
72,061
981,077
Analysis of share capital
Class of shares
Ordinary shares of no par value
100,972,323
SHURGARD ANNUAL REPORT 2024
334
40/41 AMOUNTS RECEIVABLE WITHIN ONE YEAR
Accounts receivable within one year at year-end 2025 and 2024 consisted of the following:
(in € thousands)
December 31, 2025
December 31, 2024
Cash advance granted to Shurgard Luxembourg Sàrl
48,971
92,685
Receivable balances other group companies
2,239
10,118
Debit balance supplier
65
-
Credit notes to receive
8
8
Total
51,283
102,811
The receivables do not bear interest and have no maturity date.
174/0 OTHER LOANS PAYABLE WITHIN MORE THAN ONE YEAR
To finance the acquisition of Shurgard UK LNS Holding Ltd, Shurgard Luxembourg granted on August 7, 2024, a €439,862
thousands loan to the company, bearing fixed interest of 3.80% per annum and maturing on August 7, 2034.
During 2025, the Company paid €16,947 thousands interests on the loan, compared to €7,131 thousands in 2024.
44 TRADE DEBTS PAYABLE WITHIN ONE YEAR
(in € thousands)
December 31, 2025
December 31, 2024
Accounts payable and invoices to receive
320
241
Payable balances other group companies
424
32
Accrued consultancy fees
1,147
928
Other accrued expenses
15
-
Total
1,906
1,201
62 REMUNERATION, SOCIAL SECURITY AND PENSIONS
(in € thousands)
2025
2024
Director's fees
1
760
803
Employers‘ social security
46
31
Other costs
-
(5)
Total
806
829
1 Gross director’s fees paid to the non-executive members of the Company’s Board.
The Company does not employ any employees.
SHURGARD ANNUAL REPORT 2024
335
640/8 OTHER OPERATING CHARGES
Other operating charges consist of the following:
(in € thousands)
2025
2024
Lawyer’s, tax and other consultancy fees
996
815
Travel expense, irrecoverable VAT and other expenses
430
599
Centralized support. service charges recharged by affiliated undertakings
1,525
1,575
Auditor’s fees
529
546
Insurance expense – D&O
137
147
Public relations
32
2
Membership (association) fees
114
108
Total
3,763
3,792
65 RECURRING FINANCIAL CHARGES
The recurring financial charges can be detailed as follows:
(in € thousands)
2025
2024
Interest payable Shurgard Luxembourg Sàrl
16,947
7,131
Bank charges
4
6
Fees paid to (share) liquidity providers
28
33
Realized exchange losses
21
210
Total
17,001
7,381
67/77 INCOME TAXES ON THE RESULT
The tax benefit recorded by the company arises due to the surrender of losses through group relief to other profitable
group companies, for which such other group companies make a group relief payment, which reflects the tax benefit
received by such group companies.
SHURGARD ANNUAL REPORT 2025
336
INDEPENDENT AUDITOR’S REPORT
REPORT OF THE REGISTERED AUDITOR ON THE (ACCOMPANYING)
SPECIAL PURPOSE STAND-ALONE ACCOUNTS OF SHURGARD SELF
STORAGE LTD FOR THE YEAR ENDED 31 DECEMBER 2025
By virtue of the engagement letter dated 26 September 2025, we present to you our registered
auditor’s report in the context of our contractual audit of the (accompanying) special purpose
stand-alone accounts of Shurgard Self Storage Ltd (the “Company”) for the year ended 31
December 2025, which have been prepared in view of the requirements of Article 12 of the
Royal Decree of 14 November 2007.
Report on the audit of the (accompanying) special purpose stand-
alone accounts
Unqualified opinion
We have performed the contractual audit of the Company’s (accompanying) special purpose
stand-alone accounts which comprise the balance sheet as at 31 December 2025 and the
profit and loss account for the year then ended, and the notes to the (accompanying) special
purpose stand-alone accounts, characterised by a balance sheet total of EUR 1.704,4 million
and a profit and loss account showing a loss for the year of EUR 21,0 million.
In our opinion, the (accompanying) special purpose stand-alone accounts has been prepared,
in all material respects, in accordance with the ‘summary of accounting principles’, which has
been approved by the board of directors and as included in note ‘Stand-alone accounts of
Shurgard Self Storage Ltd and auditor’s report’ to the (accompanying) special purpose stand-
alone accounts and the requirements of Article 12 of the Royal Decree of 14 November 2007.
