• Chairman’s letter
• Chief executive officer’s letter
• THE SHURGARD SHARE
  • Share price development
  • Basic share data
  • Dividend
• Management report
  • Table of contents
  • Key financials
  • Preliminary remarks
  • Group overview
    • Business model
    • Our operating platform
    • Group structure
    • Management
  • Market overview
    • Self-storage basics
    • European self-storage market
  • Growth Strategy
    • Redevelopment
    • New development
    • Acquisitions
    • Yield management
    • Brand and marketing
    • Research and development
  • Property portfolio
    • Our properties
    • Portfolio expansion
    • Property layout
  • Operational and financial review
    • Group results
    • EPRA KPIs
    • EPRA NAV METRICS
    • Liquidity
    • Cash Flow overview
    • Financial position
    • Dividend
    • Employees
    • Risks
    • Events after the reporting period
  • Sustainability report
    • Basis of the sustainability report
  • Message from our Chief Executive Officer
    • Introduction
  • Conviction
  • Sustainability Aims
  • Materiality
    • Our material issues1
  • Stakeholders
  • Environmental impact
    • Optimize energy consumption
    • manage our Water usage
    • make progress in responsible Waste management
    • our net zero carbon commitment
    • Green certified buildings
    • Environmental management system
    • Climate related risks and opportunities
  • Impact on society
    • Delivering a positive societal impact
    • Reporting on the impact of our esg commitments
    • Providing best-in-class CUSTOMER service
    • Encouraging esg through the supply chain
  • Our employees
    • strengthen engagement AND social cohesion
    • Share and live the shurgard culture
    • Diversity, Equity and Inclusion
    • Prioritize WORKPLACE HEALTH and SAFETY
    • invest in the DEVELOPMENT of our Employees
  • Ethics and Governance
  • Corporate Governance
    • Board of directors
    • Senior Management
    • Cyber Security
  • GRI Content Index
  • EPRA Performance Measures
    • Assurance summary statement
  • Remuneration report
  • Principal risks and uncertainties
    • Overall statement on the risk position
    • Risk management system
    • Financial internal controls
    • Key risks specific to the Group and its industry
  • Luxembourg Takeover Law disclosure
  • Related Party Transactions
  • Responsibility Statement
• Consolidated financial statements as of and for the years ended December 31, 2021 and 2020
• Notes to the consolidated financial statements
  • 1. Corporate information
  • 2. Changes in accounting policies and disclosures
  • 3. Summary of significant accounting policies
  • 4. Significant accounting judgements, estimates and assumptions
  • 5. Standards issued but not yet effective
  • 6. Real estate operating revenue
  • 7. Real estate operating expense
  • 8. General, administrative and other expenses
  • 9. Finance cost, net
  • 10. Income tax
  • 11. Segment information
  • 12. Acquisition of properties
  • 13. Earnings per share (EPS)
  • 14. Investment property and investment property under construction
  • 15. Fair value measurement – investment property
  • 16. Property, plant and equipment and intangible assets
  • 17. Other non-current assets
  • 18. Trade and other receivables
  • 19. Other current assets
  • 20. Cash and cash equivalents
  • 21. Issued share capital
  • 22. Treasury shares
  • 23. Share premium
  • 24. Share-based payment reserve
  • 25. Distributable reserves and distributions made
  • 26. Non-controlling interests
  • 27. Interest-bearing loans and borrowings
  • 28. Leases
  • 29. Analysis of movements in interest-bearing loans and borrowings
  • 30. Other non-current liabilities
  • 31. Trade and other payables and deferred revenue
  • 32. Pensions
  • 33. Share-based compensation expense
  • 34. Related party disclosures
  • 35. Financial risk management objectives and policies
  • 36. Capital management
  • 37. Insurance and loss exposure
  • 38. Contingencies and commitments
  • 39. List of consolidated entities
  • 40. Events after the reporting period
• Auditor’s report
  • Independent auditor’s report
• Stand-alone financial statements of Shurgard Self Storage S.A. and Auditor’s report
  • Notes to the annual accounts as of December 31, 2021
  • Note 1 – General information
  • Note 2 – Summary of significant accounting policies
  • Note 3 – Formation expenses
  • Note 4 – Intangible assets
  • Note 5 – Financial assets
  • Note 6 – Debtors
  • Note 7 – Subscribed Capital and Share Premium
  • Note 8 – Reserves
  • Note 9 – Profit or loss for the financial year and brought forward
  • NOTE 10 – share options granted under the 2021 plan
  • Note 11 - Provisions
  • Note 12 – Creditors
  • Note 13 – Gross profit Or Loss
  • Note 14 – Staff costs
  • Note 15 – Other operating expenses
  • Note 16 – Income from other investments and loans forming part of the fixed assets
  • Note 17 – Interest payable and similar expenses
  • Note 18 – Tax on profit or loss
  • Note 19 – Events after the reporting period
• ANNUAL REPORT BY THE board of directors
• TO THE ANNUAL general MEETING of shareholders of May 4, 2022
  • Independent auditor’s report
    • Report on the audit of the financial statements
• Appendix
• Alternative performance
• measures (APM)
  • Alternative performance measures (APM)
    • Same store and non-same store
    • Income from Property (‘NOI’)
    • NOI Margin
    • Net (financial) debt
    • Loan-to-value (‘LTV’)
    • interest coverage ratio (‘ICR’)
    • Operating profit before property related adjustments
    • Earnings Before Interest, Depreciation and AmortiZation (EBITDA)
    • Constant Exchange Rate (‘CER’)
  • European Public Real Estate Association (‘EPRA’) APM
    • EPRA earnings and EPRA earnings per share
    • Adjusted EPRA earnings and Adjusted EPRA earnings per share
    • Adjusted EPRA earnings and foreign exchANGE rate risk
    • NAV (Basic and Diluted)
    • EPRA NRV (diluted)
    • EPRA NTA (diluted)
    • EPRA NDV (diluted)
    • Capital expenditure
    • EPRA vacancy rate
    • EPRA like-for-like rental growth
    • EPRA cost ratios
    • EPRA net initial yield (NIY) and topped-up NIY

2021
ANNUAL REPORT
JANUARY 1, 2021 TO DECEMBER 31, 2021

02
Shurgard is the largest owner and operator of self-storage
facilities in Europe by both number of stores and rentable
space. We operate 1.3 million sqm of space across 255
stores in seven countries where over 174,000 customers
lease our storage units every year.
TABLE OF CONTENTS
Picture:
Gaby - Store manager in
Eindhoven West, The Netherlands
03 Key Financials
04 Accelerating Sustainable Growth
06 Market Opportunity –
Adding value
08 Optimizing and scaling our
digital platform
10 Achieving New ESG Heights
12 Operational Highlights
14 Chairman’s letter
15 ChiefExecutiveOfficer’sletter
20 Management report
23 Group overview
29 Property portfolio
33 Operational and
financialreview
49 Sustainability Report
59 Environmental impact
72 Impact on society
95 Corporate Governance
141 Remuneration report
151 Principal risks and uncertainties
164 Consolidatedfinancialstatements
170 Notes to the consolidated
financialstatements
223 Auditor’s report
229 StandAlonefinancialstatements
251 Appendix APM

03
KEY FINANCIALS
We have reported a solid financial year in 2021, supported by the growth of our
store network.
Notes
See page 22 for notes to Key Financials
2018201920202021
274.0
259.6
246.2
299.9
2018201920202021
64.5
63.6
62.9
66.1
2018201920202021
63.8
63.5
62.8
64.8
2018201920202021
119.8
108.7
99.9
131.0
2018201920202021
174.7
164.9
154.6
194.4
2018201920202021
2,517.9
2,260.4
2,146.7
3,112.6
2018201920202021
159.1
147.0
142.2
174.9
201920202021
1.06
0.95
1.17
2018201920202021
106.4
52.6
118.9
139.6
PROPERTY OPERATING REVENUE
€ million (at CER)
INCOME FROM PROPERTY (NOI)
€ million (at CER)
EBITDA
€ million (at CER)
+9.5% +11.3% +9.9%
ADJUSTED EPRA EARNINGS
€ million (at CER)
EPRA NET TANGIBLE ASSETS (NTA)
€ million
DIVIDEND PER SHARE
€
+9.4%
+23.6% +10.4%
NOI MARGIN (SAME STORE)
% (at CER)
NOI MARGIN (ALL STORE)
% (at CER)
+1.6pp +1.0pp
INVESTMENTS
€ million (at CER)
+31.2%
SHURGARD ANNUAL REPORT 2021

04
Over the last two decades, Shurgard has built the largest prime self-storage portfolio
in Europe. We came to the stock market in 2018 with a pledge to deliver growth using
three levers that build up our portfolio of profitable self-storage properties.
ACCELERATING SUSTAINABLE GROWTH
We have delivered on our goal, even against the backdrop
of a global pandemic. The sector proved very resilient and is
being fueled by positive structural drivers like high density
urban populations and life events that prompt the need
for storage. Our successful strategy means 2021 was yet
another excellent year for the Company, driving growth and
exploiting our geographical reach while accelerating the
technological and digital evolution of our platform.
We delivered a 9.5% rise in property operating revenue
in 2021, from €274.0 million to €299.9 million, completed
five redevelopments and added 12 new stores, increasing
our portfolio by a total of 55,300 sqm (4.5% of our net
rentable sqm).
While the coronavirus peaks and troughs have not
completely disappeared, the operating environment
wasn’t drastically affected during 2021. We benefited
from the economic recovery and the increased movement
of people, increasing same store occupancy during the
year by 0.8pp to 90.1%. We remain cognizant of the safety
of our staff and customers and continued to ensure safe
operating practices in all our properties.
2021 was the year we fully rolled out our e-rental service
and our customers took to it rapidly and enthusiastically.
We have long recognized the importance of the digital
experience, and have had an accessible, intuitive website
for years. But many customers want a seamless entirely
online rental process, and in 2021 24,000 of them chose,
booked, paid and moved-in electronically.
Throughout the year Shurgard has remained focused
on delivering its strategic objectives with sustainability
in mind. After only three years of reporting within the
GRESB framework, Shurgard has been recognized as a
sector leader, achieving five GRESB stars as well as an
EPRA gold medal. We will continue to lead the market
in our social and community engagement and our high
governance standards.
Now, we are ready to take the business to the next level.
Our ambitions have grown along with the business and
we are accelerating our plans for growth. We will be
expanding our footprint further and faster, ramping up
organic development and targeting more acquisitions. We
will further refine and improve our digital platform and
leverage data to optimize our performance. We are setting
new and ambitious ESG targets including a zero-carbon
strategy. We have proved the success of our scalability
and rigorous execution – it is time for Shurgard to press
the accelerator.
Now, we are ready to take the
business to the next level. Our
ambitions have grown along with the
business and we are accelerating our
plans for growth.
SHURGARD ANNUAL REPORT 2021 SHURGARD ANNUAL REPORT 2021

05
255
stores in seven
countries
THE LARGEST
owner and operator
of self-storage facilities in
Europe by both number of
stores and rentable space.
1.3 million sqm
of space
over
174,000
customers
STOCKHOLM
malmo
COPENHAGEN
BERLIN
dusseldorf
cologne
BRUSSELS
PARIS
lille
bordeaux
lyon
nice
mun ich
marseille
LONDON
ham burg
67
As of December 31, 2021
18 stores are located in other
cities not highlighted on the
map. “Major cities” defined
as non-capital cities with a
certain level of population.
MAJOR CITIES
170
CAPITAL CITIES
OUR STORE LOCATIONS
gothenburg
major belgian cities
major dutch cities
AMSTERDAM
RANDSTAD
SHURGARD ANNUAL REPORT 2021 SHURGARD ANNUAL REPORT 2021

06
MARKET OPPORTUNITY – ADDING VALUE
The self-storage market in Europe has significant growth opportunity. Our existing
and prospective customers need storage whether they’re moving around, or
staying put.
These fundamental demand drivers of our business were
evident throughout the pandemic, and the momentum of
the economic recovery is fueling further growth. Where
major life events like births, deaths and marriage are
perennial, the switch to home working has also prompted
storage requirements as people declutter and reorganize
to free up space. Commercial customers, who proved
resilient in the depths of the pandemic, are building back
their business as the recovery gets underway so demand
for small business and distribution storage is high.
Where 2020 proved the resilience of the self-storage
business, 2021 has accelerated the market opportunity
and Shurgard has taken advantage of this. We opened a
total of six new stores, added 7,300 sqm in optimization
projects and acquired six stores in 2021. This included
increasing our footprint in London through the acquisition
of six stores, some in the most prestigious boroughs of the
city, and opening two purpose-built stores. Permits and
land purchase agreements fill our pipeline in this capital
city, and we are similarly well-placed in Paris, with two
openings in 2021 and several purchase agreements that
feed into our future organic growth. In Germany we have
several assets under construction, and across our seven
key markets, we continue to identify a healthy inventory
of land for development.
2021 SELF-STORAGE AREA (sqft per capita)
1
Countries
Capital
cities
2
Population
(in millions)
0.1
0.2 0.2
0.50.5
0.6
0.7
0.2
9.4
Significant opportunity to grow
X9
X13
Europe US
UK
*
DE BE FR DK SE NL
0,4 0,7 0,5 1,1 1,2 0,8 1,1
84 12 65 6 10 17 68 497 333
*
including containers
1.
Fedessa (2021)
2.
Total footage per capita in capital cities
SHURGARD ANNUAL REPORT 2021

07
ACCELERATING EXPANSION
Our geographical spread is deliberate. We choose our markets for their
demographics and urban density, and we have focused our growth on well-proven
areas.
Shurgard’s accelerated strategy is focused on
consolidating leadership or growing market share
in the cities in which we have both presence and
development activity. We will also initiate more
development in places that aren’t currently active, and
explore market entry into new cities, likely through
acquisition opportunities.
We plan to double our development program over the
next three years, increasing new developments to 10
per year from five at the moment. Lead time from
property purchase to completion is around two years,
and during that time we will also expand our team to
enable us to build up to, and maintain, development
capacity at double the current annual rate by 2024.
To confirm this acceleration, we will also double our
investment in new developments from €60 million
to €120 million per year by 2024, and increase our
acquisition (M&A) target from three to six properties
per year, investing €50 million annually from 2022.
Shurgard’s three levers of growth have enabled us to
thrive for many years, and we will continue to do what
we do best, just faster and with greater resources.
This will increase the total shareholder return as we
significantly increase the amount of profitable new
storage space and return a strong and stable dividend.
POTENTIAL ADDITIONAL PROPERTIES BASED ON LONDON PENETRATION IN SHURGARD COUNTRIES
NRW
1
Manchester/Liverpool
Paris
143
133
49
33
28
23
20
19
Randstad
2
Berlin
Munich
Birmingham
Stuttgart
Hamburg
Glasgow
Frankfurt
Brussels
Marseille
Antwerp
Lyon
Toulouse
Nice
Leeds
Bordeaux
17
15
14
13
10
10
10
8
5
4
4
CAPACITY FOR
>
400
SELF-STORAGE
PROPERTIES
1.
Mainly Cologne, Dusseldorf, Dortmund
2.
Amsterdam, Rotterdam, Utrecht, The Hague
= areas with active Shurgard organic development as of 2022
= presence, with no active development
= no Shurgard presence
07
SHURGARD ANNUAL REPORT 2021

08
OPTIMIZING AND SCALING
Self-storage demand drivers are the same everywhere in Europe. This means
Shurgard can leverage the knowledge and operational efficiencies in one location
across our entire portfolio.
The most efficient way to do this is digitally, and this has
been a cornerstone of our expansion for many years.
From the start we have centralized, standardized and
computerized our systems, processes and expertise to
enable us to roll out strategic initiatives more efficiently
and implement a scalable dynamic model.
As digital technology has evolved, we have kept up with
the changes in consumer behavior, integrating web and
mobile functionality and using our digital platform to
optimize the services we offer across the portfolio. When
the pandemic hit, we were able to quickly respond to the
need for remote working, and accelerated our move to
a fully digital rental experience. This culminated in the
portfolio-wide roll-out of our e-rental service in 2021
which has been an overwhelming success.
Over 24,000 customers have searched, booked, paid for
and moved in entirely online in 2021. In one short year,
e-rental has grown to account for up to circa 25% of all
move-ins. What used to take up to 40 minutes can now be
done in just six minutes through e-rental. The seamless
experience is intuitive for everyone, although we have a
higher share of Generation Z and Millennial digital natives.
Importantly, almost a quarter of contracts are signed
outside of business opening hours, feeding into the
‘always on’ culture of work and social interactions that is
ubiquitous in society today.
OUR DIGITAL PLATFORM
WHAT IS E-RENTAL? INSIGHTS
Seamless end-to-end digital
experience
Automated rental
process, operating 24/7
(6-minute rental time)
Part of a fully centralized system
generating data
Enables customer demand
to drive staffing
Improved sustainability
24,000 e-rental customers
at end of December 2021
across all markets
Accounts for up to circa 25%
of all move-ins
25% of e-rental contracts signed
outside of business opening hours
Same retention rate
as classic channels
Higher share of Gen Z and
Millennials for e-rental
vs walk-in customers
SHURGARD ANNUAL REPORT 2021 SHURGARD ANNUAL REPORT 2021

09
DRIVING DIGITAL DATA
Digitization does not stop there. Every day, millions of datapoints are generated
by prospective and existing customers, online and in our stores.
We are analyzing this data using the latest advanced
technology to find unique insights into customer behavior.
That enables us to improve the customer experience,
enhance operational processes and streamline costs.
We are using advanced data analytics techniques
including machine learning to deliver exponential value to
customers, employees and shareholders.
Our pricing and revenue management platform is now
combining the latest data science tools and testing new
predictive algorithms aimed at optimizing customer
acquisition, journey and profitability.
All our digital opportunities are underpinned by centralized,
integrated, proprietary systems, overseen by our expert
teams and utilizing the very latest technology. We are
future-proofing the business by investing in leading edge
digital technology. Even our buildings are going digital so
we can get better at predictive maintenance and repair,
optimize the life of our assets, upgrade security and
improve operational efficiencies. Bluetooth access to our
storage stores is being rolled out in 2022 as part of our
contactless experience. We will stay as secure as we have
always been, but our customers won’t have to remember
8 to 10-digit gate codes.
Shurgard already has one of the fastest websites in the
industry offering a best-in-class user experience and
transparent pricing. We use social media to communicate
and interact with our customers on the platforms they have
become used to using everyday. We are also developing an
intuitive and easy to use mobile app, and our customer
account portal should be ready for rollout in the second half
of 2022. This is a self-service portal for all our customers’
needs, helping them find information, request services, and
resolve issues with little to no waiting time.
CUSTOMER TOUCHPOINT HOW CUSTOMERS
USE OUR PROPERTIES
38.5M
*
unpaid search
impressions
13.5M
*
paid search
impressions
2M
*
website visits
330K
*
service calls
200K
*
sales calls
38
months average stay
3M
*
property visits
*
M - millions
*
K - thousands
DRIVING DIGITAL DATA
Present
Website Social
media
E-rental Cloud technology Data
analytics
Future
Mobile
app
Customer
account
Bluetooth
access
Remote
customer care
Automated and
centralized gates
Fully digitalized
customer journey
Digital
buildings
Artificial
intelligence
SHURGARD ANNUAL REPORT 2021 SHURGARD ANNUAL REPORT 2021

10
ACHIEVING NEW ESG HEIGHTS
Our employees are the lifeblood of the company, and
their motivation and commitment are paramount to
our success. We are committed to the continuous
improvement of their skills and knowledge, and offer
comprehensive and up to date training. We hired 247
new employees in 2021, and each one was provided with
a tailored induction and training to equip them for the
job, enhance their skills and support their ambitions. We
also increased the number of employees who underwent
an employee appraisal process in 2021 to 93%, a 6.1pp
improvement on the previous year.
The Shurgard Academy was launched in 2018 to enable
us to attract, retain and train top talent within our
stores. The Academy ensures a structured process of
career progression, from Junior Assistant Store Manager
to Senior Store Manager and in 2021, 638 employees
undertook Shurgard Academy training.
We are also committed to keeping our employees safe
and healthy, which is of paramount importance as we
continue to navigate the pandemic surges. We continued
to maintain COVID-19 secure procedures, and complied
fully with recommendations issued by local governments
and health authorities.
EMPLOYEE DEVELOPMENT
The direct impact of our operations on the environment
may be small in comparison to other industries but it is a
central tenet of our strategy to mitigate and reduce this
impact however we can. In January 2021 we achieved
100% renewable electricity sourcing for our entire
store portfolio, which is the first step towards a much
more ambitious goal. We have committed to achieving
operational net zero by 2030. This means we will be
self-sufficient in producing all the energy we need to
run our stores, which could include solar or wind energy
generation on site, and energy storage facilities, like
batteries, to distribute the energy generated as required.
Our commitment to decarbonizing our operations,
including our travel footprint, is guided by best practice
principles. We will use the energy hierarchy to drive down
carbon emission levels and neutralize our remaining
climate impact by investing in carbon offsetting projects.
We will also engage our suppliers to tackle their climate
impact so that we can achieve the next step of material
net zero carbon by 2040.
ENVIRONMENTAL PROGRESS
GRESB is the core framework on which we model our ESG
credentials, and as the gold standard in property asset
sustainability we are very pleased to both improve on
our overall sustainability score and move into first place
within the self-storage sector.
Our total score of 87, up from 78 last year, was
accompanied by five stars on the GRESB benchmark scale.
In just three short years we have gone from just one star
to the maximum five reflecting the depth and breadth of
our commitment to environmental improvement, social
change and transparent governance.
Alongside GRESB, we were also awarded a score of 13.2
in the Sustainalytics ESG Risk rating report. This is a
significant improvement on our 2020 score of 21.7. This
now places us in the ‘low risk’ category.
ESG PERFORMANCE
EMPLOYEE TRAINING, DEVELOPMENT AND PERFORMANCE
771
Hired 247 new employees in 2021
93%
Of employees underwent the
appraisal process in 2021, up 6.1pp
on the previous year
638
Employees undertook Shurgard
Academy training in 2021
SHURGARD ANNUAL REPORT 2021 SHURGARD ANNUAL REPORT 2021

11
As part of Shurgard’s commitment to
broadening the scope of our ESG program,
we signed up to the UN Global Compact in December 2021.
The principle-based framework encourages companies
to align their strategies and operations with universal
principles on human rights, labor, environment and anti-
corruption, and take action to advance societal goals.
Shurgard will begin to implement the principles into
its business strategy, day-to-day operations and
organizational culture. We will incorporate the principles
in decision-making processes at the highest levels and
engage in partnerships that advance the UN Global
Compact’s principles and support broader UN goals, such
as the UN Sustainable Development Goals.
UN GLOBAL COMPACT
During the year we developed control procedures,
objectives and targets to ensure continuous improvement
in reducing our environmental impact. Programs in
conjunction with partners and suppliers have been
implemented and we monitored and measured our ESG
performance regularly, reporting on the outcomes in the
sustainability section of this report.
ENVIRONMENTAL MANAGEMENT SYSTEM
Shurgard has strengthened its partnerships with a range
of charities across the regions in which we operate,
supporting and sponsoring them to carry out their
community mandates.
In the UK, we continued our charity partnership with the
Mayor’s Fund of London, which offers support to young
Londoners from low-income backgrounds. Our support
was recognised by FEDESSA (Federation of European
Self Storage Associations) at their industry awards
where we won the charity initiative of the year award for
this work.
We offer financial and logistical support
to charities in all seven of our operating
countries, and are determined to sustain
the communities in which we operate in
the most effective ways.
SOCIAL AND COMMUNITY ENGAGEMENT
As Shurgard has broadened and deepened its
environmental commitments, it has become necessary
to accurately track and manage the actions we take. In
2021 we implemented an environmental management
system (EMS) to allow us to integrate processes, train
personnel, monitor progress on each action, review their
efficacy and report on the outcomes of our environmental
commitments.
OUR ENVIRONMENTAL MANAGEMENT SYSTEM
1.
TRAIN
PERSONNEL
3.
REVIEW
EFFICACY
2.
MONITOR
PROGRESS
4.
REPORT ON
OUTCOMES
FEDESSA AWARD
We won the charity initiative of the year
award for supporting young Londoners
from low-income backgrounds
SHURGARD ANNUAL REPORT 2021 SHURGARD ANNUAL REPORT 2021

12
OPERATIONAL HIGHLIGHTS
Shurgard’s e-rental service went live across the portfolio in
early 2021 and ramped up quickly, taking up to 25% of the
share of new contracts by the year end. It is an important
facet of the continuously improving customer service we
offer, which is also reflected in increased conversion rates
through staff training and excellent Google ratings. E-rental
shortens the time it takes to complete a booking from
around 40 minutes to just six minutes and allows customers
to carry out their transaction outside of working hours. The
breadth of choice and level of service customers receive
when enquiring, booking and completing their rental has
helped Shurgard deliver impressive revenue growth in 2021,
up 9.5%, and demonstrates strong brand satisfaction.
Shurgard prides itself in being an excellent place to work
and our satisfaction scores on Glassdoor are testament to
this. We place strong emphasis on employee development
and conduct regular appraisals to ensure the goals of the
company and our employees are aligned. The Shurgard
Academy, opened three years ago, provides our staff with
the training to master competencies that ensure their
progression through the business. In 2021 employees
undertook 52,500 hours of training and development over
the year, with 638 taking part in Shurgard Academy training.
PEOPLE DEVELOPMENT
The ESG initiatives implemented over the last few years
have gone from strength to strength. Within three years
we have become a five-star rated company on the GRESB
scale with a score of 87 out of a maximum of 100. We
also became the leader within the self-storage sector
and received a gold medal from the EPRA Sustainability
Best Practices Recommendations. Shurgard is determined
to drive sustainability forward with new ambitious ESG
targets to achieve net zero carbon on an operational
level by 2030 and on a material level by 2040 or sooner.
We recognize the positive impact we can have on our
communities and have widened and deepened our
involvement in social activities through the year.
SUSTAINABILITY
TECHNOLOGY-DRIVEN GROWTH
THROUGH CUSTOMER CHOICE
In 2021 employees undertook
52,500 hours
of training and development over the year
ACHIEVED
5-STAR GRESB
scale with a score
of 87 out of a
maximum of 100
GOLD MEDAL
at the EPRA
Sustainability
Best Practices
Recommendations
awards
+
=
CONVERSION
RATE
GROWTH
RATE
Glassdoor reviews
(Max 5 stars)
Google reviews
(Max 5 stars)
E-RENTAL OPTIMIZED
WEBSITE
DIGITAL
KEYS
BEST TEAM & EXCELLENT CUSTOMER SERVICE
INVESTING IN BEST-IN-CLASS
CUSTOMER TOUCHPOINTS
Shurgard Peer 1 Peer 2
RATE
Shurgard Peer 1 Peer 2
4.8
4.6
4.5
4.5
3.8
3.1
SHURGARD ANNUAL REPORT 2021 SHURGARD ANNUAL REPORT 2021

13
OPTIMIZATION (REDEVELOPMENT) NEW OPENINGS (ORGANIC DEVELOPMENT)
Shurgard’s optimization program in 2021 spanned three
of its core regions, with two in Munich, Germany, one
in London, UK, and two in the Netherlands (Gouda and
Amsterdam). The redevelopments ranged from 400 sqm
to 3,200 sqm and in total increased Shurgard’s footprint
by 7,300 sqm at a total cost of €10.4 million.
Our first new store opening of 2021 was in London-
Barking in January, where we added 6,900 sqm
to our portfolio for a project cost of €12.9 million.
This property achieved 79.5% occupancy by
December 2021. Five more openings took place in
the second half, one in the Randstad area in the
Netherlands, two in Paris (Argenteuil and Morganis)
which together added 13,200 sqm at a cost of
€23.6 million. We opened another store in Berlin-
Hohenschoenhausen in Germany in December, and our
final opening of the year was in London-Bow adding
8,200 sqm for €26.4 million.
STRATEGY IN ACTION
London is a prime example of Shurgard’s successful levers of growth strategy. Since 2014, we have built, redeveloped
or acquired a growing London self-storage portfolio, more than doubling the number of stores and square footage
in the UK capital. This strategy has catapulted the company to second place in the London self-storage rankings
from fourth seven years ago.
Between 2014 and 2021, Shurgard increased its London stores to 36
*
from 17, and net rentable square meters to
178,300 from 76,400. Occupancy has remained high throughout, and on a pro-forma basis, revenue
**
has increased
2.5 times to €50.4 million in 2021 from €20.1 million in 2014. Income from property (NOI) grew even faster, rising from
€11.4 million to €30.8 million in the same period.
The pipeline in the capital remains strong, with a major redevelopment and two new developments scheduled
for 2023, and land purchase agreements filling the longer-term pipeline.
* Excludes our latest development Bow, and three stores outside the M25
** Revenue and NOI include estimated full year earnings from 2021 acquisitions (six stores, acquired in September and October 2021)
London, UK
January 2021
6,900sqm/€12.9M
footprint project cost
Randstad,
Netherlands
July 2021
4,400sqm/€5.4M
footprint project cost
Paris, France
Second half 2021
13,200sqm/€23.6M
footprint project cost
Berlin, Germany
December 2021
5,700sqm/€11.9M
footprint project cost
London, UK
December 2021
8,200sqm/€26.4M
footprint project cost
Shurgard completed two transactions in London in 2021,
adding six new stores. Four properties were acquired
from A&A Self Storage on September 9, 2021, three of
which are in central London and the fourth in Watford,
northwest of London. Two further properties were
acquired from City Space on October 1, both of which are
in prestigious central London boroughs.
ACQUISITIONS (M&A)
Camden (acquisition 2019)
Acquisition 2021
LONDON
SHURGARD ANNUAL REPORT 2021 SHURGARD ANNUAL REPORT 2021

SHURGARD ANNUAL REPORT 2021
14
CHAIRMAN’S LETTER
FELLOW SHAREHOLDERS
Shurgard's management delivered another year of solid results following an excellent year in 2020. Same store
revenue and Net Operating Income (NOI) were both higher and have increased by 17.5% and 23.5% at constant
exchange rates respectively since the IPO in 2018. The company's expansion continued through redevelopment,
development and acquisition. Our portfolio of properties is now 11.8% larger than at the time of the IPO. Most
importantly, shareholders have enjoyed a total return (TSR) of c. 140% since the IPO. Marc Oursin's letter and
the annual report provide greater detail on each of these metrics.
The self-storage business continues to benefit from the work from home paradigm shift taking place across
Western Europe and the United States. Customers are staying longer and churn is lower, generating meaningful
pricing power which should continue into 2022. While the management team did an extraordinary job of
managing through the pandemic, they have leveraged this change in customer behavior to accelerate the
digitalization of the operating platform. This will continue into 2022 and beyond, because as more processes are
"digitized", we find new ways to inject technology into the business.
Strong leadership inspires a motivated workforce, and Shurgard’s leadership has proved outstanding. The
management team, led by Marc Oursin, has provided an exemplary standard for all employees to aspire to. They
know how to create shareholder value and are incentivized to do so. I also want to thank the Board of Directors
for their support and leadership in guiding such talented people.
Shurgard continues to widen its leadership position in Europe, supported by two stable and long-term oriented
shareholders. Both investors provide a secure foundation on which to effect Shurgard’s growth strategy, and for
Public Storage, our standard holding period for investments mirrors that of Warren Buffett, forever! This
exceptional business model has and should continue to deliver solid returns to shareholders for years to come.
Ronald L. Havner, Jr.
Chairman of the Board of Directors

SHURGARD ANNUAL REPORT 2021
15
CHIEF EXECUTIVE OFFICER’S
LETTER
Shurgard has not only proved further resilience amidst the uncertainty of 2021, but outperformed expectations
by using the opportunities the recovering market has afforded us. With this new environment, we delivered
record revenue, earnings, and occupancy, helped by practical and safe alternatives like online e-rental. This
consistent show of resilience has prompted Shurgard to take the business to the next level. We have laid out
plans to accelerate our growth trajectory, doubling investment allocation and space growth over the next three
years.
DIGITAL EXPANSION
The business benefited from the freer movement of people and the start of an economic recovery which drove
demand from customers moving out, trading up, clearing out or selling up.
The COVID-19 pandemic has made society more cautious, and this has collided with a longer-term shift towards
online and digital services. We used 2020 to develop and refine our full digital e-rental offer, and the uptake
when it was rolled out across our portfolio in 2021 was massive. The service is seamless and allows our customers
to search, book, pay and move in entirely digitally. Already between 25% and 30% of all contracts are started
and completed online.
The digital shift is part of a much wider technology expansion across Shurgard’s operations. We recognize that
digital enhancements can make us more efficient as well, and we are implementing a company-wide building
management system across our store portfolio. Digitalizing our properties will allow us to pre-emptively manage
the necessary maintenance at our stores and prioritize improvements to prevent any breakdowns. It will also
enable Bluetooth access, which, along with the customer App we are developing, will further improve the
customer experience. We are increasingly turning to digital solutions and incorporating sophisticated data
analytics into our systems. This allows us to implement predictive pricing and enhanced customer interactions
that benefit both Shurgard and our customers. Shurgard is becoming a "prop-tech" company.
ACCELERATING LEVERS OF GROWTH
The long tail of the pandemic has not hindered our progress in expanding our store footprint through the three
main levers of growth – redevelopments, new developments and acquisitions. We completed and opened six
new stores during the year, in London, the Hague-Randstad, Paris and Berlin, which together added 38,300 sqm
to our store footage. The openings bolstered our profile and strengthened our existing footprint within these
cities. The majority of our customers live within three miles of our stores, and each new opening in an urban or
suburban city setting broadens our customer base.

