Safestore Holdings plc Annual report and financial statements 2024
Annual Report 2024
Safestore Holdings plc

Contents
Overview
1 Highlights
2 Financial highlights
4 About us
5 Investment case
Strategic report
6 Chairman’s statement
8 Chief Executive’s statement
20 Financial review
31 Engaging with our stakeholders
andourSection172(1) statement
34 Principal risks
40 Viability statement
41 Compliance with Climate-related Financial
Disclosures
42 Sustainability
Corporate governance
78 Introduction to corporate governance
80 Board of Directors
82 Corporate governance
87 Nomination Committee report
89 Audit Committee report
93 Directors’ remuneration report
119 Directors’ report
123 Statement of Directors’ responsibilities
Financial statements
124 Independent auditor’s report
131 Consolidated income statement
131 Consolidated statement ofcomprehensiveincome
132 Consolidated balance sheet
133 Consolidated statement of changes
inshareholders’equity
134 Consolidated cash flow statement
135 Notes to the financial statements
165 Company balance sheet
166 Company statement of changes inequity
167 Notes to the Company financialstatements
171 Glossary
173 Directors and advisers
We have delivered resilient operating performance in challenging
market conditions and have made good progress on our
strategicpriorities.
Over the year, the Group’s revenue stabilised with improving
performance in the UK supported by solid results in Paris and strong
growth in our Expansion Markets.
In the UK, we are encouraged by the continued improvements in
domestic customer occupancy with increasingly positive levels of
occupied space vs prior year through the second half of the year.
We have presented our other countries combined together
as‘Expansion Markets’ to reflect their importance in driving growth
for the Group. These markets have once again delivered strong
performance in the year both in like-for-like growth and in total
revenue terms through the additional revenue from new stores.
In the financial year, we added 386,000 sq ft of MLA (equivalent
to 5% of the MLA at the start of the year) through ten new stores
and extensions with a further five stores with 263,400 sq ft of MLA
opened following year end. In addition our development pipeline
includes 26 stores with a projected total MLA of 1,338,200 sq ft,
reflecting 16% of year-end MLA, providing a clear pathway for further
future revenue growth.
The borrowings for the expansion of our asset base have led to
higher interest costs, with a £5.5 million increase year on year.
Adjusted EPRA earnings of £92.7 million reflect an 11.8% decrease
year on year.
We have further strengthened our balance sheet by extending our
RCF by £100 million to £500 million as well as its term by one year to
provide additional liquidity. Following the year end, we successfully
issued a new €70 million eight-year USPP.
Our business performance remains robust with strong levels of
cash generation and our development programme is adding the
potential for meaningful EBITDA growth, so we remain confident
torecommend a full year dividend of 30.4 pence per share,
representing a 1% increase on prior year.
Finally, I would like to thank all of our colleagues across our stores
and Head Office whose commitment, hard work and customer
centric approach have been instrumental in driving our performance
and sustained growth.
Frederic Vecchioli
Chief Executive Officer
A year of significant
strategic progress
Overview

Revenue (£’m)
£223.4m
+(0.3)%
186.8
22
162.3
21
20
212.5
224.2
23
24
Highlights
Resilient financial
performance
• Group revenue at CER grew 1.1%
year on year excluding £2.2 million
of insurance premium tax (“IPT”)
relating to the sale of customer
goods insurance in FY 2023 not
repeated this year
• Group revenue flat year on year:
down 0.3% at actual FX rates and
up 0.2% at CER
• Group like-for-like revenue in CER
flat year on year
• Underlying EBITDA down 4.2% in
CER reflecting market inflationary
pressures on key cost lines and the
impact of new developments
• Adjusted Diluted EPRA EPS down
11.7% at 42.3 pence (FY2023:
47.9 pence)
• 1% increase in the dividend for
theyear to 30.4 pence per share
(FY2023: 30.1 pence per share)
inline with our progressive policy
Strategic progress
• Opening of ten new stores and
extensions in the year with a further
five opened following year end, adding
a total of 386,000 sq ft of MLA
• Development pipeline of an additional
26 stores with a total of 1.3 million
sqft MLA, equivalent to 16% of the
portfolio at year end with potential
toadd, together with other open non
like-for-like stores, £35–£40 million
offuture EBITDA at stabilisation
• Acquisition of 19,800 sq ft trading store
in Chelsea Embankment, London
• Purchase of the freehold interests
oftwo stores in Le Marais (Paris)
andManchester
• Continued growth of German
joint venture portfolio with three
development opportunities secured
in the year
• Following year end, entered into a
joint venture with Nuveen to acquire
the EasyBox self-storage business
in Italy with ten operating stores and
two under development totalling
780,000 sq ft of MLA. This follows
the Group strategy of entering high
potential markets with low levels of
supply alongside partners. Safestore
will operate the business, leveraging
Group capabilities
Strong and flexible
balance sheet
• 13.6% increase in property valuation
(including investment properties under
construction) to £3,284.1 million
(FY2023: £2,890.9 million)
• 14.6% increase in EPRA Basic NTA
per share to £10.91 (FY 2023: £9.52)
• Exercise of RCF accordion option to
increase facility size by £100.0 million
to £500.0 million
• Exercise of RCF extension option
toincrease maturity date by one
year to November 2028
• Net Debt £899.5 million (FY2023:
£810.3 million). Group loan-to-value
ratio (“LTV”
14
) at 25.1% (FY 2023:
25.4%) and interest cover ratio
(“ICR”
15
) at 4.3x(FY 2023: 6.7x)
• Ample liquidity with unutilised
bankfacilities of £144.3 million
at 31October 2024 (FY 2023:
£197.0 million)
• €51.0 million USPP matured
andrepaid in FY 2024, and in
December 2024, following year
end,new €70.0 million USPP
issuedwith an eight-year term
Key performance indicators
Dividend (pence per share)
30.4p
+1.0%
25.10
22
18.60
21
20
29.80
30.10
23
24
118.0
22
93.9
21
20
135.1
23
24
Underlying EBITDA
2
(£’m)
£135.4m
+(4.8)%
AA
MSCI
ESG Rating
95 (A)
GRESB Public
Disclosure Level
Gold
EPRA sBPR
IIP
Platinum – Investors in
People Accreditation
Sustainability accreditations
223.424 30.4024135.424
224.2 30.10142.2
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Safestore Holdings plc | Annual report and financial statements 2024
1

Key measures
Year ended
31 October
2024
Year ended
31 October
2023 Change
1
Change – CER
2
Underlying and operating metrics – total
Revenue
3
223.4 224.2 (0.3%) 0.2%
Underlying EBITDA
4
135.4 142.2 (4.8%) (4.2%)
Closing Occupancy (let sq ft – million)
5
6.41 6.23 2.9% n/a
Closing Occupancy (% of MLA)
6
74.6% 77.0% (2.4ppt) n/a
Maximum Lettable Area (MLA) 8.59 8.09 6.2% n/a
Average Storage Rate
7
29.85 30.26 (1.4%) (0.8%)
REVPAF (£)
8
26.69 27.70 (3.7%) (3.1%)
Adjusted Diluted EPRA Earnings per Share
9
42.3 47.9 (11.7%) n/a
Free Cash Flow
10
86.2 89.2 (3.4%) n/a
EPRA NTA per Share
11
1,091 952 14.6% n/a
Underlying and operating metrics – like-for-like
12
Revenue 217.9 218.9 (0.5%) 0.0%
Storage Revenue 183.6 186.4 (1.5%) (0.9%)
Ancillary Revenue 34.3 32.6 5.2% 5.5%
Underlying EBITDA 134.7 142.4 (5.4%) (4.9%)
Closing Occupancy (let sq ft – million) 6.11 6.12 (0.2%) n/a
Closing Occupancy (% of MLA) 78.8% 79.3% (0.5ppt) n/a
Average Occupancy (let sq ft- million) 6.05 6.12 (1.1%) n/a
Average Storage Rate 30.33 30.46 (0.4%) 0.2%
REVPAF (£) 28.18 28.39 (0.7%) (0.2%)
Statutory metrics
Operating profit 425.8 230.4 84.8% n/a
Profit before income tax 398.6 207.8 91.8% n/a
Diluted Earnings per Share 170.1 91.8 85.3% n/a
Dividend per Share 30.4 30.1 1.0% n/a
Cash inflow from operating activities 95.9 98.0 (2.0%) n/a
Basic net assets per share 1,020 888 14.8% n/a
Safestore Holdings plc | Annual report and financial statements 2024
2
Financial highlights

Notes to Highlights, Financial highlights, Chairman’s statement and Chief Executive’s statement
We prepare our financial statements using IFRS. However, we also use a number of adjusted measures in assessing and managing the performance
of the business. These measures are not defined under IFRS and they may not be directly comparable with other companies’ adjusted measures and
are not intended to be a substitute for, or superior to, any IFRS measures of performance. These include like-for-like figures, to aid in the comparability
of the underlying business as they exclude the impact on results of purchased, sold, opened or closed stores, and constant exchange rate (“CER”)
figures are provided in order to present results on a more comparable basis, removing FX movements. These metrics have been disclosed because
management reviews and monitors performance of the business on this basis. We have also included a number of measures defined by EPRA, which
are designed to enhance transparency and comparability across the European real estate sector; see notes 9 and 11 below and Non-GAAP financial
information/Alternative Performance Measures in the notes to the financial statements.
1 Where reported amounts are presented either to the nearest £0.1 million or to the nearest 10,000 sq ft, the effect of rounding may impact the
reported percentage change.
2 CER is Constant Exchange Rate. Euro denominated results for the current period have been retranslated at the exchange rate effective for the
comparative period. Euro denominated results for the comparative period are translated at the exchange rates effective in that period. This is
performed in order to present the reported results for the current period on a more comparable basis.
3 Store Protect replaced our customer goods insurance programme in the UK from 1 November 2023, attracting VAT rather than Insurance
Premium Tax (“IPT”). FY 2023 revenue includes £2.2 million representing 12% IPT on insurance sales for that financial year. The IPT in FY 2023
has been excluded from like-for-like figures to aid comparability.
4 Underlying EBITDA is defined as Operating profit before exceptional items, share-based payments, corporate transaction costs, change in fair
value of derivatives, gain/loss on investment properties, variable lease payments, depreciation and the share of associate’s depreciation, interest
and tax. Underlying EBITDA therefore excludes all leasehold rent charges. Underlying profit before tax is defined as Underlying EBITDA less
leasehold rent, depreciation charged on property, plant and equipment and net finance charges relating to bank loans and cash.
5 Occupancy excludes offices but includes bulk tenancy.
6 MLA is Maximum Lettable Area. Measured in square feet (sq ft).
7 Average Storage Rate is calculated as the revenue generated from self-storage revenues divided by the average square footage occupied during
the period in question.
8 Revenue per Available Square Foot (“REVPAF”) is an Alternative Performance measure used by the business and is considered by management
as the best KPI of economic performance of a mature self-storage asset as it is the net outcome of the occupancy/rate mix plus ancillary sales. It
is calculated by dividing revenue for the period by weighted average available square feet for the same period.
9 Adjusted Diluted EPRA EPS is based on the European Public Real Estate Association’s definition of earnings and is defined as profit or loss for
the period after tax but excluding corporate transaction costs, change in fair value of derivatives, gain/loss on investment properties and the
associated tax impacts. The Company then makes further adjustments for the impact of exceptional items, IFRS 2 share-based payment charges,
exceptional tax items, and deferred tax charges. This adjusted earnings is divided by the diluted number of shares. The IFRS 2 cost is excluded
as it is written back to distributable reserves and is a non-cash item (with the exception of the associated National Insurance element). Therefore,
neither the Company’s ability to distribute nor pay dividends are impacted (with the exception of the associated National Insurance element).
The financial statements will disclose earnings on a statutory, EPRA and Adjusted Diluted EPRA basis and will provide a full reconciliation of the
differences in the financial year in which any LTIP awards may vest.
10 Free cash flow is defined as cash flow before investing and financing activities but after leasehold rent payments.
11 EPRA’s Best Practices Recommendations guidelines for Net Asset Value (“NAV”) metrics are EPRA Net Tangible Assets (“NTA”), EPRA Net
Reinstatement Value (“NRV”) and EPRA Net Disposal Value (“NDV”). EPRA NTA is considered to be the most relevant measure for the Group’s
business which provides sustainable long term progressive returns and is now the primary measure of net assets. The basis of calculation,
including a reconciliation to reported net assets, is set out in note 14.
12 Like-for-like information includes only those stores which have been open throughout both the current and prior financial years, with adjustments
made to remove the impact of new and closed stores, as well as corporate transactions.
13 Expansion Markets comprise Spain, the Netherlands and Belgium plus income earned in relation to the joint venture in Germany (previously
shown in the UK segment).
14 LTV ratio is loan-to-value ratio, which is defined as net debt (excluding lease liabilities) as a proportion of the valuation of investment properties
and investment properties under construction (excluding lease liabilities).
15 ICR is interest cover ratio and is calculated as the ratio of Underlying EBITDA after leasehold rent to underlying finance charges.
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Safestore Holdings plc | Annual report and financial statements 2024
3

Wholly owned business Managed on behalf of joint venture
6
countries
810
colleagues
8.6m
sq ft Maximum
Lettable Area
199
stores
Our business model
We acquire, develop and operate sustainable
self-storageassetsin attractive European markets
Our purpose
To add stakeholder value by developing profitable
andsustainable spaces that allow individuals, businesses
andlocalcommunities to thrive
Having strong relationships with our key stakeholders
We have a wide range of stakeholders. What matters to each, how we engage and how
decision-making considers their expectations are set out in our Section 172 statement
B Read more on pages 31 to 33
Optimising trading performance
ofexistingportfolio
Maintaining a strong and
flexiblecapitalstructure
Selective portfolio management
andexpansion opportunities
B Read more on page 9
B Read more on page 82
B Read more on page 16
Our strategy
Our people
Provide a great
place to work
Our customers
Deliver a great customer
experience and help
customers live and
growsustainably
Our community
Benefit local communities
Our environment
Protect the planet from
our activities and manage
risks to our business from
climate change
B Read more on page 42
How we ensure sustainability
We love
customers
We lead
the way
We have
great people
We dare to
be different
We get it
B See page 52 for more details
Our values, created by our store teams, are the foundation of everything we do
Our values
Safestore Holdings plc | Annual report and financial statements 2024
4
About us
Who we are,
what we do

Safestore has a proven track record in long term value creation. Thebusiness model
remained resilient during the global financial crisis and the Covid-19 pandemic, with
a leading presence in London, Paris, and key markets within the self-storage sector.
Thisisunderpinned by developing profitable and sustainable spaces that allow
individuals, businesses, and local communities to thrive.
Strategic benefits
of scale
• In-house expertise and scalable
marketingtechnology
• Systems and pricing analytical
capacities
• UK Leading National
Accounts offering
Strong cash generation
• Scalable platform able to
finance development and
acquisitionopportunities
• Intelligent use of working capital,
positive operating cash flow, strong
and flexible capital structure, and
quality income-generating assets
• Strong dividend growth
Quality of earnings
• Diversified income stream from
90,000 customers
• Existing customers from prior years
driving 70% to 80% of revenue
• High margins – low break-even
• Low maintenance CAPEX
Unique portfolio
• European leading platform
• Leading positions in key
‘space- constrained’ European cities
• Unlet invested space equivalent to
around90 stores including pipeline
with further development
• Growth potential in UK/France
and further expansion in the
Netherlands, Belgium, German,
andSpanish markets
Attractive market
• Under-supplied and growing industry
• Significant barriers to entry
– constrained supply of
attractive locations
People
• A diverse community of well-trained,
motivated and engaged colleagues
• Investors in People Platinum
accreditation awarded
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Safestore Holdings plc | Annual report and financial statements 2024
5
Investment case
How we create value

Our purpose remains simple – to add
stakeholder value by developing profitable
and sustainable spaces that allow individuals,
businesses and local communities to thrive.”
David Hearn
Chairman
The last year has demonstrated Safestore’s continued resilience and
has seen significant strategic and operational progress. After five
years in the role, I continue to be impressed by the dedication and
resilience of the store, property development and Head Office teams
which have been instrumental in delivering this progress.
Our purpose remains simple, to continue to add stakeholder
value by developing profitable and sustainable spaces that allow
individuals, businesses and local communities to thrive. Our strategy
is underpinned by our values, our behaviours and our governance
structure which shape our culture and remain central to the way we
conduct our business.
I would like to take this opportunity to congratulate all my colleagues
throughout the Group for their exceptional contributions this year.
Strategic progress
Management’s first priority remains to maximise the economic
returnon our existing store portfolio and its 2.2 million sq ft of
fully invested unlet space, building on the significant operational
improvements made over the current management team’s tenure.
In addition, the Group has continued to make significant strategic
progress in expanding its presence across Europe through a
combination of new store openings and acquisitions. The Group
has now acquired 48 and opened 39 stores over the last eight
yearscreating value for all stakeholders ofthe Group.
This includes our investments in Expansion Markets (Spain, the
Netherlands and Belgium) where we see a significant opportunity
for growth both in terms of new stores and from like-for-like
improvements. Expansion Markets totalled 32 stores with 1.29 million
sq ft of MLA and contributed €20.6 million of revenue in the 2024
financial year.
Our joint venture with Carlyle in Germany provides us with an exciting
platform to gain exposure to that market. In addition, following year
end, we entered into a new joint venture with Nuveen acquiring
together EasyBox in Italy, which provides the best possible entry
point to a great new market with the lowest self-storage supply
of major western European economies. I believe that Safestore’s
highly scalable platform and international experience will allow us
tocapitalise on these opportunities.
We have further strengthened our balance sheet in the year with
the exercise of an additional £100 million option on our Revolving
Credit Facility which takes total funds available under the committed
RCF to £500 million. In addition, the term of the RCF was extended
by one year in FY 2024 to a new maturity of November 2028.
Following the year end, a new USPP of €70.0 million was issued in
December 2024 with a maturity in December 2032 and a fixed rate
ofinterest of 4.03%.
Financial results
Revenue for the year was £223.4 million, 0.3% behind last year
(FY2023: £224.2 million), or 0.2% ahead on a constant currency
basis. Like-for-like revenue was flat year on year on a CER basis.
On a total basis, Underlying EBITDA decreased by 4.8% to
£135.4million (FY 2023: £142.2 million) and on a constant
currencybasis by 4.2%.
Statutory operating profit increased by £195.4 million to £425.8
(FY2023: £230.4 million), reflecting a higher investment property
valuation gain in FY 2024.
Adjusted Diluted EPRA Earnings per Share reduced by 11.7%
to 42.3pence (FY 2023: 47.9 pence). Adjusted Diluted EPRA
Earnings per Share has grown by 31.6 pence or 295% over the
lastelevenyears. Statutory diluted Earnings per Share increased
to170.1pence (FY 2023: 91.8 pence) as a result of the valuation
gainoninvestment properties.
The Group’s balance sheet remains robust with a Group LTV
ratioof25.1% (FY 2023: 25.4%) and an ICR of 4.3x (FY 2023: 6.7x)
leavingconsiderable headroom against our banking covenants and
internal thresholds. This represents a level of gearing we consider
appropriate for the business to enable the Group to increase returns
on equity, maintain financial flexibility and achieve our medium term
strategic objectives.
Finally, this year’s results consolidated a sustained period of
excellent performance by the Group. Over the last eleven years, the
management and store teams have delivered a Total shareholder
return of 748.0%, ranking at number one in the UK property sector.
Since flotation in 2007, Safestore has also delivered the highest Total
shareholder return of any UK-listed self-storage operator.
Safestore Holdings plc | Annual report and financial statements 2024
6
Chairman’s statement

ESG (Environmental, Social and Governance)
Away from the financial results, I am pleased with the progress
theGroup has made with its ESG strategy.
Even though Safestore already has one of the lowest environmental
impact profiles of any company within the overall property sector,
we have continued to focus on our environmental agenda, with
year-on-year reductions in greenhouse gas emissions and enhanced
disclosures in recognition of the recommendations of the TCFD.
Iam pleased to report that we have been given our first ever Gold
rating in the 2024 EPRA Sustainability BPR awards. The Global ESG
Benchmark for Real Assets (“GRESB”) has once again awarded us
an‘A’ rating in its 2024 Public Disclosures assessment. MSCI has
alsoawarded us our second-highest rating of ‘AA’ for ESG.
We continue to demonstrate our commitment to our ESG agenda
by linking the margin on our £500 million bank facility to ESG related
KPIs agreed with our lending group. Details of these achievements
are covered more fully in the Chief Executive’s report and the
sustainability section of our Annual Report.
Board changes
Following Ian Krieger stepping down from the Board in the year
Jane Bentall took over as Senior Independent Director and Chair
ofthe Audit Committee in 2024. Jane has extensive experience
andunderstanding of operating multi-site, consumer-led businesses
and has been on the Board of Safestore since May 2022.
Simon Clinton replaced Andy Jones as CFO in April 2024, following
Andy’s retirement. Simon was previously Chief Financial Officer of
Logicor, one of Europe’s largest logistics real estate companies.
Hejoined Logicor as Director of Group Finance in February 2017,
before being promoted to Chief Financial Officer in May 2018.
Priortothis, Simon held a number of senior finance roles at Tesco
andDiageo. Simon is a qualified chartered accountant.
Dividend
Reflecting the Group’s progressive dividend policy, the Board is
pleased to recommend a final dividend of 20.4 pence per share
(FY2023: 20.2 pence) resulting in a full year dividend up 1% to
30.4pence per share (FY 2023: 30.1 pence).
Over the last eleven years, the Group has grown the dividend by
24.6 pence per share during which period the Group has returned
to shareholders a total of 216.5 pence per share. The total dividend
for the year is covered 1.39 times by Adjusted EPRA Diluted Earnings
(FY2023: 1.59 times). Shareholders will be asked to approve the
dividend at the Company’s Annual General Meeting on 19March2025
and, if approved, the final dividend will be payable on 15 April 2025 to
shareholders on the register at close of business on 13March 2025.
Summary
The Board remains confident in the future growth prospects for
the Group and will continue its progressive dividend policy in
2025and beyond. In the medium term it is anticipated that the
Group’s dividend will grow at least in line with Adjusted Diluted
EPRAEarningsper Share.
David Hearn
Chairman
15 January 2025
We love
customers
We lead
the way
We have
great people
We dare to
be different
We get it
Our values, created by our store teams, are the foundation of everything we do
Our values
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
7
STRATEGIC REPORTOVERVIEW

The Group has delivered a resilient performance in FY 2024 in
challenging market conditions, particularly in the UK and Paris,
whilst continuing to make good progress with our strategic
prioritiesincluding our ongoing development programme.
The Group’s reported revenue decreased by 0.3% or £0.8 million
during the year at actual exchange rates, growing 0.2% at CER.
Revenue grew 1.1% year on year at constant exchange rates,
excluding the insurance premium tax relating to the sale of customer
goods insurance in the UK in FY 2023 not repeated this year due
tochanges in the nature of the protection afforded to customers.
Group like-for-like (“LFL”) revenue at CER was flat year-on-year
reflecting gradually improving performance over the course of
FY 2024 in the UK led by increases in occupancy by domestic
customers. Both closing occupancy of 78.8% and an average
rateof£30.51 (at CER) for the Group were broadly stable year on
yearona LFL basis.
In the UK, we have seen steadily improving domestic demand and
we are accelerating the conversion of larger units (over 250 sq ft)
intosmaller ones more suitable for domestic customers, reducing
thehistorical over-weight towards business customers in the UK.
In Paris, LFL revenue increased by 1.4% driven by growth in
averagestorage rate of 1.3% to €42.33 reflecting continued
progressin a challenging market. Revenue in Paris grew for
the26thconsecutive year.
Expansion Markets revenue grew 29% to €20.6 million in the year
driven by strong LFL growth supported by the income from new
stores. Expansion Markets comprise Spain, the Netherlands and
Belgium together with our joint venture in Germany. Revenue
increases were seen in all markets on a LFL basis with a 12.9%
increase overall. Non-LFL stores contributed £3.4 million to revenue
inthe year for the segment.
Group Underlying EBITDA decreased by £6.8 million (4.8%) year on
year driven by a 7.4% increase in underlying costs principally due to
increased employee remuneration, higher bad debt provisions and
increased business rates. Interest expense increased year on year as
result of additional borrowings to fund our development programme
and higher rates on floating rate debt. Coupled with the decrease in
Underlying EBITDA, the increase in finance costs of £5.5 million led to
an 11.7% year-on-year decrease in Adjusted Diluted EPRA earnings to
42.3 pence.
Statutory operating profit increased by 84.8% to £425.8 million
(FY2023: £230.4 million) as a result of a larger gain from investment
properties revaluation reflecting the healthy asset transactional market
in the year.
The Group delivered eight new stores through developments, two
extensions plus one acquisition in the year. At the end of October
2024, we had a pipeline of 31 new stores to open in 2025 and
beyond. The pipeline, together with non-LFL stores, is projected
toadd £35–£40 million of EBITDA in FY 2029 but will be dilutive
to EPS in FY 2025 due to additional interest costs and expected
customer move-in trajectories.
Investment property value increased by £393.2 million with a 53bps
reduction in exit yields, taking the value of the portfolio to £3,284.1 million.
The increase included £122.6 million of capital expenditure onnew
stores and extensions in the year.
The business remains in a strong position with robust cash
generation, and therefore the Board is pleased to recommend a
1% increase in the dividend for the full year to 30.4 pence per share
(FY2023: 30.1 pence per share) in line with our progressive policy.
Outlook
We remain focused on further optimising the Group’s operational
performance and continuing to grow in all of our geographies.
Our development pipeline represents 19% of our existing MLA
and our balance sheet strength and flexibility provide us with the
opportunity to consider further selective development and acquisition
opportunities across all of our markets, either self-funded or within
joint ventures.
We expect our development programme together with its associated
financing to be dilutive to earnings in FY 2025 and FY 2026 before
becoming highly accretive to the Group in future years as the
storesstabilise. We believe that, on stabilisation, an incremental
£35–£40 million of EBITDA will be added by the pipeline together
withthe stores opened in the last two years.
Our business model has proven to be highly resilient as we navigate
the current economic backdrop. We believe the Group is strongly
positioned with low leverage at 25.1% LTV, 57% fixed-rate debt,
continued strong operating margins and the potential for material
earnings growth through the opening of our pipeline space together
with our existing stores. This is all underpinned by our 25-year track
record of delivering market-leading operational performance.
The Group has delivered a resilient performance
in the year in challenging market conditions,
whilst continuing to make good progress with
our strategic priorities including our ongoing
development programme.”
Frederic Vecchioli
Chief Executive Officer
Safestore Holdings plc | Annual report and financial statements 2024
8
Chief Executive’s statement

In the first two months of FY 2025 financial year, we have seen
continued improvements in LFL revenue growth with Group LFL
increasing 2.4% year on year at CER. This included the UK delivering
a 0.9% increase and Paris 1.0% with Expansion Markets delivering
further strong growth of 21.4%.
Looking ahead for FY 2025, we anticipate that there will be further
market inflationary pressure on operating costs with an expected 7%
to 8% increase on a LFL basis. This includes the impact from store
staff costs in the UK rising through a combination of further increases
in the National Living Wage and additional employers’ National
Insurance costs, business rates increases as a result of inflation uplifts
and the unwinding of transitional relief on rateable value increase, and
higher energy costs as we come to the end of long term purchasing
contracts. In addition, interest expense is also expected to further
rise by £6-7 million in FY 2025 predominantly as a result of additional
borrowing to finance our development programme.
Our strategy
The Group intends to continue to deliver on its proven strategy
of leveraging its well-located asset base, management expertise,
infrastructure, scale and balance sheet strength and further increase
its Earnings per Share by:
• optimising the trading performance of the existing portfolio;
• maintaining a strong and flexible capital structure; and
• taking advantage of selective portfolio management and expansion
opportunities in our existing markets and, if appropriate, in attractive
new geographies either through a joint venture or in our own right.
In addition, the Group’s strategy is pursued whilst maintaining a
strong focus on Environmental, Social and Governance (“ESG”)
matters and a summary of our ESG strategy is provided further
on page 44.
Optimisation of portfolio
With the opening of 41 new stores since 2016, in addition to the
acquisitions of 48 existing trading stores, we have established and
strengthened our market-leading portfolio in the UK and Paris and
have entered the Spain, Netherlands and Belgium markets. We have
a high quality, fully invested estate in all geographies and, of our 199
stores as at 31October 2024, 107 are in London and the South East
of England or in Paris, with 60 in the other major UK cities and 32 in
the Expansion Markets region. In the UK, we now operate 51 stores
within theM25, which represents a higher number of stores than any
othercompetitor.
Our MLA has increased to 8.6 million sq ft as at 31 October 2024
(FY2023: 8.1 million sq ft). At the current occupancy level of
74.6%,we have 2.2 million sq ft of fully invested unoccupied
space(3.8million sq ft including the development pipeline and
post-period end openings), ofwhich 1.6 million sq ft is in our UK
stores, 0.3 million sq ft is in Paris and 0.3 millionsq ft is in Expansion
Markets. In total, unlet space including pipeline is the equivalent of
c.88 additional stores located across the estate and provides the
Group with significant opportunity to grow further. We have a proven
track record of filling our vacant space at efficiently managed rates,
sowe view this availability of space with considerable optimism.
Wewill also benefit from the operational leverage from the fact that
this available space isfully invested, and the related operating costs
are essentially fixed and already included in the Group cost base.
Ourcontinued focus willbe on ensuring that we drive occupancy
toutilise this capacity atcarefully managed rates.
There are three elements that are critical to the optimisation
ofourexisting portfolio:
• enquiry generation through an efficient marketing operation;
• strong conversion of enquiries into new lets; and
• disciplined central revenue management and cost control.
As we develop new assets, we normally build out internal fittings in
phases spread over a number of years after the initial store opening,
enabling efficient capital deployment and optimisation of unit mix
based on actual local demand. If we exclude this unavailable space,
we have a Current Leasable Area (“CLA”) of 8.2 million sq ft as at
31October 2024. As a result, Occupancy as a percentage of CLA at
the year end was 78.3%.
m sq ft MLA
To be
Built Out
Operationally
unavailable CLA
%
Occupancy
of CLA
UK 5.9 (0.1) (0.1) 5.7 79.6%
Paris 1.4 (0.1) (0.0) 1.3 82.8%
Expansion
Markets
1.3 (0.1) (0.0) 1.2 66.6%
Total 8.6 (0.3) (0.1) 8.2 78.3%
Digital marketing expertise
Awareness of self-storage remains relatively low with half of the UK
population either knowing very little or nothing about self-storage
(source: SSA Annual Report 2024). In the UK, many of our new
customers are using self-storage for the first time and it is largely a
brand-blind purchase. Typically, customers requiring storage start
their journey by conducting online research using generic keywords
in their locality (e.g. ‘storage in Borehamwood’, ‘self-storage near
me’) which means that geographic coverage and search engine
prominence remain key competitive advantages.
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
9
STRATEGIC REPORTOVERVIEW

Optimisation of portfolio continued
Digital marketing expertise continued
We believe there is a clear benefit of scale in the generation of
customer enquiries. The Group has continued to invest in technology
and in-house expertise which has resulted in the development of a
leading digital marketing platform that has generated 34% enquiry
growth for the Group over the last five years, an annual growth of
6%.Our in-house expertise and significant annual budget have
enabled us to deliver strong results.
The Group’s online strength has meant that it continues to be the
predominant channel for customer acquisition. Online enquiries this
year made up 89% of all our enquiries in the UK (FY 2023: 89%), with
86% in France (FY 2023: 84%). The majority of our online enquiries now
originate from a mobile device (71% share in UK for FY 2024, FY 2023:
65%), highlighting the need for continual investment in our responsive
web platform for a ‘mobile-first’ world. We continue to invest in activities
that promote a strong search engine presence to grow enquiry volume
whilst managing efficiency in terms of overall cost per enquiry and cost
per new let. Group marketing costs for the year as a percentage of
revenue were in line with the previous year at 4.1% (FY 2023: 3.8%).
During the period and post-period end, the Group demonstrated
its ability to integrate newly developed and acquired stores into its
marketing platform with successful new openings. We have clearly
demonstrated that our marketing platform is transferable into
multipleoverseas geographies.
Central revenue management and cost control
We continue to pursue a balanced approach to revenue management.
We aim to optimise revenue per available space (“REVPAF”) by
improving the utilisation of the available space in our portfolio at
carefully managed rates. Our central pricing team is responsible for
the management of our dynamic pricing policy, which is set weekly at
the granular level of store/unit size, together with the implementation
of promotional offers and the identification of additional ancillary
revenue opportunities. Whilst prices are managed centrally, where it is
appropriate the store sales teams have the ability to offer discretionary
discounts or a Lowest Price Guarantee in the event that a local
competitor is offering a lower price in order to optimise REVPAF.
Average rates are predominantly influenced by:
• the store location and catchment area;
• the volume of enquiries generated online and available space;
• the store team’s skills at converting these enquiries into new lets
atthe expected price; and
• the very granular pricing policy and the confidence provided by
analytical capabilities and systems that smaller players might lack.
We believe that Safestore has a very strong proposition in each of
these areas.
Costs are managed centrally with a lean structure maintained at
HeadOffice. Enhancements to cost control are continually considered
and, particularly in the context of the current inflationary environment,
the cost base is challenged on an ongoing basis.
Motivated and effective store teams benefiting
from investment in training and development
Training, people and performance management
In what is still a relatively immature and poorly understood market,
customer service and selling skills at the point of sale remain essential
in earning the trust of the customer and in driving the appropriate
balance of volumes and unit price in order to optimise revenue growth
in each store.
Our enthusiastic, well-trained, and customer-centric sales team remains
a key differentiator and a strength of our business. Understanding the
needs of our customers and using this knowledge to develop trusted
in-store advisers is a fundamental part of driving revenue growth and
market share.
We have been an Investors in People (“IIP”) accredited organisation
since 2003 and we passionately believe that our continued success
is dependent on our highly motivated and well-trained colleagues.
Following the award of a Bronze accreditation in 2015, a Gold
accreditation in 2018, and a Platinum accreditation in 2021, we
were delighted to be awarded the ‘we invest in people’ Platinum
accreditation again in March 2024. Platinum is the highest accolade
on the Investors in People scale and achieving Platinum twice is a
fantastic achievement, placing us as an employer of choice.
IIP is the international standard for people management, defining
whatit takes to lead, support, and engage people effectively to
achieve sustainable results. Underpinning the standard is the IIP
framework, reflecting the latest workplace trends, essential skills and
effective structures required to outperform in any industry. Investors
in People enables organisations to benchmark against the best in
the business on an international scale. We are proud to have our
colleagues recognised to such a high standard.
We are committed to growing and rewarding our people and we
tailorour development, reward and recognition programmes to
reflectthis. Our IIP-recognised coaching programme, launched in
2018 and upgraded every year since, continues to be a driving force
behind thecontinuous performance improvement demonstrated by
our store colleagues.
Our online learning portal, combined with the energy and flexibility
of our store colleagues, allows us to deliver our award-winning
development programmes.
All new recruits to the business benefit from enhanced induction
andtraining tools that have been developed in-house and enable
us to quickly identify high potential individuals and increase their
speed to competency. They receive individual performance targets
within four weeks of joining the business and are placed on the
‘pay-for-skills’ programme that allows accelerated basic pay
increasesdependent on success in demonstrating specific and
defined skills. The key target of our programme remains that we
growour talent through our internal Store Manager Development
(“SMD”) programme, and we are pleased with our progress to date.
Our SMD programme has been in place since 2016 and is a key
part of succession planning for future Store Managers. All eleven
participants of our 2023 SMD programme successfully completed
their Level 3 Management and Leadership apprenticeship, and we’re
delighted that ten of those participants were awarded distinctions.
In January 2024, we commenced our seventh SMD programme.
Funded by the Apprenticeship Levy, this programme provides the
opportunity to complete a Level 3 Management and Leadership
apprenticeship, with the additional opportunity to complete an
Institute of Leadership and Management (“ILM”) qualification.
Our Senior Leadership Development programme (“LEAD Academy”)
focuses on developing our high performing Store Managers, aimed
at preparing them for more senior roles within the business. We are
proud that all eight participants of our LEAD Academy successfully
completed their Level 5 Management and Leadership apprenticeship;
seven of those participants were awarded Distinctions.
Our performance dashboard allows our store and field teams to focus
on the key operating metrics of the business, providing an appropriate
level of management information to enable swift decision making.
Reporting performance down to individual colleague level enhances
our competitive approach to team and individual performance. We
continue to reward our store colleagues for their performance with
bonuses of up to 50% of basic salary based on their achievements
against individual targets for new lets, occupancy, and ancillary
sales. In addition, our Values and Behaviours framework is overlaid
on individuals’ performance in order to assess performance and
development needs on a quarterly basis.
Safestore Holdings plc | Annual report and financial statements 2024
10
Chief Executive’s statement continued

Our ‘Make the Difference’ people forum, launched in 2018, enables
frequent opportunities for us to hear and respond to our colleagues.
Our network of 15 ‘People Champions’ collects questions and
feedback from their peers across the business and put them
to members of the Executive Committee. We drive change and
continuous improvement in responding to the feedback we receive
for‘Our Business, Our Customers and Our Colleagues’.
People Champions:
• consult and collect the views and suggestions of all colleagues
thatthey represent;
• engage in the bi-annual ‘Make the Difference’ people forum,
raisingand representing the views of their colleagues; and
• consult with and discuss feedback with management and the
leadership team at Safestore.
Our values are authentic, having been created by our people.
Theyarecore to the employment life cycle and bring consistency
toour culture. Our leaders have high values alignment enabling us
tomake the right decisions for our colleagues and our customers.
Our customers continue to be at the heart of everything we do,
whether it be in store, online or in their communities. Our commitment
to our customers mirrors our commitment to our colleagues.
Technological developments
After delivering the appropriate technology the Group opened
in FY2024 a further two fully automated, unmanned, satellite
self-storage centres in Eastleigh and London Paddington Park
West, having opened its first in Christchurch in FY 2023. Utilising
industry-leading automated technology, along with in-house created
communication and control technologies, customers can securely
enter the building and their storage unit from a simple app on their
mobile phone. Following the success, additional unmanned satellite
stores are currently under various stages of assessment and
development in the UK.
Our customers also have the option to complete a booking and contract
for a self-storage unit online for any UK store location. Our belief is that
our multi-channel sales strategy utilising fully automated channels,
colleague interaction through our store sales teams or our specialist call
centre and National Accounts teams, provide each type of customer with
the most tailored and easy way to buy self-storage at Safestore.
Customer satisfaction
In February 2024, Safestore UK won the Feefo Platinum Trusted
Service award for the fifth time. The award is given to businesses
which have achieved Gold standard for three consecutive years.
Itisan independent mark of excellence that recognises businesses
for delivering exceptional experiences, as rated by real customers.
Inaddition to using Feefo, Safestore invites customers to leave
a review on a number of review platforms, including Google and
Trustpilot. Our ratings for each of these three providers in the UK
are between 4.7 and 4.9 out of 5. In France, Une Pièce en Plus uses
Google and Trustpilot to obtain independent customer reviews and
in 2024, achieved a 4.7 out of 5 and a ‘TrustScore’ of 4.6 out of 5
respectively. In Spain, or business collects customer feedback via
Google reviews and has attained a score of 4.9 out of 5. Belgium
alsocollects feedback via Google and has a score of 4.7 in 2024.
Strong and flexible capital structure
We believe that our capital structure is appropriate for our
business,with a strong balance sheet which provides us with
theflexibility to take advantage of carefully evaluated development
and acquisition opportunities.
The Group finances its operations through a combination of equity
and debt. As at 31 October 2024, the loan-to-value (“LTV”) ratio for
the Group was 25.1% (FY 2023: 25.4%), which is well below the 40%
maximum policy rate which the Board considers appropriate.
Both this LTV and the interest cover ratio (“ICR”) of 4.3x for FY 2024
(FY 2023: 6.7x) provide us with significant headroom compared to our
banking covenants (LTV of 60% and ICR of 2.4x). The reduction in ICR
in the year reflects higher interest costs from increased borrowings
to finance our development programme together with higher interest
rates during the year.
At year end, the Group’s weighted average cost of debt on drawn
debt was 3.96% and 57% of our drawn debt attracts fixed rates
of interest (FY 2023: 3.58% and 67% respectively). The weighted
average maturity of the Group’s drawn debt was 4.2 years (FY 2023:
4.7 years) following the repayment of the 2024 USPP in May 2024.
We have ample liquidity with £144.3 million of undrawn bank
facilitiesat 31 October 2024 following the exercise of an additional
£100.0 million accordion option on our Revolving Credit Facility
(“RCF”)which takes total funds available under our committed
RCFto£500 million. In addition, the term of the RCF was extended
byone year in FY 2024 toa new maturity of November 2028.
Together with the available financing, the Group’s operations
arestrongly cash generative and produce sufficient free cash
flow tofund our progressive dividend policy together with our
developmentprogramme.
Recent refinancing
Following the year end, a new USPP of €70.0 million was issued in
December 2024 with a maturity in December 2032 and a fixed rate
ofinterest of 4.03%. With the inclusion of this note, the weighted
average term to maturity of the Group’s debt is 4.5 years and
averagecost ofdebt is 3.97% on a pro-forma basis.
ESG strategy
ESG: sustainable self-storage
Our purpose – to add stakeholder value by developing profitable
and sustainable spaces that allow individuals, businesses and
local communities to thrive – is supported by the ‘pillars’ of our
sustainability strategy: our people, our customers, our community
and our environment. In addition, the Group and its stakeholders
recognise that its efforts are part of a broader movement and we
have, therefore, aligned our objectives with the UN Sustainable
Development Goals (“SDGs”). We reviewed the significance of
each goal to our business, their importance to our stakeholders
and assessed our ability to contribute to each of them. Following
this materiality exercise, we have chosen to focus our efforts in
the areaswhere we can have a meaningful impact. These are
‘Decent work and economic growth’ (goal 8), ‘Sustainable cities
andcommunities’ (goal11), ‘Responsible consumption and
production’ (goal 12) and ‘Climate action’ (goal 13).
Sustainability is embedded into day-to-day responsibilities at
Safestore and, accordingly, we have opted for a governance structure
which reflects this. Two members of the Executive Management Team
co-chair a cross-functional Sustainability Group consisting of the
functional leads responsible for each area of the business.
In 2018, the Group established medium term targets in each of the
‘pillars’ towards which the Group continued to progress in FY 2024.
Our people: Safestore was awarded the prestigious Investors
in People (“IIP”) Platinum accreditation in both 2021 and 2024.
Platinumis the highest level of accreditation possible to achieve on its
‘Weinvest in people’ accreditation.
It means policies and practices around supporting people are
embedded in every corner of Safestore, and in a Platinum company,
everyone knows they have a part to play in the company doing well
and are always looking for ways to improve.
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
11
STRATEGIC REPORTOVERVIEW

ESG strategy continued
ESG: sustainable self-storage continued
Our customers: the Group’s brands continue to deliver a high-
quality experience, from online enquiry to move-in. This is reflected
in customer satisfaction scores on independent review platforms
(Trustpilot, Feefo and Google) of over 90% in each market. The
introduction of digital contracts offers both customer convenience
and a reduction in printing, saving an estimated 959,055 printed
pages this year.
Our community: we remain committed to being a responsible
business by making a positive contribution within the local
communities wherever our stores are based. We continue to do
this by developing brownfield sites and actively engaging with
local communities when we establish a new store, identifying and
implementing greener approaches in the way we build and operate
our stores, helping charities and communities to make better use
of limited space, and creating and sustaining local employment
opportunities directly and indirectly through the many small and
medium-sized enterprises which use our space. During FY 2024,
thespace occupied by local charities across 118 stores was
23,862sq ft, worth £1.0 million.
Our environment: we are committed to ensuring our buildings
are constructed responsibly and their ongoing operation has a
minimal impact on local communities and the environment. It should
be noted that the self-storage sector is not a significant consumer
of energy when compared with other segments of the real estate
landscape. According to a 2024 report by KPMG and EPRA, self-
storage generates the lowest greenhouse gas emissions intensity
of all European real estate sub-sectors. Reflecting the considerable
progress made on efficiency measures and waste reduction to
date, Safestore’s emissions intensity is lower than the self-storage
sector average.
In FY 2024, the Group continued progress towards achieving
operational carbon neutrality (target 2035) by implementing key
elements of the transition plan, specifically removal of gas-burning
appliances from a further six stores in the UK estate and ensuring
all new openings meet or exceed the minimum energy performance
standard of a ‘B’ rating and include energy solar PV installations
where viable. In May 2024 we signed a green electricity contract
inBelgium which means stores in all Group markets are now
poweredby zero carbon electricity.
In addition to the IIP award and the customer satisfaction ratings,
theGroup has received recognition for its sustainability progress
anddisclosures in the last twelve months. Safestore has been given
its first ever Gold rating in the 2024 EPRA Sustainability BPR awards.
The Global ESG Benchmark for Real Assets (“GRESB”) has once
again awarded Safestore an ‘A’ rating in its 2024 Public Disclosures
assessment. MSCI has also awarded Safestore its second-highest
rating of ‘AA’ for ESG.
Portfolio management
Our approach to store development and acquisitions in the UK, Paris,
Expansion Markets and our joint ventures, with Carlyle in Germany
and Nuveen in Italy, continues to be pragmatic, flexible and focused
onthe return on capital with a proven track record of double-digit
cash-on-cash store returns at maturity.
Our experienced and skilled property teams in all geographies
continue to seek investment opportunities in new sites to add
to thestore pipeline. However, investments will only be made if
they comply with our disciplined and strict investment criteria.
Our preference is to acquire sites that are capable of being fully
operational within 18–24 months from completion.
Since 2016, the Group has opened 41 new stores in the UK (20), Paris
(8), Spain (8) and the Netherlands (5) adding 1,816,700 sqft of MLA.
In addition, the Group has acquired 48 existing stores through the
acquisitions of Space Maker, Alligator, Fort Box, Salus and Your
Room in the UK, OhMyBox! in Barcelona, the Lokabox and M3 group
from our Benelux JV acquisition, Apeldoorn in the Netherlands and
Chelsea Self-Storage. These acquisitions added a further 1,909,800
sq ft of MLA and revenue performance has been enhanced in all
cases under the Group’s ownership.
In the same period, we have also completed the revenue-enhancing
extensions and refurbishments of 14 stores, adding a net 156,900
sq ft of fully invested space to the estate. All of these stores are
performing in line with or ahead of their business plans.
The Group’s pipeline of new developments and store extensions (see
below) at year end is projected to add 1,607,100 sq ft of future MLA, the
equivalent to c. 19% of the existing portfolio as at the end of October
2024. The outstanding capital expenditure of £150.0 million for the
pipeline is expected to be funded from the Group’s existing resources.
Property pipeline
Openings of new stores and extensions
Opening FY 2024 FH/LH MLA Development Type
New Developments
St Albans FH 56.0 Conversion
Eastleigh LH 14.5 Conversion, Satellite
London – Paddington
Park West
FH 13.0 Conversion, Satellite
Paris – South Paris FH 55.0 New build
Madrid – South 2 FH 67.9 Conversion
Randstad – Aalsmeer FH 48.4 New build
Randstad – Almere FH 43.3 Conversion
Randstad –
Rotterdam
FH 71.0 New build
Redevelopments and Extensions
London – Holloway FH 9.5 Extension
Paris – Poissy FH 7.4 Extension
Total opened
FY 2024
386.0
In the year we opened four stores and extensions in the UK, two
in Paris, one in Spain, and three in the Netherlands adding in total
386,000 sq ft of MLA to our portfolio, contributing significantly to our
operational scale in our growing EU markets. The new stores include
two new satellite stores, adding capacity in high-demand locations
whilst leveraging our existing cost base and customer relationships.
Safestore Holdings plc | Annual report and financial statements 2024
12
Chief Executive’s statement continued

We have a total pipeline of 31 developments and extensions opening
in FY 2025 and beyond which is expected to add a total of 1.6 million
sq ft, representing 19% of the portfolio MLA as at October 2024. This
includes the five new stores and extensions below which had already
opened in the first two months of the financial year.
Opened since year end FH/LH MLA Development type
New developments
London – Lea Bridge FH 80.9 New build
Madrid – North East
(Barajas)
FH 57.2 Conversion
Madrid – South West
(Carabanchel)
FH 45.4 Conversion
Pamplona FH 64.5 Conversion
Total new
developments
248.0
Redevelopments and extensions
Paris – Pyrénées LH 15.4 Extension
Total opened in
November 2024
263.4
In addition to the 263,400 sq ft of MLA added in November, there
is a pipeline of nine stores with 419,500 sq ft of MLA projected to
be opening during the remainder of FY 2025. This brings a total
additional MLA projected to be delivered in FY 2025 to 682,900 sq ft.
Remaining FY 2025
openings FH/LH MLA Type Status *
London – Walton FH 20.7 Conversion C, UC
Paris – East 1
(Noisyle-Grand)
FH 60.0 Conversion C, PG
Paris – West 3
(Mantes-Buchelay)
FH 58.0 New build C, UC
Paris – North West 1
(Taverny)
FH 54.0 Conversion C, UC
Paris – La Défense FH 44.0 Mixed-use
facility
C, UC
Barcelona – Central 2
(Manso)
LH 20.0 Conversion C, UC
Randstad – Amsterdam LH 65.4 New build C, UC
Randstad – Utrecht FH 50.0 Conversion C, UC
Brussels – Zaventem FH 47.4 New build C, UC
Total remaining to
open in 2025
419.5
FY 2026 openings FH/LH MLA Type Status *
London – Woodford FH 68.7 New build C, PG
London – Watford FH 57.5 New build CE, PG
London – Wembley FH 55.3 New build C, PG
London – Kingston FH 55.0 New build CE, STP
London – Romford FH 41.0 New build C, PG
Norwich FH 52.7 New build CE, STP
Hemel Hempstead FH 51.3 New build CE, PG
Shoreham FH 47.1 New build CE, PG
Paris – West 4 (Orgeval) FH 53.0 New build CE, PG
Paris – West 1 (Conflans) FH 56.0 New build C, UC
Paris – Colombes FH 65.5 Conversion CE, PG
Madrid – Perseo FH 18.5 Conversion CE, STP
Total opening
in2026
621.6
Beyond FY 2026 openings FH/LH MLA Type Status *
London – Old Kent Road FH 75.6 New build C, STP
London – Belvedere FH 56.3 New build C, STP
London – Bermondsey FH 50.0 New build C, STP
Welwyn Garden City FH 51.0 New build CE, STP
Barcelona – Hospitalet FH 64.3 New build CE, STP
Total opening
beyond2026
297.2
* C = completed, CE = contracts exchanged, STP = subject to planning,
PG = planning granted, UC = under construction
Following the openings in November 2024, our ongoing pipeline of
new store developments comprises 26 projects identified which will
deliver an additional 1,338,300 sq ft of new space. The developments
are located in all of our markets and are focused in the key cities of
London (nine stores, 480,100 sq ft), Paris (seven stores, 390,500 sq
ft), Madrid and Barcelona (three stores, 102,800 sq ft), the Randstad
in the Netherlands (two stores, 115,400 sq ft), Brussels (one store,
47,400 sq ft) and other regional cities (four stores, 202,100 sq ft).
This pipeline, together with the stores delivered in the first two months
of FY 2025, is expected to deliver 682,900 sq ft of new space opening
in FY 2025 and 969,000 sq ft in later years. All property projects
require planning permission. 62% are projects with planning granted
and 38% are still subject to planning. Typically, we aim to structure
our development opportunities to minimise planning risk and working
capital by making completion on contracts for sites to also be subject
to planning.
Of the pipeline development projects, two (8%) are leasehold sites where
the city centre locations have limited freehold development opportunities
but are located where we believe there is strong customer demand.
Following the year end, the Group entered into a joint venture with
Nuveen, jointly acquiring the EasyBox business in Italy. The business
has ten open stores in the key cities across the country with a further
two under development. Safestore will manage the business on
behalf of the joint venture, leveraging Group expertise. EasyBox is a
leading platform in the emerging Italian storage market with a strong
trading track record. In Italy, the supply of self-storage at 0.02 sq ft
per inhabitant is equivalent to 2% of that of the UK. The investment
will provide the initial critical size of operations as well as 20 years of
marketing and trading data points that will be key to inform potential
further investment decisions over time.
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
13
STRATEGIC REPORTOVERVIEW

Property pipeline continued
Portfolio summary
The self-storage market has been growing consistently for over
20years across many European countries, but few regions offer the
unique characteristics of London and Paris, both of which consist
of large, wealthy and densely populated markets. In the London
region, the population is 13 million inhabitants with a density of 5,200
inhabitants per square mile in the region, 11,000 per square mile in central
Londonand up to 32,000 per square mile in the densest boroughs.
The population of the Paris urban area is 10.7 million inhabitants with
a density of 9,300 inhabitants per square mile in the urban area
and54,000 per square mile in the City of Paris and first belt, where
69% of our French stores are located and which has one of the
highest population densities in the western world. 85% of the Paris
region population live in central parts of the city versus the rest of
theurban area, which compares with 60% in the London region.
There are currently c. 250 storage centres within the M25 as
compared to only c. 125 in the Paris urban area. The density of
self-storage supply is estimated to be 0.89 sq ft per inhabitant
intheUK and 0.40 sq ft in Paris.
In addition, barriers to entry in these two important city markets
are high, due to land values and limited availability of sites as well
as planning regulation. This is the case for Paris and its first belt in
particular, which inhibits new development possibilities.
Over the last four years the Group has expanded into further attractive, under-penetrated markets in Spain, the Netherlands and Belgium with
a focus on the conurbations of Barcelona, Madrid, the Randstad area and Brussels. All these new markets, particularly Madrid and Barcelona,
are wealthy, high density conurbations with very high barriers to entry. The density of self-storage supply is estimated at 0.50 sq ft per
inhabitant in the Netherlands, 0.20 sq ft in Belgium, 0.54 sq ft in Madrid and 0.65 sq ft in Barcelona.
Store portfolio by region
London &
South East
Rest of
UK
UK
Total Paris
Expansion
Markets
Group
Total
Number of Stores 76 61 137 30 32 199
Let Square Feet (million sq ft) 2.375 2.164 4.539 1.094 0.777 6.410
Maximum Lettable Area (million sq ft) 3.056 2.822 5.878 1.424 1.290 8.592
Average Let Square Feet per store (k sq ft) 31 35 33 36 24 32
Average Store MLA (k sq ft) 40 46 43 47 40 42
Closing Occupancy (%) 77.7% 76.7% 77.2% 76.8% 60.3% 74.6%
Average Rate (£ per sq ft) 36.39 23.04 29.94 36.04 19.84 29.85
Revenue (£’m) 101.4 60.8 162.2 43.7 17.5 223.4
Average Revenue per store (£’m) 1.33 1.00 1.18 1.46 0.55 1.12
We have a strong position in both the UK and Paris markets operating
137 stores in the UK, 76 of which are in London and the South East,
and 30 stores in Paris.
In the UK, 62% of our revenue is generated by our stores in London
and the South East. On average, our stores in London and the
South East are smaller than in the rest of the UK but the rental rates
achieved are materially higher, enabling these stores to typically
achieve similar or better margins than the larger stores. In London
weoperate 51 stores within the M25, more than any other competitor.
In addition, we have the benefit of a leading national presence in
the UK outside of London where the stores are predominantly
located in the centre of key metropolitan areas such as Birmingham,
Manchester, Liverpool, Bristol, Newcastle, Glasgow and Edinburgh.
In France, we have a leading position in the heart of the affluent
City of Paris market with nine stores branded as Une Pièce en Plus
(“UPP”) (‘A spare room’). Over 57% of the UPP stores are located in
a cluster within a five-mile radius of the city centre, which facilitates
strong operational and marketing synergies as well as options to
differentiate and channel customers to the right store subject to their
preference for convenience or price affordability. The Parisian market
has attractive socio-demographic characteristics for self-storage
and we believe that UPP enjoys unique strategic strength in such
anattractive market.
In Spain, including three post-period end openings, the Group has
fourteen stores open in Barcelona and Madrid and one open in
Pamplona in the Basque Country/Navarra region which has clusters
of population benefiting from above average economic dynamic.
The Group has fourteen stores open in the Netherlands and six in
Belgium. The pipeline contains a further two stores in the Netherlands
and one in Belgium.
Overall Expansion Markets now comprises 35 stores, a 25% increase
from the 2023 year-end position.
Market
The self-storage market in the UK, France, Spain, the Netherlands
and Belgium remains relatively immature compared to geographies
such as the USA and Australia. The SSA Annual Survey (May 2024)
confirmed that self-storage capacity stands at 0.89 sq ft per head
of population in the UK. The most recent report relating to Europe
(FEDESSA’s 2023 report) showed that capacity in France is 0.41 sq
ft per capita. This compares with closer to 7 sq ft per inhabitant in
the USA and 2 sq ft in Australia. In the UK, in order to reach the US
density of supply, it would require the addition of around another
18,500 stores as compared to c. 2,700 currently.
In Spain, the Netherlands and Belgium, penetration is similarly
low. InSpain, capacity is around 0.43 sq ft per head of population
and theconsumer is serviced by 1,300 stores. In the Netherlands,
penetration is 0.73 sq ft per head of population (750 stores) and in
Belgium 0.23 sq ft per head of population (153 stores).
The Group has a joint venture in Germany. The German market is
one of Europe’s more under-penetrated markets with just 0.27 sq ft
of storage space per capita and, according to the 2024 FEDESSA
report, there are 1,028 facilities in the country and 24.7 million sq ft
oflettable space.
Post year end, the Group entered into a joint venture in Italy. This
market has the lowest penetration of major economies in Western
Europe with 0.03 sq feet per head of population (130 stores).
Safestore Holdings plc | Annual report and financial statements 2024
14
Chief Executive’s statement continued

Our interpretation of the most recent 2024 SSA report is that
operators remain optimistic about their trading and the future
growthof the industry. In the past few years, the self-storage industry
has undergone an unprecedented period of change largely due to
developments in technology. The level of development estimated for
the next three years is similar to that witnessed in recent years and
we do not consider this level of new supply growth to be of concern,
especially as we believe new supply helps to create increased
awareness of what is a relatively immature product in Europe. We
estimate new supply to represent around 5% to 6% of the traditional
self-storage industry in the UK. These figures represent gross
openings and do not consider storage facilities closing or being
converted for alternative uses. We estimate that a small proportion
of these sites compete with existing Safestore stores as many new
developments happen in areas with lower barriers to entry in which
we tend not to operate.
New supply in London and Paris is likely to continue to be limited
in the short and medium term as a result of planning restrictions,
competition from a variety of other uses and the availability of
suitable land.
The supply in the UK market, according to the SSA Survey, remains
relatively fragmented despite a number of acquisitions in the sector in
recent years. The SSA’s estimates of the scale of the UK industry are
finessed each year and changes from one year to the next represent
improved data in addition to new supply. In the 2024 report the SSA
estimates that 2,706 self-storage facilities exist in the UK market
including around 1,012 container-based operations. At the point in
time that the 2024 survey was written, Safestore was the industry
leader by number of stores with 133 wholly owned sites. In aggregate,
the top seven leading operators account for around 20% of the UK
store portfolio. The remaining c. 2,182 self-storage outlets (including
container- based operations) are independently owned in small chains
or single units.
Our French business, UPP, is mainly present in the core wealthier and
more densely populated inner Paris and first belt areas, whereas our
two main competitors, have a greater presence in the outskirts and
second belt of Paris.
Our Spanish business currently operates in Barcelona and Madrid
with one store in Pamplona. The metropolitan areas of Barcelona
andMadrid have combined growing high density populations of
twelve million inhabitants and significant barriers to entry.
Our focus in the Netherlands market is on the densely populated
Amsterdam and Randstad conurbations. The Netherlands is the
second most developed self-storage market in Europe (after the UK).
Belgium is one of the more under-penetrated markets in Europe
with just 153 stores and 0.23 sq ft per capita of self-storage space.
In Belgium our presence is focused on Brussels and the significant
urban conurbations of Liege, Charleroi and Nivelles.
Consumer awareness of self-storage appears to be increasing
but at a relatively slow rate, providing an opportunity for future
industry growth. The SSA survey indicates that approximately half
of consumers have low awareness about the service offered by
self-storage operators or had not heard of self-storage at all. Since
2014, this statistic has only fallen 14ppts from 61%. Therefore, the
opportunity to grow awareness, combined with limited new industry
supply, makes for an attractive industry backdrop.
Self-storage is a brand-blind product. 52% of respondents in the
2024 SSA Survey were unable to name a self-storage business in
their local area. The lack of relevance of brand in the process of
purchasing a self-storage product emphasises the need for operators
to have a strong online presence. This requirement for a strong online
presence was also reiterated by the SSA Survey where 76% of those
surveyed (FY 2023: 76%) confirmed that an internet search would be
their chosen means of finding a self-storage unit to contact, whilst
knowledge of a physical location of a store as reason for enquiry was
only c. 30% of respondents (FY 2023: c. 30%).
There are numerous drivers of self-storage growth. Most domestic
and business customers need storage either temporarily or permanently
for different reasons at any point in the economic cycle, resulting
in a market depth that is, in our view, the reason for its exceptional
resilience. The growth of the market is driven both by the fluctuation
of economic conditions, which has an impact on the mix of demand,
and by growing awareness of the product.
Our domestic customers’ need for storage is often driven by life
events such as births, marriages, bereavements, divorces or by
the housing market including house moves and developments
and moves between rental properties. We have estimated that UK
owner-occupied housing transactions drive around 8–13% of the
Group’s new lets.
At 41% of square feet occupied, our customer base in the UK is
more heavily weighted to business customers than the rest of the
Group due to historic property configurations. As such we are
accelerating the conversion of larger units (over 250 sq ft) into
smaller ones to serve a wider range of customers. Through this
partitioning programme, we anticipate significantly reducing the
current c. 1.0 million sq ft of larger units so that the UK ratio of
domestic to business customers comes closer to the 70/30 split
seenin the rest of the Group.
Our customer base is resilient and diverse and consists of around
94,000 domestic, business and National Accounts customers across
the Group.
Business and personal customers UK Paris
Expansion
Markets
Personal customers
Numbers (% of total) 77% 81% 88%
Square feet occupied (%of total) 59% 63% 80%
Average length of stay (months) 17.8 25.4 24.0
Business customers
Numbers (% of total) 23% 19% 12%
Square feet occupied (%of total) 41% 37% 20%
Average length of stay (months) 26.1 27.1 26.1
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
15
STRATEGIC REPORTOVERVIEW

Business model
The Group operates in a market with relatively low consumer
awareness. It is anticipated that this will increase over time as the
industry matures. To date, despite the financial crisis in 2007/08,
the implementation of VAT in the UK on self-storage in 2012, Brexit
and the Covid-19 pandemic and inflation and the conflict in the
Ukraine, the industry has been exceptionally resilient. In the context
of continued uncertain economic conditions, the industry remains
well positioned with limited new supply coming into the self-
storage market.
With more stores inside London’s M25 than any other operator and
astrong position in central Paris, we have leading positions in the two
most important and demographically favourable markets in Europe.
In addition, our regional presence in the UK is unsurpassed and
contributes to the success of our industry-leading National Accounts
business. In the UK, Safestore is the leading operator by number of
wholly owned stores. With 53% of customers travelling for less than
15 minutes to their storage facility (2024 SSA Survey). Our national
store footprint represents a competitive advantage. Based on the
revenue reported by Cushman & Wakefield in the various SSA reports,
our market share in the UK based on revenue is 21%.
The Group’s capital-efficient portfolio of 199 stores in the UK, Paris
and Expansion Markets consists of a mix of freehold and leasehold
stores. In order to grow the business and secure the best locations
for our facilities we have maintained a flexible approach to leasehold
and freehold developments as well as being comfortable with a range
of building types, from new builds to conversions of warehouses and
underground car parks.
Currently, around a quarter of our stores in the UK are leaseholds with
an average remaining lease length at 31 October 2024 of 13.2 years
(FY 2023: 12.4 years). Although our property valuation for leaseholds
is based on future cash flows until the next contractual lease renewal
date, Safestore has a demonstrable track record of successfully
re-gearing leases several years before renewal whilst at the same
time achieving concessions from landlords. From time to time, we will
purchase the freehold on leasehold properties, when these become
available at appropriate prices.
In England, we benefit from the Landlord and Tenant Act that
protectsour rights for renewal except in case of redevelopment.
Thevast majority of our leasehold stores have building characteristics
or locations in retail parks that make current usage either the optimal
and best use of the property or the only one authorised by planning.
We observe that our landlords, who are property investors, value
the quality of Safestore as a tenant and typically prefer to extend
thelength of the leases that they have in their portfolio, enabling
Safestore to maintain favourable terms.
In Paris, where 35% of stores (including the pipeline) are leaseholds,
our leases typically benefit from the well-enshrined Commercial Lease
statute that provides that tenants own the commercial property of
the premises and that they are entitled to renew their lease. Taking
this context into account, the valuer values the French leaseholds
based on an indefinite property tenure, similar to freeholds but at a
significantly higher exit cap rate.
The Group believes there is an opportunity to leverage its highly
scalable marketing and operational expertise in geographies outside
the UK and Paris to make a significant contribution to Group expansion.
The Group has 12 stores in Spain, including four opened in the year,
14 stores in the Netherlands and six in Belgium. There are a further
nine stores in the development pipeline (six in Spain, two in the
Netherlands and one in Belgium) at the end of October 2024.
These stores in Expansion Markets are principally located in the key
metropolitan areas of the Randstad, Barcelona, Madrid and Brussels.
Thegrowth opportunity from these markets is in both the availability
of high quality sites for new stores and LFL income growth as the
markets mature.
In 2022, Safestore entered the German self-storage market via a joint
venture with Carlyle, which has acquired the myStorage business.
After acquiring the freehold to one of their sites, myStorage now has
five medium to long term leasehold in addition to a further leasehold
expiring in 2026. The 326,000 sq ft of MLA is spread across Berlin,
Heidelburg, Mannheim, Fürth, Nuremburg, Neu-Ulm and Reutlingen.
Following year end, Safestore entered in a new joint venture in Italy.
The EasyBox business comprises ten open stores and two under
development in the key economic centres of Italy. The total MLA for
the business is 780,000 sq ft.
Our experience is that being flexible in our approach has enabled
us to operate from properties and in markets that would have been
otherwise unavailable and to generate strong cash-on-cash returns.
We excel in the generation of customer enquiries which are received
through a variety of channels including the internet, telephone and
‘walk-ins’. In the early days of the industry, local directories and
store visibility were key drivers of enquiries. However, the internet
is now by far the dominant channel, accounting for 89% (FY 2023:
89%) of our enquiries in the UK and 86% (FY 2023: 84%) in France.
This dynamic is a clear benefit to the leading national operators
that possess the budget and the management skills necessary to
generate a commanding presence in the major search engines. We
have developed and continue to invest in a leading digital marketing
platform that has generated 39% enquiry growth over the last
five years.
Although mostly generated online, our enquiries are predominantly
handled directly by the stores and, in the UK, we have a Customer
Support Centre (“CSC”) which handles customer service issues in
addition to enquiries, in particular when the store colleagues are
busyhandling calls or outside of normal store opening hours.
Our pricing platform provides the store and CSC colleagues
withsystem-generated real-time prices managed by our centrally
based yield-management team. Local colleagues have certain
levelsof discretion to flex the system-generated prices, but this is
continually monitored.
Customer service standards are high and customer satisfaction
feedback is consistently very positive. The key drivers of sales
success are the capacity to generate enquiries in a digital world, the
capacity to provide storage locations that are conveniently located
close to the customers’ requirements and the ability to maintain a
consistently high quality, motivated retail team that is able to secure
customer sales at an appropriate storage rate, all of which can be
better provided by larger, more efficient organisations.
We remain focused on business as well as domestic customers.
Ournational network means that we are uniquely placed to further
growthe business customer market and in particular National
Accounts. Within our business customer category, our National
Accounts business represents around 493,000 sq ft of occupied
space (around 11% of the UK’s occupancy). Approximately 71%
of the space occupied by National Accounts customers is outside
London, demonstrating the importance and quality of our well-invested
national estate.
At the year end, business customers constitute 41% of our total
spacelet in the UK. We are accelerating the conversion of larger
units (over 250 sq ft) into smaller ones more suitable for domestic
customers, reducing the historic over-weight towards business
customers in the UK. Through this partitioning programme we
expectto significantly reduce the current 1.0 million sq ft of larger
units, which are predominantly located in London (36%) and South
East England (24%), so that the UK ratio of domestic to business
customers comes closer to the 70/30 split by occupied space seen
inthe rest of the Group.
The business now has in excess of 94,000 business and domestic
customers with an average length of stay of 27 months and
21months respectively.
Safestore Holdings plc | Annual report and financial statements 2024
16
Chief Executive’s statement continued

The cost base of the business is relatively fixed with regard to changes in occupancy. Each store typically employs three staff. OurGroup Head
Office comprises business support functions such as Yield Management, Property, Marketing, HR, IT and Finance.
Trading performance
Trading data – total
Revenue (millions) Q4 2024 Q4 2023 Change
9
FY 2024 FY 2023 Change
Group (GBP) £57.9 £57.6 0.5% £223.4 £224.2 (0.3%)
UK (GBP) £41.8 £42.6 (1.9%) £162.2 £166.2 (2.4%)
Paris (EUR) €13.2 €13.0 1.6% €51.3 €50.5 1.5%
Expansion Markets (EUR) €6.0 €4.4 35.2% €20.6 €16.0 29.0%
Average rate (per sq ft) Q4 2024 Q4 2023 Change FY 2024 FY 2023 Change
Group (GBP) £29.64 £30.22 (1.9%) £29.85 £30.26 (1.4%)
UK (GBP) £29.64 £30.26 (2.0%) £29.94 £30.25 (1.0%)
Paris (EUR) €43.17 €42.28 2.1% €42.28 €42.05 0.5%
Expansion Markets (EUR) €23.87 €22.42 6.5% €23.28 €22.02 5.7%
REVPAF (per sq ft) Q4 2024 Q4 2023 Change FY 2024 FY 2023 Change
Group (GBP) £26.81 £28.24 (5.1%) £26.69 £27.70 (3.6%)
UK (GBP) £28.53 £29.58 (3.5%) £28.00 £29.07 (3.7%)
Paris (EUR) €36.93 €37.84 (2.4%) €37.12 €37.10 0.1%
Expansion Markets (EUR) €18.42 €17.52 5.2% €17.63 €17.89 (1.4%)
Closing occupancy (million sq ft) FY 2024 FY 2023 Change
Group 6.41 6.23 2.9%
UK 4.54 4.47 1.6%
Paris 1.09 1.11 (1.8%)
Expansion Markets 0.78 0.65 20.0%
Closing occupancy (% of MLA) FY 2024 FY 2023 Change
Group 74.6% 77.0% (2.4ppt)
UK 77.2% 78.1% (0.9ppt)
Paris 76.8% 81.3% (4.5ppt)
Expansion Markets 60.3% 65.1% (4.9ppt)
MLA (million sq ft) FY 2024 FY 2023 Change
Group 8.59 8.09 6.2%
UK 5.88 5.73 2.6%
Paris 1.42 1.36 4.4%
Expansion Markets 1.29 1.00 29.0%
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
17
STRATEGIC REPORTOVERVIEW