Basis for unqualified opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) as
applicable in Belgium. Furthermore, we have applied the International Standards on Auditing
as approved by the IAASB which are applicable to the year-end and which are not yet
approved at the national level. Our responsibilities under those standards are further described
in the ‘Registered auditor’s responsibilities for the audit of the (accompanying) special purpose
stand-alone accounts’ section of our report. We have obtained from the board of directors and
Company officials the explanations and information necessary for performing our audit.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
SHURGARD ANNUAL REPORT 2025
337
Independence
We have complied with the independence and other ethical requirements in the International
Ethics Standards Board for Accountants’ (IESBA) International Code of Ethics for Professional
Accountants together with the legal Belgian requirements in respect of the auditor
independence, particularly in accordance with the rules set down in articles 12, 13, 14, 16, 20,
28 and 29 of the Belgian Act of 7 December 2016 organising the audit profession and its public
oversight of registered auditors.
Emphasis of Matter – Basis of accounting
We draw attention to note ‘summary of accounting principles’ to the (accompanying) special
purpose stand-alone accounts, which describes the basis of accounting. The (accompanying)
special purpose stand-alone accounts have been prepared in view of the requirements of
Article 12 of the Royal Decree of 14 November 2007. As a result, the (accompanying) special
purpose stand-alone accounts may not be suitable for another purpose. Our opinion is not
modified in respect of this matter.
Other Matter: Non-statutory financial statements
Without modifying our opinion, we draw attention to the fact that these (accompanying) special
purpose stand-alone accounts have not been prepared under the requirements of The
Companies (Guernsey) Law, 2008 and are not the Company‘s statutory financial statements
under that law. PricewaterhouseCoopers CI LLP in Guernsey is the Company's statutory
auditor and has been engaged to separately opine on the Company's statutory consolidated
financial statements, prepared and audited in accordance with The Companies (Guernsey)
Law, 2008.
Responsibilities of those charged with governance for the preparation of the
(accompanying) special purpose stand-alone accounts
The board of directors is responsible for the preparation of the (accompanying) special
purpose stand-alone accounts that has been prepared, in all material respects, in accordance
with the summary of accounting principles, which has been approved by the board of directors,
as included in note ‘Stand-alone accounts of Shurgard Self Storage Ltd and auditor’s report’
to the (accompanying) special purpose stand-alone accounts, and for such internal control as
the board of directors determines is necessary to enable the preparation of the
(accompanying) special purpose stand-alone accounts that are free from material
misstatement, whether due to fraud or error.
In preparing the (accompanying) special purpose stand-alone accounts, the board of directors
is responsible for assessing the Company’s ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Company or to cease operations,
or has no realistic alternative but to do so.
Registered auditor’s responsibilities for the audit of the (accompanying) special
purpose stand-alone accounts
SHURGARD ANNUAL REPORT 2025
338
Our objectives are to obtain reasonable assurance about whether the (accompanying) special
purpose stand-alone accounts as a whole is free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of
the (accompanying) special purpose stand-alone accounts.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the (accompanying)
special purpose stand-alone accounts, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
is representations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by the board of directors.
• Conclude on the appropriateness of the board of directors’ use of the going concern
basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on
the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the (accompanying) special purpose stand-alone accounts
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Company to cease to continue
as a going concern.
• Evaluate the overall presentation, structure, and content of the (accompanying)
special purpose stand-alone accounts, including the disclosures, and whether the
(accompanying) special purpose stand-alone accounts represent the underlying
transactions and events in a manner that achieves fair presentation.
We communicate with the board of directors regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
SHURGARD ANNUAL REPORT 2025
339
Limitation of use
This report is solely for the use of the board of directors, and then only for the purpose set out
in the engagement letter dated 26 September 2025, and may not be provided to any third party
without our prior written consent. In this respect, we consent to our report being shown to the
fullest extent permitted by law, for the sole purpose of the requirements of Article 12 of the
Royal Decree of 14 November 2007, on the understanding that we accept no responsibility or
liability for damages to anyone or to any other third party to whom our report may be provided
or into whose hands it may come.