SHURGARD ANNUAL REPORT 2021
16
Redevelopments are a quick and cost-effective way to increase storage space, and we completed five major
redevelopments in 2021, in Munich, Amsterdam-Randstad region and London. These added 7,300 sqm to our
portfolio and the space has been taken up quickly, reflecting strong demand and positive return on our
investments.
Our final lever, acquisitions (M&A), included six stores in London this year. With the added 9,800 sqm, Shurgard
becomes the second largest self-storage operator by square footage within the M25 (the ring road that defines
most of London’s inner border).
We have been pulling the levers of growth at the same steady pace since going public in 2018, and Shurgard is
now ready to accelerate this strategy. At our investor day on September 9, 2021, we announced our plans to
double the pace of growth by 2024, expanding within our established regions as well as opening in new cities.
The ramp up will take a couple of years to build up the increased pipeline of land and complete construction, but
by 2024 our annual new store openings will increase from the current five to ten per year. Acquisitions are market
dependent, but we will target six annual acquisitions to bring the total of new stores every year to 16, adding a
total of 7-8% of new sqm every year.
The accelerated growth is a clear demonstration of the effective execution of our long-term strategy and reflects
our confidence in the self-storage market and our ability to capitalize on it.
FINANCIAL STRENGTH
The evidence of that ability is patent in our financial results for 2021. Against the backdrop of an uncertain social
and economic environment we delivered 10.7% growth in property operating revenue (9.5% at constant
exchange rates), almost double our initial forecasts at the start of the year. This growth was underpinned by the
increase in our portfolio which serviced a resurgent property market and economic growth as countries continued
their pandemic recovery. This recovery helped same store sales grow 7.0% at constant exchange rates in 2021
as more people made moves that had been put on hold the previous year.
Average occupancy rates have been very strong as well, 89.1% across the portfolio, with stand-out performances
from Denmark and Sweden. Our optimized systems, newly digitalized customer journey and convenient locations
have encouraged demand, and we were able to increase in-place rent in all of our regions.
Operating profit before property related adjustments rose by 11.0% reflecting an 11.3% increase in net income
from real estate operations (at constant exchange rates). Other key profit measures include profit before tax of
€624.7 million, up 54.6% from the previous year at constant exchange rates, mainly following increased valuation
gains from investment property and investment property under construction (IPUC) (€466.6 million in 2021 versus
€259.8 million in 2020). Adjusted EPRA earnings rose 9.4% to €131.0 million, at constant exchange rates.
We proposed a total dividend per share of €1.17, which lifted the 2021 dividend per share by 10.4%.
SUSTAINABILITY
Shurgard prioritizes sustainability across the business, and we have been recognized for our continued efforts
with five stars from GRESB, the property asset sustainability framework. Not only did we improve on our overall
score, but we are now first amongst the GRESB cluster of self-storage companies from Europe and the US. This
rise up the ranks has come about through the focused efforts of all our employees across the business, who have
put sustainability at the heart of our operations.

SHURGARD ANNUAL REPORT 2021
17
In 2020, Shurgard started the switch over to renewable electricity and by January 2021 we had achieved 100%
renewable electricity sourcing. This is just the start of an ambitious goal to achieve operational net zero carbon
by 2030, generating and storing all the energy we need for all our properties, and material net zero carbon across
our entire material emissions by 2040.
We continue to support our charitable partners around Europe with fundraising or logistic storage support that
benefits the communities in which we operate. We support our employees to train and progress in their career
ambitions, and ensure their safety, especially in the current heightened health environment.
OUTLOOK AND GROWTH ACCELERATION
In August we raised our all store revenue outlook for 2021 from 4-6% to 8-10%, achieving 9.5% growth for the
year, and during our Investor Day we set the company on a new course of growth for the coming years. We
pledged to double the pace of investment and storage growth by 2024. This means we will invest c. €170 million
per year, equivalent to adding 16 properties or c. 90,000 sqm per year by 2024, which represents around 7% of
our current total rentable sqm. This ambitious investment will be deployed while maintaining a conservative and
supportive capital structure resulting in a continued strong total shareholder return.
I look forward to taking all our stakeholders on this accelerated growth journey.
Marc Oursin
Chief Executive Officer

SHURGARD ANNUAL REPORT 2021
18
THE SHURGARD SHARE
SHARE PRICE DEVELOPMENT
BASIC SHARE DATA
ISIN / common code LU1883301340 / 188330134
CFI code ESVUFX
Ticker SHUR
Stock exchange Euronext Brussels
Shares issued 89,106,202
Shares outstanding as of December 31, 2021 89,035,431
Subscribed capital €63,592,365.48
Share price as of December 31, 2021
1
€57.50
52-week high / low
2
€58.00 / €33.50
Market capitalization as of December 31, 2021 €5,120 million
Average daily trading volume 37.749 shares
1 Closing price on last trading day of the month.
2 In each case from start of trading on January 1, 2021 to December 31, 2021, based on Euronext Brussels closing price.
38.3%
13.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
SHUR FTSE EPRA NAREIT Developed EU Index

SHURGARD ANNUAL REPORT 2021
19
DIVIDEND
We have proposed a total dividend of €1.17 per share for the year 2021.
With respect to the first half of 2021, our Board of Directors approved an interim dividend of a maximum amount
of €48.9 million or €0.55 per share paid on October 1, 2021.
The Board of Directors recommended, subject to Shareholders’ approval, a final dividend for the year 2021, of a
maximum amount of €104.1 million (taking into account the number of outstanding shares as of December
31, 2021) or €1.17 per share.
The second and final dividend on 2021 results will be payable on or around May 12, 2022 to Shareholders on the
record at close of business on May 11, 2022.
SHARE TRADING
The Company appointed KBC Securities and Bank Degroof Petercam as liquidity providers starting in June 2019
and January 2020 respectively, with the contracts being officially recognized by Euronext. The Company aims to
make the necessary efforts to improve the liquidity of its order book and increase the trading volumes of its
share, to benefit current and potential investors.
The Company also worked with Kempen & Co. from May 2019 until May 2021 (included) as liquidity provider.
SHAREHOLDERS
The following table sets forth the shareholders of the Company as of December 31, 2021:
Shareholder Number %
New York State Common Retirement Fund 32,544,722 36.5
Public Storage 31,268,459 35.1
Public 25,222,250 28.3
Shurgard Self Storage S.A. (treasury shares) 70,771 0.1
Total 89,106,202 100.0

SHURGARD 2018
20
MANAGEMENT REPORT

TABLE OF CONTENTS
Key financials ...................................................................................................................................................................................... 22
Preliminary remarks ..........................................................................................................................................................................23
Group overview ...................................................................................................................................................................................23
Market overview ................................................................................................................................................................................ 26
Growth Strategy ................................................................................................................................................................................ 28
Property portfolio .............................................................................................................................................................................. 29
Operational and financial review .................................................................................................................................................. 33
Group results ..................................................................................................................................................................... 33
EPRA KPIs ............................................................................................................................................................................ 42
EPRA NAV METRICS .......................................................................................................................................................... 44
Liquidity ............................................................................................................................................................................... 44
Cash Flow overview .......................................................................................................................................................... 44
Financial position............................................................................................................................................................. 45
Dividend ............................................................................................................................................................................... 47
Employees ........................................................................................................................................................................... 47
Risks .................................................................................................................................................................................... 48
Events after the reporting period................................................................................................................................ 48
Sustainability report ......................................................................................................................................................................... 49
Conviction .......................................................................................................................................................................... 54
Sustainability Aims .......................................................................................................................................................... 54
Materiality .......................................................................................................................................................................... 55
Stakeholders ....................................................................................................................................................................... 57
Environmental impact .................................................................................................................................................... 59
Impact on society.............................................................................................................................................................. 72
Our employees .................................................................................................................................................................. 87
Ethics and Governance ................................................................................................................................................... 93
Corporate Governance .................................................................................................................................................... 95
GRI Content Index ........................................................................................................................................................... 112
EPRA Performance Measures ...................................................................................................................................... 113
Remuneration report ....................................................................................................................................................................... 141
Principal risks and uncertainties ................................................................................................................................................. 151
Luxembourg Takeover Law disclosure ...................................................................................................................................... 160
Related Party Transactions ........................................................................................................................................................... 162
Responsibility Statement ............................................................................................................................................................... 163

SHURGARD ANNUAL REPORT 2021
22
KEY FINANCIALS
(in € millions, except where indicated
otherwise, excluding property under
management contract)
Q4
2021
Q4
2020
+/-
(CER)
1
FY
2021
FY
2020
+/-
+/-
(CER)
1
Property KPIs at period end
Number of properties 254 242 254 242 5.0%
Closing rentable sqm
2
1,281 1,227 1,281 1,227 4.5%
Closing rented sqm
3
1,123 1,076 1,123 1,076 4.4%
Closing occupancy rate
4
87.7% 87.7% 87.7% 87.7% -0.1pp
Property KPIs for the period
Average rented sqm
5
1,131 1,079 4.8% 1,108 1,054 5.2%
Average occupancy rate
6
89.3% 88.6% 0.7pp 89.1% 87.7% 1.3pp
Average in-place rent (in € per sqm)
7
243.4 223.1 7.7% 233.3 220.4 5.9% 4.7%
Average revPAM (in € per sqm)
8
250.7 230.6 7.4% 241.0 225.5 6.9% 5.7%
Financial KPIs for the period
Property operating revenue
9
79.4 70.2 11.6% 299.9 271.0 10.7% 9.5%
Income from property (NOI)
10
53.0 45.0 16.5% 194.4 172.8 12.5% 11.3%
NOI margin
11
66.8% 64.0% 2.8pp 64.8% 63.8% 1.0pp 1.0pp
EBITDA
12
47.6 40.3 16.7% 174.9 157.3 11.2% 9.9%
Adjusted EPRA earnings
13
34.5 31.7 7.2% 131.0 118.0 11.0% 9.4%
Adjusted EPRA earnings per share
(basic) (in €)
14
0.39 0.36 7.0% 1.48 1.33 10.9% 9.3%
Average number of shares
(in millions - basic)
88.9 88.8 0.2% 88.8 88.7 0.1%
Total dividend per share (in €) 1.17 1.06 10.4%
(in € millions)
FY
2021
FY
2020
+/-
Financial KPIs at period end
EPRA net tangible assets (NTA)
15
3,112.6 2,517.9 23.6%
Loan-to-value (LTV)
16
17.4% 18.1% -0.7pp
Interest coverage ratio (ICR)
17
8.7x 8.6x 0.1x
1 In the constant exchange rate (CER) comparison, 2020 financials are recalculated using 2021 exchange rates.
2 Closing rentable sqm is presented in thousands of sqm and calculated as the sum of available sqm for customer storage use at our stores, as of the reporting date.
3 Closing rented sqm is presented in thousands of sqm and calculated as the sum of sqm rented by customers, as of the reporting date.
4 Closing occupancy rate is presented in % and calculated as the closing rented sqm divided by closing rentable sqm as of the reporting date.
5 Average rented sqm is presented in thousands of sqm and calculated as the sum of sqm rented by customers, for the reporting period.
6 Average occupancy rate is presented in % and is calculated as the average of the rented sqm divided by the average of the rentable sqm, each for the reporting periods.
7 Average in-place rent is presented in euros per sqm per year and calculated as rental revenue, divided by the average rented sqm for the reporting period.
8 Average revPAM, which stands for revenue per available sqm, is presented in euros per sqm per year for the reporting period and calculated as property operating
revenue, divided by the average rentable sqm for the reporting period.
9 Property operating revenue represents our revenue from operating our properties, and comprises our rental revenue, insurance revenue and ancillary revenue.
10 Income from property (NOI) is calculated as property operating revenue less real estate operating expense for the reporting period.
11 NOI margin is calculated as income from property (NOI) divided by property operating revenue for the reporting period.
12 EBITDA is calculated as earnings before interest, tax, depreciation and amortization, excluding (i) valuation gains or losses from investment property and investment
property under construction, (ii) gains or losses on disposal of investment property, plant and equipment and assets held for sale, (iii) acquisition costs and dead deals
and (iv) casualty losses (gains).
13 Adjusted EPRA earnings is calculated as EPRA earnings adjusted for (i) deferred tax expenses on items other than the revaluation of investment property and (ii) special
items (‘one-offs’) that are significant and arise from events or transactions distinct from regular operating activities.
14 Adjusted EPRA earnings per share in euros (basic) is calculated as adjusted EPRA earnings divided by the weighted average number of outstanding shares.
15 EPRA Net Tangible Assets (NTA) scenario is focused on reflecting a company’s tangible assets and assumes that companies buy and sell assets, thereby crystallizing
certain levels of unavoidable deferred tax liability.
16 Loan-to-Value is the net debt expressed as a percentage of the fair value of the group’s investment property and investment property under construction.
17 Interest coverage ratio is calculated as EBITDA divided by total interest expenses for the reporting period.

SHURGARD ANNUAL REPORT 2021
23
PRELIMINARY REMARKS
Shurgard Self Storage S.A. (referred to as the ‘Company’, ‘Shurgard’, ‘we’, ‘us’, ‘our’ or the ‘Group’, which includes
the Company together with its consolidated subsidiaries) has the form of a public limited liability company
(Société Anonyme) and is governed by the laws of the Grand Duchy of Luxembourg (Luxembourg).
Certain statements contained herein may be statements of future expectations and/or other forward-looking
statements that are based on our current views and assumptions. These involve known and unknown risks and
uncertainties that may cause actual results, performance or events to differ materially from those expressed or
implied in such statements. Shurgard does not intend and does not undertake any obligation to revise these
forward-looking statements.
GROUP OVERVIEW
BUSINESS MODEL
We are the largest operator of self-storage facilities, which we refer to as properties, stores, assets or locations,
in Europe in terms of number of properties and net rentable sqm.
1
We started our operations in 1995 and are
one of the pioneers of the self-storage concept in Europe. As of December 31, 2021, we operate 254 self-storage
properties under the Shurgard brand name that we own or lease in France, the Netherlands, Sweden, the United
Kingdom (UK), Belgium, Germany and Denmark. In addition, we currently operate one store under a management
contract in France that is owned by a third party.
Across this network, we have developed an integrated self-storage group with local expertise in the seven
countries. We have centralized in-house capabilities to design, develop, acquire and operate properties. This
allows us to provide a consistent experience to residential and commercial customers.
We generate revenue through the lease of storage units and related activities such as the sale of storage products
and packaging, but also through the fees paid by customers for the insurance cover of the stored goods. Our
property operating revenue and income from property (NOI) have increased steadily in recent years. Over this
time, we increased rental rates across our network and grew our portfolio through new developments,
redevelopments and acquisitions. The table below shows our property operating revenue and NOI for the financial
year 2021 compared to 2020.
(in € millions) Q4 2021 Q4 2020 +/- FY 2021 FY 2020 +/-
Property operating revenue 79.4 70.2 13.0% 299.9 271.0 10.7%
NOI 53.0 45.0 17.9% 194.4 172.8 12.5%
NOI margin 66.8% 64.0% 2.8pp 64.8% 63.8% 1.0pp
1 FEDESSA 'European Self Storage Annual Survey' 2021.

SHURGARD ANNUAL REPORT 2021
24
OUR OPERATING PLATFORM
Our integrated, digitalized and centralized operating platform allows us to manage many operational functions
for our portfolio of properties from a central location/head office. This centralization of skills and management
enables us to run a lean organization and provides significant operational leverage. The resulting economies of
scale have a direct positive impact on our NOI margin, which was 64.8% in 2021 compared to 63.8% in 2020.
Our platform approach relies on consistency in our performance measures and key support functions across the
portfolio. This means managing the yield achieved from our properties through a balance of occupancy and
pricing levels. It also means we have consistency in operational and management initiatives, such as aligning
sales processes, branding, shop design and supplier relations. On a granular level though, we can gather
information on local conditions and monitor online traffic, conversion rates and other key metrics through our
automated centralized information management systems.
We continue to target growth through further development and bolt-on acquisitions. As an increasing proportion
of our sales and marketing activities migrate to online customer interactions, we believe this platform approach
will play a significant role in maintaining efficient operations across our network. This belief is supported by the
scalability of our information management systems and centralized platform, and the consistency of operations
in each of our properties.
GROUP STRUCTURE
Shurgard Self Storage S.A. is the parent Company and principal holding Company of the Group. The Company’s
significant holding and operational subsidiaries are in France, the Netherlands, Sweden, the United Kingdom,
Germany, Belgium and Denmark.
Name
1
Jurisdiction
Percentage ownership
(directly or indirectly)
Shurgard Luxembourg S.à r.l. Luxembourg 100.0%
Shurgard Holding Luxembourg S.à r.l. Luxembourg 100.0%
Eirene RE S.A. Luxembourg 100.0%
Shurgard France SAS France 100.0%
Shurgard Belgium NV/SA Belgium 100.0%
Shurgard Europe VOF/SNC Belgium 100.0%
Shurgard Germany GmbH Germany 100.0%
First Shurgard Deutschland GmbH Germany 94.8%
Second Shurgard Deutschland GmbH Germany 94.8%
Shurgard Nederland B.V. The Netherlands 100.0%
Shurgard UK Ltd The United Kingdom 100.0%
Shurgard Denmark ApS Denmark 100.0%
Shurgard Sweden AB Sweden 100.0%
Shurgard Storage Centers Sweden KB Sweden 100.0%
1 The entities listed are our main operating and holding entities. For a complete list of the Company’s subsidiaries, please refer to the Note 39 of Shurgard’s
financial statements.

SHURGARD ANNUAL REPORT 2021
25
All the Company’s subsidiaries are, directly and indirectly, wholly owned, except for First Shurgard Deutschland
GmbH and Second Shurgard Deutschland GmbH. We own 94.8% of these two companies and the remaining 5.2%
therein is held by our two principal shareholders through Shurgard German Holdings LLC. Since 2021, Eirene RE
S.A. acts as a reinsurance undertaking for the Company and its subsidiaries.
MANAGEMENT
The Group is managed by the Board of Directors together with the Senior Management in accordance with
applicable laws and as laid out in the Company’s Articles of Association. As of December 31, 2021, the Board of
Directors comprised the following 11 members:
Name Position Age Mandate expires
Ronald L. Havner, Jr.
1
Chairman 64 Annual shareholders’ meeting 2022
Marc Oursin Chief Executive Officer 59 Annual shareholders’ meeting 2022
Z. Jamie Behar
2
Director 64 Annual shareholders’ meeting 2022
Everett B. Miller III
2
Director 76 Annual shareholders’ meeting 2022
Daniel C. Staton
1
Director 68 Annual shareholders’ meeting 2022
Ian Marcus Lead Independent Director 62 Annual shareholders’ meeting 2022
Muriel De Lathouwer Independent Director 49 Annual shareholders’ meeting 2022
Olivier Faujour Independent Director 56 Annual shareholders’ meeting 2022
Frank Fiskers Independent Director 60 Annual shareholders’ meeting 2022
Padraig McCarthy Independent Director 61 Annual shareholders’ meeting 2022
Isabelle Moins Independent Director 57 Annual shareholders’ meeting 2022
1 Director elected on the designation of Public Storage.
2 Director elected on the designation of New York State Common Retirement Fund (NYSCRF).
As of December 31, 2021, the Senior Management of the Group was made up of the following five members, who
hold their positions through employment contracts with entities of the Group, except for the Chief Executive
Officer who has a management agreement and who is appointed and may be removed by the Board of Directors.
Name Responsibilities Age Initial appointment
Marc Oursin Chief Executive Officer 59 January 9, 2012
Jean Kreusch Chief Financial Officer 57 November 1, 2003
Duncan Bell VP Operations 58 April 14, 2009
Ammar Kharouf
General Counsel,
VP Human Resources and Legal
51 March 17, 2014
Isabel Neumann Chief Investment Officer 46 August 30, 2021
In August 2021, Mr. Jean-Louis Reinalda stood down as VP Real Estate. This position was subsumed within that
of the Chief Investment Officer. The Board of Directors has delegated the daily management of the business to
the Chief Executive Officer (CEO). The CEO has the authority to represent the Board, as well as a number of
ancillary specific powers. In addition, the CEO has been granted powers to approve any redevelopment or
refurbishments of real estate assets.

SHURGARD ANNUAL REPORT 2021
26
MARKET OVERVIEW
SELF-STORAGE BASICS
Self storage is a business to consumer (B2C) enterprise in a niche real estate sector that rents storage units,
typically on a monthly basis, to individuals (approximately 73%) and business users (approximately 27%).
1
Individuals primarily use self storage as a “remote attic or basement” to store household goods, while businesses
usually store excess inventory or archived records. Storage units often differ in size and can range from one sqm
to more than 50 sqm. One of the key drivers of self-storage adoption is population density, where space is at a
premium, and householders or businesses need cost-effective storage solutions.
For individuals, the industry accommodates storage needs generated by a broad set of “life changes”, e.g. death,
divorce, marriage, relocation, moving and university, as well as longer-term discretionary uses. On the
commercial side, self storage is used by small businesses, e-businesses and other home-based operations as
well as large companies looking for overflow storage or the ability to place materials in various locations for sales
people or retail distribution.
EUROPEAN SELF-STORAGE MARKET
The European self-storage market has been characterized by a period of sustained growth in recent years. It
currently comprises approximately 5,170 facilities across Europe, providing nearly 11.0 million sqm of space.
1
1F In
the seven countries where we operate, there are approximately 8.7 million sqm of rentable area across
approximately 3,730 self-storage properties (including UK containers).
1
The largest self-storage market in Europe is the United Kingdom, accounting for 39.6% of total facilities. Over
78% of the facilities are located in the six most mature countries within Europe (UK, France, Spain,
the Netherlands, Germany and Norway).
1
The average amount of self-storage floor area per capita across Europe
is 0.022 sqm.
1
This compares to 0.84 sqm in the much more mature US market, indicating significant further
growth potential.
2
In terms of competition, the European self-storage market is still highly fragmented. The ten
largest European self-storage operators account for 17.7% of all self-storage facilities and 36.5% of the total
self-storage space.
1
Shurgard, as the largest operator, represents approximately 5% of the stores, 11.3% of the
total space across Europe and accounts for 14.9% of total space in the seven countries in which we operate.
1
The industry growth has been driven by increases in customer demand, supported by demographic and
macroeconomic trends, increasing customer awareness of self storage, and continued development in the supply
of self-storage properties. During the pandemic the industry has proven its resilient nature as it did during the
global financial crisis in 2008. Self storage recorded excellent rent collection levels from customers and an
increase in occupancy and rental levels. In addition, the trend towards greater online functionality and more
sophisticated platforms has been accelerated by the COVID-19 pandemic, with many customers becoming more
comfortable with online transactions, especially in the older age groups.
Several factors have supported demand for self storage from residential customers in recent years. These include
favorable demographic and macroeconomic trends, such as population growth, urbanization, higher levels of
mobility, micro-living, increasing personal wealth and ownership of more storable goods, as well as increased
consumer awareness. These trends have been particularly strong in urban areas, where high density levels,
elevated housing costs and the scarcity of housing and storage space are expected to support longer-term pricing
rates and occupancy levels. Demand from business customers has generally been supported by the growth of
new online retailers and small businesses, which require flexible and cost-effective storage options. We expect
these trends to continue to support the demand for self storage in the coming years.
1 FEDESSA 'European Self Storage Annual Survey' 2021.
2 FEDESSA 'European Self Storage Annual Survey' 2020.

SHURGARD ANNUAL REPORT 2021
27
Supply of self-storage properties has grown significantly in recent years, alongside increases in customer
demand. This growth is also influenced by the high level of fragmentation in the European self-storage industry.
As a result, the market has been characterized by periods of consolidation in recent years, which we expect to
continue in the future.

SHURGARD ANNUAL REPORT 2021
28
GROWTH STRATEGY
Our goal is to enhance shareholder value by further strengthening our position as the leading self-storage
operator in Europe, operating strategically-located properties and providing an increasingly digitalized customer
service designed to satisfy the requirements and priorities of both residential and business customers.
We aim to expand our position in the seven countries where we operate, with a particular focus on attractive
urban areas such as London, Paris, Berlin and other major German cities, and Randstad in the Netherlands. Our
growth strategy relies on our established track record of redeveloping, developing and acquiring properties. With
our centralized and technology-focused operating platform, we will benefit from immediate operating leverage
and additional economies of scale.
REDEVELOPMENT
We continuously monitor a variety of demand metrics across our existing property network. These are based on
factors like occupancy rates for various unit sizes, customer visits to our website, online pricing searches, and
in-store interactions with our customers. We will continue to analyze our operations for opportunities to
undertake remix projects. We reorganize the units at a property to reflect customer demand in that particular
market to improve occupancy levels or increase rental rates.
We also expand our existing properties when there is an increase in local demand and the returns justify the
expansion of rentable area.
Redevelopments may increase the rentable area of a property by at least 10%, but
in many cases the rentable areas are increased by substantially more than 10%.
NEW DEVELOPMENT
The opening of new properties has proven to be an important lever of our growth. We are seeking to develop ten
new property projects per year from 2024, with our reinforced development team of 19 dedicated development
and construction specialists. We plan to increase our development pipeline gradually as from 2021, to at least
five openings in 2022, seven openings in 2023, and ten as from 2024 (70,000 sqm). To do so, we are focusing
on a set of clear selection criteria, both operational and financial, including attractive and cycle-resilient locations
in our existing markets.
ACQUISITIONS
Finally, we intend to continue to take advantage of the strong fragmentation of the self-storage market in Europe
to acquire properties from competitors across the seven countries where we operate, as well as strategic
acquisitions where we deem appropriate. We believe that our experience and knowledge of the markets in which
we currently operate should enable us to identify opportunities with attractive potential returns. We are targeting
six property acquisitions per year on average in the medium term, benefiting from immediate operating leverage
and additional economies of scale. We continue to focus on urban areas that we anticipate will enjoy strong
demand during all economic cycles and provide attractive growth potential.
YIELD MANAGEMENT
Our goal is to maximize revenue through increased occupancy levels and rental rates. When the occupancy rate
of a property reaches maturity, we generally seek to increase rental rates to drive revenue growth through best-
in-class yield management. We regularly evaluate our properties’ rental rates based on unit demand and unit
availability. We adjust our marketing and promotional activities and change rental rates as necessary to enhance
revenue.

SHURGARD ANNUAL REPORT 2021
29
BRAND AND MARKETING
We believe that the Shurgard brand is a critical marketing tool and we use a variety of channels to increase
customer awareness of our name. These include highly visible property locations, site signage and architectural
features. In addition, our marketing and sales processes are supported by a number of activities on social media
and other websites to improve our brand awareness and direct potential customers to our website and properties.
RESEARCH AND DEVELOPMENT
As part of our marketing activities, we regularly conduct focus group research and online surveys to identify the
primary considerations in customers’ self-storage choices and satisfaction. This allows us to better attract and
service customers.
PROPERTY PORTFOLIO
OUR PROPERTIES
The number of properties we operate has grown to a network of 255 properties comprising 1,289,325 net rentable
sqm, as of December 31, 2021. We primarily operate in urban areas across Europe, with 92.9% of our properties
located in capital and major cities. At the end of December 2021, 93.2% of our net square rentable area was in
properties that we own (‘freehold properties’) or operate under long-term lease agreements of at least 80 years
remaining life (‘long leasehold properties’). The occupancy rate across all properties averaged 89.0% for the full
year 2021. The average in-place rent per sqm was €233.1 during the year.
The following table shows our portfolio by country, as of December 31, 2021:
Total number of
properties
Net rentable sqm
(in thousands)
Freehold and
long leasehold
1
Average
occupancy rate
2
Average
in-place rent
(in € per sqm)
3
France 62 310 94.1% 87.7% 240.9
The Netherlands 62 304 84.9% 89.7% 198.7
Sweden 36 183 96.5% 92.2% 248.9
The United Kingdom 40 200 95.6% 87.0% 288.8
Germany 24 122 93.4% 84.3% 232.1
Belgium 21 117 100.0% 90.9% 184.4
Denmark 10 53 100.0% 94.3% 250.0
Total 255 1,289 93.2% 89.0% 233.1
1 Average calculated as a weighted average by net rentable sqm.
2 Average occupancy rate is calculated as the average of the rented sqm divided by the average of the rentable sqm, each for the reporting period.
3 Average in-place rent is presented in euros per sqm and calculated as rental revenue divided by the average rented sqm for the reporting period.
Our net rentable sqm have grown by 4.1% from 1,238,821 sqm as of December 31, 2020 to 1,289,325 sqm as of
December 31, 2021. This growth results mainly from our portfolio expansion in 2021 (55,337 net rentable sqm),
offset by the closure of one store operated under management contract in France (3,986 net rentable sqm).
During the second half of 2021, Shurgard purchased six properties in the United Kingdom, adding 5.6% (9,752)
net rentable sqm to our UK portfolio. In addition, we also opened Barking during the first quarter and Bow during
the fourth quarter, adding 8.7% (15,056) net rentable sqm to our UK portfolio. The second biggest increase in
our portfolio has come from France, where we added 4.4% (13,209) net rentable sqm with the opening of
Argenteuil and Morangis during the second half of the year. This increase was partially offset by the closure of

SHURGARD ANNUAL REPORT 2021
30
Clichy-Levallois (store operated under management contract) following the end of the lease, removing 1.3%
(3,986) net rentable sqm from our French portfolio.
We have further increased our portfolio by 2.8% (8,234) net rentable sqm in the Netherlands following the
opening of Zoetermeer in July and two redevelopments. The last part of the increase in our portfolio is mainly
driven by the opening of one property and the redevelopment of two properties in Germany, where we added,
7.6% (8,723) net rentable sqm.