Trading performance continued
Trading data – like-for-like
Revenue (millions) Q4 2024 Q4 2023 Change
9
FY 2024 FY 2023 Change
Group (GBP at CER
1
) £56.3 £55.9 0.7% £219.0 £218.9 0.0%
UK (GBP) £41.2 £41.3 (0.2%) £160.1 £162.0 (1.2%)
Paris (EUR) €13.2 €13.0 1.4% €51.2 €50.5 1.4%
Expansion Markets (EUR) €4.3 €3.9 10.3% €16.6 €14.7 12.9%
Average rate (per sq ft) Q4 2024 Q4 2023 Change FY 2024 FY 2023 Change
Group (GBP at CER) £30.48 £30.50 (0.1%) £30.51 £30.46 0.2%
UK (GBP) £29.88 £30.30 (1.4%) £30.10 £30.27 (0.6%)
Paris (EUR) €43.34 €42.28 2.5% €42.33 €42.05 0.7%
Expansion Markets (EUR) €25.60 €23.60 8.5% €24.75 €22.98 7.7%
REVPAF (per sq ft) Q4 2024 Q4 2023 Change FY 2024 FY 2023 Change
Group (GBP at CER) £28.94 £28.74 0.7% £28.34 £28.39 (0.2%)
UK (GBP) £28.99 £29.11 (0.4%) £28.36 £28.80 (1.5%)
Paris (EUR) €38.32 €37.84 1.3% €37.59 €37.10 1.3%
Expansion Markets (EUR) €24.01 €21.39 12.2% €22.92 €20.55 11.5%
Closing occupancy (million sq ft) FY 2024 FY 2023 Change
Group 6.11 6.12 (0.2%)
UK 4.45 4.45 —
Paris 1.09 1.11 (1.8%)
Expansion Markets 0.57 0.56 1.8%
Closing occupancy (% of MLA) FY 2024 FY 2023 Change
Group 78.8% 79.3% (0.5ppt)
UK 78.6% 79.0% (0.4ppt)
Paris 79.3% 81.3% (2.0ppt)
Expansion Markets 80.1% 78.1% 1.9ppt
MLA (million sq ft) FY 2024 FY 2023 Change
Group 7.75 7.72 0.4%
UK 5.66 5.64 0.4%
Paris 1.37 1.36 0.7%
Expansion Markets 0.72 0.72 0.0%
Safestore Holdings plc | Annual report and financial statements 2024
18
Chief Executive’s statement continued

UK
Our operational performance across the UK has been resilient in the
current economic environment with revenue down 2.4% year on year,
1.2% on a like-for-like (“LFL”) basis.
This resulted from a broadly stable like-for-like average rental rate
of £30.10 (0.6% down on FY 2023 at £30.27) together with flat LFL
occupancy.
This like-for-like occupancy position reflects strengthening domestic
demand, which had a steadily improving trajectory through the second
half of FY 2024 to be 4.3% ahead of prior year at 31 October 2024,
offset by continued soft demand from business customers which was
6.0% behind at the year end.
Overall revenue in the UK was impacted by £2.2 million due to changes
in the nature of customer goods protection with cover in FY2024 not
attracting insurance premium tax (“IPT”). This difference has been
excluded from like-for-like measures to better reflect performance.
In addition, new stores and developments contributed £2.1 million of
revenue in the year.
The LFL cost base in the UK increased by £2.3 million year on year
due to market inflationary increases in store employment costs,
business rates and administrative costs which was offset by a £2.2
million reduction in IPT in costs of sales due to the changes in the
nature of customer goodsprotection.
As a result, Underlying EBITDA for the UK business was £99.3 million
(FY 2023: £105.9 million), a decrease of £6.6 million or 6.2%.
Paris
In Paris, LFL revenue grew 1.4% on prior year reflecting a robust
performance in challenging market conditions with total revenue
growth of 1.5% year on year.
The growth on prior year was driven by improving rental rates which
increased to €42.33 for the year, an increase of 0.7% on FY 2023
(€42.05) offset by flat average occupancy for the year, both on a
LFL basis.
REVPAF, which we believe is materially ahead of the local competition,
grew by 1.3% against prior year.
Underlying EBITDA at €33.8 million, was down by 3.4% against
FY 2023 with cost of sales and administrative costs increasing by
€2.0 million.
Expansion Markets
The performance of Spain, the Netherlands and Belgium has been
presented together, reflecting both their combined scale and their
common strategic focus on providing expansion opportunities for
the Group.
Overall, they delivered 12.9% LFL revenue growth in FY2024 with
positive momentum in all three markets. Total revenue, including the
benefit of new stores, increased 29.0% year on year to €20.6 million.
In Spain, LFL revenue grew 3.6% year on year, driven by improvement
in occupancy (closing at 78.0% (FY 2023: 74.8%)) and flat rental
rates. In the Netherlands, LFL revenue growth was 12.2% driven
by increased rental rates with occupancy broadly in line with prior
year. LFL revenue in Belgium grew 17.8% year on year through a
combination of both increased rental rates and improved occupancy.
In addition, new stores and expansions contributed an additional
€3.4million in revenue in the year, largely through openings in Spain,
taking total revenue to €20.6 million, a 29.0% increase year on year
forthe combined markets.
Underlying EBITDA increased by €3.0 million to €8.7 million as
the increase in revenue was partially offset by an increase in the
underlying cost of sales and administrative expenses of €2.0 million,
resulting from additional costs to support the new stores as well as
their dilutive impact whilst they achieve stabilisation.
Frederic Vecchioli
Chief Executive Officer
15 January 2025
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
19
STRATEGIC REPORTOVERVIEW

The group continues to deliver robust
cash generation with a strong balance
sheet, despite the impact to earnings of
thecurrent inflationary environment”
Simon Clinton
Chief Financial Officer
Underlying income statement
The table below sets out the Group’s underlying results of operations for the twelve months ended 31 October 2024 (“FY 2024”) and the
twelve months ended 31 October 2023 (“FY 2023”). To calculate the underlying performance metrics, adjustments are made for the impact
ofexceptional items, share-based payments, corporate transaction costs, change in fair value of derivatives, gain or loss on investment
properties and the associated tax impacts, as well as exceptional tax items and deferred tax. Although not superseding IFRS, management
considers this presentation of earnings to be representative of the underlying performance of the business, as it removes the income
statementimpact of items not fully controllable by management, such as the revaluation of derivatives and investment properties, and
theimpact of exceptional credits, costs and finance charges.
2024
£’m
2023
£’m
Movement
%
Revenue 223.4 224.2 (0.3%)
Underlying costs (88.0) (82.0) 7.4%
Underlying EBITDA 135.4 142.2 (4.8%)
Leasehold rent (15.5) (14.9) 4.0%
Underlying EBITDA after leasehold rent 119.9 127.3 (5.8%)
Depreciation (1.5) (1.3) 15.4%
Net underlying finance charges (21.4) (15.9) 34.6%
Underlying profit before tax 97.0 110.1 (12.0%)
Current tax (4.3) (5.1) 15.7%
Adjusted EPRA earnings 92.7 105.0 (11.8%)
Share-based payments charge (0.3) (3.5) (91.4%)
EPRA basic earnings 92.4 101.5 (9.0%)
Average shares in issue (m) 218.3 217.2
Diluted shares (for ADE EPS) (m) 219.2 219.1
Adjusted Diluted EPRA EPS (p) 42.3 47.9 (11.7%)
Note:
1 Adjusted Diluted EPRA EPS is defined in note 2 to the financial statements.
2 Adjusted EPRA earnings excludes share-based payment charges and, accordingly, the Underlying EBITDA, Underlying EBITDA after leasehold costs and underlying profit before
tax measures have been presented excluding share-based payment charges for consistency.
Safestore Holdings plc | Annual report and financial statements 2024
20
Financial review

The table below reconciles statutory profit before tax in the income statement to underlying profit before tax in the table above.
2024
£’m
2023
£’m
Statutory profit before tax 398.6 207.8
Adjusted for:
– gain on investment properties and investment properties under construction (301.9) (102.6)
– change in fair value of derivatives — 1.7
– net exchange loss — (0.3)
– share-based payments 0.3 3.5
Underlying profit before tax 97.0 110.1
Management considers the above presentation of earnings to be representative of the underlying performance of the business.
Underlying EBITDA decreased by 4.8% to £135.4 million (FY 2023: £142.2 million) reflecting a 0.3% decrease in revenue and a 7.4% increase
inunderlying costs.
Net underlying finance charges increased from £15.9 million for FY 2023 to £21.4 million for FY 2024. This principally reflects the increased
borrowing to finance our development programme and higher interest rates.
As a result, underlying profit before tax decreased 12.0% to £97.0 million (FY 2023: £110.1 million). The increase in statutory profit before
taxof£190.8 million to £398.6 million (FY 2023: £207.8 million) results from the increased gain on the fair value of investment properties
of£199.3 million to £301.9 million (FY 2023: £102.6 million). This increase reflects the increased value of the Group’s store portfolio primarily
asa result of a healthy transactional market with 53bps reduction in exit yields.
Given the Group’s REIT status in the UK, tax is not normally payable on rental income in the UK but is payable on non-UK earnings.
Thecurrentunderlying tax charge for the year was £4.3 million (FY 2023: £5.1 million).
As explained in note 2 to the financial statements, management considers that the most representative Earnings per Share (“EPS”) measure
isAdjusted Diluted EPRA EPS which has decreased by 5.6 pence or 11.7% to 42.3 pence (FY 2023: 47.9 pence).
Reconciliation of Underlying EBITDA
The table below reconciles the operating profit included in the consolidated income statement to Underlying EBITDA.
2024
£’m
2023
£’m
Statutory operating profit 425.8 230.4
Adjusted for
gain on investment properties and investment properties under construction (301.9) (102.6)
– fair value re-measurement of lease liabilities 9.7 8.8
– variable lease payments — 0.8
– depreciation 1.5 1.3
– share-based payments 0.3 3.5
Underlying EBITDA 135.4 142.2
The main reconciling items between statutory operating profit and Underlying EBITDA are the gain on investment properties of £292.2 million
at 31 October 2024 (FY 2023: £93.8 million), represented by a gain on investment properties and investment properties under construction of
£301.9 million less fair value re-measurement of lease liabilities of £9.7 million.
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
21
STRATEGIC REPORTOVERVIEW

Underlying profit by geographical region
The Group is organised and managed in three operating segments based on geographical region, with Expansion Markets including our
operations in Spain, the Netherlands and Belgium together with our German joint venture. The table below details the underlying profitability
ofeach region.
FY 2024 FY 2023
UK
£’m
Paris
€’m
Expansion
Markets
€’m
Total
(CER)
£’m
UK
£’m
Paris
€’m
Expansion
Markets
€’m
Total
(CER)
£’m
Revenue 162.2 51.3 20.6 224.7 166.2 50.5 16.0 224.2
Underlying cost of sales (52.6) (13.7) (9.1) (72.2) (51.1) (12.1) (7.0) (67.8)
Store EBITDA 109.6 37.6 11.5 152.5 115.1 38.4 9.0 156.4
Store EBITDA margin 67.6% 73.3% 55.7% 67.9% 69.3% 76.0% 56.3% 69.8%
LFL store EBITDA margin 68.0% 73.4% 60.1% 68.8% 70.3% 76.0% 65.8% 71.3%
Underlying administrative expenses (10.3) (3.8) (2.7) (16.2) (9.2) (3.4) (2.8) (14.2)
Underlying EBITDA 99.3 33.8 8.8 136.3 105.9 35.0 6.2 142.2
EBITDA margin 61.2% 65.9% 42.6% 60.7% 63.7% 69.3% 38.8% 63.4%
Leasehold costs (9.3) (6.4) (1.0) (15.6) (8.6) (6.4) (0.8) (14.9)
Underlying EBITDA after leasehold costs 90.0 27.4 7.8 120.7 97.3 28.6 5.4 127.3
EBITDA after leasehold costs margin 55.5% 53.4% 37.7% 53.7% 58.5% 56.6% 33.8% 56.8%
UK
£’m
Paris
€’m
Expansion
Markets
€’m
Total
£’m
UK
£’m
Paris
€’m
Expansion
Markets
€’m
Total
£’m
Underlying EBITDA after leasehold costs 89.9 23.8 7.0 120.7 97.3 24.9 5.1 127.3
Adjustment to actual exchange rate — (0.2) (0.6) (0.8) — — — —
Reported Underlying EBITDA after leasehold costs 89.9 23.6 6.4 119.9 97.3 24.9 5.1 127.3
Note:
CER is Constant Exchange Rates with Euro denominated results for the current period translated at the exchange rate effective for the comparative period in order to present the reported
results on a more comparable basis.
Underlying EBITDA in the UK decreased by £6.6 million, or 6.2%, to £99.3 million (FY 2023: £105.9 million), reflecting a 2.6% reduction in
revenue together with an increase in underlying cost of sales and administrative expenses of £2.7 million. The Underlying EBITDA margin
reduced to 61.2% compared to 63.8% in FY 2023.
In Paris, Underlying EBITDA decreased by €1.2 million to €33.8 million, reflecting a €0.8 million increase in revenue less an increase in cost
ofsales and administrative expenses of €2.0 million. As a result, Underlying EBITDA margin decreased to 65.9% from 69.3% in FY 2023.
Underlying EBITDA in Expansion Markets increased by €2.6 million or 41.9% to €8.8 million (FY 2023: €6.2 million) reflecting a €5.0 million
increase in revenue less an increase in cost of sales and administrative expenses of €2.0 million. As a result, Underlying EBITDA margin
increased from 38.4% in FY 2023 to 42.3% in FY 2024.
Adjusting for an unfavourable exchange rate movement of 2.1% resulting in an impact of £0.8 million in the current year, the Group reported that
Underlying EBITDA after leasehold rent decreased by 5.8% or £7.4 million to £119.9 million (FY 2023: £127.3 million).
Revenue
Revenue for the Group is primarily derived from the rental of self-storage space and the sale of ancillary products such as StoreProtect and
merchandise (e.g. packing materials and padlocks).
The split of the Group’s revenues by geographical segment is set out below for FY 2023 and FY 2024.
2024 % of total 2023 % of total % change
UK £’m 162.2 73% 166.2 74% (2.4%)
Paris
Local currency €’m 51.3 50.5 1.5%
Paris in GBP £’m 43.7 19% 43.9 20% (0.5%)
Expansion Markets
Local currency €’m 20.6 16.0 29.0%
Expansion Markets in GBP £’m 17.5 8% 14.2 6% 23.2%
Average exchange rate €:£ 1.173 1.149 2.5%
Total revenue 223.4 100% 224.2 100% (0.3%)
The Group’s reported revenue decreased by 0.3% or £0.8 million during the year. LFL revenue at CER was flat.
Total revenue in FY 2023 included £2.2 million of Insurance Premium Tax (“IPT”) relating to customer goods insurance which was not repeated
in FY 2024 due to changes in the nature of the protection for liability for loss and damage offered to customers storing goods with us.
Thisamount has been excluded from like-for-like revenue figures to better reflect underlying performance.
Safestore Holdings plc | Annual report and financial statements 2024
22
Financial review continued

Average rental rates for the Group on a LFL CER basis increased by 0.2% to £30.51 (FY 2023: £30.46) coupled with a decrease in average
occupancy of 0.5ppts to 78.8% (FY 2023: 79.3%).
In the UK, LFL revenue decreased by £1.9 million or 1.2%. This was driven by a 1.8% decrease in the average occupancy together with a
decrease in average store rate of 0.6%.
In addition, new stores and developments in the UK contributed an additional £2.1 million of revenue in the year.
In Paris, revenue increased by €0.8 million or 1.5%. There was an increase in the average rental rate in Paris to €42.28 for the period,
anincrease of 0.5% on €42.05 in FY 2023.
The performance of Spain, the Netherlands and Belgium has been presented together as Expansion Markets, reflecting both their combined
scale and their common strategic focus on providing expansion opportunities for the Group.
Overall, they delivered 12.9% LFL revenue growth in FY 2024 with positive momentum in all three markets. Total revenue, including the
benefitof new stores, increased 29.0% year on year to €20.6 million.
Analysis of cost base
On a like-for-like CER basis, adjusting for new stores, total costs increased by 8.7% from £62.9 million for FY 2023 to £68.3 million for FY 2024.
Cost of sales
2024
£’m
2023
£’m
Volume related including bad debt 5.6 3.6
Store employee and related 22.5 21.8
Marketing 8.8 8.3
Business rates 16.2 14.6
Facilities and premises insurance 15.2 14.6
Underlying cost of sales (Like-for-like; CER) 68.3 62.9
New stores and developments 4.0 2.7
Store Protect replacement IPT — 2.2
Foreign exchange (0.1) —
Underlying costs of sales 72.2 67.8
Depreciation 1.5 1.3
Variable lease payments — 0.8
Total costs of sales 73.7 69.9
In order to arrive at underlying cost of sales, adjustments are made to remove the impact of depreciation and variable lease payments.
Adjusting for the impact of new stores, underlying cost of sales at CER on a like-for-like basis increased by 8.7% or £5.4 million, to £68.3 million
(FY2023: £62.9 million).
Of this, volume related costs, including bad debt, increased £2.0 million, principally due to higher provisioning in France as a result of changes
to non-payer management processes. Store employee costs increased by £0.8 million, led by £0.9 million higher costs in the UK as a result of
increases in the National Living Wage in April 2024. Business rates were £1.6 million higher in the year as a result of CPI-linked increases and
increased rateable values.
The cost of sales attributable to non-LFL stores added £1.3 million year on year.
Cost of sales in FY 2023 included £2.2 million of IPT which is not repeated in FY 2024 due to changes in the nature of the protection for liability
for loss and damage offered to customers storing goods with us.
Administrative expenses
The table below reconciles reported administrative expenses to underlying administrative expenses and details the key movements in
underlying administrative expenses between FY 2023 and FY 2024.
2024
£’m
2023
£’m
Underlying administrative expenses (Like-for-like; CER) 15.2 13.6
New stores and developments 0.7 0.6
Foreign exchange (0.1) —
Underlying administrative expenses 15.8 14.2
Share-based payments 0.3 3.5
Total administrative expenses 16.1 17.7
In order to arrive at underlying administrative expenses, adjustments are made to remove the impact of exceptional items and share-based payments.
Underlying administrative expenses increased by 11.3% or £1.6 million to £15.8 million (FY 2023: £14.2 million). The increase primarily arose
from a rise in employee and related costs.
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
23
STRATEGIC REPORTOVERVIEW

Gain on revaluation of investment properties
A full, independent external valuation of the store portfolio is undertaken by the Group on an annual basis for year-end reporting.
As a result of this exercise, the net gain on investment properties during the year was as follows.
2024
£’m
2023
£’m
Gain on revaluation of investment properties 301.9 103.5
Loss on revaluation of investment properties under construction — (0.9)
Fair value re-measurement of lease liabilities (9.7) (8.8)
Gain on revaluation of investment properties 292.2 93.8
The movement on investment properties reflects the increased value of the Group’s store portfolio primarily as a result of an improvement in cap
rates, reflecting recent market transactions in self-storage. The UK business contributed £231.7 million of the £292.2 million net revaluation gain,
with a £45.0 million revaluation gain arising in Paris and a £25.2 million revaluation gain arising in Expansion Markets.
Operating profit
Reported operating profit increased by £195.4 million from £230.4 million for FY 2023 to £425.8 million for FY 2024, primarily reflecting an
increase in the investment property gain offset by a £6.8 million reduction in Underlying EBITDA.
Net finance costs
Net finance costs include interest payable, interest on obligations under lease liabilities, fair value movements on derivatives, exchange gains
or losses, unwinding of discounts and exceptional finance income. Net finance costs increased by £4.6 million to £27.2 million in FY 2024
(FY2023: £22.6 million). The main driver of the increase was net bank interest payable reflecting the Group’s additional borrowings to fund
theGroup’s acquisition and development activity, higher interest rates on floating-rate borrowings and a positive variance to prior year fair
valuemovements on derivatives.
2024
£’m
2023
£’m
Net exchange gains — 0.3
Other interest received 0.1 0.1
Financial instruments income — 0.4
Total finance income 0.1 0.8
Net bank interest payable (27.7) (19.5)
Capitalised interest on developments 7.8 4.4
Amortisation of debt issuance costs on bank loans (1.6) (1.3)
Underlying finance costs (21.5) (16.4)
Interest on lease liabilities (5.8) (5.3)
Fair value movement on derivatives — (1.7)
Total finance costs (27.3) (23.4)
Net finance costs (27.2) (22.6)
Underlying finance charge
The underlying finance costs represent the finance expense before interest on obligations under lease liabilities, changes in fair value of
derivatives and exceptional items and is disclosed because management reviews and monitors performance of the business on this basis.
The underlying finance costs (reflecting Revolving Credit Facility (“RCF”) and US Private Placement Notes (“USPPs”) interest costs and the
amortisation ofcapitalised debt issuance costs) increased by £5.1 million to £21.5 million (FY 2023: £16.4 million).
Net interest on borrowings increased £8.5 million year on year due to on higher average borrowings from financing our development
programme and increased interest rates on our floating-rate RCF. Partially offsetting this was a £3.4 million increase in interest capitalised
onstoredevelopments.
Safestore Holdings plc | Annual report and financial statements 2024
24
Financial review continued

The movement in underlying finance costs can be summarised as follows:
Non-underlying finance charge
Interest on finance leases was £5.8 million (FY 2024: £5.3 million) and reflects part of the leasehold rental payment. The balance of the
leasehold payment is charged through the gain or loss on investment properties line and variable lease payments in the income statement.
Overall, the leasehold rent charge increased by £0.6 million to £15.5 million in FY 2024 (FY 2023: £14.9 million). In the prior year, a net loss
of£1.7 million was recognised on fair valuation of derivatives when they matured.
The Group undertakes net investment hedge accounting for its Euro denominated loan notes reflecting the natural currency hedge against
Eurodenominated assets.
Tax
The tax charge for the period is analysed below:
2024
£’m
2023
£’m
Underlying current tax losses (4.3) (5.1)
Current tax charge (4.3) (5.1)
Tax on investment properties movement (21.7) (8.3)
Adjustment in respect of prior years 1.3 2.8
Losses in respect of current year (1.6) 3.0
Deferred tax charge (22.0) (2.5)
Net tax charge (26.3) (7.6)
Income tax in the period was a net charge of £26.3 million (FY 2023: £7.6 million).
In the UK, the Group is a REIT, so the current tax charge relates to the Paris and Spain businesses. The underlying current tax charge for the
period amounted to £4.3 million (FY 2023: £5.1 million).
Profit after tax
The profit after tax for the period was £372.3 million, compared with £200.2 million in FY 2023, an increase of £172.1 million which arose
principally due to the increased gain on investment properties, which is explained above.
Earnings per Share
Basic EPS was 170.5 pence (FY 2023: 92.2 pence) and diluted EPS was 170.1 pence (FY 2023: 91.8 pence). As explained in note 2 to the
financial statements, management considers Adjusted Diluted EPRA EPS to be more representative of the underlying EPS performance of
the business.
Adjusted Diluted EPRA EPS is based on the European Public Real Estate Association’s (“EPRA”) definition of earnings and is defined as
profit orloss for the period after tax excluding corporate transaction costs, changes in fair value of derivatives, gain/loss on the fair value of
investment properties and the associated tax impacts. The Company then makes further adjustments for the impact of exceptional items,
IFRS2 share-based payment charges, exceptional tax items and deferred tax charges. This adjusted earnings figure is divided by the diluted
number of shares. The IFRS 2 cost is excluded as it is written back to distributable reserves and is a non-cash item (with the exception of the
associated National Insurance element). Therefore, neither the Company’s ability to distribute nor pay dividends is impacted (with the exception
of the associated National Insurance element). The financial statements disclose earnings on a statutory, EPRA and Adjusted Diluted EPRA
basis andprovide a full reconciliation of the differences in the financial year in which any Long Term Incentive Plan (“LTIP”) awards may vest.
Management introduced Adjusted Diluted EPRA EPS as a measure of EPS following the implementation of the Group’s LTIP schemes.
Management considers that the real cost to existing shareholders from such schemes is the dilution that they will experience on the
grantingofshares. Therefore, Earnings per Share has been adjusted for the IFRS 2 share-based payment charge and the number of shares
used in theEPS calculation has also been adjusted for the dilutive effect of the LTIP schemes.
Underlying finance costs
FY 2023
Development Capitalised interest Interest
rate change
Underlying finance costs
FY 2024
25.0
20.0
15.0
10.0
5.0
0.0
16.4
(3.4)
21.5
6.0
2.5
£m
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
25
STRATEGIC REPORTOVERVIEW

Earnings per Share continued
Adjusted Diluted EPRA EPS for the year was 42.3 pence (FY 2023: 47.9 pence), calculated on a pro forma basis, as if the dilutive LTIP shares
were in issue throughout both the current and prior years, as follows:
2024 2023
Earnings
£’m
Shares
million
Pence
per share
Earnings
£’m
Shares
million
Pence
per share
Basic earnings
Adjustments: 372.3 218.3 170.5 200.2 217.2 92.2
Gain on investment properties (292.2) — (133.9) (93.8) — (43.2)
Net exchange loss — — — (0.3) — (0.1)
Change in fair value of derivatives — — — 1.7 — 0.8
Tax on adjustments/exceptional tax 20.9 — 9.6 1.4 — 0.6
Adjusted 101.0 218.3 46.2 109.2 217.2 50.3
EPRA adjusted:
Fair value re-measurement of lease liabilities
add-back (9.7) — (4.5) (8.8) — (4.1)
Tax on lease liabilities add-back adjustment 1.1 — 0.5 1.1 — 0.5
EPRA basic EPS 92.4 218.3 42.2 101.5 217.2 46.7
Share-based payments charge 0.3 — 0.1 3.5 — 1.6
Dilutive shares — 0.9 — — 1.9 (0.4)
Adjusted Diluted EPRA EPS 92.7 219.2 42.3 105.0 219.1 47.9
The Group has exposure to the movement in the Euro/GBP exchange rate. Based on the FY 2024 results, for a 10 cent increase to the average
exchange rate of 1.173 would cause an impact of £1.7 million to Adjusted EPRA Earnings (FY 2023: £1.3 million).
Investment Properties
Cushman & Wakefield Debenham Tie Leung Limited LLP (“C&W”) has valued the Group’s property portfolio. As at 31 October 2024, the total
value of the Group’s property portfolio of open stores was £3,052.9 million (FY 2023: £2,681.1 million).
UK
£’m
Paris
£’m
Expansion
Markets
£’m
Total IP
£’m
Paris
€’m
Expansion
Markets
£’m
Value as at 1 November 2023 1.872.2 573.9 235.0 2,681.1 657.9 269.4
Developments and Acquisitions 40.5 30.9 30.6 102.0 36.3 35.9
Disposals — — — — — —
Revaluation 231.7 45.0 25.2 301.9 52.8 29.5
FX (22.7) (9.6) (32.3)
Value of IP as at 31 October 2024 2,144.4 627.1 281.3 3,052.8 747.0 334.8
IP Under Construction 75.8 22.2 32.7 130.7 26.4 38.8
IP and IPUC 2,220.2 649.3 314.0 3,183.5 773.4 373.6
IP Lease Liabilities 73.1 19.1 8.4 100.6 22.7 10.1
Total as at 31 October 2024 2,293.3 668.4 322.4 3,284.1 796.1 383.7
Property valuation (£’m) (including investment properties under construction), before lease liabilities
The above tables summarise the movement in the valuations of the Group’s investment property portfolio including investment properties
underconstruction.
Value at 31 October 2023 Currency translation Additions and acquisitions Revaluation Value at 31 October 2024
3,500.0
3,000.0
2,500.0
2,000.0
1,500.0
1,000.0
500.0
0
2,789.7
3,183.6
(34.0)
125.9
301.9
Safestore Holdings plc | Annual report and financial statements 2024
26
Financial review continued

The Group’s property portfolio valuation, including investment properties under construction, increased by £393.9 million, which includes
thegain on valuation of £301.9 million and £125.9 million relating to additions and store refurbishments and foreign currency movements.
The exchange rate at 31 October 2024 was €1.191:£1 compared to €1.146:£1 at 31 October 2023. This movement in the foreign exchange rate
hasresulted in a £34.0 million unfavourable currency translation movement in the value of our investment properties in the year.
Valuation movement as a result of yield compression reflecting investor confidence in the sector with average freehold exit yield reducing
53bps to 5.19% in the year (FY 2023: 5.72%), partially offset by discount rates for future cash flows increasing 12bps to 8.66% in the year
(FY2023: 8.54%).
The EPRA basic NTA per share, as reconciled to IFRS net assets per share in the financial statements, was 1,091 pence at 31 October 2024,
up 14.6% since 31 October 2023 (952 pence), and the IFRS reported diluted NAV per share was 1,017 pence (FY 2023: 884 pence), reflecting
the£307.8 million growth in reported net assets since 31 October 2023.
Gearing and capital structure
The Group finances its activities through a combination of equity and borrowings. As at 31 October 2024, the Group’s borrowings comprise
bank borrowing facilities, made up of a Revolving Credit Facility (“RCF”), together with US Private Placement Notes (“USPPs”).
The drawn debt position as at 31 October 2024 is analysed as follows:
Facility
£/€’m
Fixed-rate
borrowings
£’m
Floating-rate
borrowings
£’m
Total
Rate
%
RCF – GBP drawn £500.0 £249.0 6.15%
RCF – EUR drawn £106.7 4.57%
RCF – non-utilisation £144.3 0.42%
USPP 2026 €70.0 £58.7 1.26%
USPP 2026 £35.0 £35.0 2.59%
USPP 2027 €74.1 £62.1 2.00%
USPP 2028 £20.0 £20.0 1.96%
USPP 2028 €29.0 £24.4 0.93%
USPP 2029 £50.5 £50.5 2.92%
USPP 2029 £30.0 £30.0 2.69%
USPP 2029 €105.0 £88.1 2.45%
USPP 2031 £80.0 £80.0 2.39%
USPP 2033 €29.0 £24.4 1.42%
Unamortised finance costs — (£4.8) —
Total 973.2 612.7 355.7 3.96%
The debt repayment schedule can be summarised as follows (£’m):
FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33
USPP USPP issued Dec 2024 RCF
600.0
500.0
400.0
300.0
200.0
100.0
0.0
93.8
62.2
44.4
168.7
80.0
24.4
58.8
355.7
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
27
STRATEGIC REPORTOVERVIEW

Gearing and capital structure continued
During the year, the Group exercised an accordion option to increase the committed facility in the RCF by £100.0 million to £500.0 million.
Thefacility was originally for a four-year term with two one-year extension options exercisable after the first and second years of the agreement.
The first of these extensions was exercised in FY 2023. The Group exercised the second one-year extension in FY 2024 with the RCF now
expiring in November 2028.
As at 31 October 2024, £355.7 million of the £500.0 million RCF was drawn, split £249.0 million and €127.0 million (£106.8 million).
The Group pays interest on the RCF at an initial margin of 125bps plus SONIA or EURIBOR. The margin payable is linked to certain ESG
targets, which have been met, enabling a reduction in the margin by 5bps to 120bps. In addition, the Group pays a non-utilisation fee of 0.42%
on the undrawn facility balance.
USPPs are denominated in Euros and Sterling and incur fixed rates of interest.
The 2026, 2027, 2028, 2029 and 2033 USPP Notes are denominated in Euros and have interest rates of 1.26% (on €70.0 million), 2.00%
(on€74.1 million), 0.93% (on €29.0 million), 2.45% (on €105.0 million) and 1.42% (on €29.0 million) respectively.
The 2026 (£35.0 million), 2028 (£20.0 million), 2029 (£50.5 million), 2939 (£30.0 million) and 2031 (£80.0 million) USPP Notes are denominated
inSterling and have interest rates of 2.59%, 1.96%, 2.92%, 2.69% and 2.39% respectively.
In the year, a €51.0 million USPP matured at the end of May 2024 and was fully repaid utilising existing facilities. Following the year end, a
newUSPP of €70.0 million was issued in December 2024 with a maturity in December 2032 and a fixed rate of interest of 4.03%.
As at 31 October 2024, 57% of the Group’s drawn debt is at fixed rates of interest. Overall, the Group has an effective interest rate on its
borrowings of 3.96% as at 31 October 2024, compared with 3.58% at the previous year end.
The Euro denominated borrowings provide a natural hedge against the Group’s investment in the Paris and Expansion Markets businesses.
Net debt (including finance leases and cash) stood at £899.5 million at 31 October 2024, an increase of £89.2 million during the year,
principallydue to increased funding required for store acquisitions and developments.
Total capital (net debt plus equity) increased from £2,745.4 million at 31 October 2023 to £3,126.3 million at 31 October 2024. The net impact
isthat the gearing ratio has decreased to 28.8% at 31 October 2024 from 29.5% at 31 October 2023.
Management also measures leverage with reference to its loan-to-value (“LTV”) ratio defined as net debt (excluding lease liabilities) as a
proportion of the valuation of investment properties (excluding finance leases), including investment properties under construction. As at
31October 2024, the Group LTV ratio was 25.1% compared with 25.4% at 31 October 2023.
The Board considers the current level of gearing is appropriate for the business to enable the Group to increase returns on equity, maintain
financial flexibility and to achieve its medium term strategic objectives.
As at 31 October 2024, £355.7 million of the £500.0 million UK revolver was drawn. Including the USPP debt of €307.1 million (£257.8 million)
and £215.5 million, the Group’s borrowings totalled £829.0 million (before adjustment for unamortised finance costs). As at 31 October 2024,
the weighted average remaining term for the Group’s committed borrowing facilities is 4.2 years.
Following the repayment of the 2024 USPP, the Group has no other maturities until 2026 and has a weighted average term to maturity of
4.2 years.
Borrowings under the existing loan facilities are subject to certain financial covenants. The RCF and the USPPs share interest cover and LTV
covenants. The interest cover requirement of a minimum of EBITDA interest of 2.4:1. Interest cover for FY 2024 was 4.3x (FY 2023: 6.7x),
calculated on the basis required under our financial covenants.
The LTV covenant is 60% for the Group. As at 31 October 2024, there is significant headroom in the Group LTV covenant calculations.
Going concern
The Group is in compliance with its covenants at 31 October 2024 and, based on forecast projections (which considered a number of factors,
including the current balance sheet position, the principal and emerging risks which could impact the performance of the Group, and the
Group’s strategic and financial plan), is expected to be in compliance and have ample liquidity for a period in excess of twelve months from
thedate of this report, and accordingly, this year end statement is prepared on the basis of going concern.
Safestore Holdings plc | Annual report and financial statements 2024
28
Financial review continued

Cash flow
The table below sets out the cash flow of the business in FY 2024 and FY 2023.
2024
£’m
2023
£’m
Underlying EBITDA 135.4 142.2
Working capital/exceptionals/other (2.3) (13.0)
Adjusted operating cash inflow 133.1 129.2
Interest payments (25.3) (19.6)
Leasehold payments (15.5) (14.9)
Tax payments (6.1) (5.5)
Free cash flow (before investing and financing activities) 86.2 89.2
Investment in associates (2.5) (2.3)
Capital expenditure – investment properties (118.3) (119.0)
Capital expenditure – property, plant and equipment (1.8) (2.9)
Adjusted net cash flow after investing activities (36.4) (35.0)
Issues of share capital 0.7 0.2
Dividends paid (65.9) (65.9)
Net drawdown of borrowings 111.6 101.3
Financial instruments — 0.4
Debt issuance costs (1.3) (4.9)
Net increase/(decrease) in cash 8.7 (3.9)
Note:
Free cash flow is a non-GAAP measure, defined as cash flow before investing and financing activities but after leasehold rent payments.
Adjusted operating cash flow increased by £4.2 million in the year.
Interest payments increased compared to the prior year as a result of the increased interest charge associated with the additional borrowings
tofund the capital expenditure on new stores. With small increases in leasehold and tax payments, free cash flow was broadly stable year
onyear at£86.2 million (FY 2023: £89.2 million).
In the year, we invested £122.6 million (FY 2023: net outflow of £124.2 million) on capital expenditure, principally on the development
ofnew stores.
Dividends paid to shareholders were £65.9 million in FY 2024 (£65.9 million in FY 2023), and the Group drew a net £111.6 million of borrowings,
primarily to finance capital expenditure.
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
29
STRATEGIC REPORTOVERVIEW

Cash flow continued
The first table below reconciles free cash flow (before investing and financing activities) in the table above to net cash inflow from operating
activities in the consolidated cash flow statement. The second table below reconciles adjusted net cash flow after investing activities in the table
above to the consolidated cash flow statement.
2024
£’m
2023
£’m
Free cash flow (before investing and financing activities) 86.2 89.2
Add-back: finance lease principal payments 9.7 8.8
Net cash inflow from operating activities 95.9 98.0
2024
£’m
2023
£’m
From table above:
Adjusted net cash flow after investing activities (36.4) (35.0)
Add-back: finance lease principal payments 9.7 8.8
Net cash outflow after investing activities (26.7) (26.2)
From consolidated cash flow:
Net cash inflow from operating activities 95.9 98.0
Net cash outflow from investing activities (122.6) (124.2)
Net cash outflow after investing activities (26.7) (26.2)
Dividends
The Directors are recommending a final dividend of 20.4 pence per share (FY 2023: 20.2 pence per share) which shareholders will be asked
to approve at the Company’s Annual General Meeting on 19 March 2025. If approved by shareholders, the final dividend will be payable on
15 April 2025 to shareholders on the register at close of business on 13 March 2025. Reflective of the continued strong cash generation
and positive outlook for the Group’s long term prospects, the Group’s full year dividend of 30.40 pence per share is 1.0% up on the prior
year dividend of 30.10 pence per share. The Property Income Distribution (“PID”) element of the full year dividend is 17.60 pence per share
(FY2023:17.62 pence per share).
The strategic report, including pages 6 to 77, was approved by a duly authorised Committee of the Board of Directors on 15 January 2025
andsigned om its behalf by:
Simon Clinton
Chief Financial Officer
15 January 2025
Safestore Holdings plc | Annual report and financial statements 2024
30
Financial review continued

Our purpose:
To add stakeholder value by developing profitable and sustainable spaces that allow individuals, businesses,
andlocalcommunitiesto thrive.
Building and maintaining effective dialogue with stakeholders help inform the Board’s decision-making process and enable it to create
value in the long term. The Board emphasises to management, the importance of continued engagement with our key stakeholders.
Engagement is led either directly through the Board and its Committees or by management. Not all information is reported directly to the
Board, as the Board delegates authority to the CEO and management for certain engagement activities andreceives regular stakeholder
updates at Board meetings.
How we engage
We actively foster an open and
collaborative environment for our
people and prioritise their wellbeing and
interests. We engage with our colleagues
through a number of mechanisms,
including our ‘Make the Difference’
people forum launched in 2018 which
is a formal workforce advisory panel.
Directors receive a Health, Safety and
Wellbeing report at each Board meeting.
What they tell us matters to them
• Cost of living
• Training and development
opportunities
• Reward and recognition initiatives
• Health and wellbeing and a safe
working environment
• Open and honest communication
• Equality, diversity and inclusion
Outcomes
We are exceptionally proud that
our commitment to colleagues was
recognised externally in 2021 and again
in 2024 by the award of the prestigious
Investors in People (“IIP”) Platinum
accreditation. We were also shortlisted
for the Platinum Employer of the Year
award in 2024.
In 2024, the group introduced Quentic
analytics. The Group can now track Lost
Time Incident Frequency Rate (“LTIFR”)
with greater accuracy. Tracking LTIFR
is useful for drawing conclusions about
the factors which contribute to lost
productivity and aid in the determination
of adequate injury prevention.
How we engage
We engage with customers in a creative
and consistent way across various
communication channels. We receive
their feedback through face-to-face
communication in store, directly through
our Customer Support Centre, and online
via our website, email, and social media
channels. We invest in customer service
training, tools, coaching and valuation
to provide a service that is professional,
efficient, and helpful.
What they tell us matters to them
• Understanding customer needs and
using our expertise to identify the right
solution to meet those needs
• Knowing that customers’ belongings
are stored safely and securely
• Great customer service
• Reliable communications channels
• Flexibility
Outcomes
Positive ratings on all relevant customer
service rating platforms:
• UK: 4.9 Google; 4.7 Trustpilot;
4.8Feefo
• France: 4.7 Google; 4.6 Trustpilot
• The Netherlands: 4.8 Google;
4.9Trustpilot
• Spain: 4.9 Google
• Belgium: 4.7 Google
How we engage
Safestore recognises the importance
of engaging with our investors and
shareholders and values the input they
have into the long term success of the
Company. Our Chairman and SID are
accessible to shareholders and engage
with our largest institutional shareholders
to discuss governance, strategy, and
other significant matters. Our CEO
and CFO regularly engage with all
shareholders and provide more insight
to the Company’s strategic direction
andperformance.
What they tell us matters to them
• Delivering on our commitment to
an embedded and appropriate
remuneration structure which drives
growth and rewards performance,
within the confines of best practice
• Strong financial performance
andreturns
• Clear strategy and transparency
ontheCompany’s performance
• Strong leadership and a strong
reputation for high standards of
business conduct
• Progress against our ESG targets
Outcomes
Through the Remuneration Committee,
the Board engaged with over 150
contacts from the largest institutional
investors in Safestore Holdings plc in
relation to the implementation of the
Remuneration Policy approved by
shareholders at the Company’s General
Meeting in 2023. The Board, the
Chairman and Chair of the Remuneration
Committee met with a number of investors
to discuss any questions they might have.
Discussion included changes to CEO
and CFO remuneration packages and the
2024 LTIP EPS performance targets.
Our people
Our customers Our shareholders and investors
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
31
STRATEGIC REPORTOVERVIEW
Engaging with our stakeholders and our Section 172(1) statement

How we engage
The Executive Team fosters strong
relationships with our business partners,
including joint venture partners, our
landlords at our leasehold sites, our
contractors and our suppliers of goods
and services. Management holds regular
meetings with our JV partners and
quarterly meetings with our construction
management partner and supplier forums
are held bi-annually to facilitate an open
exchange of feedback.
What they tell us matters to them
• Building strong relationships
• Maintaining sustainable business
practices
• Our current and future financial
performance
• Our operational excellence
• Clear communication, fair engagement
and prompt payment
• Corporate governance, including
Know Your Customer and Anti-Money
Laundering
Outcomes
On 24 December 2024, the Company
announced its new joint venture
with Nuveen as part of the EasyBox
acquisition. The Board recognises the
importance of a strong relationship with
all of our JV partners and wished to
mirror the success the business has had
with other JV partners in Germany, the
Netherlands and Belgium.
Furthermore, we continue to work with all
of our suppliers and partners on key ESG
focus areas, including:
• responsible sourcing;
• carbon footprint; and
• waste management.
How we engage
Location is fundamental to the success
of Safestore stores and the Company
is committed to making a positive
contribution to our local communities.
We seek to deliver long term benefits to
our local communities and be part of a
thriving local economy.
Our Sustainable Development Goals and
sustainability strategy are developed with
our communities at its heart.
What they tell us matters to them
• Minimal negative impact and local
disruption to the community from our
business operations
• Creating local employment
opportunities, both directly and from
our suppliers and customers
• Supporting local community projects
and charities
Outcomes
We provide fundraising support to
existing and new local charity partners;
for example, for the twelfth year in a
row, Safestore UK teamed up with the
WrapUp London campaign to support
its annual coat drive to help those in
need during the winter of 2023/24,
and during December our Head Office
colleagues supported a collection for a
local foodbank.
We continue to offer subsidised storage
space to local communities through our
‘charity room in every store’ scheme and
actively seek out practical and creative
solutions by working with and supporting
a number of charitable causes.
How we engage
Safestore has a long-standing
commitment to provide both a long term
sustainable investment and a pleasant
and safe environment for our customers,
colleagues and other stakeholders.
What they tell us matters to them
• We receive feedback from various
stakeholders on what environmentally
sustainable business practices mean
to them
• Awareness of the environmental
impact of our activities and positive
actions to mitigate these
• Reducing our carbon footprint by
decreasing absolute emissions, energy
usage, water consumption and waste
Outcomes
• Green electricity used across the
Group with certification for the UK,
France, the Netherlands, Spain,
andBelgium
• 100% diversion from landfill for
UKoperational waste
• 38 UK stores now have gas
useremoved, reducing overall
usageyear on year by over 15%
• Our company-owned fleet is now
predominantly fuelled by Petrol PHEV
• 100% first UK store development
withall construction waste diverted
from landfill
• 480 equivalent number of trees
savedfrom being felled by using fully
recycled paper
Our partners Our communities Our environment
Safestore Holdings plc | Annual report and financial statements 2024
32
Engaging with our stakeholders andourSection 172(1) statement continued

s172 statement
The Board believes that, at all times, the Directors of the Company acted in a way that they considered, in good faith, would be most likely to
promote the success of the Company for the benefit of its members as a whole, and in doing so had regard to the matters set out in s172(1)
(a) to (f) (“s172 Matters”). In accordance with s414CZA of the Companies Act 2006, the below provides examples of principal decisions made
during the year and describes how the Directors had regard for the s172 Matters:
Principal decision Background Regard for s172 matters
Implementation of
Remuneration Policy
As part of the approval of our Remuneration Policy at
the General Meeting of 12 July 2023, the Remuneration
Committee pledged to move Executive Directors to
a more conventional remuneration package over the
three-year policy term consisting of a competitive
salary, pension contribution rates in line with the wider
workforce, and incentive awards (annual bonus and
LTIP),each at levels within the market range for the
respective role.
The Board, led by the Chairman and Remuneration
Committee Chair, engaged with over 150 contacts
from the largest institutional investors to garner their
thoughts on the proposed approach.
Guided by advisers, best practice and shareholder sentiment,
as well as factors including the retirement ofAndy Jones as
Chief Financial Officer, the Committee elected to accelerate
the adjustment process for the CEO’s remuneration package
over a two-year period and address the anomaly that the
CEO’s salary was 25% below the FTSE 250 median.
In order to achieve this normalisation over a phased period,
the Executive Directors’ salary increases would need to be
significantly higher than that of the workforce, offset by a
corresponding reduction in the annual LTIP award. It was
determined that a two-step rebalancing process will occur
over 2024 and 2025 for the CEO. A phased approach was not
required for the incoming CFO as the remuneration package
was aligned with the desired market at appointment. The
Board was cognisant of the sentiment of the wider workforce
and recognised challenges faced by our people due to higher
costs of living. As such the Committee recommended that UK
Head Office staff receive an average pay increase of5.2%,
with Sales Consultants receiving an 8.5% increase, as well as
above inflation pay rises in France, Spain and the Netherlands,
with Belgium having already benefited from an increase earlier
in the year as part of the Collective Agreement.
Appointment of CFO In September 2023, the Company announced that
AndyJones had notified the Board of his intention to
retire from his role as Chief Financial Officer and as
a director of the Company. Andy joined Safestore in
May2013 and for over ten years was instrumental in
helping deliver the Company’s strategy, significantly
expanding its store portfolio and entering four
additionalgeographies.
The Board, with the support of the Nomination
Committee, recognised the importance of finding the
right candidate to replace Andy as Chief Financial
Officer to continue to deliver the Group strategy.
The Board recognised the importance of finding the right
candidate that could foster the best relationship possible
withthe Company’s stakeholders.
In considering a wide array and diverse range of candidates,
the Nomination Committee considered how any appointment
would most likely promote the success of the Company for
thebenefit of its members as a whole.
The Committee was cognisant of the impact a new Chief
Financial Officer could have on the Company’s operations,
andthe importance of the relationship with suppliers,
customers and the Company’s employees.
In making its selection, the Board had due regard for
the reputation of the Company for high standards of
professionalism and business conduct.
The Committee designed a robust and personalised
inductionprogramme to ensure the new appointment
would be best positioned to succeed, had a strong grasp
ofthe Company’s culture and understood the sentiment
oftheCompany’s investors.
In February 2024, the Board announced that Simon Clinton
was to become the Company’s new Chief Financial Officer.
Simon brought with him a wealth of experience across the
realestate, retail and consumer sectors.
EasyBox acquisition Throughout the second half of the financial year, the
Company explored the opportunity to acquire EasyBox
Self-Storage in Italy through a joint venture with
Nuveen Real Estate.
On 24 December 2024, the Board announced that the
€175 million acquisition, comprising a portfolio of ten
complete stores and two turn-key developments across
Italy’s main economic centres, had been completed.
As part of its commitment to shareholders, to deliver the
strategic aim of expanding the Company’s portfolio into
attractive new geographies, the Board was keen to pursue
theventure into the Italian market.
The Board emphasised the importance of engagement with
our new colleagues and working with business partners and
existing suppliers to understand the business and operations
in the new jurisdiction.
The business has engaged with employee works councils of
EasyBox to ensure a smooth transition for our new colleagues
and are in the process of migrating customers and existing
processes into the Safestore platform, in order to deliver the
same high standards across our Group.
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
33
STRATEGIC REPORTOVERVIEW

Principal risks and uncertainties
The principal risks and uncertainties described could have potentially the most significant effect on Safestore’s strategic objectives.
The key strategic and operational risks are monitored by the Board and are defined as those which could prevent us from achieving our
business goals. Our current strategic and operational risks and key mitigating actions are as follows:
Risk Current mitigation activities Developments since 2023
Strategic risks
The Group develops business
plans based on a wide range of
variables. Incorrect assumptions
about the economic environment
or the self-storage market or
changes in the needs or activities
of customers may adversely
affect the returns achieved by
the Group, potentially resulting in
loss of shareholder value or loss
of the Group’s status as the UK’s
largest self-storage provider.
• The strategy development process draws on
internaland external analysis of the self-storage
market, emerging customer trends and a range
ofother factors.
• Continuing focus on yield management with
regularreview of demand levels and pricing at
eachindividual store.
• Continuing focus on building the Safestore brand
through acquisitions and development projects.
• The portfolio is geographically diversified with
performance monitoring covering personal and
business customers by segments.
• Detailed and comprehensive sensitivity and
scenario modelling taking into consideration
variableassumptions.
• Monitoring of key data points helping to
understandand minimise uncertainty around
theeconomic environment.
The Group’s strategy is regularly reviewed through
theannual planning and budgeting process, and
regular reforecasts are prepared during the year.
The acquisition of new stores together with new
storeopenings have been fully integrated in the
Group’s store portfolio.
The current macroeconomic conditions, following
a period of elevated inflation and interest rates and
with ongoing cost pressures on businesses and
consumers, have continued to impact growth.
The level of risk is considered unchanged from
the31October 2023 assessment.
Finance risk
Lack of funding resulting in an
inability to meet business plans,
satisfy liabilities or a breach
ofcovenants.
• Funding requirements for business plans and the
timing for commitments are reviewed regularly as
partof the monthly management accounts.
• The Group manages liquidity in accordance with
Board-approved policies designed to ensure that the
Group has adequate funds for its ongoing needs.
• The Board regularly monitors financial covenant ratios
and headroom.
• The Group’s RCF now runs to 30 November 2028.
The US Private Placement Notes have staggered
maturities between 2026 and 2033.
In the past few years, there have been significant
opportunities to invest in new stores, in both the UK
and throughout Europe.
The Group exercised its option to increase the size
ofits RCF by £100 million to a total of £500 million.
Inaddition, the term of the facility was increased
by one year to 2028 through the exercise of the
remaining extension option.
Following year end the Group issued a new
€70million USPP, demonstrating continued
accesstofinancing.
The Group’s loan-to-value ratio (“LTV”) has broadly
remained constant during 2024 at 25.1% compared
to25.4% at the prior financial year end.
Therefore, this risk remains broadly unchanged from
the 31 October 2023 assessment.
Treasury risk
Adverse currency or interest
rate movements could see the
cost of debt rise, or impact the
Sterling value of income flows
or investments.
• The Group enters into interest rate hedging to limit
exposure to floating rate risks where appropriate.
• Foreign currency denominated assets are financed by
borrowings in the same currency where appropriate.
Euro denominated borrowings continue to provide
an effective, natural currency hedge against the
net assets and income of our Euro denominated
businesses.
At year end 58% of the Group’s debt is at fixed rates
or has been hedged, removing much of the volatility
ofinterest rate fluctuations as we move into 2025.
Therefore, this risk remains broadly unchanged from
the 31 October 2023 assessment.
Safestore Holdings plc | Annual report and financial statements 2024
34
Principal risks

Risk Current mitigation activities Developments since 2023
Property investment
and development risk
Suitable new sites may become
more difficult to find, with
new sites failing to achieve
the required occupancy and
therefore deliver the required
sales and profitability within
anacceptable timeframe.
Acquisition and development
of properties that fail to meet
performance expectations,
overexposure to developments
within a short timeframe or
the inability to find and open
new stores may have an
adverse impact on the portfolio
valuation, resulting in loss of
shareholder value.
Corporate transactions may
beat risk of competition referral
or post-transaction legal or
banking formalities.
Building cost inflation makes
it difficult to estimate accurate
cost assumptions when
considering new investments
and developments.
• Large portfolio of potential new sites, prioritised
based on detailed research into areas most likely
tobe successful.
• Thorough due diligence is conducted and detailed
analysis is undertaken prior to Board approval for
property investment and development.
• Where appropriate, the Group executes targeted
acquisitions and disposals.
• Strong operational knowledge and experience
inintegrating new sites.
• The Group’s overall exposure to development
projects is monitored and controlled, with
projectsphased to avoid over-commitment.
• The performance of individual properties
isbenchmarked against target returns and
post-investment reviews are undertaken.
• Development activity on a site-by-site basis with
limited scale of each project reducing risk through
diversification of capital deployment.
Projects are not pursued when they fail to meet our
rigorous investment criteria, and post-investment
reviews continue to indicate that sound and
appropriate investment decisions have been made.
The capital requirements of development projects
undertaken during the year have been carefully
forecasted and monitored, and we continue to
maintain capacity within our financing arrangements.
We continue to pursue investment and development
opportunities, and consider our recent track record
tohave been successful.
This risk is broadly unchanged from the 31 October
2023 assessment.
Valuation risk
Value of our properties
declining as a result of external
market or internal management
factors could result in a breach
of borrowing covenants.
In the absence of relevant
transactional evidence,
valuations can be inherently
subjective leading to a degree
of uncertainty.
• Independent valuations are conducted regularly
byexperienced, independent, professionally
qualifiedvaluers.
• A diversified portfolio which is let to a large number
of customers helps to mitigate any negative impact
arising from changing conditions in the financial and
property markets.
• Significant headroom of borrowings for LTV
ismaintained and continuously monitored.
The valuation of the Group’s portfolio has continued
to grow during the year, reflecting valuation gains
arising from the increasing underlying profitability of
our portfolio, additions to our portfolio through new
developments and the continued strong market
demand for well-located self-storage assets.
However, current economic pressures which impact
on consumer and business spending may impact the
self-storage market. Therefore, the key assumptions
that underpin the investment property valuation are
inherently subject to volatility.
There has been no significant change to this risk
sincethe 31 October 2023 assessment.
Occupancy risk
A potential loss of income
and increased vacancy due
to falling demand, oversupply
or customer default, which
could also adversely impact
theportfolio valuation.
• Personal and business customers cover a wide
rangeof segments, sectors and geographic territories
with limited exposure to any single customer.
• Dedicated support for enquiry capture.
• Weekly monitoring of occupancy levels and close
management of stores.
• Management of pricing to stimulate demand,
whenappropriate.
• Monitoring of reasons for customers vacating
andexitinterviews conducted.
• Independent customer feedback facilities
closelyreviewed.
With the economic outlook remaining uncertain, this
may lead to pressure on occupancy in the next year.
Growth in our store portfolio including to new geographies
diversifies the potential impact of underperformance
of an individual store but does not fully mitigate the risk.
There has been no significant change to this risk since
the 31 October 2023 assessment.
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
35
STRATEGIC REPORTOVERVIEW

Risk Current mitigation activities Developments since 2023
Operational
Risks from running a large
property portfolio including
fire, health and safety, and
extreme weather. A major
event could mean that the
Group is unable to carry out its
business for a sustained period
or health and safety issues put
customers, staff or property
at risk. These may result in
reputational damage, injury or
property damage, or customer
compensation, causing a loss
of market share and/or income.
• Business continuity plans are in place and tested.
• Back-up systems at offsite locations and remote
working capabilities.
• Reviews and assessments are undertaken
periodically for enhancements to supplement
the existing compliant aspects of buildings
andprocesses.
• Monitoring and review by the Health and
SafetyCommittee.
• Robust operational procedures, including health
andsafety policies, and a specific focus on fire
prevention and safety procedures.
• Fire risk assessments in stores.
• Periodic security review of all systems supported
byexternal monitoring.
• Online colleague training modules.
• Fire Brigade primary authority relationship in place.
Introduction of a Group-wide health and safety
platform to monitor all incidents and to enable
proactive prevention. Continuing focus from
the RiskCommittee, with particular attention to
specificissues.
The level of risk is considered similar to the 31
October 2023 assessment.
Regulatory
compliance risk
The regulatory landscape
for UK-listed companies
is constantly developing
and becoming more
demanding, with new
reporting and compliance
requirements arising
frequently. Non-compliance
with these regulations can
lead to penalties, fines or
reputational damage.
Failure to comply with the REIT
legislation could expose the
Group to potential tax penalties
or loss of its REIT status.
The Group is also subject to the
risk of compulsory purchases
of property, which could result
in a loss of income and impact
the portfolio valuation.
• Monitoring and review by the Risk Committee.
• Project-specific steering committees to address the
implementation of new regulatory requirements.
• Liaison with relevant authorities and trade associations.
• Legal and professional advice.
• Online colleague and new recruit training modules.
• Internal monitoring procedures are in place
to ensurethat the appropriate REIT rules and
legislationare complied with and this is formally
reported to the Board.
• Where a store is at risk of compulsory purchase,
contingency plans are developed.
All regulatory compliance risks have been monitored
during the year.
The Group’s tax obligations are regularly reviewed,
ensuring key tax risks are in line with the Group’s
taxstrategy.
HMRC triennial review confirmed the Group’s low
riskrating for a further three years.
The level of risk is considered similar to the
31October 2023 assessment.
Marketing risk
Our marketing strategy is
critical to the success of
the business. This includes
maintaining web leadership and
our relationship with Google. A
lack of effective strategy would
result in loss of income and
market share and adversely
impact the portfolio valuation.
• Constant measuring and monitoring of our web
presence and ensuring compliance with rules
andregulations.
• Market-leading digital platform.
• Use of online techniques to drive brand visibility.
• Our pricing strategy monitors and adapts to
evolvingcustomer behaviour.
We continue to build functional expertise at Group
level in performance marketing, organic and local
searches and analytics.
The Group marketing forum continues to review
performance, market developments and our
ongoingimprovement plan.
The level of risk is considered similar to the
31October 2023 assessment.
Principal risks and uncertainties continued
Safestore Holdings plc | Annual report and financial statements 2024
36
Principal risks continued

Risk Current mitigation activities Developments since 2023
IT security
Cyber-attacks and data
security breaches are
becoming more prominent
and sophisticated. This has
the potential to result in
reputational damage, fines
or customer compensation,
causing a loss of market share
and income.
• Constant monitoring by the IT department and
consultation with specialist advice firms ensure we
have the most up-to-date security available.
• Twice yearly formal IT security review by the Group
Audit Committee.
• We minimise the retention of customer and colleague
data in accordance with GDPR best practice.
• IT policies and procedures, including regular user
awareness campaigns, are under constant review
and benchmarked against industry best practice.
• IT systems backed up locally, air-gapped to tape,
and held offsite.
During 2023 and continuing into 2024, the Group
continued to invest in digital security. Some of the
changes include continuous vulnerability testing of
internet facing systems, adding components such
asanti-ransomware as well as the regular upgrade of
components such as firewalls to the latest technology
and specifications.
The risk is not considered to have increased for the
Group nor is the Group considered to be at a greater
risk than the wider industry; however, we consider
that digital threats on the whole are increasing.
The level of risk is considered similar to the
31October 2023 assessment.
Brand and
Reputational risk
Our reputation, with Safestore’s
growth and the increased
awareness of self-storage,
including increased demand
driving higher prices, may
potentially attract greater social
media attention and scrutiny.
• Constant involvement by the Retail Service team to
engage with customers and address their concerns.
• Constant training of the store teams to provide
a clear and concise communication strategy to
customers.
• Our understanding of and engagement with all our
stakeholders enable early visibility and identification of
stakeholder dissatisfaction.
The Retail Service function always engages with
customers to resolve any issues or complaints.
Our sustainability report on pages 42 to 77 of our
Annual Report provides insight into how we engage
with our customers and the community.
The level of risk is considered similar to the
31October 2023 assessment.
Geographical
expansion
The Group has invested
in expanding the overseas
operations of the business
through both subsidiaries and
joint ventures over recent years.
Returns and asset values
from such investments may
be impacted by local market,
customer, regulatory or
fiscal factors.
• Large portfolio of potential new sites, prioritised
based on detailed research into areas most likely
tobe successful.
• Strong operational knowledge and experience in
integrating new business.
• We have well documented procedures for the
integration of new acquisitions and a good track
record of recent success.
• Centralised operational processes for marketing,
pricing and site management enabling Group
expertise to be applied.
The level of risk is considered similar to the
31October 2023 assessment.
Human Resource Risk
Fundamental to the Group’s
success are our people.
As such, due to market
competitiveness and cost-of-
living increases we are exposed
to a risk of colleague turnover,
and subsequent loss of key
personnel and knowledge.
• The Group has an efficient, high performing
and stable management team in place. Our
retention strategy aims to ensure we achieve
long term engagement, through a combination
ofmotivatingfactors.
• We continue to consult regularly with our
management team and monitor involuntary turnover.
We maintain adequate succession for our key talent.
• The Board and Remuneration Committee regularly
review colleague feedback provided through surveys,
our workforce advisory panel and CEO town hall
events. These mechanisms enable colleagues to
raise questions, discuss wider business issues and
provide feedback on subjects including workforce
remuneration.
• In 2024, Safestore received the Investors in People
Platinum Accreditation for the second time. This
demonstrates that our colleagues are happy, healthy,
safe and engaged in supporting Safestore to deliver
sustainable business performance.
The level of risk is considered similar to the
31October 2023 assessment.
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
37
STRATEGIC REPORTOVERVIEW

Risk Current mitigation activities Developments since 2023
Climate change
related risk
The Group could be exposed
to physical and transition risks
as a result of climate change.
Climate change physical risks
could affect the Group’s stores
and may result in higher repair
and maintenance costs and
insurance costs.
Failing to transition to a low
carbon economy may cause an
increase in taxation, decrease
in access to loan facilities and
reputational damage.
• The good working order of our stores is of critical
importance to our business model with our
commitment to provide long term sustainable real
estate investment.
• Physical climate risk of new developments is
evaluated as part of the investment appraisal process
for new developments.
• We have a regular programme of store inspection, with
our maintenance teams following sustainable principles
and, wherever practicable, using materials that have
recycled content or are from sustainable sources.
• If we choose to develop a store in a high risk area,
we proactively deploy flood mitigation measures.
• We are committed to building to a minimum standard
of BREEAM ‘Very Good’ or equivalent on all of our
new store developments.
• All new store developments are registered with the
Considerate Constructors Scheme, which considers
the public, the workforce and the environment.
As part of our journey to enhance our disclosures
along the recommendations of the TCFD, the Group
is continuing to develop its understanding of its
exposure and vulnerability to climate change risk
and the direct impact on the business. The Group
has identified that the exposure and vulnerability will
be isolated to specific areas of the business, such
as aspecific store potentially flooding rather than a
multiple store event.
Further, our Sustainability Committee, with
representation from across the business, assesses
the impact of climate change related risks and is
working with the Board and its suppliers to develop
an ambitious plan to reduce carbon emissions,
wheretheGroup has committed to be operationally
carbon neutral by 2035, requiring an investment to
achieve carbon neutrality of around £3 million.
Our investment appraisal process has been updated
to consider climate change related risks of new
investments and will continue to evolve as we
continue on the climate-related disclosures journey.
The level of risk is considered similar to the
31October 2023 assessment.
Principal risks and uncertainties continued
2018/19 2019/20 2021/22 2022/23 (restated) 2023/24
Our GHG emissions and intensity since 2018/2019
6,000
5,000
4,000
3,000
2,000
1,000
0%
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.0
Total operational CO
2
e (tonnes)
Location based (tonnes CO
2
e/1,000m
2
) Market based (tonnes CO
2
e/1,000m
2
) Group floor area (million sq m)
Group total floor area (million sq m)
4,798
0.93
1.09
1.13
1.19
0.97
4,171
1,320
3,685
1,243
3,867
1,110
3,911
993
Safestore Holdings plc | Annual report and financial statements 2024
38
Principal risks continued

Non-financial and sustainability information statement
We comply with the non-financial reporting requirements contained in Sections 414CA and 414CB of the Companies Act 2006. The below
table, and information it refers to, is intended to help stakeholders understand our position on key non-financial matters.
Reporting requirement Some of our relevant policies Where to read more about our policies
Environmental matters
The Company’s sustainability strategy has as one of its four pillars
to mitigate the environmental effects of its activities to reduce its
carbon footprint, improve recycling, reduce reliance on packaging,
minimise waste and improve efficiencies on finite natural resources
in all parts of the Company’s operations. How the Company
seeks to implement its sustainability strategy is set out in the Our
Environment section on pages 59 to 69 of the sustainability report.
The Company’s approach to environmental matters is overseen
bythe Company’s sustainability leadership team.
Employees
• Code of conduct (page 86)
• Equality, diversity and inclusion policy
(page 48)
• Bullying and harassment policy
• Disciplinary and grievance policies
• Health and safety manual (page 50)
The pivotal role of our colleagues is reported within the Our People
section of the sustainability report on pages 47 to 52 and within
the Chief Executive’s statement on pages 8 to 19.
Further commentary for individual policies is set out on the pages
as detailed in the previous column and/or on the Company’s
website. These policies are made available to all colleagues within
the Company’s Colleague Handbook, an internal document
available to all colleagues on the Company’s intranet.
The Company’s approach to pay fairness throughout the Group is
set out on pages 102 to 104 of the Directors’ remuneration report.
Human rights
• Code of conduct (page 86)
• Equality, diversity and inclusion policy
(page 48)
• Data privacy policies
• Anti-slavery statement
• Whistleblowing (‘Speak Out’) policy
(page 86)
• IT policy
Further commentary for individual policies is set out on the
pagesas detailed in the previous column and/or on the
Company’s website.
These policies are monitored as part of our risk management
processes, overseen by the Audit Committee.
Social matters
The Company’s approach to social matters is set out in the
our community section on pages 56 to 58 of the sustainability
report. The Company’s approach to social matters is set out in
the Company’s Colleague Handbook and Operations Manual,
which are internal documents available to all colleagues on the
Company’s intranet.
The Company’s approach to social matters is overseen by the
Company’s sustainability leadership team.
Anti-corruption and
anti-bribery
• Anti-corruption and bribery statement
and policy (page 86)
• Gifts, tips and hospitality policy
(page86)
Further commentary for individual policies is set out on the pages
detailed in the previous column.
These policies are monitored as part of our risk management
processes, overseen by the Audit Committee.
Description of principal
risks and impact on
business activity
• Risk overview (pages 34 to 38 of the
strategic report)
The Company’s approach to risk management and internal control
is set out in the governance report on page 85.
Description of the
business model
The Company’s market and business model are reported
on pages 14 to 16 in the Chief Executive’s review of the
strategicreport.
Non-financial key
performance indicators
Non-financial KPIs are summarised in the Chief Executive’s
statement and reported in the financial highlights section of page
2; within the trading performance section of the strategic report
on pages 17 and 18; as well as in the sustainability report on
page46.
Certain Group policies and internal standards and guidelines are not published externally, but are available to all colleagues on the Company’s
intranet and publicly within the governance section of the Company’s website.
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
39
STRATEGIC REPORTOVERVIEW