Diegem, 25 February 2026
PwC Bedrijfsrevisoren BV/PwC Reviseurs d'Entreprises SRL
Represented by
Jeroen Bockaert*
Bedrijfsrevisor/Réviseur d'entreprises
*Acting on behalf of Jeroen Bockaert BV
339
APPENDIX: ALTERNATIVE
PERFORMANCE MEASURES
(APM)
SHURGARD ANNUAL REPORT 2025
340
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
non-same stores. Shurgard classifies as ‘same stores’ (i) stores in operations for more than three full years as
of January 1 of that year in the case of self-developed properties, (ii) stores in operation for one full year as of
January 1 of that year in the case of properties that have been acquired as well as (iii) stores that have
undergone minor redevelopments. 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 11 of the 2025 financial statements) 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:
Income statement line item
(in € thousands)
Reference to 2025
FY report
2025
2024
Rental revenue
Note 5
396,495
357,757
Fee income from customer goods coverage
Note 5
42,935
37,961
Ancillary revenue
Note 5
11,447
10,963
Property operating revenue (A)
450,877
406,681
Other revenue
Note 5
(24)
(177)
Real estate operating revenue
Statement of
Profit and Loss
450,853
406,503
SHURGARD ANNUAL REPORT 2025
341
Income statement line item
(in € thousands)
Reference to 2025
FY report
2025
2024
Payroll expense
Note 6
51,090
47,067
Real estate and other taxes
Note 6
26,405
22,936
Repairs and maintenance
Note 6
15,120
13,944
Marketing expense
Note 6
14,590
11,888
Utility expense
Note 6
6,897
6,083
Doubtful debt expense
Note 6
7,862
6,962
Cost of insurance and merchandise sales
Note 6
4,104
4,592
Other operating expenses
Note 6
30,193
25,473
Real estate operating expenses (B)
Statement of
Profit and Loss
156,261
138,943
Income from property (NOI)
(A) - (B)
294,617
267,737
NOI measures the financial performance of our properties. It focuses on property operating revenue (generated
through the lease of storage units and related activities, including fee income from customer goods coverage
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.
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
December 31, 2025
December 31, 2024
Income from property (NOI)
294,617
267,737
Property operating revenue
÷
450,877
406,681
NOI Margin %
=
65.3%
65.8%
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 real estate
operations earnings with those of other similar 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 adjusting items. It provides with a
view on what management considers being the core performance of the company, enhancing comparability
across entities.
SHURGARD ANNUAL REPORT 2025
342
(in € thousands)
Q4 2025
Q4 2024
+/-
FY 2025
FY 2024
+/-
Operating profit before property
related adjustments
68,123
63,955
6.5%
258,229
229,052
12.7%
Depreciation and amortization
expense
1,460
1,111
31.4%
6,299
4,121
52.9%
EBITDA (AER)
69,583
65,066
6.9%
264,529
233,173
13.4%
Other
406
3,877
-89.5%
1,198
7,272
-83.5%
Underlying EBITDA (AER)
69,989
68,943
1.5%
265,727
240,445
10.5%
Foreign exchange
-
(323)
-100.0%
-
341
-100.0%
Underlying EBITDA (CER)
69,989
68,620
2.0%
265,727
240,785
10.4%
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. In the constant exchange rate
(CER) comparison, 2024 financials are recalculated using 2025 exchange rates:
2025
Average rate
closing rate
1 EUR =
Q1
Q2
Q3
Q4
December 31
Pound Sterling
GBP
0.8354
0.8495
0.8669
0.8752
0.8725
Swedish Krona
SEK
11.2402
10.9623
11.1208
10.9494
10.8144
Danish Krone
DKK
7.4600
7.4615
7.4636
7.4683
7.4688
NET 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, where they are due immediately.
(in € thousands)
December 31, 2025
December 31, 2024
Carrying value of interest-bearing loans and borrowings
1,559,467
1,480,529
Unamortized portion of debt financing costs
10,533
9,471
Carrying value of lease obligations
141,169
146,030
Less: Cash and cash equivalents
(55,958)
(142,575)
Net debt
1,655,211
1,493,455
SHURGARD ANNUAL REPORT 2025
343
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
in line with its financial strategy.
(in € thousands)
December 31, 2025
December 31, 2024
Net debt
1,655,211
1,493,455
Investment property (incl. under construction) - Note 14
7,123,455
6,410,541
Loan-to-value ratio (LTV)
23.2%
23.3%
NET DEBT TO UNDERLYING EBITDA RATIO
Net debt to underlying EBITDA ratio represents the Group’s net debt divided by trailing 12 months earnings
before interest, taxes, depreciation, and amortization (TTM EBITDA) and a measure of recurring core earnings
capacity available to service the debt.