SHURGARD ANNUAL REPORT 2021
31
PORTFOLIO EXPANSION
Property Region Country
Completion
date
Net sqm
Direct
project cost /
acquisition cost
1
Opened in 2021 55,337 139,484
Major redevelopments
Unterfoehring Munich Germany Jan-2021 1,556
1,515
Gouda Randstad Netherlands Apr-2021 655 280
Camden London UK Apr-2021 363 3,014
Amsterdam West Amsterdam Netherlands Apr-2021 3,215 4,385
Laim Munich Germany Dec-2021 1,510 1,224
New developments
Barking London UK Jan-2021 6,899 12,928
Zoetermeer The Hague Netherlands Jul-2021 4,364 5,358
Argenteuil Paris France Sep-2021 7,467 12,887
Morangis Paris France Nov-2021 5,742 10,685
Hohenschoenhausen Berlin Germany Dec-2021 5,657 11,904
Bow London UK Dec-2021 8,157 26,405
M&A / Asset Acquisitions
A&A Self Storage / City
Space
London UK 2021 9,752 48,899
Scheduled to open in 2022 29,233 52,248
Major redevelopments
Unterfoehring Munich Germany Q3 2022 2,275 2,187
New developments
Lagny Paris France Q1 2022 5,531 10,303
Rath (Oberhausener) Dusseldorf Germany Q2 2022 4,530 10,679
Merheim Cologne Germany Q2 2022 5,741 13,069
Capelle Molenbaan Rotterdam Netherlands Q3 2022 4,356 3,198
Spijkenisse Hofweg Rotterdam Netherlands Q3 2022 1,910 3,630
Sartrouville Paris France Q4 2022 4,890 9,182
Scheduled to open in 2023 35,110 82,971
Major redevelopments
Southwark London UK 2023 2,692 7,345
New developments
2 properties London UK 2023 13,042 38,186
3 properties Paris France 2023 14,453 24,774
1 property Berlin Germany 2023 4,923 12,666
Portfolio expansion 119,680 274,703
1 In € thousands at closing rate December 2021 and including development fees and acquisition costs but excluding absorption costs.

SHURGARD ANNUAL REPORT 2021
32
In 2021, our portfolio and pipeline continued to grow, with 9.8% (or 119,680 sqm) of our net rentable sqm being
developed, under construction and secured. Out of 12 development projects in the pipeline for 2022 and 2023,
the permits have been received for all but six properties where the regular building permit process is ongoing.
Construction is in progress for one property in Dusseldorf, one in Cologne and one in Paris.
PROPERTY LAYOUT
Although the size of our properties varies, most consist of multi-story buildings. The rental units typically range
from one to 20 sqm in size. The average unit size is approximately seven sqm, although unit sizes are typically
smaller in major metropolitan areas at approximately five to six sqm. As of December 31, 2021, we had
approximately 790 units on average at each property, and our properties had an average rentable area of nearly
5,100 sqm.

SHURGARD ANNUAL REPORT 2021
33
OPERATIONAL AND FINANCIAL REVIEW
GROUP RESULTS
(in € thousands, except where indicated
otherwise)
Q4 2021 Q4 2020
+/- CER FY 2021 FY 2020 +/- +/- CER
Real estate operating revenue 79,408 70,333 11.5% 300,375 271,383 10.7% 9.5%
Real estate operating expense (26,371) (25,270) 2.9% (105,566) (98,211) 7.5% 6.3%
Net income from real estate operations 53,037 45,063 16.4% 194,809 173,172 12.5% 11.3%
General, administrative and other expenses (5,923) (4,691) 25.7% (19,440) (16,953) 14.7% 14.4%
of which depreciation and amortization
expense
(663) (576) 14.9% (2,624) (2,047) 28.2% 28.0%
Royalty fee expense (785) (694) 11.8% (2,971) (2,673) 11.2% 9.9%
Operating profit before property related
adjustments
46,329 39,678 15.4% 172,398 153,546 12.3% 11.0%
Valuation gain from investment property and
investment property under construction
321,259 136,947
131.3% 466,575 256,889 81.6% 79.6%
Proceeds from property insurance recovery
and gain on disposal of investment property,
property, plant and equipment
- 1,450 -100.0% 5,717 7,370 -22.4% -25.0%
Operating profit 367,588 178,075 103.6% 644,690 417,805 54.3% 52.5%
Finance cost (5,129) (4,912) 3.4% (19,970) (18,709) 6.7% 6.5%
Profit before tax 362,459 173,163 106.4% 624,720 399,096 56.5% 54.6%
Income tax expense (95,038) (50,942) 85.0% (177,134) (109,250) 62.1% 60.8%
Attributable profit for the period 267,421 122,221 115.2% 447,586 289,846 54.4% 52.3%
Profit attributable to non-controlling
interests
(398) 136 N/A (738) (371) 99.1% 99.1%
Profit attributable to ordinary equity
holders of the parent
267,023 122,357
114.7% 446,848 289,475 54.4% 52.2%
Earnings per share attributable to ordinary
equity holders of the parent:
Basic, profit for the period (in €) 3.00 1.38 114.2% 5.03 3.26 54.2% 52.0%
Diluted, profit for the period (in €) 2.98 1.37 113.9% 5.00 3.25 53.9% 51.8%
Adjusted EPRA earnings per share
(basic - in €)
0.39 0.36 7.0% 1.48 1.33 10.9% 9.3%
Average number of shares
(basic - in millions)
88.9 88.8
0.2% 88.8 88.7 0.1% 0.1%
The following discussion of group revenue and expenses down to EBITDA is based on constant exchange rate
(CER), where 2020 actual exchange rate (AER) numbers are recalculated using 2021 exchange rates.

SHURGARD ANNUAL REPORT 2021
34
REAL ESTATE OPERATING REVENUE
Our real estate operating revenue is comprised of property operating revenue, which includes rental revenue,
insurance and ancillary revenue, and other revenue.
(in € thousands)
Q4
2021
Q4
2020
+/- FY 2021 FY 2020 +/-
Rental revenue 68,814 60,934 12.9% 258,626 234,868 10.1%
Insurance revenue 7,822 7,381 6.0% 30,282 28,416 6.6%
Ancillary revenue
1
2,718 2,779 -2.2% 11,038 10,670 3.5%
Property operating revenue (CER) 79,354 71,094 11.6% 299,946 273,954 9.5%
Other revenue
2
54 111 -51.7% 429 414 3.4%
Real estate operating revenue (CER) 79,408 71,205 11.5% 300,375 274,370 9.5%
Foreign exchange - (872) -100.0% - (2,987) -100.0%
Real estate operating revenue (AER) 79,408 70,333 12.9% 300,375 271,383 10.7%
1 Ancillary revenue consists of merchandise sales and other revenue from real estate operations.
2 Other revenue consists of management fee revenue and other, non-recurring income resulting from operations.
Rental Revenue
Rental revenue is derived from our core business of renting storage units. The key levers of rental revenue growth
are more storage space (from acquisitions, new developments and redevelopments), as well as higher occupancy
and higher rental rates.
In 2021, rental revenue increased by 10.1% to €258.6 million, from €234.9 million in 2020. This was driven by an
increase in both occupancy an
d rental rates at our same stores, and the solid performance of our non-same stores during their ‘ramp-up’
phase, where occupancy and rental rates rose strongly. Across our expanded network, our closing net rented sqm
increased by 4.4% to 1,123 thousand sqm as of December 31, 2021 from 1,076 thousand sqm on December 31,
2020.
Insurance Revenue
Customers renting storage from Shurgard are required to have insurance for their stored goods. They can use
their own insurance provider or Shurgard can offer its customers insurance protection via an independent
insurance company for customers’ stored goods. Any advice and claims regarding customer insurance are directly
handled by our insurance broker/insurer. As from January 1, 2021, the Company manages its insurable risks
through a combination of self-insurance and commercial insurance coverage for property damage, business
interruption and customer goods-related claims via our insurance captive. As of December 31, 2021, insurance
revenue increased by 6.6% to €30.3 million (2020: €28.4 million). This was primarily driven by our non-same
stores, as well as an increase in the proportion of new customers in our same store segment.

SHURGARD ANNUAL REPORT 2021
35
Ancillary Revenue
Ancillary revenue is derived from the sale of storage products in our properties including cardboard boxes and
packing materials. It also includes other revenue from real estate operations. Ancillary revenue increased from
€10.7 million to €11.0 million in 2021, partially driven by the weaker comparative performance in the second
quarter of 2020
which was impacted by the COVID-19 confinement measures taken in the different countries.
REAL ESTATE OPERATING EXPENSE
(in € thousands) Q4 2021 Q4 2020 +/- FY 2021 FY 2020 +/-
Payroll expense 10,497 10,222 2.7% 41,418 38,852 6.6%
Real estate and other taxes 2,176 2,882 -24.5% 15,918 15,671 1.6%
Repairs and maintenance 3,527 2,365 49.1% 9,886 8,129 21.6%
Marketing expense 2,115 2,580 -18.0% 8,258 8,043 2.7%
Utility expense 826 1,042 -20.7% 3,754 3,905 -3.9%
Other operating expenses
1
5,132 4,358 17.8% 17,526 15,915 10.1%
Doubtful debt expense 1,003 985 1.8% 3,397 4,312 -21.2%
Cost of insurance and merchandise sales 1,094 1,200 -8.8% 5,409 4,466 21.1%
Real estate operating expense (CER) 26,371 25,634 2.9% 105,566 99,293 6.3%
Foreign exchange - (364) -100.0% - (1,082)
-
100.0%
Real estate operating expense (AER) 26,371 25,270 4.4% 105,566 98,211 7.5%
1 Other operating expenses mainly include travel expenses, legal and consultancy fees, insurance expenses, non-deductible VAT, information system expenses
and property lease expense.
During 2021, our real estate operating expenses went up by 6.3% at CER. This is mainly attributed to an expected
increase in payroll expenses compared to 2020, resulting from the addition of new stores into our portfolio and
higher bonus expenses following our strong operational results. Increased one-off repair costs and expenses
related to floods in France and Germany also contributed to the rise in operating expenses. Furthermore, there
has been an expected increase in insurance expense in all our markets, due to the hardening of the insurance
market.
NET INCOME FROM REAL ESTATE OPERATIONS
Net income from real estate operations reflects the revenue received minus the expenses incurred in running
our real estate operations. Net income growth indicates the strong strategic position of Shurgard’s operating
platform. We are able to leverage economies of scale as we acquire or develop properties, using our standardized
IT and marketing platform to contain costs and ensure our revenues grow faster than our normalized expenses.
Net income from real estate operations rose by 11.3%, up to €194.8 million in 2021, from €175.1 million in 2020
at constant exchange rates.

SHURGARD ANNUAL REPORT 2021
36
Segment information
The following table shows the development of our property network (same stores and non-same stores) and our
property operating revenue split by the two segments on a year-on-year basis.
(at CER) Q4 2021 Q4 2020 +/- FY 2021 FY 2020 +/-
Same stores 228 228 - 228 228 -
Non-same stores 26 14 12 26 14 12
All Store 254 242 12 254 242 12
Same store property operating
revenue in € thousands
74,198 68,222 8.8%
284,286 265,579 7.0%
Non-same store property operating
revenue in € thousands
5,156 2,872 79.5% 15,660 8,375 87.0%
All store property operating
revenue in € thousands
79,354 71,094 11.6%
299,946 273,954 9.5%
Same stores
‘Same stores’ are all developed properties that have been in operation for at least three full years, and all acquired
properties that we have owned for at least one full year from the start of the year. The following table shows
certain performance measures across our same store portfolio.
(at CER) Q4 2021 Q4 2020 +/- FY 2021 FY 2020 +/-
Property KPIs at period end
Number of properties 228 228 - 228 228 -
Closing rentable sqm
1
1,163 1,158 0.4% 1,163 1,158 0.4%
Closing rented sqm
2
1,048 1,034 1.4% 1,048 1,034 1.4%
Closing occupancy rate
3
90.1% 89.2% 0.8pp 90.1% 89.2% 0.8pp
Property KPIs for the period
Average rented sqm
4
1,058 1,039 1.8% 1,049 1,025 2.3%
Average occupancy rate
5
90.9% 89.7% 1.2pp 90.4% 88.6% 1.9pp
Average in-place rent (in € per
sqm)
6
243.9 225.8 8.0% 234.3 222.5 5.3%
Average revPAM (in € per sqm)
7
255.1 235.6 8.3% 245.0 229.4 6.8%
Financial KPIs for the period
Property operating revenue
8
in € thousands
74,198 68,222 8.8% 284,286 265,579 7.0%
Income from property (NOI)
9
in € thousands
50,790 44,562 14.0% 187,959 171,323 9.7%
NOI margin
10
68.5% 65.3% 3.1pp 66.1% 64.5% 1.6pp
1 Closing rentable sqm is presented in thousands of sqm and calculated as the sum of available sqm for customer storage use at our stores, as of the reporting date.
2 Closing rented sqm is presented in thousands of sqm and calculated as the sum of sqm rented by customers, as of the reporting date.
3 Closing occupancy rate for our same stores is presented as a percentage and calculated as the closing rented sqm in our same stores divided by closing rentable sqm in
our same stores, each as of the reporting date.
4 Average rented sqm is presented in thousands of sqm and calculated as the sum of sqm rented by customers, for the reporting period.
5 Average occupancy rate for our same stores is presented as a percentage and is calculated as the average of the rented sqm in our same stores divided by the average of
the rentable sqm in our same stores, each for the reporting period.
6 Average in-place rent is presented in euros per sqm per year and calculated as rental revenue, divided by the average rented sqm for the reporting period.
7 Average revPAM, which stands for revenue per available sqm, is presented in euros per sqm per year for the reporting period and calculated as property operating revenue,
divided by the average rentable sqm for the reporting period.
8 Property operating revenue for our same stores represents our revenue from operating our same stores, and comprises our rental revenue, insurance revenue and ancillary
revenue.
9 Income from property operations (NOI) for our same stores is calculated as property operating revenue less real estate operating expense for our same stores, each for
the reporting period.
10 NOI margin for our same stores is calculated as income from property (NOI) divided by property operating revenue for our same stores, each for the reporting period.

SHURGARD ANNUAL REPORT 2021
37
The average occupancy rates for our same store network increased by 1.9pp to 90.4%. The average in-place rent
per sqm for our same store facilities increased by 5.3% to €234.3 in 2021 from €222.5 the previous year.
Property operating revenue generated by our same store facilities increased by €18.7 million or 7.0% to
€284.3 million in 2021, driven by increases in average in-place rental rates and higher average rented sqm (up
by 2.3%).
NOI for our same stores rose from €171.3 million in 2020 to €188.0 million in 2021, reflecting our ability to control
operating expenses so that they grow slower than operating revenues. NOI margins for our same stores increased
from 64.5% to 66.1% in 2021.
Non-same stores
Non-same stores are any properties that are not classified as same store for a given year. Occupancy and in-
place rent can vary greatly between these properties depending on their maturity.
Non-same store property operating revenue increased from €8.4 million in 2020 to €15.7 million in 2021. This
increase was due to the continued ‘ramp-up' at our new properties and the addition of twelve non-same stores.

SHURGARD ANNUAL REPORT 2021
38
OPERATIONS BY COUNTRY
Same store
Property operating revenue
in € thousands
Q4 2021 Q4 2020 +/-
FY 2021 FY 2020 +/-
France 18,320 17,188 6.6% 70,540 67,308 4.8%
The Netherlands 15,774 14,682 7.4% 61,060 56,515 8.0%
Sweden 12,003 11,250 6.7% 46,621 44,265 5.3%
The United Kingdom 13,182 11,564 14.0% 49,059 44,229 10.9%
Germany 5,219 4,739 10.1% 19,844 18,842 5.3%
Belgium 5,985 5,428 10.3% 22,884 21,225 7.8%
Denmark 3,715 3,371 10.2% 14,278 13,195 8.2%
Total 74,198 68,222 8.8% 284,286 265,579 7.0%
Same store
Average occupancy rate
1
Q4 2021 Q4 2020 +/-
FY 2021 FY 2020 +/-
France 90.0% 88.5% 1.5pp 89.4% 87.8% 1.5pp
The Netherlands 90.2% 90.5% -0.3pp 90.1% 89.3% 0.8pp
Sweden 91.9% 91.7% 0.2pp 92.2% 90.9% 1.3pp
The United Kingdom 89.9% 87.7% 2.2pp 89.2% 85.1% 4.1pp
Germany 92.4% 89.3% 3.1pp 90.3% 88.9% 1.4pp
Belgium 92.0% 89.7% 2.3pp 90.9% 88.3% 2.6pp
Denmark 95.0% 92.1% 2.8pp 94.3% 90.8% 3.5pp
Total
90.9%
89.7%
1.2pp
90.4%
88.6%
1.9pp
Same store
Average in-place rent
2
Q4 2021 Q4 2020 +/-
FY 2021 FY 2020 +/-
France 252.1 239.4 5.3% 243.1 236.9 2.6%
The Netherlands 205.5 190.6 7.8% 199.7 185.3 7.8%
Sweden 259.9 240.2 8.2% 249.8 238.7 4.6%
The United Kingdom 317.4 283.4 12.0% 297.6 277.1 7.4%
Germany 239.5 223.1 7.3% 232.1 223.2 4.0%
Belgium 191.8 177.0 8.3% 184.4 176.2 4.7%
Denmark 260.0 240.5 8.1% 250.0 238.1 5.0%
Total
243.9
225.8
8.0%
234.3
222.5
5.3%
Same store
NOI margin
3
Q4 2021 Q4 2020 +/-
FY 2021 FY 2020 +/-
France 68.2% 67.0% 1.2pp 61.7% 62.4% -0.7pp
The Netherlands 72.0% 67.7% 4.3pp 69.0% 67.1% 2.0pp
Sweden 71.8% 67.3% 4.6pp 72.4% 68.5% 3.9pp
The United Kingdom 64.4% 57.1% 7.3pp 63.9% 60.0% 3.9pp
Germany 60.4% 65.6% -5.2pp 62.9% 65.0% -2.1pp
Belgium 70.0% 68.6% 1.4pp 66.0% 64.9% 1.1pp
Denmark 66.7% 62.3% 4.4pp 67.3% 64.9% 2.4pp
Total
68.5%
65.3%
3.1pp
66.1%
64.5%
1.6pp
1 Average occupancy rate is presented as a percentage and is calculated as the average of the rented sqm divided by the average of the rentable sqm, each for the reporting
period.
2 Average in-place rent is presented in euros per sqm per year and calculated as rental revenue divided by the average rented sqm, each for the reporting period.
3 NOI margin is calculated as income from property (NOI) divided by property operating revenue, each for the reporting period.

SHURGARD ANNUAL REPORT 2021
39
Overall, Shurgard operations delivered historical outstanding performances in 2021 despite the continued
uncertain economic environment. Same store revenue grew by 7.0% compared to the prior year, with an 11.1%
increase from third quarter results. This revenue growth is fueled by a 1.9pp increase in average same store
occupancy, and average in-place rent increasing by 5.3% versus the prior year.
• In our biggest market, France, same store revenue grew by 4.8% from the prior year, and 8.1%
from prior quarter. This is attributed to a growth of 2.6% for average in-place rent, and 1.5pp
occupancy growth when comparing to 2020, with an acceleration of the rental rates in Q4 2021;
• The Netherlands increased revenue by 8.0% versus the prior year. Rental rates were the main
driver, growing 7.8% compared to 2020 with average occupancy also continuing to grow (+0.8pp
versus 2020);
• Sweden ended the year with revenue 5.3% greater than the prior year. Rental rates increased 4.6%
and occupancy grew 1.3pp when compared to 2020;
• The United Kingdom was our highest growing market, with revenue increasing 10.9% versus the
prior year. There has been impressive growth acceleration, with fourth quarter revenue increasing
17.5% compared to Q3 2021 and 14.0% versus Q4 2020. This is due to increases in occupancy
(+4.1pp versus prior year, +2.2pp versus prior year Q4) and rental rate increases (+7.4% versus prior
year, +12.0% versus prior year Q4);
• In Germany, revenue grew by 5.3% (versus 2020), with a particularly strong fourth quarter result,
where rental rates increased (+7.3% versus Q4 2020) and occupancy grew +3.1pp versus Q4 2020;
• Belgium’s revenue has grown 7.8% versus prior year due to our ability to increase occupancy
(+2.6pp versus prior year) while also increasing rental rates (+4.7% versus prior year);
• In Denmark, revenue increased 8.2% versus the prior year, driven by rental rate increases (+5.0%
versus 2020) and strong occupancy growth (+3.5pp versus 2020);
• Shurgard’s overall revenue performance was positively impacted by favorable exchange rate
fluctuations of +3% for both SEK (+€1.4 million) and GBP (+€1.5 million).

SHURGARD ANNUAL REPORT 2021
40
GENERAL, ADMINISTRATIVE AND OTHER EXPENSES
(in € thousands, at CER) Q4 2021 Q4 2020 +/- FY 2021 FY 2020 +/-
Payroll expense 2,347 2,123 10.6% 9,231 8,607 7.3%
Share-based compensation expense 1,754 282 N/A 3,804 1,256 N/A
Capitalization of internal time spent on
development
(687) (446) 54.1% (2,254) (1,938) 16.3%
Depreciation and amortization expense 663 577 14.9% 2,624 2,050 28.0%
Other general and administrative
expenses
1
1,846 2,175 -15.1% 6,035 7,021 -14.0%
Total 5,923 4,711 25.7% 19,440 16,996 14.4%
1 Other general and administrative expenses mainly include legal, consultancy and audit fees and non-deductible VAT.
General, administrative and other expenses increased by 14.4%, from €17.0 million in 2020 to €19.4 million in
2021. Share-based compensation expense increased by €2.5 million, driven by the new 2021 plan. Our payroll
expense has gone up versus the prior year, mainly resulting from new hires, while the amount of depreciation
and amortization expense went up by €0.6 million reflecting the increased digitalization of the platform.
In 2020, other general and administrative expenses included €1.4 million of expense incurred in connection with
fire incidents. During 2021, we recovered €0.8 million business interruption reimbursement from the insurance
company
in that respect.
ROYALTY FEE EXPENSE
We pay our shareholder Public Storage a royalty fee equal to 1.0% of revenues (excluding doubtful debt) in
exchange for the rights to use the ‘Shurgard’ trade name and other services. In 2021, we incurred royalty fees of
€3.0 million.
OPERATING PROFIT BEFORE PROPERTY RELATED ADJUSTMENTS
Operating profit before property related adjustments increased by 12.3%, from €153.5 million in 2020 to
€172.4 million in 2021, reflecting the operational strength of the core business (before non-cash adjustments
and exceptional items).
EBITDA
(in € thousands) Q4 2021 Q4 2020 +/- FY 2021 FY 2020 +/-
Operating profit before property
related adjustments
46,329 39,679 16.8% 172,398 153,546 12.3%
Depreciation and amortization expense 663 576 15.0% 2,624 2,047 28.2%
Abandoned project costs and other 621 - N/A 621 308 101.8%
Cease-use lease expense/(benefit) - - - - (14) -100.0%
Casualty loss/(gain) excluding property
insurance recovery proceeds
- 65 -100.0% (778) 1,395 -155.7%
EBITDA (AER) 47,613 40,320 18.1% 174,865 157,282 11.2%
Foreign exchange - 479 -100.0% - 1,841 -100.0%
EBITDA (CER) 47,613 40,799 16.7% 174,865 159,123 9.9%
At constant exchange rates, EBITDA rose 9.9% in 2021 to €174.9 million from €159.1 million in the previous year
mainly due to an increase in property operating revenue of 9.5%.

SHURGARD ANNUAL REPORT 2021
41
VALUATION GAINS FROM INVESTMENT PROPERTY, INVESTMENT PROPERTY UNDER CONSTRUCTION AND
RIGHT-OF-USE INVESTMENT PROPERTY
The Company recognized a valuation gain from investment property, investment property under construction
and the Right of Use Investment Property (ROU IP) of €466.6 million for 2021, which compares to a valuation
gain of €256.9 million for 2020. The valuation assumptions made by external valuers Cushman & Wakefield
include predicted occupancy levels, rental rates, expenses and other factors that, depending on each assumption,
can cause substantial fluctuations in valuation gains each year.
The valuation gain of €466.6 million, combined with capital expenditure, and favorable exchange rate
fluctuations, resulted in an increase in total investment property value of €642.6 million or +20.0% (to
€3,847.1 million), compared to December 31, 2020.
OPERATING PROFIT
Operating profit increased by 54.3% from €417.8 million in 2020 to €644.7 million in 2021, mostly due to
€209.7 million higher gains on valuation from investment property and an improvement in NOI.
FINANCE COSTS
(in € thousands) FY 2021 FY 2020 +/-
Total interest expense 19,985 18,268 9.4%
Foreign exchange (gain)/loss (15) 441 -103.3%
Finance cost, net 19,970 18,709 6.7%
Finance costs increased by 6.7% (or €1.3 million) to €20.0 million in 2021 from €18.7 million in 2020. This reflects
the impact of a prior year €0.9 million interest reimbursement relating to various tax refunds in Germany and
the Netherlands, and the new €300 million USSP entered into in July 2021 (€0.5 million). These effects were
partially compensated by €0.5 million favorable exchange gains and higher capitalized interests (€0.3 million)
compared to the prior year.
INCOME TAX EXPENSE
(in € thousands) FY 2021 FY 2020 +/-
Current tax expense 26,019 18,898 37.7%
Deferred tax expense 151,115 90,352 67.3%
Income tax expense 177,134 109,250 62.1%
Adjusted EPRA earnings effective tax rate
1
16.6% 13.8% 2.8pp
1 Adjusted EPRA earnings effective tax rate is current tax expenses divided by adjusted EPRA earnings before tax.
Current tax expense increased from €18.9 million in 2020 to €26.0 million in 2021, mainly as a result of the
recognition of tax benefits in Germany in H1 2020 (€4.2 million).
Deferred tax expense in 2021 amounted to €151.1 million and were mainly impacted by the increase in the relevant
tax rates in the United Kingdom and in the Netherlands, as well as the increase in investment property value.
The adjusted EPRA earnings effective tax rate for 2021 is 16.6%, compared to 13.8% in 2020.

SHURGARD ANNUAL REPORT 2021
42
ATTRIBUTABLE PROFIT AND ATTRIBUTABLE PROFIT PER SHARE
For 2021, €446.8 million (2020: €289.5 million) profit per share was attributable to the shareholders of Shurgard
Self Storage S.A., and €0.7 million (2020: €0.4 million) was attributable to non-controlling interests. Based on
the average number of shares (2021: 88.8 million), this translates into basic earnings of €5.03 per share.
EPRA KPIS
(in € thousands, except where indicated) FY 2021 FY 2020 +/-
EPRA Earnings 129,426 93,620 38.2%
Adjusted EPRA Earnings 131,049 118,015 11.0%
Capital Expenditure 131,077 137,335 -4.6%
EPRA Vacancy Rate 12.3% 12.3% 0.1pp
EPRA LFL Rental Growth
1
7.8% 3.5% 4.3pp
EPRA Cost ratio (including direct vacancy costs) 48.1% 49.3% -1.2pp
EPRA Cost ratio (excluding direct vacancy costs) 48.1% 49.3% -1.2pp
EPRA Net Initial Yield (NIY) 6.5% 7.3% -0.8pp
EPRA Net Initial Yield 'topped-up' NIY 6.5% 7.3% -0.8pp
1
Shurgard classifies as ‘LFL’ (i) all developed stores that have been in operation for at least three full years, and (ii) all acquired stores that we have owned for
at least one full year, each measured as of January 1 of the relevant year. This definition corresponds to our same store definition.
We have identified certain non-GAAP measures that we believe give a good reflection of the performance of our
underlying business. They are based on definitions from the European Public Real Estate Association (EPRA) in
their best practices guidelines dated October 2020. They include EPRA earnings and adjusted EPRA earnings
which are presented in detail below. The basis on which we calculate these EPRA KPIs are illustrated in the
Appendix of the annual report (Alternative Performance Measures).
EPRA EARNINGS
(in € thousands, except for EPRA EPS) FY 2021 FY 2020 +/-
Profit attributable to ordinary equity holders of the parent 446,848 289,475 54.4%
Adjustments:
Gain on revaluation of investment properties
1
(466,575) (256,889) 81.6%
Acquisition costs of business combinations and other - 7 -96.0%
Current and deferred tax in respect of EPRA adjustments 148,668 61,112 143.3%
Non-controlling interests in respect of the above 485 (85) N/A
EPRA earnings 129,426 93,620 38.2%
EPRA earnings per share (basic - in €) 1.46 1.06 38.1%
EPRA earnings per share (diluted - in €) 1.45 1.05 37.9%
1 Including investment property under construction and right-of-use investment property assets.
EPRA earnings exclude acquisition costs which can fluctuate depending on the number and size of acquisitions,
the gains or losses on the revaluation of investment property, and other asset sales which are not part of the
operational running of the business.

SHURGARD ANNUAL REPORT 2021
43
ADJUSTED EPRA EARNINGS
(in € thousands, except for Adjusted EPRA EPS) FY 2021 FY 2020 +/-
EPRA earnings 129,426 93,620 38.2%
Company specific adjustments:
Deferred tax expense on items other than the revaluation of
investment property
2,448 29,203 -91.6%
Property insurance recovery proceeds and other (967) - N/A
Net impact of tax assessments 142 (5,036) -102.8%
Non-controlling interests in respect of the above - 228 -100.0%
Adjusted EPRA earnings 131,049 118,015 11.0%
Adjusted EPRA earnings per share (basic - in €) 1.48 1.33 10.9%
Adjusted EPRA earnings per share (diluted - in €) 1.47 1.32 10.7%
Adjusted EPRA earnings exclude significant one-off items that arise from events and transactions distinct from
the Company’s regular operating activities and deferred tax expenses on items other than the revaluation of
investment property. In 2021, adjusted EPRA earnings were €131.0 million, 11.0% higher than the €118.0 million
in 2020.
RECONCILIATION OF EBITDA TO ADJUSTED EPRA EARNINGS
(in € thousands, at CER)
FY 2021 FY 2020 +/-
EBITDA 174,865 159,123 9.9%
Net attributable profit adjustments:
Casualty (loss)/gain and gain on disposal of investment property,
plant and equipment
6,495 6,225 4.3%
Cease-use lease (expense)/benefit - 14 -100.0%
Depreciation and amortization expense (2,624) (2,050) 28.0%
Finance costs (19,970) (18,745) 6.5%
Current tax expense (26,018) (19,179) 35.7%
Non-controlling interests, net of EPRA adjustments (874) (793) 10.1%
Company specific EPRA adjustments:
Net impact of tax assessments 142 (4,808) -103.0%
Property insurance recovery proceeds and other (967) - N/A
Adjusted EPRA earnings 131,049 119,787 9.4%
Adjusted EPRA earnings increased by 9.4% at CER mainly due to an increase in EBITDA of 9.9% partially
compensated by an increase in current income tax (current tax and net impact of tax assessments).