The Corporate Governance Code requires that the Directors have
considered the viability of the Group over an appropriate period of
time selected by them, declaring whether we believe the Group can
continue to operate and meet its liabilities, taking into account its
current position and principal risks. In assessing viability, the Board
considered a number of key factors, including our strategy (see
page 9), our business model (see pages 16 and 17), our risk appetite
and our principal risks and uncertainties (see pages 34 to 38 of the
strategic report).
The Board is required to assess the Group’s viability over a period
greater than twelve months, and, in keeping with the way that the
Board views the development of our business over the long term,
a period of three years is considered appropriate, and is consistent
with the timeframes incorporated into the Group’s strategic planning
cycle, with the review considering the Group’s cash flows, dividend
cover, REIT compliance, financial covenants and other key financial
performance metrics over the period. Our assessment of viability
therefore continues to align with this three-year outlook.
In assessing viability, the Directors considered the position presented
in the budget and three-year outlook recently approved by the
Board. In the context of the current environment, two plausible
downside sensitivities were applied to the plan, including a stress test
scenario. These were based on the potential financial impact of the
Group’s principal risks and uncertainties set out on pages 34 to 38.
These scenarios are differentiated by the impact of lower demand
levels, lower average rate growth and what level of cost savings is
reasonable, which can be summarised as follows:
• Base scenario – three-year plan as approved by the Board.
• Downside scenario – which assumes a flat LFL revenue growth
alongside reduction in certain Head Office costs which are a direct
correlation to and would naturally flow from a lower revenue.
• Stress Test Scenario – representing a reverse stress test to model
what would be required to breach ICR and LTV covenants which
indicated highly improbable changes would be needed before any
issues were to arise.
As at 31 October 2024 the Group has US Private Placement
Notes (“USPPs”) of €307.1 million (FY 2023: €358 million) which
have maturities between 2026 and 2033 with fixed-rate coupons
of between 0.93% and 1.59%% and £212.5 million (FY 2023:
£212.5million) which have maturities between 2026 and 2031 with
fixed-rate coupons of between 1.96% and 2.92%. The weighted
average cost of interest on the overall USPPs at 31 October 2024
was2.16% per annum. In addition the Group has arranged a
Revolving Credit Facility (“RCF”) with its relationship banks. In the
financial year, the facility was extended by £100 million to £500 million
and the maturity was extended by one year to November 2028.
TheRCF attracts a margin over SONIA/EURIBOR of between 1.25%
and 2.50%, by reference to the Group’s performance against its
interest cover covenant.
The impact of the above scenarios and sensitivities has been
reviewed against the Group’s projected cash flow position and
financial covenants over the three-year viability period. Should any
ofthese scenarios occur, clear mitigating actions are available to
ensure that the Group remains liquid and financially viable. Such
mitigating actions available include, but are not limited to, reducing
planned capital and marketing spend, pay and recruitment measures,
making technology and operating expenditure cuts.
The Audit Committee reviews the output of the viability assessment
in advance of final evaluation by the Board. The Directors have
also satisfied themselves that they have the evidence necessary to
supportthe statement in terms of the effectiveness of the internal
control environment in place to mitigate risk.
Having reviewed the current performance, forecasts, debt servicing
requirements, total facilities and risks, the Board has a reasonable
expectation that the Group has adequate resources to continue in
operation, meet its liabilities as they fall due, retain sufficient available
cash across all three years of the assessment period and not breach
any covenant under the debt facilities. The Board therefore has a
reasonable expectation that the Group will remain commercially
viableover the three-year period of assessment.
Safestore Holdings plc | Annual report and financial statements 2024
40
Viability statement

We set out in the following section our climate-related financial disclosures consistent with the Task Force on Climate-related Financial
Disclosures (“TCFD”) recommendations and recommended disclosures. The Group has complied with the requirements of LR 9.8.6(8)R by
including climate-related financial disclosures consistent with the TCFD recommendations and recommended disclosures except for the
following matters: metrics and targets (b) Scope 3 emissions. For Scope 3 emissions, the Group currently discloses those aspects under its
operational control (categories 1, 3, 5 and 6). Upstream emissions associated with building development (category 2) may be material in a
givenyear and, whilst we are unable to quantify them at this stage, we engage with suppliers to ensure they are taking steps to reduce their
impact by using recycled content, reducing waste, minimising contractor travel, and using clean energy on site. Downstream emissions are
primarily customer journeys to and from our stores (category 9). These emissions will naturally abate as consumer vehicles switch to electric
propulsion powered by a clean energy grid.
The Group is compliant with the reporting requirements of the Companies Act 2006 as amended by the Companies (Strategic Report)
(Climate-related Financial Disclosure) Regulations 2022.
TCFD recommendation
Included in
FY 2024 disclosures? Reference/comment
Governance
a) Describe the Board’s oversight of climate-related risks and opportunities Yes Strategic report page 60
Corporate governance report page 78
b) Describe management’s role in assessing and managing climate-related
risks and opportunities
Yes Strategic report page 60
Strategy
a) Describe the climate-related risks and opportunities the organisation
has identified over the short, medium, and long term
Yes Strategic report pages 60 to 64
b) Describe the impact of climate-related risks and opportunities on the
organisation’s businesses, strategy, and financial planning
Yes Strategic report pages 60 to 64
c) Describe the resilience of the organisation’s strategy, taking into
consideration different climate-related scenarios, including a 2°C
orlower scenario
Yes Strategic report pages 60 to 64
Risk management
a) Describe the organisation’s processes for identifying and assessing
climate-related risks
Yes Strategic report page 60
b) Describe the organisation’s processes for managing
climate-relatedrisks
Yes Strategic report pages 34, 38 and 60
c) Describe how processes for identifying, assessing, and managing
climate-related risks are integrated into the organisation’s overall
riskmanagement
Yes Strategic report pages 38 and 60
Metrics and targets
a) Disclose the metrics used by the organisation to assess
climate-relatedrisks and opportunities in line with its strategy
andriskmanagement process
Yes Strategic report page 64
b) Disclose Scope 1, Scope 2, and, if appropriate, Scope 3
greenhousegas (“GHG”) emissions, and the related risks
Yes, partial Scope 3 Strategic report (GHG reporting)
pages70 to 77
c) Describe the targets used by the organisation to manage climate-
related risks and opportunities and performance against targets
Yes Strategic report pages 46, 59, 62, 68
and 76
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
41
STRATEGIC REPORTOVERVIEW
Compliance with Climate-related Financial Disclosures

Sustainability achievements
and highlights for 2024
We combine strong business performance
with a dedication to sustainability, ensuring
our spaces foster community growth and
business success while contributing to a
sustainable future.”
Frederic Vecchioli
Chief Executive Officer
Being a sustainable organisation remains fundamental to Safestore’s
business. We are committed to operating responsibly, valuing our
customers, engaging our colleagues, supporting our communities,
and mitigating our environmental impact. We are dedicated to
ensuring that our actions reflect our long term commitment to
creating shared value for our stakeholders, while also protecting
theenvironment for future generations.
Our sustainability focus
As the UK’s largest self-storage provider, with a significant presence
across Western Europe, we recognise our responsibility to lead by
example. We are committed to making continuous, incremental
changes that benefit our colleagues, suppliers, customers, and the
broader community. Our strategy revolves around four key pillars that
guide our actions:
• Our people: we know our people as individuals and show respect
for each other, enabling everyone to have a voice so that they can
bring their full, unique selves to work. We focus on offering simple,
practical wellbeing initiatives, to support our colleagues to lead
healthier and happier lives. This includes health benefits, career
development opportunities, and promoting work-life balance.
• Our customers: we focus on delivering a seamless and
sustainable customer experience by offering digital tools to
enhance convenience, as well as flexible storage solutions that
support both residential and business customers in their own
sustainability efforts.
• Our community: we remain committed to supporting the
communities in which we operate. Through partnerships with
localcharities, educational institutions, and community groups,
weprovide not just storage solutions, but tangible benefits that
foster local economic growth and societal wellbeing.
• Our environment: reducing our environmental impact is a core
priority. We continue to improve energy efficiency across our sites,
invest in renewable energy, and adhere to sustainable construction
practices. By driving progress towards our net zero goals, we are
playing our part in tackling climate change.
Platinum
we were again awarded the prestigious
Investors in People Platinum accreditation
4.6+
customer satisfaction rating in all markets
Gold
rating in the 2024 EPRA Sustainability
BPRawards
6
additional UK stores no longer using gas
99.9%
of construction waste diverted away from
landfill in the UK
15.2%
reduction in market-based operational
GHG intensity
Safestore Holdings plc | Annual report and financial statements 2024
42
Sustainability
Our commitment to sustainability

Our sustainability focus continued
As part of our ongoing commitment to improvement, we are
proudtoshare several key achievements and targets met in the
pastyear, including:
• Introduction of renewable energy: We have begun transitioning
our UK facilities to renewable energy sources, aiming for 100%
renewable electricity by 2025.
• Expansion of diversity initiatives: Following our first Diversity
Pay Gap Report in 2022, we have greater strategic focus on
equality, diversity, and inclusion, resulting in exceptional Investors
inPeople survey results on this topic.
• Enhanced waste management: We have increased our
commitment to reducing waste, achieving a 99.9% diversion of
construction waste from landfill, and introducing new recycling
programmes in all UK stores.
• Progress on operational net zero goals: We are on track with
our net zero targets, having reduced operational GHG emissions
by15.2% in 2024. We remain committed to further reductions as
part of our 2025 and 2028 goals.
Our sustainability strategy
Our sustainability strategy is anchored around the pillars of our
people, customers, community, and environment. These pillars
provide us with a structured yet flexible framework that allows us to
address key material issues identified through engagement with our
stakeholders, including investors, colleagues, customers, and suppliers.
We periodically review our sustainability strategy to ensure alignment
with our corporate goals and the UN Global Compact principles.
We have identified key sustainability issues through stakeholder
engagement, focusing on areas that matter most to our business
and stakeholders. We measure our progress using targeted medium
term targets set in our 2019 KPIs and align our reporting with the
latest European Public Real Estate Association (“EPRA”) and Global
Reporting Initiative (“GRI”) standards. Our achievements are reflected
in recognitions like the Gold rating in the 2024 EPRA Sustainability
BPR Awards and an ‘A’ rating from Global Real Estate Sustainability
Benchmark (“GRESB”) in its 2024 Public Disclosures assessment,
and MSCI has awarded Safestore its second-highest rating of
‘AA’ for ESG.
Once finalised, these indicators and supplemental information
can be downloaded from the relevant section of our website:
www.safestore.co.uk/corporate/investors/report-and-presentations/.
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
43
STRATEGIC REPORTOVERVIEW

Delivering our
sustainability strategy
Safestore’s approach to sustainability
is embedded across every level of
the organisation, from our Board and
executive leadership to day-to-day
operations. This year, our key areas
offocus have included:
• Engaging our workforce to deliver
exceptional service and foster a
greatworkplace.
• Strengthening ties with local charities
andcommunities.
• Partnering with suppliers which share
ourcommitment to sustainability.
• Minimising our environmental
footprint through responsible
resourcemanagement.
• Upholding the standards of the
SelfStorage Association.
Our purpose
To add stakeholder value by developing profitable and sustainable spaces that allow individuals, businesses,
andlocalcommunitiestothrive
Our people
Provide a great
place to work
Our customers
Deliver a great customer
experience and help
customers live and
growsustainably
Our community
Benefit local communities
Our environment
Protect the planet from
our activities and manage
risks to our business from
climate change
B Read more on page 46
B Read more on page 82
How we ensure sustainability
We love
customers
We lead
the way
We have
great people
We dare to
be different
We get it
Our values, created by our store teams, are the foundation of everything we do
Our values
B Read more on page 52
Safestore Holdings plc | Annual report and financial statements 2024
44
Sustainability continued
Our commitment to sustainability continued

Alignment to the UN Sustainable
Development Goals
The Safestore Group is dedicated to supporting the UN Sustainable
Development Goals (“SDGs”), focusing on areas where we can make
the most significant impact.
Our priority goals include:
• Goal 8: Decent work and economic growth – we support inclusive
and sustainable economic growth by providing secure employment
opportunities and investing in our people.
• Goal 11: Sustainable cities and communities – By offering flexible,
secure storage solutions and engaging with local communities, we
help to create more resilient and sustainable urban spaces.
Our suppliers and partners
At Safestore, we recognise that our suppliers play a critical role
in achieving our sustainability objectives. As we progress in our
sustainability journey, we are committed to working with suppliers
which share our values and commitment to responsible business
practices. Our goal is to ensure that our supply chain aligns with
oursustainability principles, helping us reduce our environmental
impact while driving positive social outcomes.
Given that a significant portion of our environmental impact originates
from third party suppliers, we have implemented rigorous evaluation
criteria for all supply chain partners. Suppliers are now required to
demonstrate compliance with Environmental, Social and Governance
(“ESG”) standards as part of our tendering and procurement
processes. This includes meeting expectations around responsible
sourcing, reducing waste, and lowering carbon emissions.
Key focus areas in 2024:
• Responsible sourcing: we continue to partner with suppliers
which prioritise sustainable materials and ethical practices. This
includes selecting materials with lower environmental impact for
store construction and ensuring that all sourced materials meet
high environmental standards.
• Carbon footprint: as part of our operational net zero focus,
we are working closely with our suppliers to reduce the carbon
footprint of goods and services. This includes encouraging our
suppliers to adopt greener manufacturing processes and more
efficient delivery methods, as well as participating in carbon
reduction programmes.
• Waste management: we are proud to have diverted 100%
ofconstruction waste from UK stores away from landfill in 2024.
Moving forward, we are extending our focus to reduce operational
waste from both our suppliers and our storage facilities.
• Supplier audits: we have intensified our supplier audit processes,
ensuring that ESG considerations are fully integrated into our
supply chain management. Suppliers are regularly evaluated
on their adherence to Safestore’s sustainability standards, with
regular reviews to ensure they are aligning with the UN Sustainable
Development Goals (“SDGs”).
Looking ahead, the Group’s supplier engagement strategy will
continue to evolve as we push for even greater transparency,
efficiency, and collaboration within our supply chain. We believe
that by working together with our partners, we can accelerate our
progress towards a more sustainable future.
Sustainability governance
Sustainability at Safestore is overseen by our cross-functional
Sustainability Group, co-chaired by three Executive Team members.
This ensures that sustainability is embedded in our business functions
and in how we operate. The Group reports on its activities directly to
the Board.
• Goal 12: Responsible consumption and production – through
initiatives like sustainable construction and improved waste
management, we strive to reduce resource use and promote
sustainable practices throughout our operations.
• Goal 13: Climate action – our commitment to renewable energy,
energy efficiency, and carbon reduction supports global efforts
tocombat climate change.
We remain committed to these goals as we strive to enhance our
positive impact on society and the environment through every aspect
of our business.
Sustainability Group
PLC Board
Marketing
Director
Executive
sponsor
Property
Director
Executive
sponsor
HR
Director
Executive
sponsor
Property/construction
Functional lead
Operations
Functional lead
Customer marketing
Functional lead
Risk
Functional lead
HR
Functional lead
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
45
STRATEGIC REPORTOVERVIEW

Sustainability targets and KPIs
The table below outlines the targets we set ourselves in each of the four ‘pillar’ areas. We are pleased to have met the majority of the
2022targets set in 2019 and our near term focus now shifts to the 2025 targets. In consideration of our plan to achieve operational net
zeroaccording to the market-based method for Scope 2, and the acquisition of store portfolios in the Benelux region, the 2025 emissions
targets havebeen revised this year.
Sustainability
strategy ‘pillar’
Sustainable
businessgoals
Corporate
business
goals
UN Sustainable
Development Goals
Performance
measures (KPIs)
Targets
2025 2028
Our
people
A fair place towork
A great
place
towork
Median gender pay gap
Below UK
median
Below UK
median
A safe working
environment
Engagement score Maintain score >80%
Number of reportable
injuries (RIDDOR)
Zero Zero
Investors in People
Maintain IIP
Platinum
Maintain IIP
Platinum
Our
customers
Deliver a great
customer experience
Storage
provider
ofchoice
Customer
satisfactionscore
>4.5 >4.5
Help customers live
and grow sustainably
Our
community
Benefit local
communities
Help local
economies
thrive
Pro bono value of
space occupied by
localcommunity groups
Opportunity
led
Opportunity
led
Our
environment
Reduce our waste
Achieve
optimal
operational
efficiency
% of construction waste
diverted from landfill in
the UK
100% 100%
% of UK operations
waste to landfill
1% 0%
Reduce our
emissions
% of renewables in
owned store electricity
(Group)
100% 100%
Abs. operational GHG
emissions (market based,
tonnes CO
2
e)
1,014 820
Operational GHG
intensity (market based,
kg CO
2
e/sq m)
0.93 0.75
% of new stores
achieving EPC B or better
(excl. France)
100% 100%
Safestore Holdings plc | Annual report and financial statements 2024
46
Sustainability continued
Our commitment to sustainability continued

Target
Engagement score - Maintain score > 80%
We know our people as individuals and show respect for each other,
enabling everyone to have a voice so that they can bring their full,
unique selves to work.
Our leaders are role models who build high trust. We recognise that
great people management takes time and therefore we have kept
colleague-to-manager ratios low to enable our leaders to invest their
time in our people.
We have built an environment where it’s natural for us to give regular,
honest feedback and to coach in the moment, and formally, we go
beyond mandatory training to promote life-enhancing learning where
everyone can continually evolve.
We see our colleagues as an asset, and we understand that it’s our
people who truly make the difference. We are thrilled that this year,
wehave again been awarded the prestigious Investors in People (“IIP”)
Platinum accreditation. Platinum is the highest level of accreditation
and very few organisations achieve it, so to obtain Platinum twice is
an extraordinary achievement. We also made the final top ten shortlist
for the Platinum Employer of the Year (250+) category in The Investors
in People Awards 2024.
We endeavour to operate employment practices that support SDG3
(Good health and wellbeing), SDG 8 (Decent work and economic
growth) and SDG 10 (Reduced inequalities) through building, improving,
and maintaining safe and secure working environments, and advocating
a diverse and inclusive workforce, free from harassment and
victimisation. Our Wellbeing, Equality, Diversity, and Inclusion strategies
and People Principles further expand on how we make Safestore a
great place to work.
More details about the progress we have made in each section of our wellbeing strategy can be found on pages 50 to 52.
Safestore
wellbeing
strategy
Po
s
i
t
i
v
e
e
n
v
i
r
o
n
m
ent
Gre
a
t
l
i
f
e
s
t
y
l
e
c
h
o
i
ces
Build, improve and
maintain safe and
secure working
environments
Facilitate and
driveinternal
development
Role model a
values‑based approach
through our leaders
Advocate and
improve labour rights
for all our colleagues
Promote physical,
mentaland
financial wellbeing
Help our colleagues
to help themselves
Provide
lifelong learning
Advocate a
diverse and
inclusive workforce
A
c
t
i
v
e
l
e
a
d
e
r
s
a
n
d
e
n
g
a
g
e
d
t
eam
P
e
r
s
o
n
a
l
g
r
o
w
t
h
a
n
d
e
d
u
c
a
t
i
o
n
Performance 2023/24
84%
Our people
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
47
STRATEGIC REPORTOVERVIEW

Our people continued
Equality, diversity, and inclusion
Building a diverse and inclusive workplace is a top priority for us. Our
Equality, Diversity, and Inclusion Strategy is about embedding and
continuing the important work we’ve already done to enable all our
colleagues to feel confident to bring their full unique selves to work.
We are proud of Safestore’s diverse workforce; in our 2024 IIP survey,
over 84% of colleagues agreed that Safestore is committed to diversity
and stated that we value and respect individual differences.
In 2024, we published our Diversity Pay Gap Report, which includes
ethnicity and gender data. We are committed to providing an inclusive
workplace, encouraging, and welcoming diversity with zero tolerance
of harassment and discrimination. This approach is supported by our
Equality, Diversity, and Inclusion Policy, which reflects both current
legislation and best practice, and highlights the Group’s commitments
to all protected characteristics including race, gender, socioeconomic
and disability equality.
Full and fair consideration is given to applications for employment from
disabled persons and appropriate training and career development
are provided.
Safestore Equality, Diversity, and Inclusion Strategy
Colleague journey. This is about ensuring
our culture is friendly and welcoming to
all. We want people to be themselves at
work, and initiatives such as our Values and
Behaviours framework, health and wellbeing
support from day one, and improving the
accessibility of our learning and development
opportunities support our culture.
Colleague data and analytics. We are
encouraging more colleagues to disclose
their ethnicity. We want to collect more
people data to further understand our diverse
communities such as the LGBTQ+ and
neurodiverse communities, to inform even
more beneficial and tangible action. Our
‘Make the Difference’ people forum enables
frequent opportunities for us to hear and
respond to our colleagues. The forum has
helped us to continue our awareness-raising
activities and communication through our
internal social media platform. The aim is to
appreciate our diversity by recognising and
celebrating festivals and events, as well as
individuals, and to create a safe space for
sharing and discussion.
Positive action. This is about recruiting
from underrepresented groups, and building
campaigns and opportunities for networks
to meet, be listened to and feel supported.
We believe that every colleague should
be heard. Our colleagues describe a real
listening and learning culture at Safestore.
There are channels in place help to give
everyone a voice, such as our ‘Make the
Difference’ people forum, town hall meetings
and leadership visits. Our awareness-raising
activity on our internal communications
platform, MySafestore, has generated lots of
energy and engagement.
Leadership and management. We
support our leaders to encourage and
welcome diversity. Our Equality, Diversity,
and Inclusion e-Learning module is part of
the induction for all new colleagues joining
Safestore. We want Safestore to be a safe
space for discussion and curiosity to enable
colleagues at all levels to continually learn
from each other. In our 2024 IIP survey,
over 90% of colleagues were aware of our
equality, diversity, and inclusionpolicies.
Colleague journey
• Provide an inclusive on-boarding
experience so colleagues feel
welcome from day one
• Integrate inclusion into culture
through our behaviours
and policies
• Ensure learning and development
opportunities are accessible for all
Colleague data
and analytics
• Improve data quality tounderstand
our workforce diversity
• Invest in data development
and analytics
• Use diversity data to inform
positive action
Positive action
• Target recruitment at
under-represented groups
• Introduce targeted colleague
support networks and
mentoring schemes
• Enable community affinitygroups
• Continue awareness-raising
activities and communications
Leadership and
management
• Equip and educate leaders to
encourage andwelcome diversity
• Actively remove bias
• Create a safe space foropen and
inclusivediscussion
Purpose
Enable colleagues to feel confident to bring their full, unique selves to work
Safestore Holdings plc | Annual report and financial statements 2024
48
Sustainability continued
Our commitment to sustainability continued

Equality, diversity, and inclusion data
The approach to EDI is genuine; we don’t tick boxes for the sake of it.”
Safestore colleague
2024IIP Report
Safestore’s gender and ethnicity split is outlined in the table below.
Our gender data is collected primarily for payroll, tax, and pay gap reporting, as part of our colleague on-boarding process, where colleagues
are required to supply an answer to the question ‘What is your gender as stated on your birth certificate?’. However, we appreciate that not
everyone identifies as the gender they were assigned at birth (that is, the gender written on their first birth certificate). Therefore, in the UK,
wehave updated our gender data collection forms by adding a supplementary question about gender identity.
The data in the table below is at 31 October 2024.
Our ethnicity data is voluntarily self-reported by colleagues, via our payroll self-service portal. The data in the table shown below is
at 31October 2024. The section for voluntary completion is entitled ‘Ethnic Group’ and the options are the ONS ethnicity categories.
Colleagueswho have not provided data are not included in our calculations. We report on ethnicity as ethnic minority and white; however,
wedo consider the data at a more specific level internally.
The global landscape for data reporting on ethnicity is complex and, following a review of legal and local considerations, at present we only
collect ethnicity data for UK colleagues.
Further analysis can be found in the 2023 Diversity Pay Gap Report on our website. The report also sets out a range of actions we are taking
tohelp close the gap.
Group gender representation at 31 October 2024
Number of
Board
members
1
Percentage
of the Board
Number of
senior
positions on
the Board
(CEO, CFO,
SID, and Chair)
Number in
Executive
Committee
Percentage
of Executive
Committee
Number in
Senior
Management
and Direct
Reports
Percentage
of Senior
Management
and Direct
Reports
Number of all
colleagues
(excl. NEDs)
Percentage
of all
colleagues
Men 4 50% 3 8 89% 32 76% 517 64%
Women 4 50% 1 1 11% 10 24% 287 36%
Ethnicity representation at 31 October 2024
2
Number of
Board
members
1
Percentage
of the Board
Number of
senior
positions on
the Board
(CEO, CFO,
SID, and Chair)
Number in
Executive
Committee
Percentage
of Executive
Committee
Number in
Senior
Management
and Direct
Reports
Percentage
of Senior
Management
and Direct
Reports
Number of all
colleagues
(excl. NEDs)
Percentage
of all
colleagues
White British or other
White (including
minority-white groups) 7 87.5% 4 5 71.4% 18 81.8% 328 66.0%
Mixed/multiple
ethnicgroups 1 12.5% 0 — — — — 25 4.5%
Asian/Asian British — — — 1 14.3% 4 18.2% 72 12.9%
Black/African/
Caribbean/Black British — — — — — — — 61 11.0%
Other ethnic group — — — — — — — 10 1.8%
Not specified/
prefer not to say — — — 1 14.3% — — 61 11.0%
Target for 2027 18.3%
Note:
1 The Board self-report their data.
2 UK only. Where colleagues have voluntarily disclosed this data.
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
49
STRATEGIC REPORTOVERVIEW

Our people continued
Positive environment
Colleague engagement
We believe that engaged colleagues, who feel valued by our business,
are the foundation of our customer-focused culture.
Our ‘Make the Difference’ people forum, launched in 2018, is a formal
workforce advisory panel, which enables frequent opportunities for us
to hear and respond to our colleagues.
Our network of ‘People Champions’ across the Group collate questions
and feedback from colleagues across all countries and put them to
members of the Executive Committee.
Our people forum provides a listening culture, enabling high levels of
consultation. Innovation and ideas continue to come from every level.
We drive change and continuous improvement in responding to the
feedback we receive, via our internal communication channels and
back through our network of People Champions.
Our new communications app, MySafestore, formally Yapster, allows us
to communicate with all colleagues across the business. It has inbuilt
translation so everyone can access content in their preferred language.
Our People Champions help us to continue raising awareness through a
selection of a broad range of topics for discussion on our MySafestore
app. The aim is to appreciate our diversity by recognising and celebrating
festivals and events, as well as individuals, and to create a safe space
for sharing and discussion. In addition, we use MySafestore to
highlight local successes and recognition between stores and regions
with strong links made to Safestore’s alignment to the SDGs.
“ People described a real listening
and learning culture in the Company.
Thereare channels in place to help
give everyone a voice.”
Matthew Filbee
IIP Practitioner
Health and safety
At Safestore, we uphold a ‘safety-first’ culture as a core value across
all aspects of our business. The health, safety and wellbeing of our
colleagues, customers and contractors are our top priorities, and
we are unwavering in our commitment to fostering a safe, supportive
environment for everyone.
We take pride in setting high safety standards that consistently
exceed local and regional regulations. Regardless of the country
or territory, we hold ourselves to rigorous benchmarks that ensure
consistent safety practices across the Group.
Our approach emphasises sharing best practice and standardising
policies to create seamless, robust safety processes throughout our
operations. We are dedicated to preventing injuries and advancing our
industry-leading safety performance through continuous improvement.
Our progress includes:
• Continuous engagement with our colleagues in developing
practical solutions to self-improve working environments.
• Heightened focus on new colleague safety induction training and
mentorship, as well as risk management.
• Introduction of a new digital health and safety system, providing
key safety support functions simultaneously across all territories,
informing colleagues’ safety focus with facts, analytics and data.
• Group implementation of recording Lost Time Injury Frequency
Rate (“LTIFR”) to assess our safety performance and gauge
effectiveness of Company safety management and culture.
We are continually strengthening our safety-focused culture by actively
engaging our colleagues in partnership with our leaders. This collaborative
approach empowers colleagues to contribute to the development of
safety solutions, initiatives, and feedback processes, fostering shared
responsibility in identifying and solving safety challenges. I In doing so,
we aspire to prevent all injuries by creating a zero-incident culture and
setting a new goal of zero RIDDOR
1
/Reportable
2
Injuries for 2024/25.
Group health and safety statistics
Injuries
The observed increase in the number of reported accidents in 2024
is attributed to the implementation of our new digital health and
safety system, Quentic, that simplifies and encourages the reporting
process, rather than an actual rise in accidents.
With the implementation of Quentic analytics in 2024, the Group has
enhanced its ability to track LTIFR with greater precision. The Group’s
LTIFR for 2024 was 8.31. Monitoring LTIFR provides valuable insights
into the factors that contribute to lost productivity and supports the
identification of effective injury prevention strategies.
RIDDOR/Reportable Injuries
Customer, Contractor, and Visitor (“CCV”) injuries resulting in RIDDOR
include a laceration to an elbow and a fractured finger. Both required
customers to attend hospital for furthertreatment.
RIDDOR/Reportable injuries of colleagues include a fractured wrist,
solvent intoxication, and abrasions to a foot, all of which incurred over
sevendays of lost time, deeming them reportable incidents.
Construction
We are committed to creating the safest possible workplaces and
fostering a culture of safety across all our construction projects. In every
territory, we challenge our colleagues and partners to go beyond minimum
standards and embrace our high safety expectations. During 2024,
the number of reportable incidents on our construction sites was zero.
Colleague health and safety
Summary:
• 27 minor injuries were recorded over the past year.
• 3 reportable accidents/incidents were reported for this period.
Year ended 31 October 2021 2022 2023 2024
Number of colleagues 648 751 753 804
Number of minor injuries 19 26 13 27
Number of reportable injuries
(RIDDOR/Reportable) 1 — — 3
LTIFR per 1,000,000
workinghours(Group) — — — 8.31
Notes:
1 RIDDOR = Reporting of Injuries, Diseases and Dangerous Occurrences (UK only).
2 Reportable = any work-related injury or illness that results in loss of consciousness,
days away from work, restricted work, or transfer to another job. Any work-related injury
or illness requiring medical treatment beyond first aid (European countries only).
Safestore Holdings plc | Annual report and financial statements 2024
50
Sustainability continued
Our commitment to sustainability continued

Great lifestyle choices
We focus on offering simple, practical wellbeing initiatives, to support
our colleagues to lead healthier and happier lives. We recognise
that it is more important than ever for our colleagues to take care of
themselves and their loved ones.
• Our health cash plan, provided by Medicash, provides colleagues
with everyday reassurance on their health and wellbeing from top
to toe, inside and out, from GP appointments to skin health checks
and physiotherapy to counselling services. It remains a popular
benefit with our colleagues.
• Our Employee Assistance Programme (“EAP”) and other external
support organisations, such as Mind and Mental Health UK,
provide our colleagues with expert guidance and support on
everyday matters whenever they need it.
• Medicash’s new online support platform, Your Care, gives
our colleagues access to 24/7 support and counselling along
with personal, emotional and wellbeing tools for a happier and
healthier life.
• We continue to work closely with our occupational health provider,
including the provision of private counselling for colleagues in crisis
requiring additional support.
• In Spain, we offer annual medical check-ups for all colleagues.
• Our Cycle to Work scheme remains popular.
• We continue to support new ways of working and this year, we
have increased our part-time and flexible working arrangements.
“ There is a strong focus on colleague
wellbeing with a true culture of
wellness having been achieved.”
Matthew Filbee
IIP Practitioner
Personal growth and education
We have a strong focus on learning and development for all colleagues,
with a genuine commitment to building a culture of developing talent.
We use innovative methods of learning as well as traditional routes, with
lots of support from our managers at all levels. The survey revealed
that 84% of respondents knew how Safestore invests in learning and
development. In 2024, we delivered over 30,000 hours of training.
Across the Group, colleagues are given extra responsibilities and
opportunities to put skills and knowledge into practice. We are proud to
offer comprehensive language courses for some colleagues, enhancing
communication and collaboration across our global teams.
Our leaders understand the importance of succession planning. Talent
management is sophisticated and transparent, with performance
management channelled through our Values and Behaviours
framework, to identify and support high potential individuals.
In the UK, both our Sales Consultant and Store Manager Development
programmes continue to grow and upskill our colleagues. Everyone
can discuss and agree their learning and development pathways with
their line manager, and this is executed effectively. In our latest IIP
survey, 84% of respondents stated that they have opportunities to
learn at work.
Our Store Manager Development programme, now in its eighth year,
is funded by the Apprenticeship Levy. This programme provides
the opportunity to complete a Level 3 Management and Leadership
apprenticeship, with the additional opportunity to complete an Institute
of Leadership and Management (“ILM”) qualification.
We also support ongoing professional development by application of
our professional qualifications policy, supporting colleagues to gain
formally recognised qualifications in their chosen field. This commitment
is maintained by Safestore covering the cost of membership of
any relevant professional body such as the Chartered Institute of
Personnel and Development (“CIPD”), the Association (“ACCA”) of
Chartered Certified Accountants or the Royal Institution of Chartered
Surveyors (“RICS”).
Financial wellbeing
As part of our wider wellbeing strategy, we are committed to doing
what we can to ensure the financial wellbeing of our colleagues.
79% of our colleagues are members of our pension scheme,
provided by Aviva.
In August, we opened entry into our 2024 Sharesave scheme, and are
delighted that 33% of our colleagues now share in our success by being
a member of at least one of our Sharesave schemes. This is further
evidence of high levels of colleague engagement across the business.
“ Safestore gives people access to
high quality learning and everyone
confirmed they have the training they
need to do their jobs and grow their
careers. Internal mobility is good
atSafestore.”
Matthew Filbee
IIP Practitioner
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
51
STRATEGIC REPORTOVERVIEW

Our people continued
Active leaders and engaged teams
Leadership
Our leaders bring out the best in our colleagues, motivating them
towork together to achieve our shared goals and objectives.
We achieve this by keeping colleague-to-manager ratios low,
enabling our leaders to invest time in encouraging and engaging
ourcolleagues, forming genuine connections with their teams.
Our active leaders are energetic and passionate, engaging in honest,
open communication to connect with their colleagues. Our coaching
culture encourages two-way feedback supporting both personal and
professional growth, which is formalised through the setting of clear
goals and expectations, reviewed bi-annually.
Keeping our colleagues connected to the business and to each
other so that they feel supported has remained a focus and we
have introduced new programmes for our new colleagues and
line managers, to help to build knowledge and confidence across
our teams.
Values and behaviours
Our values are authentic, having been created by our colleagues.
They are core to the employment life cycle and bring consistency
toour culture.
We are empowered to do the right thing, not necessarily the easiest.
This enables us to feel comfortable challenging behaviours that are
not in line with our values.
We love customers – we deliver much more than
storage; we provide solutions that exceed our customers’
expectations and we expect our people to show
appreciation of our customers and their businesses.
We lead the way – we want people who talk with pride
about Safestore, set themselves high standards and
demonstrate passion for what they do.
We have great people – everyone has a key role to play
within Safestore and we need people who show respect
for everyone, no matter their position. Our people drive
their own performance and are keen to learn from others.
We dare to be different – we want people that adapt to
change and are willing to try new things. Part of daring to
be different involves actively seeking feedback to develop
new and existing skills.
We get it – we want people to be clear on our vision and
goals and, in turn, know what part they play in achieving
them. ‘We get it’ is also about communicating in a clear,
open, and honest way to enable sound decision making.
Leaders take accountability for colleague engagement and they
want to get to know their people well and do the right thing for them.
Thisleaves people feeling listened to, understood and respected.”
Matthew Filbee
IIP Practitioner
Safestore Holdings plc | Annual report and financial statements 2024
52
Sustainability continued
Our commitment to sustainability continued

Target
4.5+
customer satisfaction rating in each market
Performance 2023/24
4.9
UK:
Google
4.7
France:
Google
4.8
Netherlands:
Google
4.7
UK:
Trustpilot
4.6
France:
Trustpilot
4.9
Netherlands:
Trustpilot
4.8
UK:
Feefo
4.7
Belgium:
Google
4.9
Spain:
Google
Customer engagement
Customer‑centric communication
Safestore serves a diverse customer base across the UK and Europe,
dedicated to delivering exceptional service tailored to individual
preferences. Our multi-channel approach includes email, LiveChat,
WhatsApp, and phone support through our Customer Support
Centre, ensuring accessibility and convenience. Our active social
media presence on platforms like Facebook, Twitter, Instagram, and
LinkedIn allows us to connect with customers in real time, providing
support and gathering valuable feedback to continuously refine our
service offering.
Delivering exceptional customer service
Empowering our colleagues to go above and beyond is key to our
customer service strategy. Through regular training, coaching,
and quality audits, we equip our teams to consistently deliver high
standards of service. This approach has been recognised with
awards such as the Feefo Platinum Trusted Service award in the
UK for the sixth consecutive year, reinforcing our commitment to
outstanding customer experiences.
Promoting sustainable and green business initiatives
We actively communicate our sustainability efforts via social media
and blogs, focusing on key initiatives like reducing carbon emissions,
minimising waste, and offering eco-friendly products. Our customers
are informed and engaged in our journey towards a greener future,
with regular updates about our sustainable supply chain, renewable
energy use, and partnerships with eco-friendly organisations.
Our customers
Addressing customer feedback and concerns
At Safestore, customer feedback is a cornerstone of our commitment
to delivering exceptional service. In today’s competitive landscape,
understanding and responding to customer needs is crucial for
success. We actively collect and monitor feedback through multiple
channels, including Google, Trustpilot, and Feefo, to ensure we have
acomprehensive view of our customers’ experiences.
We take a proactive approach to feedback management, regularly
reviewing and responding to customer comments and ratings.
Our dedicated teams closely monitor incoming reviews, promptly
addressing any concerns or issues raised. This not only demonstrates
our commitment to customer satisfaction but also allows us to identify
common themes and areas for improvement, enabling us to make
informed changes that enhance our services.
Feedback provides invaluable insights that help us align our services
with customer expectations. By analysing patterns in reviews, we
can pinpoint specific aspects of our service that resonate with
customers, as well as areas needing improvement. For instance,
positive feedback often highlights the professionalism and helpfulness
of our colleagues, which reaffirms the importance of ongoing training
and support. Conversely, constructive feedback serves as a guide for
refining our operations, such as streamlining processes or enhancing
digital interactions.
Maintaining transparency with our customers is a priority. We believe
that genuine, verified reviews are a powerful tool for building trust. As
a testament to this commitment, Safestore UK has achieved a Feefo
Platinum Trusted Service award for five consecutive years, reflecting
the authenticity and credibility of our feedback process. Our strong
ratings such as an average of 4.9 on Google in the UK serve as social
proof, reassuring potential customers of our reliability and dedication
to high quality service.
Across the Group, our French business maintained a Trustpilot service
rating of 4.6 with 91% of customers rating their service experience
as ‘Excellent’ or ‘Great’. Additionally, in Spain, we achieved a 4.9 out
of 5 rating for customer feedback collected from Google reviews. In
Belgium, our customer service was rated 4.7 on Google, whilst we
achieved a high score of 4.8 out of 5 on Trustpilot in the Netherlands.
We also use customer feedback to benchmark our performance
against competitors, allowing us to refine our strategies and maintain
our position as a leader in the self-storage industry. By understanding
our strengths and identifying areas where we can outperform others,
we ensure that Safestore remains the preferred choice for customers
across our markets.
Our approach to feedback goes beyond passive collection; we
actively engage with our customers in dialogue. Whether it’s through
responses to reviews, surveys, or direct outreach, we strive to create
a two-way communication channel that values the voices of our
customers. This engagement not only helps us address specific
concerns but also fosters a sense of community and loyalty among
our customer base.
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
53
STRATEGIC REPORTOVERVIEW

Our customers continued
Customer engagement continued
Addressing customer feedback and concerns continued
Recognising the importance of customer feedback, we celebrate the
positive impact our teams have on customer experiences. Colleague
recognition programmes highlight exceptional service, reinforcing
the value of listening to and acting on customer input. By rewarding
teams who excel in customer satisfaction, we cultivate a culture of
continuous improvement and responsiveness.
By addressing feedback with urgency, transparency, and a focus on
improvement, we reinforce our dedication to customer satisfaction. This
commitment is integral to the Group’s ongoing success, ensuring that we
consistently meet and exceed the expectations of our valued customers.
Empowering customers for sustainable choices
At Safestore, we are committed to helping our customers make
sustainable choices that positively impact the environment. Beyond
reducing the environmental footprint of our own operations, we
provide customers with tools and options to embrace sustainability
throughout their self-storage journey.
• Digital contracts and paper reduction – one of our key
initiatives is the adoption of digital contracts across all markets,
enabling customers to sign contracts online. This shift has
significantly reduced our paper usage, saving approximately
959,055 printed pages this year – equivalent to over 1,910 reams
of paper. In the UK alone, we’ve seen a 25% reduction in printed
pages compared to last year. This initiative not only streamlines the
customer experience but also supports our commitment to reducing
waste. Additionally, in the Netherlands, we are working to reduce
paper usage for our health and safety checks, aligning with our
broader paper-saving goals. We also collect paper in our containers
for recycling at our Dutch stores, contributing to a circular economy.
• Supporting Refill and reducing plastic waste – we participate
in the Refill initiative at 122 Safestore locations across the UK,
offering free tap water to encourage customers and the public
to refill reusable bottles instead of purchasing single-use plastic
ones. This effort aligns with our goal of reducing plastic waste and
promoting sustainable behaviours in our communities.
• Eco‑friendly products and services – in all our stores, we
provide sustainably packaged merchandise and eco-friendly box
products, giving customers environmentally conscious options for
their storage needs. These products are carefully selected to minimise
environmental impact without compromising on quality or convenience.
• Electric vehicle charging points – to support the shift towards
greener mobility, we have installed electric vehicle (“EV”) charging
points in store car parks across our locations. This initiative
provides added convenience for customers with electric vehicles
and promotes the use of cleaner transportation options.
• Encouraging sustainable practices – we actively share tips
and advice on sustainable living through our blog and social media
channels, educating our customers on how they can reduce their
environmental impact. From efficient packing tips to information
on recycling, we aim to empower our customers with practical,
actionable insights that support their green journey.
• Supporting customer convenience and innovation – Safestore
continually looks for ways to improve customer experience through
innovation. In Spain, we offer Amazon Lockers at our Valencia and
Marina stores, providing the public with a convenient location to
collect online purchases. Additionally, at our Marina store, customers
can take advantage of a Pick Point service to collect items ordered
from IKEA, whether purchased online or in store, enhancing the
convenience of their storage and shopping experiences.
By integrating these sustainable choices into our services, we not
only support our customers in making eco-friendly decisions but
also contribute to broader environmental goals. We believe that
encouraging greener alternatives is a shared responsibility that
benefits our planet, society, and future generations.
Safestore Holdings plc | Annual report and financial statements 2024
54
Sustainability continued
Our commitment to sustainability continued

Product quality and innovation
Digital contracts for a seamless experience
Having introduced digital contracts across our UK locations, we now
provide customers with a streamlined, efficient way to rent storage
units. Our customers now have the option to complete the entire
booking and contract process for a self-storage unit online for any UK
store location, offering flexibility and convenience. Whether customers
prefer to manage everything digitally or require more personalised
support, Safestore ensures an experience that suits their needs.
Our multi-channel sales strategy, combining full automation,
interaction with our store sales teams, and support from our specialist
call centre and National Accounts team, provides a tailored, easy way
for every type of customer to buy self-storage. This holistic approach
allows us to cater to varying preferences whether customers are
time-strapped individuals looking for a quick online transaction, or
businesses needing more comprehensive support.
Digital contracts are delivered via email, allowing customers to keep
a secure record while reducing paper usage, contributing to our
sustainability goals. By embracing this innovation, we ensure that
ourcustomers benefit from a seamless, user-friendly service that
aligns with today’s digital expectations.
In France, we have introduced mobile app access to our Fleury store,
allowing customers to manage their storage experience seamlessly.
This technology will be rolled out to future stores, further enhancing
customer convenience and security. Additionally, in France, we have
created meeting room spaces at our Velizy and Emerainville centres,
providing business customers with dedicated areas to hold meetings
while having easy access to their stored goods.
App‑based storage centres for ultimate convenience
Building on the success of digital contracts, Safestore has introduced
app-based storage centres that offer a fully digital, contactless
experience. The Group recently opened two additional fully
automated, unmanned satellite self-storage centres in Eastleigh
and London Paddington Park West, following the launch of the first
location in Christchurch in FY 2023. These centres use industry-
leading automated technology, combined with in-house developed
communication and control systems, allowing customers to securely
access the building and their storage unit through a simple app on
their mobile phone.
This technology not only simplifies the storage process but also
enhances convenience and security. Customers can unlock their
units without the need for physical keys or fobs, and the app enables
them to grant temporary access to others, such as family members
or movers, without needing to be physically present. Several
additional unmanned satellite stores are currently in various stages
of development across the UK, underscoring our commitment to
expanding this innovative service.
Enhanced security and operational efficiency
App-based storage centres also offer significant security benefits,
including detailed access logs and enhanced monitoring features,
which reduce the risk of unauthorised access. Customers can receive
instant notifications about their unit’s status, providing peace of mind.
Furthermore, by reducing the reliance on physical colleague presence
for access management, these centres improve operational efficiency,
allowing us to serve more customers with greater flexibility.
Meeting evolving customer expectations
Our investment in digital contracts and app-based storage centres
reflects our broader strategy to meet the evolving needs of our
customers. As digital adoption continues to rise, we recognise the
importance of offering innovative solutions that provide convenience,
security, and efficiency. These advancements are not only about
improving the customer experience but also about future-proofing
ourbusiness in a competitive market.
By leading the way in digital transformation within the self-storage
industry, Safestore is redefining what customers can expect from
their storage provider. Our commitment to innovation ensures that
weremain at the forefront of customer service, providing solutions
that are as flexible and forward-thinking as our customers.
Customer, Contractor, and Visitor (“CCV”)
healthand safety
Maintaining a safe environment for our customers, contractors, and
visitors remains a top priority. The observed increase in the number
of reported accidents in 2024 is attributed to the implementation of
our new digital health and safety system, Quentic. This simplifies
and encourages the reporting process, rather than an actual rise
in accidents, underscoring our commitment to safety through
continuous monitoring and proactive measures.
Summary:
• 51 injuries were recorded over the past year, two of which were
reportable under RIDDOR
1
/Reportable
2
.
• 4 minor injuries were recorded to contractors and 45 to customers.
No injuries were recorded to visitors.
• Injuries were recorded as 27 minor cuts, 16 bumps and bruises
and6 muscular, mainly relating to customers handling their goods.
Year ended 31 October 2022 2023 2024
Number of stores 179 190 199
Customer, contractor, and
visitor movements 242,559 225,828 225,441
Number of minor injuries 38 30 49
Number of reportable injuries
(RIDDOR/Reportable) 1 3 2
RIDDOR per 100,000
CCV movements 0.4 1.3 0.9
Notes:
1 RIDDOR = Reporting of Injuries, Diseases and Dangerous Occurrences.
2 Reportable = any work-related injury or illness that results in loss of consciousness,
days away from work, restricted work, or transfer to another job. Any work-related injury
or illness requiring medical treatment beyond first aid (European countries only).
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
55
STRATEGIC REPORTOVERVIEW

Our community
Strengthening local partnerships
andcommunity wellbeing
At Safestore, we understand that our success is closely tied to the
wellbeing of the communities in which we operate. Over the past
year, we have continued to build meaningful local partnerships and
champion initiatives that contribute to both social and economic
growth. Our commitment to sustainability and social responsibility
remains at the core of our business practices.
Key initiatives include:
• Developing brownfield sites with community input to enhance
localenvironments.
• Actively engaging with residents when establishing new stores,
ensuring our developments align with community interests.
• Enhancing the sustainability of our operations by implementing
greener construction and management practices.
• Supporting charities and communities to optimise limited space
through innovative storage solutions.
• Creating local employment opportunities directly and indirectly
by supporting the small and medium-sized enterprises that utilise
our space.
Supporting community development
Safestore is proud to support the development of local communities
through both financial contributions and practical assistance. Across
all our stores in the UK, we actively engage with charities, schools,
and community organisations to create spaces where they can thrive
by providing subsidised storage space, which has helped countless
organisations reduce operational costs and focus on delivering vital
services. This year, we donated 23,862 sq ft of subsidised space to
194 charity organisations across 119 stores, valued at £999,436.
In Spain, we are proud to sponsor a children’s football team in
Barcelona, supporting around 1,000 kids through small sponsorships.
Additionally, we sponsored a chess tournament for children in the
region, fostering both physical and mental development. Next year,
we plan to replicate these efforts in Madrid and Pamplona, further
extending our support for youth programmes across the country.
In France, we continue our support by making an annual donation
to a charity, providing them with a free storage unit for a month.
This practical support allows charities to reduce costs and allocate
more resources to their core activities, ensuring they can serve the
community effectively.
We also work closely with Établissement et Service d’Aide par le
Travail (“ESATs”), non-profit organisations that manage disabled
individuals who are unable to work in traditional businesses.
ESATsplay a crucial role in maintaining the green spaces around
fourof our stores in France. This partnership not only helps preserve
the environment but also provides meaningful employment for
individuals with disabilities, reflecting our commitment to inclusivity
and social responsibility.
Responding to local needs
As local communities face a variety of social challenges, Safestore
is committed to responding to their needs with targeted, impactful
support. This year, we have focused on providing assistance
to organisations tackling urgent issues such as homelessness,
domesticviolence, and mental health. Our subsidised storage
spaceshave allowed these organisations to reduce their costs
andoperate moreefficiently.
By working directly with local charities, we can respond quickly and
effectively to emerging needs. Our Head Office colleagues have been
engaged in their support, participating in community collections,
including a successful food bank drive during the winter months.
These efforts not only provide essential resources to those in need
but also foster a sense of unity and shared purpose within our teams.
Target
Provision of subsidised space and additional
supportto high impact local community groups –
opportunity led
Performance 2023/24
23,862 sq ft
provided worth
£999,436
Safestore Holdings plc | Annual report and financial statements 2024
56
Sustainability continued
Our commitment to sustainability continued

HandsOn London
• For the 13th year in a row, Safestore has proudly partnered with
HandsOn London for the WrapUp London campaign, an initiative
that provides winter coats to vulnerable individuals across the UK.
Thisyear, the organisation collected over 16,500 coats, which
weredistributed to the homeless, refugees, and families in crisis
through a network of over 75 charities.
Safestore’s involvement included:
• Donating 7,006 sq ft of storage space across multiple locations,
allowing 1,588 volunteers to sort and distribute coats efficiently.
• Acting as accessible drop-off points for the public and coordinating
with other businesses and organisations to expand the
campaign’s reach.
• Using our platforms to raise awareness and inspire
communityparticipation.
We are grateful to Safestore for its continued commitment to our WrapUp coat
collection campaign.
As the challenges facing vulnerable individuals have grown, Safestore’s generous
provision of storage space and acting as convenient drop-off points has been invaluable
in enabling us to expand our reach across the UK, allowing us to collect, store, and
distribute thousands of essential winter coats to those most inneed.
Safestore’s dedication to our mission goes beyond logistics – its team is genuinely
invested in the wellbeing of the communities we serve, sharing in our vision of providing
relief and comfort to those facing the most difficult circumstances. We look forward to
building on this partnership and helping even more people in the years to come.”
Jon Meech
CEO, HandsOn London
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
57
STRATEGIC REPORTOVERVIEW

Safestore, UC Build and the Green Gym in Lea Bridge.
Our community continued
Strengthening local partnerships and community wellbeing continued
Working in the community
In the UK, as part of our commitment to the Considerate Construction
Scheme, we seek opportunities to support local communities and
charities wherever possible.
At our Lea Bridge site, the team from our principal contractors, UC
Build, along with our Head of Construction, collaborated with The
Conservation Volunteers’ Green Gym team to transform a green
space within the local nature reserve. This charity operates nationally,
offering open sessions for community members to help maintain and
enhance green spaces, promoting both environmental sustainability
and community wellness.
The day was spent working alongside the Green Gym volunteers to
advance this vital project, helping them make substantial progress
in transforming the area. To support their continued efforts, we
werepleased to donate new gardening tools, providing essential
resources for their ongoing work in preserving and enhancing
naturalhabitats in the community.
In line with our purpose, we will continue to focus on community
engagement initiatives that reflect the needs and expectations of
thecommunities we serve.
Image to be located
Safestore Holdings plc | Annual report and financial statements 2024
58
Sustainability continued
Our commitment to sustainability continued

Climate action and emissions reduction
In this section, we explain how we are reducing our impact on the
planet through ongoing improvements in construction standards and
our store operations. We also include our climate-related financial
disclosures (“CFD”) statement, through which we seek to understand
and manage the potential risks (and opportunities) to our business
associated with a changing environment.
Our net zero commitment
We are pleased to share our commitment to become an operationally net
zero group by 2035. This commitment covers Scope 1 and 2 emissions
and Scope 3 emissions, which relate to ongoing operations (water,
waste, electricity, transmission and distribution, and business travel).
Our net zero transition plan is a combination of consumption reduction
initiatives as outlined later in this section such as phasing out gas heating
in the UK portfolio and ensuring all energy consumed is self-generated
(where viable) or purchased from certified renewable sources.
We also intend to work with our construction partners to understand
the baseline of embodied carbon in our new developments and
explore ways of reducing this where viable. Our sustainable
construction standards aspire to maximise the use of recycled
material and minimise waste whilst building to Building Research
Establishment Environmental Assessment Methodology (“BREEAM”)
‘Very Good’ standards. Based on research by the London Energy
Transformation Initiative (“LETI”), redevelopment projects have an
embodied carbon footprint of approximately 50% of new build
developments. As such, the Group’s flexible model is likely to
generate less embodied carbon than operators which develop
newbuild structures exclusively.
Climate‑related financial disclosures
Since 2021, we have been on a journey to implement the relevant
recommendations of the Task Force on Climate-related Financial
Disclosures (“TCFD”), providing our stakeholders and investors with
insight into the key climate-related risks and opportunities that are
relevant to our business and how these are identified and managed.
We report against the eleven recommendations of the TCFD in this
year’s disclosures.
Our environment
Target
Performance 2023/24
UK
owned stores powered by 100% renewable electricity
100%
completed
Reduce
UK store waste to landfill by 50% by 2025 vs
2016/17 level
99.9%
on track – we have achieved 99.9% diversion of UK
construction waste from landfill
Achieve
100% diversion from landfill for UK and European
construction waste
100%
completed – we have achieved 100% diversion from
landfill forUK operational waste ahead of schedule
Reduce
carbon emissions by 20% of 2021 baseline by 2025
17%
on track – 17% YoY reduction; emissions now
19%below2021
Highlights 2023/24
Green
electricity used across the Group with
certification for the UK, France, the
Netherlands, Spain, and Belgium
100%
diversion from landfill for UK
operational waste
All
of our UK‑owned fleet is now
predominantly petrol PHEV
99.9%
diversion from landfill for UK
construction waste
6
UK stores now have gas use
removed,reducing overall usage
yearon year by over 15%
480
equivalent number of trees saved
frombeing felled by using fully
recycled paper
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
59
STRATEGIC REPORTOVERVIEW

Our environment continued
Climate‑related financial disclosures continued
Governance
Our Chief Executive Officer has overall responsibility for climate-related
risks and opportunities. Day-to-day management of climate-related
issues is carried out by our Sustainability Group which is co-chaired
bythree members of the Executive Team (see sustainability governance
section for organisation structure). The Group meets quarterly and
is the forum for determining our sustainability strategy, reviewing
performance, identifying emerging sustainability issues, and determining
their materiality for reporting and escalation via the Group risk
management process.
The Board oversees climate-related risk via the Group risk management
process. The Board takes climate issues into consideration during the
investment appraisal process, where it scrutinises major investments
including acquisition, development, and refurbishment plans which may
include climate-related aspects of design. Ongoing risk identification
and management are through the relevant functional teams, for example
through proposed or actualresponses to changes in regulation such
as the Minimum Energy Efficiency Standards (“MEES”) in the UK.
Our commitment to address climate-related risks is embedded across the
Group through a carbon emissions intensity KPI. Performance against this
measure is linked to executive remuneration, to encourage and reward
progress against carbon emissions reduction targets. The Board reviews
progress on carbon reduction alongside other strategic initiatives annually
as part of the annual targets and remuneration cycle.
Risk management
The Sustainability Group is responsible for identifying general climate-
related risks that are managed by the Board via our corporate risk
management process (see the Audit Committee report for details of
our approach to risk management). In addition, the Property function is
responsible for identifying risks specific to new development projects as
part of the investment appraisal process. The Sustainability Group has
conducted workshops incorporating inputs from internal and external
experts and climate model data to explore the relevance and potential
financial impact of the six risk themes identified in the TCFD framework
over the short (to 2030), medium (to 2050), and long (beyond 2050) term.
These themes remain under review, particularly the physical risks
tothe Group portfolio as we expand into new markets, climate
modelsevolve, and governments and municipal authorities develop
their own mitigation strategies.
The completed climate-related risk register is reviewed and approved by
the Audit Committee during the financial year such that the significance
of climate-related risks is considered in relation to risks identified in the
standard risk management process. This ensures the management
of climate-related risks is integrated into the Group’s overall risk
management framework. The climate-related register is reviewed
annually to incorporate ongoing refinement and quantification of risks
and to ensure the register reflects any material changes in the operating
environment and business strategy. Once identified, further details
related to each key risk and opportunity, such as a quantification of the
financial impact, the appropriate strategic response and cost of response
and the variance of key risks in relation to climate-related scenarios, are
developed where possible. These details help to determine the materiality
of each risk and, alongside the impact assessment outlined above, this
allows the Group to prioritise resources in managing the most material
climate-related impacts, determine the best management response
orhighlight areas requiring further investigation.
An example of the day-to-day management of risks would be the
incorporation of mitigations for high exposure sites into construction
designs before submission for planning approval.
Strategy
Our business is exposed to both risk and opportunity from climate
change primarily as a consequence of owning and operating real
estate assets in the UK and Western Europe. We seek to understand
and mitigate the physical and financial risks that could be material to
the business. We have considered several climate hazards (wildfire,
extreme heat, water stress, coastal flooding, fluvial flooding and
drought) and their relevance to the context of our business. Of these,
flooding risk was assessed as the only relevant risk for the UK, which
accounts for most of the Group property portfolio by value and floor
area. These findings can likely be generalised for Northern European
markets, which will experience similar physical consequences. Whilst
our Spanish assets may experience different physical hazards, they
currently represent less than 3% of the Group by asset value and floor
area and have therefore not been considered separately.
Climate-related risks and opportunities are assessed over multiple
time horizons because we expect that transitional risks are likely to
be ‘front-loaded’ as the international community attempts to meet
the goal of keeping warming to 1.5°C or below. Physical risks to
our assets are likely to increase over time, particularly if the global
economy does not decarbonise at the rate required to keep warming
below the target level. Accordingly, we assess climate-related risks
and opportunities over the short (to 2028), medium (to 2050), and
long (beyond 2050) term. In keeping with the Group’s approach to risk
management, risks are deemed to be low impact where the potential
annual EBITDA impact is estimated to be below £100,000 and/or
balance sheet impact is below £10 million. High impact is where either
the potential EBITDA impact is greater than £1 million or a balance
sheet (valuation) impact would exceed £25 million (approximately 1%
of property valuation). An EBITDA consequence of between £150,000
and £1 million or likely balance sheet impairment between £10 million
and £25 million was considered medium impact.
The assessment of the resilience of the business, specifically the
asset portfolio, was guided by a range of scenarios published
by external agencies, such as the UK Met Office UKCP18 (most
relevant for the core asset portfolio), and looked at both physical
andtransitional risks under two climate warming scenarios: one
within1.5 to 2.0°C (RCP 2.6) and one up to 4.0°C (RCP 8.5).
Safestore Holdings plc | Annual report and financial statements 2024
60
Sustainability continued
Our commitment to sustainability continued

Risk type Description
Potential
impact Timeframe
Mitigation/
resilience measures
Physical risks
Chronic Physical disruption as a result of longer term shifts in climate
patterns (e.g. sustained higher temperatures or rainfall) that
may cause sea level rise or chronic heat waves. Intensity of
weather (acute risk below) is deemed more significant for
the business.
Low Medium-long —
Acute Primarily, flooding risks (Northern Europe markets)
triggeredby changes in the frequency of extreme rainfall
events (based on mm/day thresholds), which are projected
to increase in all warming scenarios, especially in summer
and late autumn. Costs that may be incurred for the few
stores exposed include mitigation CAPEX, operational
disruption, physical repairs, clean-up, insurance premia
increases, and reduced customer demand as a result of
reputational damage.
Medium Medium-long Avoid high risk exposure
areas. Where a store is
exposed use appropriate
mitigation solutions for the
context (e.g. enhanced
drainage, flood barriers,
andwater pumps)
As a last resort, relocate to
nearby lower exposure site
Transition risks
Policy and legal
Regulation
relating tostricter
environmental
standards
Increased stringency of building and planning requirements
in support of national net zero targets. Local authorities will
seek to use planning systems to deliver progress against
climate goals which will impact on build specification and
associated costs. MEES standards also increasing for
commercial lettings (office locations only) which will drive
upgrade expenditure.
Medium Short Engage planning authorities
to ensure specifications for
new stores are proportionate
given intended use
Identify existing locations
exposed to regulatory
changes – relocate or
change use (remove offices)
if improvements unviable
Climate
changelitigation
Claims brought by stakeholders (e.g. investors and public
interest organisations) perhaps due to failure to mitigate
impacts of climate change, failure to adapt, or the insufficiency
of disclosure around material financial risks.
Low Medium —
Reporting obligations Additional reporting burden on carbon emissions,
includingScope 3.
Low Short —
Technology
Electric vehicles To deliver net zero targets, electric vehicle use will increase
and drive demand for charging point infrastructure for
customers and colleagues. May be mandated by some
local authorities as part of planning process. This will impact
capital budgets for new builds and retrofits. However, this
could also be a revenue opportunity in high traffic locations
with an appropriate commercial arrangement.
Low Short —
Market
Valuation of
propertieswith lower
efficiency rating
Risk of valuation impairment of assets with low efficiency
ratings. Only heated areas of storage facilities are rated –
these can usually be cost effectively improved.
Low Medium —
Supply chain resilience/
cost of materials
Risk to development costs due to demand versus supply
of key materials such as insulation and cost of inputs
whichmay incur carbon premium (steel and cement).
Medium Short-medium Seek to convert existing
structures where possible/
available. Ensure competitive
tendering on major projects
Cost and availability
ofcapital
Risk of downgrading/cost premium as ESG considerations
are incorporated into credit ratings and other lender/
investorscreening.
Low Short —
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
61
STRATEGIC REPORTOVERVIEW

Our environment continued
Climate‑related financial disclosures continued
Strategy continued
Risk type Description
Potential
impact Timeframe
Mitigation/
resilience measures
Transition risks continued
Reputation
Stakeholder risk Increasing public awareness of and appetite to tackle climate
change could create reputational risk if there is failure to
reduce operational and embodied carbon. This could manifest
in delays to planning processes.
Low Short-medium —
Employee risk As colleagues become increasingly engaged with climate
change issues, perceived failure to make progress on
decarbonisation could impact talent recruitment and retention.
Low Short-medium —
In summary, we expect physical climate-related risks to have
some localised impacts on our business. Specifically, the impact
of more frequent intense precipitation events is deemed relevant
in the medium to long term for a subset of exposed stores. We
also expectthe transition to a low carbon economy to pose some
limited financial risks in the short term as we respond to changes
in regulation and incur costs associated with decarbonising our
building development and operations. However, there may also be
opportunities that arise from the transition, as well as the physical
impacts of extreme weather.
Regardless of the scenario, we believe the Group’s business model
and strategy are likely to be resilient as its assets have overall limited
exposure and vulnerability to climate-related risk. Accordingly, there
are limited ongoing financial implications beyond the cost of meeting
higher building standards and introduction of mitigation measures.
The Group will, therefore, continue to grow its portfolio, assessing
each investment for climate risk in addition to financial considerations
and making necessary physical and financial allowances for
mitigations where appropriate, as it already does today.
The self-storage sector is not a significant consumer of energy
when compared with other segments of the real estate landscape.
According to a 2024 report by KPMG and EPRA
1
, self-storage
generates the lowest greenhouse gas emissions intensity of all
European real estate sub-sectors. Reflecting the considerable
progress made on efficiency measures and waste reduction to
date, Safestore’s emissions intensity is lower than the self-storage
sector average.
GHG intensity (Scope 1 and 2) by REIT sector
kg CO
2
e/m
2
per year (2023)
1
Office
Healthcare
Retail
Industrial
Self-storage
35
34
34
10
3
116Residential
Safestore
3
Note:
1 KPMG/EPRA: Deep-dive_on_Non-Financial_Performance: ListedReal Estate
companies across Europe, November 2024.
Nevertheless, as part of our commitment to SDG 13 (Climate action)
we have been working towards a previously set near term carbon
reduction target to 2025 (see sustainability targets and KPIs). In
addition, we have a commitment to work towards operational net
zero by 2035. This commitment covers Scope 1 and 2 emissions
plus Scope 3 emissions which relate to ongoing operations (water,
waste, electricity transmission and distribution and business travel).
Last year, we introduced an interim target for absolute emissions and
emissions intensity for the financial year ending 2028 as a milestone
on our journey to operational net zero (see sustainability targets and
KPIs on page 46).
Physical risks
The primary physical risk to our business relates to the increasing
likelihood of extreme weather events (particularly intense precipitation
and flooding). Based on current data, our insurer’s flood assessment at
the last renewal indicates that 91% of the Safestore UK portfolio (69%
of Group) by value has little to no exposure to river/coastal flood risk (the
chance of a flooding event occurring annually is less than 0.5%). This
corresponds to just 14 locations in the UK with an elevated risk. There is
a slightly higher exposure to surface water flood risk – 71% of floor area
and value is in stores with less than 0.5% Annual Exceedance Probability.
The risk profile of the portfolio has been stable over the past few years.
Flood risk of UK portfolio 2024
(% of insured value excl. customer goods)
100%
80%
60%
40%
20%
0%
River/coastal %
Low/medium (<0.5% AEP) High (>0.5% AEP)
Surface water %
Safestore Holdings plc | Annual report and financial statements 2024
62
Sustainability continued
Our commitment to sustainability continued

Our Benelux portfolio (which represents 9% of Group floor space
in 2024) has a slightly higher flood risk profile with 7 of 21 locations
considered high risk by the insurance underwriters. In Spain, insurers
do not conduct flood risk assessments of specific assets due to a
small premium which applies to every policy to cover such natural
occurrences. However, we understand the current Spanish portfolio
to be at low risk of surface flooding. According to ThinkHazard!,
a web-based tool established by the Global Facility for Disaster
Reduction and Recovery (“GFDRR”), Barcelona is classified as
‘lowrisk’ for urban flooding resulting from intense rainfall. This is
the second lowest risk level and means that there is a chance of
more than 1% that potentially damaging floods occur in the coming
10 years (return period of c. 1 in 1,000 years). Madrid, by contrast,
is considered ‘very low’ risk with a less than 1% chance of this
sort of event.
Accordingly, overall the Group portfolio has low exposure to acute
flooding risk, and whilst the frequency of extreme precipitation events
is projected to increase in all warming scenarios, medium and high
impact rainfall days (defined by the UK Met Office’s National Severe
Weather Warning Service as 24-hour precipitation thresholds in mm/day
which are designed to be used for identifying prolonged rainfall which
may lead to flooding) are still projected to be relatively rare events
1
.
Research using the most recent granular climate models
2
confirms
this projection of extreme rainfall events and demonstrates the
elevated risks are in the autumn and summer seasons specifically.
Spring and winter events are rarely projected to exceed any impact
threshold out to 2080, even in the low mitigation (RCP 8.5) scenario.
This pattern is expected to be similar across the UK. This research
implies that the probability of these extreme events will rise in autumn
by 5–10% by 2040 and by 20–40% by 2080.
The summer season shows the largest change, especially towards
the end of the century, with probability close to 50% higher for a
1-in-200-year event; i.e., despite overall summer drying trends in
the future, increases in the intensity of summer rainfall events are
projected. It should be noted, however, that projections for rare
eventshave a high degree of uncertainty, especially in the outer
yearsof a projection period.
From prior experience, the main consequences of these intense
precipitation events are clean-up, repairs and maintenance costs, and
short term impact on asset availability (temporary closures preventing
new move-ins). Costs are usually recovered from insurers so over time
it is reasonable to expect insurance premia and flood-related excesses
willincrease if extreme events occur more frequently.
There is also the longer term risk of lower occupancies in exposed
stores – although customer goods are also insured to their declared
value, there is the possibility of a reputational impact. A reasonable
assumption for the cost based on prior experience (borne by insurers,
direct impact being the impact on cost and availability of insurance) of
remediation after an extreme precipitation event is £100,000 per event,
regardless of the warming scenario.
It should be noted that where Safestore invests in property in higher
risk areas, risk mitigation measures are usually proactively deployed.
As such, even in extreme weather scenarios the majority of the UK
portfolio is not likely to be impacted from an ongoing operation,
insurance risk premium or valuation basis. Mitigation measures
(where deployed) should minimise disruption at higher risk sites,
andthese locations may, in fact, experience increased demand
fromimpacted local communities as they seek temporary storage
fortheir belongings. In locations where mitigation becomes unviable,
or cost/availability of insurance becomes prohibitive the Group
wouldseek to relocate to a nearby less exposed site.
Projections of low, medium, and high impact rainfall days
inthe UK per year under different warming scenarios
1
Low impact rainfall days/yr
Global warming level
160
140
120
100
80
60
40
20
0
61-90
81-00
00-17
1.5
2.0
2.5
3.0
4.0
England and Wales Northern Ireland
NE Scotland SW Scotland
NW Scotland S and E Scotland
Medium impact rainfall days/yr
Global warming level
50
40
30
20
10
0
61-90
81-00
00-17
1.5
2.0
2.5
3.0
4.0
England and Wales Northern Ireland
NE Scotland SW Scotland
NW Scotland S and E Scotland
High impact rainfall days/yr
Global warming level
20.0
17. 5
15.0
12.5
10.0
7.5
5.0
2.5
0.0
61-90
81-00
00-17
1.5
2.0
2.5
3.0
4.0
England and Wales Northern Ireland
NE Scotland SW Scotland
NW Scotland S and E Scotland
Notes:
1 Hanlon, H.M., Bernie, D., Carigi, G. et al. Future changes to high impact weather in the
UK. Climatic Change 166, 50 (2021). https://doi.org/10.1007/s10584-021-03100-5).
2 Shane O’Neill, Simon F.B. Tett, Kate Donovan. Extreme rainfall risk and climate change
impact assessment for Edinburgh World Heritage sites, Weather and Climate Extremes,
Volume 38, 2022.
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
63
STRATEGIC REPORTOVERVIEW