(in € thousands)
December 31, 2025
December 31, 2024
Net debt
1,655,211
1,493,455
TTM Underlying EBITDA
265,727
240,445
Net debt/Underlying EBITDA
6.2x
6.2x
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 demonstrates Shurgard’s capacity to meet its outstanding interest obligations on time.
(in € thousands)
December 31, 2025
December 31, 2024
Underlying EBITDA
265,727
240,445
Finance results excl. foreign exchange loss
50,723
30,239
Interest coverage ratio
5.2x
8.0x
SHURGARD ANNUAL REPORT 2025
344
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 year ended December 31)
2025
2024
EPRA earnings
175,110
158,716
EPRA earnings per share (basic - €)
1.76
1.63
EPRA earnings per share (diluted - €)
1.76
1.62
Adjusted EPRA earnings
173,079
167,386
Adjusted EPRA earnings per share (basic - €)
1.74
1.71
Adjusted EPRA earnings per share (diluted - €)
1.73
1.71
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 year ended December 31)
2025
2024
Profit attributable to ordinary equity holders of the parent for basic
earnings
597,760
402,850
Adjustments:
Changes in value of investment properties, development
properties held for investment and other interests
1
(519,481)
(331,070)
Profits or losses on disposal of investment properties,
development properties held for investment, right of use assets
and other interests
(257)
(2)
Changes in fair value of financial instruments and associated
close-out costs
2,316
-
Adjustments related to non-operating and exceptional items
(937)
-
Current and deferred tax in respect of EPRA adjustments
94,609
86,511
Non-controlling interest in respect to the above
1,100
426
EPRA earnings
175,110
158,716
Basic number of shares
99,548,156
97,641,112
EPRA earnings per share (basic - €)
1.76
1.63
Diluted number of shares
99,765,868
97,938,426
EPRA earnings per share (diluted - €)
1.76
1.62
1 Including investment property under construction and right-of-use investment property assets.
SHURGARD ANNUAL REPORT 2025
345
ADJUSTED EPRA EARNINGS AND ADJUSTED EPRA EARNINGS PER SHARE
(in € thousands,
except for earnings per share for the year ended December 31)
2025
2024
EPRA earnings
175,110
158,716
Company specific adjustments:
Other adjusting items
3,715
11,201
Cost incurred on ERP implementation, LnS integration, equity
issuance and abandoned acquisition project
1,107
6,932
Amortization intangible assets acquired from LnS
1,672
-
Adjustments related to non-operating and exceptional items
937
-
Foreign exchange loss on deal contingent forward
-
4,269
Tax adjustments
(5,746)
(2,530)
Deferred tax (benefit) expense on items other than the
revaluation of investment property
(5,255)
438
Net impact of tax assessments and other adjusting items
(177)
(74)
Current income tax adjustments in respect of the above
(314)
(2,894)
Non-controlling interest in respect to the above
-
-
Adjusted EPRA Earnings
173,079
167,386
Basic number of shares
99,548,156
97,641,112
Adjusted EPRA earnings per share (basic) €
1.74
1.71
Diluted number of shares
99,765,868
97,938,426
Adjusted EPRA earnings per share (diluted) €
1.73
1.71
ADJUSTED EPRA EARNINGS EFFECTIVE TAX RATE
(in € thousands, for the year ended December 31)
2025
2024
Adjusted EPRA earnings
173,079
167,386
Current tax expense
38,807
34,869
Adjusted EPRA earnings before current tax expense
211,886
202,256
Adjusted EPRA Earnings Effective Tax Rate
18.3%
17.2%
ADJUSTED EPRA EARNINGS AND FOREIGN EXCHANGE RATE RISK
The following table presents the sensitivity analysis of our adjusted EPRA earnings in euros in case the euro
would weaken by 10% versus the GBP, DKK and SEK, respectively:
(in € thousands)
2025
2024
GBP
5,096
4,036
DKK
1,114
1,074
SEK
812
322
Total impact adjusted EPRA earnings
7,021
5,432
Positive amounts represent an increase in adjusted EPRA earnings.