SHURGARD ANNUAL REPORT 2021
44
EPRA NAV METRICS
The table below provides a summarized overview of the Company’s key Alternative Performance Measures (APM)
that are NAV related, consisting of NAV, EPRA NRV, EPRA NTA and EPRA NDV:
(in € thousands) FY 2021 FY 2020 +/-
Net Asset Value (NAV) 2,472,543 2,087,381 18.5%
EPRA Net Restatement Value (NRV) 3,409,642 2,766,875 23.2%
EPRA Net Tangible Assets (NTA) 3,112,598 2,517,885 23.6%
EPRA Net Disposal Value (NDV) 2,417,628 2,012,945 20.1%
The basis of calculation for each of the measures set out above, are illustrated in the Appendix of the report
(Alternative Performance Measures).
LIQUIDITY
Our primary cash requirements are for operating expenses, debt servicing, improvements to existing properties,
developments and acquisitions of new properties, and for the payment of dividends. Historically, these
requirements were funded by operating cash flows, the issuance of equity and borrowings, including the U.S.
Private Placement Notes, the 2018 syndicated revolving credit facility and the proceeds of the October 2018
equity issuance. We expect to continue to fund these requirements with operating cash flow, our existing cash
position and future borrowings under our current bank credit facility or other borrowings.
Our loan-to-value ratio on December 31, 2021 was 17.4%, compared to 18.1% at December 31, 2020. This
decrease was due to a proportionally higher increase in market value than in net debt. We are following a
conservative and disciplined balance sheet approach, targeting a long-term loan-to-value ratio (LTV) of around
25%, with the flexibility to go up to 35% on a short to medium-term basis.
We maintain cash and cash equivalent balances at banking institutions in certain countries where we operate.
In Sweden, the United Kingdom and Denmark, these balances are held in local currencies. It is our policy that
investments of surplus funds are made only with approved counterparties with a minimum investment grade
credit rating.
CASH FLOW OVERVIEW
in € thousands FY 2021 FY 2020 +/-
Cash flows from operating activities 161,589 145,895 10.8%
Cash flows from investing activities (125,330) (131,006) -4.3%
Cash flows from financing activities 79,099 (110,659) -171.5%
Net increase (decrease) in cash and cash equivalents 115,358 (95,770) N/A
Effect of exchange rate fluctuation 814 194 N/A
Cash and cash equivalents as of January 1 102,998 198,574 -48.1%
Cash and cash equivalents as of December 31 219,170 102,998 112.8%

SHURGARD ANNUAL REPORT 2021
45
CASH FLOWS FROM OPERATING ACTIVITIES
Our cash inflow from operating activities increased by 10.8% from €145.9 million in the year ended December
31, 2020 to €161.6 million in the year ended December 31, 2021. This was mainly due to a €19.5 million increase
in cash flows from operations, and €6.3 million of favorable movements in working capital, partially offset by
€10.1 million increased income tax payments.
The favorable trend in working capital movements consisted of €15.1 million of decreased movements in accrued
expenses, VAT payable and accounts payable, partially offset by €8.8 million of decreased movements in trade
receivables, and other current and non-current asset movements.
CASH FLOWS FROM INVESTING ACTIVITIES
Our cash outflow from investing activities decreased by €5.7 million, from €131.0 million in the year ended
December 31, 2020, to €125.3 million in the year ended December 31, 2021. The decrease was primarily due to
less cash spent on acquisitions of investment property in 2021 (€10.1 million), partially offset by a €2.8 million
increase in capital expenditure on investment property under construction and completed investment property,
and a €1.7 million decrease in insurance recovery proceeds on property damage.
Cash outflows in relation to capital expenditure on IPUC and completed investment property increased from
€78.7 million in 2020 to €81.5 million in 2021. These cash flows fluctuate over years, as construction expenditures
depend on the stage of the various development projects at that time. In 2021, we opened six new properties
(four in 2020) and acquired six new properties (six in 2020).
CASH FLOWS FROM FINANCING ACTIVITIES
Our cash inflow from financing activities was €79.1 million during the year ended December 31, 2021, representing
a €189.8 million increase versus the €110.7 million cash outflow during the year ended December 31, 2020. The
increase was mainly the result of €300 million proceeds from the issuance of senior notes, €4.2 million increased
net proceeds from the issuance of equity and the sale of treasury shares and €0.8 million decreased interest
payments, partially offset by the €100 million repayment of notes we issued in 2014, €11.7 million increased
distributions to shareholders of the Company, and €2.0 million of increased repayments of principal amount and
interest on lease obligations and €1.5 million payment for debt issuance costs.
FINANCIAL POSITION
TOTAL ASSETS
During the year ended December 31, 2021, the Company’s total assets increased by 22.8% to €4,102 million on
December 31, 2021, from €3,339 million on December 31, 2020. This is mainly due to the €642.5 million increase
in investment property and investment property under construction and a €116.2 million increase in cash. As of
December 31, 2021, approximately 94.1% of the Company’s total assets consisted of non-current assets (93.8%
for investment property, including ROU IP, and IPUC).
Investment Property
Investment property (including IPUC but excluding ROU IP assets recognized under IFRS 16) increased by 20.2%
(or €633.7 million) from €3,130.3 million on December 31, 2020, to €3,764.0 million on December 31, 2021. This
is mainly due to €83.3 million capital expenditure, predominantly for our developments and redevelopments,
€47.8 million expenditure on acquisitions and €33.0 million of favorable exchange rate fluctuations on our
property developments and redevelopments. In addition, the Company recognized €469.6 million of favorable fair
value revaluation income on its investment property and investment property under construction. The number
of properties we operate under the Shurgard brand name consists of a network of 254 properties that we own
or lease (242 properties at the end of 2020).

SHURGARD ANNUAL REPORT 2021
46
Cash and cash equivalents
The Company had cash and cash equivalents of €219.2 million as of December 31, 2021, compared to
€103.0 million cash and cash equivalents as of December 31, 2020, an increase of €116.2 million.
CAPITAL RESOURCES AND FINANCING STRUCTURE
Shurgard’s financial resources comprise the Company’s total equity as well as debt financing instruments.
The Company’s total equity increased by €385.9 million from €2,092.1 million on December 31, 2020 to
€2,478.0 million on December 31, 2021, mainly due to €447.6 million of net profit realized during the period, a
€29.8 million revaluation gain on consolidation of our Swedish, Danish and British operations because of
favorable currency movements, a €6.4 million increase due to our sale of treasury shares and equity increases in
connection with the exercise of share options, and a €1.6 million increase in the share-based payment reserve.
This was partially offset by the €99.5 million dividend distribution in 2021 relating to Company’s final 2020
dividend (covering the last semester) and the interim dividend for the first six months of 2021.
As of December 31, 2021, the equity ratio was 60.4% (December 31, 2020: 62.6%), calculated as follows:
(in € thousands) FY 2021 FY 2020
Total equity 2,478,041 2,092,141
Total equity and liabilities 4,102,469 3,339,441
Equity ratio 60.4% 62.6%
Shurgard issued six series of senior guaranteed notes in the years 2014 and 2015 with a total nominal volume of
€600.0 million and maturities varying between 2021 and 2030. Effective interest rates vary from 2.7% to 3.4%,
of which €100.0 million has been repaid on July 23, 2021. On July 23, 2021, the Group issued new ten-year Senior
Notes for €300 million at an effective interest rate of 1.28%.
On September 26, 2018, and effective October 16, 2018, the Company entered into a €250.0 million syndicated
revolving loan facility with BNP Paribas Fortis bank, Société Générale bank and HSBC bank (with BNP Paribas
Fortis bank as agent). The facility matures on October 16, 2023, bearing interest of Euribor plus a margin varying
between 0.45% and 0.95% per annum (currently 0.45%) dependent on the most recent loan-to-value ratio.
There are no mandatory repayments of principal debt due for this facility before its maturity, and a commitment
fee equal to 35.0% of the applicable margin per annum applies to undrawn amounts and is currently at 0.16%.
The facility is subject to certain customary covenants. On February 24, 2021, Belfius Bank replaced HSBC bank as
participant to the RCF Lenders’ Group. In that respect, the Company paid to Belfius Bank 0.15% of the €62.5
million commitment (or €93,750). On March 8, 2021, the Company renegotiated the terms of its RCF with the
existing lenders, consisting of the extension of the RCF’s maturity by two years to October 16, 2025 and paid in
this respect an extension fee of €150,000. Other than the extended term, there were no modifications made to
the initial (2018) conditions of the RCF. As of December 31, 2021, the Company has no outstanding borrowings
under this facility.
On February 23, 2021, the Group signed an uncommitted USPP Shelf Note Facility agreement for an amount of
up to €250.0 million, which can be drawn during a three-year period. As of December 31, 2021, the Company had
not drawn on the facility.

SHURGARD ANNUAL REPORT 2021
47
SHURGARD GREEN BOND
On July 23, 2021, the Group, via its financing entity Shurgard Luxembourg S.à.r.l., issued new ten years Senior
Notes for €300.0 million. The proceeds of the issue were used to repay Tranche A (€100.0 million) of its 2014
senior guaranteed notes maturing in July 2021, to finance potential acquisitions, and to finance or refinance, in
whole or in part, recently completed and future projects that are underpinned by sustainable criteria such as, for
instance, a BREEAM certification (Eligible Green Projects).
As of December 31, 2021, the proceeds allocated to Eligible Green Projects amounted to a total amount of
€132.6 million. A portion of €89.2mio has been used to refinance existing projects at the moment of issuance,
whereas €43.4mio has been used to finance new projects. A total of €167.4mio unallocated proceeds of the Green
Bond remains available.
The amounts and the allocation included in the table above will be reviewed by the Company’s external auditor,
EY, as part of the Company’s half-year report with respect to the financial statements as per June 30, 2022.
Together with the half-year report 2022, the report on the Eligible Green Projects will be made available on the
corporate website https://www.shurgard.com/corporate/corporate-responsibility/reports-and-publications
.
DIVIDEND
It is the Company’s objective to pay dividends in May and October of each year. The amount of any interim or
final dividends and the determination of whether to pay dividends in any year may be affected by a number of
factors, including our earnings, business prospects and financial performance, the condition of the market, the
general economic climate and other factors considered important by the Board of Directors.
In respect of the first half of 2021, as approved by our Board of Directors, the Company paid on October 1, 2021
an interim dividend of €50.6 million (taking into account the total number of outstanding shares as per
June 30, 2021) or €0.55 per share.
The Board of Directors recommended, subject to Shareholders‘ approval, a final dividend for the year 2021, of a
maximum amount of €104.1 million (taking into account the total number of outstanding shares as per December
31, 2021) or €1.17 per share. Considering the interim dividend of €0.55 per share, a second and final payment of
€0.62 per share on 2021 results will be payable on or around May 12, 2022 to shareholders of record at the close
of business on May 11, 2022.
EMPLOYEES
Store Name Certification date Rating Address
Total th. EUR
Park Royal September 9, 2019 Outstanding London 12,793
Greenwich February 5, 2019 Excellent London 14,079
Depford March 5, 2020 Excellent London 15,428
Herne Hill July 16, 2020 Excellent London 13,886
Barking (*) September 30, 2020 Excellent London 12,697
City Airport April 1, 2021 Excellent London 6,044
Croydon Purley Way Upcoming certification London 9,044
Camden Upcoming certification London 2,941
Morangis Upcoming certification Paris 10,278
Bow Upcoming certification London 25,401
Lagny Upcoming certification Paris 9,436
Satrouville Upcoming certification Paris 96
Southwark Upcoming certification London 185
One property in France (still confidential) Upcoming certification Paris 289
(*) Barking is still an "interim certificate"
132,600

SHURGARD ANNUAL REPORT 2021
48
Our employees play a crucial role in the success of our organization by providing our customers with outstanding
levels of service and support. We facilitate this by ensuring our people are well trained and motivated, with clear
career progression, and feel safe and supported at work.
The following table shows the number of full-time equivalent employees by category of activity as of December
31, 2021 and 2020:
FY 2021 FY 2020 +/-
Store personnel 588 595 -7
Operational management 47 48 -1
Support functions 108 108 -
Total 743 751 -8
RISKS
Shurgard is exposed to several risks that are described in detail in the "Principal Risks and Uncertainties” section
of this management report.
EVENTS AFTER THE REPORTING PERIOD
Please refer to Note 40 in the Notes to the Consolidated Financial Statements of this report.

SHURGARD ANNUAL REPORT 2021
49
SUSTAINABILITY REPORT
BASIS OF THE SUSTAINABILITY REPORT
This third sustainability report of Shurgard Self Storage S.A., headquartered in Luxembourg, presents the
quantitative and qualitative information needed to understand its material sustainability issues for the calendar
year 2021. It covers all activities of the company.
GRI 102-1 / 102-3 / 102-5 / 102-45 / 102-50 / 102-51 / 102-52
1
REPORTING FRAMEWORK
The scope in this report covers 100.0% of the total workforce.
GRI 102-1 / 10
REPORTING GUIDELINES
Shurgard has published a sustainability report annually since 2019, referencing the Global Reporting Initiative
(GRI) standards and aiming to comply with EPRA sBPR guidelines.
GRI 102-54 / 102-55
DATA REVIEW
Shurgard called upon EVORA Global Ltd, to review the data published. Their limited assurance report on a
selection of key performance indicators can be found in the chapter titled ‘Assurance Summary Statement‘ in
this document.
GRI 102-56
MATERIAL ASSESSMENT
In 2021, Shurgard conducted an internal materiality assessment to identify and select the most significant social,
environmental and governance issues. Further information can be found in the chapter titled ‘Materiality‘ in this
document.
GRI 102-46 / 103-1
PARTICIPATION IN SUSTAINABILITY INITIATIVES
In 2015, the member states of the United Nations adopted 17 Sustainable Development Goals (SDGs) to ensure a
better future for all without leaving anyone behind.
The SDG framework brings together society, governments and business to drive positive change. As a responsible
company, Shurgard is determined to play an active role, on its own scale, contributing materially to the above
SDGs via its Sustainability Strategy. To affirm this, Shurgard attained signatory status of the United Nations
Global Compact in 2021.
GRI 102-12
CONTACT
For any question or comment on the published content of this report, please contact:
investor.relations@shurgard.lu
GRI 102-53
1 GRI stands for Global Reporting Initiative. GRI is the independent, international organization that helps business and other organizations take responsibility for
their impacts, by providing them with the global common language to communicate those impacts.

SHURGARD ANNUAL REPORT 2021
50
SHURGARD SELF STORAGE
Shurgard is the largest owner and operator of self-storage properties (‘stores’) in Europe. Our network of over
255 stores comprises approximately 1.3 million rentable square meters and serves more than 174,000 customers
in the Netherlands, France, Sweden, United Kingdom, Belgium, Germany and Denmark. As of December 31, 2021,
we employ 771 personnel (who identify as 60.0% men, 40.0% women), with a range of over 36 nationalities (top
three: 22.6% French, 20.3% Dutch and 13.8% Swedish).
GRI 102-53 / 102-4 / 102-8

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MESSAGE FROM OUR CHIEF EXECUTIVE OFFICER
Welcome to our sustainability report.
Over the past few years, we have been solidifying our position as a European leader in sustainable self-storage
operations. This has required us to embrace industry-leading innovations while working to reduce the
environmental footprint of our assets.
HIGHLIGHTS FOR THIS YEAR:
• We reduced like-for-like electricity consumption across our portfolio by 3.0% compared to 2020;
• Our like-for-like carbon emissions reduced by 67.5% (Scope 1) and 86.0% (Scope 2), compared to
2020. Since 2017 we have achieved an 82.0% reduction in carbon emissions (covering both scopes
1 and 2), resulting in our meeting of our 2023 objective via a combination of energy efficiency
reductions and green energy procurement;
• We have established our ISO 14001 aligned environmental management system, including
undertaking a comprehensive materiality assessment;
• Our reporting processes have improved year-on-year and we were delighted to have this
recognized with a Gold EPRA sBPR Award;
• We were awarded a score of 13.2 in the Sustainalytics ESG Risk rating report. This is a significant
improvement on our 2020 score of 21.7. This places us in the ‘low risk’ category;
• We were awarded an excellent 5-star rating (the top banding) and a score of 87 out of 100 in the
GRESB 2021 results. This reflects the growing care, attention and integration of ESG issues
throughout our business.
• Shurgard attained signatory status of the United Nations Global Compact in 2021.
Our social and philanthropic endeavors have been very evident this year. Donations are planned or have already
been made to a variety of different charitable organizations across Europe. We were awarded with the Fedessa
Charity Initiative Award to applaud our efforts here.
As Chief Executive Officer, I, alongside my colleagues, work to develop and implement our ESG strategy. To fulfill
our ESG objectives, we set up an efficient governance. Internally, a formal cross departmental ESG Committee is
entrusted to implement the ESG goals of the Company and to suggest new ones under the management of our
Executive Committee.
We see sustainability as not just a feature of our property, but inherent to the values and culture of our business.
We commit to further expanding our climate resilience, carbon reduction (through our net zero commitment,
established in this report) and community enhancement programs as part of our ESG strategy. We remain
enthusiastic about the future because we are convinced that our approach and the dynamics of our collective
spirit will enable us to contribute to change. We will continue to build a culture of authenticity, responsibility,
respect and trust that will serve current and future generations.
Please read on for more information. Thank you for your interest in what we do.
Marc Oursin
Chief Executive Officer
GRI 102-14

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INTRODUCTION
Shurgard has established sustainable and responsible policies and procedures, for the benefit of the environment
and to promote long-term economic value for its customers, shareholders, and employees. In doing so, we follow
principles of sound environmental and social sustainability and good governance (ESG). This is reflected in our
dynamic management approach and our close engagement with our internal teams and wider stakeholders.
Shurgard’s sustainability strategy aligns its management of ESG issues across the life cycle of its storage
properties. Our properties are designed to be resilient, minimizing their environmental footprint and exposure to
climate-related risks.
Shurgard strives, where possible, to be a positive force in the development of strong integrated local
communities. We support a range of not-for-profit organizations, charities, and community groups across
Europe.
Our people are our most valuable resources. As a result, Shurgard also has a strong focus on the people who
work in and utilize its properties, and on maximizing their health and wellbeing by providing safe, productive,
and positive environments. Central to the success of Shurgard is the right blend of talent, motivation and
leadership. For this reason, investing in our people is not only the right thing to do, it is essential in delivering
sustainable results. A healthy workforce is not only an ethical priority for Shurgard but can also make a significant
contribution through increased productivity and reduced costs associated with sickness absence. Our ESG
strategy and related initiatives aim to lead, support and develop our workforce to achieve business results and
integrate a culture of wellbeing.
Our governance framework exists to provide an ESG strategy which drives our actions and strives to create
positive results that are manifested in the day-to-day operation of our business. In 2021, we established an
ISO 14001 aligned environmental management system (EMS). This was overseen by a formal cross departmental
ESG Management Group (chaired by our Chief Executive Officer, and attended by the Chief Financial Officer, and
representatives from Investor Relations, Real Estate, Human Resources, Legal, Finance, Marketing, Facility, and
Operations). This EMS works to implement best practice environmental (and social) management throughout the
business, via a series of policies, procedures and protocols. The ESG Management Group is entrusted to
implement the EMS, progress the ESG objectives and maintain transparent ESG reporting. Our EMS will evolve
over time to deliver continual improvement.
On a monthly basis, the ESG Management Group reports to members of the Senior Management at Executive
Committee meetings. Ultimately, the oversight of ESG matters is entrusted to the ESG Committee of the Board
of Directors. Thanks to the ESG Management Group, Shurgard benefits from an efficient chain of command. ESG
materiality is at the core of the Company, supervised at the highest level of the Company.

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Our 2021 ESG performance reported here, builds on our achievements in 2020, as validated by our GRESB 5-star
result. We look forward to progressing on a number of ESG initiatives over the next 5 years as part of a €10 million
per year investment program, including an LED energy efficient lighting rollout, heating optimization and solar
photovoltaic panel installations. We will report our progress transparently under a number of reporting
frameworks (GRESB, CSA, Sustainalytics) and within annual sustainability reports. Follow our progress online at
https://corporate.shurgard.eu/
. We welcome feedback and comments.
Summary of our 5-year ESG investment program

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CONVICTION
Our approach to sustainable development is based on a realistic long-term vision. Our commitment is based on
the analysis of issues and trends that could have a tangible impact on the world of tomorrow. Sustainability
issues are therefore an integral part of our corporate strategy. Their integration into all our activities and
decisions requires the identification of non-financial risks within our four priority pillars:
CONVICTION:
TO BENEFIT OUR CUSTOMERS, EMPLOYEES AND SHAREHOLDERS BY RELENTLESSLY ADVANCING SELF-
STORAGE SOLUTIONS FOR EVERY MOVE IN LIFE
ENVIRONMENTAL IMPACT IMPACT ON SOCIETY OUR EMPLOYEES ETHICS AND GOVERNANCE
SUSTAINABILITY AIMS
Our plans are clear. Whether serving our customers, hiring our employees, respecting the natural resources used
in our stores or building relationships with communities, we focus on what is good for the business and for a
sustainable future. This step-by-step approach leads to responsible investment solutions and decisions, with
more committed employees and enhanced value for all our stakeholders. We must help individuals, companies
and the economy to move towards a more sustainable and balanced system, focused on the management of
non-financial risks. We look forward to continuing to make positive changes, relentlessly advancing self-storage
solutions for every move in life.
GRI 102-47
PILLAR MISSION AIMS
ENVIRONMENTAL IMPACT
LIMIT AND CONTROL OUR
ENVIRONMENTAL IMPACT
Optimize energy consumption
Manage our water usage
Make progress in responsible waste management
IMPACT ON SOCIETY
HELP TO BUILD A SUSTAINABLE
SOCIETY
Have a positive societal impact
Report on the impact of our commitments
Deliver best-in-class customer service
OUR EMPLOYEES BE AN EMPLOYER OF CHOICE
Strengthen engagement and social cohesion
Share and live the Shurgard culture
Invest in the development of our employees
ETHICS AND GOVERNANCE
RECONCILE RISK MANAGEMENT
WITH INNOVATION
Incorporate sustainability solutions into Shurgard's
corporate management systems and Code of
Conduct

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MATERIALITY
We must address the ESG issues that materially affect Shurgard, our shareholders, our employees and our
community, in order to drive positive and transformational change. We seek to identify the issues that will impact
our ability to operate successfully and create long-term value. To this end, we undertook a materiality review as
part of our 2021 environmental management system adoption, to ensure that we are addressing the most
important sustainability issues. This exercise was designed to refine and supplement our new objectives, building
on the results of our previous materiality assessments.
Aligned with the Non-Financial Reporting Directive, we employed a double materiality perspective, covering both
financial materiality, and environmental and social materiality.
We are constantly working to improve the way we listen to all our stakeholders, from customers to employees,
so that we can answer their questions and understand the impact of our decisions.
The Board of Directors is ultimately responsible for considering how sustainability topics interrelate with its
business strategy, and developing sustainability materiality processes that link with the wider risk management
process. All stores are managed to provide long-term reward commensurate with acceptable risk. By assessing
and understanding the range of ESG factors, together with many other investment criteria, we believe we will be
better positioned to deliver consistent, superior long-term investment returns for our investors.
OUR MATERIAL ISSUES
1
• Climate change
• Health and Safety
• Customer wellbeing
• Community wellbeing
• Committed governance
• Transparency and reporting
• Financial and non-financial risk
management
• Data security
• Strong corporate culture
• Economic performance
• Diversity and inclusion
• Talent management
• Employee well-being
• Learning and development
• Integration of ESG Dialogue and
engagement
• Managing our carbon emissions
• Waste management and recycling
• Social impact
• Director remuneration
• Water use
GRI 102-47 / 103-1 / 102-44
1
Ranked by order of importance – classified under EMS 2021

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Other issues have been identified in connection with our activities but have not been selected as priorities. We
integrate them into our monitoring and surveillance system used to further develop our sustainability program
under our environmental management system. Our main challenges are directly linked to the United Nations
Sustainable Development Goals
(SDGs). We monitor our sustainability program in line with the most significant
SDGs for our business sector. Through our actions, our investment strategies, our partnerships and our decisions,
we seek to provide concrete responses to the SDGs that concern us.

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STAKEHOLDERS
Our ability to provide solutions to sustainability issues has become more important to our business model. Our
capacity to achieve this is linked to our commitments and our vision. In the same vein, we place great importance
on building lasting relationships with our stakeholders. Our success depends on the quality of the relationships
we build inside and outside Shurgard. A dialogue with our stakeholders and communication based on
transparency allows for better risk management.
We define stakeholders as individuals, groups
or organizations that may benefit or be affected
by our business activities. We strive to create a
balance between activities that generate value
and short-term returns through effective
management of current business activities, and
investments in people, properties and
technologies designed to produce sustainable
returns over the long-term.
Our key stakeholders have been identified and
prioritized according to the level of
sustainability impact we believe our operations
have on their day-to-day activities, and, in turn,
their sustainability impact on our day-to-day
activities. These impacts span our identified
material ESG sustainability risks.
Reporting on our results, our commitments, our progress and our transformation is essential to maintaining
lasting relationships. Encouraging dialogue with our various stakeholders helps us to improve, meet material
issues and achieve our objectives. Our financial strength and reputation assure our stakeholders of our ability to
fulfil our obligations to them and make us trusted partners.
We know that transparency and collaboration offer the opportunity to make a difference and improve our
operations. This is why we are committed to:
• Maintaining a strong governance structure to manage risks and take advantage of opportunities;
• Providing superior services to advance the environment and society;
• Engaging with stakeholders in an ethical and socially responsible manner;
• Partnering with suppliers who share the same commitment to ethics, human rights and
environmental management;
• Pursuing efforts to reduce carbon emissions and protect biodiversity;
• Fostering a working environment that supports employee health, safety, diversity and inclusion;
• Collating social and environmental measurements to assess our progress in meeting these
commitments;
• Sharing data on sustainability indicators with stakeholders in order to continuously improve our
performance.
GRI 102-40 / 102-42 / 102-43

KEY ESG HIGHLIGHTS
ACHIEVED 5-STAR
GRESB
scale with a score of 87 out
of a maximum of 100
GOLD MEDAL
at the EPRA Sustainability
Best Practices
Recommendations awards
LOW RISK
at the Sustainalytics ESG
Risk Ratings Report in the
top 5 percent globally
ENVIRONMENTAL HIGHLIGHTS
ENERGY USE
GREENHOUSE
GAS EMISSIONS
GREEN
CERTIFIED
PROPERTIES
-
5.6%
-
12.7%
+
31.4%
2019
2020
2021
MWh*
29,426
31,176
34,670
2019
2020
2021
Tonnes CO
2
**
5,595
6,412
7,189
2019
2020
2021
Number of voluntary certified
stores (BREEAM
***)
46
35
29
* Total energy use at same store
(degree day corrected)
** Total Scope 1 & 2 location-based emissions at
same store. NB: Procurement of green supplies
have reduced market-based carbon emissions by
-78.8% year-on-year. See EPRA tables for further
information.
*** Building Research Establishment
Environmental Method (BREEAM)
green building certification
SOCIAL HIGHLIGHTS
EMPLOYEE
PERFORMANCE
GENDER
PAY GAP
COMMUNITY
ENGAGEMENT
+
7.0% –2.4%
+
6.6%
2019
2020
2021
Appraisal engagement – %
86.9
79.4
93.0
2019
2020
2021
Gender pay gap**** – %
-1.7
-2.0
-1.4
**** (in favor of male colleagues) in stores
2019
2020
2021
Assets that have implemented
local community engagement
–
%
100.0
93.8
42.9
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8

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ENVIRONMENTAL IMPACT
As an owner and operator of real estate, we understand the impact of our built environment and the importance
of addressing these impacts in a sustainable manner. At Shurgard, we consider climate risk (both physical and
transition) to be the most significant environmental risk. We recognize the possibility that climate changes
associated with our activities or stakeholders may affect our business.
Self-storage properties generally present low operational environmental impacts with minimal utility use given
the nature of the business. It should also be noted that our industry provides solutions that prevent customers
disposing of goods as waste by offering storage options. Despite this, we continuously explore and, where
feasible, implement solutions designed to mitigate climate change risk, reduce our carbon emissions and limit
our overall impact on the environment.
A key reason for the establishment of the Shurgard ESG strategy is to improve the sustainability of our storage
portfolio. Our approach identifies opportunities for efficiencies in energy and water consumption and
strengthening climate resilience across the portfolio. Any efficiency projects undertaken are assessed on the
basis of return on investment for both the environment and our investors.
When undertaking design work for our properties, we recognize the crucial importance of appropriate built asset
design. Where possible we seek passive design solutions that aim to reduce heating, cooling, lighting and
ventilation energy use. Our external design and material specifications aim to incorporate the benefits of thermal
mass and reduce cooling energy use. We also utilize a range of technologies to minimize heat transfer
(particularly in climate and/or humidity-controlled storage). Where we are required to remediate land or
contaminated sites, we seek expert advice and endeavor to conduct works in a sustainable manner.
Natural hazards, including severe storms and flooding, may impact our operations and our properties.
Comprehensive business continuity and disaster recovery plans detail our management and operational approach
in hazardous situations. Should rectification works be required, we seek expert advice where necessary and
where possible we conduct works in a sustainable manner.
We follow the Greenhouse Gas Protocol standards to measure and report greenhouse gas (GHG) emissions under
scopes 1 and 2 and are looking towards an approach to better understand our scope 3 emissions. As a responsible
company, we have a duty to combat climate change through commitments and actions that create the right
conditions to build the world of tomorrow.
GRI 102-20

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OPTIMIZE ENERGY CONSUMPTION
Our environmental impacts include energy and carbon used to heat, light, and operate our stores (lighting, lifts,
systems, and controls, etc.) and the carbon emissions generated. It is worth noting that we have been investing
in energy efficiency strategies for many years and have now reached a point in time where any additional
programs deliver much smaller returns.
LED LIGHTING INITIATIVE
LED upgrades are progressing across our stores:
Type Description
LED upgrade % complete
2021 2020
External lighting
Facade, above accessible units,
parking spots, canopy
89.6% 81.0%
Storage lighting Corridor lighting 29.6% 16.0%
Employees room lighting
Office, back office, IT-room,
toilet, janitor
54.0.% 31.0.%
Drive lighting Internal drives 100.0% 100.0%
SOLAR PV ROLLOUT
We look for solar photovoltaic opportunities across our portfolio. At present, seventeen of our properties possess
roof-mounted solar PV installations. These generate electricity, monitored for performance and we receive
financial payments from energy companies we export to.
2021 ENERGY OPTIMIZATION ACHIEVEMENTS
• In 2021, we reduced like-for-like electricity consumption across our store portfolio by 5.6%
compared with 2020. Our absolute consumption fell by 2.0% despite the addition of new stores in
our portfolio.
• We surpassed our objective of a 10.0% reduction in energy consumption by 2023 based on our
2017 baseline, by achieving a like-for-like reduction of 15.2%;
• We surpassed our objective of 10% reduction in greenhouse gas emissions by 2023 based on 2017
baseline, as our like-for-like carbon emissions have already reduced by 19.0% (covering both
Scopes 1 and 2, location-based);
• From January 2021, 100.0% of all electricity used across all our markets is sourced from traceable,
zero carbon energy contracts;
• From January 2021, 63% of all gas supply contracts are offset through green gas contracts.

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ENERGY OPTIMIZATION OBJECTIVES
• Operational net zero carbon by 2030;
• Material net zero carbon by 2040, or sooner;
• Reduce average greenhouse gas intensity of our properties by 2025 basis from 2020 baseline,
through year-on-year reductions of 5.0%;
• Measure and report our own impact associated with business travel (by 2023).
2022 ENERGY OPTIMIZATION ACTION
• Establish protocols for monitoring, measuring and reporting on business travel.
• Replacement of gas heating in our markets (France, the Netherlands, Sweden, Germany, and
Belgium) with electric or renewable energy heating (such as air source heat pumps) at a considered
pace.