Our environment continued
Climate‑related financial disclosures continued
Transitional risks
Our primary transition risks are policy and regulatory changes, which
may increase building specifications to meet net zero objectives.
Local authorities will continue to use planning processes to deliver
against their own objectives and policies such as Minimum Energy
Efficiency Standards (“MEES”) will impact landlords in the residential
and commercial sectors. To ensure relevant UK assets meet
MEES minimum standards, we estimated capital investment of
approximately £650,000 would be required which is incorporated into
our annual capital expenditure plans. For more details, see page 67.
Should any of our facilities with offices be unable to cost effectively
meet MEES standards, we would convert office space into a storage
area, which does not have this requirement, meaning there is minimal
risk of lost revenue or ‘stranding’ of assets.
Requirements for new projects to meet more stringent energy
efficiency standards and include features such as solar photovoltaic
panels and electric vehicle charging facilities will add to the capital
costs of new developments; however, these would represent a small
portion (1–2%) of a new development project and would likely be
recovered through lower ongoing operating costs over the lifetime
ofthe building. A related market risk of carbon taxes on core building
materials such as steel could have a larger impact; however, where
possible, Safestore will convert existing structures and is, therefore,
less exposed to these increases in cost and embodied carbon.
Our transition plan is a combination of operational improvements,
including consumption reduction initiatives such as phasing out of
gas heating in the portfolio and ensuring all energy consumed is
self-generated (where viable) or purchased from certified renewable
sources. New buildings introduced to the portfolio will be developed
to high energy efficiency standards. Some residual emissions may
require the purchase of carbon offsets from a credible scheme(s).
Weestimate that the roadmap to operational net zero will require
a total investment of c. £3 million to 2035, with investments in later
years subject to detailed business case evaluation.
Opportunities
The transition to a low carbon economy is likely to present
opportunities as well as risks. In general, businesses that build and
operate sustainable facilities are well positioned in a world where
bothlocal planning departments and end consumers are making
decisions with climate change in mind. In addition, reducing the
energy intensity of the business and reliance on gas is financially
advantageous, particularly in an era of volatile energy prices.
Removing gas-burning appliances from facilities also reduces
associated fire and carbon monoxide exposure risk. However, it
should be noted that the business is not an intensive user of energy
(energy costs are approximately 1.5% of revenue), unlike other more
intensive usage sectors, so the variability of power prices is not
considered a significant risk or opportunity. Nevertheless, it is likely
that buildings with lower operating costs and carbon emissions
intensity will attract a valuation premium and lower cost of funding
over the medium to longer term. Assuming PV installations progress,
grid connections are made, and a suitable trading mechanism
emerges, sales of excess power generated from rooftop solar
installations could become a revenue stream in the medium term in
addition to supporting decarbonisation in our communities and the
wider economy.
The provision of electric vehicle charging facilities could deliver a
customer benefit in the short term whilst also reducing associated
Scope 1 (business travel) and Scope 3 (customer travel to/from
stores) emissions and provide another ancillary revenue stream.
It should also be noted that well-positioned self-storage facilities
couldbe seen as adding ‘system resilience’ to supply chain
disruptions and facilitating recovery post-extreme weather events
viatemporary storage of business or consumer goods. This would
beof more relevance in the longer term as chance of extreme
weatherevents increases.
Metrics and targets
To assess climate risk, we internally record and monitor a range of
construction and operational impact metrics such as development
cost trends, unit availability (offline units) and damage claims relating
to water damage. We also track and disclose the floor risk exposure
of the UK property portfolio (see section on physical risks).
Our headline KPI for management is market-based operational
carbon emissions intensity. Performance against this measure is
linked to executive remuneration to encourage and reward progress
in emissions reduction. We have set targets for FY 2025 and FY 2028
relative to base year FY 2022 as milestones towards operational net
zero in FY 2035.
In addition, we monitor and report a range of metrics relevant to the
property sector per the EPRA sBPR recommendations. Specifically,
we disclose:
• Energy consumption (gas and electricity) and building energy
intensity per unit floor area.
• Water use and water use intensity.
• Waste generation including the proportion diverted to landfill.
• Scope 1 and 2 and operational Scope 3 greenhouse gas emissions
and emissions intensity.
• Energy performance ratings (EPC or equivalent) of new
storedevelopments.
These are disclosed in the following section of this report, on pages
65 to 77. Specifically, Scope 1, 2 and 3 emissions are disclosed in
the mandatory greenhouse gas reporting and Streamlined Energy
andCarbon Report sections on pages 70 to 77.
Supplementary data can be found in the sustainability section of our
website, including the basis of reporting and independent limited
assurance on selected metrics. Scope 3 emissions which relate
to ongoing operations (water, waste, electricity transmission and
distribution and business travel) are measured and actively managed.
Upstream Scope 3 emissions relating to purchased goods and capital
expenditure are not currently reported, but we are actively engaging
with our suppliers to ensure these are being considered, for example,
through consolidation of deliveries to our stores or the proportion of
recycled material used in development projects. Downstream Scope
3 emissions (primarily customer journeys to our stores) are likely to
be material; however, we are not currently able to measure or report
these. We contend that collecting and reporting this data would not
be an appropriate use of time or resources given that emissions will
naturally abate over time as the consumer vehicle fleet and electricity
grid decarbonise in each of our markets.
Safestore Holdings plc | Annual report and financial statements 2024
64
Sustainability continued
Our commitment to sustainability continued

Sustainable operations
Renewable energy
Electricity
We are committed to the use of green electricity. We actively seek to
reduce our overall energy usage through efficiency programmes and
self-generate our power where practicable. In some locations we are
also now offering EV charging to our colleagues and customers.
In May 2024 we commenced a green electricity contract in Belgium
which means all Group stores are now powered by zero carbon
electricity. In accordance with our strategy for reaching operational net
zero by 2035, we have continued to introduce solar photovoltaic panels
on our new stores where possible; our installed potential generation
capacity was just under 0.55MW at the end of FY 2024. By the end of
FY 2025, we anticipate the installed potential to be approaching 1MW.
Installed PV capacity (KW)
1,200
1,000
800
600
400
200
0
2021
167
2024
545
2025 inc.
planned
953
UK EU markets Total
Lighting
Over the last five years, we have continued to optimise our UK
lighting consumption. Following the installation of motion-sensitive
LED lighting throughout communal areas, we are now upgrading the
lighting within our larger units. To date, during FY 2023/24, we have
replaced the lighting in over 310 storage units. We will continue this
evolution of LED lighting as customers vacate units.
During this year, we have completed an upgrade of our lift lighting.
AllUK stores now have LED lighting within the lift cars and shafts.
In France, we have completed the internal LED lighting upgrades,
andare now replacing all exterior lighting, including high consumption
fluorescent tubes, with motion-sensitive LED lighting.
Gas
In 2020, we committed to eliminating gas usage by 2030 from our
UK stores; this will be achieved by installing high-output, low-energy
electric heaters, which are more efficient than water radiators,
reducing consumption of and demand for electricity.
The benefits of removing gas from our stores are wide-ranging and include:
• A reduction in the CO
2
output attributed to Safestore.
• Lower maintenance costs as electric heating systems are more reliable.
• No requirement for carbon monoxide testing.
• Protection against volatile gas prices.
Since last year’s report we have eliminated gas in a further six stores.
This work has resulted in a like-for-like drop in gas usage in the UK from
1,862 MWh to 1,579 MWh, a reduction of 15.2%. We continue to work
towards our 2030 target, removing gas in at least five stores per year.
In France and Spain, we no longer use gas in our stores. The gas
used in our other European stores is for the purposes of heating
reception areas and supplying hot water. Wherever possible, we have
purchased CO
2
-compensated gas contracts to minimise the impact
of our gas usage whilst we review the option of removing gas across
the remainder of the estate.
Strategy for operational net zero
We will achieve operational net zero by 2035, through:
a) Reducing and optimising what we use
• Completion of lighting efficiency programme
(externalsignageandcustomer unit lighting)
• Voltage optimisation at selected sites
• Decommissioning of gas appliances
• Installation of building management
• Systems for remote monitoring and power
management(businesscase dependent)
b) Using only zero carbon energy
• Installation of solar photovoltaic on new build stores
where viable
• Securing certified green electricity through PPAs and/or
‘highquality’ tariffs
• Transition of company car fleet to PHEVs* and BEVs*
andintroducing charging points
• Retrofit of rooftop solar photovoltaic to selected stores
(businesscase dependent)
Total investment of
c. £3m spread until 2035
Note:
* PHEVs = plug-in hybrid electric vehicles; BEVs = battery electric vehicles.
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
65
STRATEGIC REPORTOVERVIEW

Our environment continued
Sustainable operations continued
Renewable energy continued
Water
Our stores consume relatively low volumes of water, and we strive to
minimise our consumption wherever possible through the installation
of efficiency schemes such as flow rate restrictors, aerators, and push
button taps.
Proactive maintenance and reactive responses also mean that the
likelihood and impact of events such as leaks and associated waste
are mitigated wherever possible.
In the UK we have recently enlisted the support of our water retailer
tocomplete store audits helping us identify any further opportunities.
Merchandise
We are proud to sell Safestore branded merchandise across the UK,
Belgium, the Netherlands, and Spain. Our branded boxes are made
from 100% recycled materials and are fully recyclable. We continue
to offer our ‘box for life promise’, ensuring the boxes can be recycled
in a responsible way. In France, our merchandise is made from paper
sourced from sustainably managed forests and deliveries are made
using hybrid vehicles.
The use of fully recycled paper across this range, including boxes,
hasresulted in approximately 480 trees saved from being felled this
year. We are committed to ensuring our merchandise packaging
contains no single-use or non-biodegradable plastics.
Working with our supplier, Ecopac Macfarlane, we endeavour to
minimise the carbon footprint of deliveries with items dispatched
fromlocal depots and distribution centres across Europe.
Goods not for resale
At the start of 2023 we commenced a new UK contract with Lyreco
which provides our teams with office, stationery, and maintenance
supplies. As part of this work, we consolidated our supply base
reducing the number of deliveries to our stores and simplifying our
ordering processes - all whilst achieving improved commercial terms.
Over 30% of Lyreco deliveries are made with zero emission vehicles
1
and we continue to review our product assortment on an ongoing basis
to seek greener alternatives where practicable. Following our successful
launch in the UK, we have expanded Lyreco’s coverage to include the
Netherlands, and Lyreco has supplied our French teams for three years.
Operational waste
Since May 2022, we are pleased to confirm that, in partnership with
Veolia, all UK operational waste has been successfully diverted
from landfill.
Following a comprehensive analysis of waste composition in the UK,
we introduced a new cardboard and paper waste service to replace
our existing dry mixed recycling. This targeted approach improves
ouroperational efficiency, reduces costs, and continues to support
100% landfill diversion.
To further control and reduce waste volumes across our stores, we
actively monitor and implement site-specific measures. For example,
in both France and the UK, we restrict access to waste containers
to prevent unauthorised third party use. In Belgium, our waste
service provider Renewi has also achieved 100% landfill diversion,
reinforcing our commitment to sustainable waste management
acrossmultiple regions.
In central European locations, some waste collections are managed by
local councils or municipalities, limiting visibility of our outputs on waste
in certain areas. Nevertheless, we remain committed to minimising
our environmental footprint by reducing single-use materials wherever
possible and promoting recycling across our stores.
1 Sustainable Development Goals | Lyreco UK and Ireland.
New store development – construction waste and recycling
In the UK, our Lea Bridge store is on track to meet our target of
diverting 100% of construction waste from landfill. Across our
European operations, we have set a goal of achieving 98% landfill
diversion within the next 24 months as part of our commitment to
responsible waste management.
In the UK, we have partnered with the Community Wood Recycling
charity (“CWR”) to ensure that wood waste from our construction
sites is re-used. We require our principal contractors to set aside all
waste wood for collection by CWR, which repurposes it into a range
of garden products, from flowerbeds to benches and tables. By
collaborating with CWR, we are not only reducing landfill waste but
also supporting community-based re-use initiatives that develop skills
for the many volunteers who work with it.
As a Group, we are dedicated to recycling or recovering 100% of soft
and hard plastics from our construction projects. We continue to work
closely with our suppliers to reduce the amount of plastic packaging
arriving at our sites and to further decrease plastic usage over the
coming years. We are committed to phasing out all non-essential
plastic products by 2030 as part of our ongoing sustainability journey.
Vehicle fleet
Across the last year we have continued to invest in, and modernise,
our Company-owned fleet of cars. In the UK, we source modern plug-
in hybrid electric vehicles capable of delivering the business needs on
a day-to-day basis and helping us achieve greener transport goals.
Longer term we are looking to transition our entire fleet to fully electric
vehicles subject to practicability and vehicle availability across
allterritories.
Safestore Holdings plc | Annual report and financial statements 2024
66
Sustainability continued
Our commitment to sustainability continued

Reducing emissions in the wider economy
Through the provision of DHL ServicePoints in the UK, and Amazon
and IKEA lockers in Spain, our stores play a role in reducing the number
and frequency of doorstep deliveries and collections. By consolidating
shipments and minimising transport requirements, we are facilitating a
reduction in the carbon footprint in the wider economy.
Refill
Across many of our UK stores, we partner with Refill, a campaign to
promote the use of reusable bottles and containers for drinking water.
As a result, Safestore has helped to contribute to saving an estimated
60 million bottles
1
from entering our community waste streams.
Voltage optimisation
Voltage optimisation is a smart and proactive approach to manage
electricity consumption by controlling the incoming voltage supplied
to electrical equipment. Average UK voltage is 242V, around 10%
higher than equipment requires. This higher voltage not only leads to
increased energy consumption, but also results in higher electricity
bills and unnecessary wear and tear on electrical appliances.
Voltage optimisation lowers the incoming voltage to a level that is
more suitable for the electrical equipment’s efficient operation. By
optimising their voltage, businesses can achieve significant energy
savings and reduce their carbon emissions, making a positive impact
on the environment.
Voltage optimisation systems are installed between the incoming
electrical supply and the electrical equipment, acting as a buffer.
These systems monitor the voltage levels and adjust them to ensure
aconsistent and optimal voltage range.
The optimisation process involves stepping down the voltage when
it exceeds the desired range and slightly boosting when it falls below
the required level. This way, electrical equipment receives a steady,
regulated supply of voltage, maximising its efficiency and lifespan.
In 2022 we installed our largest voltage optimiser at our Battersea
Ingate site. This has now had one full year of amortisation and our
consumption has dropped by a year to date average of 17.3%.
Minimum Energy Efficiency Standards (“MEES”)
The Energy Efficiency (Private Rented Property) (England and Wales)
Regulations 2015 prohibit landlords from letting a property with an
EPC rating of below E unless an exemption applies. This is relevant
toour UK locations with lettable offices and non-self-storage space.
The prohibition has applied to new tenancies for residential properties
since 1 April 2020 and has applied to commercial properties from 1 April
2018. Since 1 April 2023, landlords cannot continue to let, properties that
fall below an EPC rating of ‘E’. It is currently unlawful for landlords to grant
a new tenancy of, or continue to let, commercial property with an EPC
rating of ‘F’ or ‘G’. This applies to both new leases and renewals (unless
an exemption applies, and the landlord has registered that exemption).
MEES does not apply to lettings of six months or less, or to lettings of 99
years or more. From April 2027, the Government is proposing to change
the minimum standard to a ‘C’ rating as an interim step followed by a
minimum standard of ‘B’ from 1 April 2030. This has been consulted on
but not yet confirmed by legislation.
Safestore identified 38 locations (storage centres which include lettable
offices and/or non-self-storage space) where we would have the
requirement to have a MEES energy performance survey conducted.
Since 2021/22, these stores have been surveyed by external
independent assessors and the findings are that the majority
are already compliant with the Government’s proposed 2027
requirements of a ‘C’ rating. Just seven properties were identified
as needing improvements to meet the 2027 standard, and we are
confident that this can be achieved with modest capital investment.
The readiness of the portfolio for the 2027 standard is a consequence
of the work undertaken to date in the form of LED lighting upgrades,
window and insulation enhancements, and the recent drive to install
high efficiency electric heating.
In our European geographies there is new emerging legislation. The
key legislation is the EU Energy Performance of Buildings Directive
2024 and the EU Energy Efficiency Directive 2024. This is an outline
framework which requires each geography within the EU to implement
a regime compliant with the overarching framework. We will continue
to monitor how each geography intends to respond to the regulations
at national level and what that means for our portfolio.
1 https://www.refill.org.uk/about/
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
67
STRATEGIC REPORTOVERVIEW

Our environment continued
Sustainable construction and sourcing
Safe, sustainable construction
We are committed to ensuring our buildings are constructed
responsibly and their ongoing operation has a minimal impact on
local communities and the environment. This is how we can make
a meaningful contribution towards achieving SDG 12 (Responsible
consumption and production) and SDG 13 (Climate action).
• All our construction teams in the UK and across Europe follow
sustainable construction principles and, wherever practicable, use
materials that have recycled content or are from sustainable sources.
• Where feasible, concrete from existing buildings on site is
demolished, then crushed on site and re-used in the new
development.
• We monitor the waste and energy usage on every site and
introduce efficiencies identified into future building projects.
• We design our stores to provide a safe, secure home for our
customers’ possessions and we build them with consideration
given to our colleagues, our customers, our communities, our
investors, and the environment.
• Over 50% of our new store openings in 2024 were conversions
ofexisting buildings.
• Since the beginning of 2024, where structurally/practically feasible,
we have been installing new PV Cell systems and electric vehicle
charging points into our car parks. During the year, we installed
PV cell systems at our stores in St. Albans, Rotterdam, Almere,
Aalsmeer, and Leganés.
• All new store developments provide bicycle parking for both our
customers and colleagues.
Considerate Constructors Scheme
(“CCS”) (UK only)
In the UK, construction sites, companies, and suppliers voluntarily
register with the CCS and agree to abide by the Code of Considerate
Practice, which is designed to encourage best practice beyond
statutory requirements.
The scheme’s remit is any area of construction activity that may have
a direct or indirect impact on the image of the industry. The main
areas of concern fall into three categories: the public, the workforce,
and the environment.
We register all new UK-built store developments with the CCS, setting
a target score of 40 points for both the shell construction and fitting
out of the facility with our construction management partners.
Our new store in Lea Bridge scored an average of 44 out of 45 over
the course of its two visits, putting it in the top bracket of scoring.
The inspector highlighted all areas of the inspections as ‘Excellent’,
which highlights the exceptional effort and commitment that our
construction team makes in raising the standards of our new
storedevelopments.
Energy Performance Certificates (“EPCs”)
ofnewbuildings and conversions
EPCs in the UK and their equivalent in European countries set out the
energy efficiency of a property using a traffic light system of A–G, with
A being the most efficient. In 2023 our target was to ensure that 80%
of new store developments in the UK and across Europe (excluding
France, where certification of self-storage buildings is not conducted)
would achieve a minimum EPC rating of ‘B’.
We achieved that goal and are pleased to report that in 2024, we met
the target of 100% of buildings in scope achieving a minimum EPC
rating of ‘B’
∆
. For further details of energy ratings of 2024 openings
including the basis of reporting and independent limited assurance,
see the Sustainability section of our website.
Note:
∆ Deloitte LLP has provided independent limited assurance in accordance with
the International Standard for Assurance Engagements 3000 (“ISAE 3000”) and
AssuranceEngagements on Greenhouse Gas Statements (“ISAE 3410”) issued by the
International Auditing and Assurance Standards Board (“IAASB”) over the selected
metrics identified with a ∆. Deloitte’s full unqualified assurance opinion, which includes
details of the selected metrics assured, can be found in the sustainability section of the
Group website.
St. Albans – Existing building converted into a new Safestore. Rotterdam with a new PV Cell system.
Safestore Holdings plc | Annual report and financial statements 2024
68
Sustainability continued
Our commitment to sustainability continued

Building Research Establishment Environmental
Assessment Methodology (“BREEAM”) in the UK,
the Netherlands, and Spain, and Haute Qualité
Environnementale (“HQE”) in France
BREEAM/HQE certification is a local planning requirement for some
of our new stores in the UK and across Europe. The methodology
assesses the impact and opportunity for enhancing the environmental
aspects of design and construction.
The certification includes a review of new store energy, sustainable
building materials, water efficiency, waste recycling and ecology.
The review also includes social aspects of the building life, including
resource management, health, wellbeing, modes of transport and
pollution reduction.
Regardless of whether a site is BREEAM certified, we strive to build
to a minimum standard of BREEAM ‘Very Good’ on all our new store
developments across the UK and the Netherlands.
It is expected that our Lea Bridge store (due to open later this year)
will achieve a BREEAM ‘Very Good’ rating.
Safestore construction standards
We have a long-standing commitment to providing both a long term
sustainable investment and a pleasant and safe environment for our
customers and colleagues.
Our stores are built or converted to achieve similarly high standards;
however, the configuration of an individual store may vary.
Safestore commitments from 2023/24 onwards are:
Best practice – internal/
external expectation Safestore commitment Applicability
BREEAM/HQE Equivalent to
‘VeryGood’
Across all new
build stores
BREEAM/HQE Very Good Where part of
local planning
Sustainable
drainagesystems
Included Across all new
build stores
Solar photovoltaic Roof-mounted photovoltaic PV cell systems
on all new,
own-build
developments
Considerate Constructors
Scheme (UK only)
Score 40 or higher All new stores
Ecology Protect existing and
improve biodiversity
Across all new
build stores
Energy Efficient LED lightingwith
built-in motion sensors
Across all
existing and
newstores
Security Operate safe and
securefacility
Across all
existing and
newstores
Energy Performance
Certificate (or equivalent)
Rated B or higher All new stores
Construction material: recycled content
Typically, the construction of one of our stores may include the following:
Building material % of build cost % recycled content
Steel (main frame) 4%–5% Minimum 56%
Concrete 3%–4% 29%–37%
Cladding (walls and roof) 7%–9% 50% but Kingspan targets
improvement using
recycled bottles by 2030
Particle board (FSC
certified) (mezzanine floors)
2% 85%
Brick and block walls 3%–5% 9%–55%
Glazing 2% Glass 25%, aluminium
frames 60%
Hardcore (piling mat) 1% 100%
Construction health and safety
Our health and safety record is excellent. Across all markets, we aim
to exceed minimum standards. Safestore has a robust health and
safety policy, and we have very low incident levels compared with
our peers. During 2024, the number of reportable incidents on our
construction sites was zero.
Consultation process
As part of any local planning process, we consult widely amongst the
community and those most likely to be affected by any development.
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
69
STRATEGIC REPORTOVERVIEW

This report was undertaken in accordance with the mandatory
greenhouse gas (“GHG”) emissions reporting requirements outlined
under the Companies Act 2006 (Strategic Report and Directors’
Report) Regulations 2013 (the ‘2013 Regulations’) and the Companies
(Directors’ Report) and Limited Liability Partnerships (Energy
and Carbon Report) Regulations 2018 (the ‘2018 Regulations’).
Thisrequires Safestore Holdings plc ‘Safestore’) to produce a
Streamlined Energy and Carbon Report as per Environmental
Reporting Guidelines (March 2019). This report contains our GHG
disclosure for the 2023/24 reporting period.
We have 137 stores in the UK, 30 stores in France, 14 stores in the
Netherlands, 6 stores in Belgium and 15 stores in Spain. During
the 2023/24 reporting period we opened stores in Eastleigh and St
Albans (UK). We also opened one store in Paris, one in Spain, and
three in the Netherlands.
This report contains the following environmental data for all our
stores which were operational at the beginning of the financial year:
GHG emissions, electricity consumption, electricity transmission and
distribution, gas consumption, water consumption, waste generation
and business travel.
Methodology
Scope of analysis and data collection
Over 2023/24 we have collected primary data for all of our stores,
including: building size (sq ft), electricity consumption (MWh), electricity
transmission and distribution (“T&D”) (MWh losses), gas consumption
(MWh), water consumption (m
3
), waste generation (tonnes by waste
disposal method) and business travel (mileage). Wedo not have any
refrigerant leakage to report for any of our stores in the UK, France,
Spain, the Netherlands or Belgium. All primary data used within this
report is from 1 September 2023 to 31 August 2024, covering the
same reporting period as last year. Where electricity, gas or water
consumption data is not available or incomplete, we have estimated
consumption based on a combination of pro-rata methods as per
Environmental Reporting Guidelines (March 2019) including:
• Pro-rata extrapolation from known reliable data.
• Average consumption per sq ft of lettable area of the stores where
we have reliable data.
• Direct comparison using a corresponding period.
KPI selection and calculation
For the purposes of this report, stationary energy use (electricity
and gas consumption), water consumption, waste generation, and
business travel have been selected as the most appropriate key
performance indicators (“KPIs”) for the Group. To ensure consistency
in our reporting, particularly where there are differences between the
UK, France, Spain, the Netherlands, and Belgium, we are reporting
all GHG emissions in units of tonnes of CO
2
e. We have used the 2023
GHG conversion factors published annually by the Department for
Environment, Food & Rural Affairs (“DEFRA”) and the Department for
Energy Security and Net Zero, formerly known as the Department for
Business, Energy and Industrial Strategy (“BEIS”), with the exception
of the French, Spanish, Dutch and Belgian CO
2
e conversion factors
associated with electricity consumption and T&D, which are no longer
published by BEIS. These were sourced from the International Energy
Agency (“IEA”) and carbon footprint country-specific grid electricity
factors both for location-based and market-based emission factors.
GHG emissions scope
The Greenhouse Gas Protocol (the “GHG Protocol”) differentiates
between direct and indirect emissions using a classification system
across three different scopes:
• Scope 1 emissions: includes direct emissions from sources
which Safestore owns or controls. This includes direct emissions
from fuel combustion and industrial processes.
• Scope 2 emissions: covers indirect emissions relating solely to
the generation of purchased electricity that is consumed by the
owned or controlled equipment or operations of Safestore.
• Scope 3 emissions: covers other indirect emissions including
third party-provided business travel.
GHG emissions – scopes included in this report
• Scope 1 emissions: we are reporting our gas consumption and
business mileage.
• Scope 2 emissions: we are reporting our electricity consumption
including electricity purchased for electric vehicles.
• Scope 3 emissions: we are reporting our electricity transmission
and distribution, waste generation and water consumption and
business travel via train and plane.
For more details on our basis of reporting for energy and carbon
please refer to the Safestore basis of reporting document as
published on the Sustainability section of our website.
Group environmental performance
We recognise the importance of taking a proactive, strategic
approach to environmental management and we aim to ensure
thatgood environmental practices are applied throughout our stores,
and that those working for or on behalf of Safestore are aware of
the need to act responsibly and sustainably. Our most significant
environmental impacts arise from the construction of new stores
andthe operational energy consumption of our existing stores.
Our environment continued
Mandatory greenhouse gas (“GHG”) emissions reporting (wholly owned stores only)
Safestore Holdings plc | Annual report and financial statements 2024
70
Sustainability continued
Our commitment to sustainability continued

Safestore is committed to the protection of the environment, the prevention of pollution and continually improving its environmental
performance. We will comply with all relevant legislation and strive to exceed legal requirements where possible in order to avoid or minimise
any potential environmental impacts.
The following table displays our total Group performance for electricity consumption, gas consumption, water consumption, waste generation
(recycling, landfill, energy from waste) and business travel against the previous years.
Breakdown of consumption by source (2019–2024)
Emissions source Units
2019/20
(Sep–Aug)
2020/21
(Sep–Aug)
2021/22
(Sep–Aug)
2022/23
(Sep–Aug)
2022/23
(Sep–Aug)
(restated)
2023/24
(Sep–Aug)
Natural gas MWh 3,572 3,686 2,742 2,152 2,587 2,419
Electricity MWh 14,435 13,506 14,755 14,708 14,708 15,200
Purchased water m
3
43,372 47,503 53,024 52,774 52,774 41,772
Recycling tonnes 1,448 1,487 277 233 233 147
Landfill tonnes 58 57 37 — — —
Energy from waste tonnes 1,124 831 696 599 599 448
Business travel miles 346,076 421,829 608,381 740,770 740,770 513,295
Company vehicles
Business travel
(train/plane/employee/hire
vehicle) miles Not reported Not reported 423,570 463,757 463,757 464,963
Breakdown of associated GHG emissions by source (2023/24)
0.36% 0.10% 5.06% 11.30% 83.17%
Purchased water Waste Business travel Natural gas Electricity
Group environmental performance – analysis
We have analysed the year-on-year change in our performance and provided commentary on our Group environmental performance, as below:
Gas performance
We are continually seeking opportunities to reduce energy consumption to the lowest practicable levels appropriate with the operational
needs of the business and to satisfy the needs of our customers. We are phasing out the use of gas in our stores wherever possible and
have removed it from eleven sites during this period, but some of our stores still consume low volumes of gas for heating in reception and
office locations. At the design and construction stage we seek opportunities to design efficient low consuming working environments and
areensuring that all new stores are built and rely just on electricity.
Gas performance
Year ended 31 August Units 2019/20 2020/21 2021/22 2022/23
2022/23
(restated) 2023/24 % change
Gas use MWh 3,572 3,686 2,742 2,152 2,587 2,419 (6.5%)
Scope 1 emissions tCO
2
e 656.8 675.0 500.5 393.7 473.3 442.4 (6.5%)
Total gas consumption across all our stores is 2,419 MWh, which is a 6.5% decrease compared with the previous financial year.
Electricity performance
We are continuing to identify opportunities to reduce electricity consumption across our stores. To support this, we have installed smart meters
across 92% of our UK stores to enable us to monitor our electricity consumption more accurately, and to identify further opportunities to
improve energy efficiency.
Recognising that our electricity consumption is predominantly derived from our lighting requirements, we have completed a portfolio-wide
LEDlighting upgrade programme across all of our UK stores.
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
71
STRATEGIC REPORTOVERVIEW

Our environment continued
Mandatory greenhouse gas (“GHG”) emissions reporting (wholly owned stores only) continued
Electricity performance continued
Electricity performance
Year ended 31 August Units 2019/20 2020/21 2021/22 2022/23 2023/24 % change
Electricity use MWh 14,435 13,506 14,755 14,708 15,200 3.3%
Scope 2 emissions
(LB)
tCO
2
e 3,022 2,555 2,620 2,803 3,005 7.2%
Scope 2 emissions
(MB)
tCO
2
e 171 153 178 47 * 87 86.9%
Scope 3 emissions tCO
2
e 261 228 237 260 248 (4.5%)
Notes:
(LB) Location based
(MB) Market based.
* Electricity use includes electricity purchased for electric vehicles.
Total electricity consumption across all of our stores was 15,200 MWh which is a 3.3% increase in consumption compared to the previous year.
Water performance
Our stores consume very low volumes of water, and we strive to further minimise our consumption of water wherever possible through the
installation of efficiency schemes.
Water performance
Year ended 31 August Units 2019/20 2020/21 2021/22 2022/23 2023/24 % change
Water use m
3
43,372 47,503 53,024 52,774 41,772 (20.8%)
Scope 3 emissions tCO
2
e 45.6 20.0 22.0 20.0 14.2 (29.1%)
Between September 2023 and August 2024, the total water consumption across all our stores was 41,772m
3
, which is a decrease of 20.8%
compared to the previous financial year.
Waste performance
We produce a relatively small amount of waste, and we are seeking opportunities to further reduce or avoid the use of natural resources and
minimise waste production by promoting recycling where possible. We continue to improve our waste segregation at our stores and are actively
enhancing our recycling facilities to divert waste from landfill.
Waste performance
Year ended 31 August Units 2019/20 2020/21 2021/22
2021/22
(restated) 2022/23 2023/24 % change
Waste – recycling tonnes 1,448 1,488 1,517 277 233 147 (36.8%)
Waste – energy fromwaste tonnes 1,124 831 696 696 599 448 (25.2%)
Waste – landfill tonnes 58 57 46 37 — — 0%
Scope 3 emissions tCO
2
e 81.2 90.0 68.0 38.0 17.7 3.8 (78.4%)
In the last twelve months to August 2024, a total of 595 tonnes of waste have been generated (recycling, energy from waste) which is a
decrease of 28% compared with the previous year.
Business travel performance
We report on our business travel, which includes vehicles owned by Safestore and business mileage on employee-owned cars and public
transport such as planes, trains and taxis. We continue to promote public transport and car sharing where possible, notwithstanding the
Covid-19 pandemic.
Business travel performance
Year ended 31 August Units 2019/20 2020/21 2021/22
2021/22
(restated) 2022/23 2023/24 % change
Business travel* miles 346,076 421,829 469,324 608,381 740,770 513,295 (30.7%)
Business travel
(Scope1) MWh 395 484 518 658 721 406 (43.7%)
Business travel
(Scope3)** MWh n/a n/a n/a 308 311 309 (0.5%)
Scope 1 emissions* tCO
2
e 96.4 117.7 124.0 159.0 170.0 94.0 (44.6%)
Business travel (PHEV/
EV) Scope 2 emissions tCO
2
e Not reported Not reported Not reported Not reported 6 8 36.3%
Business travel
Scope3**emissions tCO
2
e Not reported Not reported Not reported 107.9 122.0 103.0 (15.41%)
In our business our Company vehicles travelled 513,295 miles in the twelve months to 31 August 2024, resulting in a 30.7% decrease compared
with the previous year.
Notes:
* 2022/23 and 2021/22 (restated) excludes landfill and recycling waste tonnage from Europe – UK operational waste only.
** 2022/23 and 2021/22 (restated) includes mileage in Company-owned or operated vehicles throughout the Group. 2020/21 and earlier years include mileage in Company-owned or
operated vehicles in the UK only.
Safestore Holdings plc | Annual report and financial statements 2024
72
Sustainability continued
Our commitment to sustainability continued

Group GHG performance (mandatory GHG reporting)
We have used the Environmental Reporting Guidelines including Streamlined Energy and Carbon Reporting guidance
1
and Greenhouse
Gas Protocol
2
methodology for compiling this GHG data and, for UK energy consumption and emissions, included the following material
GHGs: CO
2
, N
2
O and CH
4
. In accordance with the BEIS reporting guidelines and data conversion factors
3
for greenhouse gas emissions,
the equivalent reports on our France, Spain, the Netherlands, and Belgium properties used the CO
2
e factors provided by Carbon Footprint
Emission Factors
4
September 2024 edition for grid electricity both for location based and residual fuel mix for market-based and transmission
and distribution losses (“T&D losses”). Our GHG emissions for 2023/24 covered 100% of gross floor space. For the UK, France, Spain,
the Netherlands, and Belgium vehicle fleets (both directly controlled and owner-driven vehicles) we used the following GHG emission
conversion factors:
UK Government GHG emission conversion factors for company reporting
Standard set for 2024 as this set covers the greatest proportion of the current GHG reporting year.
Source: BEIS 2024 / Carbon Footprint Sep_24
Scope Emissions source Units Conversion factors
1 Natural gas (gross CV) kWh 0.18290
1 Business travel (petrol) miles 0.26473
1 Business travel (diesel) miles 0.27334
1 Business travel (plug-in hybrid) (Company owned) miles 0.15062
2 UK electricity grid supply (LB) kWh 0.20705
2 France electricity grid supply (LB) kWh 0.07055
2 Spain electricity grid supply (LB) kWh 0.18111
2 Belgium electricity grid supply (LB) kWh 0.12525
2 Netherlands electricity grid supply (LB) kWh 0.30901
2 UK electricity residual mix (MB) kWh 0.41655
2 France electricity residual mix (MB) kWh 0.09332
2 Spain electricity residual mix (MB) kWh 0.41985
2 Belgium electricity residual mix (MB) kWh 0.18711
2 Netherlands electricity residual mix (MB) kWh 0.48595
2 Business travel (plug-in hybrid) (Company owned) miles 0.02208
3 UK electricity transmission and distribution kWh 0.01830
3 France electricity transmission and distribution kWh 0.00614
3 Spain electricity transmission and distribution kWh 0.01935
3 Belgium electricity transmission and distribution kWh 0.00637
3 Netherlands electricity transmission and distribution kWh 0.01303
3 Water supply m
3
0.15311
3 Water treatment m
3
0.18574
3 Commercial waste – recycling tonnes 6.41061
3 Commercial waste – energy from waste tonnes 6.41061
3 Commercial waste – landfill tonnes 520.33
3 Business travel – plane (international flights) pass-km 0.1758
3 Business travel – train (national rail) pass-km 0.03546
3 Business travel – train (international rail) pass-km 0.00446
3 Business travel – employee vehicles (average diesel) miles 0.27334
3 Business travel – hire car/regular taxi miles 0.14861
Notes:
The international conversion factors for electricity (both location based and market based) emission factors were sourced from carbon footprint country-specific electricity grid GHG emission
factors, residual mixes and production mix conversion factors. (Note: Defra/BEIS no longer provide overseas electricity generation conversion factors).
1 https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/850130/Env-reporting-guidance_inc_SECR_31March.pdf
2 https://ghgprotocol.org/
3 https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2024
4 Source: Carbon Footprint Emission Factors (September 2024) (https://www.carbonfootprint.com/international_electricity_factors.html)
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
73
STRATEGIC REPORTOVERVIEW

Our environment continued
Mandatory greenhouse gas (“GHG”) emissions reporting (wholly owned stores only) continued
Streamlined Energy and Carbon Report (“SECR”) summary
In accordance with the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 (the ‘2013 Regulations’) and the
Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 (the ‘2018 Regulations’)
wehave reported our Streamlined Energy and Carbon Report disclosure for the previous year 2022/23 and current year 2023/24.
UK – GHG emissions (tCO
2
e) Units 2021/22 2022/23 2023/24
Scope 1 tonnes CO
2
e (UK) 557 473 361
Scope 2 (LB) tonnes CO
2
e (UK) 2,415 2,504 2,451
Scope 2 (MB) tonnes CO
2
e (UK) — — 8
Scope 3 tonnes CO
2
e (UK) 384 * 371 319
Total GHG CO
2
e (LB) total tonnes CO
2
e (UK) 3,357 3,348 3,131
Total GHG CO
2
e (MB) total tonnes CO
2
e (UK) 941 844 688
GHG CO
2
e intensity (LB) tonnes CO
2
e/floor space (UK – thousand sq ft) 0.39 0.39 0.351
GHG CO
2
e intensity (LB) tonnes CO
2
e/floor space (UK – thousand sq m) 4.22 4.15 3.78
GHG CO
2
e intensity (MB) tonnes CO
2
e/floor space (UK – thousand sq ft) 0.11 0.10 0.08
GHG CO
2
e intensity (MB) tonnes CO
2
e/floor space (UK – thousand sq m) 1.18 1.05 0.83
Note:
Scope 3 figures now include emissions from business travel via public transport (train/plane) and employee/hire vehicles for business travel.
Europe – GHG emissions (tCO
2
e) Units
2021/22
(restated) 2022/23
2022/2023
(restated) 2023/24
Scope 1 tonnes CO
2
e (Europe) 103 * 91 171 176
Scope 2 (LB) tonnes CO
2
e (Europe) 205 299 299 554
Scope 2 (MB) tonnes CO
2
e (Europe) 178 47 47 79
Scope 3 tonnes CO
2
e (Europe) 21 ** 49 49 50
Total GHG CO
2
e (LB) total tonnes CO
2
e (Europe) 328 439 519 781
Total GHG CO
2
e (MB) total tonnes CO
2
e (Europe) 301 187 266 306
GHG CO
2
e intensity (LB) tonnes CO
2
e/floor space (Europe – thousand sq ft) 0.100 0.126 0.149 0.199
GHG CO
2
e intensity (LB) tonnes CO
2
e/floor space (Europe – thousand sq m) 1.08 1.36 1.60 2.14
GHG CO
2
e intensity (MB) tonnes CO
2
e/floor space (Europe – thousand sq ft) 0.11 0.05 0.08 0.08
GHG CO
2
e intensity (MB) tonnes CO
2
e/floor space (Europe – thousand sq m) 0.99 0.58 0.82 0.84
Notes:
Scope 3 figures now include emissions from business travel via public transport (train/plane) and employee/hire vehicles for business travel.
UK – underlying energy use (MWh) Units 2021/22 2022/23 2023/24
Scope 1 MWh (UK) 2,918 2,470 1,901
Scope 2 MWh (UK) 12,490 12,093 11,837
Total Scope 1 and 2 MWh (UK) 15,408 14,563 13,738
MWh intensity MWh/floor space (UK – thousand sq ft) 1.80 1.68 1.54
MWh intensity MWh/floor space (UK – thousand sq m) 19.34 18.05 16.58
Europe – underlying energy use
(MWh) Units
2021/22
(restated) 2022/23
2022/2023
(restated) 2023/24
Scope 1 MWh (Europe) 482 * 404 839 923
Scope 2 MWh (Europe) 2,266 2,615 2,615 3,363
Total Scope 1 and 2 MWh (Europe) 2,747 3,019 3,454 4,286
MWh intensity MWh/floor space (Europe – thousand sq ft) 0.84 0.87 0.99 1.09
MWh intensity MWh/floor space (Europe – thousand sq m) 9.06 9.33 10.68 11.73
Safestore Holdings plc | Annual report and financial statements 2024
74
Sustainability continued
Our commitment to sustainability continued

GHG emissions Units 2021/22 2022/23
2022/2023
(restated) 2023/24 % change
Scope 1 tonnes CO
2
e (UK, Europe) 660 564 644 536 (16.6%)
Scope 2 (LB) tonnes CO
2
e (UK, Europe) 2,620 2,803 2,803 3,005 7.2%
Scope 2 (MB) tonnes CO
2
e (UK, Europe) 178 47 47 87 86.9%
Scope 3 tonnes CO
2
e (UK, Europe) 405 420 420 369 (12.0%)
Total GHG CO
2
e (LB) total tonnes CO
2
e (UK, Europe) 3,685 3,787 3,867 3,911 1.2%
Total GHG CO
2
e (MB) total tonnes CO
2
e (UK, Europe) 1,243 1,030 1,110 993 (10.5%)
GHG CO
2
e intensity tonnes CO
2
e/floor space (thousand sq ft) 0.31 0.31 0.32 0.30 (4.1%)
GHG CO
2
e intensity tonnes CO
2
e/floor space (thousand sq m) 3.35 3.35 3.42 3.28 (4.2%)
GHG CO
2
e intensity (MB) tonnes CO
2
e/floor space (thousand sq ft) 0.11 0.09 0.09 0.08 (15.2%)
GHG CO
2
e intensity (MB) tonnes CO
2
e/floor space (thousand sq m) 1.13 0.91
∆
0.98 0.83
∆
(15.3%)
Note:
∆ Deloitte LLP has provided independent limited assurance in accordance with the International Standard for Assurance Engagements 3000 (“ISAE 3000”) and Assurance Engagements
on Greenhouse Gas Statements (“ISAE 3410”) issued by the International Auditing and Assurance Standards Board (“IAASB”) over the selected metrics identified with a ∆. Deloitte’s full
unqualified assurance opinion, which includes details of the selected metrics assured, can be found in the sustainability section of the Group website.
Energy consumed Units
2022/23
(restated) 2023/24 % change
Scope 1 MWh (UK, Europe) 3,309 2,825 (14.6%)
Scope 2 MWh (UK, Europe) 14,708 15,200 3.4%
Total Scope 1 and 2 total MWh (UK, Europe) 18,017 18,025 0.1%
MWh intensity MWh/floor space (thousand sq ft) 1.48 1.40 (5.2%)
MWh intensity MWh/floor space (thousand sq m) 15.94 15.09 (5.3%)
Energy efficiency narrative
In the UK, which is our largest market, we have seen further reductions in energy use for electricity and gas on a like-for-like basis.
Like‑for‑like usage (UK)
2022/23 2023/24 % change
Electricity (MWh) 11,412 11,042 (3.2%)
Like‑for‑like usage (UK)
2022/23 2023/24 % change
Gas (MWh) 1,862 1,579 (15.2%)
These changes have been driven through the installation of more efficient heating solutions, and the continued optimisation of in-store lighting.
This light fitting has been adopted as the default lighting used in all our new builds, extensions, and renovations both in the UK and our
European estate.
We continue to review the energy used by our sites across all territories to identify and act upon any available opportunities.
Procurement of renewable energy
We actively pursue renewable energy within our purchasing decisions. Since May 2024, all electricity for owned stores across the Group are
powered by zero carbon electricity sources.
The energy sources that we use include onshore wind farms and solar fields. Our objective here is to help meet our sustainability goals
andtoreduce our market-based GHG emissions. We also continue to invest in self-generation via solar panels, reducing our requirement
forgrid electricity.
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
75
STRATEGIC REPORTOVERVIEW

Our environment continued
Mandatory greenhouse gas (“GHG”) emissions reporting (wholly owned stores only) continued
Group GHG performance (mandatory GHG reporting) analysis
Total GHG emissions (location based) for Scope 1, Scope 2, and Scope 3 for the twelve-month period to 31 August 2024 have increased
by 1.15% (or increased by 45 tonnes CO
2
e) to 3,911 tonnes CO
2
e. Of the total GHG emissions Scope 1 accounts for 14%, Scope 2 (location
based) accounts for 77% and Scope 3 accounts for 9%. In terms of market-based emissions, the emissions have reduced by 11% (or reduced
by 117tonnes CO
2
e) to 994 tonnes CO
2
e. Scope 1 accounts for 54%, Scope 2 (market based) accounts for 9%, and Scope 3 accounts for 37%
of the overall GHG emissions across global stores.
Breakdown of emissions scopes 2023/24
Our overall floor space has increased from 12,167,970 sq ft (2022/23) to 12,838,515 sq ft (2023/24).
Our GHG emissions (location based) CO
2
e intensity has decreased from 0.3178 tonnes CO
2
e per thousand sq ft in 2022/23 (restated) to
0.30476tonnes CO
2
e per thousand sq ft in 2023/24, which is a decrease of 4.13%.
GHG emissions (market based) CO
2
e intensity has decreased from 0.091 tonnes CO
2
e per thousand sq ft in 2022/23 (restated) to 0.077 tonnes
CO
2
e per thousand sq ft in 2023/24, which is a decrease of 15.17%.
Location based
14% 77% 9%
Scope 1 Scope 2 Scope 3
Market based
54% 9% 37%
Scope 1 Scope 2 Scope 3
Safestore Holdings plc | Annual report and financial statements 2024
76
Sustainability continued
Our commitment to sustainability continued

2018/19 2019/20 2021/22 2022/23 (restated) 2023/24
Our GHG emissions and intensity since 2018/2019
6,000
5,000
4,000
3,000
2,000
1,000
0%
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.0
Total operational CO
2
e (tonnes)
Location based (tonnes CO
2
e/1,000m
2
) Market based (tonnes CO
2
e/1,000m
2
) Group floor area (million sq m)
Group total floor area (million sq m)
4,798
0.93
1.09
1.13
1.19
0.97
4,171
1,320
3,685
1,243
3,867
1,110
3,911
993
Note:
∆ Deloitte LLP has provided independent limited assurance in accordance with the International Standard for Assurance Engagements 3000 (“ISAE 3000”) and Assurance Engagements
on Greenhouse Gas Statements (“ISAE 3410”) issued by the International Auditing and Assurance Standards Board (“IAASB”) over the selected metrics identified with a ∆. Deloitte’s full
unqualified assurance opinion, which includes details of the selected metrics assured, can be found in the Sustainability section of the Group website.
1.36 1.13 0.98 0.83
Δ
Market‑based emissions intensity
(tonnes CO
2
e/1,000 m
2
)
Sustainable Energy First (formerly BiU) has collated the data set covering Scope 1 to 3 emissions for the period 1 September 2023 to 31 August 2024.
Sustainable Energy First has direct visibility of the raw data used to calculate ~94% of the total global Scope 1 to 3 emissions and as such can
provide confirmation of the completeness and accuracy of these emissions as well as around the emission factors applied, and their relevance
and source; reference to these has been provided within this report. Where estimations have been made these have been noted within this
report and efforts continue to be made to improve the quality of the data used within our annual energy and emissions report.
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Safestore Holdings plc | Annual report and financial statements 2024
77
STRATEGIC REPORTOVERVIEW

Dear shareholder
On behalf of the Board, I am pleased to introduce the Company’s
corporate governance report for the year ended 31 October 2024.
High standards of governance continues to be the overarching
ethos of the Board. The Board takes decisions with careful
consideration and due regard to the impact on all stakeholders,
with the underlying objective of promoting the long term success of
the Company. Within this review and the reports of the Nomination,
Audit and Remuneration Committees that follow, we outline the key
governance matters considered by the Board in the financial year
ended 31October 2024. We provide commentary and insight into the
decisions taken by the Board and how it discharged its responsibilities.
Board and Committee composition
I would like to start by thanking Ian Krieger and Andy Jones, both of
whom stepped down from their roles on the Board in 2024. Since
2015 and 2013 respectively, Ian and Andy’s dedication, leadership
and hard work have left an indelible impact on our Company. I am
sure you will all join me in wishing them the very best in retirement.
We were fortunate to have Jane Bentall step into Ian Krieger’s role
asAudit Committee Chair and Senior Independent Director. I am
pleased that, with Jane’s appointment as Senior Independent
Director, the Board has met the targets set out in UKLR 6.6.6(9),
asat31October 2024.
Following an extensive search process with assistance from executive
search consultants, Odgers Berndtson, we were pleased to appoint
Simon Clinton as the Group’s new Chief Financial Officer. Simon was
previously Chief Financial Officer of Logicor, one of Europe’s largest
warehouse and logistics real estate companies, and also brings a
wealth of experience from a number of senior finance roles at Tesco
and Diageo. Simon was appointed to the Company in March and
underwent a robust handover period with Andy Jones and a thorough
induction programme. More details on this induction programme can
be found in the Nomination Committee report on page 88.
Company purpose, values, strategy, and culture
Safestore’s purpose is to add stakeholder value by developing
profitable and sustainable spaces that allow individuals, businesses,
and local communities to thrive. This is achieved through the delivery
of our strategy, supported by an effective framework of governance
and risk management and by our culture and values.
Safestore has an open and supportive culture. Our colleague and
stakeholder engagement has been fundamental to our success
and is integral to and aligned with our values and corporate culture.
We recognise that it is also critical for our colleagues to feel valued
as well as to be paid fairly and we are exceptionally proud that our
commitment to colleagues was recognised externally in 2021 and
again in 2024 by the award of the prestigious Investors in People
(“IIP”) Platinum accreditation. We were also shortlisted for the
Platinum Employer of the Year award. This award is explained more
fully on page 10. Our success as a company is only possible due
to the hard work and dedication of our colleagues. Their continued
engagement is integral to the delivery of our strategy and ensuring it is
aligned to our values and culture.
The Board is satisfied that our culture is aligned with the Company’s
purpose, values and strategy. Our values are summarised on page 52
and our strategy is explained on pages 8 to 19.
Board priorities
The Board continued to focus on delivering its strategic priorities.
Sustainable growth through the development of our store pipeline,
investing in our portfolio and expanding into under-penetrated
self-storage markets across Europe continues to be on the Board’s
agenda. As mentioned above, our people, and their continued
engagement and fair remuneration, are of high importance, as is
the Board’s continued oversight of environmental risks, health and
safety and governance. The Board is committed to implementing
the relevant recommendations of the Task Force on Climate-related
Financial Disclosures (“TCFD”) and reports against its framework.
Wehave made climate-related financial disclosures consistent
withthe TCFD recommendations and further details are set out
onpages 41 and 59 to 64.
Safestore has an open and supportive culture.
Our colleague and stakeholder engagement
has been fundamental to our success and is
integral to and aligned with our values and
corporate culture.”
David Hearn
Chairman
Safestore Holdings plc | Annual report and financial statements 2024
78
Introduction to corporate governance

Equality, diversity, and inclusion
Equality, diversity, and inclusion are considered important factors in
the dynamics of the Board and are key contributors to our success.
Safestore continues to recognise the value of an ethnically and gender
diverse Board, and I am delighted that we continue to meet diversity
targets set out by the FTSE Women Leaders and Parker Reviews
and are aligned with the Board’s Diversity Policy. At the date of this
report, the Board comprises 50% women (FY 2023:44%). The Board
continues to challenge management in driving diversity in senior
leadership roles and encourages more women into Safestore at all
levels. As a Company, we are working hard on attracting, retaining,
and supporting women in our workforce and we know that there
is still an under-representation of black, Asian, and ethnic minority
colleagues in higher paid roles. For more information on gender and
ethnic diversity across the Group, details of the Company’s equality,
diversity and inclusion policy, and the gender and ethnicity balance of
senior managers and direct reports, please see page 49.
Board evaluation
The Board undertakes a formal evaluation of its effectiveness
on an annual basis. In 2024, the Board underwent an internally
facilitated evaluation, conducted by the Chairman, and facilitated by
the Company Secretary using a detailed questionnaire alongside
opportunities for additional comments. Each member of the Board
completed the questionnaire and the results were evaluated by the
Nomination Committee in the first instance and subsequently the
entire Board. In addition, the Nomination Committee undertook a
detailed exercise to develop the Board’s Skill Matrix and consider this
against the composition of the Board and its Committees with due
consideration to independence, diversity and succession planning.
The Board considered its own performance and that of its
Committees to be strong and in a drive for continued improvement
agreed a number of actions to further enhance the Board’s
effectiveness, and further details of these may be found on
pages 83 to 85.
Compliance statement
The Company is reporting against the UK Corporate Governance
Code 2018 (the “Code”). Throughout the year ended 31 October
2024, and up to the date of this report, the Company has applied the
principles and complied with all provisions of the Code. The Code
is available on the Financial Reporting Council (“FRC”) website at:
www.frc.org.uk.
2025 Annual General Meeting (“AGM”)
The AGM of the Company will take place at 1.00pm on Wednesday
19 March 2025 at Brittanic House, Stirling Way, Borehamwood,
Hertfordshire WD6 2BT. All Directors will attend the AGM, which
will provide an opportunity for shareholders to hear more about our
performance during the year and to ask questions of the Board.
We will again invite shareholders to submit their written questions
on the business of the 2025 AGM. You will find details of how to
submit written questions in advance of the meeting on our investor
website at https://www.safestore.co.uk/corporate and in the Notice
ofthe 2025 AGM.
David Hearn
Non-Executive Chairman
15 January 2025
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Safestore Holdings plc | Annual report and financial statements 2024
79

Commenced role
September 2013
Skills and experience
Frederic Vecchioli founded our French business in 1998 and has overseen its growth to 29 stores in Paris operating under the
‘UnePièce en Plus’ brand. He joined the Group as President and Head of French Operations following the Mentmore acquisition
in2004. Frederic was appointed to the Board in March 2011 and became Chief Executive Officer of the Group in September 2013.
External appointments
None.
Frederic Vecchioli
Chief Executive Officer
Commenced role
April 2024
Skills and experience
Simon Clinton joined the Group in March 2024 and was appointed as Chief Financial Officer on 22 April 2024. Simon was previously
Chief Financial Officer of Logicor, one of Europe’s largest warehouse and logistics real estate companies. He joined Logicor as
Director of Group Finance in February 2017, before being promoted to Chief Financial Officer in May 2018. Prior to this, Simon
held a number of senior finance roles at Tesco and Diageo. Simon began his career and qualified as a chartered accountant at
Hays Allen.
External appointments
None.
Commenced role
January 2020 (appointed to the Board and as a member of the Remuneration Committee in December 2019 and appointed
asNomination Committee Chair on 1 January 2020)
Skills and experience
David Hearn is an experienced chair and brings a wealth of international board and senior executive experience in public
companies, having previously been CEO of leading consumer goods businesses Goodman Fielder in Australasia, United Biscuits
inEurope and Asia, Cordiant plc in the US and the UK and also international private equity and advisory firm Committed Capital.
David was chair of The a2 Milk Company, a company listed on the New Zealand Stock Exchange and dual listed on the Australian
Stock Exchange until November 2023. In January 2024, David was appointed Chair of Tate & Lyle PLC.
External appointments
David is chair of Tate & Lyle PLC and a director of Lovat Partners and Committed Capital.
David Hearn
Non-Executive Chairman
Commenced role
May 2022 (appointed as Senior Independent Director and Audit Chair in March 2024
Skills and experience
Jane Bentall has extensive experience and understanding of operating multi-site, consumer-led businesses. Jane was managing
director of Haven, the UK holiday parks chain and largest business division of Bourne Leisure. Prior to becoming managing director
of Haven, she was the group chief financial officer for twelve years and previously spent six years as operations director. In her
career she has also held senior financial roles at the Rank Group.
External appointments
Jane is Chair of Resident Hotels Limited, a director of Oakman Group plc, and Chair of Audit and Finance and non-executive director
of The Royal Marsden NHSFoundation Trust. Jane has her own business consulting company and is a member of Pilotlight.
Jane is an ACA qualified accountant and a fellow of the Institute of Chartered Accountants.
Jane Bentall
Senior Independent Director
N
R
Simon Clinton
Chief Financial Officer
A
N
R
Safestore Holdings plc | Annual report and financial statements 2024
80
Board of Directors
as at 15 January 2025

Committee membership
A
Audit Committee Chair of Committee
N
Nomination Committee
R
Remuneration Committee
Commenced role
June 2020
Skills and experience
During his extensive and varied career, Gert van de Weerdhof has held a number of senior executive positions including as CEO of
GrandVision Europe BV before progressing to become chief retail officer for Esprit Holdings Ltd and latterly as CEO of RFS Holland
Holdings BV and its subsidiary Wehkamp BV. Gert has been a non-executive director for Wereldhave NV and Accell Group NV, and
chair of CTAC NV. Gert brings a wealth of international expertise to the Board having held roles across multi-site retail, e-commerce,
consumer goods and real estate.
External appointments
Gert is currently CEO of the charity Mercy Ships and non-executive director of Sligro Food Group NV, a company listedon
EuronextAmsterdam.
Gert van de Weerdhof
Non-Executive Director
Commenced role
November 2021 (appointed as Chairof the Remuneration Committee in June 2022)
Skills and experience
Laure Duhot brings over 30 years of senior executive level experience in the investment banking and property sectors, specialising
inalternative real estate assets, and has been a non-executive director at a number of funds and propertycompanies.
Laure started her career in the investment banking sector and has developed a focus on the property sector. She has held senior roles at
Lehman Brothers, Macquarie Capital Partners, Sunrise Senior Living Inc., Pradera Limited and Grainger plc, and latterly was head of investment
and capital markets – Europe at Lendlease. Laure was a non-executive of Orpea SA until December 2023 and NB Global Monthly Income Fund
Limited until July 2024. In June 2024 Laure was appointed Chair of GI DI Pilgrim Acquisition Limited, holding entity for the ASK4 group.
External appointments
Laure is currently a non-executive director of Primary Health Properties plc. Laure is also a director of Pegasus Homes Holdings Ltd
and acts as the independent member on CBRE-IM’s UK investment committee. She is Chair of GI DI Pilgrim Acquisition Limited and
PRSO limited.
Laure Duhot
Non-Executive Director
Commenced role
November 2021
Skills and experience
Delphine Mousseau brings over 25 years of senior executive level and consultancy experience in e-commerce and customer
engagement across Europe, specialising in retail.
Delphine began her career as a project manager at the Boston Consulting Group before moving on to join Plantes-et-Jardins.com
where she became head of operations. Between 2007 and 2011, she was director of e-commerce for Europe at Tommy Hilfiger
and then became an independent consultant, primarily for the former Primondo Specialty Group which was Carlyle owned. Latterly
Delphine was VP markets at Zalando and a non-executive director of Fnac-Darty SA.
External appointments
Based in Germany, Delphine is currently non-executive director at Aramis Group SAS, listed on Euronext Paris, and a member
ofthe Holland & Barrett UK board and chair of the Refurbed board in Austria.
Delphine Mousseau
Non-Executive Director
Commenced role
September 2023
Skills and experience
Avis Darzins has over 20 years of senior executive level and management consulting experience in the retail and entertainment
andmedia sectors, specialising in customer experience strategy and business transformation.
Avis began her career in the retail sector covering domestic and international B2B and B2C sales and buying and category
management before specialising in large-scale change programmes. Before joining Sky PLC in 2009 as business transformation
director, Avis spent eight years at Accenture, having been promoted to partner in 2004. Avis was a non-executive director
ofMossBros Group plc, until its sale in 2020. Morerecently Avis has established her own business consulting company.
External appointments
Avis is a non-executive director for Marshalls plc and Grafton Group plc, and the senior independent trustee/director for the
children’s charity Barnardo’s.
Avis Darzins
Non-Executive Director
R
A
N
R
R
A
R
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Safestore Holdings plc | Annual report and financial statements 2024
81

Leadership
The role of the Board
The Board is collectively responsible for promoting the long term
sustainable success of the Company and its reputation, for the benefit
of its stakeholders.
The Board is responsible for setting:
• the Company’s purpose, values and strategy, and satisfying itself
that these are aligned with the overall culture of the Group;
• appropriate performance targets for management and monitoring
the business’ performance against those targets; and
• the Group’s risk appetite and satisfying itself that financial controls
and risk management systems are robust, while ensuring the
Group is adequately resourced.
The Board also ensures that there is appropriate engagement with
shareholders and stakeholders on key matters.
The Board is collectively responsible for promoting the long term
success of the Group for the benefit of the Company’s stakeholders. It
agrees the overall strategy, direction and culture of the Group and has
the powers and duties set out in the Companies Act 2006 (the “Act”)
and the Company’s Articles of Association.
The Board delegates certain matters to the Board Committees and
delegates the day-to-day operation of the business to the Executive
Directors.
The Board’s activities during the year and how it discharges
itsresponsibilities can be found on pages 83 to 85. The Group’s
established strategy has evolved over time to embed sustainability
within its purpose. Our strategy is underpinned by our values, as
defined on page 52, our behaviours and our governance structure,
which shape our culture and remain central to the way weconduct
our business. The culture of the business is a key part ofour success.
The Non-Executive Directors provide constructive challenge to the
Executive Directors, assist in developing proposals on the Group’s
strategy and monitor the performance of the Executive Directors
against strategic and operational objectives.
The Board has delegated certain responsibilities to its Audit,
Remuneration and Nomination Committees. Each Board Committee
has defined terms of reference, which can be found online within the
Governance section of the Company’s website: www.safestore.com.
The activities of each Board Committee are set out in separate
sections of this report. The Audit Committee is, in turn, supported by
the Risk Committee, which is a management committee, chaired by
the Chief Financial Officer.
The Board also has an established Standing sub-committee and a
Disclosure sub-committee, which are sub-committees of the Board
and meet as required. The Standing sub-committee has delegated
authority to approve routine matters such as matters relating to the
operation of the Company’s share scheme arrangements, and any
other matters, which may be expressly delegated to it by the Board
from time to time. The Disclosure sub-committee has delegated
responsibility for overseeing the disclosure of information by the
Company to meet its obligations under the Market Abuse Regulation.
All Committees and all Directors have the authority to seek information
from any Group colleague and to obtain professional external advice if
they feel necessary.
Implementation of agreed plans, budgets and projects in pursuit
of the Group’s strategy and the actual operation of the Group’s
system of internal control and risk management are delegated to
the Executive Directors, who are supported by an Executive Team.
This includes implementing Group strategy to optimise the trading
performance of the existing store portfolio, to monitor financial
performance and maintain a strong and flexible capital structure, to
identify selective portfolio and expansion opportunities, to develop
our colleagues and to implement the Group’s sustainability strategy.
Sustainability governance is explained more fully on page 45.
The Board and its independence
At the date of this report, the Board consists of eight Directors,
the Chairman, two Executive Directors and five independent
Non-Executive Directors, with Jane Bentall appointed as Senior
Independent Director. The Chairman was considered to be
independent on appointment. The skills and experience of each of the
Directors, along with the dates they commenced their role, are set out
on pages 80 and 81.
Both on an individual and collective basis, the Directors have
theskills, understanding, experience and expertise necessary
toensure the effective leadership of the Group. At least half of the
Board, excluding the Chairman, is independent. The Board monitors
the independence of its Non-Executive Directors. The Board is aware
of the other commitments of its Non-Executive Directors and is
satisfied that these neither conflict with their duties, nor impact their
independence or time commitment to fulfil their roles at the Company.
The Board is confident that each Director has sufficient time capacity
and possesses the requisite skill and experience to satisfy their role.
In January 2024, David Hearn was appointed as Chair of Tate &
Lyle PLC; the Board considered this significant appointment prior to
David accepting the role and assessed the impact this could have
on David’s capacity to meet the demands of his role as Chairman of
Safestore. The Board noted that, in November 2023, David Hearn
stepped down from his role of Chair at The a2 Milk company, a
company dual listed on the New Zealand and Australian Stock
Exchanges. Taking into consideration David’s travel time to Australia,
the Board, led by the Senior Independent Director, agreed that impact
on David in relation to the time required for external appointments
would actually reduce with his appointment to Tate & Lyle PLC. As
such the Board agreed to approve his external appointment.
Each Non-Executive Director continues to bring independent
judgement to the Board’s decision-making process. Frederic
Vecchioli is also a director of the group of companies that forms the
joint venture group structures operating in Germany and Italy, which
includes companies incorporated in Germany, Italy and Luxembourg;
apart from these appointments the Executive Directors do not hold
any executive or non-executive directorships in other companies.
Division of responsibilities
The roles of Chairman, Chief Executive Officer and Senior
Independent Director are separate and clearly defined, with the
division of responsibilities set out in writing and agreed by the Board.
The Chairman is responsible for the management of the Board and
Our purpose: to add stakeholder value
by developing profitable and sustainable
spaces that allow individuals, businesses,
and local communities to thrive
Safestore Holdings plc | Annual report and financial statements 2024
82
Corporate governance

for aspects of external relations, while the Chief Executive Officer has
overall responsibility for the management of the Group’s businesses
and implementation of the strategy approved by the Board. The
Senior Independent Director is also responsible for supporting the
Chairman on all governance issues. The statement of the division of
responsibilities between the Chairman, the Chief Executive Officer
and the Senior Independent Director is available on the Governance
section of the Company’s website: www.safestore.com.
Formal workforce advisory panel
Our ‘Make the Difference’ people forum, launched in 2018, is a formal
workforce advisory panel. The Board approved the establishment
of the advisory panel to facilitate engagement between colleagues
from different areas of the business and provide a two-way feedback
process between the Board and our colleagues. The panel has
terms of reference that define its purpose and has a mechanism for
appointing colleague representatives, known as ‘People Champions’.
Further information relating to the panel and our ‘People Champions’
can be found on page 10. The Board receives regular feedback
from the panel which has resulted in the Board approving outcomes
as detailed in the Sustainability report on page 50 and Directors’
remuneration report on pages 96, 102 and 106. The Chief Executive
Officer attends panel meetings twice a year to report the views of
the Board and to provide regular updates covering the Group’s
performance and the delivery of its strategy. The Board considers the
formal workforce advisory panel to be effective.
Effectiveness
Activities of the Board
There were nine Board meetings scheduled in the year. The Board
has held a mix of meetings either in person or by video conference.
The Board has a formal schedule of matters specifically reserved for
its decision, which includes (amongst other things) various strategic,
financial, operational and governance responsibilities. A summary of
the key activities of the Board during the year, in accordance with the
formal schedule of reserved matters, can be found on page 84.
The services of the Company Secretary are available to all members
of the Board. Board minutes are circulated to all Board members.
There is also regular informal contact between Executive and Non-
Executive Directors to deal with important matters that arise between
scheduled Board meetings. A separate meeting for Non-Executive
Directors is held at least once every year.
Appropriate Directors’ and officers’ insurance cover is arranged by the
Group through its insurance brokers and is reviewed annually.
Board meetings held in 2023/24
Attendance of the individual Directors of the Board at meetings that
they were eligible to attend during the financial year is shown in the
table below:
Director who served during the year ended
31October 2024
Number of
meetings held
during tenure
during the year
Number of
meetings
attended
David Hearn 9 9
Frederic Vecchioli 9 9
Simon Clinton* 4 4
Jane Bentall 9 9
Avis Darzins 9 9
Laure Duhot 9 9
Delphine Mousseau 9 9
Gert van de Weerdhof 9 9
Ian Krieger** 5 5
Note:
* Simon Clinton was appointed to the Board on 22 April 2024.
** Ian Krieger stepped down from the Board on 13 March 2024.
In addition to the scheduled Board meetings, the Standing
Committeemet on 33 occasions and was granted express
delegation by the Board to approve the full year and half year results
announcements and ancillary matters, including the Company’s new
financing arrangements. The Standing Committee also approved
routine administrative matters which related to the maturity of the
Company’s Sharesave schemes, and vesting of the Company’s
LongTerm Incentive Plans, the grant of new options under the 2024
(three-year) Sharesave scheme and formalities in relation to a number
of property acquisitions.
2024 Board and Committee evaluation
In accordance with the UK Corporate Governance Code (2018),
the Board undertakes an annual effectiveness evaluation of its
own performance and that of its Committees. Every three years
an externally facilitated evaluation is procured by the Board. The
last external evaluation was completed in 2022 and the Board is
reviewing suppliers for the external evaluation in 2025. This year the
Board conducted an internal effectiveness evaluation. The evaluation
was conducted by the Chairman, and facilitated by the Company
Secretary, through the use of a detailed questionnaire covering
all aspects of the various Directors’ roles. Directors were given
the opportunity to provide further commentary on an anonymous
basis and have one-to-one discussion with the Chairman. Jane
Bentall, as Senior Independent Director, led the review of the
Chairman’sperformance.
In addition to the questionnaire, the Board undertook a review of its
composition and of that of its Committees, assessing in detail the
particular strengths and weaknesses of the Board and its Committees
as a whole, with due consideration given to matters of independence,
the benefits of diversity and three-horizon succession planning.
Notwithstanding that the report considered that the Board’s
performance was strong, the evaluation provided constructive
feedback and identified opportunities for development and growth.
The Board undertook to develop an action plan to address particular
areas of interest, with a focus on improving the Board and its
Committees’ effectiveness and developing efficiencies together
with the executive function to enable Directors to prioritise strategic
progression and generating shareholder value.
The results of the Board evaluation confirmed that the Board
continues to function effectively to a high standard. The Board
members were seen as engaged and committed while the Board’s
culture remains open, respectful, and constructive.
The content for any subsequent effectiveness reviews will be
designed to build upon insights gained in the previous exercise to
ensure that the recommendations agreed in the review have been
implemented and that year-on-year progress is measured.
The Chairman reviewed the performance of the Chief Executive
Officer and the Non-Executive Directors. The Chief Executive Officer
reviewed the performance of the Chief Financial Officer, and this
year, the Chairman’s own performance was assessed by the Senior
Independent Director after seeking and receiving feedback from each
of the other Directors.
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Safestore Holdings plc | Annual report and financial statements 2024
83