SHURGARD ANNUAL REPORT 2025
346
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)
December 31, 2025
December 31, 2024
NAV
4,514,961
4,011,116
NAV per share (basic) €
44.71
40.73
NAV per share (diluted) €
44.65
40.62
EPRA NRV
6,053,276
5,372,359
EPRA NRV per share (diluted) €
59.86
54.41
EPRA NTA (diluted)
5,388,720
4,781,618
EPRA NTA per share (diluted) €
53.29
48.43
EPRA NDV (diluted)
4,570,446
4,035,142
EPRA NDV per share (diluted) €
45.20
40.87
EPRA Group LTV %
22.8%
23.6%
EPRA Combined LTV %
22.8%
23.6%
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)
December 31, 2025
December 31, 2024
NAV attributable to ordinary equity holders of the parent
4,514,961
4,011,116
Number of ordinary shares at the reporting date
100,972,323
98,486,798
Number of diluted shares at the reporting date
146,401
254,807
NAV per share (basic) €
44.71
40.73
NAV per share (diluted) €
44.65
40.62
SHURGARD ANNUAL REPORT 2025
347
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)
December 31, 2025
December 31, 2024
Equity attributable to ordinary equity holders of the parent (diluted)
4,514,961
4,011,116
Include/exclude:
Hybrid instruments
-
-
Diluted NAV
4,514,961
4,011,116
Diluted NAV at fair value
4,514,961
4,011,116
Exclude:
Deferred taxes on fair value adjustments of investment property
885,515
784,341
Include:
Real estate transfer tax
652,800
576,902
EPRA NRV
6,053,276
5,372,359
Fully diluted number of shares
101,118,724
98,741,605
EPRA NRV per share (diluted) €
59.86
54.41
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)
December 31, 2025
December 31, 2024
Equity attributable to ordinary equity holders of the parent (diluted)
4,514,961
4,011,116
Diluted NAV
4,514,961
4,011,116
Diluted NAV at fair value
4,514,961
4,011,116
Exclude:
Deferred taxes on fair value adjustments of investment property
885,515
784,341
Intangible assets recognized in the statement of financial position
(11,756)
(13,839)
EPRA NTA
5,388,720
4,781,618
Fully diluted number of shares
101,118,724
98,741,605
EPRA NTA per share (diluted) €
53.29
48.43
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.
SHURGARD ANNUAL REPORT 2025
348
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)
December 31, 2025
December 31, 2024
NAV attributable to ordinary equity holders of the parent (diluted)
4,514,961
4,011,116
Diluted NAV
4,514,961
4,011,116
Diluted NAV at fair value
4,514,961
4,011,116
Include:
Fair value of fixed interest rate debt: Carrying value senior
guaranteed notes lower than fair value (Note 32)
55,485
24,027
EPRA NDV
4,570,446
4,035,142
Fully diluted number of shares
101,118,724
98,741,605
EPRA NDV per share (diluted) €
45.20
40.87
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.
SHURGARD ANNUAL REPORT 2025
349
As of December 31, 2025, 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
1,559,467
-
-
-
1,559,467
Net payables
91,801
-
-
2,257
94,059
Exclude:
Cash and cash equivalents
(55,958)
-
-
54
(55,904)
Net Debt (a)
1,595,310
-
-
2,311
1,597,621
Include:
Investment properties at fair value
6,726,881
-
-
(12,424)
6,714,458
Properties held for sale
-
-
-
-
-
Properties under development
261,203
-
-
6
261,209
Intangibles
11,756
-
-
-
11,756
Total Property Value (b)
6,999,840
-
-
(12,417)
6,987,423
EPRA LTV (a/b)
22.8%
N/A
22.9%
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
6,862,252
-
-
(4,913)
6,857,339
Less ROU IP (IFRS 16)
(135,371)
-
-
-
(135,371)
Investment property for EPRA LTV
calculation
6,726,881
-
-
(4,913)
6,721,968
Payables, net
Trade and other receivables
(51,759)
-
-
2,449
(49,310)
Other current assets
(17,519)
-
-
468
(17,051)
Other non-current assets
(7,822)
-
-
-
(7,822)
Trade and other payables
114,626
-
-
(2,428)
112,198
Deferred revenue