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MANAGE OUR WATER USAGE
Water use for our stores is typically very low compared to sites of a similar size: our employees and visitors have
toilet facilities, some stores have showers for employees who choose to travel by bike and our employees have
access to a kitchen.
By the end of 2022, all our locations will be fitted with low flow taps and we are evaluating further water saving
initiatives, where they are relevant. In 2021, we undertook a deep dive analysis into our highest water consuming
assets to better understand consumption patterns and where further investigation was required.
2021 WATER ACHIEVEMENT
• Our absolute water intensity has reduced year-on-year by 1.7%, attributable to the newer stores
in our portfolio being more water efficient;
• We are aware we have increased our water consumption by 10.0% in 2021 against our 2017
baseline on a same store basis. Whilst water consumption is not a highly significant material topic,
due to the nature of our sector, our consumption patterns prompted us to undertake a deep dive
analysis in 2021. This allowed us to scrutinize our data and understand those stores where intensity
was greatest and actions are mostly urgently required to improve water usage efficiency.
2022 WATER ACTION
• Maintain protocols for low water consumption in the design and operation of our properties, for
instance the provision of low flow taps.

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MAKE PROGRESS IN RESPONSIBLE WASTE MANAGEMENT
We have equipped our stores with waste bins for general waste and recycling, and we have special collection
arrangements for waste electronic and electrical equipment and lightbulbs. We provide guidance on use and
recycling to our store teams during induction. Our main source of waste is from the operational activities of our
stores. Our employees apply best practice waste segregation for general and mixed dry recyclable materials.
2021 WASTE ACHIEVEMENT
• We maintained our 100.0% rate of waste diverted from landfill.
RESPONSIBLE WASTE MANAGEMENT OBJECTIVE
• Maintain our waste diverted from landfill percentage (tracked annually under GRESB).
2022 WASTE ACTION
• Maintain protocols for low waste consumption in the design and operation of our stores.
WASTE CASE STUDY – MORGRINE CHALLENGE, FRANCE
Over 60 of our properties across France participate in a paper reduction challenge, termed “Morgrine“ (more
green). This challenge aims to reduce the amount of paper printed across the stores. Year-on-year paper
consumption is tracked and monitored. Those with the biggest reduction in paper consumption can win awards.
The award winners are encouraged to share tutorials on best practice tips for paper reduction with the rest of
the European organization: more than 250 properties. Paper consumption has certainly gone down across the
French stores, around 18.0% year-on-year, in part due to this challenge.

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OUR NET ZERO CARBON COMMITMENT
The scientific community has clearly stated the need to reach net zero global carbon emissions by mid-century,
in order to limit global warming to 1.5°C and reduce the destructive impacts of climate change on human society
and nature.
The Intergovernmental Panel on Climate Change (IPCC) defines net zero as that point when “anthropogenic
emissions of greenhouse gases to the atmosphere are balanced by anthropogenic removals over a specified
period”. The Paris Agreement
sets out the need to achieve this balance by the second half of this century.
The concept of net zero has been rising in prominence ever since, and countries, cities, companies and other
stakeholders are increasingly committing to reaching this ambitious goal. Shurgard’s European corporate offices
and stores are obligated to meet requirements defined within the relevant European Directives, namely the
Energy Performance of Buildings (EPBD) and Energy Efficiency Directive (EED). For example, these directives
commit the sector to an energy efficiency reduction target of 32.5%, with policies to stimulate deep renovation
(Building Renovation Passport) and improve the energy performance of buildings in development (Renovation
Wave). However, Shurgard recognizes that we must go further.
As such, Shurgard is committing to decarbonizing its operations, including its travel footprint, guided by best
practice principles. We will use the energy hierarchy to drive down carbon emission levels to “Paris Agreement
proof”. We will neutralize our remaining climate impact by investing in carbon offsetting projects. We will also
engage with our suppliers to tackle their climate impact.
OUR NET ZERO CARBON STRATEGY
We define operational Net Zero Carbon (NZC) for our buildings as the point in time when the amount of carbon
emissions associated with the company’s operational energy on an annual basis is zero or negative. A net zero
carbon building is highly energy efficient and powered from on-site and/or off-site renewable energy sources,
with any remaining carbon balanced via a reputable carbon offset project.
Our commitment is to achieve absolute net zero carbon across our entire material emissions by 2040 or sooner.
In addition, we have set an interim target to be operationally net zero carbon by 2030. This commitment builds
on our pledge from 2021, that 100.0% of electricity is sourced from traceable zero carbon energy contracts.
This strategy explains our proposed plan for the upcoming years to 2030, including the targets we have set and
the metrics we will be using to track our progress. This is the first phase on our journey to net zero carbon and
it will focus on operational carbon (energy used in our offices and storage areas). A future second phase will
involve a plan to achieve material net zero carbon by 2040, or sooner, for further scope 3 emissions including
business travel, employee commuting and embodied carbon from our developments.

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NET ZERO CARBON DELIVERY SCOPE
PHASE 1
Our phase 1 net zero carbon commitment applies to operational carbon emissions of our properties, where we
have operational control and a direct ability to impact energy use and their associated emissions. We have been
measuring and reporting the carbon emissions associated with managing our locations for many years. Scope 1
and 2 greenhouse emissions come from the fuels and electricity that we purchase and control, in order to operate
our properties. In addition, we also include corporate emissions – scope 1 and 2 from our offices - in our phase 1
commitment. For information, we have occupied an all-electric head office building for a number of years now,
which has eliminated scope 1 emissions (arising from gas use).
PHASE 2
Our net zero carbon target to 2040, or sooner, phase 2, focuses on scope 3 emission sources. Scope 3 emissions
are from indirect sources – the capital goods, primarily the embodied carbon, built into new developments and
refurbishments and from materials used on site. In between phases we will develop an understanding as to the
precise make-up of phase 2 components.
The availability and quality of scope 3 emissions data is currently limited. An important component of our
roadmap to net zero is to improve the breadth and depth of this data, and to develop more accurate monitoring
and reporting protocols.
NET ZERO CARBON DELIVERY STRATEGY
We follow the greenhouse gas management hierarchy when setting actions to deliver our NZC commitment. The
first step is to ‘eliminate’ emissions initially through low-carbon business decisions. Step 2 relates to increasing
efficiency across our operations to ‘reduce’ greenhouse gas emissions. Step 3 aims to ‘substitute’ energy-
intensive technologies for low-carbon technologies. Step 4 ‘compensates’ residual emissions through offsetting.
This will only be considered as a final step should the emissions be unavoidable. Below we set out our net zero
carbon strategy at core stages of our business:
ACQUISITION
During acquisition we will:
• Appraise the potential for renewable installations – no over sighting/shadowing from natural
daylight/ planned neighboring developments;
• Consider the potential for renewable energy generation from local supplies or schemes;
• Incorporate climate scenario mapping to understand resilience to physical climate threats.
DEVELOPMENT AND REFURBISHMENT
In development and refurbishment we will:
• Explore the assessment of whole life embodied carbon for new developments, including end of life;
• Specify all-electric heating and cooling systems, with resilience against power outages;
• Maximize on-site renewable energy generation.

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OPERATIONS (STORES)
During operation we will:
• Identify priority assets for net zero carbon audits and implement auditing schedules if/where
required;
• Set out energy efficiency measures in the store management plans and maintenance programs for
all properties, including new developments;
• Identify properties in the portfolio that can be retrofitted to all electric heating and cooling systems;
• Explore opportunities for on-site solar photovoltaic installation;
• Procure 100% of electricity from Renewable Energy Guarantees of Origin (REGO) backed sources.
OPERATIONS (CORPORATE)
At corporate head office we will:
• Set out energy efficiency measures in plans and maintenance programs for all offices;
• Review the energy demand of our offices, set operational energy intensity targets and monitor
ongoing performance;
• Develop a program for employee engagement to improve performance, including energy,
water consumption and waste production;
• Explore opportunities for reducing carbon emissions from business travel.
Store under development, Cologne

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MONITORING AND REPORTING
To track progress we will:
• Increase the granularity of operational energy consumption data by: (1) ensuring the accuracy of
existing meters, (2) upgrading to half-hourly meters with AMR technology that automatically feeds
into software platforms, (3) installing additional sub-metering, where considered valuable;
• Report progress against net zero ambitions transparently on an annual basis within the ESG report
and GRESB.

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Barking store - rated BREEAM Excellent
GREEN CERTIFIED BUILDINGS
Shurgard encourages the achievement and maintenance of green building certifications to protect value and
stay ahead of regulations. The Real Estate department at Shurgard is responsible for achieving and maintaining
green building certifications, with the support of our ESG Management Group. The Group initiates feasibility
studies and provides support to meet certification requirements and performance objectives. BREEAM (Building
Research Establishment Environmental Method) is the certification of choice across our seven markets. BREEAM
is a sustainability assessment method used to assess the environmental performance of buildings. Currently
19.0% of our portfolio holds BREEAM certification, and we are committed to certifying developing assets in our
pipeline where relevant.
2021 GREEN BUILDING CERTIFICATION ACHIEVEMENT
• Energy Performance Certificate (EPC) across 100.0% of our portfolio. Over 80% of EPCs are rated
at A+ or A (or equivalent);
• The percentage of BREEAM certified stores across our portfolio with a minimum 'Good' rating has
increased from 10.2% to 13.3%.
2022 GREEN BUILDING CERTIFICATION ACTION
• For upcoming constructions, where relevant: to obtain BREEAM New Construction certificate.

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ENVIRONMENTAL MANAGEMENT SYSTEM
We believe that using an Environmental Management System (EMS) supports better ESG results. Shurgard’s EMS
aligns with the International Standards Organization (ISO) 14001 standard, which is an internationally recognized
approach to environmental management. The key elements of our strategy include:
1. Plan: The results of our materiality review, together with asset level risk and opportunity analysis, are
used to develop control procedures, objectives and targets, with the overall objective of achieving
continual improvement.
2. Implement: We implement improvement programs in conjunction with our local partners and suppliers.
3. Monitor and Measure: We use a variety of approaches to monitor and measure ESG performance.
Performance is tracked on a regular basis.
4. Review: We complete regular progress reviews. This is a vital element of our approach and is designed
to help ensure our approach is refined and improved. A further, in-depth annual review is also
completed. We also use external methodologies, including GRESB, Sustainalytics and CSA, to benchmark
our performance externally.
5. Report: Finally, we commit to reporting progress on an annual basis.
2021 EMS ACHIEVEMENTS
• We have fully implemented an environmental management system, aligned to ISO 14001;
• We had no implication in any significant ESG controversies.

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CLIMATE RELATED RISKS AND OPPORTUNITIES
Climate scenario analysis allows a company to plan for what it considers to be the material impacts of climate
change. The ESG Management Group agrees that we should expect some physical climate change risks to have
an impact on our business.
The impacts from localized flooding and from rising temperatures are deemed material.
Climate change is deemed a material issue to Shurgard from both a financial materiality perspective, and
environmental and social materiality perspective.
PHYSICAL CLIMATE CHANGE RISKS
Impacts from both flooding and rising temperatures will likely have a financial impact on us. It may also have a
reputational impact if stored goods are affected, and an indirect financial impact through rising insurance costs.
The financial impact of flooding could come from a range of impacts, such as damage to goods stored on the
ground and basement floors, unblocking drains, clearing up large scale flooding, and more frequent maintenance
of the building infrastructure that is exposed to a large amount of rain falling over shorter time frames, such as
roofs, gutters, signage, etc.
The financial impact for longer periods of hot weather could come from a range of impacts, such as heat damage
to goods being stored, increase in use of ventilation/cooling, potential retro-fitting of air conditioning units,
detrimental impact on immediate neighborhoods through urban island effects and community pressure to
address heat issues.
We report on climate-related risks consistent with the Non-Financial Reporting Directive (2014/95/EU)
and the
recommendations of the Task Force for Climate-Related Financial Disclosures (TCFD) within Appendix 1.
TRANSITION RISKS
There are a number of aspects of changing climate that the ESG Management Group deems likely to occur, in
line with the commitments outlined in our net zero carbon commitment:
• A focus on electrification and decarbonization;
• An increase in carbon/emission taxation and fines (may vary across countries);
• An increase in standards, especially for buildings;
• A significantly higher reporting burden including scope 3;
• The introduction of a carbon price.
Decarbonizing Shurgard’s operations will allow us to:
• Avoid the risk of stranded assets;
• Minimize the costs by investing at the right time;
• Minimize taxation, including carbon/emission taxation;
• Utilize our sustainability credentials to attract customers/investors.

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INTERNAL PROCESSES
Shurgard has processes in place which we perceive are sufficient to maintain a close watch on increasing costs
driven by climate change. These include:
• Identifying emerging issues through visual inspection for planned and unplanned maintenance.
This is particularly useful for physical risk;
• Identifying issues via our ESG Management Group, for instance, modelling the potential increase
in energy costs for cooling and understanding better the suitability of external tools, such as CRREM
tool methodology.
2022 ACTIONS
• Our initial undertaking in 2022 is to conduct physical climate scenario mapping across our entire
portfolio, to better understand the climate hazards we may face;
• Our goal is to further improve our transparency and reporting around this area, in alignment with
the Task Force on Climate-Related Financial Disclosures (TCFD);
• We intend to replace inefficient gas heating systems across European stores with green gas
procurement and/or air source heat pumps, at a ratio of 10 per year.
CLIMATE-RELATED RISKS
Regulation 2021 2020
Percentage floor area of EPCs rated A or more (European equivalent) 80.4%
-
We have two EPCs, both from stores in France, with low ratings. They are now a high priority for rectification.
CLIMATE-RELATED OPPORTUNITIES
Transitioning to a low carbon economy 2021 2020
% of gas purchased from renewable sources (market based) 63.0% 0.0%
% of electricity purchased from renewable sources (market based) 100.0% 0.0%
Greenhouse Gas (GHG) emissions intensity from building energy consumption (Scope 1 and
2) – tCO2 e/CLA (sq m)
1.02 5.5

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IMPACT ON SOCIETY
Shurgard is committed to finding and implementing effective solutions to pressing societal issues and prioritizing
sustainability. We partner internally and externally to make a difference in society. We are attentive to societal
changes, and provide our expertise through social and societal impact programs.
DELIVERING A POSITIVE SOCIETAL IMPACT
At Shurgard, to help enable meaningful action, we define community as our immediate neighbors and those in
the local catchment areas surrounding our stores. We support and empower our community partners by focusing
on building positive and lasting relationships and maintaining a sustainable operation. We believe that having
an open and transparent dialogue with our local communities enables us to create a harmonious environment
for our neighbors, customers, and employees alike.
Compliance with local laws and regulations is paramount to the progress of our development projects, the
sustainability of our operations and harmonious community environments. Hence, we consult and develop
compliance action plans for each area in which we operate.
All our stores (as well as our corporate offices) have time and financial budgets to provide in-kind support and
sponsorship to our community partners and this financial year they have continued to utilize these budgets to
make a positive contribution.
The effectiveness of our community engagement is continuously reviewed and adjusted to ensure that we
sufficiently address community interests and opportunities.
GRI 413-1
2021 ACHIEVEMENTS
• Continued our charity partnership with Le Rire Médecin, a leading association in France working
with clowns entertaining children in hospitals. Shurgard provides free storage space at three of our
storaes in the Paris region;
• Continued our charity partnership with Stichting Babyspullen, a leading foundation in the
Netherlands providing free baby essentials to low-income parents-to-be. Shurgard serves as a
collection point for the foundation by placing donation containers at 20 self-storage locations
across the Netherlands. In addition, Shurgard provides free storage space for Stichting Babyspullen
at each of its stores;

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• Established a charity partnership with Pelicano, a foundation that fights to end child poverty in
Belgium. Since 2009, they have been committed to ensuring all children’s basic needs of healthy
living conditions, nutritious food, education and meaningful leisure time are met. Shurgard provides
the foundation with free storage space at seven different self-storage locations and is collecting
toys which Pelicano will distribute to underprivileged children during the Christmas period;
• Continued support of B2HELP to provide protection equipment to enable students in Africa to
return to school in safe conditions. We provide free storage space for this charity at one of our
stores in Belgium;
• Continued support of Off Road Kids: a German non-profit organization that runs a street social
work system to prevent homeless young people from becoming street children; We provide free
storage space for this charity at three of our stores in Germany;
• Sponsored Team Rynkeby
, a Nordic charity cycling team raising money for organizations that
support children with critical diseases across Europe. Shurgard has signed a platinum sponsorship
contract with the organization, providing free storage space at three locations in Denmark and five
locations in Sweden. In 2021, we completed a Fundraising Step Challenge, where our Shurgard
teams collectively completed 6,420 kilometers, raising €1,400 for Team Rynkeby;
• Continued our charity partnership with the Mayor's Fund for London an independent pan-London
charity offering support to young Londoners from low-income backgrounds. We were awarded the
Fedessa Charity Initiative Award 2021 for our support of the Mayor’s Fund for London;
• Taken part in two engaging workshops at the Riverside Academy, Barking with the Mayor’s Fund
for London’s Access Aspiration Program. Shurgard provided helpful tips on how to create a great
CV and prepare for a job interview.
Fedessa Charity Initiative Award 2021

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SOCIETAL IMPACT OBJECTIVES
Below we set out our core social objectives:
• Implement a community and charitable engagement policy;
• Continue to engage charity programs in each of our seven markets;
• Improve reporting on corporate citizenship and philanthropic endeavors;
• Integrate social integration criteria into the new store planning and development phase.
2022 SOCIETAL IMPACT ACTIONS
To deliver our social objectives, in 2022, we will take the following actions:
• Implement, and make publicly available, a Community and Charity Policy;
• Maintain existing reporting on corporate citizenship and philanthropic endeavors.
Mayor’s Fund for London Aspiration Program

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PHILANTHROPIC CONTRIBUTIONS
For 2021, we estimate below the total monetary value (at cost) of Shurgard's corporate citizenship/philanthropic
contributions for each of the following categories. 100% of our corporate citizenship and/or philanthropic
activities are comprised of charitable donations, a breakdown is provided in the table below:
Type of Contribution 2021
Cash Contributions €18,344
Time: employee volunteering during paid working hours €2,081
In-kind giving: product or service donations, projects/partnerships or similar €75,650
Total Charitable Contributions
€96,795

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REPORTING ON THE IMPACT OF OUR ESG COMMITMENTS
GRESB
GRESB
is the Global Real Estate Sustainability Benchmark. GRESB is a mission-driven and investor-led
organization that provides actionable and transparent Environmental, Social and Governance (ESG) data to
financial markets.
GRESB collects, validates, scores and benchmarks ESG data to provide business intelligence,
engagement tools, and regulatory reporting solutions. The GRESB Assessment is guided by what investors and
the industry consider to be material issues in the sustainability performance of real asset investments and are
aligned with international reporting frameworks, such as GRI, PRI, SASB, DJSI, TCFD recommendations, the Paris
Climate Agreement, UN SDGs, region and country specific disclosure guidelines and regulations.
In 2021, more than 1,500 property entities, REITs, funds and developers participated in the Real Estate
Assessment, representing $5.7 trillion in assets under management. The Assessment covers nearly 117,000
assets across 66 countries.
Shurgard is delighted to announce a 2021 5-star result, with a score of 87 out of 100.
This is an improvement of 27 points versus our first submission in 2019. In addition, we performed well in the
Public Disclosure element of the assessment, receiving full marks.
Significantly, Shurgard also achieved GRESB Real Estate Sector leader status – denoting our position as first in
our peer group. The result reflects Shurgard’s efforts over the last two years to improve our ESG management
and performance.

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CORPORATE SUSTAINABILITY ASSESSMENT
The Corporate Sustainability Assessment (CSA) and the collaboration with Dow Jones Indices (now S&P Dow
Jones Indices) is a foremost global sustainability benchmark. Companies are selected for inclusion in the Dow
Jones Sustainability Indices (DJSI), S&P 500 ESG and several other sustainability indices in part based on their
results in the S&P Global CSA. The CSA applies a best-in-class approach, meaning no industries are excluded
from the assessment. It compares companies across 61 industries via questionnaires assessing a mix of 80-
100 cross-industry and industry-specific questions. On the basis of their performance, companies receive scores
ranging from 0 to 100 and percentile rankings for approximately 20 financially relevant sustainability criteria
across economic, environmental and social dimensions. All assessed companies' industry rankings are published
on the Bloomberg Platform. S&P Global ESG Scores, calculated from the CSA, are available publicly and accessible
to the financial community on the S&P Global Market Intelligence platform.
In 2021, we participated in the CSA and achieved results of 39/100. Given that we were in our first year of ‘active’
participation and the nuances of the CSA (e.g. demands for most evidence to be publicly available), we believe
this to be a good result. We will undertake this again in 2022.
SUSTAINALYTICS
During the year, we had our risks and control measures evaluated via the https://www.sustainalytics.com/
ESG
Risk Rating. Sustainalytics’ ESG Risk Ratings measure a company’s exposure to industry-specific material ESG
risks and how well a company is managing those risks. This multi-dimensional way of measuring ESG risk
combines the concepts of management and exposure to arrive at an absolute assessment of ESG risk. We were
awarded a score of 13.2, a significant improvement on our 2020 score of 21.7 (the lower the better). This places
us now in the ‘low risk’ category.
Shurgard is in the top 13 % in real estate and in top 5 % globally.

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EPRA SBPR
Shurgard reports the Company’s sustainability indicators based on EPRA’s (
European
Public Real Estate Association) latest recommendations: Best Practice
Recommendations on Sustainability Reporting, third version September 2017. The
EPRA sustainability Best Practices Recommendations (sBPR) are intended to raise the
standards and consistency of sustainability reporting for listed real estate companies
across Europe. As with the EPRA financial BPR Awards, each year EPRA recognizes
companies which have issued the best-in-class annual sustainability performance
report. Based on adherence to the EPRA sBPR in their public disclosure, companies are
identified for Gold, Silver or Bronze Awards. The Award winners are announced each
year at EPRA’s Conference.
In 2021, we achieved a Gold Award – an improvement on our Silver Award in 2020.
INVESTOR RELATIONS
In addition to the reporting frameworks and benchmarks above, our executive team runs a program of investor
engagement activities including annual and quarterly reporting cycles and attends investor events across Europe
and the USA. In September 2021, we hosted a successful webcast investor event. A replay can be found here:
https://www.shurgard.com/corporate/investors/investor-day/2021
.

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EU TAXONOMY
EU Taxonomy objectives
Shurgard considers climate change a key risk and is committed to operate its business in a sustainable manner,
by mitigating the impact of its operations on the environment. We recently announced our ambition to become
a material net zero carbon company by 2040.
Climate change is a global challenge, also being addressed by the European Union through ambitious climate
and energy targets to reach the objectives of the European Green Deal. As part of these activities, the EU
Taxonomy has been issued, establishing a common understanding of green economic activities that make a
substantial contribution to EU environmental goals, by providing consistent, objective criteria to classify and list
activities that are environmentally sustainable. It aims at providing companies, investors, and policymakers with
appropriate definitions to objectively measure how sustainable a company is, enable comparability and help
direct investments towards sustainable projects.
Regulatory Framework
The EU Taxonomy Regulation was published in June 2020 and entered into force on July 12, 2020. The Taxonomy
Regulation establishes six environmental objectives: (i) Climate change mitigation, (ii) Climate change adaptation,
(iii) The sustainable use and protection of water and marine resources, (iv) The transition to a circular economy,
(v) Pollution prevention and control, and (vi) The protection and restoration of biodiversity and ecosystems.
Together with the Corporate Sustainability Reporting Directive (CSRD) these two instruments aim at ensuring
that companies falling in the scope of the CSRD, disclose the environmental performance information of the
company as well as information about a company’s Taxonomy aligned economic activities. The EU Taxonomy
Regulation tasked the European Commission (“EC”) to establish technical screening criteria through delegated
acts.
In the first Taxonomy Delegated Act, the EC defined these Technical Screening Criteria (“TSC”) for each objective.
This first Delegated Act was formally adopted on June 4, 2021. This Delegated Act set the criteria for the most
relevant sectors in achieving the green goals, including sectors such as energy, forestry, manufacturing, transport
and buildings.
According to the EU Taxonomy, covered companies have to disclose:
• The extent to which they invest (through “CapEx”) to either strengthen or expand their activities
which are already Taxonomy-aligned, or to upgrade activities to make them Taxonomy aligned;
• Green turnover;
• Green expenditures (“OpEx”).
The disclosure requirements start applying:
• On January 1, 2022 in relation to the climate objectives (climate change mitigation, climate change
adaptation);
• On January 1, 2023 in relation to the other four environmental objectives.
As of January 2022, non-financial undertakings have to disclose only the proportion of Taxonomy-eligible and
Taxonomy non-eligible economic activities, in their total turnover, capital and operational expenditure and in
addition qualitative information relevant for this disclosure (“Accounting Policies”).

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Shurgard’s taxonomy-eligible activities
A taxonomy-eligible activity under the Taxonomy Regulation is defined as an economic activity that is described
in the European Commission’s Delegated Acts. In line with the above guidance, we have analysed Shurgard’s
economic activities to evaluate their eligibility to contribute to the aforementioned environmental objectives.
We concluded that our “Construction and Real estate” activities are taxonomy-eligible. This pertains specifically
to the following NACE codes:
NACE Code Taxonomy-eligible Example of taxonomy-aligned activity
F41.1 Development of non-residential building projects. Construction of a new self-storage store,
renovation of an existing self-storage
property, installation, maintenance and repair
of energy efficiency equipment, stations for
electric vehicles, instruments and devices for
measuring, regulating and controlling energy
performance of buildings and of renewable
energy technologies.
F41.2 Construction of non-residential buildings.
F43
Specialised construction activities (site preparation,
electrical installation, plumbing, heat and air-
conditioning installation, roofing, etc.).
M71
Architectural and engineering activities; technical
testing and analysis (building design and drafting).
The other economic activities of Shurgard were classified as non-eligible as they are not part of the activities
under the scope of the first Delegated Act on the climate objectives (e.g. renting out self-storage units).
Shurgard’s taxonomy-aligned activities
Shurgard is currently in the process of setting up a governance structure and processes to assess and track the
taxonomy alignment of the above eligible activities. A taxonomy-aligned activity must make a substantial
contribution based on the TSC outlined in the Climate Delegated Act, should not significantly harm the other five
environmental objectives and should comply with minimum safeguards check. In line with the EU Regulation,
Shurgard will start reporting on the taxonomy-alignment of its activities for all reports published from January
1, 2023.
Turnover, CapEx and OpEx KPI’s
Article 8 of the Taxonomy Regulation defines 3 Key Performance Indicators (KPI) to assess the proportion of
turnover, CapEx and OpEx associated with economic activities that qualify as environmentally sustainable.
Shurgard is preparing its financial statements in accordance with International Financial Reporting Standards
(“IFRS”), as adopted by the European Union. The KPI’s calculated here below are based on the EU Regulation
definitions. Qualitative information is provided to give some clarity on what is included or excluded from the KPI’s
in order to ensure the reader of the information can understand how these KPIs should be understood, compared
to IFRS financial information provided in the financial statements.
Turnover
The turnover KPI represents the proportion of Shurgard’s net turnover derived
from products or services associated with environmentally sustainable
economic activities, as currently covered by the first Delegated Act.
Eligible activities: none
Shurgard’s turnover, consisting mainly in real estate rental revenue and
ancillary revenue, is not eligible under the EU Taxonomy.

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Capital Expenditures (“CapEx”)
The CapEx KPI represents the proportion of Shurgard’s capital expenditure
that is either already associated with environmentally sustainable economic
activities or is part of a credible plan to extend such activities or for activities
which are not yet taxonomy-aligned to reach environmental sustainability.
Eligible activities: construction and development of self-storage
facilities; installation, maintenance and repair of specialized
construction activities; architectural design
Shurgard’s CapEx consists of acquisition of stores (IFRS 3 / IAS 16 / IAS 40), expenditures on our investment
properties (IAS 40), rights of use (IFRS 16), property, plant and equipment (IAS 16), and capitalized intangible
assets (IAS 38).
The capital expenditures are generally taxonomy-
eligible, as they relate to constructions, renovations,
installation, maintenance and repair of specialized construction activities and building design and drafting, as
described in the Delegated Acts.
From the KPI numerator the rights of use of our company cars, our office equipment, the finance leases (IAS17)
and the capital expenditures recognized as intangible assets have been excluded, as relating to activities not
covered by the first Delegated Act.
Operating Expenditures (“OpEx”)
The OpEx KPI represents the proportion of operating expenditure associated with
environmentally sustainable economic activities or the above-mentioned CapEx
plan. The operating expenditure covers essentially non-capitalized costs relating
to the maintenance and servicing of company assets (plant, equipment) that are
necessary to ensure the continued and effective use of such assets associated
with taxonomy-alignment.
Eligible activities: construction and development of self
-storage facilities; installation, maintenance and
repair of specialised construction activities; architectural design
.
Our operating expenses are made up of the following category of expenses: Staff compensation and benefits
expense; Real estate and other taxes
; Repair and maintenance expense; Marketing expense; Utilities; Doubtful
debt expense; Ancillary operations expense; Real Estate leasehold expense; Irrecoverable VAT; Legal and
Consultants; Insurance expense; Costs related to the IT infrastructure; Office
Administration; Other OpEx; Travel
and Representation; Expenses incurred as a result of involuntary conversion; Business interruptions insurance
recoveries regarding involuntary conversions; Acquisition cost expensed and dead deals; Share
-based
compensatio
n expense; Capitalized costs and Depreciation and amortization expenses.
Not all our operating expenses meet the definition of OpEx KPI as per the Taxonomy Regulation. We included the
following expenses into the denominator:
The staff compensation and benefits expenses of our personnel working in the Facility Management (managing
our properties and ensuring they are repaired and maintained), Real estate (research, development and

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NON-FINANCIAL REPORTING DIRECTIVE
The new Corporate Sustainability Reporting Directive (CSRD) revises and strengthens rules introduced by the
Non-Financial Reporting Directive (NFRD). Shurgard aims to adhere to the requirements within the Non-Financial
Reporting Directive (NFRD). We remain informed of the requirements of the Corporate Sustainability Reporting
Directive (CSRD) – which currently will be an obligation in our 2024 report (affecting the 2023 reporting period)
– providing an extension to the requirements of the NFRD.
2021 REPORTING ACHIEVEMENTS
• GRESB – Awarded five Green Stars in 2021 results, a score of 87 out of 100;
• Sustainalytics – Awarded a 2021 score of 13.2. This places us now in the ‘low risk’ category;
• Achieved an EPRA sBPR Gold Award for our reporting covering the 2020 calendar year, published
in 2021.
REPORTING OBJECTIVE
• Participate in GRESB and other reputable frameworks, and work to improve scores year-on-year.
2022 REPORTING ACTION
• Host a workshop with key members of the Shurgard team to better understand, and prepare for,
the disclosure requirements of EU Taxonomy regulations.
construction
/design of our properties, including searching for acquisition targets) and IT service departments
(intangible assets). The staff cost includes travel, representation and share
-based compensation expenses.
• Repair and maintenance expenses.
• Irrecoverable VAT, for the portion pertaining to expenses included in the numerator.
•
Legal and consultants, for the part related to, amongst others, architecture, engineering,
construction or real estate services.
• Costs related to the IT infrastructure (data centers, IT projects, infrastructure maintenance, etc.).
• Office Administration, only for expenses related to office equipment.
• Acquisition costs expensed and dead deals.
The other expenses are excluded from the denominator.
In the numerator, 2
4% of our expenses were considered as non-eligible. They belong to non-capitalized costs
relating to assets that are not eligible such as costs related to our company cars, our IT
-related expenses
(associated with intangible assets that are not in scope of the Taxonomy) and our office equipment.