Effectiveness continued
A summary of the key matters considered by the Board during the year
Responsibilities Activities
Strategy • The development and implementation of the Company’s strategy included general updates from the CEO and CFO.
• Receiving presentations from members of the management team on strategy implementation in their operations.
• Considered selective portfolio management and expansion opportunities, which included the establishment of a
new joint venture arrangement with Nuveen for the acquisition of EasyBox announced in December 2024, and site
acquisitions in the UK, France, Spain, Italy and Benelux.
Performance
and operational
matters
• Reviewed the 2024 performance against budget and updated forecasts for the UK, French, Spanish and
Beneluxoperations.
• Reviewed customer performance data.
• Maintained a detailed focus on full year earnings guidance.
• Reviewed and discussed the 2024 Board budget.
• Reviewed and approved the Group’s investment appraisal policy.
• Received regular operational updates from members of the management team, relating to property, colleagues,
marketing, IT, store operations, Company secretarial and legal matters.
Finance and
capital
• Reviewed the Group’s capital structure and new US Private Placement (“USPP”).
• Monitored the Company’s going concern and long term viability statements.
• Reviewed cash flow, dividend policy (in line with the UK REIT requirements) and shareholder returns.
People, culture
and values
• Received regular updates on colleague wellbeing and HR matters, including updates on colleague engagement and
updates from our ‘Make the Difference’ people forum, our formal workforce advisory panel.
• Reviewed and approved the Group’s key policies including the Company’s Modern Slavery Act statement,
anti-corruption and bribery statement and policy, the whistleblowing (“Speak Out”) policy and the health and safety
policy statement.
• Considered and reviewed the gender pay gap report for 2024.
• Reviewed the Company’s sustainability strategy, including the Company’s commitment to working towards operational
carbon neutrality (net zero) by 2035.
• Reviewed colleague engagement arrangements.
Governance
andrisk
• Approved changes to Board composition, and considered Director independence, and succession planning.
• Approved an increase in Director fees, following engagement with shareholders on the implementation of the 2023
Directors’ Remuneration Policy.
• Reviewed and approved improvements to the Company’s Market Abuse Manual and Dealing Code.
• Reviewed reports on governance and legal issues.
• Considered the Company’s risk appetite in relation to its strategy.
• Reviewed the outcome of the Board and its Committees’ 2024 Board effectiveness review.
• Reviewed the Directors’ Conflict of Interests Register.
• Monitored and reviewed the Company’s risk management and internal control system (see Audit Committee report
formore details on effectiveness).
Shareholder
and stakeholder
engagement
• Discussed feedback from investors’ and analysts’ meetings following the release of our full year and half year results
announcements and interim management statements and meetings with existing and potential shareholders.
• Discussed feedback following the Chairman and Chair of the Remuneration Committee’s engagement with major
shareholders as part of the implementation of the 2023 Directors’ Remuneration Policy.
• Received regular updates from brokers and advisers on the market perception of Safestore.
• Received updates from the CEO and CFO on stakeholder engagement in relation to investor and partner engagement.
Other • Approved the Annual Report and Financial Statements and recommended the final dividend in line with the Company’s
dividend policy for shareholder consideration.
• Approved the 2024 half year results announcement and declared the interim dividend in line with the Company’s
dividend policy.
• Approved the interim management statements in November 2023 and February and September 2024 regarding
trading updates.
• Received and reviewed monthly shareholder analysis reports.
Safestore Holdings plc | Annual report and financial statements 2024
84
Corporate governance continued

Board appointments
Each decision to appoint further Directors to the Board is taken by
the entire Board in a formal meeting based on a recommendation
from the Nomination Committee. The Nomination Committee consults
with financial and legal advisers and uses the services of external
recruitment specialists. New members of the Board are provided with
initial and ongoing training appropriate to individual needs in respect
of their role and duties as Directors of a listed company.
During the year the Nomination Committee engaged in a rigorous
search for a new Chief Financial Officer. The process for identifying
and overseeing the appointment of the new Chief Financial Officer has
been explained in the Nomination Committee report on page 88.
The Nomination Committee, led by the Chairman, also considered the
appointment of a new Senior Independent Director. Further details on
this appointment can be found in the Nomination Committee report
on page 87.
Board induction
Simon Clinton joined the Company on 11 March 2024 as CFO
designate. He undertook an extensive handover process with his
predecessor Andy Jones until his appointment to the Board as a
Director and Chief Financial Officer on 22 April 2024. Set by the
Nomination Committee, Simon Clinton was provided with a full, formal
and tailored induction programme. More information on the Board’s
induction programme can be located in the Nomination Committee
report on page 88.
Board development
The Chairman is responsible for ensuring that all Non-Executive
Directors receive ongoing training and development. Our Non-
Executive Directors are conscious of the need to keep themselves
properly briefed and informed about current issues. Specific and
tailored updates are provided at Board meetings and to members
of the Audit Committee and have included presentations from
the Company’s advisers. The Company Secretary provides the
Board with updates on developments on regulatory and corporate
governance matters at each Board meeting, and these factor into
ongoing Board training as necessary.
There is a procedure to enable Directors to take independent legal
and/or financial advice at the Company’s expense, managed by the
Company Secretary, if they feel necessary to carry out their duties
asa Director fully. No such independent advice was sought in 2024.
Appointment terms and elections of Directors
All Directors have service agreements or letters of appointment and
the details of their terms are set out in the Directors’ remuneration
report on page 118. The service agreements of the Executive
Directors and letters of appointment of the Non-Executive Directors
are available for inspection at the Company’s registered office during
normal business hours, including the 15 minutes immediately prior
to the AGM. The letters of appointment for Non-Executive Directors
are in line with the provisions of the Code relating to expected time
commitment. At each AGM of the Company, all Directors will stand for
re-election in accordance with the Code and the Company’s Articles
of Association. The Company’s Articles of Association require that a
Director appointed during the preceding year should be subject to
election at the Company’s next AGM.
Directors’ conflicts of interest
The Company’s Articles of Association give the Directors the power
to consider and, if appropriate, authorise conflict situations where
a Director’s declared interest may conflict or does conflict with the
interests of the Company.
Procedures are in place at every meeting for individual Directors
to report and record any potential or actual conflicts which arise.
The register of reported conflicts is reviewed by the Board at
least annually. The Board has complied with these procedures
during the year.
Accountability
Risk management and internal control
A summary of the principal risks and uncertainties within the business
is set out on pages 34 to 38.
The Board retains overall responsibility for setting Safestore’s risk
appetite and establishing, monitoring and maintaining the Group’s
risk management and internal control systems. These systems are
designed to enable the Board to be confident that such risks are
mitigated or controlled as far as possible, although no system can
eliminate risk entirely.
The Board has established a number of ongoing processes to
identify, evaluate and manage the strategic, financial, operating
and compliance risks faced by the Group and for determining the
appropriate course of action to manage and mitigate those risks.
The Board delegates the monitoring of these internal control and risk
management processes to the Audit Committee. These measures
have been in place throughout the year and up to the date of
this report.
The Risk Committee supports the Group’s risk management strategy
and undertakes regular reviews of the formal risk assessments and
reports regularly to the Audit Committee of the Board. The Risk
Committee is chaired by the Chief Financial Officer and comprises
representatives from the Operations, Finance, Human Resources
and Property functions. Risk management remains an ongoing
programme within the Group and is formally considered at operational
meetings as well as at meetings of the Board.
During the year ended 31 October 2024, the Group employed a Head
of Internal Audit to lead its internal audit function. The internal audit
team consisted of three auditors responsible for reviewing operational
and financial controls across the Group. The internal audit team operates
with a mandate to provide assurance that the stores’ and Head Office’s
risk management and control processes operate effectively.
During the financial year, the Board has directly, and through
delegated authority to the Audit and Risk Committees, overseen and
reviewed the performance and evolution of risk management activities
and practices and internal control systems within the Group. Through
both its ongoing involvement in and overview of risk management
and internal control activities, the Board is satisfied that there have
been no significant failings or weaknesses identified and the Directors
believe that during 2024 the system of internal control has been
appropriate for the Group.
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Safestore Holdings plc | Annual report and financial statements 2024
85

Accountability continued
Budgetary process
A comprehensive budgeting process is in place, with an annual
budget prepared and validated at a country and functional level. The
budget is subject to significant consideration and approval by the
Board. The Directors are provided with relevant and timely information
required to monitor financial performance.
Investment appraisal (including acquisitions)
Budgetary approval and defined authorisation levels regulate capital
expenditure. Acquisition activity is subject to internal guidelines
governing investment appraisal criteria, financial targets, negotiation,
execution and post-acquisition management.
Company ethics and whistleblowing
The Company is committed to the highest standards of integrity and
honesty and expects all colleagues to maintain the same standards
in everything they do at work. The Company recognises that effective
and honest communication is essential to maintain its business values
and to ensure that any instances of malpractice are detected and
dealt with.
The Company has a number of policies available online for its
colleagues. These include a code of conduct, an anti-bribery and
corruption policy, a receipt of gifts and corporate hospitality policy
and a whistleblowing (“Speak Out”) policy. The anti-bribery and
corruption policy reinforces the Group’s commitment to countering
bribery, tax evasion and corruption as it seeks to comply with the
Bribery Act 2010, the Criminal Finances Act 2017 and Economic
Crime and Corporate Transparency Act 2023.
The Speak Out policy has procedures for disclosing malpractice and,
together with the code of conduct, is intended to act as a deterrent to
fraud or other corruption or serious malpractice. It is also intended to
protect the Group’s business and reputation.
No whistleblowing issues were reported during the year.
The Board considers the payment of taxes as a responsibility that
brings positive socioeconomic impacts through its presence and
employment creation in the countries it operates in. A Group tax
strategy has been in place since 2016, which is approved by the
Board and reviewed annually by the Audit Committee and is available
on the Group’s website: www.safestore.com. It is the Group’s policy
to pay the right amount of tax wherever it does business, based
on a fair and sound application of local tax laws to the economic
substance of its business transactions. Safestore does not use
artificial tax avoidance schemes or tax havens to reduce the Group’s
tax liabilities.
Investor relations and shareholder
andinvestor engagement
We are committed to proactive and constructive engagement with
all our shareholders and consider all shareholders’ views as part
of the Board’s decision-making process. The Group places a great
deal of importance on communication with its shareholders and
maintains a dialogue with the investment community. Engagement is
maintained through a comprehensive investor relations programme,
which includes formal presentations of the full year and half year
results, meetings with institutional investors and analysts as required
and attendance at investor conferences. The presentation slides
used at these meetings are made available on the Company’s
website and accessible for all shareholders. The Board ensures that
our shareholders, investors and investor community have a strong
understanding of our strategy, performance and culture.
To ensure all Board members share a good understanding of the
views of all our shareholders, the Board receives regular updates on
the views of our shareholders and receives summaries of institutional
investor comments following meetings on the full year and half
year results.
In the event that shareholders have any concerns, which the normal
channels of communication through the Chief Executive Officer or
Chief Financial Officer have failed to resolve or for which such contact
is inappropriate, our Chairman and Senior Independent Director are
available to address such concerns. Both make themselves available
when requested for meetings with shareholders on issues relating to
the Company’s governance and strategy.
The Board considers the Annual Report and Financial Statements,
the AGM and its website to be the primary vehicles for communication
with private investors. All shareholders are invited to the Annual
General Meeting and can raise any comments they may have
throughout the year via our IR inbox, which is published on our
website. Resolutions at the Company’s AGM are proposed on
each substantially separate issue and the Company indicates the
level of proxy voting lodged in respect of each resolution. The AGM
gives all shareholders who are able to attend (especially private
shareholders) the opportunity to ask questions of the full Board
of Directors, including the Chairs of the Audit, Nomination and
RemunerationCommittees.
Safestore Holdings plc | Annual report and financial statements 2024
86
Corporate governance continued

Membership
The Nomination Committee comprises Non-Executive Directors
andis chaired by David Hearn. Upon his retirement from the Board,
Ian Krieger stepped down from the Nomination Committee on
13March 2024. Jane Bentall was appointed to the Committee on
13March 2024. Other Directors and management are invited to
attend meetings as appropriate.
Key objectives
To ensure the Board and Executive Team comprise individuals with
the appropriate skills, knowledge, experience and diversity, and to
monitor the Board’s effectiveness in discharging its responsibilities
and make recommendation to the Board on Board and Committee
composition and succession planning.
Responsibilities
The Board has approved terms of reference for the Nomination
Committee which are available on the Governance pages of
the Group’s website, www.safestore.com, within ‘Governance
Documents’. These provide the framework for the Committee’s work
in the year and can be summarised as:
• assessing the composition of the Board and making
recommendations on appointments to the Board and senior
executive succession planning; and
• overseeing the performance evaluation of the Board, its
Committees and individual Directors.
How the Committee operates
The Nomination Committee met as necessary and each meeting had
full attendance.
Activities of the Committee during the year
Responsibilities Activities
Board and
Committee
composition
• Assessed the diversity, skill set and composition
of the existing Board and its Committees.
• Oversaw the process for appointing new Chief
Financial Officer.
Performance
Reviews
• On behalf of the Board, led the 2024 Board
and Committee Evaluation.
• Developed the Board and Committee
Evaluation Questionnaire, with a focus on
specific topics relative to the Board and
Committees’ activities in the year.
• Reviewed the outcomes of the Questionnaire
and made recommendations to the Board for
action plans to address issues raised.
Succession
planning
• Discussed succession planning in respect
of both Board members and senior
management within the Group.
Board
development
and on-boarding
programme
• Reviewed the programme for Non-Executive
Director development.
• Set a bespoke and tailored induction
programme for the new Chief Financial Officer
and monitored progress.
Governance • Reviewed the Group’s culture, values and
behaviours.
• Discussed the remit and role of the Committee
and reviewed its terms ofreference.
Diversity and Inclusion
The Nomination Committee regularly reviews matters of diversity and
inclusion within the Board and the wider Group. Details of the Board
and employees’ sex and ethnicity, as well as the approach to collecting
this data can be found on page 49. The Board considers its role in
leading a culture where colleagues feel confident to bring their full
unique selves to work. In December 2023, the Nomination Committee
recommended a new Board Diversity Policy, which works in unison
with the Safestore People Principles, be adopted by the Board. The
Policy recognises that inclusivity and diversity are integral to bringing a
range of perspectives and insights, supporting good decision making
and maintaining business competitive advantages, all in the process
of working toward the achievement of the Company’s purpose and
strategy. The Committee monitors progression against the objectives
set out in our policy, as well as the FTSE Women Leaders and Parker
Reviews targets, as part of an annual review led by our Head of HR.
Meetings held in 2023/24
Members of the Committee during
theyear ended 31 October 2024
Number of
meetingsheld
during tenure
during the year
Number of
meetings
attended
David Hearn (Chair)
Jane Bentall*
Ian Krieger**
Gert van de Weerdhof
Note:
* Jane Bentall was appointed to the Committee on 13 March 2024.
** Ian Krieger stepped down from the Committee on 13 March 2024.
The Committee adopt a three‑horizon
framework when considering
successionplanning.”
David Hearn
Chair of the Nomination Committee
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
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Nomination Committee report

Activities of the Committee during the
year continued
Diversity and Inclusion continued
The Group is committed to the promotion of equal opportunities,
supported by its Equality, Diversity and Inclusion Policy which is
informed by and aligned to the Listing Rules. The policy reflects
both current legislation and best practice. It highlights the Group’s
obligations to race, gender, socioeconomic and disability equality.
Full and fair consideration is given to applications for employment
from disabled persons and appropriate training and career
development are provided.
The Company’s Board Diversity Policy and the Safestore People
Principles can be found on the Company’s website.
Appointment of a new Chief Financial Officer
In 2023, Andy Jones, Chief Financial Officer of the Company for
overtenyears, announced his plans to retire. The Board, as part of
its succession planning procedures, instructed Odgers Berndtson to
conduct and advise on the executive search for a new CFO. A number
of candidates were considered and met with the Chief Executive
Officer, Chairman and Audit Chair designate in the initial stages.
OtherDirectors had the opportunity to meet with the final candidates
before the Nomination Committee recommended that the Board
appoint Simon Clinton.
The search process was extensive, with due regard given to the
benefits of diversity, culture and strategy. The initial pool of candidates
comprised a broad range of experience and backgrounds.
Odgers Berndtson has signed up to the voluntary code of conduct
on gender diversity and best practice, and is accredited under the
enhanced code of conduct for executive search firms, which specifically
acknowledges those firms with a strong track record in and promotion
of gender diversity in FTSE 350 companies. Odgers Berndtson has no
other connection with the Group or any of the Company’s Directors.
Induction programme
Simon Clinton joined the Company on 11 March 2024 and the Board
on 22 April 2024. The Nomination Committee designed a full, formal
and tailored induction programme for Simon prior to his appointment
to the Board. There was an extensive handover process with his
predecessor Andy Jones. Below highlights some of the key aspects
of Simon Clinton’s Induction Programme.
Business introduction External stakeholders Corporate governance
• UK operation – UK site tours with
Operations Director.
• Property – Property portfolio deep-dive
with Property Director.
• Overseas – Visits to France, Spain, and
the Netherlands to meet with staff and key
business leaders in each territory.
• Executive – One-to-ones with ExCo to
gain a better understanding of the various
functions’ responsibilities.
• Introduction to Safestore programme
– On-boarding process for all new joiners,
covering topics such as health and safety,
cybersecurity and equality, diversity
andinclusion.
• Audit – Meetings with Deloitte on audit plan
for HY and 2024 year end and an overview
ofthe FY 2023 year-end audit.
• Tax – One-to-ones with tax advisers to
discuss tax strategy.
• Brokers – Individual meetings with the
Company’s brokers.
• Legal – Training session with the Company’s
legal advisers on Director Responsibilities
and Company debt structure.
• Investor Relations – Meetings with analysts.
• Banks and PP providers – Calls with debt
facility participants to discuss rolling credit
facility and USPPs.
• Shareholder engagement – Led, with the
CEO, roadshow for HY results.
• Provided with following documents with
additional training scheduled, including:
• Committee Terms of Reference;
• Matters Reserved for the Board;
• Modern Slavery Policy;
• Market Abuse Manual;
• Anti-bribery and money laundering policy;
• Whistleblowing policy;
• S172 statement;
• Remuneration Policy and share plans; and
• Board Diversity Policy.
• Provided overview of subsidiary
governance.
• One-to-one meetings with Company
Secretary.
Succession planning
Succession planning is a key responsibility of the Committee. It is taken
in conjunction with related matters, including review of existing skills
and experience, diversity, length of service, boardroom dynamics and
Board and Committee composition. The Committee adopts a three-
horizon framework when considering succession planning. Short term
horizon addresses contingency plans for unexpected departures or
changes to the Board’s composition. Mid-horizon planning assesses
the natural rotation of Directors with sufficient foresight for anticipated
matters such as retirements and independence considerations. When
considering mid-horizon succession planning, the Committee assesses
what skills and experience may be required as and when Directors
rotate naturally off of the Board, with due regard to the appropriate size
and composition of its Committees and the importance of diversity of
thought. Finally, long term horizon is considered against the backdrop
of the long term strategic direction of the business.
Board and Committee performance evaluation
The Committee’s performance was reviewed as part of the 2024
internal Board and Committee evaluation process, which is explained
on page 83. The review found that the Committee functions effectively
and should continue to develop succession plans at Board and
Executive level with due regard for the benefits of diversity.
The Committee is leading the selection process for the Company’s
external Board evaluation provider in 2025.
Directors standing for election and re-election
In accordance with the Company’s Articles of Association and the
provisions of the Code, Simon Clinton will be subject to election and
the remaining Directors will stand for re-election, at the Company’s
2025 AGM. Following the annual Board performance review and the
outcome ofperformance reviews of individual Directors, I can confirm
that each Director subject to either election or re-election:
• continues to operate as an effective member of the Board;
• remains committed to their roles and has sufficient time available to
perform their duties; and
• has the skills, knowledge and experience that enable them to
discharge their duties properly and contribute to the effective
operation ofthe Board.
The Board, on the advice of the Committee, recommends the
election or the re-election of each Director. Further information on the
Directors, including their skills and experience, can be found in the
Directors’ biographies on pages 80 and 81.
I will be available at the Annual General Meeting to answer any
questions on the work of the Nomination Committee.
David Hearn
Chair of the Nomination Committee
15 January 2025
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88
Nomination Committee report continued

Membership
The Audit Committee comprises solely independent Non-Executive
Directors. After nine years as Chair of the Audit Committee, Ian Krieger
stepped down from his role at the Company’s 2024 Annual General
Meeting. I took over as Chair on 13 March 2024. The members of the
Committee have been selected to provide a wide range of financial
and commercial expertise necessary to fulfil the Committee’s duties
and responsibilities and I am the Committee’s designated financial
expert for the purposes of the Code.
To ensure that the Committee continues to have experience and
knowledge relevant to the sector in which the Company operates,
all of the Non-Executive Directors receive regular updates on
business, regulatory, financial reporting and accounting matters.
TheCommittee’s performance was reviewed as part of the 2024
Board evaluation, which is explained on page 83. The review found
that the Committee functions effectively and that issues are dealt with
in a thoughtful, clear and rigorous manner.
Key objectives
The provision of effective governance over the appropriateness of
the Company’s financial reporting, the performance of both internal
audit arrangements and the external auditor and oversight over the
Company’s system of internal control.
The Committee assessed whether suitable
accounting policies had been adopted and
whether management had made appropriate
estimates and judgements.”
Jane Bentall
Chair of the Audit Committee
Meetings held in 2023/24
Members of the Committee during the
year ended 31 October 2024
Number of
meetingsheld
during tenure
during the year
Number of
meetings
attended
Jane Bentall (Chair)*
Avis Darzins
Gert van de Weerdhof
Ian Krieger**
Note:
* Jane Bental was appointed Chair of the Audit Committee on 13 March 2024.
** Ian Krieger stepped down from the Audit Committee on 13 March 2024.
Responsibilities
The Board has approved terms of reference for the Audit Committee,
which are available on the Governance pages of the Group’s website,
www.safestore.com, within ‘Governance Documents’. These provide
the framework for the Committee’s work in the year and can be
summarised as providing oversight of the:
• appropriateness of the Company’s external financial reporting;
• relationship with, and performance of, the external auditor;
• Group’s internal audit arrangements and the risk management
framework; and
• Group’s internal control framework.
How the Committee operates
The Audit Committee met four times during the year as part of its
regular schedule of meetings and had one additional meeting as part
of the Audit Tender process in January 2024. The agendas of regular
scheduled meetings are linked to the events in the Group’s financial
calendar. In addition to the Committee members, the following
individuals were invited to attend as guests:
• the Chief Financial Officer and the Group Financial Controller;
• the Chairman and the Chief Executive Officer;
• the Head of Internal Audit;
• other senior managers, as appropriate, including those responsible
for IT security and risk management;
• the audit partner, directors and senior managers from Deloitte; and
• the valuation team from the Company’s property valuers, Cushman
& Wakefield.
This year, during two Audit Committee meetings, the Committee met
separately with Deloitte without any other member of management
being present.
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
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Audit Committee report

Main activities of the Committee during the year
A summary of the Audit Committee’s main activities during the year included the following items:
Responsibilities The Audit Committee has:
Financial reporting • reviewed the Annual Report and Financial Statements and that, taken as a whole, it is fair, balanced
and understandable and provides the information necessary for shareholders to assess the Company’s
performance, business model and strategy;
• assessed and concluded on the Group’s viability statement and the appropriateness of adopting the going
concern basis of accounting for the full and half year financial results;
• reviewed the significant issues, key sources of estimation uncertainty, and material judgements which were
made in preparing the 2024 half year results and the Annual Report and Financial Statements;
• considered and approved the approach for performing the valuations of investment properties for the Annual
Report and Financial Statements and interim results;
• challenged the valuer’s findings and judgements in relation to the property valuation;
• reviewed the integrity of the financial statements and announcements relating to the financial performance and
governance of the Group at the year end and half year;
• reviewed the principal judgemental accounting matters affecting the Group based on reports from both the
Group’s management team and the external auditor; and
• considered Alternative Performance Measures, not defined under IFRS or ‘non-GAAP’ measures, ensuring
consistency with how management measures and judges the Group’s financial performance.
External auditor • undertaken a full tender for audit services, in line with the Statutory Services for Large Companies Market
Investigation (Mandatory Use of Competitive Tender Processes and Audit Responsibilities) Order 2014;
• reviewed and approved the audit plan with the external auditor, and ensured that it was appropriate for the
Group, including in respect of scope and materiality, and aligned to the key risks of the business;
• considered external audit effectiveness and independence;
• challenged the auditor’s findings and judgements in relation to the property valuation; and
• approved auditor remuneration.
Internal audit
arrangements
• reviewed the effectiveness of the Group’s internal controls and disclosures made in the Annual Report and
Financial Statements;
• reviewed Internal Audit Reports;
• approved the internal audit plan for 2024 and 2025; and
• assessed the effectiveness and independence of the internal audit team.
Governance and risk • monitored the adequacy and the effectiveness of the Group’s ongoing risk management systems and
processes, through risk and assurance plans and reports, including:
• store assurance audit reports;
• internal financial control assessments;
• fraud and loss prevention reports; and
• operational risk updates, including IT security, health and safety and climate change risk;
• reviewed the Company’s anti-corruption and bribery statement and policy, and whistleblowing (“Speak Out”)
policy and procedures;
• monitored the effectiveness of the Company’s information security and business continuity arrangements; and
• reviewed the Company’s REIT compliance and tax strategy.
Appropriateness of the Company’s external
financial reporting
Financial reporting and significant financial judgements
The Committee assessed whether suitable accounting policies had
been adopted and whether management had made appropriate
estimates and judgements. The Committee reviewed accounting
papers prepared by management which provided details on the main
financial reporting judgements.
The Audit Committee reviewed the assumptions associated with
the accounting for share-based payments to ensure that they were
accurately measured and disclosed appropriately in the Annual
Report and Financial Statements in accordance with IFRS 2 “Share-
based Payments”, with particular focus on the assessment of the
performance conditions under which the share-based payments vest.
The Committee also reviewed reports by the external auditor on
the full year and half year results which highlighted any issues with
respect to the work undertaken on the year-end audit and half
year review.
The Committee paid particular attention to matters it considered
important by virtue of their impact on the Group’s results and
remuneration, and particularly those which involved a high level of
complexity, judgement or estimation by management.
The Committee has concluded that there were not significant levels
of judgements included in the financial statements, other than for the
property valuation as described below.
Safestore Holdings plc | Annual report and financial statements 2024
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Audit Committee report continued

Property valuations
The key area of judgement that the Committee considered in
reviewing the financial statements was the valuation of the investment
property portfolio. Whilst this is conducted by independent external
valuers, it is one of the key components of the financial results and
is inherently complex and subject to a high degree of judgement
and estimation. As well as detailed management procedures and
reviews of the process, the Committee met the Group’s valuers
to discuss the valuations, review the key judgements and discuss
whether there were any significant disagreements with management.
This year the Committee reviewed and challenged the valuers on
investment properties under construction, discount rates, rental
growth assumptions and stabilised occupancy levels, and also
the considerations made around the macro-economic, inflationary
environment and interest rates, in order to agree the appropriateness
of the assumptions adopted. The Committee also challenged the
valuers and satisfied itself on their independence, their quality control
processes (including peer partner review) and their qualifications to
carry out the valuations. Management also has processes in place to
review the external valuations. In addition, the external auditor uses
valuation experts to conduct a detailed review of the key assumptions
that underpin the investment property valuations and reports their
findings to the Committee.
A more detailed explanation of the background, methodology and
judgements that are adopted in the valuation of the investment
properties is set out in note 12 to the financial statements.
Financial statements
The Committee considered and was satisfied with management’s
presentation of the financial statements.
Management confirmed to the Committee that it was not aware of any
material misstatements and the auditor confirmed that it had found no
material misstatements during the course of its work.
The Committee is satisfied that the judgements and estimates made
by management are reasonable and that appropriate disclosures
have been included in the financial results. After reviewing the reports
from management and following its discussions with the valuers
and auditor, the Committee is satisfied that the financial statements
appropriately address the critical judgements and key estimates,
both in respect of the amounts reported and the disclosures. The
Committee is also satisfied that the processes used for determining
the value of the assets and liabilities have been appropriately reviewed
and challenged and are sufficiently robust.
Fair, balanced and understandable assessment
At the request of the Board, the Committee also considered whether
the Annual Report and Financial Statements was fair, balanced and
understandable and whether it provided the necessary information
for shareholders to assess the Company’s position, performance,
business model and strategy.
The Committee has advised the Board that in its view, taken
as a whole, the Annual Report and Financial Statements is fair,
balanced and understandable. In reaching this conclusion, the
Committee considered, amongst other matters, the overall review
and confirmation process around the Annual Report and Financial
Statements, going concern and viability.
The Committee was provided with, and commented on, a draft copy
of the Annual Report and Financial Statements. In carrying out the
above processes, key considerations included ensuring that there
was consistency between the financial results and the narrative
provided in the front half of the Annual Report. The Committee is
satisfied that Alternative Performance Measures, not defined under
IFRS or ‘non-GAAP’ measures, are consistent with how management
measures and judges the Group’s financial performance.
Going concern and viability statement
The Committee has reviewed the Group’s assessment of viability over
a period of three years. The Committee’s approach in assessing going
concern and the viability statement is set out on page 40.
Relationship with, and performance of, the
external auditor
Annual auditor assessment
During the year, the Committee conducted a review of the
effectiveness of the external audit process and the audit quality.
In considering the effectiveness of the external audit, the Committee
received reports from the external auditor and management on
the audit process, quality procedures and the handling of key
judgements. In addition the Committee assessed:
• the arrangements for ensuring the external auditor’s independence
and objectivity;
• the quality of the audit team and its expertise;
• the quality and scope of the audit plan and reporting;
• the quality of the formal audit report to shareholders;
• the robustness and perceptiveness of the auditor in its handling of
the key accounting and audit judgements; and
• the content of the external auditor’s comments on control
improvement recommendations.
The Committee also sought the views of key members of the finance
team, senior management and Directors on the audit process and
the quality and experience of the audit partner engaged in the audit.
Their feedback confirmed that the auditor had shown the requisite
commitment in providing its services and has demonstrated depth
of knowledge of the Company and the industry, with the necessary
robustness, independence and objectivity. The auditor continues
to perform well and provides an appropriate level of challenge to
management.
External auditor objectivity, independence and non-audit work
The Audit Committee’s terms of reference set out that it is responsible
for the formal policy on the award of non-audit work to the auditor.
The Committee has formalised procedures for the approval of non-
audit services which stipulate the services for which the auditor will
not be used. The policy also stipulates projects where the auditor may
be used, subject to certain conditions and pre-approval requirements.
In order to preserve auditor objectivity and independence, the
external auditor is not asked to carry out non-audit work. A report of
all audit and non-audit fees payable to the external auditor is provided
to the Committee regularly at meetings throughout the year, including
both actual fees for the year to date and a forecast for the full year,
analysed by project and into pre-defined categories. In the current
financial year, Deloitte LLP provided non-audit services amounting to
£150,500 covering annual engagement of ESG covenant compliance
work, as required by the Company’s lenders, half year results review
and minor procedure review in France, which is within the 70%
non-audit fee cap rules. It was determined that the nature of the
workwould not impact auditor objectivity and independence given
the safeguards in place.
It is the Committee’s policy to ensure that there is audit partner
rotation every five years to safeguard the external auditor’s
independence and objectivity. Deloitte was appointed as external
auditor to conduct the audit for the 2014 financial year. The first lead
audit partner retired following the 2017 audit and his successor retired
following the 2022 audit. Stephen Craig was appointed as the new
lead audit partner for the 2023 audit.
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Safestore Holdings plc | Annual report and financial statements 2024
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Relationship with, and performance of,
theexternal auditor continued
External auditor objectivity, independence and non-audit
work continued
The auditor is asked on an annual basis to articulate the steps that it
has taken to ensure objectivity and independence, including where
the auditor provides non-audit services. As part of the 2024 audit,
Deloitte confirmed that it was independent within the meaning of
applicable regulatory and professional requirements. Taking this
into account and having considered the steps taken by Deloitte to
preserve its independence, the Committee concluded that Deloitte’s
independence had not been compromised, notwithstanding the level
of non-audit fees incurred during the year.
It is standard practice for the external auditor to meet privately with
the Audit Committee, without any member of management or the
Executive Directors being present, at least once a year.
Audit tender
Deloitte was appointed by the Company’s shareholders as the
Group’s statutory auditor in 2014 following a formal tender process.
The lead partner for Deloitte was rotated in 2023. As required by
the Statutory Auditors and Third Country Auditors Regulations 2016
(“SATCAR”), the Company was required to undertake a formal tender
for audit services for its financial year ended 31 October 2024.
At the end of 2023, the Board invited a number of audit firms
toparticipate in a formal tender for the audit and related services
oftheGroup, commencing with the audit for the year ended
31October 2024. Confirmation of intent to participate was received
from KPMG and Deloitte, with other firms declining to participate due
to independence and capacity challenges. The Company undertook
a request for proposals to assist the Audit Committee in making its
recommendation to the Board. The tender process was led by the
Audit Committee with assistance from management. Key personnel
were invited to have a series of management meetings with the
RFPparticipants.
Auditors were invited to submit a final proposal and make a
presentation to the Audit Committee. The proposals were required
tocover the following:
• understanding of the business and industry;
• approach to servicing other geographies;
• understanding of the Company’s overseas geographies, and their
audit approaches;
• strength and experience of their team;
• audit approach;
• quality assurance;
• communication and reporting;
• independence;
• implementation; and
• fees.
The Audit Committee evaluated the proposals carefully against set
criteria and received feedback from management meetings.
The Audit Committee confirms that it has complied with The Statutory
Audit Services for Large Companies Market Investigation (Mandatory
Use of Competitive Tender Processes and Audit Committee
Responsibilities) Order 2024.
Appointment or re-appointment of auditor
Following the successful Audit Tender, the Committee recommended
to the Board that Deloitte LLP be retained as the Company’s auditor
and be put forward for re-appointment by shareholders at the
Company’s Annual General Meeting in 2024. Deloitte LLP received
over 99.55% of the votes in favour of its re-appointment.
In reviewing the effectiveness, independence, objectivity and
expertise of the external auditor in relation to the financial year ended
31 October 2024, the Audit Committee concluded that overall Deloitte
has carried out the audit effectively and recommended to the Board
that the auditor be proposed for re-appointment as external auditor
for 2025.
Resolutions to re-appoint Deloitte as auditor and to authorise the
Directors to agree its remuneration will be put to shareholders at the
Annual General Meeting that will take place on 19 March 2025.
Group’s risk management and internal
control framework
The Board, as a whole, including the Audit Committee members,
considered whether the nature and extent of Safestore’s risk
management framework and risk profile were acceptable in
order to achieve the Company’s strategic objectives. The Board
and Committee were satisfied with the actions being taken by
management to remedy any concerns raised by the internal audit
function and raised through the external audit process. As a result,
the Committee considered that the Board has fulfilled its obligations
under the Code. For more information on risk mitigation activities,
seethe Principal Risks section of the Strategic Report.
Safestore’s internal controls, along with its design and operating
effectiveness, remain a key priority for the Group and are subject to
ongoing monitoring by the Audit Committee through reports received
from management, along with those from the internal audit function
and the external auditor. The Committee, together with management,
has continued to maintain its comprehensive review of the controls
across the business. The Committee is satisfied that the Company’s
control environment remains robust. The risks and uncertainties
facing the Group, and its internal control processes, are considered in
the strategic report on pages 34 to 38 and on page 85.
Internal audit
The Audit Committee has oversight responsibilities for the internal
audit team which is responsible for reviewing operational and financial
controls at Head Office and store level. The Committee has also
reviewed the Group’s risk management framework and its linkage to
the internal audit plan.
I will be available at the Annual General Meeting to answer any
questions on the work of the Audit Committee.
Jane Bentall
Chair of the Audit Committee
15 January 2025
Safestore Holdings plc | Annual report and financial statements 2024
92
Audit Committee report continued

Part A: Annual statement
Dear shareholder
On behalf of the Remuneration Committee (the “Committee”), Iam
pleased to provide an overview of our work in relation to both Director
and wider workforce remuneration for the year ended 31October
2024. FY 2024 has proven to be another busy year for the Committee
with a significant proportion of our time spent determining the
implementation approach for the Policy at our General Meeting in
July 2023. I was delighted to see that it was positively received by
our shareholders, with 90.5% of the votes in favour, and would like
to thank all our shareholders for showing their support at our Annual
General Meeting (“AGM”) held on 13 March 2024.
The key activities undertaken by the Committee during the year were
as follows:
Area Activity
Rebalancing
the CEO’s
remuneration
package
The Committee determined how the CEO’s
package would be rebalanced to align with the
Policy principles that total maximum remuneration
on grant will continue to broadly align with, but
not exceed, the upper quartile of the FTSE 250
for exceptional performance over the life of the
Policy. This will be achieved through a two-step
process in 2024 and 2025 to increase the CEO’s
salary to align with the median of the FTSE 250
and correspondingly reduce the LTIP opportunity.
See below for full details.
Determining the
remuneration
package for
our new CFO
The Committee determined a remuneration
package for the new CFO based on the same
principles applied to the CEO’s package. The
package was designed such that there will be
no need for a phased approach for this role (full
details are set out below).
Target setting
and outcome
determination
The Committee agreed annual bonus targets
for 2024 and reviewed and approved the 2024
LTIP grant and the associated performance
conditions. It also discussed and approved
Executive Director and senior manager
remuneration outcomes for 2024 including
measuring the performance outcomes of the
relative TSR element of the 2021 LTIP award and
the EPS element of the 2022 LTIP award.
2024
salary increases
The Committee approved the 2024 salary
increase for senior managers alongside the wider
workforce salary budget.
Wider
workforce pay
The Committee considered wider workforce
pay policies and practices and feedback from
the workforce panel and approved the grant
of additional share awards for selected key
individuals below Executive level.
Pay gaps The Committee reviewed the gender and
ethnicity pay gap analysis results and signed
off corresponding actions, which included
encouraging our colleagues to disclose their
ethnicity, and addressing any barriers to
them doing so.
Overview of business performance
As set out in this Annual Report, we have delivered a resilient
trading performance in the year, despite a challenging economic
environment, driving revenue growth overall for thefinancial year.
In the UK, we are encouraged by the continued improvements in
domestic customer occupancy with increasingly positive levels of
occupied space vs prior year through the second half of the year.
However, business customer demand, particularly from smaller
business customers, remains softer than in 2023.
We are pleased with the steady performance of our operations
inParis despite challenging economic trading conditions. We have
presented our other countries combined as ‘Expansion Markets’ to
reflect their importance in driving growth forthe Group.
We have continued the successful delivery of new space, adding
386,000 sq ft of MLA (equivalent to 5% of the start of year MLA)
throughout the financial year through new stores and extensions
which are expected to significantly add to Group income as the stores
mature. Furthermore, our development pipeline includes 26 additional
stores with a projected total MLA of 1.3 million sq ft, reflecting 16%
of year-end MLA, providing a clear pathway for further future revenue
growth. This continued performance could not have been possible
without our people, whom we continue to proactively engage with and
develop. This includes significant training, supporting and incentivising
all colleagues to perform to the best of their ability. We recognise
that it is also critical for our colleagues to feel valued as well as to
be paid fairly and we are exceptionally proud that our commitment
to colleagues was recognised externally in 2021 and again in 2024
by the award ofthe prestigious Investors in People (“IIP”) Platinum
accreditation. Wewere also shortlisted for the Platinum Employer of
the Year award.
The Company has delivered a resilient
performance during 2023/24.”
Laure Duhot
Chair of the Remuneration Committee
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Safestore Holdings plc | Annual report and financial statements 2024
93
Directors’ remuneration report
for the year ended 31 October 2024

Part A: Annual statement continued
Overview of business performance continued
The Company continues to increase base salaries for all colleagues
and Board Directors. I am pleased to report that an average UK
workforce increase of 8.6% was provided to colleagues during 2024.
2024 performance metrics
The highlights set out above have translated into a solid year for
Safestore. Our 2024 performance can be summarised as follows:
• Group revenue of £223.4 million;
• opened our 200th store in November 2024;
• Adjusted Diluted EPRA Earnings per Share at 42.3 pence;
• proposed total dividend in respect of the year to 31 October 2024
up 1% to 30.4 pence per share;
• property pipeline at 31 October 2024 of 1.6 million sq ft of MLA;
• Group occupancy at 31 October 2024 stood at 74.6%, and total
occupancy was 6.41 million sq ft;
• continued progress made in relation to sustainability including
reduction of market-based absolute emissions by 10.5%
yearonyear(emissions intensity also below 2024 target);
• achieved EPRA Gold award status; and
• retained the prestigious Investors in People (“IIP”)
Platinumaccreditation.
In addition, £100 invested in Safestore in September 2013, when
the current CEO took over the business, would be worth £828 as at
31October 2024, taking account of share price growth and reinvested
dividends. This represents outperformance against key competitors
and industry benchmarks.
Chief Executive Officer remuneration package rebalance
When designing the Policy, the Committee carried out an extensive
consultation engaging with around 50 of our largest shareholders
as well as investor bodies. The Committee collated the feedback
received, and there was a desire across our shareholder base for the
Company to move to a more conventional remuneration structure
over the medium term, particularly with regard to the split between
base salary and LTIP to deliver upper quartile total remuneration for
exceptional performance.
Therefore, the Committee pledged to move to a conventional
remuneration package over time consisting of a competitive salary,
pension contribution rates in line with the wider workforce, and
incentive award levels (annual bonus and LTIP) within the market
range for the respective role.
As set out in the Notice of Meeting for the 13 March 2024 AGM, last year
the Committee determined that the desired market positioning for the
CEO total maximum remuneration is to be in line with the upper quartile
of the FTSE 250, with a base salary broadly in line with the median of
the FTSE 250. The Committee determined that a two-step rebalancing
process would occur over 2024 and 2025. For 2024, this resulted in
the CEO’s salary being increased to £566,000 from 1 November 2023
and his LTIP award was reduced from 480% of salary to 400% of
salary (equivalent to a 250% of salary Base award with a 1.6x Multiplier
conditional on achieving upper decile relative total shareholder return).
In line with the Committee’s approach to rebalancing the package in
two steps, it determined that the CEO’s package for 2025 should be
as follows:
• salary increased from £566,000 to £665,000 (in line with the FTSE
250 median salary) and applicable from 1 November 2024;
• pension contribution of 4.1% of salary, in line with Policy;
• annual bonus maximum opportunity of 150% of salary, in line with
Policy; and
• LTIP award will be reduced from 400% of salary to 350% of salary
(equivalent to a 218.75% of salary Base award with a 1.6x Multiplier
conditional on achieving upper decile relative total shareholder
return). Performance targets will be set in line with our Board
approved business plan and outlook reflecting both the economic
landscape and the significant increase in our development pipeline
which will dilute EPS growth over the next couple of years but will
create significant value for shareholders over the longer term.
This gives a total maximum remuneration opportunity at grant
of £4.02 million, which is aligned with the Committee’s desired
positioning of the FTSE 250 upper quartile. The Committee notes that,
to achieve full vesting under the 2025 LTIP award, the Company must
be in the upper decile of the FTSE 250 (excluding Investment Trusts)
in terms of TSR performance to allow for the full impact of the 1.6x
Multiplier, such that exceptional performance is required.
Chief Financial Officer change
Andy Jones – outgoing CFO
Andy Jones stepped down from the role of Chief Financial Officer and
was replaced by Simon Clinton on 22 April 2024.
As set out in last year’s remuneration report, given that Andy
continued in his role until the transition to Simon was complete, the
Remuneration Committee determined that it was appropriate to grant
him a 2024 LTIP award to cover this period. In line with his 2023
award, the 2024 LTIP award granted was 344% of salary (equivalent
to a 215% Base award with a 1.6x Multiplier conditional on achieving
upper decile relative total shareholder return). On the basis that Andy
retired, in line with Policy, he was treated as a good leaver as follows
(see payments for loss of office section for further details):
• salary, pension and benefits; and
• unvested LTIP awards will be pro-rated for time, with performance
testing and vesting occurring on their normal dates.
Simon Clinton – incoming CFO
As set out in the Notice of Meeting for the 13 March 2024 AGM,
on the recruitment of a new CFO, the Committee provided a
remuneration package based on the same principles applied to the
CEO package. This means that there will be no need for a phased
approach for this role. As such, Simon Clinton’s package is as follows:
• salary at £425,000;
• pension contribution of 4.1% of salary;
• annual bonus maximum opportunity of 150% of salary; and
• LTIP opportunity of 250% of salary (equivalent to a 156.25% of
salary Base award with a 1.6x Multiplier conditional on achieving
upper decile relative total shareholder return). On this basis, Simon
was granted a 2024 LTIP award on 13 March 2024 prior to joining
the main Board.
Implementation of Policy for 2025
We set out above how the Remuneration Policy will be implemented in
2025 for the CEO and CFO, noting that the Committee will determine
the salary increase for the CFO when it considers the increases for
the wider workforce which will take effect from 1 May 2025.
In terms of incentive targets, the annual bonus will continue to be
based two-thirds on adjusted EBITDA (excluding all leasehold rent
charges and adjusted for budgeted exchange rates) and one-
third on strategic/operational measures. Targets will be disclosed
retrospectively as the Committee determines targets to be
commercially sensitive.
Safestore Holdings plc | Annual report and financial statements 2024
94
Directors’ remuneration report continued
for the year ended 31 October 2024

The LTIP Base award will continue to be weighted 65% on EPS
growth, 25% on strategic objectives which will remain focused on
the aggregate net increase in Maximum Lettable Area (“MLA”), and
10% on ESG. The EPS targets will be 2% p.a. growth for threshold
vesting (20% of maximum) and 6% p.a. growth for maximum vesting,
the same as for the 2024 award. In determining this target range, the
Committee considered: Safestore’s three- year financial plan and
market forecasts; the challenging economic climate; the Company’s
strategic goals and priorities, planned investments and the expanded
development pipeline that will dilute EPS growth in the next couple of
years; and previous years’ results.
Given the Board considers the MLA targets to be commercially
sensitive, they will be disclosed retrospectively. The ESG measure will
continue to be split equally between EPC ratings of developments and
refurbishments at A or B and reduction in greenhouse gas emissions
intensity, with increased stretch under the GHG emissions reduction
target versus 2024. Full details are set out on page 99.
The LTIP remains subject to a performance Multiplier whereby
the Base award vesting can be increased by up to a maximum of
1.6 times for FTSE 250 (ex. Investment Trusts) upper decile TSR
performance and a performance modifier whereby vesting will be
reduced by one-third if Safestore’s TSR is either below the median
TSR of the FTSE 350 Supersector Real Estate Index or negative.
Remuneration outcomes for 2024
Annual bonus outcome
Targets for the 2024 annual bonus set by the Committee were based
two-thirds on adjusted EBITDA (excluding all leasehold rent charges
and adjusted for budgeted exchange rates) and one-third on strategic/
operational measures with a maximum opportunity of 150% of
salary. The Committee confirms that no performance target has been
adjusted in the year for any reason.
Given the tough operating environment and the challenging targets
set by the Committee, the Company missed the adjusted EBITDA
(adjusted for budgeted exchange rates) threshold level of performance
(£136.1 million versus threshold of £143 million). On the basis that
the threshold performance level under the EBITDA measure was
not achieved, under the Policy, no payout can be made under
the strategic/operational measures, such that the Remuneration
Committee was not formally required to test achievement under this
element for 2024. However, in line with our commitment to provide
transparency in relation to the strategic/operational bonus element,
we have set out a summary of these measures and their achievement
for 2024 in the annual report on remuneration.
On this basis, the formulaic outcome for the 2024 Executive Director
bonus is nil. Despite there being nil annual bonus for the year,
the Committee acknowledged the management team’s excellent
performance, particularly in relation to the strategic progress made
during the year which will create long term value for our shareholders.
However, the Committee determined that it should not exercise its
discretion to adjust the formulaic bonus outturn as it was aligned
withthe shareholder experience over 2024.
Long Term Incentive Plans
2022 LTIP – EPS and relative TSR element
performancemeasurement
The performance period of the EPS element of the 2022 LTIP ended
on 31 October 2024; EPS performance accounts for two-thirds of the
award. On that basis, the Committee measured the Company’s EPS
growth and Cash on Cash Return in relation to the underpin over the
three-year performance period. Adjusted Diluted EPRA EPS increased
by 1.5% p.a., which is below the 5% p.a. growth required for threshold
vesting resulting in 0% of the awards being earned under the EPS
element. For completeness, the average Cash on Cash Return over
the same period was 10.8% which exceeded the 8% underpin target.
The final vesting level for the 2022 LTIP will not be determined by the
Committee until the vesting date of 25 January 2025, with the balance
of awards subject to the Company’s relative TSR performance
measured over the three-year period ending on 24 January 2025. As
at 31 October 2024, Safestore’s TSR is below the median TSR of both
the FTSE 250 excluding the Investment Trusts Index and the FTSE
350 Supersector Real Estate Index, which would result in nil vesting.
Therefore, the Committee confirms that, based on performance to
date, there is expected to be nil vesting under the 2022 LTIP awards
and it will consider whether the formulaic outcome is in line with
underlying Company performance at the vesting date. If at the vesting
date, a portion of the award is due to vest, the Committee will also
review the outcome at the vesting date in the context of the share
price at grant to ensure no windfall gains have occurred.
This expectation of nil vesting under the 2022 LTIP awards has been
included in the single figure of remuneration table for 2024 on the
basis that the relative TSR performance period has been substantially
completed.
2021 LTIP – vesting outcome
As reported in the 2023 remuneration report, the EPS element of
the 2021 LTIP, representing two-thirds of the awards, was earned in
full as at 31 October 2023. The balance of the awards was subject
to a relative TSR measure with a three-year performance period
ending on 27 January 2024. On the basis that Safestore’s TSR was
between the median and upper quartile of the FTSE 250 excluding
the Investment Trusts Index and above the upper quartile of the FTSE
350 Supersector Real Estate Index peer groups, the formulaic vesting
outcome for this element was 80.4%.
The Committee determined that the formulaic vesting outcome was
aligned with the Company’s underlying performance. The Committee
also debated whether any windfall gains had been received as a
result of the 2021 LTIP vesting and determined that no such gains had
occurred and therefore no adjustment was required.
Therefore, in line with the formulaic outcome, 93.5% of the 2021 LTIP
awards vested on 28 January 2024. The Executive Directors’ awards
are subject to a two-year post-vesting holding period.
Deferred annual bonus
Restricted shares granted in respect of the annual bonus earned in
the year to 31 October 2021 were subject to a holding period of two
years which ended on 1 November 2023. The number of restricted
shares granted to Frederic Vecchioli and Andy Jones was 9,362 and
6,671 respectively.
2024 LTIP grant
The award levels granted to the Executive Directors were as set
out above.
The awards will vest after three years subject to the achievement of
financial and non-financial performance measures: Adjusted Diluted
EPRA EPS growth (65% weighting), aggregate net increase in MLA
(25% weighting), and ESG targets (EPC ratings of developments and
refurbishments at A or B and reduction in greenhouse gas emissions
intensity with a total of 10% weighting split equally between the
two measures). The Base awards are combined with a relative TSR
Multiplier, and an absolute and relative TSR performance modifier. The
awards will also be subject to a two-year post-vesting holding period.
The Committee will have overriding discretion to change the formulaic
outcome (both downwards and upwards) if it is out of line with
the underlying performance of the Company. This will include an
assessment at vest as to whether any windfall gains have occurred.
Full details of the performance conditions attached to the awards can
be found in the annual report on remuneration on page 114.
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Safestore Holdings plc | Annual report and financial statements 2024
95

Part A: Annual statement continued
Remuneration outcomes for 2024 continued
Non-Executive Directors’ fees
The Executive Directors recommended to the Board that Non-Executive
Director and Chairman fees should rise by 5% from 1 May 2024 which
is lower than the UK average workforce increase rate of 8.6%. As
such, Non-Executive Director base fees have increased to £64,198,
Committee Chair fees have increased to £12,037, and the Chairman’s
fee has increased to £244,860.
Wider workforce pay
Safestore’s pay principles were reviewed during the year and
continue to set out a framework for making decisions on colleagues’
pay. Reward packages follow a pay-for-skills model and consist of
a combination of fixed and variable elements, including base pay,
performance related pay, annual bonus, pension and benefits. In
the UK, we also operate an annual all-colleague share plan to foster
the culture of ownership, reflecting our remuneration principles by
rewarding colleagues for the successful execution of strategy over
a multi-year horizon. We are delighted that many UK colleagues are
enrolled in our Sharesave scheme, with 33% participating across all
schemes. Participation in the LTIP has also continued to expand with
78 employees across seven countries being granted awards during
the year. In addition, to recognise the efforts of key talent in executing
the business’ key strategic objectives, the Committee determined
that a similar number of below Executive-level individuals should be
granted additional performance-based share awards during the year.
The Committee receives remuneration information from across the
Group regarding annual salary reviews, bonus, gender and ethnicity
pay gaps and CEO pay ratios, together with the principles that are
applied in relation to broader incentive schemes, and how these align
with culture. We recognise that it is critical for our colleagues to feel
valued as well as to be paid fairly.
Our approach to colleague engagement through our formal workforce
advisory panel is now fully embedded. Our 15 People Champions
continue to engage directly with the CEO on a wide range of subjects
including remuneration. In addition, the CEO also ran two virtual town
hall sessions where colleagues had the opportunity to raise questions,
discuss business issues and provide feedback. Please see the
section on our communication with colleagues for more information.
I am exceptionally proud that our commitment to colleagues was
recognised externally in 2021 and again in 2024 by the award of the
prestigious Investors in People (“IIP”) Platinum accreditation. We were
also shortlisted for the Platinum Employer of the Year award, and we
continue to strive for excellence in this area.
Since our last Diversity Pay Gap Report, we have focused on
encouraging colleagues to disclose their ethnicity and addressing
any barriers to doing so. This has resulted in an increased disclosure
rate of 85% (versus 69% last year). Our median ethnicity pay gap is
close to zero, at 0.2%. We are aware that we have less disclosure of
ethnicity in our upper pay quartiles so we will continue to encourage
our colleagues to disclose their data to improve the accuracy of our
reporting, as well as taking action to drive change. Based on current
disclosure rates 31% of our UK workforce is from an ethnically diverse
background. Our median gender pay gap of 6.5% is well below the
national gender pay gap of 14.3%
1
. We currently have more men than
women in senior leadership positions that attract higher levels of
pay; therefore, this contributes to our gender pay gap. We also know
that women are underrepresented in some industries from which we
recruit, such as property and construction. Building a diverse and
inclusive workplace is a top priority for us. Our Equality, Diversity, and
Inclusion Strategy is about embedding and continuing the important
work we’ve already done to enable all our colleagues to feel confident
to bring their full unique selves to work.
We have also published our CEO pay ratio for the sixth time in line
with the reporting regulations and the Committee notes that it is lower
than in 2023 given that the 2022 LTIP is unlikely to vest.
Notes:
1 Gender pay gap in the UK: 2023, ONS.gov.uk.
Planned activities for 2025
We set out below the activities which the Committee expects to
undertake next year:
• implement the final stage in rebalancing the CEO’s remuneration
package to be in line with a more conventional remuneration
structure as per the approved Policy;
• review the current Remuneration Policy, develop a new Policy,
engage with investors and representative bodies on the
proposals and refine as appropriate for shareholder approval at
the 2026 AGM;
• continue the normal oversight of the annual remuneration cycle
including approving Company-wide salary increases, approving
the annual bonus and LTIP performance measures, weightings and
targets, measuring performance against the bonus targets and
determining the vesting outcomes of the relative TSR element of
the 2022 LTIP award and the EPS, MLA, and ESG elements of the
2023 LTIP award; and
• review of wider workforce pay policies and practices and feedback
from the workforce panel.
Summary
Overall, the Company delivered a resilient performance during
2023/24; however, it unfortunately missed its bonus targets.
Although somewhat disappointing, the Committee believes that the
2024 remuneration outcomes are appropriate and reflective of the
shareholder experience.
We will be asking shareholders to vote in favour of our Directors’
remuneration report at the 2025 AGM; I would welcome any feedback
or comments on this report and look forward to receiving any written
questions ahead of the meeting. You will find details of the conference
facility and how to submit written questions on our website at
www.safestore.co.uk/corporate.
We will continue to engage with shareholders and their representative
bodies on remuneration and other governance matters and thank all
our shareholders for their continued support on remuneration.
Finally, I want to recognise that the Company’s performance
would not be possible without the excellence demonstrated by
our colleagues. To all colleagues – thank you for your hard work
and commitment to making Safestore the robust business it
remains today.
Approved by the Board on 15 January 2025 and signed on its
behalf by:
Laure Duhot
Chair of the Remuneration Committee
15 January 2025
Safestore Holdings plc | Annual report and financial statements 2024
96
Directors’ remuneration report continued
for the year ended 31 October 2024

Part B: Our remuneration at a glance
Ahead of the annual report on remuneration, we have summarised below the key elements of our current Policy approved at the GM
held on 12 July 2023 along with a summary of how we intend to implement the Policy in 2025. We also summarise the key remuneration
outcomes for 2024.
Our full Policy can be found on the Safestore website at www.safestore.co.uk.
Summary of our Directors’ Remuneration Policy and planned implementation of Policy for 2025
Element Key features of Policy approved at 2023 AGM Implementation for 2025
Executive Directors Frederic Vecchioli Simon Clinton
Base salary Reflects an individual’s responsibilities, experience and role.
Salary increases will normally be applied annually over the life
of the Policy, which for the avoidance of doubt may be higher
than the average workforce rate. This is to rebase fixed pay to
a more market-competitive position allowing a corresponding
reduction in LTIP award levels to achieve a more ‘normalised
remuneration structure’.
Base salary of £665,000.
(17.5% increase from
1November 2024).
Base salary of £425,000.
(2025 increase to be
determined and to apply
from 1 May 2025).
The average increase for the UK workforce for 2024
was8.6%.
Benefits and
pension
All Executive Directors will receive the average employer
pension contribution rate received by the workforce (currently
4.1% of salary).
Market-competitive benefits package provided.
The Committee would expect to be able to provide other
benefits where appropriate and to adopt benefits such as
relocation expenses, tax equalisation and support in meeting
specific costs incurred by Executive Directors to ensure the
Company and the individuals comply with their obligations in
the reporting of remuneration.
Executive Directors will receive a pension contribution/
cash supplement of 4.1% of salary in line with the
average workforce contribution rate.
Benefits in line with the Policy.
Annual bonus Maximum award equal to 150% of salary per annum.
Performance measures are two-thirds financial and one-third
non-financial, with a financial underpin ensuring no payout for
the strategic/operational element if financial performance is
below threshold.
Payout for threshold performance is 20% of maximum and for
target performance is 50% of maximum.
Any bonus in excess of 100% of salary will be held in shares
(referred to hereinafter as restricted shares) on a net of tax
basis, via an agreement with the Executive, until the end of
the two-year period following the financial year in which the
bonus is earned.
For bonus paid in cash, malus applies in the year the bonus
is earned and claw-back operates for three years thereafter.
For restricted shares, malus applies until the end of the two-
year period following the financial year in which the bonus is
earned, and claw-back operates for three years thereafter.
Dividends are payable on restricted shares.
The Committee will continue to have overriding discretion to
change formulaic outcomes (both downwards and upwards)
if they are out of line with underlying performance of the
Company. In addition, the Committee has the discretion to
adjust targets or performance measures for any exceptional
events that may occur during the year.
Maximum opportunity of 150% of salary.
The annual bonus for 2025 will be based on two-thirds
EBITDA (excludes all leasehold rent charges and non-
recurring items) and one-third strategic/operational
measures. There will be no payout under non-financial
measures if threshold performance under the financial
measure is not met.
The Board deems the annual bonus targets to be
commercially sensitive. Full details of the 2025 targets
and their achievement will be disclosed retrospectively
in the 2025 Directors’ remuneration report. All other
elements of 2025 annual bonus operation will be in line
with the Policy.
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
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97

Element Key features of Policy approved at 2023 AGM Implementation for 2025
Executive Directors continued Frederic Vecchioli Simon Clinton
LTIP LTIP award of nil-cost options over shares on an annual
basis with a three-year vesting and two-year holding period.
Dividend equivalents will be paid on vested shares.
The maximum annual Base award will be up to 300% of
salary for the CEO and 215% of salary for the CFO/other
Executive Directors.
The performance measures, weightings and targets for the
Base award will be set each year by the Committee based
on a combination of financial and non-financial measures.
Financial measures will not account for less than 65% of the
LTIP opportunity.
The vesting schedule will be such that for the financial
measures, 20% of awards will vest for threshold performance
and 0% of awards will vest for threshold performance for the
non-financial measures.
Vesting of the Base awards can be increased by up to 1.6x
such that the overall maximum award will be up to 480% and
344% of salary for CEO and CFO/other Executive Directors
respectively.
Total LTIP award levels will be reduced annually during the
Policy period.
Malus applies up to the vesting date and claw-back applies
during the two-year holding period.
The Committee will have overriding discretion to change
formulaic outcomes of the LTIP awards (both downwards and
upwards) if they are out of line with underlying performance
of the Company. In addition, the Committee has the
discretion to adjust targets or performance measures for any
exceptional events that may occur during the year.
As set out in the Committee Chair’s statement, the CEO’s
award will be reduced from 400% to 350% of salary
(equivalent to a 218.75% of salary Base award with a
1.6xMultiplier).
The CFO’s award will be 250% of salary (equivalent to a
156.25% of salary Base award with a 1.6x Multiplier).
Performance measures and targets are set out in the
following table.
Shareholding
guidelines
In-employment guidelines are 600% and 450% of salary for the
CEO and CFO/other Executive Directors respectively.
Post-employment guideline is 350% of salary on cessation for
two years (or their actual shareholding on cessation if lower
than 350% of salary). This excludes shares owned pre-18
March 2020 and awards vesting from the 2017 LTIP.
Will operate as per Policy.
Chairman and Non-Executive Directors
Fees Non-Executive Directors may receive a base fee and
additional fees for chairing a Committee or being the Senior
Independent Director.
The Chairman’s fee: £244,860.
Non-Executive base fee: £64,198.
Committee Chair and SID fee: £12,037.
Non-Executive Director and Chairman fees were
increased by 5% from 1 May 2024, lower than the UK
average workforce increase rate of 8.6%.
2025 increase to be determined and to apply from
1May2025.
Part B: Our remuneration at a glance continued
Summary of our Directors’ Remuneration Policy and planned implementation of Policy for
2025continued
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98
Directors’ remuneration report continued
for the year ended 31 October 2024

2025 LTIP performance measures and targets
The table below sets out the details of the performance measures and targets chosen in respect of the LTIP awards for the financial year ending
31 October 2025, which continue to adhere to the Policy principle of upper quartile pay for upper decile performance:
2025 performance
measures
2025 performance targets How targets are set
Base award:
• 65% Adjusted Diluted
EPRA EPS growth.
• 25% strategic/
operational measures.
• 10% ESG measures.
Multiplier:
• Relative TSR vs
FTSE 250 (excluding
Investment Trusts)
Index companies.
Performance modifier:
• The awards are
underpinned by a
performance modifier
whereby the number
of LTIP awards vesting
will be reduced by
one-third, if Safestore’s
TSR over the three-
year performance
period is either below
the median TSR of the
FTSE 350 Supersector
Real Estate Index or
negative.
EPS targets:
For 2025:
• Threshold (20% vesting) = 2% p.a. growth.
• Maximum (100% vesting) = 6% p.a. growth.
Straight-line vesting in between performance levels.
Strategic/operational targets:
For 2025, the measure will be the aggregate net increase
in Maximum Lettable Area (“MLA”) over the three financial
years ending 31 October 2027.
• Threshold net increase (0% vesting).
• Target net increase (50% vesting).
• Maximum net increase (100% vesting).
Straight-line vesting in between performance levels.
Given the Board considers the targets set to be
commercially sensitive, they will be disclosed retrospectively.
ESG targets:
The measures for 2025 remain the same as for 2024 and
2023 with increased stretch under the GHG emissions
reduction target:
1. EPC ratings of developments and refurbishments at A or B:
• Threshold (0% vesting): 95% of developments
andrefurbishments.
• Target (50% vesting): 98% of developments
andrefurbishments.
• Maximum (100% vesting): 100% of developments
andrefurbishments.
2. Reduction in greenhouse gas emissions intensity:
• Threshold (0% vesting): reduction to 0.80 kg CO
2
/m².
• Target (50% vesting): reduction to 0.775 kg CO
2
/m².
• Maximum (100% vesting): reduction to 0.75 kg CO
2
/m².
The Committee has discretion to deal with acquisitions as
appropriate. For example, acquisitions could be excluded
from the performance assessment, or the target could be
reset in line with those published in future annual reports.
Straight-line vesting in between ESG performance levels.
Multiplier:
For 2025, if TSR performance is above the upper quartile of
the FTSE 250 (excluding Investment Trusts) then the Base
award vesting can be increased by up to a maximum of 1.6
times for upper decile performance as follows:
• Below or equal to upper quartile: Base award vesting
multiplied by 1 times (no increase to Base award).
• Upper decile or above: Base award vesting increased by
1.6 times.
Straight-line increase in Multiplier vesting between upper
quartile and upper decile relative TSR performance.
Performance modifier:
As set out in the left hand column.
EPS targets:
For the 2025 award, the EPS target range (2%–6%p.a.)
remains the same as for the 2024 award. In determining
this target range, the Committee considered:
Safestore’s three-year financial plan and market
forecasts; the challenging economic climate; the
Company’s strategic goals and priorities, planned
investments and the expanded development pipeline
that will dilute EPS growth in the next couple of years;
and previous years’ results.
Targets are designed to be challenging yet achievable
in order to effectively motivate management and align
with the Company’s strategic goal of providing long
term growth for shareholders.
Strategic/operational targets:
For 2025, the Board determined that the most suitable
measure to support and incentivise growth remains the
net increase in MLA.
The Committee is able to confirm that the targets
have been approved at levels similar to prior year, to
maintain a sustained level of development activity,
within our balance sheet capacity.
ESG targets:
2025 targets have been set in line with Safestore’s
publicly disclosed ESG strategy which is to reduce the
carbon intensity of its operational portfolio over time,
working towards operational net zero according to the
market-based method of the GHG Protocol by 2035.
Emissions targets cover Scope 1, Scope 2 (market
based) and selected Scope 3 categories relevant to
store operations.
The 2025 targets are more stretching than 2024 to
align with our ESG strategic milestones.
Multiplier:
The Multiplier mechanism, where the maximum 1.6x
Multiplier only applies if the Company delivers upper
decile total returns to shareholders relative to the
FTSE 250 universe (excluding Investment Trusts),
ensures that maximum LTIP award is only earned for
exceptional performance.
Legacy awards
The Company will honour any remuneration related commitments to current and former Executive Directors and Non-Executive Directors
(including the exercise of any discretions available in relation to such commitments) where the terms were agreed and/or commitments made
in accordance with any previous Remuneration Policy of the Company. Such payments or awards will be set out in the annual report on
remuneration in the relevant year. For the avoidance of doubt, it is noted that Executive Directors are eligible to receive payment under any
award made prior to the approval and implementation of the current Policy approved by shareholders at the 12 July 2023 GM.
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
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99

Part B: Our remuneration at a glance continued
Business performance and incentive outcomes in 2024
2024 annual bonus
KPI 2024 performance
2024 incentive outcome
(% of maximum)
Underlying EBITDA in 2024 Down 4.8% to £135.4 million.
Optimisation of performance
ofexisting portfolio
As an Investors in People Platinum accredited organisation, our focus on our colleagues
and culture has enabled us to continue to deliver sustainable business performance.
Our commitment to colleagues was recognised externally again in 2024 by the
award of the prestigious Investors in People (“IIP”) Platinum accreditation.
Other highlights include:
• the time spent on training across the business was over 30,000 hours;
• completed design and build of next generation website, currently in pre-launch
testing;
• improved data-driven insights and analytics, to assist with commercial
decisionmaking; and
• deployed a multi-lingual internal communications solution across the Group.
Strong and flexible capital
structure
The Company’s strong capital structure continued to allow it to take advantage of
opportunities across the Group in order to deliver incremental earnings growth over
the longer term.
Highlights included:
• on 30 April 2024, the Group completed the financing of its RCF accordion
option for £100 million. This increased the facility to £500 million. The Group also
exercised the second one-year extension in October 2024 with the agreement
scheduled to expire in November 2028;
• new US Private Placement (“USPP”) of EUR €70 million drawing down on
3December 2024 and due to be repaid in December 2032;
• the increased RCF and the new USPP allow us to continue to consider strategic,
value-accretive investments as and when they arise;
• Group leverage was below the Group’s strategic targeted level of an LTV ratio
between 30 and 40% (25.1% for 2024); and
• the full year dividend for the year ended 31 October 2024 increased by 1%
demonstrating a continued progressive dividend policy.
Take advantage of selective
portfolio management and
expansion opportunities
Acquired new development opportunities in the UK, Spain and France, in addition to
opening new stores and completing store extensions in various locations.
We have a total pipeline of 31 developments and extensions opening in FY 2025
and beyond which is expected to add a total of 1.6 million sq ft, representing 19% of
portfolio MLA as at October 2024.
ESG Continued external recognition of ESG achievements and disclosures through the
following:
• a first EPRA Sustainability BPR Gold Award;
• GRESB Public Disclosure A; and
• MSCI ESG ‘AA’.
2021 LTIP
KPI Performance
Incentive outcome
(%ofmaximum)
TSR growth over three years to
27 January 2024
Safestore = 9.1%.
Median of:
• FTSE 250 Index excluding Investment Trusts = -2.8%; and
• FTSE 350 Supersector Real Estate Index = -3.8%.
Key:
Threshold or below Threshold to target Target to maximum
Safestore Holdings plc | Annual report and financial statements 2024
100
Directors’ remuneration report continued
for the year ended 31 October 2024