40,933
-
-
(86)
40,847
Income tax payable
9,181
-
-
(69)
9,112
Other non-current liabilities
4,161
-
-
-
4,161
Net Payables
91,801
-
-
334
92,135
SHURGARD ANNUAL REPORT 2025
350
As of December 31, 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
288,566
-
-
-
288,566
Bond loans
1,191,964
-
-
-
1,191,964
Net payables
142,889
-
-
1,967
144,855
Exclude:
Cash and cash equivalents
(142,575)
-
-
5
(142,569)
Net Debt (a)
1,480,843
-
-
1,972
1,482,815
Include:
Investment properties at fair value
6,108,860
-
-
(11,433)
6,097,427
Properties held for sale
657
-
-
-
657
Properties under development
160,629
-
-
-
160,629
Intangibles
13,839
-
-
-
13,839
Total Property Value (b)
6,283,986
-
-
(11,433)
6,272,553
EPRA LTV (a/b)
23.6%
N/A
23.6%
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
6,249,911
-
-
(11,433)
6,238,478
Less ROU IP (IFRS 16)
(141,052)
-
-
-
(141,052)
Investment property for EPRA LTV
calculation
6,108,860
-
-
(11,433)
6,097,427
Payables, net
Trade and other receivables
(29,566)
-
-
31
(29,535)
Other current assets
(15,707)
-
-
-
(15,708)
Other non-current assets
(6,689)
-
-
-
(6,689)
Trade and other payables
143,692
-
-
2,129
145,820
Deferred revenue
40,306
-
-
(86)
40,220
Income tax payable
10,854
-
-
(107)
10,747
Other non-current liabilities
-
-
-
-
-
Net Payables
142,889
-
-
1,967
144,855
SHURGARD ANNUAL REPORT 2025
351
CAPITAL EXPENDITURE
(in € thousands)
2025
2024
Acquisitions/additions of investment property
46,322
788,516
New development
131,929
103,435
Redevelopment of properties
78,002
84,176
Capital expenditure
256,253
976,127
The Group currently holds no investments in joint ventures.
Capital expenditures disclosed in the table are categorized according to the EPRA recommendations and consist
of the items “Acquisition of investment property” and “Capital expenditure” presented in Note 14 Investment
property and investment property under construction.
EPRA VACANCY RATE
(in € thousands, at CER, except where indicated)
2025
2024
+/-
Estimated rental revenue of vacant space
81,786
62,373
31.1%
Estimated rental revenue of the whole portfolio
478,281
420,214
13.8%
EPRA Vacancy Rate
17.1%
14.8%
2.3pp
The EPRA vacancy rate shows how much of the full potential rental revenue is not received because of vacancy.
The EPRA vacancy rate is calculated by dividing the estimated rental revenue of vacant space by the estimated
rental revenue of the whole property portfolio if all properties were fully rented, both based on the rental
revenue of the year and the occupancy rate at year end. The EPRA vacancy rate came to 17.1% at the end of
2025 slightly up compared to 14.8% in 2024, mainly due to the addition of new properties.
SHURGARD ANNUAL REPORT 2025
352
EPRA LIKE-FOR-LIKE RENTAL GROWTH
LFL net rental growth compares the growth of the net rental income of the portfolio that has been consistently
in operation, and not under development, during the two full preceding periods that are described. Information
on the growth in net rental income, other than from acquisitions and disposals, allows stakeholders to arrive
at an estimate of organic growth. This can be used to measure whether the reversions feed through as
anticipated, and whether the vacancy rates are changing. This is presented on a segmented basis by geography.
All properties are stores, therefore a segment spread by business type is not included.
Shurgard classifies as “LFL” (i) stores in operations for more than three full years as of January 1 of that year in
the case of self-developed properties, (ii) stores in operation for one full year as of January 1 of that year in the
case of properties that have been acquired as well as (iii) stores that have undergone minor redevelopments..