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PROVIDING BEST-IN-CLASS CUSTOMER SERVICE
Delivering excellent customer service is central to the Shurgard ethos and we view it as a key competitive
advantage. We are committed to understanding our customers’ needs, providing tailored storage solutions and
delivering on our brand promise. Our focus on customer engagement and insights informs our customer
experience strategy which aims to deliver superior experiences and in turn, drive retention and referrals.
Our policies and procedures are designed to protect the health, safety and privacy of our customers. We monitor
and assess these programs which are updated regularly based on our learnings.
Around 80% of the Shurgard customer base are residential customers whose storage needs range from short
term due to moving home, renovating or simply needing more room, through to long-term needs for collectibles
or hobbies. The remainder of the Shurgard customer base is businesses, from online retailers or local businesses
through to multi-national companies requiring a distribution network.
We define four overarching demand drivers for self storage – demographic, housing market, socioeconomic and
business market. Changes in these drivers and market conditions influence the demand for self storage and in
turn our operating business.
2021 CUSTOMER SERVICE ACHIEVEMENTS
• Over 30,000 Google reviews were collected with an average rating of 4.9 out of 5 stars. Our all-
time rating currently stands at 4.8 out of 5. It is a valuable testimony to our service level and
feedback approach;
• We have expanded the scope of our engagement with customer review site Trustpilot, collecting
reviews from our customers in all the markets in which we operate. Over the last 12 months, our
customers have rated their experience 4.4 out of 5;
• Meanwhile from January to October of 2021, 6,400 reviews were collected using Feefo, the online
review platform which guarantees genuine feedback by direct invites only. These reviews were
rated between 4.6 and 4.8 out of 5 across the European countries we operate;

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• Service Value
, the rating and ranking agency, presented Shurgard with the highest
recommendation rate in the self-storage industry – a recommendation score of 18.7 – following
a customer survey in April/May 2021.
2022 CUSTOMER SERVICE ACTIONS
• Continue to seek customer feedback through Google reviews and seek improvement opportunities
at each store;
• Aim for 100% of stores and districts to be reviewed at the high-end of the Google rating range
(4.5+ out of 5).

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ENCOURAGING ESG THROUGH THE SUPPLY CHAIN
We commit to working with appointed partners, suppliers and contractors to improve ESG performance through
our supply chain.
To drive positive change and as part of our procurement process, we ask our suppliers strategic questions and
evaluate different options using a wide variety of criteria. Sustainable procurement means going beyond price,
quality, and value to also incorporate environmental, social, and governance considerations into our supply-chain
decisions and purchases. Our sustainable procurement strategy contributes to local communities and, by buying
locally, helps reduce negative environmental and health impacts, by notably promoting high labor standards and
local job creation.
As part of our sustainable procurement strategy, Shurgard:
• Considers environmental, social and governance matters when procuring products, services and
equipment;
• Provides our employees and suppliers with knowledge and resources about sustainable
procurement principles;
• Proactively implements compliance provisions in contract templates;
• Reviews modern slavery and bribery risks throughout the supply chain.
We continually look for opportunities to increase dialogue and improve understanding, both internally and
externally, on sustainable sourcing. Strategies include addressing sustainability-specific requirements in our
standard procurement agreements. Within all our contracts we have clauses relating to anti-bribery, human
rights and modern slavery
1
.
Shurgard is committed to preserving rainforests and other natural forests with high conservation value, and will
work systematically and purposefully to ensure that our products do not contribute to deforestation. This
commitment applies to all of our operations and sourcing.
Shurgard uses paper and board for the packaging sold to our customers to aid their moving needs. We require
that all of our suppliers of wood fiber-based products for packaging applications only use wood fibers from
forests that are managed sustainably and that provide appropriate traceability. The wood fibers must come from
forests that are certified. All forestry-based products (for packaging) supplied to Shurgard are either Forest
Stewardship Council (FSC) or PEFC (and other certifications recognized by PEFC) certified. We promote these
credentials alongside the packing materials for sale. Other documentation given to customers is on FSC certified
paper.
2021 SUPPLY CHAIN ACHIEVEMENT
• Conducted an ESG supplier assessment on the main construction and maintenance suppliers in
each market where we operate.
SUPPLY CHAIN OBJECTIVE
• Continue to develop sustainable supply chain engagement frameworks.
1 For further information, see our Anti-slavery, human trafficking and child labor statement: 20190930-shurgard-anti-slavery-human-traffiking-child-labor-
statement.pdf (azureedge.net)

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2022 SUPPLY CHAIN ACTION
• Our ongoing commitment is to continue to require our supply chain to confirm their approach on
anti-bribery and corruption, modern slavery and diversity and inclusion policies. We will keep the
performance of our key suppliers (identified by turnover) under annual review.

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OUR EMPLOYEES
Our employees are a key pillar in our sustainability strategy.
The commitment of our teams to the development of our employees is based on sharing common values such
as collective effort, a strict sense of ethics and the search for excellence. The sustainability objectives are set in
line with these goals and are consistent with values and convictions.
STRENGTHEN ENGAGEMENT AND SOCIAL COHESION
We place a high degree of trust and authority in our support center teams and operational management to run
each store and region with support and oversight from our European Support Center.
Shurgard is passionate about creating excellent workplaces characterized by optimal organizational health,
wellbeing and productivity of our employees. Our policies and programs are designed to make our employees’
working life productive and rewarding. We foster an open, supportive, diverse and inclusive culture and regularly
monitor and evaluate our performance in this regard.
We are accredited by Investors in People
, an internationally recognized people management accreditation
association. The accreditation recognizes Shurgard as having principles and practices in place to support our
employees and that our employees are aware of how to use them to make our work environment better. The
accreditation will require renewal in 2023.
Glassdoor operates a review site for employees of large corporations, such as ours. Our current ranking is higher
than average (the average rating is a 3.69 out of 5, while the average CEO approval rating is 82%).

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SHARE AND LIVE THE SHURGARD CULTURE
Our ambition is to anchor Shurgard‘s culture in everyday practices in order to forge positive relationships, improve
the employee experience and create a united internal environment.
Diversity, Equity and Inclusion
Shurgard is committed to an inclusive workplace that embraces and promotes diversity, pay equity and equal
opportunity. The principle of non-discrimination permeates all of the processes inherent in our Company. To
meet this commitment, we make sure that Shurgard guarantees equality, whether it be gender, culture, age, or
origin, in all its processes, including:
• Talent review;
• Compensation review;
• Promotions;
• Development programs.
Our teams are located in eight countries. We therefore benefit from a naturally diverse and high-quality employee
base. Our diversity of thinking and experience fosters innovation and long-term relationships. We strive to create
a working environment that is synonymous with warmth, respect, support and appreciation. We strive to increase
the diversity of gender, culture, age, origin and training within our workforce. We value, respect and leverage the
unique contributions of people with diverse backgrounds and perspectives to enhance the understanding of the
needs of our customers. We believe that this encourages innovative solutions and exceptional customer service
within an equally diverse community. Our commitment to creating and ensuring a diverse work environment
contributes to Shurgard’s corporate objectives and embeds the importance and value of diversity within the
culture of our organization.
Shurgard aims to create an inclusive environment that supports people and removes artificial barriers from the
workplace. Training for all employees on sexual harassment and discrimination occurs at induction and is
refreshed on a regular basis. The management of Equal Employment Opportunities within Shurgard is the
responsibility of all employees. Recruitment, selection and promotion of individuals into specific positions or for
development opportunities are determined on personal/professional merit, and all employees are subjected to
the same rules and conditions of employment without regard to any individual differences. Shurgard also
respects the right of all employees to form and join a trade union of their choice without fear of intimidation or
reprisal, in accordance with national law.
OVER 36 NATIONALITIES REPRESENTED IN THE BUSINESS
51.0% OF WOMEN AMONG PROMOTIONS
46.0% OF WOMEN AMONG RECRUITMENTS
2021 DIVERSITY, EQUITY AND INCLUSION ACHIEVEMENT
• Maintained a 30% women ratio for our Non-Executive Directors.
DIVERSITY, EQUITY AND INCLUSION OBJECTIVES
• Create a Diversity and Inclusion training;
• Monitor workforce according to nationality and diversity indicators where possible;
• Compile and report on equal pay analysis.

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2022 DIVERSITY, EQUITY AND INCLUSION ACTION
• Implement a Diversity and Inclusion training.
Within our stores, we foster an inclusive culture which engages with all potential candidates. The outcome of
this culture is a good gender balance in our stores, which employ 80.3% of the total Shurgard personnel. Within
stores across our seven operating countries, the total gender split is 60.0% male and 40.0% female. In 2020,
the gender split was 61.0% male and 39.0% female.
The gender split for our European Support Center employees was 50.0% male and 50.0% female in 2021, against
57.0% male and 43.0% female in 2020.
The gender pay difference for store personnel is marginal across our different operating countries. The total
difference is 2.4% (in favor of male personnel) across all geographies which reflects a range between -10.5%
and -1.3%. Denmark has our highest difference of -10.5% due to the larger ratio of male employees who have
been with the Company for a longer period. The balance is being examined further, to inform future recruitment
strategies.

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PRIORITIZE WORKPLACE HEALTH AND SAFETY
The safety of our employees and our customers is our chief priority. Safe practices are inherent in our systems,
our operating procedures, and most importantly in the way we think and act. Shurgard is fully committed to
providing safe storage facilities for our customers and our employees. Health and Safety criteria are regularly
assessed in our properties to ensure that applicable Health and Safety rules are respected. All the properties are
audited from a Health and Safety perspective:
• by Internal Audit within a three-year cycle (more than one third of the properties are audited each
year);
• by the District Managers three times per year (self-assessments).
A workplace Health and Safety organizational induction is provided to all new team members and contractors
upon initial employment or engagement with Shurgard.
Regular periodic training is conducted with all team members, as well as in instances of changes to the workplace
or operations; plant or equipment; legislation, policies, work processes or processes, and generally as required.
Furthermore, task-specific training is conducted to provide knowledge of Health and Safety issues and safe work
practices relevant to work activities, workplaces or equipment. Training is hands on and interactive, to ensure
complete understanding of procedures. Records of the training conducted and the participation and
acknowledgment of training by team members are kept in an online learning management system or filed with
the Human Resources department.
2021 ACHIEVEMENTS
• Maintained COVID-19 secure procedures at all properties;
• Promoted Health and Safety principles to our customers on all seven market web pages
(e.g., https://www.shurgard.com/en-gb/self-storage/tools-and-tips/health-and-safety-tips
);
• Updated the common checklist with additional Health and Safety control checks around our fire
safety program.
HEALTH AND SAFETY OBJECTIVES
• Maintain Shurgard’s commitment to zero harm;
• Continue to educate and train employees on the importance of maintaining strict Health and Safety
standards.

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INVEST IN THE DEVELOPMENT OF OUR EMPLOYEES
CONTINUOUS TRAINING
Our ambition is to place the development of our employees at the center of our priorities through the continuous
improvement of skills and knowledge, and a continuous process of education and learning. A comprehensive
training offer is defined and updated every year, in line with Shurgard‘s strategy, investors in people accreditation
and regulatory requirements. The performance management process includes the definition of a personalized
skills development plan for each employee. We support our managers and business units in setting development
priorities through specific training or on-the-job learning activities.
We believe the quality of our customers’ interaction with our employees is critical to Shurgard’s long-term
success. Accordingly, we emphasize customer service and teamwork in our employee training programs. Each
in-store employee is required to complete a training program that builds the foundation to assist our customers
with their storage needs. All new employees at our support centers are also engaged in an extensive induction
program which lasts several weeks. We offer a continuous feedback program to help employees improve their
performance. We invest in a wide range of training to grow both professional skills as well as soft skills, such as
communication, problem-solving and time management.
The Shurgard Academy was launched in 2018 to enable us to attract, retain
and train top talent within our stores. The academy provides a transparent
program of progression which empowers our employees to develop
throughout their careers. The academy ensures a structured process of
career progression, from Junior Assistant Store Manager to Senior Store
Manager.
2021 TRAINING ACHIEVEMENT
• 93.0% of our employees underwent the performance appraisal process, an increase of 6.1pp year-
on-year.
TRAINING OBJECTIVE
• Continue employee training in environmental, health and safety.
2022 TRAINING ACTIONS
• Develop further training programs about sustainability for our employees;
• Implement training for managers about providing effective feedback;
• Develop further security/cybersecurity awareness training.

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INTERNAL MOBILITY AND PROMOTION
Shurgard‘s priority is to develop support for employees in their career development, in line with the business
needs, and to help them build a rich career while strengthening their employability. Mobility demonstrates the
employee’s commitment to building a long-term career. Shurgard aims to match personal aspirations with the
needs of the business, prepare for the future in line with strategic focus, develop a shared culture, retain
employees and strengthen our employer brand. Various measures have been implemented or will be
implemented soon, including:
• Systematic publication of open positions on our website;
• Priority given to internal applications.
A DYNAMIC REMUNERATION POLICY
The philosophy of Shurgard‘s remuneration policy is to reward long-term performance, attracting and retaining
talent through competitive, fair and gender-neutral compensation. Performance is as much individual as it is
collective. Shurgard is committed to the sincerity and transparency of the link between performance and
remuneration. This link must also be a driver for employee motivation and commitment. We look at pay equity
at all levels. Thus, people with similar roles and responsibilities receive comparable salaries. We ensure our
alignment with best practices and our compliance with the various legislations in force. We regularly participate
in remuneration surveys in order to assess our conditions within the business.
GRI 102-35

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ETHICS AND GOVERNANCE
Ethics and integrity are founding values of Shurgard. All activities and developments are guided by a strict sense
of responsibility and a duty of transparency. We expect our employees and stakeholders to respect our
fundamental values, sense of ethics and compliance with the applicable regulations.
The adoption of ethical and responsible practices defines the way we do business. This is a required condition
for our development and sustainability. Maintaining and reinforcing the trust established with our customers,
employees and shareholders is our daily priority.
In our opinion, robust corporate governance focused on managing sustainability issues helps to:
• Be more competitive;
• Maintain success;
• Create long-term value.
We align our strategy with the challenges facing our industry and regulatory changes related to sustainability.
Since the beginning we have integrated non-financial risks into our governance and processes. This approach
has been reinforced during the latest cycle of sustainability objectives under our environmental management
system. Supporting the transformations of our industry and a strict alignment with current societal challenges
are our priorities. We will strengthen the alignment of our values and processes, as well as internal synergies
around sustainability issues. In addition, we will formalize the links between our existing policies, guidelines and
processes and sustainability issues. With regard to our stakeholders, this strengthens our transparency and our
sense of duty.
As a Luxembourg Société Anonyme whose shares are listed on Euronext Brussels, Shurgard is subject to both
Luxembourg corporate governance and Belgian corporate governance regimes. As we recognize the importance
of high standards of corporate governance, we have set up our own Corporate Governance Charter that meets
the specific needs and interests of our Company. The charter came into effect when the Company was listed on
Euronext Brussels. Our governance structure is designed to foster principled actions, informed and effective
decision-making, and appropriate monitoring of both compliance and performance. For additional information
please refer to the Corporate Governance Charter in the “Governance” section of the Shurgard website:
Governance Documents | Shurgard Investor Relations
. The last update to the Corporate Governance Charter
occurred on September 20, 2021.
The governing bodies of our Company are the Board of Directors and the General Shareholders’ Meeting. The
powers of these governing bodies are defined in the 1915 Companies Act of Luxembourg and our Articles of
Association. The Board together with the Senior Management manages the Company in accordance with
applicable laws.
2021 ETHICS AND GOVERNANCE ACHIEVEMENTS
• We rolled-out the Code of Conduct among all employees;
• There were no fines, notifications, penalties, or settlements during 2021;
• There have been no breaches to our Code of Conduct throughout the year (across areas of privacy,
bribery, corruption and discrimination);

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• No contributions to or expenditures to political campaigns or organizations, lobbying, tax-exempt
entities, or other groups whose role is to influence political campaigns or public policy and
legislation in reporting year
(GRI 415-1);
• The group is part of local trade associations for self storage. In 2021, the total amount of the
membership fees across the group was around €28,900
1
.
2022 ETHICS AND GOVERNANCE ACTION
• Host a workshop with key members of the Shurgard team to better understand, and prepare for,
the disclosure requirements of the EU Taxonomy Regulation.
GRI 307-1
1 Belgian Self Storage association (Belgium) = €2,100; CISS (France) = €6,100; NSSA (The Netherlands) = €6,100; VDSU (Germany) = €3,680; Self Storage
Association Denmark (Denmark) = DKK 12,500; Self Storage Association UK (UK) = £6,460; Self Storage Association (Sweden) = SEK 16,000

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CORPORATE GOVERNANCE
The management and supervision of Shurgard comprises a Board of Directors which is the body responsible for
Shurgard’s senior management, supervision and control. To support the Board, there are three main committees:
the Audit Committee, the ESG Committee and the Real Estate Investment Committee.
Having robust governance bodies is a priority for Shurgard. A diversity of profiles is required among the members
of its collegiate bodies. Thus, the collective expertise of each of them contributes to the implementation,
management and supervision of all business activities. The Board of Directors provide guidance, direction and
oversight to advance the interests of Shurgard and our stakeholders.
Shurgard is committed to respecting the rules of governance. To this end, it has established transparent financial
reporting and effective internal controls. It is organized in such a way as to promote a strong culture of awareness
of compliance, business ethics and risk management.
GRI 102-18 / 102-19 / 102-20 / 102-22 / 102-25 / 102-32
BOARD OF DIRECTORS
According to our Articles of Association, the Directors are appointed by the General Shareholders’ Meeting for a
term of one year. The General Shareholders’ Meeting also determines the number of members of the Board of
Directors, their remuneration and the terms of their office (which may not exceed one year). The Directors are
eligible for reelection, and they can be removed at any time by the General Shareholders’ Meeting, with or without
cause. If the Board has a vacancy, the remaining Directors have the right to appoint a replacement until the next
General Shareholders’ Meeting.
The Board of Directors is currently composed of 11 members - one Executive Director and ten Non-Executive
Directors. A majority (six) of the members of our Board of Directors is independent, of which one has been
appointed Lead Independent Director. At the Annual General Shareholders’ Meeting of May 5, 2021, all the
members of the Board were re-appointed for a term of one year ending at the Company’s Annual General
Shareholders’ Meeting to be held in 2022.
For more detailed information on the composition of the Board of Directors, see below.
RESPONSIBILITY OF THE BOARD OF DIRECTORS
The Board of Directors retains sole responsibility for the following matters:
a) Convene the general meeting of shareholders of the Company;
b) Establish the internal regulations of governance of the Company;
c) Elect the members of the Audit Committee, the ESG Committee and the Real Estate Investment
Committee;
d) Appoint and remove the CEO of the Company;
e) Delegate the day-to-day management of the Company to the CEO;
f) Appoint and remove the other executive board members when their appointment or removal is
proposed by the CEO;
g) Approve the overall Company strategy;
h) Approve the annual overall Company budget;

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i) Approve the annual balance sheet and profit and loss accounts and propose an allocation of the annual
profits;
j) Approve any acquisition or disposal of assets, properties or subsidiaries worth more than €50.0 million;
and
k) Decide on a Company basis on the introduction or major amendments of pension schemes, share option
schemes, participation of employees in profits, or similarly important labor relations schemes.
BOARD MEETINGS
The Board of Directors meets as often as the interests of the Company require and at least four times a year.
The meetings are called by the Chairperson of the Board. Except in urgent cases or with the prior consent of all
the Directors, at least 48 hours’ written notice must be given for Board meetings.
The Chairperson prepares the agenda of the Board meetings after consultation with the CEO and/or the Lead
Independent Director.
The Chairperson presides at meetings of the Board. If they are absent the Board can vote by majority to appoint
another Director as Chairperson for the relevant meeting. At least half of the Directors must be present at the
meeting for any deliberation and voting to be valid. No Directors can be represented by another Director at any
meeting of the Board.
The convening notice provides details of the day, time and place of the Board meetings. The Board and its
committee meetings are conducted in English and can be held remotely (e.g., by video or telephone conference).
In these circumstances, the connection must be uninterrupted, all members taking part in the meeting must be
identified, and they must be able to communicate with each other on a continuous basis.
During the financial year 2021, the Board of Directors held eight meetings. All members of the Board were present
at these meetings. Also, over the year, the Board members assessed the way the Board operates, the effective
fulfilment of its role, its rules, policies and tools available. They consider the way the Board operates as adequate
to perform their role and to ensure good governance of the Company, thus, no change has been requested.
As provided in the Articles of Association of the Company and, to the extent necessary, in accordance with the
Luxembourg law of September 23, 2020 (as extended on December 17, 2021) on measures concerning the holding
of meetings in companies and other legal persons, a law passed in the context of the COVID-19 pandemic, which
permitted the managing body of a Luxembourg company to hold its meetings by videoconference, the meetings
of the Board of Directors of the Company and of the board-level Committees were held by videoconference
(except the meetings of August and November 2021).

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DIRECTORSHIPS HELD BY BOARD MEMBERS
As of December 31, 2021, our Board members held directorship mandates in the following companies:
* PS Business Parks, Inc. is an affiliate of Public Storage
SHARE OWNERSHIPS OF DIRECTORS
As of December 31, 2021, the members of the Board of Directors owned 179,881 shares or 0.2% of the total share
capital of the Company. The breakdown of share ownership is:
Name Number of shares
Ronald L. Havner, Jr. 10,000
Marc Oursin 137,092
Z. Jamie Behar 1,901
Everett B. Miller III 500
Muriel De Lathouwer 2,979
Olivier Faujour 4,347
Frank Fiskers 4,347
Ian Marcus 2,515
Padraig McCarthy 2,000
Isabelle Moins 1,700
Daniel C. Staton 12,500
Total 179,881
Name Mandates
Ronald L. Havner, Jr.
Public Storage, PS Business Parks, Inc
*
, AvalonBay Communities, Inc., Huntington
Hospital, Easy Ice
Marc Oursin Ugly Invest
Z. Jamie Behar
Armour Residential REIT, Inc., Broadstone Real Estate Access Fund, Benefit Street
Partners Multifamily Trust, Puppies Behind Bars
Everett B. Miller III No other directorship
Daniel C. Staton Staton Capital LLC, ARMOUR Residential REIT Inc, ACM, Terran Orbital, Techiya LLC
Ian Marcus
Secure Income REIT PLC, Town Center Securities plc,,
Anschutz Entertainment,
Work-
Life, Elysian Residences, the Wharton Business School Real Estate Faculty,
Eastdil Secured LLP, Redevco NV, Cambridge University Land society
Muriel De Lathouwer
CFE, Coderdojo Belgium asbl, Etex, Olympia group of companies, CPH,
ULB dev
(economic development of the research from the Free University of Brussels)
Olivier Faujour Wegrow SaaS, Neosilver Silver Economy, Alpange Pianos Company
Frank Fiskers Whitbread PLC
Padraig McCarthy
Kleos Space SA
Isabelle Moins April International Care France, Smile Corp (SAS), Innovaas

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INDEPENDENCE OF BOARD MEMBERS
Six of the Non-Executive directors – Muriel De Lathouwer, Olivier Faujour, Frank Fiskers, Ian Marcus,
Padraig McCarthy and Isabelle Moins – are independent of management and other outside interests that might
interfere with the exercise of their independent judgement. We define an “independent Board member” as a
member who:
a) Is not an executive or managing director of the Company or an associated company;
b) Is not an employee of the Company or an associated company;
c) Does not receive significant additional remuneration from the Company or an associated company apart
from a fee received as Non-Executive Director;
d) Does not have an employee, contractual or managerial relationship with, is not an agent of, nor has a
financial interest in or receives compensation from, the controlling shareholder(s) (i.e., a strategic
shareholder with a 10.0% or larger holding);
e) Has no significant business relationship with the Company. Business relationships include significant
suppliers of goods or services (including financial, legal, advisory or consulting services), a significant
customer and organizations that receive significant contributions from the Company or Group;
f) Is not a partner or employee of the external auditor of the Company or an associated company;
g) Is not an executive or managing director in another company in which an executive or managing director
of the Company is a non-executive or supervisory director, and does not have other significant links
with executive directors of the Company through involvement in other companies or bodies; and
h) Is not a close family member of an executive or managing director, or of persons in the situations
referred to in points (a) to (g).

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DIVERSITY OF BOARD MEMBERS
Shurgard is committed to achieving a high level of diversity at all levels in qualities such as age, gender, race,
ethnicity, geography, sexual orientation, gender identity and diverse background. The commitment to diversity
also extends to the Company’s Board. Our Board reflects diverse perspectives, including a complementary mix of
skills, experience and backgrounds, which we believe is paramount to the Company’s ability to represent the
interest of all shareholders. As disclosed below, 30% of the Non-Executive Board members are women, and the
Company aims to increase that ratio. Also, six nationalities are represented on the Board of Directors which
allows for an enriching cultural exchange.
Furthermore, the Board members have different skills backgrounds: all of them have management experience,
three quarters have finance experiences, and seven directors have a strong background in real estate, including
self storage. The Board members’ profiles are further complemented by experience in marketing, engineering
and insurance. To enhance the self-storage and corporate governance skills of the members of the Board,
ongoing training is provided by the Company.
GRI 405-1

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COMMITTEES OF THE BOARD
The Board of Directors has set up the following committees, each of which is governed by internal rules and
regulations approved by the Board:
• the Audit Committee;
• the ESG Committee;
• the Real Estate Investment Committee.
The Board of Directors can amend or rescind the powers delegated to each of the committees and amend the
internal rules and regulations to which the committee is subject.
According to their internal rules and regulations, each of the committees convenes at appropriate times and
whenever required by our affairs. The meetings are called by the Chairperson or by two members acting jointly.
The meetings of the committee are held either in the Grand Duchy of Luxembourg or at other places indicated
on the convening notice; or via an online secured videoconference system due to certain circumstances and as
authorized by the law (such as the COVID-19 safety rules and travel restrictions experienced). Except in urgent
cases or for regularly scheduled meetings, the meetings of the committee are announced in writing at least 48
hours in advance. This notice can be waived if each member of the committee provides documented consent.
Meetings previously scheduled by the committee do not require a separate notice. Members of the committee
can participate in a meeting remotely by conference call or videoconference. Remote participation is equivalent
to a physical presence at the meeting. At least half of the committee members present or represented at a
committee meeting constitutes a quorum, and resolutions are adopted by a simple majority vote of the
committee members present or represented. In case of a tie, the resolution will not be approved. The committee
provides periodic reports to the Board of Directors and assesses its own effectiveness annually.
AUDIT COMMITTEE
The Audit Committee is responsible for all matters set forth in the Luxembourg law of July 23, 2016, on the audit
profession, as amended (the “Audit Act”). The Audit Committee should, in particular, perform the following
activities:
a) Inform the Board of Directors of the outcome of the statutory audit and explain how the statutory audit
contributed to the integrity of financial reporting and what the role of the Audit Committee was in that
process;
b) Monitor the financial reporting drawing-up process and submit recommendations or proposals to
ensure its integrity;
c) Monitor the effectiveness of our internal quality control and risk management systems and, where
applicable, its internal audit, regarding our financial reporting, without breaching its independence;
d) Monitor the statutory audit of the annual and consolidated financial statements, in particular its
performance, taking into account any findings and conclusions by the CSSF pursuant to Article 26(6) of
Regulation (EU) No 537/2014;
e) Review and monitor the independence of the approved statutory auditor(s) (réviseur(s) d’entreprises
agréé(s)), in particular the appropriateness of the provision of non-audit services to the audited entity
in accordance with Article 5 of Regulation (EU) No 537/2014;

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f) Be responsible for the selection of the approved statutory auditor(s) (réviseur(s) d’entreprises agréé(s))
and recommend the approved statutory auditor(s) (réviseur(s) d’entreprises agréé(s)) for approval by
the Company’s shareholders except when Article 16(8) of Regulation (EU) No 537/2014 is applied.
At least one member of the Audit Committee should be competent in accounting and/or auditing. The Audit
Committee members as a whole should be competent in the relevant sector in which we are operating. A majority
of the members of the Audit Committee should be independent of the Company. The chairperson of the Audit
Committee should be appointed by its members and should also be independent of the Company.
As of December 31, 2021, the Audit Committee consisted of four members: Padraig McCarthy (chairperson),
Z Jamie Behar, Isabelle Moins and Muriel De Lathouwer. Padraig McCarthy, Isabelle Moins and Muriel De
Lathouwer are considered independent Board members. Padraig McCarthy, Z. Jamie Behar and Muriel De
Lathouwer have a special competence in accounting and/or auditing in listed companies. Three out of the four
members of the Audit Committee are independent, which ensures good governance and nonpartisan decision-
making. Z. Jamie Behar, non-independent director has been appointed onto the Audit Committee due to her
renowned academic knowledge in finance and 25 years of senior experience in both public and private market
real estate investment.
During the financial year 2021, the Audit Committee held four meetings, where all committee members were
present.
Over the year, the Audit Committee members assessed the way the Committee operates, the effective fulfilment
of its role, its rules, policies and tools available. They consider it as adequate to perform their role and to ensure
good governance of the Company, thus, no change has been requested.
ESG COMMITTEE
1
The ESG Committee is responsible for the following matters:
a) The review and approval of corporate goals and objectives relevant to the Senior Management’s
compensation, and the evaluation of their performance related to these goals;
b) Making recommendations to the Board on incentive compensation plans and equity-based plans;
c) Submitting proposals to the Board on the remuneration of members of the Senior Management;
d) Making recommendations to the Board on the Company’s framework of remuneration for Senior
Management and other members of the executive management, and assisting the Board in drawing up
the remuneration policy of the Company;
e) Identifying candidates qualified to serve as members of the Board and executive officers;
f) Recommending candidates to the Board for appointment by the General Meeting or for appointment
by the Board to fill interim vacancies on the Board;
g) Facilitating the evaluation of the Board and reporting to the Board on all matters relating to
remuneration (including, for example, on internal pay disparity);
h) Preparing a remuneration report (which should contain, among others, disclosure on the remuneration
of each executive officer) and which should be submitted to the annual Shareholders’ Meeting for an
advisory vote;
1 The Nomination and Remuneration Committee has been renamed the ESG Committee to better and more accurately reflect its larger scope of responsibilities,
which includes the addition of ESG-related matters.