The incentive outcome for the 2021 LTIP award is reported as in respect of the year ended 31 October 2023 for the purposes of the single
figure of remuneration but is shown here for completeness as the TSR performance period of the award was not complete at the time of
drafting last year’s report.
When combined with the full vesting of the Adjusted Diluted EPRA Earnings per Share growth measure and the achievement of the Cash on
Cash Return underpin, as reported last year, the overall vesting outcome was 93.5%.
2022 LTIP
KPI Performance
Incentive outcome
(%ofmaximum)
Adjusted Diluted EPRA Earnings per Share growth over
three years to 31 October 2024
• 4.5%, i.e. 1.5% per annum.
When combined with the expected 0% vesting of the TSR element of the 2022 LTIP, the overall vesting outcome is expected to be 0%.
For completeness, the average Cash on Cash Return for the 2022 LTIP was 10.8% which exceeded the 8% underpin target.
The Committee is comfortable that the Policy operated as intended and that the overall 2024 remuneration earned by the Executive Directors
was appropriate.
Remuneration in the wider context
Context to our Executive Director remuneration in light of wider workforce considerations:
• The wider workforce predominantly has access to competitive bonus arrangements, can participate in all-colleague share plans and/or
recognition schemes and is eligible to be auto-enrolled into the Safestore Group Personal Pension Plan.
• The wider workforce pay principles have been reviewed, leading to further increases in salaries and benefits, including an average UK
workforce salary increase of 8.6% during the year.
• Continued alignment of Executive Director and general workforce pension contributions.
• Participation in our Sharesave scheme remained well above typical levels at 33%.
• Participation in the LTIP has also continued to expand with 78 employees across seven countries being granted awards during the year.
Torecognise the efforts of key talent in executing the business’ key strategic objectives, a similar number of below Executive-level individuals
weregranted additional performance-based share awards during the year.
• Safestore’s 2023 UK median gender pay gap is 6.5% and 2023 median ethnicity pay gap is 0.2%.
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
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101

Part C: Annual report on remuneration
The 2024 annual report on remuneration contains the details of how the Company’s Policy was implemented during the financial year ended
31 October 2024. An advisory resolution to approve this report and the Remuneration Committee Chair’s annual statement will be put to
shareholders at the 2025 AGM.
Pay fairness
To attract and retain the highest calibre individuals, we aspire to become the employer of choice within our sector, maintaining a competitive
reward package that balances fairness to the colleague with the responsible use of shareholders’ funds.
We review our pay principles, which set out a framework for making decisions on colleagues’ pay, annually. The aim is to:
• support the recruitment and retention of high quality colleagues;
• enable us to recognise and reward colleagues appropriately for their contribution;
• help to ensure that decisions on pay are managed in a fair, just and transparent way; and
• create a direct alignment between Company culture and our reward strategy.
As part of our commitment to fairness, we have set out further information about our colleague offering. The various factors which make up our
colleague value proposition are set out below:
Pay and benefits
• We pay all our colleagues above the over-21 National Living Wage
rate, regardless of their age. The average annual salary for our
store sales colleagues is £27,352, over £3,555 above the current
National Living Wage for an over-21 year old on a 40-hour contract.
• All our sales colleagues are eligible for our performance-based
monthly bonus scheme and can earn up to 50% of their monthly
salary. Our Head Office colleagues are eligible to receive a
discretionary annual bonus, which is calculated against business
targets and objectives.
• Colleagues can join our Sharesave scheme on an annual basis
for a fixed three-year term. Membership across our Sharesave
schemes is 33% of the eligible population.
• Under the 2024 LTIP, 78 key colleagues were invited to participate,
allowing them to share in the success of the Company. The
performance conditions for below Board-level colleagues are the
same as those for the Executive Directors.
• To recognise the efforts of key talent in executing the business’
key strategic objectives, a similar number of below Executive-level
individuals were granted additional performance-based share awards
during theyear.
• All eligible colleagues are auto-enrolled into the Safestore Group
Personal Pension Plan provided through Aviva with a minimum
employer contribution rate of 4% of salary.
• Additional benefits include private healthcare cover, healthcare cash
plan, discounted gym membership, life insurance from day one of
employment, paid holiday allocation and a Cycle to Work scheme.
Working environment
• Our leadership teams have created an environment where our
managers and leaders are provided with the skills, tools and,
crucially, time to dedicate to their teams. This has been achieved
through maintaining good colleague-to-manager ratios.
• Our ‘Make the Difference’ people forum, launched in 2018,
is a formal workforce advisory panel which enables frequent
opportunities for us to hear and respond to our colleague voice.
We drive change and continuous improvement in responding to
the feedback we receive, via our internal communications channels
and through our network of People Champions.
• We have a comprehensive Colleague Assistance programme
where our teams can find guidance on coping strategies. They can
speak to a professional who is ready to support and guide them
through any concerns they have; in addition, for those who need it,
they can access up to five counselling sessions.
• We support a healthy work–life balance through offering a Company
sick pay scheme and encouraging all team members to take their
rest breaks. We welcome and consider all requests for flexible
working and at-home working, where appropriate.
• We know our people as individuals, and show respect for each other,
enabling everyone to have a voice so that they can bring their full,
unique selves to work.
• We are committed to providing an inclusive workplace and
encouraging and welcoming diversity with zero tolerance of
harassment and discrimination. More detail can be found in our
People Principles document online.
• Our strong wellbeing foundation has enabled us to develop a
strategy setting out our approach to further support diversity and
inclusion at Safestore.
Development opportunities
• We have built an environment where it’s natural for us to give
regular, honest feedback and to coach in the moment. We go
beyond mandatory training to promote life-enhancing learning
where everyone can continually evolve.
• In 2024, we invested over 30,000 hours into developing our people.
From online learning modules to face-to-face sales training, every
one of our colleagues can take part in structured learning.
• We offer health and safety training including first aid, forklift and
fire safety.
• Our Store Manager Development programmes offer the opportunity
to gain a nationally recognised qualification from either the Institute
of Leadership & Management (“ILM”) or the Chartered Management
Institute (“CMI”) utilising the Apprenticeship Levy.
• Our Senior Leadership Development programme ‘LEAD Academy’
supports a Level 5 Management and Leadership apprenticeship.
• Furthermore, our Graduate programme provides an opportunity for
newly qualified graduates to build their skill set and experience into a
career with Safestore.
Safestore Holdings plc | Annual report and financial statements 2024
102
Directors’ remuneration report continued
for the year ended 31 October 2024

Recognition
• We recognise great performance and behaviours through our
annual appraisal process.
• Our values, created by our store teams, are at the heart of
everything the organisation does.
• The values are accompanied by a set of behaviours and everyone
is assessed against these every six months.
• Our annual pay review/bonus schemes are based on individual
performance ratings.
• We also reward our sales consultants for completion of training
modules through a pay-for-skills approach.
Informing the Committee on the wider workforce
To build the Remuneration Committee’s understanding of reward arrangements applicable to the wider workforce, the Committee is provided
with data on the remuneration structure for management level tiers below the Executive Directors and pay outcomes for these roles, as well
as comparable benchmarking information. The Committee also reviews feedback from the formal workforce advisory panel, in addition to
the Investors in People survey, which provides further context in relation to pay and conditions throughout the organisation and supports the
Committee in making decisions on future pay outcomes in line with the Policy. The Committee uses this information to ensure consistency and
fairness of approach throughout the Company in relation to remuneration.
Alignment with Provision 40 of the Corporate Governance Code and Company strategy
The table below sets out how the current Policy addresses the factors in Provision 40 of the Corporate Governance Code, the objective
ofwhich is to ensure that the remuneration arrangements operated by the Company are aligned to all stakeholder interests including those
ofshareholders.
Factor How this was addressed in the Remuneration Policy
Clarity
Remuneration arrangements should be transparent and promote
effective engagement with shareholders and the workforce.
This is addressed through our commitment to full transparency and
engagement with our shareholders in relation to the Policy.
The Company engages directly with the broader colleague population on
their remuneration through a variety of methods including the workforce
advisory panel and town hall events led by the CEO.
Simplicity
Remuneration structures should avoid complexity and their rationale
and operation should be easy to understand.
Taking on board shareholder feedback, we designed a new LTIP for our
2023 Policy which is well understood by shareholders who inputted on
its construct throughout the extensive shareholder consultation process.
Risk
Remuneration arrangements should ensure reputational and other
risks from excessive rewards, and behavioural risks that can arise from
target-based incentive plans, are identified and mitigated.
Identified risks have been mitigated as follows:
• deferring an element of bonus into shares and requiring a two-
year holding period for LTIP share awards helps ensure that
the performance related awards are sustainable and thereby
discourages short term behaviours;
• aligning any reward to the agreed strategy of the Company;
• reducing the awards or cancelling them through malus and claw-
back provisions if the behaviours giving rise to the awards are
inappropriate; and
• reducing annual bonus or LTIP awards or cancelling them, if it
appears that the criteria on which the awards were based do not
reflect the underlying performance of the Company.
Predictability
The extent of the value of individual Directors’ reward, and any other
limits or discretions, should be identified and explained at the time of
approving the Policy.
The Remuneration Policy in the 2023 Notice of General Meeting sets out
the potential remuneration available in several performance scenarios.
The Committee is comfortable that the discretions available to it as set
out in the current Policy are sufficient.
Proportionality
The link between individual awards, the delivery of strategy and the
long term performance of the Company should be clear. Outcomes
should not reward poor performance.
One of the key strengths of the current approach of the Company to
remuneration is the direct link between strategy and the value received
by Executive Directors.
Please see the schematic below which sets out in detail the link between
Company strategy and the performance measures in the current
incentive arrangements.
Alignment to culture
Incentive schemes should drive behaviours consistent with Company
purpose, values and strategy.
The LTIP rewards long term sustainable performance which is a key
tenet of the Company’s strategy, purpose and values as set out in our
sustainability report on page 42.
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
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Part C: Annual report on remuneration continued
Pay fairness continued
Alignment with Provision 40 of the Corporate Governance Code and Company strategy continued
In line with the proportionality factor from Provision 40 of the Corporate Governance Code set out above, the Committee designed the incentive
arrangements such that they were closely aligned with Company strategy as set out in the schematic below:
LTIP
Optimising the trading
performance of existing portfolio
Maintaining a strong and
flexiblecapital structure
Selective portfolio management
and expansion opportunities
What does success look like?
How do we measure progress against our objectives?
• First-class digital marketing
expertise
• Motivated and effective store teams
benefiting from improved training
and coaching
• Central revenue management and
cost control
• A capital structure appropriate for
our business
• Flexibility to take advantage of
carefully evaluated development and
acquisition opportunities
• Successful store openings
• Strong pipeline for future openings
• External recognition of ESG efforts
• Independent customer
servicesurvey
• People engagement survey results
• Assessment of online
marketingenhancement
• Occupancy management
enhancement
• Free cash flow
• Key capital cover ratios
• Increased ability to pay dividends
• Successful store openings on
time/budget
• Strong pipeline for future openings
• Increased portfolio valuation
• Continued successful execution of strategy should lead to shareholder value creation measured over three years by Adjusted
EPRA EPS growth, increase in net MLA, progress against our ESG strategy and TSR relative to FTSE 250 and sector peers
All feed through to KPI = EBITDA growth
Annual
bonus
Strategic and
operational
Financial
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104
Directors’ remuneration report continued
for the year ended 31 October 2024

Pay relativities
CEO pay ratio
Our CEO-to-colleague pay ratios for 2024 are set out in the table below. We also provide the 2019–2023 data for comparison purposes.
Financial year Method used 25th percentile pay ratio 50th percentile pay ratio 75th percentile pay ratio
2019 Option B (gender pay
gap data)
60:1
Total pay and benefits: £19,067
Salary: £17,197
55:1
Total pay and benefits: £20,669
Salary: £18,175
37:1
Total pay and benefits: £31,278
Salary: £25,029
2020 Option B (gender pay
gap data)
49:1
Total pay and benefits: £22,820
Salary: £18,500
41:1
Total pay and benefits: £27,244
Salary: £24,240
32:1
Total pay and benefits: £34,857
Salary: £30,852
2021 Option A 554:1
Total pay and benefits: £23,502
Salary: £19,540
500:1
Total pay and benefits: £26,019
Salary: £19,540
365:1
Total pay and benefits: £35,686
Salary: £28,829
2022 Option A 349:1
Total pay and benefits: £24,031
Salary: £20,300
312:1
Total pay and benefits: £26,849
Salary: £21,100
227:1
Total pay and benefits: £36,939
Salary: £30,556
2023
1
Option A 54:1
Total pay and benefits: £24,866
Salary: £22,200
49:1
Total pay and benefits: £27,499
Salary: £22,700
36:1
Total pay and benefits: £37,270
Salary: £34,500
2024 Option A 22:1
Total pay and benefits: £27,626
Salary: £25,305
20:1
Total pay and benefits: £30,106
Salary: £24,800
16:1
Total pay and benefits: £38,934
Salary: £33,983
Note:
1 2023 ratios have been updated in line with the restated CEO single figure of remuneration for 2023.
Since 2021, the Company has chosen methodology Option A for the calculation, which takes into consideration the full-time equivalent basis
of all UK employees and provides a representative result of employee pay conditions across the Company. In 2019 and 2020, the Company
used methodology Option B. However, given the guidance by several shareholders that Option A is preferred, we updated our methodology to
maintain market best practice disclosures.
The CEO remuneration figure is as shown in the Executive Directors’ remuneration table on page 109. The remuneration figures for the
colleague at each quartile were determined as at 31 October 2024. Each colleague’s pay and benefits were calculated using each element
of their remuneration, consistent with the CEO, pro-rated to be on a full-time equivalent basis. This therefore included the following
elements of pay:
• base salary;
• private medical insurance;
• car/car allowance;
• fuel allowance;
• employer pension contribution;
• annual bonus;
• overtime and extra pay;
• LTIP; and
• Sharesave.
No components of pay have been omitted. The following estimates and adjustments were made:
• For new joiners, salary and benefits were annualised and bonus was calculated based on average payout for the relevant store.
• For colleagues on the annual bonus scheme, awards were estimated based on expected outcomes.
• Adjustments were made to achieve full-time equivalent rates.
The Committee notes that the 2024 median ratio is lower than in 2023 due to the CEO’s single figure of remuneration being lower than last year. This
is because the 2022 LTIP is not expected to vest while the 2021 LTIP paid out at 93.5%. The Committee notes that the 75th percentile employee
is below the seniority to receive a 2021 or 2022 LTIP award and therefore payouts to c. 72 participants do not get captured within this ratio.
The above analysis demonstrates that the ratio is driven by the different structure of our CEO’s pay versus that of our colleagues, as well as the
composition of our workforce. This ratio varies between businesses even in the same sector.
The Committee considers the median pay ratio to be consistent with pay and progression policies for UK colleagues.
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
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Part C: Annual report on remuneration continued
Pay relativities continued
Diversity pay gap reporting
We are committed to providing an inclusive workplace and encouraging and welcoming diversity with zero tolerance of harassment and
discrimination. More detail can be found in our People Principles document in the Governance section of our website.
Building a diverse and inclusive workplace is a top priority for us. Our already strong wellbeing foundation has enabled us to develop a strategy
setting out our approach to further support diversity and inclusion at Safestore. Our new Equality, Diversity, and Inclusion Strategy is about
embedding and continuing the important work we’ve already done to enable all our colleagues to feel confident to bring their full, unique
selves to work.
At Safestore, all colleagues are paid equally for doing the same or similar work. Our bonus schemes are open to all job levels and colleagues at
the same level have the same bonus opportunity.
This year we were pleased to publish our second Diversity Pay Gap Report, which includes ethnicity and gender data. We have chosen to
voluntarily report on our ethnicity pay data, because we believe this is an important step on our diversity and inclusion journey.
We were delighted that, in our recent Investors in People survey, over 84% of colleagues agreed that Safestore is committed to diversity and
inclusion. Since our last Diversity Pay Gap Report, we have focused on encouraging colleagues to disclose their ethnicity and addressing any
barriers to doing so. This has resulted in an increased disclosure rate of 85% (versus 69% last year). Our median ethnicity pay gap is close to
zero, at 0.2%. We are aware that we have less disclosure of ethnicity in our upper pay quartiles so we will continue to encourage our colleagues
to disclose their data to improve the accuracy of our reporting, as well as taking action to drive change. Based on current disclosure rates 31%
ofour UK workforce is from an ethnically diverse background.
Our median gender pay gap of 6.5% is well below the national gender pay gap of 14.3%
1
. We currently have more men than women in
senior leadership positions that attract higher levels of pay; therefore, this contributes to our gender pay gap. We also know that women
areunderrepresented in some industries from which we recruit, such as property and construction.
Note:
1 Gender pay gap in the UK: 2023, ONS.gov.uk.
Remuneration justification
The Committee is comfortable that the internal and external pay relativity reference points provide justification that the new Policy is appropriate,
as set out in the Chair’s statement.
Communication with colleagues
During the year, we communicated with colleagues and gathered their feedback in a number of ways as set out below:
Workforce advisory panel: Our 15 People Champions have continued to engage directly with the CEO across a wide range of subjects
including remuneration. Appropriate feedback from these sessions was presented to the Board, which the Remuneration Committee
considered when determining the remuneration levels for Executive Directors. In addition, over the past few years feedback from the panel has
resulted in the Remuneration Committee and Board approving improved colleague benefits such as enhanced Company sick pay, improved
healthcare provision, and more frequent opportunities to participate in all-colleague share schemes.
CEO town hall events: The CEO also ran two virtual town hall sessions where colleagues had the opportunity to raise questions, discuss
business issues, and provide feedback on subjects including remuneration. As part of these events, colleagues were engaged on how the
Executive Directors’ Remuneration Policy aligned with the wider Company pay policy.
Colleague survey: Our management team and the workforce advisory panel reviewed the recommendations from our 2024 Investors in People
colleague survey, establishing improvements made and agreeing further actions with the aim of ensuring our leadership engagement score
is over 80%.
Communication with shareholders
The table below shows the results of the latest shareholder votes on the Directors’ remuneration report and Policy resolutions:
Votes for % Votes against % Votes withheld
2024 AGM vote on annual report on remuneration 170,512,257 90.50 17,890,155 9.50 2,294,399
2023 GM vote on Remuneration Policy 178,517,273 97.40 4,769,130 2.60 2,815,021
The Committee was delighted to see that the 2023 Remuneration Policy, and its implementation, was positively received by our shareholders
and would like to thank all our shareholders and the investor bodies for their constructive feedback provided through an extensive engagement
process, and for showing their overwhelming support.
Safestore Holdings plc | Annual report and financial statements 2024
106
Directors’ remuneration report continued
for the year ended 31 October 2024

Chief Executive Officer and colleague pay
Total shareholder return and Chief Executive Officer pay over the last ten years
The chart shows the performance of a hypothetical investment of £100 in ordinary shares (as measured by the TSR for the Company) against
the FTSE 250 and FTSE 350 Supersector Real Estate Index over a period of ten financial years starting from 31 October 2014 through to
31October 2024. The FTSE 250 has been selected as an appropriate comparison index due to Safestore’s ranking within the FTSE in terms
ofmarket capitalisation. The FTSE 350 Supersector Real Estate Index has been selected as an appropriate comparator group as its major
sector competitors are constituents of this index.
The chart also shows the increase in Adjusted Diluted EPRA (“ADE”) Earnings per Share from 31 October 2014 onwards (see right-hand scale).
Total shareholder return and Adjusted Diluted EPRA (“ADE”) Earnings per Share (pence)
Oct 2015 Oct 2016 Oct 2017 Oct 2018 Oct 2019 Oct 2020 Oct 2021 Oct 2022 Oct 2023 Oct 2024
F Vecchioli F Vecchioli F Vecchioli F Vecchioli F Vecchioli F Vecchioli F Vecchioli F Vecchioli F Vecchioli F Vecchioli
Role CEO CEO CEO CEO CEO CEO CEO CEO CEO CEO
Single figure of total
remuneration (£’000) 1,224 1,481 1,728 1,719 1,134 1,108 13,020 8,385 1,355 614
Annual bonus
payout (% of max) 100% 100% 82% 81% 91% 100% 100% 100% 0% 0%
LTIP earned
(%ofmax) 100% 100% 100% 100% n/a n/a 100% 100% 93.5% 0%
1
Note:
1 Estimated outcome as at 31 October 2024.
ADE EPS (pence)
800
700
600
500
400
300
200
100
0
60
50
40
30
20
10
0
31/10/2014 31/10/2015 31/10/2016 31/10/2017 31/10/2018 31/10/2019 31/10/2020 31/10/2021 31/10/2022 31/10/2023 31/10/2024
Safestore Holdings plc FTSE 250 Index FTSE 350 Supersector Real Estate Index ADE EPS
TSR value (£)
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Safestore Holdings plc | Annual report and financial statements 2024
107

Part C: Annual report on remuneration continued
Pay relativities continued
Percentage change in Executive Director, Non-Executive Director and colleague remuneration
The table below shows the percentage change in remuneration of the Directors undertaking the roles of Chief Executive Officer, Chief Financial
Officer and Non-Executive Directors, together with average pay of the Company’s colleagues in the listed entity on a full-time equivalent basis.
% change from 2023 to 2024 % change from 2022 to 2023 % change from 2021 to 2022 % change from 2020 to 2021 % change from 2019 to 2020
Base
salary/
fees Benefits
Annual
bonus
Base
salary/
fees Benefits
Annual
bonus
Base
salary/
fees Benefits
8
Annual
bonus
Base
salary/
fees
1
Benefits
Annual
bonus
Base
salary/
fees Benefits
Annual
bonus
F Vecchioli
(CEO) 21% 4% 0% 5% 3% (100%) 4% (3%) 3% 3% 0% 5% 1% 0% 11%
S Clinton
(CFO)
9
n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
A Jones
(previous
CFO)
11
(6%) 15% 0% 5% 5% (100%) 4% 2% 3% 3% 0% 5% 1% 0% 11%
D Hearn
(NE
Chairman)
2
5% n/a n/a 12% n/a n/a 10% n/a n/a 19% n/a n/a n/a n/a n/a
I S Krieger
(NED)
10
(62%) n/a n/a 5% n/a n/a 19% n/a n/a 22% n/a n/a 1% n/a n/a
G van de
Weerdhof
(NED)
3
5% n/a n/a 5% n/a n/a 14% n/a n/a 175% n/a n/a n/a n/a n/a
L Duhot
(NED)
4
5% n/a n/a 15% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
D Mousseau
(NED)
5
5% n/a n/a 5% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
J Bentall
(NED)
6
29% n/a n/a 127% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
A Darzins
(NED)
7
515% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Colleague
pay 8.9% 0% 0% 8.5% 0% (100%) 6.9% 0% 8.8% 4.2% 0% 20% 2.3% 0% 19%
Notes:
1 The increases in 2021 to Non-Executive Director fees are a result of the increase to the base fee and Committee chairship fees and the Company starting to pay a Senior Independent
Director fee of £10,500. All increases were effective 1 May 2021.
2 The Chairman was appointed on 1 December 2019 so received a pro-rated fee for 2020.
3 G van de Weerdhof was appointed on 1 June 2020 so received a pro-rated fee for 2020.
4 L Duhot was appointed as an independent Non-Executive Director on 1 November 2021.
5 D Mousseau was appointed as an independent Non-Executive Director on 1 November 2021.
6 J Bentall was appointed as an independent Non-Executive Director on 18 May 2022 so received a pro-rated fee for 2022. J Bentall was appointed Senior Independent Director and
Chair of the Audit Committee on 13 March 2024.
7 A Darzins was appointed as an independent Non-Executive Director on 1 September 2023 so received a pro-rated fee for 2023.
8 F Vecchioli received dental insurance for two-twelfths of the year only.
9 S Clinton was appointed as CFO on 22 April 2024 so received a pro-rated remuneration for 2024.
10 I S Krieger stepped down from the Board on 13 March 2024 so received a pro-rated fee for 2024.
11 A Jones retired on 27 September 2024 so received pro-rated remuneration for 2024.
Relative importance of spend on pay
The table below sets out the overall spend on pay for all colleagues compared with the returns distributed to shareholders.
Significant distributions
1
2024 2023 % change
Colleague costs (£’m) 30.9 30.0 3%
Distributions to shareholders in the form of shareholder dividends and share buybacks (£’m) 65.9 65.9 0%
Note:
1 The above figures are taken from notes 10 and 25 to the financial statements.
Safestore Holdings plc | Annual report and financial statements 2024
108
Directors’ remuneration report continued
for the year ended 31 October 2024

Executive Director remuneration for the year ended 31 October 2024
Single figure remuneration table (audited)
The remuneration of Executive Directors showing the breakdown between components with comparative figures for the prior financial year is shown below.
Base salary
£’000
Taxable
benefits
1
£’000
Annual
bonus
2
£’000
Long term
incentives
3,4
£’000
Pension
5
£’000
Other
£’000
Total
£’000
Total fixed
remuneration
£’000
Total variable
remuneration
£’000
F Vecchioli (Chief
Executive Officer)
2024 566 25 0 0 23 0 614 614 0
2023 468 24 0 844 19 0 1,355 511 844
S Clinton (Chief
Financial Officer)
6
2024 273 17 0 0 11 0 301 301 0
2023 n/a n/a n/a n/a n/a n/a n/a n/a n/a
A Jones (previous
Chief Financial Officer)
7
2024 313 23 0 0 13 0 349 349 0
2023 334 20 0 601 14 0 969 368 601
Notes:
1 Taxable benefits comprise a car allowance, private medical and dental insurance.
2 The annual bonus figures would include the portion subject to deferral into restricted shares; however, the bonus outcome is nil for both years.
3 The 2024 figure is based on the expected nil vesting outcome of the 2022 LTIP, noting that the performance period for the TSR element will end on 24 January 2025, i.e. it has been
substantially completed and therefore an estimate of the vesting of this element has been included.
4 The 2023 figure is the value of the 2021 LTIP as at the vesting date, 30 January 2024, i.e. based on the closing share price on 30 January 2024 of £8.22, and includes dividend
equivalents accrued from the date of grant to the date of vest. The amount of the 2021 LTIP values attributable to share price appreciation was -£6,166 for F Vecchioli and -£4,394 for A
Jones.
5 The pension contribution rate is 4.1% of salary in line with the average workforce pension contribution. No Executive Director participates in a Group defined benefit or final salary
pension scheme.
6 Simon Clinton joined Safestore on 11 March 2024 and was appointed to the role of CFO on 22 April 2024. His remuneration shown above for 2024 is that earned from 11 March 2024,
and as such includes payments made in respect of time before his formal appointment to the Board. All payments were made consistent with the approved Remuneration Policy.
7 Andy Jones stepped down from his role as CFO on 22 April 2024 and ceased employment with the Company on 27 September 2024. His remuneration shown above for 2024 is that
earned up to 27 September 2024. Details on his remuneration from 23 April 2024 to 27 September 2024 can be found in the section on loss of office payments.
Annual bonus outcomes for the financial year ended 31 October 2024 (audited)
For 2024, the Executive Directors had a maximum annual bonus opportunity of 150% of salary. For each Executive Director, the 2024 annual
bonus measures were weighted two-thirds for adjusted EBITDA (excludes all leasehold rent charges and non-recurring items) and one-third for
strategic/operational measures.
Given the tough operating environment and the challenging targets set by the Committee, the Company failed to meet the adjusted EBITDA
threshold level of performance such that there will be no payout under the financial element of the bonus.
Under the Policy, on the basis that the threshold performance level under the EBITDA measure was not achieved, no payout can be made
under the strategic/operational measures, such that the Remuneration Committee was not formally required to test achievement under this
element for 2024. However, in line with our commitment to provide transparency in relation to the strategic/operational bonus element, we have
set out below a summary of these measures and their achievement for 2024 in addition to details of the targets and actual performance for the
EBITDA measure and resulting bonus payment for each Executive Director.
Performance required Actual performance CEO CFO Previous CFO
Measure Weighting
Threshold
(20%
payout)
On target
(50%
payout)
Maximum
(100%
payout) Actual
% of
element
payable
Achievement
as % salary
Bonus
value
£’000
Achievement
as % salary
Bonus
value
£’000
Achievement
as % salary
Bonus
value
£’000
Adjusted
EBITDA
1
Two-
thirds
£143m £149m £152m £136.1m 0% 0% £0 0% £0 0% £0
Strategic/
operational
measures
One-
third
Objectives based on
strategic/operational
See below 0% 0% £0 0% £0 0% £0
Total bonus achieved in 2024 0% £0 0% £0 0% £0
Note:
1 Adjusted EBITDA excludes all leasehold rent charges and non-recurring items and is equivalent to the reported EBITDA in the financial statements with European results translated at
the budget Euro exchange rate of 1.15.
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Safestore Holdings plc | Annual report and financial statements 2024
109

Part C: Annual report on remuneration continued
2024 annual bonus outcomes: strategic objectives
The Group’s proven strategy remains unchanged. We believe that the Group has a well-located asset base, management expertise,
infrastructure, scale and balance sheet strength to exploit the current industry dynamics. As we look forward, we consider that the Group
has the potential to further increase its EPS over time by: optimising the trading performance of the existing portfolio; maintaining a strong
and flexible capital structure; and taking advantage of selective portfolio management and expansion opportunities. Therefore, the Executive
Directors’ strategic/operational objectives reflect the Company’s priorities in these areas for 2024 as well as the Company’s ESG performance.
Objective Achievement Outcome
Optimisation of performance of existing portfolio (20% of salary)
Enhancing people
performance through
engagement and
improved capabilities
in order to increase
conversion of enquiries
into new lets.
As an Investors in People Platinum accredited organisation, our focus on our colleagues
and culture has enabled us to continue to deliver sustainable business performance.
Highlights included:
• our commitment to colleagues was recognised externally again in 2024 by the award
of the prestigious Investors in People (“IIP”) Platinum accreditation;
• continuing to prioritise the health and wellbeing of our colleagues and our customers;
• increasing the number of hours spent on training across the business to over 30,000; and
• making 36 internal promotions across the Group from 2023 to 2024.
Enhance website
performance to drive
new lets and marketing
spend in line with
budgeted expectations.
Delivered improvements to current website platforms:
• completed design and build of next generation website, currently in pre-launch testing;
• completed review of payment processing vendors and identified and agreed
commercial terms. Integration work is in progress; and
• tested new paid advert formats and bidding strategies.
Leverage Group
knowledge, experience
and resources to
improve productivity
and drive efficiencies.
Highlights included:
• improved data-driven insights and analytics, to assist with commercial decision making;
• continued expansion of acquisition teams to grow store portfolio;
• deployed a multi-lingual internal communications solution across the Group; and
• IT security training and phishing testing deployed across all countries to strengthen
and harmonise our security posture.
Strong and flexible capital structure (9% of salary)
Ensure the financial
flexibility exists to
deliver selected
development
and acquisition
opportunities
whilst maintaining
conservative leverage
and a progressive
dividend policy.
The Company’s strong capital structure continued to allow it to take advantage of
opportunities across the Group in order to deliver incremental earnings growth over the
longer term.
Highlights included:
• on 30 April 2024, the Group completed the financing of its RCF accordion option for
£100 million. This increased the facility to £500 million. The Group also exercised the
second one-year extension in October 2024 with the agreement scheduled to expire in
November 2028;
• new US Private Placement (“USPP”) of EUR €70 million drawing down on 3 December
2024 and due to be repaid in December 2032;
• the increased RCF and the new USPP allow us to continue to consider strategic,
value-accretive investments as and when they arise;
• Group leverage was below the Group’s strategic targeted level of an LTV ratio between
30 and 40% (25.1% for 2024); and
• the full year dividend for the year ended 31 October 2024 increased by 1%,
demonstrating a continued progressive dividend policy.
indicates that the objective was exceeded, indicates that it was met, indicates that it was partially achieved and shows that the
objective was not achieved.
Safestore Holdings plc | Annual report and financial statements 2024
110
Directors’ remuneration report continued
for the year ended 31 October 2024

Objective Achievement Outcome
Take advantage of selective portfolio management and expansion opportunities (15% of salary)
Grow store portfolio
through development
or acquisition by
at least two stores
per year within the
Board-approved
ROIguidelines.
Improve property
valuations of the stores
in the refurbishment
and extension
programme by more
than the capital
investment.
Acquired new development opportunities in the UK, Spain and the Netherlands, in addition
to opening new stores and completing store extensions in various locations.
Highlights included:
Redevelopments and extensions:
• London – Holloway
• Paris – Poissy
New developments:
• UK – Eastleigh – Conversion
• UK – London, Paddington Park West – Conversion
• Spain – Madrid South 2 – Conversion
• Netherlands – Aalsmeer – New build
• Netherlands – Almere – Conversion
• Netherlands – Rotterdam – New build
• UK – St Albans – Conversion
• France – Paris, Fleury – New build
• UK – London, Chelsea Self Storage – Acquisition
We have a total pipeline of 31 developments and extensions opening in FY 2025 and
beyond which is expected to add a total of 1.6 million sq ft, representing 19% of portfolio
MLA as at October 2024. This includes the five new stores and extensions which had
already opened as at the date of this report. Our property pipeline summary can be found
on pages 12 and 13.
ESG (6% of salary)
Improve the Group’s
ESG activities in order
to deliver real value to
all our stakeholders by:
• year-on-year carbon
footprint reduction;
and
• customer
satisfaction
initiatives.
Align sustainability
reporting with
appropriate
framework(s).
Continued progress on our commitment to responsible and sustainable business
practices.
Highlights included:
• delivered year-on-year carbon emissions intensity reduction through efficiency and
electrification initiatives versus 2023;
• market-based absolute emissions 10.5% lower year on year (emissions intensity also
below 2024 target);
• gas removed from a further six UK stores. On track for our 2030 target to remove gas
use entirely;
• 100% diversion of UK construction waste from landfill;
• 100% UK operational waste diversion;
• maintained positive ratings on all relevant customer service platforms:
• Feefo Platinum Trusted Service award for Safestore UK;
• Trustpilot ‘Excellent’ rating achieved in the UK with a Trustpilot ‘Great’ rating
maintained in France;
• average Google rating of 4.7 achieved in Spain; and
• in the Netherlands, a high score of 4.9 was achieved on Trustpilot, whilst in Belgium,
customer service was rated 4.7 on Feefo; and
• external recognition of ESG efforts and disclosures: a first EPRA Sustainability BPR Gold
Award, GRESB Public Disclosure A, and MSCI ESG ‘AA’.
Our strong wellbeing foundation has enabled us to develop a strategy setting out our
approach to further support diversity and inclusion at Safestore. Our Equality, Diversity, and
Inclusion Strategy is about embedding and continuing the important work we’ve already
done to enable all our colleagues to feel confident to bring their full, unique selves to work.
indicates that the objective was exceeded, indicates that it was met, indicates that it was partially achieved and shows that the
objective was not achieved.
Given that the threshold performance level under the EBITDA measure was not achieved, the formulaic outcome for the 2024 Executive Director
bonus is nil. Despite there being nil annual bonus for the year, the Committee acknowledged the management team’s excellent performance,
particularly in relation to the strategic progress made during the year which will create long term value for our shareholders. However, the
Committee determined that it should not exercise its discretion to adjust the formulaic bonus outturn as it was aligned with the shareholder
experience over 2024.
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Safestore Holdings plc | Annual report and financial statements 2024
111

Part C: Annual report on remuneration continued
2024 annual bonus outcomes: strategic objectives continued
LTIP awards included in single figure for the year ended 31 October 2024 (audited)
2022 LTIP – EPS and relative TSR element performance measurement
For the 2022 LTIP, the CEO and previous CFO were granted an LTIP award equal to a maximum of 200% of salary.
The performance period of the EPS element of the 2022 LTIP ended on 31 October 2024; EPS performance accounts for two-thirds of the
award. On that basis, the Committee measured the Company’s EPS growth and Cash on Cash Return in relation to the underpin over the
three-year performance period. Adjusted Diluted EPRA EPS increased by 1.5% p.a., which was below the 5% p.a. growth required for threshold
vesting, resulting in nil vesting under this element. For completeness, the average Cash on Cash Return over the same period was 10.8% which
exceeded the 8% underpin target. This is summarised in the table below:
Adjusted Diluted EPRA EPS growth
2
Cash on Cash Return underpin
3
Threshold
performance
1
(25%vesting)
Maximum
performance
(100% vesting)
Actual
performance
% of awards
earned
Underpin
performance
required Actual performance
Overall % of
awards earned
5% p.a. 8% p.a. 1.5% p.a. 0% 8% 10.8% 0%
Notes:
1 Vesting between threshold and maximum based on a sliding scale.
2 Adjusted Diluted EPRA Earnings per Share is based on the European Public Real Estate Association’s definition of earnings and is defined as profit or loss for the period after tax
but excluding corporate transaction costs, change in fair value of derivatives, gain/loss on investment properties and the associated tax impacts. The Company then makes further
adjustments for the impact of exceptional items, IFRS 2 share-based payment charges, exceptional tax items and deferred tax charges. This adjusted earnings is divided by the diluted
number of shares. The IFRS 2 cost is excluded as it is written back to distributable reserves and is a non-cash item (with the exception of the associated National Insurance element).
Therefore, neither the Company’s ability to distribute nor pay dividends are impacted (with the exception of the associated National Insurance element).
3 Cash on Cash Return p.a. is the average Cash on Cash Return over the performance period, where Cash on Cash Return is Underlying EBITDA after leasehold rent divided by original
cost of investments calculated for each financial year in the performance period.
The final vesting level for the 2022 LTIP will not be determined by the Committee until the vesting date of 25 January 2025, with the balance of
awards subject to the Company’s relative TSR performance measured over the three-year period ending on 24 January 2025. Half of the TSR
element of the awards is measured relative to the FTSE 250 excluding Investment Trusts Index, and the other half to the FTSE 350 Supersector
Real Estate Index, with threshold and maximum vesting for median and upper quartile TSR growth versus the peer groups respectively.
As at 31 October 2024, Safestore’s TSR growth is below the median of both peer groups, which would result in nil vesting under the relative
TSR measure. Therefore, the Committee confirms that, based on performance to date, and taking account of the EPS element, it does not
expect the 2022 LTIP awards to vest.
Restatement of LTIP awards included in single figure for the year ended 31 October 2023 (audited)
The three-year performance period for the relative TSR element of the 2021 LTIP ended on 27 January 2024; relative TSR accounts for one-
third of the award with 50% of the element measured against the constituents of the FTSE 250 excluding Investment Trusts Index and the
remaining 50% against the constituents of the FTSE 350 Supersector Real Estate Index.
Safestore’s TSR growth was 9.1% over the three-year performance period and was between the median and upper quartile of the FTSE 250
excluding Investment Trusts Index peer group (-2.8% and 22.2% respectively) and above the upper quartile of the FTSE 350 Supersector Real
Estate Index (6.9%), which equates to 80.4% vesting. Additionally, the Committee confirmed that the Cash on Cash Return underpin had been
satisfied as at 31 October 2023. This is summarised in the table below:
TSR vs FTSE 250 Index excluding Investment Trusts TSR vs FTSE 350 Supersector Real Estate Index
Threshold
performance –
median TSR
(25% vesting)
Maximum
performance –
upper quartile TSR
(100% vesting)
Safestore’s TSR
performance
% of awards
vested
Threshold
performance –
median TSR
(25% vesting)
Maximum
performance –
upper quartile TSR
(100% vesting)
Safestore’s TSR
performance
% of awards
vested
-2.8% 22.2% 9.1% 60.8% -3.8% 6.9% 9.1% 100%
Safestore Holdings plc | Annual report and financial statements 2024
112
Directors’ remuneration report continued
for the year ended 31 October 2024

Therefore, in total, 94,869 shares for the CEO and 67,594 shares for the previous CFO vested under the 2021 LTIP and became exercisable on
30 January 2024. The CEO and previous CFO also became entitled to 7,822 and 5,573 dividend equivalent shares respectively.
The value of the awards that vested under the 2021 LTIP included in the single figure of remuneration table for the year ended 31 October 2023
has been restated on this basis and using the share price on vesting.
The Committee determined that the formulaic vesting outcome was aligned with the Company’s underlying performance. The Committee also
debated whether any windfall gains had been received as a result of the 2021 LTIP vesting and determined that no such gains had occurred
and therefore no adjustment was required such that, in line with the formulaic outcome, 93.5% of the 2021 LTIP awards vested on 30 January
2024. The Executive Directors’ awards are also subject to a two-year post-vesting holding period.
2023 figures (restated) 2024 figures
Name
Number of
2021 LTIP
awards
granted
Number of
2021 LTIP
awards
vested
Number of
2021 LTIP
dividend
equivalent
shares
Value of
2021 LTIP
awards
vested
1
Value
attributable
to share
price
growth
2
Number of
2022 LTIP
awards
granted
Number of
2022 LTIP
awards
estimated
to vest
Estimated
number of
2022 LTIP
dividend
equivalent
shares
Value of
2022
LTIP awards
estimated
to vest
Value
attributable
to share
price
growth
F Vecchioli (Chief
Executive Officer) 101,465 94,869 7,822 £844,120 (£6,166) 71,645 0 0 £0 £0
A Jones (previous Chief
Financial Officer) 72,294 67,594 5,573 £601,433 (£4,394) 51,047 0 0 £0 £0
Notes:
1 Based on the closing share price on 30 January 2024 of £8.22.
2 Based on growth in share price from date of grant (£8.285 being the closing share price on the dealing day immediately before the date of grant of 28 January 2021) to the closing share
price on the date of vest (£8.22 – 30 January 2024).
3 A Jones’ unvested 2022 LTIP awards were pro-rated as set out in the payments for loss of office section.
LTIP awards granted in the year ended 31 October 2024 (audited)
LTIP awards were granted on 27 February 2024 to the CEO and previous CFO and on 13 March 2024 to the CFO. As set out in the
Remuneration Committee Chair’s statement, the CEO’s Base award had a face value of 250% of base salary, the previous CFO’s Base award
had a face value of 215% of base salary, and the CFO’s Base award had a face value of 150% of salary. The Base awards are subject to a
maximum Multiplier of 1.6x such that the overall maximum awards were 400%, 344%, and 250% of salary, respectively. No consideration was
paid for the grants which were structured as a nil-cost option. The LTIP awards will vest on the third anniversary of their award dates. Once
vested, the LTIP awards will normally be exercisable until the day before the tenth anniversary of the award date and are subject to a two-year
holding period commencing on vesting.
Name Role
Base salary at
date of grant
Face value
of 2023
LTIP award
(% of base salary)
Share
price
Face value
of 2023
LTIP award
Face value
at minimum
vesting
1
Number of shares
granted under
nil-cost option
2,3
F Vecchioli CEO £566,000 400% £7.595 £2,264,000 £183,950 298,089
S Clinton CFO £425,000 250% £7.635 £1,062,500 £86,328 139,161
A Jones
4
Previous CFO £343,320 344% £7.595 £1,181,021 £95,958 155,499
Notes:
1 65% of the Base award has threshold vesting of 20% of maximum and 35% of the award has threshold vesting of nil.
2 The number of shares granted under the award was calculated using the share prices as shown in the table above, being the closing share prices on the dealing days immediately
before the dates of grant.
3 Dividend equivalents will be payable on vested shares.
4 Andy Jones’ 2024 LTIP awards will be pro-rated to reflect the period between the award date and him stepping down as CFO (22 April 2024) as a proportion of the vesting period.
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Safestore Holdings plc | Annual report and financial statements 2024
113

Part C: Annual report on remuneration continued
2024 annual bonus outcomes: strategic objectives continued
Performance measures and targets:
• Base award:
• 65% Adjusted Diluted EPRA EPS growth over three financial years ending 31 October 2026:
• Threshold (20% vesting) = 2% p.a. growth.
• Maximum (100% vesting) = 6% p.a. growth.
• Straight-line vesting in between performance levels. The EPS target range was set to recognise the challenging business environment
inwhich the Company is operating, lower internal forecasts and external consensus estimates for future growth.
• 25% strategic/operational measures:
• For 2024, the measure will be the aggregate net increase in Maximum Lettable Area (“MLA”) over three financial years ending
31October 2026:
• Threshold net increase (0% vesting).
• Target net increase (50% vesting).
• Maximum net increase (100% vesting).
• Straight-line vesting in between performance levels.
• Given the Board considers the targets set to be commercially sensitive, they will be disclosed retrospectively.
• 10% ESG measures:
• There are two measures for 2024 with equal weighting:
• 1. EPC ratings of developments and refurbishments at A or B completed during the three financial years ending 31 October 2026:
• Threshold (0% vesting): 95% of developments and refurbishments.
• Target (50% vesting): 98% of developments and refurbishments.
• Maximum (100% vesting): 100% of developments and refurbishments.
• 2. Greenhouse gas emissions intensity for the financial year ending 31 October 2026:
• Threshold (0% vesting): reduction to 0.93 kg CO
2
/m².
• Target (50% vesting): reduction to 0.88 kg CO
2
/m².
• Maximum (100% vesting): reduction to 0.84 kg CO
2
/m².
• Straight-line vesting in between ESG performance levels.
The Committee has discretion to deal with acquisitions as appropriate. For example, acquisitions could be excluded from the performance
assessment, or the target could be reset in line with those published in future annual reports.
• Multiplier:
• If TSR performance is above the upper quartile of the FTSE 250 (excluding Investment Trusts) then the Base award vesting can be
increased by up to a maximum of 1.6x for upper decile performance as follows:
• Below or equal to upper quartile: Base award vesting increased by 1x (no increase to Base award).
• Upper decile or above: Base award vesting increased by 1.6x.
• Straight-line increase in Multiplier vesting between upper quartile and upper decile relative TSR performance.
• Performance modifier:
• The awards are underpinned by a performance modifier whereby the number of LTIP awards vesting will be reduced by one-third, if
Safestore’s TSR over the three-year performance period is either below the median TSR of the FTSE 350 Supersector Real Estate Index
ornegative.
TSR is measured over a three-year period ending on 26 February 2027.
The Committee will have overriding discretion to change the formulaic outcome (both downwards and upwards) if it is out of line with the
underlying performance of the Company and this will include an assessment of whether any windfall gains have been made.
Note:
1 Adjusted Diluted EPRA Earnings per Share is based on the European Public Real Estate Association’s definition of earnings and is defined as profit or loss for the period after tax
but excluding corporate transaction costs, change in fair value of derivatives, gain/loss on investment properties and the associated tax impacts. The Company then makes further
adjustments for the impact of exceptional items, IFRS 2 share-based payment charges, exceptional tax items and deferred tax charges. This adjusted earnings is divided by the diluted
number of shares. The IFRS 2 cost is excluded as it is written back to distributable reserves and is a non-cash item (with the exception of the associated National Insurance element).
Therefore, neither the Company’s ability to distribute nor pay dividends are impacted (with the exception of the associated National Insurance element). The financial statements will
disclose earnings on a statutory, EPRA and Adjusted Diluted EPRA basis and will provide a full reconciliation of the differences in the financial year in which any LTIP awards may vest.
Safestore Holdings plc | Annual report and financial statements 2024
114
Directors’ remuneration report continued
for the year ended 31 October 2024

Annual bonus – deferred bonus restricted share awards made in the year ended 31 October 2024
On the basis that no bonus was earned in respect of the year ended 31 October 2023, no deferred bonus restricted shares were awarded.
Operation of Policy
The Committee is comfortable that the Policy operated as intended in 2024 and that the overall remuneration paid to Executive Directors for
2024, as set out above, was appropriate.
Payments to past Directors or for loss of office (audited)
There were no payments to past Directors during the year.
As set out in the Remuneration Committee Chair’s statement, Andy Jones stepped down as CFO on 22 April 2024 and ceased employment
with the Company on 27 September 2024. In line with the Remuneration Policy regarding loss of office payments, the Committee determined
that on the basis Andy retired he be treated as a good leaver. The single figure of remuneration table on page 109 sets out remuneration earned
up to 27 September 2024. We set out below remuneration earned from 23 April 2024 to 27 September 2024 in relation to the CFO’s loss
of office:
Fixed pay
• Andy received fixed pay of £167,957.53 (salary, pension, and benefits) in relation to the period from 23 April 2024 to 27 September 2024.
Unvested LTIP awards
• In line with Policy, Andy’s unvested 2022 and 2023 LTIP awards have been pro-rated to reflect the period between the award date and his
cessation of employment (27 September 2024) as a proportion of the vesting period.
• The Committee determined that Andy’s unvested 2024 LTIP awards should be pro-rated to reflect the period between the award date and
him stepping down as CFO (22 April 2024) as a proportion of the vesting period.
• All awards will vest on their normal dates and will remain subject to the achievement of the applicable performance targets and a two-year
post-vesting holding period. The number of Andy’s unvested awards, after pro-ration, is set out below:
• 2022 LTIP: 45,375 (as set out above, these awards are unlikely to vest);
• 2023 LTIP: 54,839; and
• 2024 LTIP: 4,319.
Restricted deferred bonus shares
• In line with Policy, Andy’s 8,339 restricted shares earned in respect of his bonus from the year ended 31 October 2022 continue to be subject
to a two-year holding period that expires on 1 November 2024. Malus provisions apply during the holding period and claw-back provisions
apply for three years thereafter.
Post-cessation shareholding requirement
• In line with Policy, Andy will be subject to a two-year post-cessation of employment shareholding requirement noting that this excludes
shares owned pre-18 March 2020 and awards vesting from the 2017 LTIP.
Implementation of the Remuneration Policy for the year ending 31 October 2025
Please see the at a glance section on pages 97 to 101 of this report for details.
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Safestore Holdings plc | Annual report and financial statements 2024
115

Part C: Annual report on remuneration continued
Non-Executive Directors
Single figure remuneration table (audited)
The remuneration of Non-Executive Directors showing the breakdown between components, together with comparative figures for the prior
year, is shown below.
Director
Fees
£’000
Other
£’000
Total
£’000
D Hearn
2024 239 — 239
2023 227 — 227
I S Krieger
1
2024 31 — 31
2023 82 — 82
G van de Weerdhof
2024 63 — 63
2023 59 — 59
L Duhot
2024 74 — 74
2023 71 — 71
D Mousseau
2024 63 — 63
2023 59 — 59
J Bentall
2024 77 — 77
2023 59 — 59
A Darzins
2
2024 63 — 63
2023 10 — 10
Notes:
1 I S Krieger stepped down from the Board on 13 March 2024 so received a pro-rated fee for 2024.
2 A Darzins was appointed as an independent Non-Executive Director on 1 September 2023 so received a pro-rated fee for 2023.
Fees to be provided in 2025 to the Non-Executive Directors
The following table sets out the annual fee rates for the Non-Executive Directors from 1 May 2024:
Fee component 2025
Chairman fee £244,860
Non-Executive Director base fee £64,198
Additional fee for SID and Committee chairship £12,037
Statement of Directors’ shareholding and share interests
Shareholding and other interests at 31 October 2024 (audited)
Directors’ share interests are set out below. As per the Remuneration Policy, in order that the Executive Directors’ interests are aligned with those
of shareholders, Executive Directors are encouraged to build up and maintain a personal shareholding equal to 600% and 450% of salary for the
CEO and CFO/other Directors respectively. The shareholding guidelines take account of beneficially owned shares, restricted shares from bonus
deferral and vested but unexercised awards at their net of tax value. The CEO had five years from the approval of this Policy (12 July 2023) to
achieve this guideline and as shown in the table below meets the in-employment guidelines. The CFO will have five years from his appointment
on 22 April 2024 to meet his guideline.
A shareholding guideline will continue to apply for two years post-cessation of employment. Executive Directors must retain shares equivalent in
value to 350% of salary for two years post-cessation of employment (or their actual shareholding on cessation if lower than 350% of salary). This
guideline excludes shares owned pre-18 March 2020 and awards vesting from the 2017 LTIP. Andy Jones is currently subject to this guideline.
Safestore Holdings plc | Annual report and financial statements 2024
116
Directors’ remuneration report continued
for the year ended 31 October 2024

As at 31 October 2024
Director
Number of
beneficially
owned
shares
1
% of
salary
held
2
Shareholding
requirement
(% of salary)
In-employment
shareholding
requirement
met
Total interests
subject to
conditions
(LTIP nil-cost
awards)
Outstanding
Sharesave
awards
Vested but
unexercised
LTIP nil-cost
awards
Total
interests at
31 October
2024
F Vecchioli 3,348,009 4,785 600 Yes 645,900 2,008 Nil 3,995,917
S Clinton Nil Nil 450 No 139,161 2,875 Nil 142,036
A Jones
3
1,340,383 n/a n/a n/a 104,533 2,008 Nil 1,446,924
D Hearn 15,000 n/a n/a n/a n/a n/a n/a 15,000
I S Krieger
4
88,587 n/a n/a n/a n/a n/a n/a 88,587
G van de Weerdhof 9,081 n/a n/a n/a n/a n/a n/a 9,081
L Duhot 1,711 n/a n/a n/a n/a n/a n/a 1,711
D Mousseau 1,460 n/a n/a n/a n/a n/a n/a 1,460
J Bentall 9,300 n/a n/a n/a n/a n/a n/a 9,300
A Darzins Nil n/a n/a n/a n/a n/a n/a Nil
Notes:
1 Beneficial interests include shares held directly or indirectly by connected persons and deferred bonus restricted shares acquired on 30 January 2023.
2 Based on the 31 October 2024 share price of 809 pence per share and beneficially owned shares only.
3 Number of beneficially owned shares for A Jones as at 22 April 2024, 2024 LTIP pro-rated to 22 April 2024, 2022 and 2023 LTIP pro-rates to 27 September 2024.
4 Number of beneficially owned shares for I S Krieger as at 13 March 2024.
Between 31 October 2024 and 9 January 2025 (being the latest practicable date prior to the publication of this report), there were no other
changes to the Directors’ interests.
2021 LTIP awards – awards exercised on 5 February 2024
The CEO and previous CFO exercised their 2021 LTIP vested nil-cost options on 5 February 2024 as set out in the table below:
Director Role
Number
of nil-cost
options
granted
Dividend
equivalents
Total number of
shares exercised Retained shares
F Vecchioli CEO 94,869 7,822 102,691 54,255
A Jones Previous CFO 67,594 5,573 73,167 38,657
The retained shares are included within the ‘Number of beneficially owned shares’ column in the Directors’ shareholding table above.
Outstanding LTIP awards at 31 October 2024
The following LTIP awards remain outstanding and unvested at 31 October 2024:
Director
2
Awards granted Maximum award Awards vested Awards lapsed
Maximum
outstanding
awards at
31 October
2024
1
Market
price at
date of
vesting (p)
Normal
vesting date
F Vecchioli 25/01/2022 LTIP 71,645 — — 71,645 — 25/01/2025
12/07/2023 LTIP 276,166 — — 276,166 — 12/07/2026
27/02/2024 LTIP 298,089 — — 298,089 — 27/02/2027
S Clinton 13/03/2024 LTIP 139,161 — — 139,161 — 13/03/2027
Notes:
1 Figures shown exclude dividend equivalents.
2 A Jones’ unvested LTIP awards are set out in the Payments for Loss of Office section.
The 2022, 2023 and 2024 LTIP awards are subject to performance measures and a continued service condition over a three-year period.
The performance measures and targets for the 2022 LTIP awards are set out on pages 111 and 112 of the 2022 Annual Report; for the 2023
LTIP awards, these are set out on pages 116 and 117 of the 2023 Annual Report; and for the 2024 LTIP awards, these are set out on page 114
ofthis report.
Consideration of shareholder views
The Committee presented a summary of Safestore’s remuneration challenges as well as an initial proposal for the current Policy to our major
shareholders, representing over 74% of issued share capital as well as proxy voting agencies, in January 2023. The Committee subsequently
held meetings with a large number of shareholders as well as proxy voting agencies to understand sentiment towards the proposals. Wewere
pleased that all our shareholders were supportive of our efforts to retain an exceptional management team and that a significant number
supported the initial proposals. The Committee collated feedback received and understood that some areas of the proposed structure
required further consideration to ensure significant levels of shareholder support. The Committee subsequently made further refinements
totheproposals to address the concerns raised by a number of our major shareholders.
The Committee was delighted to see that the Policy was positively received by our shareholders, with 97.4% of the votes in favour, and would
like to thank all our shareholders and the investor bodies for their constructive feedback provided through an extensive engagement process,
and for showing their overwhelming support at our General Meeting (“GM”) held on 12 July 2023.
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Safestore Holdings plc | Annual report and financial statements 2024
117

Part C: Annual report on remuneration continued
Consideration of conditions elsewhere in the Group
Please see page 106 for details.
Considerations by the Committee of matters relating to Directors’ remuneration for 2024
The Committee is responsible for recommending to the Board the Remuneration Policy for Executive Directors and senior management and for
setting the remuneration packages for each Executive Director. The Committee also has oversight of the Remuneration Policy for all colleagues.
The written terms of reference of the Committee are available on the Company’s website and from the Company on request.
Members of the Committee in the year to 31 October 2024 Independent
Meetings held
during tenure
during the year
Number of
meetings
attended
L Duhot (Chair) Yes 7 7
D Hearn Yes 7 7
I S Krieger (stepped down on 13 March 2024) Yes 4 4
G van de Weerdhof Yes 7 7
D Mousseau Yes 7 7
J Bentall Yes 7 7
A Darzins Yes 7 7
Please see page 93 of the Chair’s statement for the activities undertaken by the Committee during the year ended 31 October 2024.
None of the Committee members have any personal financial interest (other than as shareholders) in the decisions made by the Committee,
conflicts of interest arising from cross-directorships or day-to-day involvement in running the business.
The Chief Executive Officer, the Chief Financial Officer, the HR Director and the Company Secretary may attend meetings at the invitation of
the Committee but are not present when their own remuneration outcomes are being discussed. The HR Director acts as the secretary to the
Committee.
The Committee received external advice in 2024 from PricewaterhouseCoopers LLP (“PwC”) in connection with remuneration matters,
including the provision of general guidance on market and best practice. PwC was appointed by the Committee after a competitive tender
process in August 2016. PwC is considered by the Committee to be objective and independent. PwC is a member of the Remuneration
Consultants Group and, as such, voluntarily operates under the code of conduct in relation to executive remuneration consulting in the UK.
PwC also provided the Company with reward, tax, and consulting advice. The Committee reviewed the nature of all the services provided
during the year by PwC and was satisfied that no conflict of interest exists or existed in the provision of these services and therefore the advice
provided was objective and independent.
The total fees paid to PwC in respect of services to the Committee during the year were £99,975. Fees were determined based on the scope
and nature of the projects undertaken for the Committee.
Executive Director service contracts
The service agreements of the Executive Directors are not fixed term and are terminable by either the Company or the Director on the
following basis:
Director Date of current service contract Notice period
F Vecchioli 3 September 2013 Twelve months
S Clinton 22 April 2024 Twelve months
Non-Executive Director letters of appointment
The Non-Executive Directors were appointed for an initial three-year term and their appointment continues, subject to annual re-election at the
Company’s AGM up to a maximum term of nine years.
The table below sets out the dates that each Non-Executive Director was first appointed and the notice period by which their appointment may
be terminated early by either party:
Director Date of appointment Notice period by Company or Director
D Hearn 1 December 2019 Three months
G van de Weerdhof 1 June 2020 Three months
L Duhot 1 November 2021 Three months
D Mousseau 1 November 2021 Three months
J Bentall 18 May 2022 Three months
A Darzins 1 September 2023 Three months
Safestore Holdings plc | Annual report and financial statements 2024
118
Directors’ remuneration report continued
for the year ended 31 October 2024

Safestore Holdings plc is a public limited liability company
incorporated under the laws of England and Wales with the registered
number 04726380. It is listed on the London Stock Exchange under
the category equity shares (commercial companies) (LON:SAFE)
and is a constituent member of the FTSE 250 Index. The Company
is a real estate investment trust (“REIT”). It is expected that the
Company, which has no branches, will continue to operate as the
holding company of the Group. The address of the registered office is
Brittanic House, Stirling Way, Borehamwood, Hertfordshire WD6 2BT.
The principal activity of the Group is to provide storage solutions and
related goods and services to commercial and domestic customers.
The principal activity of the Company is that of a holding company.
The Directors present their report and the audited consolidated financial
statements for the year ended 31 October 2024. References to Safestore,
‘the Group’, ‘the Company’, ‘we’ or ‘our’ are to SafestoreHoldings plc,
and its subsidiary companies where appropriate.
Disclosures incorporated by reference
The following disclosures required to be included in the Directors’
report have been incorporated by way of reference to other sections
of this report and should be read in conjunction with this report:
• corporate governance report on pages 82 to 86;
• strategy and relevant future developments – refer to pages 8 to 19
of the strategic report;
• Section 172, including engagement with employees, suppliers,
customers and others – refer to pages 31 to 33 of the strategic report;
• financial risk management, policies and objectives of the Group, along
with any details of exposure to any liability and cash flow risk, are set
out on pages 34 to 38 and in note 19 to the financialstatements;
• details of the Group’s going concern assessment and viability
statement on pages 40 and 135; and
• employee matters and carbon emission disclosures are set out in the
sustainability report on pages 47 to 52 and pages 70 to 77 respectively.
Results for the year and dividends
The results for the year ended 31 October 2024 are set out in the
consolidated statement of comprehensive income on page 131 and a
review of the Group’s results is explained further on pages 20 to 30.
An interim dividend of 10.0 pence (FY 2023: 9.9 pence) was paid on
8 August 2024, comprised of a Property Income Distribution (“PID”)
of 2.50 pence (FY 2023: 2.47 pence) and a non-PID dividend of
7.50 pence (FY 2023: 7.43 pence). The Directors recommend a final
dividend in respect of the year ended 31 October 2024 of 30.4 pence
per ordinary share (FY 2023: 20.20 pence), of which the PID element
will be 17.60 pence (FY 2023: 15.15 pence). If authorised at the 2024
AGM, the dividend will be paid on 15 April 2025 with the record date
of 14 March 2025 and an ex-dividend date of 13 March 2025.
PIDs are paid after the deduction of withholding tax at the basic
rate (currently 20%). However, certain categories of shareholder
may be entitled to receive payment of a gross PID if they are UK-
resident companies, UK public bodies, UK pension funds and
managers of ISAs, PEPs and child trust funds. Information, together
with the relevant forms which must be completed and submitted
to the Company’s Registrar, for shareholders who are eligible to
receive gross PIDs is available in the investor relations section of the
Company’s website at www.safestore.com. Non-PID dividends are
not subject to withholding tax.
Going concern and viability statement
The Directors of Safestore are confident that, on the basis of current
financial projections and facilities available and after considering
sensitivities, and reviewing the stress testing scenarios, the Group
has sufficient resources for its operational needs and to enable the
Group to remain in compliance with the financial covenants in its bank
facilities for the foreseeable future, a period of not less than twelve
months. The Directors have assessed Safestore’s viability over a
three-year period to 31 October 2027. This is based on modelling over
a three-year period, which gives greater certainty over the forecasting
assumptions used. The viability statement is set out on page 40.
Financial instruments
The financial risk management objectives and policies of the Group,
along with any details of exposure to any liability and cash flow risk, are
set out on pages 34 to 38, and in note 19 to the financial statements.
Disclosures required under UK Listing Rule 6.6.1R
and 6.6.6R
For the purposes of UKLR 6.6.1R and UKLR6.6.6R, the information
required to be disclosed can be found in the following locations within
the Annual Report:
Page
(1) Amount of interest capitalised 24
(2) Publication of unaudited financial information n/a
(4) Details of long term incentive schemes 160 and
161
(5) Waiver of emoluments by a Director n/a
(6) Waiver of future emoluments by a Director n/a
(7) Non-pre-emptive issues of equity for cash 160
(8) Item (7) in relation to major subsidiary undertakings n/a
(9) Parent company participation in a placing by a listed
subsidiary
n/a
(10) Contracts of significance 122
(11) Provision of services by a controlling shareholder n/a
(12) Shareholder waiver of dividends 120
(13) Shareholder waiver of future dividends n/a
(14) PDMR interests statement 116
(15) Interest disclosed in under DTR5 121
(16) Going Concern Statement 135
(17) Statement in relation to purchase of own shares 121
(18) Statement setting out unexpired terms of any
director’s service contract
n/a
(19) CFD disclosures 59 to 64
(20) Statement on gender diversity 49
(21) Numerical data on ethnic background and the gender
identity or sex of Board and Executive Management
49
All the information referenced above is incorporated by reference into
the Directors’ report.
Management report
The strategic report and the Directors’ report collectively comprise
the ‘management report’ for the purposes of the Financial Conduct
Authority’s Disclosure Guidance and Transparency Rules (DTR 4.1.5R).
Corporate governance statement
In compliance with the Financial Conduct Authority’s Disclosure
Guidance and Transparency Rules, the disclosures required by
DTR7.2.6 are set out in this Directors’ report.
Post-balance sheet events
In December 2024, the Group issued a new USPP loan note for
a total of €70 million expiring in December 2032 with an all-in
coupon of 4.03%.
In December 2024, the Group entered into a joint venture with Nuveen
to acquire the EasyBox self-storage business in Italy. The Group
paid €42 million for a 50% share of EasyBox which has ten operating
stores and two further stores under development, all located in key
cities in Italy. The Group also entered into an agreement to manage
the EasyBox business on behalf of the joint venture.
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Safestore Holdings plc | Annual report and financial statements 2024
119
Directors’ report

Directors
The Directors of the Company who served during the year and to the
date of this report were as follows:
Jane Bentall Senior Independent Director
Simon Clinton Chief Financial Officer
(appointed 22 April 2024)
Avis Darzins Non-Executive Director
Laure Duhot Non-Executive Director
David Hearn Non-Executive Chairman
Andy Jones Chief Financial Officer
(resigned 22 April 2024)
Ian Krieger Senior Independent Director
(resigned13 March 2024)
Delphine Mousseau Non-Executive Director
Frederic Vecchioli Chief Executive Officer
Gert van de Weerdhof Non-Executive Director
The skills and experience of the serving Directors are set out on
pages 80 and 81, and their interests in the ordinary share capital of
the Company, and details of options granted to Executive Directors
under the Group’s share schemes are set out in the Directors’
remuneration report on pages 112 to 117.
Appointment and removal of Directors
The Company’s rules governing the appointment and removal
of Directors are contained in its Articles of Association. Changes
to the Articles of Association are only permitted in accordance
with legislation and must be approved by a special resolution of
shareholders. The Company’s Articles of Association provide
that a Director may be appointed by an ordinary resolution of the
shareholders or by the existing Directors, either to fill a vacancy or as
an additional Director. Further information on the Company’s internal
procedures for the appointment of Directors is given in the corporate
governance section on page 85.
A Director may be removed by the Company in certain circumstances
set out in the Articles of Association or by an ordinary resolution of the
Company’s shareholders.
Vacation of office
The office of a Director shall be vacated if (amongst other
circumstances) a Director: (i) resigns; (ii) has been appointed for
a fixed term and the term expires; (iii) ceases to be a Director by
virtue of the Companies Act, is removed from office pursuant to the
Articles of Association or becomes prohibited by law from being a
Director; (iv) becomes bankrupt or the subject of an interim receiving
order or compounds with creditors generally or applies to the court
for an interim order under Section 253 of the Insolvency Act 1986
(as amended) in connection with a voluntary arrangement under
that act or any analogous event occurs in relation to the Director in
another jurisdiction; (v) has been suffering from mental or physical
ill health and may remain so for more than three months; (vi) both a
Director and his or her alternate Director (if any) are absent, without
the permission of the Board from meetings of the Board for six
consecutive months and the Board resolves that his or her office is
vacated; or (vii) is removed from office by notice addressed to the
Director at their last-known address and signed by all co-Directors.
Directors’ powers
The Board, which is responsible for the management of the business,
may exercise all the powers of the Company subject to the provisions
of relevant legislation, the Company’s Articles of Association and
directions given by special resolution of the Company. The powers
of the Directors set out in the Articles of Association include those in
relation to the issue and buyback of shares.
Annual re-election of Directors
The Company’s Articles of Association require that all Directors retire
by rotation each year. In accordance with the Company’s Articles of
Association and with the Code, all Directors will retire at the Annual
General Meeting (“AGM”) to be held on Wednesday 19 March 2025
and will offer themselves for re-election.
Directors’ indemnities
The Company maintains directors’ and officers’ liability insurance
which provides appropriate cover for legal action brought against
its Directors. The Company has also granted indemnities to each of
its Directors to the extent permitted by law. The Directors also have
(and during the year ended 31 October 2024 had) the benefit of the
qualifying third party indemnity provision contained in the Company’s
Articles of Association, which provides a limited indemnity in respect
of liabilities incurred as a Director or other officer of the Company.
Directors’ interests in contracts and conflicts
of interest
No member of the Board had a material interest in any contract of
significance with the Company, or any of its subsidiaries, at any time
during the year. Directors are required to notify the Company of any
conflict or potential conflict of interest.
The Company’s policy is that Directors notify the Chairman and the
Company Secretary of all new outside interests and actual or potential
conflicts of interest as and when they arise. The Board confirms that
no actual or potential conflicts have been identified or notified to
the Company during the year and, accordingly, the Board has not
authorised any conflicts of interest as permitted by the Company’s
Articles of Association.
Share capital
At 31 October 2024, the Company’s issued share capital comprised
218,490,500 ordinary shares of 1 pence each. The rights and
obligations attached to the Company’s ordinary shares are set out
in its Articles of Association and note 10 of the Company’s financial
statements. Details of movements in the share capital during the year
are provided in note 22 of the financial statements. The issued share
capital has been increased by 451,081 ordinary shares during the
year by fully paid issues as follows:
Date Share scheme
Number of
ordinary shares
of 1 pence
16 February 2024 Exercise of options under the 2019
(three-year) Sharesave scheme
352
7 November 2023
to30 April 2024
Early exercise of options under the
2020 (three-year) Sharesave scheme
113,130
31 January 2024 Issue of new share to the Trustee of
the Safestore Employee Benefit Trust
to satisfy share awards granted by
the Company under its 2021 Long
Term Incentive Plan
334,249
6 August 2024 Early exercise of options under the
2023 (three-year) Sharesave scheme
650
No person holds securities in the Company carrying special rights
with regard to control of the Company.
Own shares – Employee Benefit Trust
At 31 October 2024, the Employee Benefit Trust retains 73,759
ordinary shares (FY 2023: 64,363) with a nominal value of £737.59
(FY2023: £643.63) to satisfy awards under the Group’s share scheme
arrangements. This represents circa 0.03% (FY 2023: 0.03%) of
the total issued share capital of the Company. The Trustee of the
Employee Benefit Trust has elected not to receive dividends on its
retained ordinary shares.
Safestore Holdings plc | Annual report and financial statements 2024
120
Directors’ report continued