FY 2025 Whole
portfolio
FY 2025 LFL portfolio
(in € thousands, at CER,
except where
indicated)
Total
market
value
Rental
revenue
2025
Total
market
value
Rental
revenue
2025
Rental
revenue
2024
Growth in LFL rental
revenue
€
%
The United Kingdom
1,858,504
98,143
1,155,629
65,869
64,723
1,146
1.8%
The Netherlands
1,268,430
80,928
985,110
70,674
67,369
3,305
4.9%
France
1,300,250
80,235
1,153,280
75,583
73,318
2,265
3.1%
Germany
955,481
50,541
490,070
31,683
30,631
1,052
3.4%
Sweden
729,584
45,124
709,074
45,092
43,219
1,873
4.3%
Belgium
363,700
26,248
363,700
26,248
25,357
892
3.5%
Denmark
250,932
15,275
250,932
15,275
14,816
459
3.1%
Total portfolio
6,726,881
396,495
5,107,795
330,425
319,432
10,992
3.4%
FY 2024 Whole
portfolio
FY 2024 LFL portfolio
(in € thousands, at CER,
except where
indicated)
Total
market
value
Rental
revenue
2024
Total
market
value
Rental
revenue
2024
Rental
revenue
2024
Growth in LFL rental
revenue
€
%
The United Kingdom
1,805,740
80,942
1,145,310
64,506
61,255
3,250
5.3%
The Netherlands
1,094,205
74,596
896,005
66,571
61,474
5,097
8.3%
France
1,197,050
77,336
1,057,110
71,503
68,798
2,705
3.9%
Germany
806,020
42,885
440,650
29,827
26,984
2,843
10.5%
Sweden
640,294
41,816
606,369
40,152
39,869
282
0.7%
Belgium
326,308
25,357
326,308
25,357
23,501
1,856
7.9%
Denmark
239,243
14,825
239,243
14,825
14,039
786
5.6%
Total portfolio
6,108,860
357,757
4,710,995
312,740
295,920
16,820
5.7%
SHURGARD ANNUAL REPORT 2025
353
EPRA COST RATIOS
The EPRA cost ratios are aimed at providing a meaningful measurement and comparison of the changes in a
company’s operating costs.
(in € thousands, except where indicated)
2025
2024
+/-
Administrative/operating expense line per IFRS income
statement
1
(187,043)
(166,511)
12.3%
Net service charge costs/fees
-
-
N/A
Management fees less actual/estimated profit element
-
-
N/A
Other operating income/recharges intended to cover overhead
expenses less any related profits
-
-
N/A
Share of Joint Ventures expenses
-
-
N/A
Exclude (if part of the above):
Investment Property depreciation
-
-
N/A
Ground rent costs
(1,072)
(860)
24.6%
Service charge costs recovered through rents but not
separately invoiced
-
-
N/A
EPRA costs (including direct vacancy costs)
(185,971)
(165,651)
12.3%
Direct vacancy costs
-
-
N/A
EPRA costs (excluding direct vacancy costs)
(185,971)
(165,651)
12.3%
Gross Rental Income less ground rent costs - per IFRS
397,567
358,617
10.9%
Less: service fee and service charge costs components of Gross
Rental Income (if relevant)
-
-
N/A
Add: share of Joint Ventures (Gross Rental Income less ground
rent costs)
-
-
N/A
Gross Rental Income
397,567
358,617
10.9%
EPRA Cost ratio (including direct vacancy costs)
46.8%
46.2%
0.6pp
EPRA Cost ratio (excluding direct vacancy costs)
46.8%
46.2%
0.6pp
1 The company has a policy of capitalizing overhead and operating expenses (e.g., legal fees, development staff, etc). For the year ended 2025, a total of
€5.0 million was eligible for capitalization.
SHURGARD ANNUAL REPORT 2025
354
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)
2025
2024
+/-
Investment property – wholly owned
6,988,083
6,269,489
11.5%
Investment property – share of JVs/Funds
-
-
N/A
Trading property (including share of JVs)
-
-
N/A
Less: developments
261,202
160,629
62.6%
Completed property portfolio
6,726,881
6,108,860
10.1%
Allowance for estimated purchasers’ costs
546,022
501,850
8.8%
Gross up completed property portfolio valuation
7,272,904
6,610,710
10.0%
Annualised cash passing rental income
396,495
357,757
10.8%
Property outgoings
(51,317)
(44,103)
16.4%
Annualised net rents
345,178
313,654
10.1%
Add: notional rent expiration of rent-free periods or other
lease incentives
1
-
-
N/A
Topped-up net annualised rent
345,178
313,654
10.1%
EPRA Net Initial Yield (NIY)
4.7%
4.7%
0.0pp
EPRA 'topped-up' NIY
4.7%
4.7%
0.0pp
1 No unexpired lease incentives such as rent-free periods, discounted rent periods and step rents applicable.
SHURGARD ANNUAL REPORT 2025
355
PUBLISHER
Shurgard Self Storage Ltd
Ground Floor, Plaza House,
Admiral Park,
St Peter Port,
GY1 2HU,
Guernsey
www.shurgard.com
COPYWRITING AND DESIGN
TEAM LEWIS
Battersea Power Station
50 Electric Boulevard,
Nine Elms,
London
SW11 8BJ
www.teamlewis.com
PHOTOS
Shurgard Self Storage Ltd