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i) Overseeing the Environment, Social and Governance (ESG) strategy of the Company and monitoring the
completion of the ESG objectives;
j) Reviewing any ESG report filed by the Company;
k) Assisting the Board in reviewing and assessing the Company’s ESG risks;
l) Submitting a list of candidates to the Board on the appointment of new directors and Senior
Management;
m) Assessing the existing and required skills, knowledge and experience for any post to be filled and
preparing a description of the role, together with the skills, knowledge and experience required;
n) Making an assessment about the independence of candidate directors; and,
o) Assessing, together with the CEO, the way in which the Senior Management operates and the
performance of its members at least once a year.
The ESG Committee members should be competent in the relevant sector in which we are operating. The
committee will be composed of independent Directors and Non-Executive Directors of the Board of Directors.
As of December 31, 2021, the ESG Committee consisted of five members: Frank Fiskers (chairperson), Muriel
De Lathouwer, Ian Marcus, Padraig McCarthy and Olivier Faujour, all of whom are considered independent Board
members.
During the financial year 2021, the ESG Committee held four meetings where all committee members were
present.
Over the year, the ESG Committee members assessed the way the Committee operates, the effective fulfilment
of its role, its rules, policies and tools available. They consider it as adequate to perform their role and to ensure
good governance of the Company, thus, no change has been requested.
REAL ESTATE INVESTMENT COMMITTEE
The Real Estate Investment Committee is authorized by the Board to review and approve all acquisitions or
disposal of assets, properties or subsidiaries under €50 million.
As of December 31, 2021, the Real Estate Investment Committee consisted of six members: Z. Jamie Behar
(chairperson), Olivier Faujour, Frank Fiskers, Daniel C. Staton, Ian Marcus and Everett B. Miller III. Ian Marcus,
Olivier Faujour and Frank Fiskers are considered independent Board members.
During the financial year 2021, the Real Estate Investment Committee held nine meetings, where all committee
members were present.
Over the year the Real Estate Investment Committee members assessed the way the Committee operates, the
effective fulfilment of its role, its rules, policies and tools available. They consider it as adequate to perform their
role and to ensure good governance of the Company, thus, no change has been requested.

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SENIOR MANAGEMENT
The Senior Management of the Group is made up of five members, who hold their positions through employment
contracts with entities of the Group, except for the CEO who has a management agreement and who is appointed
and may be removed by the Board of Directors.
The Board of Directors has delegated the daily management of the business to the CEO. The CEO has the authority
to represent the Board, as well as a number of ancillary specific powers. In addition, the CEO has been granted
powers to approve any development or refurbishment of real estate assets.
In 2021, the Senior Management team changed. In August, Mr. Jean-Louis Reinalda stood down as VP Real Estate.
This position was subsumed within that of the Chief Investment Officer entrusted to Ms. Isabel Neumann. She
brings exceptional skills in real estate investment to the role, and this change adds more diversity at the Senior
Management level.
DIRECTORSHIPS HELD BY SENIOR MANAGEMENT
As of December 31, 2021, the members of the Senior Management held directorship mandates in the following
companies:
Name Mandates
Marc Oursin Ugly Invest
Jean Kreusch Transforming Talent SPRL
Duncan Bell Self-Storage Association UK (SSAUK)
Ammar Kharouf No other directorship
Isabel Neumann Belfius Bank & Insurance
During his mandate as senior manager for part of 2021, Mr. Jean-Louis Reinalda held a directorship mandate in
Tekto BV in the Netherlands.
SHARE OWNERSHIP OF THE MEMBERS OF SENIOR MANAGEMENT
As of December 31, 2021, members of the Senior Management owned the following numbers of shares, adding
up to 280,134 shares or 0.31% of the total share capital:
Name Number of shares
Marc Oursin 137,092
Jean Kreusch 86,521
Duncan Bell 12,173
Ammar Kharouf 44,348
Isabel Neumann 0
Total 280,134
The members of the Senior Management will have to meet share ownership requirements. They were requested
to build up shareholdings in the Company proportional to their fixed compensation over the five years following
the IPO (2018). This shareholding requirement was set at 2.5 times the fixed compensation for the CEO, 2.0 times

SHURGARD ANNUAL REPORT 2021
104
for the CFO and 1.5 times for the other Senior Management members. For the four members who were present
at the time of the IPO, this was satisfied well in advance of the five-year period.
DIRECTORS’ AND MANAGEMENT CONFLICTS OF INTEREST
Members of the Senior Management have employment agreements with an entity of the Group, other than the
CEO who has a management contract. Certain members of the Senior Management also serve on the boards of
various Group companies. In addition, the CEO is a member of the Board of Directors of the Company. Therefore,
conflicts of interest could arise for members of the Board of Directors and of Senior Management between their
duties towards the Group, the relevant individual Group company and their duties as members of the Board of
Directors of the Company or as a member of Senior Management, respectively.
As of December 31, 2021, the following member of the Board of Directors is partner, director, representative
and/or employee of Public Storage or an affiliate thereof: Ronald L. Havner, Jr.. Z. Jamie Behar, Everett B. Miller
III are members of the Board of Directors elected on the designation of our shareholder New York State Common
Retirement Fund and Daniel C. Staton is a member of the Board of Directors elected on the designation of our
shareholder Public Storage. Apart from these potential conflicts of interest and the transactions and legal
relations described in the section “Related Party Transactions”, there are no other actual or potential conflicts of
interest between the obligations of the members of the Board of Directors or Senior Management toward the
Company and their respective private interests or other obligations.
None of the Board members or members of the Senior Management are related to one another by blood or
marriage. We have not granted any Board members or members of the Senior Management any loans, nor have
we assumed any guarantees or sureties on their behalf.
Pursuant to the 1915 Companies Act, in the event that a member of the Board of Directors has a financial conflict
of interest in any Company transaction submitted to the approval of the Board of Directors, they must inform
the Board of Directors at that meeting and include a record of their statement in the minutes of the meeting.
The member of the Board of Directors may not take part in the deliberations relating to that transaction and may
not vote on the resolutions relating to that transaction. At the following General Shareholders’ Meeting, before
any other resolution is put to a vote, a special report should be made on any transactions in which any of the
directors may have had a conflict of interest with that of the Company.
ANNUAL GENERAL MEETING
The Annual General Meeting of Shareholders must be held within six months following the end of the financial
year at the place and on the day set by the Board of Directors. The Board of Directors can convene Extraordinary
General Meetings as often as the Company’s interests require. In accordance with the Luxembourg Company
Law, a General Meeting of Shareholders must be convened on the request of one or more shareholders who
together represent at least one tenth of the Company’s capital.
The right of a shareholder to participate in a General Meeting and to exercise the voting rights attached to his
shares are determined with respect to the shares held by such shareholder the 14th day before the General
Meeting of Shareholders at 24 hours (Luxembourg time), which is known as the “Record Date”. Each shareholder
has the right to ask questions about the items on the agenda of a General Meeting of Shareholders. Each share
entitles the holder to one vote. Each shareholder can exercise their voting rights in person, through a proxy
holder, or by correspondence in advance of the General Meeting of Shareholders, by means of the form made
available by the Company.

SHURGARD ANNUAL REPORT 2021
105
In the financial year 2021, the Annual General Meeting of Shareholders took place on May 5, 2021.
Due to COVID-19, physical attendance was excluded, and a vote was only possible by power of attorney to the
Chairman of the meeting or by correspondence (further information can be found on our Corporate website:
2021
Annual General Assembly | Shurgard Investor Relations).
STATUTORY AUDITOR
During the financial year 2021, the Company’s statutory auditor (réviseur d’entreprise agréé) was EY. EY is
registered with the CSSF as a cabinet de révision agréé and with the Luxembourg Trade and Companies Register
(Registre de Commerce et des Sociétés, Luxembourg) under number B47771. The registered office of EY
Luxembourg S.A. is 35E, Avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg. EY is a
member of the Luxembourg body of registered auditors (Institut des Réviseurs d’Entreprises). At the
Annual
General Meeting of Shareholders of May 5, 2021, EY was re-appointed as independent auditor (réviseur
d’entreprises agréé) of the Company for a term of one year ending at the Company’s Annual General Meeting of
Shareholders to be held in 2022.
Audit fees in 2021 were €624.545 for the audits of consolidated and statutory financial statements of the
Company and its subsidiaries.

SHURGARD ANNUAL REPORT 2021
106
CODE OF CONDUCT
At all times, our employees must act with loyalty, competence, care and diligence, in the best interests of
customers and other stakeholders. Identifying and understanding irresponsible behavior is a pre-requisite for
any corrective action. Ethical and accountability principles are a mandatory part of each employee’s annual
performance review. In addition, the whistleblowing procedures in place guarantee employee’s complete
confidentiality in the event of a report. In all our activities, checks and balances ensure the proper monitoring of
the systems put in place, in support of our corporate values and objectives. Employee training involves courses
related to business ethics, compliance and regulations.
Our Code of Conduct aims to:
• Define the expected behavior of all employees;
• Make the connection between our company values, policies and guidelines, and individual actions;
• Promote ethical decision-making;
• Ensure that our behavior meets the highest standards of professional conduct.
It covers a number of important topics, including:
• Compliance with the laws and regulations of the countries in which we operate;
• Ethics and transparency in the services provided to customers;
• Protecting confidential information;
• The fight against money laundering and corruption;
• Maintaining a healthy environment, free from harassment and discrimination;
• Conflicts of interest.
It underlines our desire to have a positive and lasting impact on society and our commitment to sustainability. It
provides the overall framework for all topics relevant to our activities. Shurgard employees must comply with it
at all times. Shurgard further expects its employees to promote Shurgard values outside their business activities
and to speak up when they have a concern about a possible violation of the underlying Shurgard policies or the
applicable laws.
We have put in place internal guidelines for each issue that may impact our activities, our employees or our other
stakeholders. These arrangements ensure the active monitoring of compliance with regulations. Thanks to them,
all employees facing these risks are informed of any regulatory changes. Shurgard‘s objective is twofold: maintain
active communication on procedures and guidelines, and review ethics-related policies to integrate non-financial
risks.
GRI 102-15 / 102-17 / 102-29
Anti-corruption and bribery
Shurgard prohibits employees from participating in schemes involving any payment or transfer of Shurgard funds
or assets to any representative of suppliers, customers, public authorities’ officials or others in the form of
commercial bribes, kickbacks, and other similar payoffs and benefits, as detailed in the Ethical Behavior policy of
the Company.

SHURGARD ANNUAL REPORT 2021
107
Bribery and corruption of suppliers and/or customers includes, but is not limited to:
• Gifts (except if customary business practice or in compliance with Shurgard’s business expense
policy);
• Cash payments reimbursed by Shurgard (except expenditures for meals and entertainment of
suppliers and customers that are a customary business expense and in compliance with Shurgard’s
business expense policy);
• The uncompensated use of Shurgard services, facilities or property (except if customary business
practice and lawful);
• Loans, loan guarantees or other extensions of credit (except at prevailing commercial rates);
• Giving or receiving anything of value to (foreign) government officials, (foreign) political parties,
party officials, or candidates for public office, suppliers or customers for the purposes of obtaining,
facilitating (facilitation payments) or retaining business for Shurgard.
Shurgard also prohibits employees from receiving (other than salary, wages or other ordinary compensation from
Shurgard), directly or indirectly, from suppliers, customers or others in connection with a transaction entered
into by Shurgard, anything of a significant value, excessive hospitality, loans or other special treatments. The
same applies to any person having a close personal relationship with the employee.
Failure to comply with such commitments may lead to disciplinary or other measures against culpable employees,
including the termination of employment and/or the termination of contracts with business partners, or to such
contracts not being extended or changed for precautionary reasons.
To mitigate the risk of corruption, employees and Directors of the Board of Shurgard (more information page 95)
shall participate in an annual declaration of conflicts of interest. Additionally, in 2021 our employees participated
in an online training course about anti-bribery as part of our Code of Conduct refreshment training.
Business Ethics and Compliance training 2021 2020
Percentage of employees who attended at least one Ethics and Compliance training
session
82.0% -
In 2021, no cases of corruption or bribery was reported. There were no legal proceedings against Shurgard or its
employees and no confirmed incidents when contracts with business partners were terminated or not renewed
due to alleged corruption.
GRI 205
Community contribution
Shurgard encourages participation by its employees in supporting the community and charity organizations.
Conflict of interests
Shurgard wants its employees to remain neutral and independent when acting for the Company. Hence, conflicts
of interests are to be avoided by employees. If a conflict of interest is unavoidable it must be disclosed at the
earliest opportunity. An online assessment is engaged every year for employees, as per the Conflict of Interest
policy.

SHURGARD ANNUAL REPORT 2021
108
Insider dealing
Shurgard wants to ensure that its employees do not abuse, or place themselves under suspicion of abusing, price
sensitive or inside information that they may have or be thought to have, especially in periods leading up to an
announcement of financial results or of price sensitive events or decisions. Basically, any of Shurgard’s directors
or employees (or people closely associated with them) are prohibited from dealing or attempting to deal in
financial instruments for his, her or its own account or for the account of a third party at any time (i) when such
person is in possession of inside information or (ii) during a closed period (as communicated by the
management). Other restrictions such as prohibition of short sales, hedging, disclosing or using inside
information also apply.
In 2021, employees participated in online training related to Insider Dealing as part of our Code of Conduct
refreshment training.
Whistleblowing
Shurgard annually reviews and updates its procedure, consistent with best practice. The policy is proactively
communicated and made available to all employees in local languages. It is also available on the Shurgard
website for suppliers, customers and other third parties.
The policy is designed to allow all Concerned Persons (e.g., employees, shareholders, executive or non-executive
directors, contractors or suppliers) to disclose information internally on actual or potential acts, which they
believe shows malpractice, unethical conduct or illegal practices in the workplace, without being penalized in
any way. The policy also sets forth how Concerned Persons are to (i) safely express concerns, (ii) know who to
contact, (iii) make a report, and (iv) be protected for raising concerns. Concerned Persons are expected to disclose
or report the acts/incidents (e.g., crime, offense, misconduct, threat or prejudice) that could occur in various
contexts (e.g. financial markets, money laundering, anti-bribery, product safety and compliance, Health and
Safety, consumer protection and regulations). Shurgard ensures that employees act within the law and expects
all Concerned Persons to adhere to all rules, policies and procedures.
A clear reporting procedure is in place to raise any wrongdoing in an appropriate way. In 2021, Shurgard
appointed a third-party provider to develop a secure online platform, through which it will be possible to report
anonymously as from the beginning of 2022. Reported cases are handled by the Internal Audit department
(independent reporting line to the Audit Committee) and, in case of conflicts of interest, by the Legal Department,
treating any whistleblowing disclosure with the highest level of confidentiality. The identity of the reporting
person will be protected at all stages in any internal matter to the extent reasonably possible and subject to
national legislation. Concerned Persons will be protected from retaliation, harassment, victimization or
disciplinary action as a result of any disclosure.
The policy is proactively communicated and made available to all employees in local languages. Online training
as well as regular refresher courses are organized for all employees. Finally, employees in stores are regularly
tested by the Internal Audit department on their knowledge about this policy.
Freedom of Association and Collective bargaining
Shurgard supports freedom of association. As part of this, it respects the right of employees to join unions and
to be represented by representatives of these unions internally and externally in accordance with the applicable
national or local laws and practices. The same standard is applicable for suppliers.
Suppliers must observe the right of their employees to strike and to be members of trade unions.

SHURGARD ANNUAL REPORT 2021
109
In 2021, Shurgard knows of no cases in which freedom of association or the right to collective bargaining have
been seriously jeopardized or even breached.
Shurgard is assessing its suppliers in relation to freedom of association, among other social, governance, and
environmental topics.
GRI 407
RISKS AND OPPORTUNITIES
Understanding the risks analyzed and their potential impact on the commitments made is at the heart of
Shurgard‘s sustainable approach.
The risk management framework makes it possible to see how risks interact over time and at different stress
levels. It benefits from our commitment to transparency and informed decision-making. Tradition and a long-
term perspective are the foundation of our convictions.
In this context, the notion of responsibility and the duty of prevention require an irreproachable control of risks.
The Board of Directors determine the risk tolerance. This is monitored using indicators and risk limits.
Reputational risks, ethical breaches or data protection shortfalls are also monitored. We are aligned with industry
best practice standards to articulate responsibilities and obligations for risk management. This standard allows
us to integrate sustainability risks throughout the organization.
The culture of innovation and collective reflection permeates our business. We believe that incremental
improvements in all of our activities create value for Shurgard’s development. The successful implementation of
our strategic objectives depends on the strength of our risk management. When we identify and analyze the
main operational or non-financial risks, we also identify opportunities. These opportunities will enable us to
create and deliver products, services, processes, collaborations and tools in line with Shurgard’s strategic
objectives. Our commitment to sustainability is part of this approach. It contributes to the transformation of the
activities of our industry which in turn contributes to a more sustainable and responsible world.
GRI 102-30
EXAMPLES OF MAIN RISKS
• Regulatory framework;
• Guaranteeing a long-term business model;
• Capabilities and data management;
• Good corporate citizenship;
• Talent management;
• IT risks;
• Product suitability.
OPPORTUNITIES
• Comply with current regulations;
• Leverage increased levels of innovation;
• Optimize the effectiveness of tools and processes;
• Support the communities in which we operate;
• Invest in training and development;
• Integrate sustainability criteria into investments.

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110
DATA PROTECTION
Ensuring the privacy of our customers’ personal data is a daily concern at Shurgard. We are committed to
protecting the privacy of the data collected for the sole purpose of executing the self-storage contract, and to
ensuring the security of the premises.
The Company has set up a privacy policy that can be found on our commercial website, available in all languages
in the country where we operate and also on the Company’s corporate website. Our contracts with our customers,
but also with our suppliers and employees, contain a data privacy provision, to ensure that all the rights and
duties are understood by the parties. A dedicated email address is available to raise any request or issue
regarding the protection of personal data: dataprotection@shurgard.eu
.
The Security Committee, a cross-departmental body (IT, finance, legal, HR, internal audit, operations, real estate),
has been established for the purposes of proactively engaging with and monitoring data security across the
organization as well as spreading awareness on the topic and training employees about it.
The Security Committee convenes on a quarterly basis and discusses the different security topics related to each
department based on findings, experiences, proposals, actions and reactions and dedicated reporting. Activities
of this committee are reported to and discussed at the Executive Committee. Updates on security-related risks
are reported to and discussed at the Audit Committee on a quarterly basis.
The Security Committee actively monitors security and privacy risks, improving our ability to mitigate them
through:
• Company-wide programs;
• Established industry practices;
• Assessments and responses to threats and vulnerabilities.
Digitization is accelerating and, with it, the risks of invasion of privacy. We are supporting these changes with
digitization projects. Our goal is to optimize certain processes and offer our customers new service options. At
the same time, we pay attention to the smallest details to support technology protection of our stakeholders.
Information security policies and procedures define the classification and rules to be adopted for the purposes
of confidentiality of information and compliance with regulations on the protection of personal data. They
describe the organizational controls put in place to protect information. Our other security measures include
firewalls, data encryption and 24-hour monitoring. This enables us to maintain the quality of technological
systems and proactively detect unusual activity. In addition, all our employees are trained on the collection, the
process and the protection of personal data.
We ensure the confidentiality, integrity and availability of data. This is essential to maintain the trust placed in
us by our customers, employees and other stakeholders. Since the spread of teleworking for our corporate
employees, we have further strengthened our security capabilities. We can thus monitor the increasing number
of threats involving phishing and social engineering.
We also focused on improving the user experience for our customers. To do this, we have simplified the processes
and controls and consolidated security. We are continually and exponentially adapting all our systems.
GRI 102-30

SHURGARD ANNUAL REPORT 2021
111
CYBER SECURITY
Cyberattacks against businesses are increasing in size, speed and sophistication. To protect its information and
systems, Shurgard takes a defense-in-depth approach. This approach:
• Incorporates detailed information on security controls;
• Provides end-to-end protection;
• Offers multiple possibilities to detect, prevent, respond to and recover from cyber threats.
This approach is an essential component of information security management, and it aims to strengthen the
security and stability of technology platforms. In addition, we are constantly developing awareness campaigns.
Shurgard‘s employees are trained, business by business, in the risk of cyberattacks and the importance of data
protection. Shurgard‘s prevention methods and controls include Advanced Threat Protection:
• The prevention of data leaks;
• Network intrusion and vulnerability;
• Ongoing employee awareness programs.
At the same time, we focus on detection, supported by a robust incident response process. Responsible teams
endeavor to anticipate and respond to incidents proactively. Security incident management covers unwanted or
unexpected events that affect confidentiality and the integrity of information that may have an impact on
Shurgard, our customers or employees. The escalation processes, led by management, are designed to best
respond to cyber-attacks or threats to information security, and minimize losses, leaks or disturbances. We use
the information obtained by handling incidents to continuously improve our security. We continuously increase
stability through a better understanding and proactive management of our cyber security risks.

SHURGARD ANNUAL REPORT 2021
112
GRI CONTENT INDEX
Our sustainability reporting has been prepared with reference to the guidelines developed by the Global
Reporting Initiative (GRI). This content index demonstrates our alignment with the General Disclosures and Topic-
Specific Standards for the Priority 1 material topics that were identified following our most recent materiality
review in 2021.
The index is attached as an appendix, available on our investor relations website or upon request.
GRI 102-54 / 102-55

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113
EPRA PERFORMANCE MEASURES
Shurgard reports the Company’s sustainability indicators based on EPRA’s (European Public Real Estate
Association) latest recommendations: Best Practice Recommendations on Sustainability Reporting, third version
September 2017.
OVERARCHING RECOMMENDATIONS
ORGANIZATIONAL BOUNDARY
Shurgard limits its report to properties controlled by Shurgard (operational control) in accordance with the
principles of the Greenhouse Gas Protocol. This includes all real estate assets owned or managed by Shurgard.
Data is reported for our storage properties and separately for our own occupied offices.
Operational control has been chosen since it provides Shurgard with the best conditions for demonstrating
statistics and data that Shurgard can directly influence.
COVERAGE
Shurgard works actively to access relevant data for the properties that Shurgard owns and manages. Having
access to data is important to Shurgard, as the information creates conditions for efficient and sound technical
management of the buildings. The proportion of properties included in each indicator is mentioned in connection
with respective key indicators.
Measurement data is affected by changes in the portfolio – i.e., recently purchased, sold and project properties
– which complicates access to relevant data. Shurgard constantly strives to access all relevant data as
comprehensively as possible. We commit to reporting on progress annually.
ESTIMATIONS OF DATA
In order to meet Annual Report deadlines, all environmental data under measured indicators has been estimated
for the last three months of 2021 i.e., October 1, 2021 to December 31, 2021. Data from January 1, 2021, to
September 30, 2021 is actual. Where data for Shurgard-obtained utility consumption is missing or unreliable, we
have used the following estimation methodology to fill gaps following periods of known consumption:
1. Direct comparison using data from the corresponding period of the previous year;
2. The daily average of available data (requiring a minimum of 180 days) from the current calendar year
is used; or,
3. The daily average of available data (requiring a minimum of 180 days) from the previous calendar
year is used; or,
4. Where insufficient previous data was available, we have excluded the property from reporting.
Where newly acquired assets have entered the portfolio and accurate meter readings are not available
, we have
calculated back dated estimates of an initial meter reading based on pro rata estimates of actual meter reading
data after this time. We have only back dated these estimates to the date that the asset became Shurgard’s
responsibility if less than a year prior to the first available meter reading, or the beginning of the current reporting
year if the acquisition date is more than a year before the first available actual meter reading.

SHURGARD ANNUAL REPORT 2021
114
THIRD-PARTY VERIFICATION/ASSURANCE
This report has been independently assured by a third-party - EVORA Global Ltd
. Their statement can be found
at the end of this report.
CHANGES SINCE LAST YEARS REPORT
In order to meet last year’s Annual Report deadlines, all environmental data under measured indicators were
estimated for the last three months in 2020. Shurgard now possesses the data for the entire calendar year. As
such, there is a difference between 2020 figures reported in last year’s report and 2020 figures reported below,
which consists of a full year of actual data.
NORMALIZATION
Shurgard calculates energy and water intensity key ratios by dividing by the buildings’ floor area. This is the most
widely accepted method in Europe for a self-storage facility to compare energy utilization and resource
consumption.
SEGMENTAL ANALYSIS (BY PROPERTY TYPE, GEOGRAPHY)
Segmental analysis is conducted by property type. Shurgard’s portfolio consists of only one building type – self-
storage properties.
We operate in seven different countries – all located in the European Union and UK. We have chosen not to
perform segmental analysis at country level in this report, but this granularity is available upon request.
We do report on the split of our energy labels (EPCs) and green building certifications (BREEAM) by rating.
DISCLOSURE ON OWN OFFICES
Disclosure on performance for our office occupation is reported separately. Shurgard has a European Support
Center office where it is the landlord, located in Brussels, next to our Groot-Bijgaarden store. The European
Support Center has a floor space of 1,518 sqm and approximately 70 employees work there.
LOCATION OF EPRA SUSTAINABILITY PERFORMANCE IN COMPANIES’ REPORTS
This document is a supplement within the Annual Report, available on Shurgard’s official website.
NARRATIVE ON PERFORMANCE
Where appropriate, we have provided a narrative on our performance alongside the relevant performance
measure in this document.
REPORTING ON LANDLORD AND TENANT CONSUMPTION
Due to the nature of the self-storage business model, Shurgard does not have any “tenants” - as such all utilities
are the responsibility of the landlord i.e., Shurgard. Shurgard does have “customers” – those that use the
portfolio to store belongings – but they are not responsible for any utility consumption.

SHURGARD ANNUAL REPORT 2021
115
REPORTING PERIOD
Reporting for each year accounted for in the EPRA table refers to the calendar year, i.e., January 1, 2021 to
December 31, 2021.
ENVIRONMENTAL SUSTAINABILITY PERFORMANCE MEASURES
The EPRA sBPR compliance table below provides an overview of the EPRA sustainability performance measures
that Shurgard is able to report on, and an explanation of where data cannot be reported.
EPRA sustainability best practice recommendations compliance table
Environmental Sustainability Performance Measures
EPRA Sustainability Performance Measure
Portfolio
Corporate
offices
Where measure
is reported
Storage
assets
Own office
occupation
Pages
Elec-Abs Total electricity consumption
 
59-69
Elec-LfL Like-for-like total electricity consumption
 
59-69
DH&C-Abs Total district heating and cooling consumption

N/A
59-69
DH&C-LfL
Like-for-like total district heating and cooling
consumption

N/A
59-69
Fuels-Abs Total fuel consumption

N/A
59-69
Fuels-LfL Like-for-like total fuel consumption

N/A
59-69
Energy-Int Building energy intensity
 
59-69
GHG-Dir-Abs Total direct greenhouse gas (GHG) emissions

N/A
59-69
GHG-Indir-
Abs
Total indirect greenhouse gas (GHG) emissions
 
59-69
GHG-Int
Greenhouse gas (GHG) intensity from building
energy consumption
 
59-69
Water-Abs
Total water consumption
 
62
Water-LfL Like-for-like total water consumption
 
62
Water-Int Building water intensity
 
122
Waste-Abs
Total weight of waste by disposal route
 
122-123
Waste-LfL
Like-for-like total weight of waste by disposal
route
 
122
Cert-Tot
Type and number of sustainably certified assets


124
Key:
Fully reported  Partially reported -- Not reported  Not
applicable N/A
METHODOLOGY
We have reported on all EPRA Sustainability Performance Measures, using the EPRA Best Practices
Recommendations on Sustainability Reporting 3rd Version, the main requirements of the GHG Protocol Corporate
Standard (revised edition) and emissions factors from country-specific, best practice conversion factors for the
appropriate year. At the time of report production, the International Energy Agency conversion factors relating
to 2019 have been applied to both 2020 and 2021 data for relevant countries.
We have used the GHG Protocol’s location-based methodology for conversion factors for scope 2 emissions.

SHURGARD ANNUAL REPORT 2021
116
Greenhouse gas emissions are reported as metric tons CO2 equivalent (tCO2e) and greenhouse gas intensity is
reported as kilograms of CO2 equivalent (kgCO2e).
Like-for-like measures exclude all assets not held for the full two-year period from January 1, 2020, to December
31, 2021 and any assets for which a building extension has been added.
Any further exclusions from absolute and like-for-like measures have been reported in the data notes
accompanying the EPRA tables.
Applicable properties refer to the number of properties within our organizational boundaries for this indicator.
SOCIAL AND GOVERNANCE SUSTAINABILITY PERFORMANCE MEASURES
We are able to report on all Social and Governance Performance Measures. The EPRA sBPR compliance table
below provides an overview of the EPRA sustainability performance measures that Shurgard is able to report on,
and an explanation of where data cannot be reported.
EPRA sustainability best practice recommendations compliance table
Social and Governance Sustainability Performance Measures
EPRA Sustainability Performance Measure Portfolio Shurgard
Where measure
is reported
SOCIAL PERFORMANCE MEASURES
Storage
assets
Corporate
Own office
occupation
Pages
Diversity-
Emp
Employee gender diversity N/A

N/A 125
Diversity-
Pay
Gender pay ratio N/A

N/A 126
Diversity-
Pay
Equal Pay Analysis N/A

N/A 126
Emp-
Training
Employee training and
development
N/A

N/A 127
Emp-Dev
Employee performance appraisals
N/A

N/A
127
Emp-
Turnover
New hires and turnover N/A

N/A 128
H&S-Emp Employee Health and Safety N/A

N/A 129
H&S-
Asset
Asset Health and Safety
assessments

N/A

130
H&S-
Comp
Asset Health and Safety
compliance

N/A

130
Comty-
Eng
Community engagement, impact
assessments and development
programs

N/A

131

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117
GOVERNANCE PERFORMANCE MEASURES
Storage
assets
Corporate
Own office
occupation
Pages
Gov-
Board
Composition of the highest
governance body
N/A

N/A 132
Gov-Selec
Process for nominating and
selecting the highest governance
body
N/A

N/A 133
Gov-CoI
Process for managing conflicts of
interest
N/A

N/A 134
The absolute energy, building energy intensity, GHG emissions and GHG intensity are reported into two different
tables, one for the own office occupation and one for owned assets. We define “own office occupation” as our
European Support Center located in Groot-Bijgaarden, near Brussels, Belgium. We define “owned assets” as our
storage properties.