Purchase of own shares
The Company was granted authority at the 2024 AGM to make
market purchases of its own ordinary shares. This authority will expire
at the conclusion of the 2025 AGM and a resolution will be proposed
to seek further authority. No ordinary shares were purchased under
this authority during the year or in the period from 1 November 2024
to 9 January 2025.
Restrictions on transfers of shares and/or
voting rights
The Company is not aware of any agreements between shareholders
that may result in restrictions on the transfer of securities and/or
voting rights and apart from the matters described below, there are
no restrictions on the transfer of the Company’s ordinary shares and/
or voting rights:
• Certain restrictions on transfers of shares may from time to time
be imposed by laws and regulations (such as the Market Abuse
Regulation). The Company’s Securities Dealing Code provides that
all Directors and employees are required to seek the Company’s
approval to deal in its shares.
• Some share-based employee incentive plans include restrictions
on the transfer of shares, while the shares are subject to the
planconcerned.
• The Directors’ Remuneration Policy provides that annual bonus
awards in excess of 100% of salary be deferred into shares. The
annual bonus plan rules include restrictions on the transfer of such
shares, while the shares are subject to the plan concerned.
• The transferor of a share is deemed to remain the holder until the
transferee’s name is entered in the register of shareholders. The
Board can refuse to register any transfer of any share which is not
a fully paid share. The Company does not currently have any partly
paid shares.
• Unless the Directors determine otherwise, members are not entitled
to vote personally or by proxy at a shareholders’ meeting, or to
exercise any other member’s right in relation to shareholders’
meetings, in respect of any share for which any call or other sum
payable to the Company remains unpaid.
• Unless the Directors determine otherwise, no transfer of shares
shall be registered and members are not entitled to vote personally
or by proxy at a shareholders’ meeting, or to exercise any other
member’s right in relation to shareholders’ meetings if the member
fails to provide the Company with the required information
concerning interests in those shares within the prescribed
period after being served with a notice under Section 793 of the
Companies Act 2006.
• The shareholding guidelines set out in the Directors’ Remuneration
Policy provide that Executive Directors are expected to build up
their shareholding over a five-year period. Executive Directors
would be expected to retain any shares vesting (post-tax) under
in-flight awards until they have acquired the necessary shares to
meet their shareholding requirements.
Details of deadlines in respect of voting for the 2025 AGM are
contained in the Notice of Meeting that has been circulated to
shareholders and can be viewed on the Company’s website at
www.safestore.com.
Substantial shareholdings
The table below sets out the names of those persons who, insofar as the Company is aware, as at 16 November 2024 (being the nearest
date of the Company’s internal analysis to 31 October 2024), are interested directly or indirectly in 3% or more of the issued share capital
ofthe Company.
Name of shareholder
Number of
ordinary shares
Percentage of issued
share capital
BlackRock Inc (Combined) 21,455,639 9.82
The Capital Group Companies, Inc (Combined) 17,013,693 7.79
The Vanguard Group, Inc (Combined) 12,392,149 5.67
Principal Financial Group (Combined) 9,515,520 4.36
abrdn plc (Combined) 9,182,998 4.20
Ameriprise Financial (Combined) 8,565,427 3.92
Cohen and Steers (Combined) 8,557,146 3.92
AXA SA (Combined) 7,127,645 3.26
State Street Corporation (Combined) 6,832,641 3.13
CPP Investment Board 6,654,557 3.05
Information provided to the Company pursuant to Rule 5 of the Disclosure Guidance and Transparency Rules (“DTR”) is published on a
Regulatory Information Service and on the Company’s website.
During the current financial year and as at 31 October 2024, the Company received the following notifications in accordance with DTR 5
disclosing changes to voting interests in its issued share capital. The information provided includes the percentage of issued capital as at the
date of the notifications.
Name of shareholder
Date of
latest notification
Number of
ordinary shares
Percentage of
issued share capital
Nature of holding
(direct/indirect)
Canada Pension Plan Investment Board 18 March 2024 6,562,457 3.004% Direct
Between 1 November 2024 and 14 January 2025, being a date not more than one month prior to the date of the Company’s Notice of Annual
General Meeting 2024, the Company did not receive any notification(s) in accordance with DTR 5 disclosing changes to voting interests in its
issued share capital.
All interests disclosed to the Company in accordance with DTR 5 that have occurred since 15 January 2025 can be found on the Company’s
website www.safestore.com.
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Safestore Holdings plc | Annual report and financial statements 2024
121

Significant agreements and change of control
The Group’s bank facilities agreement and US Private Placement Note agreements contain provisions entitling the counterparty to terminate
the contractual agreements in the event of a change of control of the Group. The rules governing the Group’s share scheme arrangements also
contain provisions relating to the vesting and exercising of options in the event of a change of control of the Group.
There are no agreements between the Company and its Directors or employees providing for compensation for loss of office or employment
(whether through resignation, purported redundancy or otherwise) that occurs because of a takeover bid.
Employment and environmental matters
Information in respect of the Group’s employment and environmental policies, including the policies regarding the employment of disabled
persons and greenhouse gas reporting, is summarised in the sustainability section on pages 42 to 77.
Amendment of the Articles of Association
The Company’s Articles of Association may only be amended by special resolution at a general meeting of the shareholders.
Political donations
The Company made no political donations and incurred no political expenditure during the year (FY 2023: £nil). It remains the Company’s
policy not to make political donations or to incur political expenditure; however, the application of the relevant provisions of the Companies
Act is potentially very broad in nature and, as with last year, the Board is seeking shareholder authority to ensure that the Company does not
inadvertently breach these provisions as a result of the breadth of its business activities. It is not the policy of the Company or its subsidiaries
tomake political donations.
Disclosure of information to auditor
Each of the persons who is a Director at the date of approval of this report confirms that:
• so far as the Director is aware, there is no relevant audit information of which the Company’s auditor is unaware; and
• each Director has taken all the steps a Director might reasonably ought to have taken in order to make themself aware of any relevant audit
information and to establish that the Company’s auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of Section 418 of the Companies Act 2006.
Independent auditor
The Audit Committee undertook its annual review of the auditor’s independence. The Directors determined that Deloitte LLP remained
independent through the course of the year.
At the end of 2023, the Company undertook a formal audit tender for audit services. In February 2024, after careful consideration, the Audit
Committee recommended that Deloitte LLP be retained as the Company’s auditor. Deloitte LLP was put forward to shareholders at the
Company’s Annual General Meeting on Wednesday, 13 March 2024 for re-appointment, and received 99.55% of votes in favour.
The Audit Committee undertook a review of the external auditor effectiveness and independence in October 2024. The Audit Committee
found that Deloitte had continued to demonstrate independence and a strong performance. A recommendation was made to the Board that
Deloitte be put forward for re-election as the Company’s auditor. Shareholders will have the opportunity to vote on the re-appointment of the
Company’s auditor at the Annual General Meeting on Wednesday, 19 March 2025.
Annual General Meeting (“AGM”)
The AGM will be held at the Company’s registered office at Brittanic House, Stirling Way, Borehamwood, Hertfordshire WD6 2BT, on
Wednesday, 19 March 2025 at 1.00pm.
The 2025 AGM will include, as special business, resolutions dealing with authority to issue shares, disapplication of pre-emption rights,
authority to purchase the Company’s own shares and authority to call a general meeting on not less than 14 days’ notice. Notice of AGM
sets out details of the business to be considered at the AGM and contains explanatory notes on such business. This has been dispatched
toshareholders and can be found on the Company’s website at www.safestore.com.
Shareholders are encouraged to use their vote at this year’s AGM by casting their votes online by using our electronic proxy appointment
service offered by the Company’s Registrar, MUFG Corporate Markets, at www.signalshares.com or via the MUFG Corporate Markets
shareholder app, LinkVote+.
This report was approved by the Board for release on 16 January 2025 and signed on its behalf by:
David Orr
Company Secretary
15 January 2025
Safestore Holdings plc | Annual report and financial statements 2024
122
Directors’ report continued

The Directors are responsible for preparing the Annual Report and the
Group and parent company financial statements in accordance with
applicable law and regulations.
Company law requires the Directors to prepare such financial
statements for each financial year. Under that law the Directors are
required to prepare the Group financial statements in accordance with
United Kingdom-adopted International Accounting Standards. The
financial statements also comply with International Financial Reporting
Standards (“IFRS”) as issued by the IASB. The Directors have chosen
to prepare the parent company financial statements in accordance
with United Kingdom Generally Accepted Accounting Practice (United
Kingdom Accounting Standards and applicable law), including
Financial Reporting Standard 101 “Reduced Disclosure Framework”.
Under company law the Directors must not approve the financial
statements unless they are satisfied that they give a true and fair view
of the state of affairs of the Group and the parent company and of the
profit or loss of the Group for that period.
In preparing the parent company financial statements, the Directors
are required to:
• select suitable accounting policies and then apply them
consistently;
• state whether applicable UK-adopted International Accounting
Standards have been followed for the Group financial statements
and United Kingdom Accounting Standards, comprising FRS 101,
have been followed for the Company financial statements, subject
to any material departures disclosed and explained in the financial
statements;
• make judgements and accounting estimates that are reasonable
and prudent; and
• prepare the financial statements on the going concern basis unless
it is inappropriate to presume that the Company will continue
in business.
In preparing the Group financial statements, International Accounting
Standard 1 requires that Directors:
• properly select and apply accounting policies;
• present information, including accounting policies, in a manner
that provides relevant, reliable, comparable and understandable
information;
• provide additional disclosures when compliance with the specific
requirements of the financial reporting framework is insufficient to
enable users to understand the impact of particular transactions,
other events and conditions on the entity’s financial position and
financial performance; and
• make an assessment of the Group’s ability to continue as a
going concern.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group’s
transactions and disclose with reasonable accuracy at any time
the financial position of the parent company and the Group to
enable them to ensure that the financial statements comply with the
Companies Act 2006. They are also responsible for safeguarding the
assets of the parent company and the Group and hence for taking
reasonable steps for the prevention and detection of fraud and other
irregularities.
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Group’s website at
www.safestore.com. Legislation in the United Kingdom governing the
preparation and dissemination of financial statements may differ from
legislation in other jurisdictions.
Responsibility statement
The Directors consider that the Annual Report and Accounts, taken
as a whole, is fair, balanced and understandable and provides the
information necessary for shareholders to assess the Company’s
position and performance, business model and strategy.
Each of the Directors, whose names and functions are listed in Board
of Directors on pages 80 and 81, confirm that, to the best of their
knowledge:
• the consolidated financial statements, which have been prepared in
accordance with UK-adopted International Accounting Standards,
give a true and fair view of the assets, liabilities, financial position
and profit of the Group;
• the Company’s financial statements, which have been prepared
in accordance with United Kingdom Accounting Standards,
comprising FRS 101, give a true and fair view of the assets,
liabilities and financial position of the Company; and
• the strategic report of this report includes a fair review of the
development and performance of the business and the position of
the Company and the wider Group, together with a description of
the principal risks and uncertainties that it faces.
In the case of each Director in office at the date the Directors’ report
is approved:
• so far as the Director is aware, there is no relevant audit information
of which the Company’s external auditor is unaware; and
• the Director has taken all the steps that they ought to have taken as
a Director in order to make themselves aware of any relevant audit
information and to establish that the Company’s external auditor is
aware of that information.
This responsibility statement was approved by the Board of Directors
on 15 January 2025 and is signed on its behalf by:
Frederic Vecchioli Simon Clinton
Chief Executive Officer Chief Financial Officer
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Safestore Holdings plc | Annual report and financial statements 2024
123
Statement of Directors’ responsibilities

Report on the audit of the financial statements
1. Opinion
In our opinion:
• the financial statements of Safestore Holdings plc (the “parent company”) and its subsidiaries (the “Group”) give a true and fair view of the
state of the Group’s and of the parent company’s affairs as at 31 October 2024 and of the Group’s profit for the year then ended;
• the Group financial statements have been properly prepared in accordance with United Kingdom-adopted International Accounting Standards;
• the parent company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice, including Financial Reporting Standard 101 “Reduced Disclosure Framework”; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
• the consolidated income statement;
• the consolidated statement of comprehensive income;
• the consolidated and parent company balance sheets;
• the consolidated and parent company statements of changes in equity;
• the consolidated cash flow statement; and
• the related notes 1 to 30 and parent company related notes 1 to 11.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom-adopted International
Accounting Standards and as regards the parent company financial statements, as applied in accordance with the provisions of the
Companies Act 2006.
2. Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under
those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report.
We are independent of the Group and the parent company in accordance with the ethical requirements that are relevant to our audit of the
financial statements in the UK, including the Financial Reporting Council’s (the “FRC’s”) Ethical Standard as applied to listed public interest
entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. The non-audit services provided to
theGroup and parent company for the year are disclosed in notes 6 and 4 respectively to the financial statements and in the Audit Committee
report on page 91. We confirm that we have not provided any non-audit services prohibited by the FRC’s Ethical Standard to the Group or the
parent company.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
3. Summary of our audit approach
Key audit matters The key audit matters that we identified in the current year was the valuation of the investment properties, which is
consistent with the key audit matter identified in the prior year.
Materiality The materiality that we used for the Group financial statements was £41.0 million which was determined on the basis of
2% of net assets. For testing of items affecting Adjusted EPRA earnings we have applied a lower threshold amounting to
£4.5 million, which was determined as 5% of Adjusted EPRA earnings.
Scoping We have identified four components within the Group: United Kingdom (“UK”), France, Spain and Benelux. The Group
engagement team (“GET”) has performed a full scope audit of the UK component and a French component audit team
has performed a full scope audit of the French component. In addition, the GET has performed specified procedures in
respect of the Spanish and Benelux components.
Safestore Holdings plc | Annual report and financial statements 2024
124
Independent auditor’s report
to the members of Safestore Holdings plc

Report on the audit of the financial statements continued
4. Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of
the financial statements is appropriate.
Our evaluation of the Directors’ assessment of the Group’s and parent company’s ability to continue to adopt the going concern basis of
accounting included:
• obtaining an understanding of the relevant controls relating to the going concern process;
• an assessment of the Group’s financing facilities including nature of facilities, repayment terms, maturity profile and covenants;
• testing the mathematical accuracy of, and assessing the sophistication of, the model used to prepare the going concern forecast;
• challenging the range of scenarios, including the base case, modelled by management through our understanding of sector performance
and sentiment and historical forecasting accuracy of management;
• an assessment of the level of headroom arising in each scenario;
• an assessment of the outcome of the reverse stress testing performed by management; and
• an evaluation of the appropriateness of the going concern disclosures in the financial statements.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or
collectively, may cast significant doubt on the Group’s and parent company’s ability to continue as a going concern for a period of at least
twelve months from when the financial statements are authorised for issue.
In relation to the reporting on how the Group has applied the UK Corporate Governance Code, we have nothing material to add or draw
attention to in relation to the Directors’ statement in the financial statements about whether the Directors considered it appropriate to adopt the
going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
5. Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of
thecurrent period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified.
These matters included 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 were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.
5.1. Valuation of investment properties
Key audit matter
description
Investment properties are held at a fair value of £3,284.1 million at 31 October 2024 (2023: £2,890.9 million).
Investment property valuation is subjective in nature with significant estimation and therefore results in risk of
errorand fraud.
The property valuation, which is performed by an external valuer, is determined using actual data and a number
ofsubjective assumptions. These drive a cash flow model that is used as the basis of the valuation of each
individual property. We consider the key assumptions to comprise capitalisation rate, rental growth rate and
stabilised occupancy.
For key sources of estimation uncertainty disclosures and further details of the Group’s valuation method and
assumptions, refer to note 2 and 12 of the financial statements. The valuation of investment properties is also
discussed in the Audit Committee report on page 91.
Safestore Holdings plc | Annual report and financial statements 2024
125
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW

Report on the audit of the financial statements continued
5. Key audit matters continued
5.1. Valuation of investment properties continued
How the scope of our audit
responded to the key audit
matter
We carried out the following audit procedures in response to the identified key audit matter:
Understanding the properties and relevant controls:
• Gained an understanding of the relevant controls relevant to the property valuation process.
• Made enquiries of management to enhance our understanding of the portfolio and market.
Data provided to the valuer:
• Obtained the source data provided by management to the valuer and tested on a sample basis for
completeness and accuracy.
External valuation:
• Assessed the appropriateness of the valuer’s scope and evaluated the competence, objectivity and capability
of the valuer.
• Identified individual properties through identification of valuer key assumptions which are considered outliers
to our expected range.
• Investigated the properties identified and challenged the key estimates by assessing the appropriateness
through comparison with market evidence and our expectation.
• Met with the valuers and, with the involvement of our internal real estate specialists, performed an
independent assessment of the assumptions that underpin the valuations, based on our internal real estate
specialists’ knowledge of the self-storage industry and wider real estate market.
• Evaluated whether the valuation methodology remains appropriate and assessed whether indicative
rents and exit capitalisation rates achieved in recent comparable transactions were consistent with the
assumptions used in the Group’s valuations.
• Made enquiries of the valuer and management around the impact of climate change on the portfolio
valuation, if any.
• Tested the accuracy and integrity of key elements of the valuer’s model and for a sample of properties,
recalculated the valuation.
• To address the risk of fraud, we assessed whether the changes between the draft valuations presented to
management for review and the final valuation report were appropriate and substantiated.
• Considered contradictory evidence where available and performed a ‘stand-back’ review to assess the
sufficiency of audit evidence.
Financial statements and disclosures
• Reconciled the external valuation reports to underlying financial records to test for completeness and
accuracy within the Group’s financial statements.
• Assessed the sufficiency of the Group’s valuation disclosures, including the related sensitivities.
Key observations We consider the assumptions applied in arriving at the fair value of the Group’s investment property to be
reasonable and therefore the valuation reported in the financial statements to be reasonable.
6. Our application of materiality
6.1. Materiality
We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic decisions of a
reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope of our audit work and in
evaluating the results of our work.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Group financial statements Parent company financial statements
Materiality £41.0 million (2023: £38.5 million) £5.2 million (2023: £7.3 million)
Basis for determining
materiality
2% of net assets (2023: 2% of net assets). 3% of net assets (2023: 3% of net assets).
Rationale for the
benchmarkapplied
We considered net assets to be a critical financial
performance measure for the Group on the basis that it
is a key metric used by management, investors, analysts,
and lenders.
We considered net assets to be a critical financial
performance measure for the Group on the basis that
it is a key metric used by management, investors,
analysts, and lenders.
Safestore Holdings plc | Annual report and financial statements 2024
126
Independent auditor’s report continued
to the members of Safestore Holdings plc

Report on the audit of the financial statements continued
6. Our application of materiality continued
6.1. Materiality continued
In addition to net assets, we also consider Adjusted EPRA earnings as a key benchmark. We applied a lower threshold of £4.5 million
(2023:£5.0 million) for testing of balances impacting that measure, which has been determined as 5% (2023: 5%) of Adjusted EPRA earnings.
Audit Committee reporting
threshold: £2.0m
Group materiality: £41.0m
Net assets
Group materiality
Component materiality
range: £7.1m to £22.7m
Net assets:
£2,226.8m
6.2. Performance materiality
We set performance materiality at a level lower than materiality to reduce the probability that, in aggregate, uncorrected and undetected
misstatements exceed the materiality for the financial statements as a whole.
Group financial statements Parent company financial statements
Performance materiality 70% (2023: 70%) of Group materiality 70% (2023: 70%) of parent company materiality
Basis and rationale for
determining performance
materiality
In determining performance materiality, we considered the following factors:
a. the quality of the control environment and whether we were able to rely on controls;
b. the low volume of uncorrected misstatements in the previous audit; and
c. turnover of management or key accounting personnel.
6.3. Error reporting threshold
We agreed with the Audit Committee that we would report to the Committee all audit differences in excess of £2.0 million (2023: £1.9 million),
aswell as differences below that threshold that, in our view, warranted reporting on qualitative grounds. We also report to the Audit Committee
on disclosure matters that we identified when assessing the overall presentation of the financial statements.
7. An overview of the scope of our audit
7.1. Identification and scoping of components
Our Group audit was scoped by obtaining an understanding of the Group and its environment, including Group-wide controls, and assessing the
risks of material misstatement at the Group level.
We have determined that there are four components within the Group: the UK, France, Spain and Benelux operations. The Group audit team has
performed a full scope audit of the UK component and a French component audit team has performed a full scope audit of the French component.
In addition, the Group audit team has performed specified procedures at Group level in respect of the Spanish and Benelux components.
7.2. Our consideration of the control environment
The Group uses the following application systems for the recording and reporting of its financial statements:
• SpaceManager
• Access Dimensions
We involved IT specialists to assess the relevant controls over these systems. Working with our IT specialists, we identified and obtained an
understanding of the relevant risks arising from each relevant IT system. We obtained an understanding of the IT environment as part of these
risk assessment procedures.
Additionally, we obtained an understanding of the relevant controls such as those relating to the financial reporting cycle, revenue and going
concern and those in relation to our key audit matter.
As a result of findings arising from our work, we were unable to take a controls reliance approach for any substantive testing though the audit.
Revenue
Profit
before tax
Total
assets
Full audit scope
Specified audit
procedures
Review at
Group level
Full audit scope
Specified audit
procedures
Review at
Group level
Full audit scope
Specified audit
procedures
Review at
Group level
92% 98% 99%
8% 2% 1%
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127
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW

Report on the audit of the financial statements continued
7. An overview of the scope of our audit continued
7.3. Our consideration of climate-related risks
We have made enquiries of management and the Directors to understand the processes in place to assess the potential impact of climate
change on the business and the financial statements. Management considers climate change to be a principal risk which particularly impacts
the cost of retrofitting stores to improve their sustainability credentials and comply with future regulations. These risks are consistent with those
identified through our own risk assessment process.
As part of our identification of key audit matters, we consider there to be a risk in relation to climate change as part of the valuation of
investment properties. There is a risk that the valuation does not include the relevant assumptions around climate change, principally capital
expenditure required to bring the stores up to a certain environmental standard, to the extent assumed by a third party when determining
fair value.
We made enquiries of the valuer and management as to any climate-related specific assumptions in the investment property valuations.
We have reviewed the disclosures in the principal risk section and note 2 of the Annual Report and Financial Statements and consider that
management has appropriately disclosed the current risk that has been identified.
7.4. Working with other auditors
We directed our French component auditor to perform the audit of the France component and supervised its work through regular communication.
We reviewed and evaluated its work including its reporting. As the Group team, we attended a site visit in Paris and met local management. Wealso
attended the local audit close meeting with the component team and local management team.
Our component audit work was executed at levels of materiality applicable to each individual component which were lower than Group materiality,
ranging from £7.1 million to £22.7 million (2023: £6.7 million to £21.6 million). In addition, for the lower materiality threshold described above, our
component thresholds ranged from £0.8 million to £2.5 million (2023: £0.9 million to £2.8 million).
8. Other information
The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report
thereon. The Directors are responsible for the other information contained within the Annual Report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report,
we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.
If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a
material misstatement in the financial statements themselves. 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 in this regard.
9. Responsibilities of Directors
As explained more fully in the Directors’ responsibilities statement, the Directors are responsible for the preparation of the financial statements
and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s and the parent 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 Group or the parent company or to cease operations, or have no realistic alternative but to do so.
10. Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the 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 (UK) 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 these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at:
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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Independent auditor’s report continued
to the members of Safestore Holdings plc

Report on the audit of the financial statements continued
11. Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities,
outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of
detecting irregularities, including fraud is detailed below.
11.1. Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non- compliance with laws and
regulations, we considered the following:
• the nature of the industry and sector, control environment and business performance including the design of the Group’s remuneration
policies, key drivers for Directors’ remuneration, bonus levels and performance targets;
• results of our enquiries of management, internal audit, the Directors and the Audit Committee about their own identification and assessment
of the risks of irregularities, including those that are specific to the Group’s sector;
• any matters we identified having obtained and reviewed the Group’s documentation of its policies and procedures relating to:
• identifying, evaluating and complying with laws and regulations and whether it was aware of any instances of non-compliance;
• detecting and responding to the risks of fraud and whether it has knowledge of any actual, suspected or alleged fraud; and
• the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
• the matters discussed among the audit engagement team including significant component audit teams and relevant internal specialists,
including climate and property valuation specialists regarding how and where fraud might occur in the financial statements and any potential
indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified
the greatest potential for fraud in the assumptions used in the valuation of investment properties. In common with all audits under ISAs (UK), we
are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the Group operates in, focusing on provisions of those laws
and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and
regulations we considered in this context included the UK Companies Act, Listing Rules and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance
with which may be fundamental to the Group’s ability to operate or to avoid a material penalty.
11.2. Audit response to risks identified
As a result of performing the above, we identified the valuation of the investment properties as a key audit matter related to the potential risk of
fraud. The key audit matters section of our report explains the matter in more detail and also describes the specific procedures we performed in
response to that key audit matter.
In addition to the above, our procedures to respond to risks identified included the following:
• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws
and regulations described as having a direct effect on the financial statements;
• enquiring of management, the Audit Committee and legal counsel concerning actual and potential litigation and claims;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement
due to fraud;
• reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing correspondence
with HMRC; and
• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other
adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating
thebusiness rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal
specialists and significant component audit teams and remained alert to any indications of fraud or non-compliance with laws and regulations
throughout the audit.
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CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW

Report on other legal and regulatory requirements
12. Opinions on other matters prescribed by the Companies Act 2006
In our opinion the part of the Directors’ remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the strategic report and the Directors’ report for the financial year for which the financial statements are prepared is
consistent with the financial statements; and
• the strategic report and the Directors’ report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent company and their environment obtained in the course of the
audit, we have not identified any material misstatements in the strategic report or the Directors’ report.
13. Corporate governance statement
The Listing Rules require us to review the Directors’ statement in relation to going concern, longer term viability and that part of the corporate
governance statement relating to the Group’s compliance with the provisions of the UK Corporate Governance Code specified for our review.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate governance
statement is materially consistent with the financial statements and our knowledge obtained during the audit:
• the Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting and any material
uncertainties identified set out on page 135;
• the Directors’ explanation as to its assessment of the Group’s prospects, the period this assessment covers and why the period is
appropriate set out on page 40;
• the Directors’ statement on fair, balanced and understandable set out on page 123;
• the Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on pages 34 to 38;
• the section of the annual report that describes the review of effectiveness of risk management and internal control systems set out on
page 85; and
• the section describing the work of the Audit Committee set out on pages 89 to 92.
14. Matters on which we are required to report by exception
14.1. Adequacy of explanations received and accounting records
Under the Companies Act 2006 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; or
• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from
branches not visited by us; or
• the parent company financial statements are not in agreement with the accounting records and returns.
We have nothing to report in respect of these matters.
14.2. Directors’ remuneration
Under the Companies Act 2006 we are also required to report if in our opinion certain disclosures of Directors’ remuneration have not been
made or the part of the Directors’ remuneration report to be auditedis not in agreement with the accounting records and returns.
We have nothing to report in respect of these matters.
15. Other matters which we are required to address
15.1. Auditor tenure
Following the recommendation of the Audit Committee, we were appointed by the shareholders on 12 October 2014 to audit the financial
statements for the year ended 31 October 2014 and subsequent financial periods. The period of total uninterrupted engagement including
previous renewals and re-appointments of the firm is ten years, covering the years ending ended 31 October 2014 to 31 October 2024.
15.2. Consistency of the audit report with the additional report to the Audit Committee
Our audit opinion is consistent with the additional report to the Audit Committee we are required to provide in accordance with ISAs (UK).
16. Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.
Ouraudit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an
auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other
than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As required by the Financial Conduct Authority (“FCA”) Disclosure Guidance and Transparency Rule (“DTR”) 4.1.14R, these financial statements
form part of the European Single Electronic Format (“ESEF”) prepared Annual Financial Report filed on the National Storage Mechanism of the
UK FCA in accordance with the ESEF Regulatory Technical Standard (“ESEF RTS”). This auditor’s report provides no assurance over whether
the annual financial report has been prepared using the single electronic format specified in the ESEF RTS.
Stephen Craig FCA (Senior Statutory Auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
London, United Kingdom
15 January 2025
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Independent auditor’s report continued
to the members of Safestore Holdings plc

Revenue
3, 4
223.4
224.2
Cost of sales
(73.7)
(69.9)
Gross profit
149.7
154.3
Administrative expenses
(16.1)
(17.7)
Operating profit before gains on investment properties and other exceptional gains
133.6
136.6
Gain on revaluation of investment properties
12
292.2
93.8
Operating profit
4, 5
425.8
230.4
Finance income
7
0.1
0.8
Finance expense
7
(27.3)
(23.4)
Profit before income tax
398.6
207.8
Income tax charge
8
(26.3)
(7.6)
Profit for the year
372.3
200.2
– basic (pence)
10
170.5
92.2
– diluted (pence)
10
170.1
91.8
The financial results for both years relate to continuing operations.
The notes on pages 135 to 164 are an integral part of these consolidated financial statements.
Consolidated statement of comprehensive income
for the year ended 31 October 2024
Profit for the year
372.3
200.2
Currency translation differences
(22.0)
7.1
Net investment hedge
6.9
(2.9)
Other comprehensive income, net of tax
(15.1)
4.2
Total comprehensive income for the year
357.2
204.4
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CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Consolidated income statement
for the year ended 31 October 2024

Investment in associates
11
6.6
4.1
Investment properties
12
3,284.1
2,890.9
Property, plant and equipment
13
5.7
5.2
Deferred tax assets
21
6.3
6.6
3,302.7
2,906.8
Inventories
0.4
0.4
Current income tax receivables
1.0
—
Trade and other receivables
15
31.7
32.8
Cash and cash equivalents
16
25.3
16.9
58.4
50.1
Total assets
3,361.1
2,956.9
Bank borrowings
18
—
(44.5)
Trade and other payables
17
(51.8)
(52.4)
Current income tax liabilities
—
(0.4)
Lease liabilities
20
(14.0)
(13.1)
(65.8)
(110.4)
Bank borrowings
18
(824.2)
(681.3)
Deferred tax liabilities
21
(155.4)
(139.2)
Lease liabilities
20
(86.6)
(88.3)
Provisions
26
(2.3)
(2.6)
(1,068.5)
(911.4)
Total liabilities
(1,134.3)
(1,021.8)
Net assets
2,226.8
1,935.1
Ordinary share capital
22
2.2
2.2
Share premium
62.7
62.0
Translation reserve
(2.4)
12.7
Retained earnings
2,164.3
1,858.2
Total equity
2,226.8
1,935.1
These financial statements were authorised for issue by the Board of Directors on 15 January 2025 and signed on its behalf by:
S Clinton F Vecchioli
Chief Financial Officer Chief Executive Officer
Company registration number: 04726380
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132
Consolidated balance sheet
as at 31 October 2024

Balance at 1 November 2022
2.1
61.8
8.5
1,721.0
1,793.4
Profit for the year
—
—
—
200.2
200.2
Currency translation differences
—
—
7.1
—
7.1
Net investment hedge
—
—
(2.9)
—
(2.9)
Total other comprehensive income
—
—
4.2
—
4.2
Total comprehensive income
—
—
4.2
200.2
204.4
Dividends (note 9)
—
—
—
(65.9)
(65.9)
Increase in share capital and share premium
0.1
0.2
—
—
0.3
Employee share options
—
—
—
2.9
2.9
Transactions with owners
0.1
0.2
—
(63.0)
(62.7)
Balance at 1 November 2023
2.2
62.0
12.7
1,858.2
1,935.1
Profit for the year
—
—
—
372.3
372.3
Currency translation differences
—
—
(22.0)
—
(22.0)
Net investment hedge
—
—
6.9
—
6.9
Total other comprehensive income
—
—
(15.1)
—
(15.1)
Total comprehensive income
—
—
(15.1)
372.3
357.2
Dividends (note 9)
—
—
—
(65.9)
(65.9)
Increase in share capital and share premium
—
0.7
—
—
0.7
Employee share options
—
—
—
(0.3)
(0.3)
Transactions with owners
—
0.7
—
(66.2)
(65.5)
Balance at 31 October 2024
2.2
62.7
(2.4)
2,164.3
2,226.8
The translation reserve balance of (£2.4) million (FY 2023: £1 2. 7 million) comprises all foreign exchange differences arising from the translation of
the financial statements of foreign operations and the impact of the net investment hedge. The cumulative impact of the net investment hedge
included within this reserve is a net income of £4 . 1 million (FY 2023: loss of £2 .8 million).
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CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Consolidated statement of changes in shareholders’ equity
for the year ended 31 October 2024

Cash generated from operations
23
133.1
128.4
Interest received
0.1
—
Interest paid
(31.2)
(24.9)
Tax paid
(6.1)
(5.5)
Net cash inflow from operating activities
95.9
98.0
Investment in associates
11
(2.5)
(2.3)
Expenditure on investment properties
(118.3)
(119.0)
Purchase of property, plant and equipment
(1.8)
(2.9)
Net cash outflow from investing activities
(122.6)
(124.2)
Issue of share capital
0.7
0.2
Equity dividends paid
9
(65.9)
(65.9)
Proceeds from borrowings
173.8
108.4
Repayment of borrowings
(62.2)
(7.1)
Financial instruments income
—
0.4
Debt issuance costs
(1.3)
(4.9)
Principal payment of lease liabilities
(9.7)
(8.8)
Net cash inflow from financing activities
35.4
22.3
Net increase/(decrease) in cash and cash equivalents
8.7
(3.9)
Exchange loss on cash and cash equivalents
(0.3)
(0.1)
Cash and cash equivalents at 1 November
16.9
20.9
Cash and cash equivalents at 31 October
16, 2
25.3
16.9
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134
Consolidated cash flow statement
for the year ended 31 October 2024

1. General information
Safestore Holdings plc (the “Company”) and its subsidiaries (together, the “Group”) provide self-storage facilities to customers throughout the
UK, Paris, Spain, the Netherlands, and Belgium. The Company is a public limited company, which is listed on the London Stock Exchange and
incorporated and domiciled in the UK, England and Wales. The Company operates as the ultimate parent company of the Group. The address
of its registered office is Brittanic House, Stirling Way, Borehamwood, Hertfordshire WD6 2BT.
2. Summary of material accounting policies
The principal accounting policies of the Group are set out below. These policies have been consistently applied to each of the years presented,
unless otherwise stated.
Basis of preparation
The consolidated financial statements have been prepared in accordance with United Kingdom-adopted International Financial Reporting
Standards (“IFRS”) and International Financial Reporting Interpretations Committee (“IFRIC”) interpretations.
The Group consolidated financial statements are presented in Sterling and are rounded to the nearest £0.1 million, unless otherwise stated.
They are prepared on a going concern basis under the historical cost convention as modified by the revaluation of investment properties and
the fair value of derivative financial instruments.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual
amounts may differ from those estimates.
Going concern
The Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than
twelve months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing this consolidated financial
information.
In assessing the Group’s going concern position as at 31 October 2024, the Directors have considered a number of factors, including the
current balance sheet position, the principal and emerging risks which could impact the performance of the Group and the Group’s strategic
and financial plan. Consideration has been given to compliance with borrowing covenants along with the uncertainty inherent in future financial
forecasts. The Directors considered the most recent three-year financial plans, in particular the projections for the period to 30 April 2026,
approved by the Board. In the context of the current environment, plausible downside scenarios were applied to the plan, including a reverse
stress test scenario. These were based on the potential financial impact of the Group’s principal risks and uncertainties which are set out on
pages 34 to 38. These scenarios are differentiated by the impact of lower demand levels, lower average rate growth and what level of cost
savings is reasonable. A scenario was also performed where we carried out a reverse stress test to model what would be required to breach
ICR and LTV covenants, which indicated highly improbable changes would be needed before any issues were to arise.
The impact of the downside scenarios has been reviewed against the Group’s projected cash flow position and financial covenants over a
three-year period. Should any of these scenarios occur, clear mitigating actions are available to ensure that the Group remains liquid and able
to meet its liabilities as they fall due. The financial position of the Group, including details of its financing and capital structure, is set out in the
financial review section of this report. Further details of the Group’s viability statement are set out on page 40.
Standards, amendments to standards and interpretations issued and applied
The following new or revised accounting standards or IFRIC interpretations are applicable for the first time in the year ended 31 October 2024:
• Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)
• Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
• Non-current Liabilities with Covenants (Amendments to IAS 1)
• Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)
The adoption of the standards and interpretations has not significantly impacted these financial statements and any changes to our accounting
policies as a result of their adoption have been reflected in this note.
New and revised IFRSs in issue but not yet effective
At the date of authorisation of these financial statements, a number of new standards and amendments to standards and interpretations have
been issued but are not yet effective for the current accounting period. The Directors do not expect these standards to have a material impact
on the financial statements of the Group or Company.
• IFRS S1 “General Requirements for Disclosure of Sustainability-related Financial Information”
• IFRS S2 “Climate-related Disclosures”
• Amendments to IAS 8 Definition of Accounting Estimate
• IFRS 18 “Presentation and Disclosure in Financial Statements”
• IFRS 19 “Subsidiaries without Public Accountability: Disclosures”
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CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
Notes to the financial statements
for the year ended 31 October 2024

2. Summary of material accounting policies continued
Basis of consolidation and business combinations
The consolidated financial statements incorporate the financial statements of the Company and all its subsidiary undertakings made up to
31 October each year. Subsidiaries are entities controlled by the Company. Control is achieved when the Company:
• has power over the investee;
• is exposed, or has rights, to variable returns from its involvement with the investee; and
• has the ability to use its power to affect its returns.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date
of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those
used by the Group.
All intra-group transactions, balances and unrealised gains on transactions are eliminated on consolidation. Unrealised losses are also
eliminated unless the transaction provides evidence of an impairment of the assets transferred.
The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The consideration transferred for the
acquisition is measured as the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity
instruments issued by the Group. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are
measured initially at their fair values at the date of acquisition. Any excess of the cost of an acquisition over the fair value of the Group’s share
of net identifiable assets including intangible assets of the acquired entity at the date of acquisition is recognised as goodwill. Any discount
received is credited to the income statement in the year of acquisition as negative goodwill on acquisition of subsidiary. Costs attributable
to an acquisition are expensed in the consolidated income statement under the heading ‘administrative expenses’.
Investment in associates
An associate is an entity over which the Group is in a position to exercise significant influence, but not control or joint control, through
participation in the financial and operating policy decisions of the investee. Significant influence is the power to participate in the financial
and operating policy decisions of the investee but is not control or joint control over those policies.
The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting except
when classified as held for sale. Investments in associates are carried in the balance sheet at cost as adjusted by post-acquisition changes in
the Group’s share of the net assets of the associate, less any impairment in the value of individual investments. Losses of an associate in excess
of the Group’s interest in that associate (which includes any long term interests that, in substance, form part of the Group’s net investment in
the associate) are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the
associate. Where necessary, adjustments are made to the financial statements of associates to bring the accounting policies used into line with
those used by the Group. Where a Group company transacts with an associate of the Group, profits and losses are eliminated to the extent of
the Group’s interest in the relevant associate. Losses may provide evidence of an impairment of the asset transferred, in which case appropriate
provision is made for impairment.
Segmental reporting
IFRS 8 “Operating Segments” (“IFRS 8”) requires operating segments to be identified based upon the Group’s internal reporting to the
chief operating decision maker (“CODM”) to make decisions about resources to be allocated to segments and to assess their performance.
The CODM is the person or group that allocates resources to and assesses the performance of the operating segments of an entity.
The Group has determined that its CODM are the Executive Directors.
An operating segment is a component of an entity:
(a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating
to transactions with other components of the same entity);
(b) whose operating results are regularly reviewed by the entity’s CODM to make decisions about resources to be allocated to the segment
and assess its performance; and
(c) for which discrete financial information is available.
The Group’s net assets, revenue and profit before tax are attributable to one principal activity, the provision of self-storage, in three geographical
reporting segments, the United Kingdom, Paris in France, and Expansion Markets which is defined as Spain, Belgium, the Netherlands
and Germany.
Segment results, assets and liabilities include items directly attributable to segments as well as those that can be allocated on a reasonable basis.
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136
Notes to the financial statements continued
for the year ended 31 October 2024

2. Summary of material accounting policies continued
Revenue recognition
Revenue represents amounts derived from the provision of self-storage services (rental space, customer goods protection) which fall within
the Group’s activities provided in the normal course of business, net of discounts, VAT (where applicable) and other sales related taxes.
Rental income is recognised over the period for which the space is occupied by the customer on a time apportionment basis. No revenue is
recognised if there are significant uncertainties regarding recovery of the consideration due. Customer goods protection income is recognised
over the period for which the space is occupied by the customer on a time apportionment basis.
The Group has put in place protection arrangements whereby it purchases block policies from third party assurers which provide cover for
the value of customers’ goods. The Group charges a fee to customers for such goods protection, depending on the level of cover. The block
policies purchased and the income earned from charging customers are independent transactions. Although the Group may be involved in the
initial handling of any customers’ goods protection claims, these are passed on to the third party protection providers, who are responsible for
all protection payments. The Group is not exposed to protection risk.
The Group bears the inventory risk and pricing risk associated with these contracts and as such the Group acts as principal in the provision
of the access to protection services for its customers who elect to access that protection, and therefore revenue from protection premiums
is reported on a gross basis.
Income for the sale of assets and consumables is recognised when the significant risks and rewards have been transferred to the buyer.
For property sales this is generally at the point of completion. Where any aspect of consideration is conditional then the revenue associated
with that conditional item is deferred. Income earned on the sales of consumable items is recognised at the point of sale.
Foreign currency translation
Functional and presentation currency
The individual financial statements for each company are measured using the currency of the primary economic environment in which it
operates (its functional currency). For the purposes of the consolidated financial statements, the results and financial position of the Group
are expressed in Sterling, which is the presentational currency of the Group.
Transactions and balances
Foreign currency transactions are translated into the functional currency at the rates of exchange prevailing on the dates of the transactions.
At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on
the balance sheet date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the
rates prevailing at the date when the fair value was determined. Gains and losses arising on retranslation are included in the income statement
for the period, except for exchange differences arising on non-monetary assets and liabilities where the changes in fair value are recognised
directly in equity.
On consolidation, the assets and liabilities of the Group’s overseas operations are translated into the Group’s presentational currency at
exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period.
Exchange differences arising are classified as equity and are recognised as a separate component of equity, within the translation reserve.
Such translation differences are recognised as income or expense in the period in which the operation is disposed of.
Borrowing costs
All borrowing costs are recognised in the consolidated income statement in the period in which they are incurred, unless the costs are incurred
as part of the development of a qualifying asset, when they will be capitalised. Commencement of capitalisation is the date when the Group
incurs expenditure for the qualifying asset, incurs borrowing costs and undertakes activities that are necessary to prepare the assets for their
intended use when it is probable that they will result in future economic benefits to the entity and the costs can be measured reliably. In the
case of suspension of activities during extended periods, the Group suspends capitalisation. The Group ceases capitalisation of borrowing
costs when substantially all of the activities necessary to prepare the asset for use are complete, typically when a store opens.
Investment properties and investment properties under construction
Investment properties are those properties owned by the Group that are held to earn rental income, or for capital growth, or both.
Investment properties and investment properties under construction are initially measured at cost, including related transaction and borrowing
costs. After initial recognition, investment properties and investment properties under construction are held at fair value based on a market
valuation by professionally qualified external valuers at each balance sheet date, unless the fair value of investment properties under
construction are not yet reliably measurable, in which case they would be held at cost.
The fair value of investment properties and investment properties under construction reflects, among other things, rental income from current
leases and assumptions about rental income from future leases in light of current market conditions. The fair value also reflects, on a similar
basis, any cash outflows that could be expected in respect of the property. Some of these outflows are recognised as a liability, including lease
liabilities in respect of leasehold land and buildings classified as investment properties.
In accordance with IAS 40, investment property held as a leasehold is stated gross of the recognised lease liability. Leasehold properties are
classified as investment properties and included in the balance sheet at fair value. The obligation to the lessor for the leasehold is included
in the balance sheet at the present value of the minimum lease payments. The minimum lease payment valuation is re-measured at the point
of lease modification and the value of the Group’s right-of-use assets is adjusted accordingly over the lease term. Gains or losses arising on
changes in the fair values of investment properties and investment properties under construction at the balance sheet date are recognised in
the income statement in the period in which they arise.
Gains or losses on sale of investment properties are calculated as the difference between the consideration received and fair value estimated
at the previous balance sheet date.
If an investment property or part of an investment property becomes owner-occupied, it is reclassified as property, plant and equipment,
and its fair value at the date of reclassification becomes its cost for accounting purposes.
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2. Summary of material accounting policies continued
Property, plant and equipment
Property, plant and equipment not classified as investment properties or investment properties under construction are stated at historical cost
less accumulated depreciation and any accumulated impairment loss. Historical cost comprises the purchase price and costs directly incurred
in bringing the asset into use.
Assets’ residual values and useful lives are reviewed and, if appropriate, adjusted at each balance sheet date. If the carrying amount of an asset
is greater than the recoverable amount then the carrying amount is written down immediately to the recoverable amount.
Depreciation is charged so as to write off the cost of an asset less estimated residual value of each asset over its expected useful life using the
straight-line method. The principal rates are as follows:
Owner-occupied freehold buildings 2% per annum
Motor vehicles 20–25% per annum
Computer hardware and software 15–33% per annum
Fixtures, fittings, signs and partitioning 10–15% per annum
The gain or loss arising on the retirement or disposal of an asset is determined as the difference between the net sales proceeds and the
carrying amount of the asset and is recognised in the income statement on disposal.
Leases
A right-of-use asset and corresponding lease liability are recognised at commencement of the lease. The lease liability is measured at the
present value of the lease payments, discounted at the rate implicit in the lease or, if that cannot be readily determined, at the lessee’s
incremental borrowing rate specific to the term, country, currency and start date of the lease. Lease payments include: fixed payments;
variable lease payments dependent on an index or rate, initially measured using the index or rate at commencement; the exercise price under
a purchase option if the Group is reasonably certain to exercise; penalties for early termination if the lease term reflects the Group exercising a
break option; and payments in an optional renewal period if the Group is reasonably certain to exercise an extension option or not exercise a
break option.
The lease liability is subsequently measured at amortised cost using the effective interest rate method. It is re-measured at the point of lease
modification, with a corresponding adjustment to the right-of-use asset, when there is a change in future lease payments resulting from a
rent review, change in an index or rate such as inflation, or change in the Group’s assessment of whether it is reasonably certain to exercise a
purchase, extension or break option.
The corresponding asset is initially measured at cost, comprising: the initial lease liability; any lease payments already made less any lease
incentives received; initial direct costs; and any dilapidation or restoration costs. The Group has two categories of assets in respect of leases:
those in respect of leases related to its leasehold properties, classified as investment property, and an occupational lease for its Head Office in
France, classified as a right-of-use asset under IFRS 16. The right-of-use assets classified as investment property are subsequently measured
at fair value, gross of the lease liability. The right-of-use asset in respect of its occupational leases is classified as property, plant and equipment
and is subsequently depreciated over the length of the lease.
Leases of low value assets and short term leases of twelve months or less are expensed to the Group consolidated income statement.
Finance charges are charged directly against income, unless they are directly attributable to qualifying assets, in which case they are
capitalised in accordance with the Group’s general policy on borrowing costs.
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Notes to the financial statements continued
for the year ended 31 October 2024

2. Summary of material accounting policies continued
Financial instruments
(a) Financial assets
Financial assets are classified as financial assets at fair value through profit or loss (“FVTPL”) or at amortised cost as appropriate. The Group
determines the classification of its assets at initial recognition.
Financial assets are de-recognised only when the contractual right to the cash flows from the financial asset expires or the Group transfers
substantially all risks and rewards of ownership.
A financial asset is measured at amortised cost if it meets both of the following conditions:
• it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
• its contractual terms give rise on specific dates to cash flows that are solely payments of principal and interest on the principal amount
outstanding.
All financial assets not classified as measured at amortised cost as described above are measured through FVTPL. This includes all derivative
financial assets.
Financial assets at FVTPL – these assets are subsequently measured at fair value. Net gains and losses, including any interest, are recognised
in profit or loss.
Financial assets at amortised cost – these assets are subsequently measured at amortised cost using the effective interest method. The
amortised cost is reduced by impairment losses (expected losses). Interest income, foreign exchange gains and losses and impairment are
recognised in profit or loss. Any gain or loss on de-recognition is recognised in profit or loss.
The Group has the following classes of financial assets:
• Trade and other receivables – trade receivables are initially recognised at transaction price. Other receivables are initially recognised
at fair value. Subsequently, these assets are measured at amortised cost using the effective interest method, less provision for expected
credit losses.
• Cash and cash equivalents – cash and cash equivalents represent only liquid assets with original maturity of 90 days or less. Bank
overdrafts that cannot be offset against other cash balances are shown within borrowings in current liabilities on the balance sheet.
Cash and cash equivalents are also classified as amortised cost. They are subsequently measured at amortised cost. Cash and cash
equivalents include cash in hand, deposits at call with banks, and other short term, highly liquid investments with original maturities of three
months or less.
(b) Impairment of financial assets
The Group applies the IFRS 9 simplified approach to measuring expected credit losses (“ECLs”) which uses a lifetime expected loss
allowance on trade receivables. The expected credit losses are estimated using a provisions matrix based upon the Group’s historical credit
loss experience and geographic business unit, adjusted for factors that are specific to the debtors, general economic conditions, and an
assessment of both the current and forecast direction of conditions at the reporting date, including time value of money where appropriate.
Loss allowances for other receivables are initially measured at an amount equal to twelve months’ ECLs and subsequently it is assessed
whether the credit risk has increased significantly since initial recognition. When determining whether the credit risk of a financial asset has
increased significantly since initial recognition and when estimating ECL, the Company considers reasonable and supportable information
that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on
the Company’s historical experience and informed credit assessment and including forward-looking information. If the credit risk increased
significantly, the loss allowance is then measured using the lifetime ECL. The Group considers a financial asset to be in default when the
borrower is unlikely to pay its credit obligations to the Group in full.
(c) Financial liabilities
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held for
trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains
and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised
cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or
loss on de-recognition is also recognised in profit or loss.
The Group has the following classes of financial liabilities:
• Trade and other payables – trade and other payables are initially recognised at fair value. Subsequently, they are measured at amortised
cost using the effective interest rate method.
• Borrowings – interest-bearing bank loans and overdrafts are initially recognised at fair value, net of directly attributable transaction costs.
Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis
in the income statement using the effective interest method and are included within the carrying amount of the instrument to the extent that
they are not settled in the period in which they arise. Where fees are payable in relation to raising debt the costs are disclosed in the cash
flow statement within financing activities.
Where existing borrowings are replaced by others from the same lenders on substantially different terms, or the terms of existing borrowings
are substantially modified, such an exchange or modification is treated as a de-recognition of the original borrowings and the recognition of new
borrowings, and the difference in the respective carrying amounts, including issuance costs, is recognised in the income statement. Otherwise,
issuance costs incurred on refinancing are offset against the carrying value of borrowings.
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2. Summary of material accounting policies continued
Financial instruments continued
(d) Derivative financial instruments
The Group uses derivative financial instruments, such as interest rate swaps, cross-currency swaps, and foreign exchange swaps, to hedge
risks associated with fluctuations on borrowings and foreign operations transactions. Such derivatives are initially recognised and measured at
fair value on the date a derivative contract is entered into and subsequently re-measured at fair value at each reporting date. The gain or loss on
re-measurement is taken to finance expense in the income statement. Interest costs for the period relating to derivative financial instruments,
which economically hedge borrowings, are recognised within interest payable on bank loans and overdrafts. Other fair value movements on
derivative financial instruments are recognised within fair value movement of derivatives. Designation as part of an effective hedge relationship
occurs at inception of a hedge relationship. Currently, the Group does not have any cash flow hedges or fair value hedges.
The borrowings denominated in foreign currency are used to hedge net assets. The effective part of any gain or loss on borrowings that are
designated as a hedge of a net investment in a foreign operation is recognised in other comprehensive income and presented in the translation
reserve in equity and is subsequently recognised in the Group income statement as part of the profit or loss on disposal of the net investment.
The ineffective portion of the gain or loss is recognised immediately within trading profit in the Group income statement. See note 19 for detail
about financial instruments.
Taxation including deferred tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable
or deductible. The Group’s liability for current tax is calculated using tax rates for that period that have been enacted or substantively enacted
by the balance sheet date.
Deferred tax is provided on items that may become taxable at a later date, on temporary differences between the balance sheet value and the
tax base value, on an undiscounted basis. Deferred tax liabilities are generally recognised for taxable temporary differences and deferred tax
assets are recognised to the extent that it is probable that taxable profits will be available, against which deductible temporary differences can
be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates
substantively enacted at the balance sheet date that are expected to apply in the period when the liability is settled, or the asset is realised.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to set off current tax assets against current tax liabilities.
Employee benefit costs
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Payments made to state-managed
retirement benefit schemes are dealt with as payments to defined contribution schemes where the Group’s obligations under the schemes are
equivalent to those arising in a defined contribution retirement benefit scheme.
Share-based payments
Share-based incentives are provided to employees under the Group’s Long Term Incentive Plan and employee Sharesave schemes. The Group
recognises a compensation cost in respect of these schemes that is based on the fair value of the awards, measured using Black-Scholes or
Monte Carlo valuation methodologies. For equity-settled schemes, the fair value is determined at the date of grant and is not subsequently
re-measured unless the conditions on which the award was granted are modified. For cash-settled schemes, the fair value is determined at the
date of grant and is re-measured at each balance sheet date until the liability is settled. Generally, the compensation cost is recognised on a
straight-line basis over the vesting period. Adjustments are made to reflect expected and actual forfeitures during the vesting period due to the
failure to satisfy service conditions or non-market performance conditions.
Share capital
Ordinary shares are classified as equity.
Costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.
Climate change
In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context of the climate
change risks identified in the sustainability section of the strategic report and the Group’s stated target of operational net zero carbon emissions
by 2035. These considerations did not have a material impact on the financial reporting judgements and estimates in the current year. This
reflects the conclusion that climate change will have a limited exposure and vulnerability on the Group’s investment property portfolio, the
carrying value of non-current assets and the estimates of future profitability used in our assessment of the recoverability of deferred tax assets.
Critical accounting judgements and key sources of estimation uncertainty
There were no critical accounting judgements made in the preparation of the consolidated financial statements.
The preparation of consolidated financial statements under IFRS requires the Directors to make judgements, estimates and assumptions that
may affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual outcomes
may therefore differ from these judgements, estimates and assumptions.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in
which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both
current and future periods.
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Notes to the financial statements continued
for the year ended 31 October 2024

2. Summary of material accounting policies continued
Critical accounting judgements and key sources of estimation uncertainty continued
The following key source of estimation uncertainty has significant risk of causing a material adjustment, within the next financial year, to the
carrying amounts of assets and liabilities within the consolidated financial statements:
Estimate of fair value of investment properties and investment properties under construction
The Group values its investment properties using a discounted cash flow methodology which is based on projections of net operating income.
Principal assumptions and management’s underlying estimation of the fair value of those relate to: stabilised occupancy levels; expected
future growth in storage rental income and operating costs; maintenance requirements; capitalisation rate; and discount rates. There are inter-
relationships between the valuation inputs and they are primarily determined by market conditions. The effect of an increase in more than one
input could be to magnify the impact on the valuation. However, the impact on the valuation could be offset by the inter-relationship of two
inputs moving in opposite directions, e.g. an increase in rent may be offset by a decrease in occupancy, resulting in minimal net impact on the
valuation. For immature stores, these underlying estimates hold a higher risk of uncertainty, due to the unproven nature of its cash flows. C&W
has considered Safestore’s commitment to operational net zero carbon emissions by 2035 and the impacts that this could have on each of the
Group’s investment properties. A more detailed explanation of the background, methodology and estimates made by management that are
adopted in the valuation of the investment properties, as well as detailed sensitivity analysis, is set out in note 12 to the financial statements.
Non-GAAP financial information/Alternative Performance Measures
The Directors have identified certain measures that they believe will assist the understanding of the performance of the business. The measures
are not defined under IFRS and they may not be directly comparable with other companies’ adjusted measures. The non-GAAP/Alternative
Performance Measures are not intended to be a substitute for, or superior to, any IFRS measures of performance but they have been included
as the Directors consider them to be important comparables and key measures used within the business for assessing performance. The
following are the key non-GAAP/Alternative Performance Measures identified by the Group:
• The Group defines exceptional items to be those that warrant, by virtue of their nature, size or frequency, separate disclosure on the face of
the income statement where, in the opinion of the Directors, this enhances the understanding of the Group’s financial performance.
• Underlying EBITDA is an Alternative Performance Measure and is defined as operating profit before exceptional items, share-based
payments, corporate transaction costs, gain/loss on investment properties, depreciation and variable lease payments and the share of
associate’s depreciation, interest and tax. Management considers this presentation to be representative of the underlying performance of the
business, as it removes the income statement impact of items not fully controllable by management, such as the revaluation of derivatives
and investment properties, and the impact of exceptional credits, costs and finance charges. A reconciliation of statutory operating profit to
Underlying EBITDA can be found in the financial review on page 21.
• Adjusted Diluted EPRA Earnings per Share is based on the European Public Real Estate Association’s definition of earnings and is defined
as profit or loss for the period after tax but excluding corporate transaction costs, change in fair value of derivatives, gain/loss on investment
properties and the associated tax impacts. The Company then makes further company-specific adjustments for the impact of exceptional
items, net exchange gains/losses recognised in net finance costs, exceptional tax items, and deferred and current tax in respect of these
adjustments. The Company also adjusts for IFRS 2 share-based payment charges. This adjusted earnings is divided by the diluted number of
shares. The IFRS 2 cost is excluded as it is written back to distributable reserves and is a non-cash item (with the exception of the associated
National Insurance element). Therefore, neither the Company’s ability to distribute nor pay dividends are impacted (with the exception of the
associated National Insurance element). The financial statements disclose earnings on a statutory, EPRA and Adjusted Diluted EPRA basis
and will provide a full reconciliation of the differences in the financial year in which any LTIP awards may vest. A reconciliation of statutory
basic Earnings per Share to Adjusted Diluted EPRA Earnings per Share can be found in note 10.
• EPRA’s Best Practices Recommendations guidelines for Net Asset Value (“NAV”) metrics are EPRA Net Tangible Assets (“NTA”), EPRA
Net Reinstatement Value (“NRV”) and EPRA Net Disposal Value (“NDV”). EPRA NTA is considered to be the most relevant measure for the
Group’s business which provides sustainable long term progressive returns and is now the primary measure of net assets. The basis of
calculation, including a reconciliation to reported net assets, is set out in note 14.
• Like-for-like figures are presented to aid in the comparability of the underlying business as they exclude the impact on results of purchased,
sold, opened or closed stores.
• Constant exchange rate (“CER”) figures are provided in order to present results on a more comparable basis, removing foreign
exchange movements.
3. Revenue
Analysis of the Group’s operating revenue can be found below:
Self-storage income
186.6
187.2
Customer goods protection income
25.1
25.5
Other non-storage income
11.8
11.5
Total revenue
223.5
224.2
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OVERVIEW

4. Segmental analysis
The Group’s revenue, profit before income tax and net assets are attributable to one activity: the provision of self-storage accommodation and
related services. This is based on the Group’s management and internal reporting structure.
Safestore is organised and managed in three operating segments, based on geographical areas, being the United Kingdom, Paris in France
and Expansion Markets (Spain, the Netherlands and Belgium). This change has been made from the prior periods to reflect the importance
of these three markets in driving growth for the Group.
The chief operating decision maker, being the Executive Directors, assesses the performance of the operating segments on the basis of
Underlying EBITDA, which is defined as operating profit before exceptional items, share-based payments, corporate transaction costs, gain/
loss on investment properties, depreciation and variable lease payments, and the share of associate’s depreciation, interest and tax.
The operating profits and assets include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.
Revenue
162.2
43.7
17.5
223.4
Underlying EBITDA
99.3
28.7
7.4
135.4
Share-based payments
(0.1)
(0.1)
(0.1)
(0.3)
Variable lease payments and depreciation
(1.4)
(0.1)
—
(1.5)
Operating profit before gain on revaluation of investment properties and
other exceptional gains
97.8
28.5
7.3
133.6
Gain on investment properties
226.8
40.9
24.5
292.2
Operating profit
324.6
69.4
31.8
425.8
Net finance expense
(17.2)
(1.3)
(8.7)
(27.2)
Profit before tax
307.4
68.1
23.1
398.6
Total investment properties
2,293.2
668.6
322.3
3,284.1
Revenue
166.2
43.9
14.1
224.2
Underlying EBITDA
105.9
30.5
5.8
142.2
Share-based payments
(3.1)
(0.3)
(0.1)
(3.5)
Variable lease payments and depreciation
(1.9)
(0.2)
—
(2.1)
Operating profit before gain on revaluation of investment properties and
other exceptional gains
100.9
30.0
5.7
136.6
Gain on investment properties
70.9
16.3
6.6
93.8
Operating profit
171.8
46.3
12.3
230.4
Net finance expense
(13.8)
(2.2)
(6.6)
(22.6)
Profit before tax
158.0
44.1
5.7
207.8
Total investment properties
2,002.2
612.7
276.0
2,890.9
Results for the UK segment for FY 2023 have been re-presented with the inclusion of transactions between the Group and the German
associate being included in Expansion Markets. The impact is to lower revenue by £0.3 million, profit before tax by £0.3 million and total assets
by £0.3 million within the UK segment and increase it by the same amounts in the Expansion Markets segment.
Inter-segment transactions are entered into under the normal commercial terms and conditions that would also be available to unrelated
third parties. There is no material impact from inter-segment transactions on the Group’s results. The segmental results exclude
intercompany transactions.
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Notes to the financial statements continued
for the year ended 31 October 2024

5. Operating profit
The following items have been charged/(credited) in arriving at operating profit:
Notes
Staff costs
25
29.8
30.0
Inventories: cost of inventories recognised as an expense (included in cost of sales)
2
1.0
1.1
Depreciation on property, plant and equipment
14
1.4
1.3
Gain on revaluation of investment properties
12
(292.2)
(93.8)
Variable lease payments payable under lease liabilities
0.1
0.8
6. Fees paid to auditor
During the year, the Group (including its overseas subsidiaries) obtained the following services from the Company’s auditor at costs
detailed below:
financial statements
0.4
0.4
Fees payable to the Company’s auditor and its associates for the audit of the Company’s subsidiaries pursuant to
legislation
0.1
—
Total audit fees
0.5
0.4
Non-audit services
0.2
0.1
Total
0.7
0.5
7. Finance income and costs
Other interest and similar income
0.2
0.1
Interest receivable from loan to associates
—
—
Financial instruments income
—
0.4
Underlying finance income
0.2
0.5
Net exchange gains
—
0.3
Total finance income
0.2
0.8
Interest payable on borrowings
(19.9)
(15.1)
Amortisation of debt issuance costs on bank loan
(1.6)
(1.3)
Underlying finance charges
(21.5)
(16.4)
Interest on lease liabilities
(5.8)
(5.3)
Fair value loss on derivatives
—
(1.7)
Net exchange losses
—
—
Total finance costs
(27.3)
(23.4)
Net finance costs
(27.2)
(22.6)
The total change in fair value of derivatives reported within net finance costs for the year is £nil (FY 2023: £1.7 million net loss). Included within
2023 finance income is £0.4 million relating to swaps settled in June 2023.
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OVERVIEW

8. Income tax charge
Analysis of tax charge in the year:
Note
– current year
4.3
5.1
– prior year
—
—
4.3
5.1
– current year
21.7
5.3
– prior year
0.3
(2.8)
22
22.0
2.5
Tax charge
26.3
7.6
Reconciliation of income tax charge
The tax for the period is lower (FY 2023: lower) than the standard rate of corporation tax in the UK for the year ended 31 October 2024 of 25%
(FY 2023: 22.5%). The differences are explained below:
Profit before tax
398.6
207.8
Profit before tax multiplied by the standard rate of corporation tax in the UK of 25% (FY 2023: 22.5%)
99.7
46.8
– permanent differences
1.5
(6.3)
– profits from the tax exempt business
(78.2)
(32.4)
– difference from overseas tax rates
1.5
0.9
– potential deferred tax assets not recognised
1.7
1.4
– prior year adjustment
0.1
(2.8)
Tax charge
26.3
7.6
The Group is a UK real estate investment trust (“REIT”). As a result, the Group is exempt from UK corporation tax on the profits and gains from
its qualifying property rental business in the UK, providing it meets certain conditions. Non-qualifying profits and gains of the Group remain
subject to corporation tax as normal. The Group monitors its compliance with the REIT conditions. There have been no breaches of the
conditions to date.
Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.
9. Dividends per share
Dividends paid in 2024 were £65.9 million (30.2 pence per share) (FY 2023: £65.9 million (30.30 pence per share)). A final dividend in respect
of the year ended 31 October 2024 of 20. 4 pence (FY 2023: 20.20 pence) per share, amounting to a total final dividend of £44.6 million
(FY 2023: £44. 1 million), is to be proposed at the AGM on 19 March 2025. The ex-dividend date will be 13 March 2025 and the record date will
be 14 March 2025 with an intended payment date of 15 April 2025. The final dividend has not been included as a liability at 31 October 2024.
The Property Income Distribution (“PID”) element of the final dividend is 15.3 pence (FY 2023: 15.15 pence), making the PID payable for the year
17.6 pence (FY 2023: 17.62 pence) per share.
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Notes to the financial statements continued
for the year ended 31 October 2024

10. Earnings per Share
Basic Earnings per Share (“EPS”) is calculated by dividing the profit attributable to equity holders of the Company by the weighted average
number of ordinary shares in issue during the year excluding ordinary shares held as treasury shares. Diluted EPS is calculated by adjusting
the weighted average number of ordinary shares to assume conversion of all dilutive potential shares. The Company has one category of
dilutive potential ordinary shares: share options. For the share options, a calculation is performed to determine the number of shares that could
have been acquired at fair value (determined as the average annual market price of the Company’s shares) based on the monetary value of
the subscription rights attached to the outstanding share options. The number of shares calculated as above is compared with the number of
shares that would have been issued assuming the exercise of the share options.
Year ended 31 October 2024
Year ended 31 October 2023
Basic
372.3
218.3
170.5
200.2
217.2
92.2
Dilutive securities
—
0.6
(0.4)
—
0.9
(0.4)
Diluted
372.3
218.9
170.1
200.2
218.1
91.8
Adjusted Earnings per Share
Explanations related to the adjusted earnings measures adopted by the Group are set out in note 2 under the heading, Non-GAAP financial
information/Alternative Performance Measures, on page 141. Adjusted EPS represents profit after tax adjusted for the valuation movement on
investment properties, exceptional items, change in fair value of derivatives, exchange gains/losses.
The Directors consider that these alternative measures provide useful information on the performance of the Group. EPRA earnings and
Earnings per Share before non-recurring items, movements on revaluations of investment properties and changes in the fair value of derivatives
have been disclosed to give a clearer understanding of the Group’s underlying trading performance.
Year ended 31 October 2024
Year ended 31 October 2023
Basic
372.3
218.3
170.5
200.2
217.2
92.2
Gain on revaluation of investment properties
(292.2)
—
(133.9)
(93.8)
—
(43.2)
properties lease liabilities
(9.7)
—
(4.5)
(8.8)
—
(4.1)
Net exchange gain
—
—
—
(0.3)
—
(0.1)
Change in fair value of derivatives
—
—
—
1.7
—
0.8
Tax on adjustments
22.0
—
10.1
2.5
—
1.1
Adjusted EPRA basic EPS
92.4
218.3
42.2
101.5
217.2
46.7
Share-based payments charge
0.3
—
0.1
3.5
1.6
Dilutive shares
—
0.9
—
—
1.9
(0.4)
Adjusted Diluted EPRA EPS
1
92.7
219.2
42.3
105.0
219.1
47.9
Note:
1 Adjusted Diluted EPRA EPS is defined in note 2 under, Non-GAAP financial information/Alternative Performance Measures, on page 141.
Safestore Holdings plc | Annual report and financial statements 2024
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CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW

10. Earnings per Share continued
Adjusted Earnings per Share continued
Gain on revaluation of investment properties includes the fair value re-measurement of investment properties lease liabilities of £9.7 million
(FY 2023: £8.8 million) and the related tax thereon of £1.1 million (FY 2023: £1.1 million). As an industry standard measure, EPRA earnings is
presented. EPRA earnings of £92.4 million (FY 2023: £101.5 million) and EPRA Earnings per Share of 42.2 pence (FY 2023: 46.7 pence) are
calculated after further adjusting for these items.
Revenue
223.4
224.2
(0.3%)
Underlying operating expenses (excluding depreciation and variable lease payments)
(88.0)
(82.0)
7.4%
Share of associate’s Underlying EBITDA
—
—
—
Underlying EBITDA before variable lease payments
135.4
142.2
(4.8%)
Share-based payments charge
(0.3)
(3.5)
(91.4%)
Depreciation and variable lease payments
(1.5)
(2.1)
(28.6%)
liabilities
133.6
136.6
(2.2%)
Fair value re-measurement of investment properties lease liabilities
(9.7)
(8.8)
10.2%
Operating profit
123.9
127.8
(3.1%)
Net financing costs
(27.2)
(21.2)
28.3%
Share of associate’s finance charges
—
—
—
Profit before income tax
96.7
106.6
(9.3%)
Income tax
(4.3)
(5.1)
(15.7%)
Profit for the year (“Adjusted EPRA basic earnings”)
92.4
101.5
(9.0%)
Adjusted EPRA basic EPS
42.2 pence
46.7 pence
(9.6%)
Final dividend per share
20.4 pence
20.2 pence
1.0%
Underlying EBITDA of £135.4 million (FY 2023: £142.2 million) is an Alternative Performance Measure and is defined as operating profit before
exceptional items, share-based payments, corporate transaction costs, gain/loss on investment properties, depreciation and variable lease
payments and the share of associate’s depreciation, interest and tax.
11. Investment in associates
PBC Les Groues SAS
1.8
1.8
CERF II German Storage Topco S.a.r.l.
4.8
2.3
6.6
4.1
PBC Les Groues SAS
The Group has a 24.9% interest in PBC Les Groues SAS (“PBC”), a company registered and operating in France. PBC is accounted for using
the equity method of accounting. PBC is the parent company of Nanterre FOCD 92, a company also registered and operating in France, which
is developing a new store as part of a wider development programme located in Paris. The development project is managed by its joint venture
partners, therefore the Group has no operational liability during this phase. During the current period there has been no material investment in
the company (31 October 2023: £nil). The investment is considered immaterial relative to the Group’s underlying operations. The aggregate
carrying value of the Group’s interest in PBC was £1.8 million (31 October 2023: £1.8 million), made up of an investment of £1.8 million
(31 October 2023: £1.8 million). The Group’s share of profits from continuing operations for the period was £nil (30 October 2023: £nil).
The Group’s share of total comprehensive income of associates for the period was £nil (31 October 2023: £nil).
CERF II German Storage Topco S.a.r.l.
On 1 December 2022 the Group acquired a 10.0% interest in CERF II German Storage Topco S.a.r.l. “CERF II”, a company registered in
Luxembourg for which the Group has board representation. The reporting date of the financial statements for the company is 31 December.
CERF II is accounted for using the equity method of accounting. Safestore entered the German self-storage market via a new investment
with Carlyle which acquired the myStorage business. The aggregate carrying value of the Group’s interest in CERF II was £4.8 million
(31 October 2023: £2.3 million), made up of an investment of £4.8 million (31 October 2023: £2.3 million). The carrying value of the investment
increased in the financial year as a result of equity investment to fund the Group’s share of the cost of three new stores. The Group’s share
of profits from continuing operations for the period was £nil (31 October 2023: £nil). The Group’s share of total comprehensive income of
associates for the period was £nil (31 October 2023: £nil).
Safestore Holdings plc | Annual report and financial statements 2024
146
Notes to the financial statements continued
for the year ended 31 October 2024

12. Investment properties
At 1 November 2023
2,681.1
101.2
108.6
2,890.9
Additions
45.9
11.7
80.0
137.6
Disposals
—
(1.6)
—
(1.6)
Reclassification at completed cost
56.1
—
(56.1)
—
Revaluations
301.9
—
—
301.9
Fair value re-measurement of investment properties lease liabilities
—
(9.7)
—
(9.7)
Exchange movements
(32.2)
(1.0)
(1.8)
(35.0)
At 31 October 2024
3,052.8
100.6
130.7
3,284.1
At 1 November 2022
2,457.8
95.1
94.5
2,647.4
Additions
67.6
17.5
56.4
141.5
Disposals
—
(3.1)
—
(3.1)
Reclassifications
42.0
—
(42.0)
—
Revaluations
103.5
—
(0.9)
102.6
Fair value re-measurement of lease liabilities
—
(8.8)
—
(8.8)
Exchange movements
10.2
0.5
0.6
11.3
At 31 October 2023
2,681.1
101.2
108.6
2,890.9
The Group acquired the freehold of the Marais, Paris, property in May 2024. This resulted in the disposal of lease liabilities with a carrying value
of £1.6 million.
The gain on investment properties, net of lease liabilities comprises:
At 1 November 2023
1,018.8
1,218.1
2,236.9
Movement in year
76.0
252.3
328.3
At 31 October 2024
1,094.8
1,470.4
2,565.2
At 1 November 2023
139.2
305.0
444.2
Movement in year
25.0
18.4
43.4
At 31 October 2024
164.2
323.4
487.6
At 1 November 2023
1,158.0
1,523.1
2,681.1
Movement in year
101.0
270.7
371.7
At 31 October 2024
1,259.0
1,793.8
3,052.8
Revaluations of investment property and investment property under construction
301.9
102.6
Fair value re-measurement of investment properties lease liabilities
(9.7)
(8.8)
Gain on revaluation of investment properties
292.2
93.8
Safestore Holdings plc | Annual report and financial statements 2024
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CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW

12. Investment properties continued
The valuation of £3,052.8 million (FY 2023: £2,681.1 million) excludes £0.4 million in respect of owner-occupied property, which is included
within property, plant and equipment. Rental income earned from investment properties for the year ended 31 October 2024 was £186.6 million
(FY 2023: £188.5 million).
The Group has classified the investment property and investment property under construction, held at fair value, within Level 3 of the fair value
hierarchy. There were no transfers to or from Level 3 during the year.
As described in note 2, summary of significant accounting policies, where the valuation obtained for investment property is net of all payments
to be made, it is necessary to add back the lease liability to arrive at the carrying amount of investment property at fair value. The FY 2023 lease
liability of £101.4 million per note 20 differs to the £101.2 million disclosed above as a result of accounting for the French Head Office lease
under IFRS 16. This lease is included as part of property, plant and equipment, and has a net book value of FY 2023: £0.2 million (note 13).
There are no differences between lease liabilities and lease assets in the current year.
All direct operating expenses arising from investment property that generated rental income as outlined in note 3 were £88.1 million (FY 2023:
£82.0 million).
The freehold and leasehold investment properties have been valued as at 31 October 2024 by external valuer Cushman & Wakefield Debenham
Tie Leung Limited (“C&W”). The valuation has been carried out in accordance with the current edition of the RICS Valuation – Global Standards,
which incorporates the International Valuation Standards and the RICS Valuation UK National Supplement (the “RICS Red Book”). The valuation
of each of the investment properties has been prepared on the basis of fair value as a fully equipped operational entity, having regard to trading
potential. Two non-trading properties were valued on the basis of fair value. The valuation has been provided for accounts 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:
• the member of the RICS who has been the signatory to the valuations provided to the Group for the same purposes as this valuation has
done so since April 2020. The valuations have been reviewed by an internal investment committee comprising two valuation partners and an
investment partner, all unconnected with the assignment;
• C&W has been carrying out regular valuations for the same purpose as this valuation on behalf of the Group since October 2006;
• C&W does not provide other significant professional or agency services to the Group;
• in relation to the preceding financial year of C&W, the proportion of total fees payable by the Group to the total fee income of the firm is less
than 5%; and
• the fee payable to C&W is a fixed amount per property and is not contingent on the appraised value.
Valuation method and assumptions
The valuation of the operational self-storage facilities has been prepared having regard to trading potential. Cash flow projections have been
prepared for all of the properties reflecting estimated absorption, revenue growth and expense inflation. A discounted cash flow method of
valuation based on these cash flow projections has been used by C&W to arrive at its opinion of fair value for these properties.
C&W has adopted different approaches for the valuation of the leasehold and freehold assets as follows:
Freehold and long leasehold (UK, Paris, Spain, the Netherlands, and Belgium)
The valuation is based on a discounted cash flow of the net operating income over a ten-year period and a notional sale of the asset at the end
of the tenth year.
Assumptions:
• Net operating income is based on projected revenue received less projected operating costs together with a central administration charge of
6% of the estimated annual revenue, subject to a cap and collar. The initial net operating income is calculated by estimating the net operating
income in the first twelve months following the valuation date.
• The net operating income in future years is calculated assuming either straight-line absorption from day one actual occupancy or variable
absorption over years one to four of the cash flow period, to an estimated stabilised/mature occupancy level. In the valuation the assumed
stabilised occupancy level for the trading stores (both freeholds and all leaseholds) open at 31 October 2024 averages 90.9% (FY 2023:
89.3%). The projected revenues and costs have been adjusted for estimated cost inflation and revenue growth. The average time assumed
for stores to trade at their maturity levels is 12.1 months (FY 2023: 13.4 months).
• The capitalisation rates applied to existing and future net cash flows have been estimated by reference to underlying yields for industrial and
retail warehouse property, yields for other trading property types such as purpose-built student housing and hotels, bank base rates, ten-
year money rates, inflation and the available evidence of transactions in the sector. The valuation included in the accounts assumes rental
growth in future periods.
• The weighted average freehold exit yield on UK freeholds is 5.21% (FY 2023: 5.75%), on France freeholds is 5.22% (FY 2023: 5.61%), on
Spain freeholds is 5.49% (FY 2023: 5.50%), on the Netherlands freeholds is 4.99% (FY 2023: 5.15%) and on Belgium freeholds is 4.77%
(FY 2023: 5.00%). The weighted average freehold exit yield for all freeholds adopted is 5.19% (FY 2023: 5.72%).
• The future net cash flow projections (including revenue growth and cost inflation) have been discounted at a rate that reflects the risk
associated with each asset. The weighted average annual discount rate adopted (for both freeholds and leaseholds) in the UK portfolio
is 8.81% (FY 2023: 8.59%), in the France portfolio is 8.76% (FY 2023: 8.38%), in the Spain portfolio is 8.60% (FY 2023: 8.39%), in the
Netherlands portfolio is 7.26% (FY 2023: 7.74%) and in the Belgium portfolio is 8.12% (FY 2023: 7.99%). The weighted average annual
discount rate adopted (for both freeholds and all leaseholds) is 8.66% (FY 2023: 8.54%).
Safestore Holdings plc | Annual report and financial statements 2024
148
Notes to the financial statements continued
for the year ended 31 October 2024

12. Investment properties continued
Valuation method and assumptions continued
Assumptions: continued
• The Group’s investment property assets have been valued for the purposes of the financial statements after adjusting for notional purchaser’s
costs of approximately 5.0% (UK), 5.0% to 6.4% (Paris), 6.0% to 10% (Spain), 10.0% (the Netherlands) and 12% to 12.5% (Belgium), as if they
were sold directly as property assets and sales plus purchaser’s costs totalling approximately 6.8% (UK), 6.8% to 8.2% (Paris), 7.8% to 11.8%
(Spain), 12.2% (the Netherlands) and 13.8% to 14.3% (Belgium) are assumed on the notional sales in the tenth year in relation to freehold and
long leasehold stores. The valuation is an asset valuation which is strongly linked to the operating performance of the business. They would
have to be sold with the benefit of operational contracts, employment contracts and customer contracts, which would be difficult to achieve
except in a corporate structure. This approach follows the logic of the valuation methodology in that the valuation is based on a capitalisation
of the net operating income after allowing a deduction for operational cost and an allowance for central administration costs. A sale in a
corporate structure would result in a reduction in the assumed stamp duty land tax but an increase in other transaction costs reflecting
additional due diligence resulting in a reduced notional purchaser’s cost of c.2.0% of gross value. All the significant sized transactions that
have been concluded in the UK in recent years were completed in a corporate structure.
Short leaseholds (UK)
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 is extended to the expiry of the lease.
Short leaseholds (Paris)
In relation to the commercial leases in Paris, C&W has valued the cash flow projections in perpetuity due to the security of tenure arrangements
in that market and the potential compensation arrangements in the event of the landlord wishing to take possession. The valuation treatment
is therefore the same as for the freehold properties. The capitalisation rates on these stores reflect the risk of the landlord terminating the lease
arrangements.
Short leaseholds (Spain)
In relation to the commercial leases in Spain, C&W has valued the cash flow projections in perpetuity due to the nature of the lease agreements
which allows the tenant to renew the lease year on year into perpetuity. The valuation treatment is therefore the same as for the freehold
properties. The capitalisation rates on these stores reflect the risk of the rolling lease arrangements.
Short leaseholds (the Netherlands)
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 is extended to the expiry of the lease.
Short leaseholds (Belgium)
There are no short term leaseholds in Belgium.
Investment properties under construction
Investment properties under construction are initially measured at cost, including related transaction and borrowing costs. After initial recognition,
investment properties under construction are held at fair value based on a market valuation by C&W at each balance sheet date, unless
development of the property is not yet certain, in which case investment properties under construction would be held at cost. To establish
certainty, the Group considers whether planning is unconditional, funding is in place, a full business case has been approved by the Board
and whether there is full control over the site.
Immature stores
C&W has assessed the value of each property individually. Where the stores in the portfolio are relatively immature and have low initial cash
flow, C&W has endeavoured to reflect the nature of the cash flow profile for these properties in its valuation, and the higher associated risks
relating to the as yet unproven future cash flow, by adjustment to the capitalisation rates and discount rates adopted. However, immature low
cash flow stores of this nature are rarely, if ever, traded individually in the market, unless as part of a distressed sale or similar situation, although
there is more evidence of such stores being traded as part of a group or portfolio transaction.
C&W states that, in practice, if an actual sale of the properties was to be contemplated then any immature low cash flow stores would normally
be presented to the market for sale, lotted or grouped with other more mature assets owned by the same entity, in order to alleviate the issue
of negative or low short term cash flow. This approach would enhance the marketability of the group of assets and assist in achieving the best
price available in the market by diluting the cash flow risk.
C&W has not adjusted its opinion of fair value to reflect such a grouping of the immature assets with other properties in the portfolio and all
stores having been valued individually. However, C&W highlights the matter to alert the Group to the manner in which the properties might be
grouped or lotted in order to maximise their attractiveness to the marketplace.
C&W considers this approach to be a valuation assumption but not a special assumption, the latter being an assumption that assumes facts
that differ from the actual facts existing at the valuation date and which, if not adopted, could produce a material difference in value.
Safestore Holdings plc | Annual report and financial statements 2024
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FINANCIAL STATEMENTS
OVERVIEW

12. Investment properties continued
Valuation method and assumptions continued
Sensitivity of the valuation to assumptions
As noted in ‘Key sources of estimation uncertainty’ on pages 140 and 141, self-storage valuations are complex, derived from data which is
not widely publicly available and involves a degree of judgement. All other factors being equal, higher net operating income would lead to an
increase in the valuation of a store and an increase in the capitalisation rate or discount rate would result in a lower valuation, and vice versa.
Higher assumptions for stabilised 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.
There are inter-relationships between the valuation inputs, and they are primarily determined by market conditions. The effect of an increase
in more than one input could be to magnify the impact on the valuation. However, the impact on the valuation could be offset by the
inter-relationship of two inputs moving in opposite directions, e.g. an increase in rent may be offset by a decrease in occupancy, resulting
in no net impact on the valuation.
For these reasons we have classified the valuation of our property portfolio as Level 3 as defined by IFRS 13. Inputs to the valuation, some
of which are ‘unobservable’ as defined by IFRS 13, include capitalisation yields, stable occupancy rates, and time to stabilised occupancy.
The existence of an increase of more than one ‘unobservable’ input would augment the impact on the valuation. The impact on the valuation
would be mitigated by the inter-relationship between unobservable inputs moving in opposite directions. For example, an increase in stable
occupancy may be offset by an increase in yield, resulting in no net impact on the valuation. A sensitivity analysis showing the impact on
valuations of changes in capitalisation rates and stable occupancy is shown below:
25 bps decrease
25 bps increase
1% increase
1% decrease
24-month delay
Reported group
136.5
(124.0)
45.0
(45.0)
(54.4)
13. Property, plant and equipment
At 1 November 2023
1.7
1.4
9.5
0.6
13.2
Additions
0.2
0.4
1.4
—
2.0
At 31 October 2024
1.9
1.8
10.9
0.6
15.2
At 1 November 2023
0.2
0.6
6.8
0.4
8.0
Charge for the year
—
0.3
1.0
0.2
1.5
At 31 October 2024
0.2
0.9
7.8
0.6
9.5
At 31 October 2024
1.7
0.9
3.1
—
5.7
At 31 October 2023
1.5
0.8
2.7
0.2
5.2
At 1 November 2022
1.0
0.9
7.8
0.6
10.3
Additions
0.7
0.6
1.8
—
3.1
Disposals
—
(0.1)
(0.1)
—
(0.2)
At 31 October 2023
1.7
1.4
9.5
0.6
13.2
At 1 November 2022
0.2
0.5
5.9
0.3
6.9
Charge for the year
—
0.2
1.0
0.1
1.3
Disposals
—
(0.1)
(0.1)
—
(0.2)
At 31 October 2023
0.2
0.6
6.8
0.4
8.0
At 31 October 2023
1.5
0.8
2.7
0.2
5.2
At 31 October 2022
0.8
0.4
1.9
0.3
3.4
Safestore Holdings plc | Annual report and financial statements 2024
150
Notes to the financial statements continued
for the year ended 31 October 2024

14. Net assets per share
EPRA’s Best Practices Recommendations guidelines for Net Asset Value (“NAV”) metrics are EPRA Net Tangible Assets (“NTA”), EPRA Net
Reinstatement Value (“NRV”) and EPRA Net Disposal Value (“NDV”).
EPRA NTA is considered to be the most relevant measure for the Group’s business which provides sustainable long term progressive returns
and is now the primary measure of net assets, replacing the previously reported EPRA NAV metric. EPRA NTA assumes that entities buy and
sell assets, thereby crystallising certain levels of unavoidable deferred tax. Due to the Group’s REIT status, deferred tax is only provided at each
balance sheet date on properties outside the REIT regime. As a result, deferred taxes are excluded from EPRA NTA for properties within the
REIT regime. For properties outside of the REIT regime, deferred tax is included to the extent that it is expected to crystallise, based on the
Group’s track record and tax structuring.
There are no reconciling items between EPRA NTA and the previously reported EPRA NAV metric. EPRA NTA is shown in the table below:
2024
2023
per share
£’m
Balance sheet net assets
2,226.8
1,017
1,935.1
884
Deferred tax liabilities on the revaluation of investment properties
155.4
139.2
EPRA NTA
2,382.2
1,088
2,074.3
948
Basic net assets per share
1,020
888
EPRA basic NTA per share
1,091
952
The basic and diluted net assets per share have been calculated based on the following number of shares:
At year end
218,490,500
218,039,419
Adjustment for Employee Benefit Trust (treasury) shares
(75,397)
(64,363)
IFRS/EPRA number of shares (basic)
218,415,103
217,975,056
Dilutive effect of Save As You Earn shares
7,769
39,269
Dilutive effect of Long Term Incentive Plan shares
567,621
860,328
IFRS/EPRA number of shares (diluted)
218,990,493
218,874,653
Basic net assets per share is shareholders’ funds divided by the number of shares at the year end. Diluted net assets per share is shareholders’
funds divided by the number of shares at the year end, adjusted for dilutive share options of 575,390 shares (FY 2023: 899,597 shares). EPRA
diluted net assets per share excludes deferred tax liabilities arising on the revaluation of investment properties. The EPRA NAV, which further
excludes fair value adjustments for debt and related derivatives net of deferred tax, was £2 million (FY 2023: £2,074.3 million), giving EPRA
NTA per share of 1,088 pence (FY 2023: 948 pence). The Directors consider that these alternative measures provide useful information on the
performance of the Group.
EPRA adjusted balance sheet (non-statutory)
Non-current assets
3,302.7
2,906.8
Current assets
58.4
50.1
Total assets
3,361.1
2,956.9
Current liabilities
(65.8)
(110.4)
Non-current liabilities
(913.0)
(772.2)
Total liabilities
(979.0)
(882.6)
EPRA adjusted Net Asset Value
2,382.2
2,074.3
EPRA adjusted basic net assets per share
1,091 pence
952 pence
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CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW

15. Trade and other receivables
Trade receivables
21.9
21.8
Less: credit loss allowance
(6.6)
(5.8)
Trade receivables – net
15.3
16.0
Other receivables
7.3
10.9
Prepayments
9.1
5.9
31.7
32.8
The creation and release of credit loss allowances have been included in cost of sales in the income statement.
The Group always measures the loss allowance for the trade receivables at an amount equal to lifetime expected credit loss. The expected
credit losses on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis
of the debtor’s current financial position, adjusted for factors that are specific to the debtor and an analysis of the debtors, general economic
conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at
the reporting date.
There has been no change in the estimation techniques or significant assumptions made during the current reporting period.
The Group writes off a trade receivable when there is information indicating that the debtors are in severe financial difficulty and there is no
realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings.
The following table details the risk profile of trade receivables based on the Group’s provision matrix:
UK
Not past due
<28 days
29–60 days
>60 days
Total
Expected credit loss rate (%)
—
11.8%
20.0%
83.3%
8.41%
Estimated total gross carrying amount at default (£’m)
7.4
1.7
1.0
0.6
10.7
Lifetime ECL (£’m)
—
(0.2)
(0.2)
(0.5)
(0.9)
Net trade receivables as at 31 October 2024
7.4
1.5
0.8
0.1
9.8
France
Not past due
<28 days
29–60 days
>60 days
Total
Expected credit loss rate (%)
—
9.2%
25.8%
72.2%
56.3%
Estimated total gross carrying amount at default (£’m)
1.1
0.9
0.5
7.7
10.2
Lifetime ECL (£’m)
—
(0.1)
(0.1)
(5.5)
(5.7)
Net trade receivables as at 31 October 2024
1.1
0.8
0.4
2.2
4.5
UK
Not past due
<28 days
29–60 days
>60 days
Total
Expected credit loss rate (%)
—
6.5%
16.7%
55.6%
7.5%
Estimated total gross carrying amount at default (£’m)
6.8
3.1
1.2
0.9
12.0
Lifetime ECL (£’m)
—
(0.2)
(0.2)
(0.6)
(1.0)
Net trade receivables as at 31 October 2023
6.8
2.9
1.0
0.3
11.0
France
Not past due
<28 days
29–60 days
>60 days
Total
Expected credit loss rate (%)
—
7.1%
20.0%
71.9%
49.0%
Estimated total gross carrying amount at default (£’m)
1.5
1.4
0.5
6.4
9.8
Lifetime ECL (£’m)
—
(0.1)
(0.1)
(4.6)
(4.8)
Net trade receivables as at 31 October 2023
1.5
1.3
0.4
1.8
5.0
Outstanding trade receivables for the Expansion Markets totalled £1.0 million; therefore, the risk profile for this geography has been excluded.
The difference between expected credit loss rates in the UK and France is largely due to the differing processes for collecting overdue debt,
with legal proceedings in France typically taking significantly longer than in the UK.
The above balances are short term (including other receivables) and therefore the difference between the book value and the fair value is not
significant. Consequently, these have not been discounted.
Safestore Holdings plc | Annual report and financial statements 2024
152
Notes to the financial statements continued
for the year ended 31 October 2024

15. Trade and other receivables continued
Movement in the credit loss allowance:
Balance at the beginning of the year
5.8
5.5
Amounts provided in the year
3.2
2.1
Amounts written off as uncollectable
(2.4)
(1.8)
Balance at the end of the year
6.6
5.8
The carrying amounts of the Group’s trade and other receivables are denominated in the following currencies:
Sterling
19.2
18.7
Euros
12.5
14.1
31.7
32.8
Amounts due from associates of £0.5 million (FY 2023: £0.1 million) relate to the arrangement (note 11), made up of arms-length management
fees of £0.5 million (FY 2023: £0.1 million). These amounts are considered to be fully recoverable and have not been impaired (FY 2023: £nil).
16. Cash and cash equivalents
Cash at bank and in hand
25.3
16.9
The carrying amounts of the Group’s cash and cash equivalents are denominated in the following currencies:
Sterling
12.2
4.9
Euros
13.1
12.0
25.3
16.9
Restricted cash of £0.9 million (FY 2023: £1.1 million) relates to the provision in note 26. The restricted cash is held by HSBC and is used to
settle any amounts owed to the French tax authorities pending results of the ongoing litigation.
17. Trade and other payables
Trade payables
10.1
9.4
Other taxes and social security payable
4.3
6.3
Other payables
3.4
2.9
Accruals
15.7
15.0
Deferred income
18.3
18.8
51.8
52.4
The carrying amounts of the Group’s trade and other payables are denominated in the following currencies:
Sterling
33.7
34.7
Euros
18.1
17.7
51.8
52.4
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CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW

18. Financial liabilities – bank borrowings and notes
Bank loans – RCF
355.7
203.0
USPP Notes
473.3
527.8
Debt issue costs
(4.8)
(5.0)
824.2
725.8
As at 31 October 2024 the Group has US Private Placement Notes (“USPPs”) of €307.1 million (FY 2023: €358 million) which have maturities
between 2026 and 2033 with fixed-rate coupons of between 0.93% and 2.45%% and £212.5 million (FY 2023: £212.5 million) which have
maturities between 2026 and 2031 with fixed-rate coupons of between 1.96% and 2.92%. The weighted average cost of interest on the overall
USPPs at 31 October 2024 was 2.16% per annum. In addition the Group has arranged a Revolving Credit Facility (“RCF”) with its relationship
banks. In the financial year, the facility was extended by £100 million to £500 million and the maturity was extended by one year to November
2028. The RCF attracts a margin over SONIA/EURIBOR of between 1.25% and 2.50%, by reference to the Group’s performance against its
interest cover covenant.
The €434.1 million of Euro denominated borrowings provides a natural hedge against the Group’s investment in the Paris and Expansion
Markets businesses, so the Group has applied net investment hedge accounting and the retranslation of these borrowings is recognised
directly in the translation reserve.
Bank loans and notes are stated after unamortised issue costs of £4.8 million (FY 2023: £5.0 million).
Bank loans and unsecured notes are repayable as follows:
Within one year
—
44.5
Between one and two years
93.7
—
Between two and five years
630.9
409.0
After more than five years
104.4
277.3
Bank loans and notes
829.0
730.8
Unamortised debt issue costs
(4.8)
(5.0)
824.2
725.8
The effective interest rates at the balance sheet date were as follows:
2024
2023
Bank loans (UK term loan)
Monthly, quarterly or six-monthly SONIA plus
Bank loans (Euro term loan)
Monthly, quarterly or six-monthly EURIBOR
Private Placement Notes (Euros)
1.83%
1.80%
Private Placement Notes (Sterling)
2.55%
2.55%
In addition to the margin of 1.25%, the RCF also has ESG targets enabling a reduction in the margin of up to 5bps to 1.20%. In the period these
targets were all met.
The carrying amounts of the Group’s borrowings are denominated in the following currencies:
Sterling
464.5
377.5
Euros
364.5
353.3
829.0
730.8
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154
Notes to the financial statements continued
for the year ended 31 October 2024

18. Financial liabilities – bank borrowings and notes continued
Borrowing facilities
The Group has the following undrawn committed borrowing facilities available at 31 October 2024 in respect of which all conditions precedent
had been met at that date:
Expiring within one year
—
—
Expiring beyond one year
146.3
297.0
146.3
297.0
19. Financial instruments
Financial risk management
Financial risk management is an integral part of the way the Group is managed. In the course of its business, the Group is exposed primarily
to foreign exchange risk, interest rate risk, liquidity risk, and credit risk. The overall aim of the Group’s financial risk management policies is to
minimise potential adverse effects on financial performance and Net Asset Value (“NAV”). The Group manages the financial risks within policies
and operating parameters approved by the Board of Directors and does not enter into speculative transactions. Treasury activities are managed
centrally under a framework of policies and procedures approved and monitored by the Board. These objectives are to protect the assets of
the Group and to identify and then manage financial risk. In applying these policies, the Group will utilise derivative instruments, but only for risk
management purposes.
The principal financial risks facing the Group are described below.
Interest rate risk
The Group finances its operations through a mixture of retained profits, issued share capital, bank borrowings, and notes. The Group borrows
in Sterling and Euros at floating rates and, where necessary, uses interest rate swaps to convert these to fixed rates to generate the preferred
interest rate profile and to manage its exposure to interest rate fluctuations. A 1ppt change in interest rates would have a £3.5 million (FY 2023:
£2 million) impact on net interest. This sensitivity impact has been prepared by determining average floating interest rates and flexing these
against average floating-rate deposits and borrowings by major currency area over the course of the year.
Liquidity risk
The Group’s policy on liquidity risk is to ensure that sufficient cash is available to fund ongoing operations without the need to carry significant
net debt over the medium term. The Group’s principal borrowing facilities are provided by a group of core relationship banks in the form of term
loans and overdrafts, revolving credit facilities and notes. The quantum of committed borrowing facilities available to the Group is reviewed
regularly and is designed to exceed forecast peak gross debt levels. Further details of the Group’s borrowing facilities, including the repayment
profile of existing borrowings and the amount of undrawn committed borrowing facilities, are set out in note 19.
Credit risk
Credit risk arises on financial instruments such as trade and other receivables and short term bank deposits. Policies and procedures exist to
ensure that customers have an appropriate credit history and account customers are given credit limits that are monitored. Short term bank
deposits are executed only with A-rated or above authorised counterparties based on ratings issued by the major rating agencies. Counterparty
exposure positions are monitored regularly so that credit exposures to any one counterparty are within predetermined limits. Overall, the
Group considers that it is not exposed to a significant amount of credit risk. The amount of trade receivables outstanding at the year end does
not represent the maximum exposure to operational credit risk due to the normal patterns of supply and payment over the course of a year.
Based on management information collected as at month ends the maximum level of net trade receivables at any one point during the year
was £15.6 million (FY 2023: £16.0 million).
Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risk in respect of the Euro. Foreign exchange risk arises from future
commercial transactions, recognised assets and liabilities and net investments in foreign operations.
The Group has investments in foreign operations in France, Spain, the Netherlands and Belgium, whose net assets are exposed to foreign
currency translation risk. Currency exposure arising from the net assets of the Group’s foreign operations is managed primarily through
borrowings denominated in the relevant foreign currencies.
The Group holds Euro denominated loan notes totalling €364.5 million (FY 2023: €358 million) and as such is exposed to foreign exchange
risk on these notes. The foreign exchange risk relating to the notes provides a natural hedge against the Euro denominated assets of its
operations in France, Spain, the Netherlands and Belgium and were 100% effective. As a result, the Group applies net investment hedging
in respect of these loan notes and the change in fair value during the year of £6.9 million (FY 2023: £2.9 million) was recognised in other
comprehensive income.
At 31 October 2024, if Sterling had weakened by 10% against the Euro with all other variables held constant, pre-tax profit for the year would
have been £0.1 million lower due to Euro bank balances held by UK entities (FY 2023: £0.4 million lower). Equity (translation reserve) would have
been £34.7 million higher (FY 2023: £22.8 million higher), arising primarily on translation of Euro denominated net assets held by subsidiary
companies with a Euro functional currency less the Euro denominated loan notes.
The Group is not exposed to significant transaction foreign exchange risk as purchases are invoiced in either Sterling or Euros.
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155
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW

19. Financial instruments continued
Financial risk management continued
Capital risk
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns
for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to
shareholders, issue new shares or sell assets to reduce debt. Being a REIT, the Group is required to distribute as a dividend a minimum of 90%
of its property rental income to shareholders. This is factored into the Group’s capital risk management.
Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided
by total capital. Net debt is calculated as total borrowings (including ‘current and non-current borrowings and lease liabilities’ as shown in the
consolidated balance sheet) less cash and cash equivalents. Total capital is calculated as equity as shown in the consolidated balance sheet
plus net debt.
The gearing ratios at 31 October 2024 and 2023 were as follows:
Total borrowings (excluding derivatives)
924.8
827.2
Less: cash and cash equivalents (note 16)
(25.3)
(16.9)
Net debt
899.5
810.3
Total equity
2,226.8
1,935.1
Total capital
3,126.3
2,745.4
Gearing ratio
28.8%
29.5%
The Group considers that a loan-to-value (“LTV”) ratio, defined as gross debt (excluding lease liabilities) as a proportion of the valuation of
investment properties and investment properties under construction (excluding lease liabilities), below 40% represents an appropriate medium
term capital structure objective. The Group’s LTV ratio was 25.1% at 31 October 2024 (FY 2023: 25.4%).
The Group has complied with all of the covenants on its banking facilities during the year.
The fair value of bank loans and notes is calculated as:
2024
2023
Bank loans and notes
824.2
759.6
725.8
789.3
Fair value hierarchy
IFRS 13 requires fair value measurements to be recognised using a fair value hierarchy that reflects the significance of the inputs used in the
measurements, according to the following levels:
Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 – inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 – inputs for the asset or liability that are not based on observable market data.
The table below shows the level in the fair value hierarchy into which fair value measurements have been categorised:
Assets per the balance sheet
Amounts due from associates – Level 2
0.5
0.1
Liabilities per the balance sheet
Bank loans – Level 2
829.0
725.8
There were no transfers between Level 1, 2 and 3 fair value measurements during the current or prior year.
Over the life of the Group’s derivative financial instruments, the cumulative fair value gain/loss on those instruments will be £nil as it is the
Group’s intention to hold them to maturity.
Safestore Holdings plc | Annual report and financial statements 2024
156
Notes to the financial statements continued
for the year ended 31 October 2024

19. Financial instruments continued
Financial risk management continued
Hedging arrangements
No hedging instruments were used in FY 2024. In FY 2023 a net loss of £1.7 million was recorded in the income statement due to the interest
rate hedging instruments which matured in June 2023 and the foreign currency hedging instruments which matured in April 2023.
Financial instruments by category
Assets per the balance sheet
Trade receivables and other receivables excluding prepayments
22.6
—
22.6
Cash and cash equivalents
25.3
—
25.3
At 31 October 2024
47.9
—
47.9
Liabilities per the balance sheet
Borrowings (excluding lease liabilities)
824.2
—
824.2
Lease liabilities
100.6
—
100.6
Payables and accruals
29.2
—
29.2
At 31 October 2024
954.0
—
954.0
Assets per the balance sheet
Trade receivables and other receivables excluding prepayments
22.5
—
22.5
Derivative financial instruments
—
—
—
Cash and cash equivalents
16.9
—
16.9
At 31 October 2023
39.4
—
39.4
Liabilities per the balance sheet
Borrowings (excluding lease liabilities)
725.8
—
725.8
Lease liabilities
101.4
—
101.4
Payables and accruals
27.2
—
27.2
At 31 October 2023
854.4
—
854.4
The interest rate risk profile, after taking account of derivative financial instruments, was as follows:
2024
2023
Borrowings
355.8
468.4
824.2
203.0
522.8
725.8
The weighted average interest rate of the fixed-rate financial borrowing was 2.16% (FY 2023: 2.10%) and the weighted average remaining period
for which the rate is fixed was 4.3 years (FY 2023: 5.0 years).
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157
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW

19. Financial instruments continued
Financial risk management continued
Maturity analysis
The table below analyses the Group’s financial liabilities and non-settled derivative financial instruments into relevant maturity groupings based
on the remaining period at the balance sheet date to the contractual maturity dates. The amounts disclosed in the table are the contractual
undiscounted cash flows.
Borrowings
9.3
103.1
657.4
123.6
Lease liabilities
14.7
14.2
35.0
75.5
Payables and accruals
28.6
—
—
—
52.6
23.5
617.6
367.8
Borrowings
54.6
10.2
436.0
297.0
Lease liabilities
13.8
13.7
36.4
77.0
Payables and accruals
29.4
—
—
—
97.8
23.9
472.4
374.0
20. Lease liabilities
The Group leases certain of its investment properties under lease liabilities. The average remaining lease term is 13.2 years (FY 2023: 10.7 years).
Within one year
14.7
13.8
14.0
13.1
Within two to five years
49.2
50.1
42.3
42.0
Greater than five years
75.5
77.0
44.3
46.3
139.4
140.9
100.6
101.4
Less: future finance charges on lease liabilities
(38.8)
(39.5)
—
—
Present value of lease liabilities
100.6
101.4
100.6
101.4
Current
14.0
13.1
Non-current
86.6
88.3
100.6
101.4
Amounts recognised within the consolidated income statement include interest on lease liabilities of £5.8 million. Amounts recognised in the
consolidated statement of cash flows include lease liabilities principal payments of £9.7 million and interest on lease liabilities of £5.8 million.
The maturity analysis for lease liabilities under contractual undiscounted cash flows is included in note 20.
Safestore Holdings plc | Annual report and financial statements 2024
158
Notes to the financial statements continued
for the year ended 31 October 2024

21. Deferred income tax
Deferred tax is calculated in full on temporary differences under the liability method using tax rates enacted in each respective jurisdiction
corresponding to when they are expected to reverse. The movement on the deferred tax account was as shown below.
Note
At 1 November 2023
132.6
128.2
Charge to income statement
8
22.0
2.5
Exchange differences
(5.5)
1.9
At 31 October 2024
149.1
132.6
The movements in deferred tax assets and liabilities during the period are shown below.
Deferred tax liability
At 1 November 2022
129.0
—
129.0
Charge to income statement
8.3
—
8.3
Exchange differences
1.9
—
1.9
At 31 October 2023
139.2
—
139.2
At 1 November 2023
139.2
—
139.2
Charge to income statement
21.7
—
21.7
Exchange differences
(5.5)
—
(5.5)
At 31 October 2024
155.4
—
155.4
Deferred tax asset
At 1 November 2022
0.8
—
0.8
Credit to income statement
—
5.8
5.8
At 31 October 2023
0.8
5.8
6.6
At 1 November 2023
0.8
5.8
6.6
Credit to income statement
(0.2)
(0.1)
(0.3)
At 31 October 2024
0.6
5.7
6.3
The deferred tax liability due after more than one year is £155.4 million (FY 2023: £139.2 million).
As at 31 October 2024, the Group had trading losses of £34.3 million (FY 2023: £34.7 million) and capital losses of £36.4 million (FY 2023:
£36.5 million) in respect of its UK operations.
As at 31 October 2024, the Group had trading losses of £11 million (FY 2023: £6.6 million) in respect of its Netherlands and Belgium operations.
As at 31 October 2024, the Group had trading losses of £5.5 million (FY 2023: £2.3 million) in respect of its Spanish operations.
All losses can be carried forward indefinitely. A deferred tax asset of £5.7 million (FY 2023: £5.8 million) has been recognised in respect
of these losses in the current period, recognising the extent to which the Group believes these losses will be utilised in the future to reduce
income tax liabilities.
Safestore Holdings plc | Annual report and financial statements 2024
159
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW

22. Called up share capital
218,490,500 (FY 2023:
218,039,419) ordinary shares of 1 pence each
2.2
2.2
Ordinary shares
The holders of the ordinary shares shall be entitled to one vote for each ordinary share.
During the year the Company issued 451,081 ordinary shares (FY 2023: 6,111,922 ordinary shares).
Safestore Holdings plc Sharesave scheme
The Sharesave awards are savings related awards accruing over a three-year period. There are no performance conditions attached to the
awards; as such, the sole condition for vesting is continued service. The fair value of the Sharesave options granted during the year was
assessed by an independent actuary using a Black-Scholes model based on the assumptions set out in the table below:
Number of options granted
94,393
Share price at grant date
(pence)
839
Exercise price
(pence)
645
Risk-free rate of interest
(% per annum)
3.75%
Expected volatility
(% per annum)
29.0%
Expected dividend yield
(% per annum)
3.60%
Expected term to exercise
(years)
3.21
Value per option
(pence)
240
Safestore Long Term Incentive Plan
The fair values of the awards granted in the accounting period were assessed by an independent actuary using a Monte Carlo model based on
the assumptions set out in the table below. In determining an appropriate assumption for expected future volatility, the historical volatility of the
share price of Safestore Holdings plc has been considered along with the historical volatility of comparator companies.
(PBT EPS part)
(MLA part)
(ESG part)
Number of options granted
654,248
251,634
100,654
Weighted average share price at grant date
(pence)
764
764
764
Exercise price
(pence)
—
—
—
Weighted average risk-free rate of interest
(% per annum)
4.17%
4.17%
4.17%
Expected volatility
(% per annum)
29.4%
29.4%
29.4%
Weighted average expected term to exercise
(years)
3.0
3.0
3.0
Weighted average value per option
(pence)
4.58
4.58
4.58
Safestore Holdings plc | Annual report and financial statements 2024
160
Notes to the financial statements continued
for the year ended 31 October 2024

22. Called up share capital continued
Safestore Long Term Incentive Plan continued
Details of the awards outstanding under all of the Group’s share schemes are set out below:
2023
Granted
Exercised
Lapsed
14/08/2019
352
—
(352)
—
—
510.0p
01/03/2023
26/08/2020
116,130
—
(115,503)
(627)
—
600.0p
01/05/2024
20/08/2021
23,631
—
—
(4,471)
19,160
824.0p
01/05/2025
22/08/2022
33,366
—
—
(11,713)
21,653
896.0p
01/05/2026
22/08/2023
164,176
—
—
(52,098)
112,078
692.0p
01/05/2027
14/08/2024
—
94,393
—
(1,293)
93,100
645.0p
01/05/2027
Total
337,655
94,393
(115,855)
(70,202)
245,991
05/02/2019
17,500
—
—
—
17,500
0.1p
28/09/2027
23/01/2020
8,332
—
(2,601)
—
5,731
0.1p
28/09/2027
Total
25,832
—
(2,601)
—
23,231
18/03/2020
35,588
—
(6,672)
—
28,916
0.0p
17/03/2030
Total
35,588
—
(6,672)
—
28,916
28/01/2021
347,422
—
(299,761)
(21,614)
26,047
0.0p
27/01/2031
Total
347,422
—
(299,761)
(21,614)
26,047
25/01/2022
246,833
—
—
(33,334)
213,499
0.0p
24/01/2032
29/09/2022
4,892
—
—
(924)
3,968
0.0p
24/01/2032
Total
251,725
—
—
(34,258)
217,467
12/07/2023
785,340
—
—
(140,833)
644,507
0.0p
11/07/2033
Total
785,340
—
—
(140,833)
644,507
27/02/2024
—
1,005,244
—
(204,682)
800,562
0.0p
26/02/2034
Total
—
1,005,244
—
(204,682)
800,562
In addition, gross amounts totalling £nil (FY 2023: £nil) in respect of bonuses awarded to Executive Directors for the year ended 31 October
2024 will be deferred into shares which will vest at the end of two years following the financial year in which the bonus is earned. The grant date
is the last day of the financial year in which the performance stage is assessed. The share entitlement will be determined in FY 2025.
The weighted average exercise price of outstanding options under the Sharesave scheme is 702.6 pence (FY 2023: 690.0 pence). The weighted
average exercise price of options exercised under the Sharesave scheme was 599.7 pence (FY 2023: 366.1 pence).
Own shares
Included within retained earnings are ordinary shares with a nominal value of £177 (FY 2023: £644) that represent shares held by the Safestore
Employee Benefit Trust in satisfaction of awards under the Group’s Long Term Incentive Plan and which remain unvested.
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161
CORPORATE GOVERNANCESTRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW

23. Cash flow from operating activities
Reconciliation of operating profit to net cash inflow from operating activities:
Cash generated from continuing operations Notes
Profit before income tax
398.6
207.8
Gain on revaluation of investment properties
12
(292.2)
(93.8)
Depreciation
13
1.5
1.3
Net finance expense
7
27.2
22.6
Employee share options
(0.3)
2.9
Decrease in inventories
—
—
(Increase)/decrease in trade and other receivables
1.2
(1.4)
(Increase) in trade and other payables
(2.6)
(11.2)
Increase/(decrease) in provisions
(0.3)
0.2
Cash generated from continuing operations
133.1
128.4
24. Analysis of movement in gross and net debt
Bank loans
(725.8)
(110.3)
11.9
(824.2)
Lease liabilities
(101.4)
9.7
(8.9)
(100.6)
Total gross debt (liabilities from financing activities)
(827.2)
(100.6)
3.0
(924.8)
Cash in hand
16.9
8.7
(0.3)
25.3
Total net debt
(810.3)
(91.9)
2.7
899.5
Bank loans
(623.8)
(96.4)
(5.6)
(725.8)
Lease liabilities
(95.4)
8.8
(14.8)
(101.4)
Total gross debt (liabilities from financing activities)
(719.2)
(87.6)
(20.4)
(827.2)
Cash in hand
20.9
(3.9)
(0.1)
16.9
Total net debt
(698.3)
(91.5)
(20.5)
(810.3)
The table above details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities
arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group’s consolidated cash flow
statement as cash flows from financing activities.
The cash flows from bank loans make up the net amount of proceeds from borrowings, repayment of borrowings and debt issuance costs.
Non-cash movements relate to the amortisation of debt issue costs of £1.6 million (FY 2023: £1.3 million), foreign exchange movements
of £13.2 million (FY 2023: £4.3 million) and unwinding of discount to lease liabilities of £8.9 million (FY 2023: £14.8 million).
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Notes to the financial statements continued
for the year ended 31 October 2024

25. Employees and Directors
Staff costs (including Directors) for the Group during the year
Wages and salaries
26.9
24.2
Social security costs
3.3
2.0
Other pension costs
1.0
0.9
Share-based payments
(0.3)
2.9
30.9
30.0
During the period ended 31 October 2024, the Company’s equity-settled share-based payment arrangements comprised the Safestore
Holdings plc Sharesave scheme and the Safestore Long Term Incentive Plans. The number of awards made under each scheme is detailed in
note 22. No options have been modified since grant under any of the schemes, other than the modification in respect of the LTIP awards for
Executive Directors described in note 22.
Average monthly number of people (including Executive Directors) employed
Sales
646
619
Administration
142
134
788
753
Key management compensation
Wages and salaries
2.9
2.7
Social security costs
0.4
0.3
Post-employment benefits
0.1
0.1
Share-based payments
—
1.9
3.4
5.0
The key management figures given above include Directors.
Directors
Aggregate emoluments
2.2
2.9
26. Provisions
In France, the basis on which property taxes have been assessed has been challenged by the tax authority for financial years 2011 onwards.
In November 2022, the French Supreme Court delivered a final judgement in respect of litigation for years 2011 to 2013, which resulted in a
partial success for the Group. The Group is separately pursuing litigation in respect of years since 2013 and has lodged an appeal with the
French administrative tribunal against the issues included in assessments for 2013 onwards on which it was ultimately unsuccessful in the
French Supreme Court for the earlier years. A provision is included in the consolidated financial accounts of £2.3 million at 31 October 2024
(31 October 2023: £2.6 million) to reflect the increased uncertainty surrounding the likelihood of a successful outcome. Of the total provided,
(£0.2) million has been released in relation to the year ended 31 October 2024 within cost of sales (Underlying EBITDA) (31 October 2023:
£0.3 million within cost of sales (Underlying EBITDA)). The litigation is expected to be resolved over the next few years.
It is possible that the French tax authority may appeal the decisions of the French Court of Appeal in which the Group was successful to the
French Supreme Court. The maximum potential exposure in relation to these issues at 31 October 2024 is £0.8 million (31 October 2023:
£3.0 million). No provision for any further potential exposure has been recorded in the consolidated financial statements since the Group
believes it is more likely than not that a successful outcome will be achieved, resulting in no additional liabilities.
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FINANCIAL STATEMENTS
OVERVIEW

27. Contingent liabilities
The Group has a contingent liability in respect of property taxation in the French subsidiary as disclosed in note 26.
28. Capital commitments
The Group had £199 million of capital commitments as at 31 October 2024 (FY 2023: £128 million).
29. Related party transactions
The Group’s shares are widely held. Transactions between the Company and its subsidiaries, which are related parties, have been eliminated
on consolidation and are not disclosed in this note.
Transactions with PBC Les Groues SAS
As described in note 11, the Group has a 24.9% interest in PBC Les Groues SAS (“PBC”). During the period, the Group made no transactions
with PBC (FY 2023: £nil (€nil)). The total amount invested is included as part of its non-current investments in associates. The total amount
outstanding at 31 October 2024 included within trade and other receivables was £nil (FY 2023: £nil).
Transactions with CERF II German Storage Topco S.a.r.l (“CERF II”)
As described in note 11, the Group has a 10.0% interest in CERF II German Storage Topco S.a.r.l (“CERF II”). During the period, the Group
recharged £0.4 million relating to management services. As described in note 15, the balance outstanding at 31 October 2024 is £0.5 million
(FY 2023: £0.1 million).
30. Post-balance sheet events
In December 2024, the Group issued a new USPP loan note for a total of $70 million expiring in December 2032 with an all-in coupon of 4.03%.
In December 2024, the Group entered into a joint venture with Nuveen to acquire the EasyBox self-storage business in Italy. The Group paid
€42 million for a 50% share of EasyBox which has ten operating stores and two further stores under development, all located in key cities in
Italy. The Group also entered into an agreement to manage the EasyBox business on behalf of the joint venture.
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Notes to the financial statements continued
for the year ended 31 October 2024

Company
Notes
2024
£’m
2023
£’m
Non-current assets
Investments in subsidiaries 5 1.0 1.0
Deferred tax asset 12 1.2 2.9
Loans to Group undertakings 6 722.1 943.9
Total non-current assets 724.1 947.8
Current assets
Trade and other receivables 7 0.9 1.0
Corporate income tax receivable 0.2 —
Cash and cash equivalents 1.3 1.6
Total current assets 2.4 2.6
Total assets 726.5 950.4
Current liabilities 8 (79.3) (183.1)
Total assets less current liabilities 647.2 767.3
Non-current liabilities 9 (473.4) (524.9)
Net assets 173.8 242.4
Equity
Called up share capital 10 2.2 2.2
Share premium account 62.7 62.0
Retained earnings 108.9 178.2
Total equity 173.8 242.4
The Company’s loss for the financial year amounted to £3.1 million (FY 2023: £99.0 million profit).
The Company financial statements were approved by the Board of Directors on 15 January 2025 and signed on its behalf by:
S Clinton F Vecchioli
Chief Financial Officer Chief Executive Officer
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FINANCIAL STATEMENTS
OVERVIEW
Company balance sheet
as at 31 October 2024
Company registration number: 04726380

Company
Called up
share capital
£’m
Share premium
account
£’m
Retained
earnings
£’m
Total
£’m
Balance at 1 November 2022 2.1 61.8 142.2 206.1
Comprehensive income
Profit for the year — — 99.0 99.0
Total comprehensive income 2.1 61.8 241.2 305.1
Transactions with owners
Dividends — — (65.9) (65.9)
Increase in share capital 0.1 0.2 — 0.3
Employee share options — — 2.9 2.9
Transactions with owners 0.1 0.2 (63.0) (62.7)
Balance at 1 November 2023 2.2 62.0 178.2 242.4
Comprehensive income
Loss for the year — — (3.1) (3.1)
Total comprehensive income 2.2 62.0 175.1 239.3
Transactions with owners
Dividends — — (65.9) (65.9)
Increase in share capital — 0.7 — 0.7
Employee share options — — (0.3) (0.3)
Transactions with owners — 0.7 (66.2) (65.5)
Balance at 31 October 2024 2.2 62.7 108.9 173.8
For details of the dividend paid in the year see note 9 in the Group financial statements.
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Company statement of changes in equity
for the year ended 31 October 2024

1. Accounting policies and basis of preparation
The Company financial statements are prepared in accordance with Financial Reporting Standard 101 “Reduced Disclosure Framework”
(“FRS 101”). In preparing these financial statements the Company applies the recognition, measurement and disclosure requirements of
United Kingdom-adopted International Financial Reporting Standards (“IFRS”) and sets out below where advantage of the FRS 101 disclosure
exemptions has been taken.
In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the following disclosures:
• a cash flow statement and related notes;
• comparative period reconciliations for tangible fixed assets;
• disclosures in respect of transactions with wholly owned subsidiaries;
• disclosures in respect of capital management;
• the effects of new but not yet effective IFRSs;
• IFRS 2 “Share-based Payment” in respect of Group-settled share-based payments; and
• certain disclosures required by IFRS 13 “Fair Value Measurement” and the disclosures required by IFRS 7 “Financial Instruments: Disclosures”.
The above disclosure exemptions are permitted because equivalent disclosures are included in the Group consolidated financial statements.
The financial statements are prepared on a going concern basis under the historical cost convention. The Company’s principal accounting
policies are the same as those applied in the Group financial statements, except as described below:
Investments
Investments held as fixed assets are stated at cost less provision for impairment in value.
2. Results of parent company
As permitted by Section 408 of the Companies Act 2006, the Company has elected not to present its own profit and loss account as part of
these financial statements. The Company’s loss for the financial year amounted to £3.1 million (FY 2023: £99.0 million profit).
3. Directors’ emoluments
The Directors’ emoluments are disclosed in note 25 of the Group financial statements.
4. Operating profit
The Company does not have any employees (FY 2023: none). Details of the Company’s share-based payments are set out in note 22 to the
Group financial statements.
5. Investments in subsidiaries
£’m
Cost and net book value
At 1 November 2023 1.0
At 31 October 2024 1.0
Investments in subsidiaries are stated at cost. A list of interests in subsidiary undertakings is given below. The Directors believe that the carrying
value of the investments is supported by their underlying net assets.
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FINANCIAL STATEMENTS
OVERVIEW
Notes to the Company financial statements
for the year ended 31 October 2024

5. Investments in subsidiaries continued
Interests in subsidiary undertakings
The entities listed below are subsidiaries of the Company or the Group. The Group percentage of equity capital (represented by ‘ordinary
shares’) and voting rights is 100% for all subsidiaries listed. The results of all of the subsidiaries have been consolidated within these financial
statements. The registered address of each subsidiary is Brittanic House, Stirling Way, Borehamwood, Hertfordshire WD6 2BT, except where
indicated below by a footnote.
Subsidiary Country of incorporation Principal activity
Safestore Investments 2018 Limited
1,10
England and Wales Holding company
Safestore Investments Limited
10
England and Wales Holding company
Safestore Group Limited
10
England and Wales Holding company
Safestore Acquisition Limited
10
England and Wales Holding company
Safestore Limited
10
England and Wales Provision of self-storage
Safestore Properties Limited
10
England and Wales Provision of self-storage
Spaces Personal Storage Limited
10
England and Wales Provision of self-storage
Safestore Trading Limited
10
England and Wales Non-trading
Mentmore Limited
10
England and Wales Holding company
Invest Holding S.à.r.L Luxembourg
2
Holding company
Une Pièce en Plus SAS France
3
Provision of self-storage
OMB Self-storage S.L.U. Spain
4
Provision of self-storage
Safestore Netherlands B.V. Netherlands
5
Holding company
Your Room Self-storage Limited England and Wales Provision of self-storage
Safestore Storage Benelux B.V. Netherlands
6
Holding company
Safestore Storage B.V. Netherlands
6
Provision of self-storage
M3 Self-Storage B.V. Netherlands
6
Provision of self-storage
Safestore Storage Properties 1 B.V. Netherlands
6
Provision of self-storage
Safestore Storage Properties 2 B.V. Netherlands
6
Provision of self-storage
Safestore Storage Properties 3 B.V. Netherlands
6
Provision of self-storage
Lokabox SA Belgium
7
Provision of self-storage
Safestore Europe SAS France
3
Provision of self-storage
Investimmo SAS France
3
Provision of self-storage
Safestore Germany GmbH Germany
8
Holding company
Safestore Italia S.R.L
14
Italy
9
Holding company
Safestore European Investments 1 S.à.r.L Luxembourg
2
Holding company
Safestore Storage Properties 4 B.V. Netherlands
6
Provision of self-storage
Chelsea Self-storage Limited
10,15
England and Wales Provision of self-storage
Safestore Property Investments 1 Limited
10,11
England and Wales Provision of self-storage
Safestore Property Investments 2 Limited
10,12
England and Wales Provision of self-storage
Safestore Property Investments 3 Limited
10,13
England and Wales Non-trading
Safestore Property Investments 4 Limited
10,13
England and Wales Non-trading
Safestore Property Investments 5 Limited
10,13
England and Wales Non-trading
Notes:
1 Held directly by the Company.
2 Registered address: 412F, route d’Esch, L-2086 Luxembourg.
3 Registered address: 1, rue François Jacob, 92500 Rueil Malmaison, France.
4 Registered address: Calle Marina 153, 08013 Barcelona, Spain.
5 Registered address: Herikerbergwerg 88, 1101CM Amsterdam, 1077ZX Amsterdam, Netherlands.
6 Registered address: Beijnesweg 19, 2031BB Haarlem, Netherlands.
7 Registered address: Chaussée de Bruxelles 151-155, 6040 Charleroi, Belgium.
8 Registered address: Westendstraße 28, 60325 Frankfurt, Germany.
9 Registered address: Via della Posta 7, 20123 Milan, Italy.
10 These companies are exempt from the requirement to prepare individual audited financial statements in respect of the year ended 31 October 2024 by virtue of Sections 479A and 479C
of the Companies Act 2006.
11 Incorporated in January 2024.
12 Incorporated in February 2024.
13 Incorporated in May 2024.
14 Incorporated in June 2024.
15 Acquired in October 2024.
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Notes to the Company financial statements continued
for the year ended 31 October 2024

6. Non-current assets – loans to Group undertakings
2024
£’m
2023
£’m
Loans to Group undertakings 721.9 943.9
721.9 943.9
Amounts owed by Group undertakings are unsecured and repayable on demand; however, the Directors consider it unlikely that repayment will
arise in the short term and in practice amounts owed by Group undertakings are used to meet the capital requirements of the borrower with no
realistic repayment in the near future. It is for this reason that the amounts are classified as non-current assets.
Interest is charged to Group undertakings on amounts totalling £473.4 million (FY 2023: £524.9 million). The remaining amounts owed by Group
undertakings are interest free. The movement in loans to Group undertakings relates to interest charged of £10.7 million (FY 2023: £11.1 million)
and additional amounts repaid of £232.7 million (FY 2023: £97.1 million).
7. Trade and other receivables
2024
£’m
2023
£’m
Other receivables 0.9 1.0
0.9 1.0
Trade and other receivables due within one year were tested for impairment in line with the Group as described in note 2. As at 31 October 2024,
these amounts due are considered fully recoverable and no provision has been made (FY 2023: £nil).
8. Current liabilities
2024
£’m
2023
£’m
Amounts owed to Group undertakings 76.6 179.8
Accruals and deferred income 2.7 3.3
79.3 183.1
Amounts owed to Group undertakings are unsecured, interest free and repayable on demand. The Directors have received assurance that
repayment of amounts owed to Group undertakings will not arise in the short term.
9. Non-current liabilities
2024
£’m
2023
£’m
Loan notes 473.4 524.9
473.4 524.9
Of the above, £317.5 million (FY 2023: £277.4 million) is due after more than five years.
The Company has in issue €nil (FY 2023: €50.9 million) 1.59% Series A Senior Notes due 2024, €70.0 million (FY 2023: €70.0 million) 1.26%
Series A Notes due 2026, £35.0 million (FY 2023: £35.0 million) 2.59% Series B Senior Notes due 2026, €74.1 million (FY 2023: €74.1 million)
2.00% Series B Senior Notes due 2027, £20.0 million (FY 2023: £20.0 million) 1.96% Series A Notes due 2028, €29.0 million (FY 2023:
€29.0million) 0.93% Series B Notes due 2028, £50.5 million (FY 2023: £50.5 million) 2.92% Series C Senior Notes due 2029, £30.0 million
(FY2023: £30.0 million) 2.69% Series C Senior Notes due 2029, €105.0 million (FY 2023: €105.0 million) 2.45% Private Shelf Senior Notes
due2029, £80.0million (FY 2023: £80.0 million) 2.39% Series C Notes due 2031 and €29.0 million (FY 2023: €29.0 million) 1.42% Series D
Notes due 2033.
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FINANCIAL STATEMENTS
OVERVIEW

10. Called up share capital
2024
£’m
2023
£’m
Called up, allotted, and fully paid
218,490,500 (FY 2023: 218,039,419) ordinary shares of 1 pence 2.2 2.2
Ordinary shares
The holders of the ordinary shares shall be entitled to one vote for each ordinary share.
For details of share options see note 22 in the Group financial statements.
11. Contingent liabilities
For details of contingent liabilities see note 27 in the Group financial statements.
12. Deferred tax
Deferred tax is calculated in full on temporary differences under the liability method using tax rates enacted in each respective jurisdiction
corresponding to when they are expected to reverse. The movement on the deferred tax account was as shown below.
Deferred tax asset
Other
timing
differences
£’m
Tax losses
£’m
Total
£’m
At 1 November 2022 — — —
Credit to income statement — 2.9 2.9
At 31 October 2023 — 2.9 2.9
At 1 November 2023 — 2.9 2.9
Credit to income statement — (1.7) (1.7)
At 31 October 2024 — 1.2 1.2
The deferred tax asset receivable after more than one year is £1.2 million (FY 2023: £2.9 million) and will be utilised by reducing future
taxable profit.
As at 31 October 2024, the Company had unutilised trading losses of £4.9 million (FY 2023: £11.2 million).
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Notes to the Company financial statements continued
for the year ended 31 October 2024

Absorption rate The rate at which rentable space is filled.
Adjusted Diluted EPRA
Earnings per Share
Based on the European Public Real Estate Association’s definition of earnings and is defined as profit or loss
for the period after tax but excluding corporate transaction costs, change in fair value of derivatives, gain/loss
on investment properties and the associated tax impacts. The Company then makes further adjustments for
the impact of exceptional items, net exchange gains/losses recognised in net finance costs, exceptional tax
items, and deferred and current tax in respect of these adjustments. The Company also adjusts for IFRS 2
share-based payment charges.
Adjusted earnings growth The increase in adjusted EPS year on year.
Adjusted EPS Adjusted profit after tax divided by the diluted weighted average number of shares in issue during the
financialyear.
Adjusted profit before tax The Company’s pre-tax EPRA earnings measure with additional Company adjustments.
Average net achieved rent per
sq ft
Storage revenue divided by average occupied space over the financial year.
Average rental growth The growth in average net achieved rent per sq ft year on year.
Average storage rate Revenue generated from self-storage revenues divided by the average square footage occupied during
theperiod in question.
BREEAM An environmental rating assessed under the Building Research Establishment’s Environmental
AssessmentMethod.
Cap and collar Term used in connection with interest rates. A cap is an upper limit or maximum interest rate that will apply,
while a collar is the minimum interest rate.
Capitalisation rate The ratio of net operating income to property asset value.
Compound Annual Growth
Rate (“CAGR”)
The annual rate of return over a specified period of time longer than one year.
CER Constant Exchange Rates (Euro denominated results for the current period have been retranslated at the
exchange rate effective for the comparative period, in order to present the reported results on a more
comparable basis).
Closing net rent per sq ft Annual storage revenue generated from in-place customers divided by occupied space at the balance
sheetdate.
Earnings per Share (“EPS”) Profit for the financial year attributable to equity shareholders divided by the average number of shares in issue
during the financial year.
EBITDA Earnings before interest, tax, depreciation and amortisation.
EPRA The European Public Real Estate Association, a real estate industry body. This organisation has issued Best
Practices Recommendations with the intention of improving the transparency, comparability and relevance of
the published results of listed real estate companies in Europe.
EPRA earnings The IFRS profit after taxation attributable to shareholders of the Company excluding investment
propertyrevaluations, gains/losses on investment property disposals and changes in the fair value of
financialinstruments.
EPRA Earnings per Share EPRA earnings divided by the average number of shares in issue during the financial year.
EPRA Net Asset Value (“NAV”) IFRS net assets excluding the mark-to-market on interest rate derivatives effective cash flow and deferred
taxation on property valuations where it arises. It is adjusted for the dilutive impact of share options.
EPRA NAV per share EPRA NAV divided by the diluted number of shares at the year end.
EPRA Net Tangible Assets
(“NTA”)
A proportionally consolidated measure, representing the IFRS net assets excluding the mark-to-market on
derivatives and related debt adjustments, the mark-to-market on the convertible bonds, the carrying value of
intangibles and deferred taxation on property and derivative valuations. It includes the valuation surplus on
trading properties and is adjusted for the dilutive impact of share options.
EPRA NTA per share EPRA NTA divided by the diluted number of shares held at the year end.
Equity All capital and reserves of the Group attributable to equity holders of the Company.
Euro Interbank Offered Rate
(“EURIBOR”)
The average benchmark interest rate at which Eurozone banks offer unsecured short term lending on the
interbank market.
Exit yield Represents the capital value of an investment property at the end of the investment term expressed in
percentage terms.
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FINANCIAL STATEMENTS
OVERVIEW
Glossary

Free cash flow Cash flow before investing and financing activities but after leasehold rent payments.
Gross property assets The sum of investment property and investment property under construction.
Gross value added The measure of the value of goods and services produced in an area, industry or sector of an economy.
ICR ICR is interest cover ratio and is calculated as the ratio of Underlying EBITDA after leasehold rent to underlying
finance charges.
Joint venture A business arrangement in which two or more parties agree to pool their resources for the purpose of
accomplishing a specific task.
Like-for-like occupancy Excludes the closing occupancy of new stores acquired, opened and closed in the current financial year in
both the current financial year and comparative figures.
Like-for-like revenue Excludes the impact of new stores acquired, opened and closed in the current or preceding financial year in
both the current year and comparative figures.
Loan to value (“LTV”) Gross debt (excluding lease liabilities) as a proportion of the valuation of investment properties and investment
properties under construction (excluding lease liabilities).
Maximum lettable area (“MLA”) The total square feet (“sq ft”) available to be fitted out to rent to customers.
Net debt Total borrowings (including ‘current and non-current borrowings and lease liabilities’ as shown in the
consolidated balance sheet) less cash and cash equivalents.
Net initial yield The forthcoming financial year’s net operating income expressed as a percentage of capital value, after adding
notional purchaser’s costs.
Net promoter score (“NPS”) An index ranging from -100 to 100 that measures the willingness of customers to recommend a company’s
products or services to others. The Company measures NPS based on surveys sent to all of its move-ins
andmove-outs.
Net rent per sq ft Storage revenue generated from in-place customers divided by occupancy.
Occupancy The space occupied by customers divided by the MLA expressed as a %.
Occupied space The space occupied by customers in sq ft.
Pipeline The Group’s development sites.
Property Income Distribution
(“PID”)
A dividend, generally subject to withholding tax, that a UK REIT is required to pay from its tax exempt property
rental business and which is taxable for UK-resident shareholders at their marginal tax rate.
Real Estate Investment Trust
(“REIT”)
A tax regime which in the UK exempts participants from corporation tax both on UK rental income and gains
arising on UK investment property sales, subject to certain conditions.
Real Estate Transfer Tax
(“RETT”)
RETT is levied in respect of the acquisition of the legal and/or beneficial ownership of real estate located in
theNetherlands, certain rights concerning such Dutch real estate, and shares in entities that qualify as a real
estate entity.
REVPAF REVPAF is an Alternative Performance Measure used by the business. REVPAF stands for revenue per
available square foot (“REVPAF”) and is calculated by dividing revenue for the period by weighted average
available square feet for the same period.
Sterling Overnight Index
Average (“SONIA”)
The effective overnight interest rate paid by banks for unsecured transactions in the British Sterling market.
Store EBITDA Store earnings before interest, tax, depreciation and amortisation.
Task Force on Climate-related
Financial Disclosures (“TCFD”)
The Financial Stability Board created the TCFD to improve and increase reporting of climate-related
financialinformation.
Total shareholder return
(“TSR”)
The growth in value of a shareholding over a specified period, assuming dividends are reinvested to purchase
additional units of shares.
Underlying EBITDA Operating profit before exceptional items, share-based payments, corporate transaction costs, gain/loss on
investment properties, depreciation and variable lease payments and the share of associate’s depreciation,
interest and tax. Underlying EBITDA therefore excludes all leasehold rent charges.
Underlying profit before tax Underlying EBITDA less leasehold rent, depreciation charged on property, plant and equipment and net finance
charges relating to bank loans and cash.
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Glossary continued

Directors
David Hearn (Non-Executive Chairman)
Frederic Vecchioli (Chief Executive Officer)
Simon Clinton (Chief Financial Officer)
Jane Bentall (Senior Independent Director)
Avis Darzins (Non-Executive Director)
Laure Duhot (Non-Executive Director)
Delphine Mousseau (Non-Executive Director)
Gert van de Weerdhof (Non-Executive Director)
Company Secretary
David Orr
Registered office
Brittanic House
Stirling Way
Borehamwood
Hertfordshire WD6 2BT
Registered company number
04726380
Websites
www.safestore.co.uk
www.safestore.com
Bankers
National Westminster Bank plc
ABN Amro Bank N.V.
Crédit Industriel et Commercial
Bank of China
Citibank N.A.
Banco de Sabadell S.A.
Independent auditor
Deloitte LLP
Statutory Auditor
2 New Street Square
London EC4A 3TR
Legal advisers
Travers Smith LLP
10 Snow Hill
London EC1A 2AL
Eversheds LLP
115 Colmore Row
Birmingham B3 3AL
Brokers and financial advisers
Investec Bank Plc
30 Gresham Street
London EC2V 7QN
Citigroup Global Markets Limited
Citigroup Centre
33 Canada Square
London E14 5LB
Financial PR advisers
Instinctif Partners
65 Gresham Street
London EC2V 7NQ
Shareholder information
Registrar
MUFG Corporate Markets
The Registry
Central Square
29 Wellington Street
Leeds LS1 4DL
Telephone: +44 (0)371 664 0300
(Calls are charged at the standard geographic rate and will vary by
provider. Calls outside the United Kingdom will be charged at the
applicable international rate).
Lines are open between 9.00am and 5.30pm Monday to Friday,
excluding public holidays in England and Wales.
Email: shareholderenquiries@cm.mpms.mufg.com
Share Portal Enquiries: shareholderenquiries@cm.mpms.mufg.com
Share Portal: www.signalshares.com
Through the website of our Registrar, MUFG Corporate Markets,
shareholders are able to manage their shareholding by registering for
the Share Portal, a free, secure, online access to their shareholding.
Please visit our investor relations website
For all the latest news and updates at www.safestore.com.
Safestore Holding’s commitment to environmental issues is
reflected in this Annual Report, which has been printed on
Magno Satin, an FSC
®
certified material. This document was
printed by Park Communications using its environmental
print technology, which minimises the impact of printing on
the environment, with 99% of dry waste diverted from landfill.
Boththe printer and the paper mill are registered to ISO 14001.
CBP029137
Safestore Holdings plc | Annual report and financial statements 2024
173
OVERVIEW STRATEGIC REPORT CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Directors and advisers

Safestore Holdings plc Annual report and financial statements 2024
Further information and investorupdates
canbefound on our website at
www.safestore.co.uk/corporate
Safestore Holdings plc
Brittanic House
Stirling Way
Borehamwood
Hertfordshire WD6 2BT
Tel: 020 8732 1500
Fax: 020 8732 1510
www.safestore.co.uk
www.safestore.com