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118
ABSOLUTE ENERGY, BUILDING ENERGY INTENSITY, GHG EMISSIONS AND GHG INTENSITY FOR OWN OFFICE
OCCUPATION
Data coverage notes for office occupation:
Only Shurgard’s European Support Center office in Brussels has been included in the absolute and like-for-like
energy, GHG and intensity figures reported as the other offices have been excluded based on small floor areas
and/or Shurgard being only a tenant.
This office does not have either gas or district heating – and as such has nil scope 1 emissions.
Total consumption of electricity obtained by Shurgard for the main office has dropped by 8.3% due to lower
occupancy figures following a local government push to homeworking over 2021 as a preventative measure for
the COVID-19 pandemic.
We are mindful that while our emissions at our corporate offices have dropped, they have effectively been
displaced to homeworking emissions. This is something that we are not currently tracking and will seek advice
on reporting this as a metric in the future.
Scope 2 (location-based) emissions have decreased by 8.3%. The GHG intensity also dropped, despite the carbon
factor used in the methodology remaining the same year-on-year.
GRI 302-1 / 305-1 / 305-2
Absolute
Consumption
Coverage of
applicable
properties
Like-for-like
consumption
Coverage of
applicable
properties
Absolute
Consumption
Coverage of
applicable
properties
Like-for-like
consumption
Coverage of
applicable
properties
Total electricity
obtained by
Shurgard
32.5 32.5 35.4 35.4
Proportion of
electricity from
renewable
sources
100.0%
100.0% 0.0% 0.0%
Energy-
Abs
Energy-LfL
Total energy
obtained by
Shurgard
32.5
32.5 35.4 35.4
Building energy
intensity for all
energy obtained
by Shurgard
24.7 24.7 26.9 26.9 -8.2% -8.2%
% of energy and
associated GHG
estimated
25.0% 25.0% 0.0% 0.0%
Absolute trend
Like-for-like
trend
Building energy intensity for own office occupation (kWh/sqm/year - GIA)
Own Office
Occupation
1 of 1
1 of 1
1 of 1
1 of 1
Energy-Int
Own Office
Occupation
1 of 1
2021
2020
Energy reported in MWh
Elec-Abs
Elec-LfL
Absolute and like-for-like energy for
own office occupation
-8.3%
-8.3%
1 of 1
1 of 1
1 of 1
Absolute
Consumption
Coverage of
applicable
properties
Like-for-like
consumption
Coverage of
applicable
properties
Absolute
Consumption
Coverage of
applicable
properties
Like-for-like
consumption
Coverage of
applicable
properties
Indirect GHG
emission (GHG
Protocol Scope
2 Location-
based) in tonnes
6.5
1 of 1 6.5 1 of 1 7.1 1 of 1 7.1 1 of 1 -8.3% -8.3%
GHG-Int
Own Office
Occupation
Building GHG
Intensity (GHG
Protocol Scopes
1 and 2)
4.9 1 of 1
4.9 1 of 1 5.4 1 of 1 5.4 1 of 1 -8.3% -8.3%
Like-for-like
trend
2021
2020
Building GHG Intensity for own office occupation (Kg CO2e/sqm/year - GIA)
GHG reported in tCO2e
GHG-Indir-
Abs
GHG-Indir-
LfL
Own Office
Occupation
Absolute GHG emissions for own
office occupation
Absolute trend

SHURGARD ANNUAL REPORT 2021
119
ABSOLUTE AND LIKE-FOR-LIKE ENERGY, BUILDING ENERGY INTENSITY, GHG EMISSIONS AND GHG INTENSITY
FOR OWNED ASSETS (SELF-STORAGE STORES)
Absolute
Consumption
Coverage of
applicable
properties
Like-for-like
consumption
Coverage of
applicable
properties
Absolute
Consumption
Coverage of
applicable
properties
Like-for-like
consumption
Coverage of
applicable
properties
Shurgard
obtained
electricity
19,804.1 253 of 253 18,334.3 240 of 240 19,979.3 243 of 243 19,822.4 240 of 240 -0.9% -7.5%
Proportion of
electricity from
renewable
sources
100.0% 253 of 253 100.0% 240 of 240 0.0% 243 of 243 0.0% 240 of 240
% of electricity
estimated
25.0% 25.0% 0.0% 0.0%
Shurgard
obtained district
heating
2,752.0 36 of 36 2,752.0 36 of 36 2,492.5 36 of 36 2,492.5 36 of 36 10.4% 10.4%
Proportion of
district heating
from renewable
sources
0.0% 36 of 36 0.0% 36 of 36 0.0% 36 of 36 0.0% 36 of 36
% of district
heating
estimated
25.0% 25.0% 0.0% 0.0%
Shurgard
obtained fuels
(natural gas)
8,413.9 112 of 112 8,339.5 105 of 105 9,124.2 134 of 134 8,861.3 105 of 105 -7.8% -5.9%
Proportion of
fuels from
renewable
sources
62.5% 70 of 112 62.2% 69 of 105 0.0% 134 of 134 0.0% 105 of 105
% of fuels
estimated
25.0% 25.0% 0.0% 0.0%
Energy
Total Energy
Consumption
from all sources
30,969.9 253 of 253 29,425.7 240 of 240 31,596.0 243 of 243 31,176.3 240 of 240 -2.0% -5.6%
Building energy
intensity for all
Shurgard-
obtained energy
22.2 253 of 253 23.7 240 of 240 25.6 243 of 243 25.1 240 of 240 -13.1% -5.6%
% of energy and
associated GHG
estimated
25.0% 25.0% 0.0% 0.0%
Energy-
Int
Absolute and like-for-
like energy for owned
assets (stores)
2021
2020
Absolute
trend
Like-for-like
trend
Energy reported in
MWh
Elec-Abs
Elec-LfL
DH&C-
Abs
DH&C-LfL
Fuels-Abs
Fuels-LfL
Building energy intensity for self-storage stores (kWh/sqm/year - GIA)

SHURGARD ANNUAL REPORT 2021
120
Data coverage notes for owned assets:
Absolute energy and Scope 1 and 2 GHG emissions: We have been able to report fuels and scope 1 GHG
emissions for all 112 properties for which we purchase fuels and 37 properties for which we purchase district
heating. We have also been able to report electricity and scope 2 GHG emissions data for 253 of 253 properties.
Like-for-like energy: We have been able to report like-for-like electricity performance for 240 of 240 properties
which have been owned and operated by Shurgard for the complete 24-month period analyzed, as well as gas
and district heating performance for 105 of 105 properties and 36 of 36 properties respectively which have been
owned and operated by Shurgard for the complete 24-month period analyzed.
Narrative on performance:
Absolute energy: Total Shurgard obtained electricity for stores has slightly decreased by 0.9%. Shurgard
obtained fuels consumption has increased for district heating by 10.4% and reduced for gas by 7.8%.
Heating/hot water demands for this sector are typically low in nature. Overall, absolute energy demands have
fallen by 2% and energy intensity has also reduced.
Absolute GHG emissions: Total Shurgard obtained scope 1 GHG emissions have reduced by 5.4%. However, in
2021 Shurgard adopted green gas contracts, procured from 100% renewable sources, for all of its stores in the
two highest demand markets (Germany and Denmark). Consequently, Shurgard’s scope 1 Net emissions (after
offsetting) have been further reduced by 66.8%.
Shurgard obtained scope 2 (location-based) emissions – from electricity – have increased in absolute terms by
4.4% due to the opening of new stores. However, in 2021 Shurgard adopted zero carbon electrical supply
contracts at all stores procured from 100% renewable sources. Consequently, the majority of Shurgard’s scope
2 absolute emissions have been reduced by 84.6% (reported as scope 2 (Market-based) emissions).
Like-for-like energy: Like-for-like electricity and fuel consumption has reduced year-on-year due to energy
efficiency measures undertaken at our stores. Overall, like-for-like energy reduced by 5.6%.
GRI 302-1 / 305-1 / 305-2
Absolute
Consumption
Coverage of
applicable
properties
Like-for-like
consumption
Coverage of
applicable
properties
Absolute
Consumption
Coverage of
applicable
properties
Like-for-like
consumptio
n
Coverage of
applicable
properties
Direct GHG
Emissions (GHG
Protocol Scope 1)
2,019.3 112 of 112 2,001.5 105 of 105 2,134.1 134 of 134 2,115.6 105 of 105 -5.4% -5.4%
Direct GHG
Emissions (GHG
Protocol Scope 1)
after green
procurement
709.3 112 of 112
724.0 111 of 111 N/A 132 of 132 N/A 128 of 128 -66.8% -65.8%
Indirect GHG
emission (GHG
Protocol Scope 2
Location-based)
in tonnes
4,307.7 253 of 253 3,593.3 240 of 240 4,126.3 243 of 243 4,295.9 240 of 240 4.4% -16.4%
Indirect GHG
emission (GHG
Protocol Scope 2
Market-based) in
tonnes after green
procurement
636.9 253 of 253 636.9 240 of 240 N/A 243 of 243 N/A 223 of 223 -84.6% -85.2%
GHG Scope 1 & 2
(Location based;
before green
procurement) in
tonnes
6,327.0 253 of 253 5,594.8 240 of 240 6,260.4 243 of 243 6,411.5 240 of 240 1.1% -12.7%
GHG Scope 1 & 2
(Market based;
after green
procurement) in
tonnes
1,346.2 253 of 253
1,360.9 240 of 240 N/A 243 of 243 N/A 223 of 223
GHG-Int
Building GHG
Intensity (GHG
Protocol Scopes 1
and 2)
4.5
253 of 253 4.5 240 of 240 5.1 243 of 243 5.2 223 of 223 -10.4% -12.7%
Building GHG Intensity for owned assets (stores) (Kg CO2e/sqm/year - GIA)
Absolute GHG emissions for
owned assets (stores)
2021
2020
Absolute
trend
Like-for-like
trend
GHG reported in tCO2e
GHG-
Indir-
Abs
GHG-
Indir-LfL
GHG-Dir-
Abs
GHG-Dir-
LfL
GHG

SHURGARD ANNUAL REPORT 2021
121
ABSOLUTE AND LIKE-FOR-LIKE WATER CONSUMPTION AND BUILDING WATER INTENSITY FOR OWN OFFICE
OCCUPATION AND OWNED ASSETS
Data coverage notes:
Absolute water: We have been able to report water usage for all the properties for which we purchase water.
Like-for-like water: 222 assets are reported in our like-for-like comparisons.
Narrative on performance:
All water is municipal potable water discharged from taps in the communal areas of Shurgard properties. Due to
the nature of the sector, there is minimal landlord obtained water across Shurgard’s portfolio and as the business
does not operate in water-stressed locations, such water consumption is not considered material. Total Shurgard
obtained water has increased by 10.9% principally due to the opening of 14 new stores in 2021, 11 of which
recorded water consumption.
Like-for-like water consumption has increased by 22.3% year-on-year. The high variations in percentage of
water consumption year-on-year reflects the limited requirements for water generally and whilst the
percentages seem high, the actual water used across the portfolio is minimal.
Absolute water intensity has decreased slightly by 1.7%; this may be attributable to the newer stores entering
the portfolio being more water efficient.
Water usage at our office has increased slightly; this may be attributable to increased COVID-19 safe cleaning
regimes.
GRI 303-1
Absolute
trend
Like-for-
like trend
Absolute
Consumption
Coverage of
applicable
properties
Like-for-like
consumption
Coverage of
applicable
properties
Absolute
Consumption
Coverage of
applicable
properties
Like-for-like
consumption
Coverage of
applicable
properties
Shurgard
obtained water
151.7 1 of 1 151.7 1 of 1 148.5 1 of 1 148.5 1 of 1 2.2% 2.2%
% of water
estimated
25.0% 25.0% 0.0% 0.0%
Shurgard
obtained water
29,533.2 253 of 253 27,155.4 222 of 222 26,627.6 243 of 243 22,197.0 222 of 222 10.9% 22.3%
% of water
estimated
25.0% 25.0% 0.0% 0.0%
Water-
Int
Own
Office
Water intensity
for all Shurgard-
obtained water
supplying own
occupied offices
0.1 1 of 1 0.1 1 of 1 0.1 1 of 1 0.1 1 of 1 2.2% 2.2%
Water-
Int
Stores
Water intensity
for all Shurgard-
obtained water
supplying
stores
0.02 253 of 253 0.02 222 of 222 0.02 243 of 243 0.02 222 of 222 -1.7% 22.3%
Building water intenstity for self-storage stores (m3/sqm/year - GIA)
Building water intenstity for own occupied offices (m3/sqm/year - GIA)
Stores
Water-
Abs
Water-
LfL
Absolute and like-for-like
water for own occupied offices
& owned assets (stores)
2021
2020
Water reported in m3
Water-
Abs
Water-
LfL
Own
Office

SHURGARD ANNUAL REPORT 2021
122
TOTAL WEIGHT OF WASTE BY DISPOSAL ROUTE AND LIKE-FOR-LIKE TOTAL WEIGHT OF WASTE BY DISPOSAL
ROUTE FOR OWN OFFICE OCCUPATION AND OWNED ASSETS
Data coverage notes for occupied offices:
Absolute and like-for-like waste: Waste consumption decreased over 2021 in the corporate office – this was
partly down to decreased activities requiring waste disposal.
Absolute
tonnes
Absolute
Proportion
Like-for-
like tonnes
Like-for-
like
Proportion
Absolute
tonnes
Absolute
Proportion
Like-for-
like tonnes
Like-for-
like
Proportion
Recycled
10.5 52.2% 10.5 37.4% 14.6 52.5% 14.6 52.5% -28.0% -27.9%
Incineration (with and
without energy
recovery)
9.6 47.8% 9.6 62.5% 13.2 47.6% 13.2 47.6% -27.4% -27.5%
Landfill (non
hazardous)
0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0% 0.0%
Hazardous Waste
Treatment Facility
0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0% 0.0%
Total
20.1 100.0% 20.1 100.0% 27.8 100.0% 27.8 100.0% -27.7% -27.7%
% of waste estimated
25.0% 25.0% 0.0% 0.0%
Coverage of applicable
properties
1 of 1 1 of 1 1 of 1 1 of 1
Absolute
trend
Like-for-
like trend
2020
2021
Waste reported in tonnes
Own
Occupied
Offices
Waste-Abs
Waste-LfL
Total weight of waste by disposal
route and like-for-like total
weight of waste by disposal route
for occupied offices

SHURGARD ANNUAL REPORT 2021
123
Data coverage notes for owned assets:
Absolute and like-for-like waste: Waste data is gathered for all properties in the portfolio where Shurgard has
waste management contracts. 237 out of 253 assets are reported as like-for-like, as not all assets were held for
the full two-year period from January 1, 2020, to December 31, 2021 and any assets for which a building extension
has been added have been excluded (see the Methodology Note for further information).
Absolute waste has decreased by 7.2% despite the increase in stores in 2021. Likewise, like-for-like total waste
decreased by 4.9%.
Total volumes of recycled waste have increased, as minimum standards are in place to ensure that all cardboard
at ourstores is recycled, along with plastic use being minimized.
GRI 306-1 / 306-2
Absolute
tonnes
Absolute
Proportion
Like-for-
like tonnes
Like-for-
like
Proportion
Absolute
tonnes
Absolute
Proportion
Like-for-
like tonnes
Like-for-
like
Proportion
Recycled
1,431.4 64.1% 1,281.1 60.7% 1,271.2 52.9% 1,221.5 55.0% 12.6% 4.9%
Incineration
(with and
without energy
260.4 11.7% 347.1 16.4% 173.2 7.2% 359.8 16.2% 50.4% -3.5%
Landfill (non
hazardous)
0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0% 0.0%
Hazardous
Waste
Treatment
0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0% 0.0%
Materials
Recovery Facility
- Unknown
540.6 24.2% 484.1 22.9% 960.0 39.9% 639.6 28.8% -43.7% -24.3%
Total 2,232.5 100.0% 2,112.2 100.0% 2,404.4 100.0% 2,220.8 100.0% -7.2% -4.9%
% of waste
estimated
25.0% 25.0% 0.0% 0.0%
Coverage of
applicable
properties
253 of 253 237 of 237 243 of 243 237 of 237
Waste-
Abs
Waste-
LfL
Stores
Total weight of waste by disposal
route and like-for-like total weight
of waste by disposal route for owned
assets
2021
2020
Absolute
trend
Like-for-
like trend
Waste reported in tonnes

SHURGARD ANNUAL REPORT 2021
124
TYPE AND NUMBER OF SUSTAINABLY CERTIFIED ASSETS
Cert-Tot (Type and number of sustainably
certified assets)
2021 2020
Type of
Certification
Name of certification
Number of
certified
properties
Percentage of
portfolio
certified (by
floor area)
Coverage of
Applicable
Properties
Number of
certified
properties
Percentage of
portfolio
certified (by
floor area)
Coverage of
Applicable
Properties
Mandatory
Certifications
EU Energy Performance
Certificate
254 100.0% 254 of 254 7 2.7% 7 of 243
Voluntary
Certifications
BREEAM
Pass
12 6.0% 12 of 254 10 5.1% 10 of 243
Good 20 9.3% 20 of 254 15 6.8% 15 of 243
Very Good 7 4.6% 7 of 254 4 2.9% 4 of 243
Excellent 6 4.5% 5 of 254 5 3.3% 5 of 243
Outstanding 1 0.7% 1 of 254 1 0.7% 1 of 243
EPC Breakdown
Score
No of Assets
% of assets
A+
5 2.2%
A
176 78.2%
B
10 4.4%
C
19 8.4%
D
13 5.8%
E
0 0.0%
F
1 0.5%
G
1 0.5%
Data coverage notes:
Mandatory certifications are EU energy performance certificates, which are not mandatory for all of Shurgard's
properties because they are only mandatory for buildings which are marketed or sold, or those that have been
recently constructed. As Shurgard holds assets long-term this is not a material aspect, however, to better
understand the portfolio makeup energy performance certificates have been obtained for the entire portfolio in
2021.
Voluntary certifications include BREEAM (Building Research Establishment Environmental Method). Shurgard
recognizes the benefits of green building certification and seeks to increase the percentage coverage year-on-
year.

SHURGARD ANNUAL REPORT 2021
125
SOCIAL PERFORMANCE MEASURES
EMPLOYEE GENDER DIVERSITY
Employee Gender Diversity
2021 2020
Impact
Area EPRA Code
Units of
Measure Indicator Female Male Female Male
Diversity-
Emp
Diversity-
Emp
% of male and
female
employees
Employees on the
organization's Board
of Directors
27.3% 72.7% 27.3% 72.7%
Employees in the
organization's
Senior Management
20.0% 80.0% 0.0% 100.0%
All employees 40.0% 60.0% 39.0% 61.0%
Narrative on performance:
Shurgard believes that a diverse perspective is key to success. Our current female representation on the Board
stands at 27.3%.
Ms. Isabel Neumann joined Shurgard Self Storage as Chief Investment Officer in August 2021. For further
information, see Leadership and Governance | Shurgard Investor Relations
.

SHURGARD ANNUAL REPORT 2021
126
GENDER PAY RATIO
Employee Gender Pay Ratio
2021 2020
Impact Area
EPRA Code
Units of
Measure
Indicator
Employee gender
pay gap
Diversity-Pay
Gender Pay
Gap (%)
Mean gender pay gap -2.4% -1.7%
Median gender pay gap
-2.8%
0.0%
Narrative on performance:
For all in-store employees, Shurgard discloses the mean and the median gender pay gap between female and
male pay.
In 2021, Shurgard reported a change in the business’ median gender pay gap, due to the larger ratio of male
employees who have been with the Company for a longer period.
EQUAL PAY ANALYSIS 2021
Employee Level Average Women Salary Average Man Salary
Executive level (base salary only) €320,000* €319,672
Executive level (base salary +
other cash incentives)
€320,000* €545,032
Management level (base salary
only)
€84,660 €75,049
Management level (base salary +
other cash incentives)
€107,247 €105,095
Narrative on performance:
We believe that our salary paid is reflective of our continual commitment to maintaining a workplace that is free
from discrimination.
*Note that we employ one female executive who was recruited part-way through the year and as such was
ineligible for ‘other cash incentives’ in 2021. We anticipate that future reporting will demonstrate a more equal
balance.

SHURGARD ANNUAL REPORT 2021
127
EMPLOYEE TRAINING AND DEVELOPMENT AND EMPLOYEE PERFORMANCE APPRAISALS
Employee Training, Development and Performance
2021 2020
Impact Area EPRA Code
Units of
Measure
Indicator
Employee
training and
development
Emp-Training
Average
number of
hours/FTE
Average hours of training
undertaken by employees in the
reporting period (per employee)
67.5 73.0
Employee
performance
appraisals
Emp-Dev
% of total
workforce
% of total employees who
received regular performance and
career development reviews
during the reporting period
93.0% 86.9%
Spend on
learning and
development
N/A € per FTE
Average spend on training per FTE
in the reporting period
€210 €292
Total Hours of
Training
N/A Number
Total number of hours of training
undertaken by all employees in
the reporting period (overall)
52,533 55,016
Narrative on performance:
93.0% of total employees underwent a performance review in 2021, up 6.1pp on 2020 – this positively reflects
the recognition given to the importance of conducting these appraisals.
Our learning hours have fallen slightly. One reason is that in 2020, Shurgard implemented new Enterprise
Resource Planning software, ‘Pharos’ – this involved e-learning training across the business, to each employee.
Following this, in 2021 – and will be the case in future years – training will be provided around this only to new
employees and those requiring refreshing. Another reason of the drop was COVID-19 prevented live trainings.
Each in-store employee is required to complete a rigorous four-month training program that builds the
foundation to assist our customers with their storage needs. European Support Center employees are also
engaged in an extensive induction program which lasts several weeks. Shurgard recruited 227 new employees
over 2021 who all went through induction training.
The Shurgard Academy was launched in 2018 to enable us to attract, retain and train top talent within our stores.
The academy provides a transparent program of progression which empowers our employees to develop
throughout their careers. The academy ensures a structured process of career progression, from Junior Assistant
Store Manager to Senior Store Manager.

SHURGARD ANNUAL REPORT 2021
128
NEW HIRES AND TURNOVER
New Hires and Turnover
2021
2020
Impact
Area
EPRA
Code
Units of
Measure
Indicator
Number Rate Number Rate
Employee
turnover
and
retention
Emp-
Turnover
Total
number
and rate
New
employee
hires
Overall
247 32.0% 265 34.0%
Female 114 46.0% 102 38.0%
Male 133 54.0% 163 62.0%
Employee
turnover
Overall 289 37.0% 199 25.0%
Female 118 41.0% 82 41.0%
Male 171 59.0% 117 59.0%
Narrative on performance:
We continued to increase new hires in 2021, due to recruitment of additional site-based employees for new
stores completed during the year.
GRI 401-1

SHURGARD ANNUAL REPORT 2021
129
EMPLOYEE HEALTH AND SAFETY
Employee Health and Safety
2021 2020
Impact
Area
EPRA
Code
Units of Measure
Indicator
Employee
Health
and
Safety
H&S-Emp
Per 100,000 hours
worked
Injury rate
0.003% 0.002%
Lost day rate 0.07% 0.057%
Days per
employee
Absentee rate
4.80% 4.70%
Total number Fatalities 0 0
Narrative on performance:
Shurgard has specific internal control and management systems to mitigate Health and Safety risks, including
technological solutions and a program of audit and assurance.
In 2021, we maintained our record of no reportable Health and Safety incidents for employees. Our absentee rate
increased slightly in 2021, which is partly attributable to COVID-19 isolation protocols.
GRI 403-2

SHURGARD ANNUAL REPORT 2021
130
ASSET HEALTH AND SAFETY ASSESSMENTS AND COMPLIANCE
Asset Health and Safety assessments and compliance
2021 2020
Impact Area
EPRA Code
Units of Measure
Asset Health
and Safety
assessments
H&S-Assets % of assets
% of assets for which
Health and Safety
impacts are assessed or
reviewed
35.2% 33.3%
Asset Health
and Safety
compliance
H&S-Comp Total number
Number of incidents of
non-compliance
with regulations and/or
voluntary standards
1 2
Narrative on performance:
Shurgard is fully committed to providing safe storage facilities to our customers and our staff. Health and Safety
criteria are regularly assessed in our properties to ensure that applicable Health and Safety rules are respected.
All the properties are audited with respect to Health and Safety criteria:
• By Internal Audit within a 3-year cycle (more than one third of the properties are audited each
year);
• By the District Managers three times per year (self-assessments).
The organization has not identified any non-compliance with regulations and/or voluntary codes. We continue
to comply fully with COVID-19 recommendations issued by local governments and health authorities.
GRI 307-1

SHURGARD ANNUAL REPORT 2021
131
COMMUNITY ENGAGEMENT, IMPACT ASSESSMENTS AND DEVELOPMENT PROGRAMS
Community engagement, impact assessments and development programs
2021 2020
Impact Area
EPRA
Code
Units of
Measure
Indicator
Asset
community
engagement
programs
Comty-
Eng
% of
assets
% of assets under operational
control that have implemented
local community engagement,
impact assessments, and/or
development programs
100.0% 93.8%
Narrative on performance:
Shurgard has a corporate community program that applies across all activities. Further detail of which are
included under the ‘Community Enhancement’ section above.
Community engagement activities are undertaken at a growing number of stores.
All our community initiatives are based on an assessment of the local communities’ needs and we conduct social
and environmental impact assessments for planning purposes. We provide grievance processes for all
stakeholders, including a formal complaints procedure.
GRI 413-1

SHURGARD ANNUAL REPORT 2021
132
GOVERNANCE PERFORMANCE MEASURES
COMPOSITION OF THE HIGHEST GOVERNANCE BODY
Composition of the highest governance body
2021 2020
Impact Area
EPRA
Code
Units of
Measure
Indicator
Composition
of the Board
of Directors
Gov-
Board
Total
numbers
Number of executive Board
members
1 1
Number of independent Board
members
6 6
Number of non-executive Board
members
10 10
Average tenure on the
governance body (years)
3.14 2.14
Number of independent / non-
executive Board members with
competencies relating to
environmental and social topics
10 10
Narrative on performance:
The Board of Directors (highest governance body) is currently composed of 11 members, one Executive Director
and ten Non-Executive Directors. We define “executive” as a director with executive functions within the
Shurgard group (such as CEO, CFO, etc.). The Chairman, Ronald L. Havner Jr leads the board. The ESG Committee
oversees the Environment, Social and Governance (ESG) strategy of the Company and monitors the completion
of the ESG objectives. Also, it is considered that all the Non-Executive Board members have competencies related
to environmental and social topics, through academic and professional backgrounds, and/or charity work.

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133
PROCESS FOR NOMINATING AND SELECTING THE HIGHEST GOVERNANCE BODY
Nominating and selecting the highest governance body
2021 2020
Impact
area
EPRA
Code
Units of
Measure
Indicator
Nominating
and
selecting
the Board
of Directors
Gov-
Select
Narrative
description
Composition
of the Board
of Directors
The nomination
and selection
processes for
the Board of
Directors and
its committees.
Criteria used
for nominating
and selecting
Board
members,
including
whether and
how
- Stakeholders
(including
shareholders)
are involved;
- Diversity is
considered;
- Independence
is considered;
- Expertise and
experience
relating to
economic,
environmental
and social
topics are
considered.
Source: Internal Rules and Regulations of the ESG
Committee, available under
https://corporate.shurgard.eu/governance/com
mittee-charter (Relevant for reporting year, rules
last reviewed Nov 2021)
The ESG Committee acts to:
- Identify candidates qualified to serve as
members of the Board and executive officers;
- Recommend candidates to the Board for
appointment by the general meeting of
shareholders or for appointment by the Board to
fulfil interim vacancies at the Board;
- Submit a list of candidates to the Board on the
appointment of new directors and executive
officers;
- Make an assessment of the existing and
required skills, knowledge and experience for any
post to be filled and prepare on that basis a
description of the role, together with the skills,
knowledge and experience required - this
includes ESG topics;
- Make an assessment as to whether candidate
directors meet the criteria of independence.
In respect of diversity: "Within six years from the
effective date of the initial public offering of the
Company, at least 1/3 of the members of the
proposed candidates shall be female"
Narrative on performance:
The rules for the nomination and selection of members of the Board of Directors have not changed since 2019.
The ESG Committee makes recommendations to the Board about the renewal of the Directors’ mandates and the
nomination of new directors when requested. It is then the prerogative of the shareholders of the Company to
approve the mandates of the Directors.

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134
PROCESS FOR MANAGING CONFLICTS OF INTEREST
Processes for managing conflicts of interest
2021 2020
Impact
area
EPRA
Code
Units of
Measure
Indicator
Process
for
managing
conflicts
of
interest
Gov-
Col
Narrative
description
Composition
of
the Board of
Directors
Processes to
ensure that
conflicts of
interest are
avoided and
managed in
the highest
governance
body
Source 1: Corporate Governance Charter
Available under
https://www.shurgard.com/corporate/governance/governance-
documents
Procedure:
- In relation to any transaction, submitted for approval to the
Board or any committee of the Board conflicting with that of the
Company, a director having a direct or indirect financial interest
shall notify the Board or any committee of the Board of directors
and shall not participate in any discussions or vote of the Board
or any committee of the Board, and the decision shall be taken
by simple majority of the voting directors.
- Where, due to a conflict of interests, the number of directors
required to be present for a valid quorum is not reached, the
Board may defer the decision to the general meeting of
shareholders.
Source 2: Directors Code of Conduct
Directors must take appropriate actions in case of conflicts of
interest.
Directors must use their best efforts to avoid any potential
conflict of interest with the Company or any company controlled
by it.
If a Director has a direct or indirect personal and conflicting
interest of a financial nature in a decision or transaction within
the authority of the Board, he must so notify the other Directors
prior to a decision by the Board. A Director who has a conflicting
interest may not participate or vote in the deliberations of the
Board on such transactions or decisions.
This procedure does not apply if the decisions of the Board relate
to transactions at arm’s length and concerning the daily affairs
of the Company.
Source 3: disclosure in the annual report of the other
directorships of the Directors of the Board.
Whether
conflicts of
interest are
disclosed to
stakeholders,
including:
- Cross-
board
membership;
- Cross -
shareholding
with
suppliers
and other
stakeholders;
- Existence
of
controlling
shareholder;
- Related
party
disclosure.
Narrative on performance:
No conflicts of interest were identified in either year.

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135
ASSURANCE SUMMARY STATEMENT
EVORA Global Ltd. (“EVORA”) was engaged by Shurgard Self Storage S.A. (“Shurgard”) to provide assurance of
the Environmental sustainability performance measures of their 2021 Sustainability Report for the reporting
period of 1
st
Jan 2021 to 31
st
Dec 2021.
The assurance was provided in accordance with AccountAbility’s AA1000 Assurance Standard V3 (AA1000AS)
Type 2 moderate level and EPRA Best Practice Recommendations for Sustainability Reporting (sBPR) 2017 3rd
Edition. EVORA’s scope of assurance covered a series of indicators and assertions contained in the report
including:
- Absolute:
• Electricity Consumption (kWh)
• District Heating/cooling (kWh)
• Fuels Consumption (kWh)
• Water Consumption (m
3
)
• Greenhouse Gas (GHG) Emissions (tCO2e)
• Waste (tonnes)
- Intensity Calculations:
• Energy (kWh/sqm)
• GHG (kgCO2e/sqm)
• Water (m
3
/sqm)
- Alignment check of Shurgard’s reporting against EPRA sBPR Guidelines 2017 across all the performance
measures.
EVORA’s full assurance statement includes certain limitations, findings and recommendations for improvement,
adherence to AA1000 Accountability Principles, and a detailed assurance methodology.
The full assurance statement with EVORA’s independent opinion can be found at
Investor Relations Home Page
| Shurgard Self Storage

SHURGARD ANNUAL REPORT 2021
136
Appendix 1 – climate disclosure
Appendix 1 - Disclosure aligned to NFRD and Climate Related Information
Note on disclosure: Shurgard is not obliged to report aligned to TCFD requirements - however, we make
efforts to move our disclosures towards doing so. We intend to work constructively with the TCFD, and
others, to develop good practices and standards for transparency.
Table 1: Disclosure on Business Model
Describe the impact of climate-related risks and opportunities on the company's business model,
strategy and financial planning. [Covers TCFD recommendation Strategy b)]
Shurgard is increasingly considering the impact of climate-related risks and opportunities on our
businesses, strategy and financial planning. We recognize the importance and the opportunities of
integrating sustainability considerations in the investment process.
We would view neglect of climate-related risks and opportunities as an extreme risk in itself, to support
long-term business resiliency. We are making strides in introducing consideration of climate-related risks
into our own corporate thinking, processes and financial planning. This includes working towards
incorporation of climate-related risks into our ISO 14001-aligned Environmental Management System (See
section 'Environmental Management System') and enhancement in our reporting (see section 'Report on the
Impact of our Commitments'), which will help describe the impact of climate related risks and opportunities.
Describe the ways in which the company’s business model can impact the climate, both positively and
negatively.
Shurgard is the largest provider of self-storage facilities in Europe. Our business has negative impacts on
the climate in a variety of ways - our carbon footprint being the main source. Conversely, as a leader in our
field we aim to continually raise the bar and set standards for others to emulate. ESG in our acquisition
policies is a mainstay - we opt for brownfield sites where possible and develop buildings that integrate
innovative low carbon technologies. We report transparently and openly, participating in reporting
frameworks where it is considered valuable.
Describe the resilience of the company’s business model and strategy, taking into consideration
different climate-related scenarios over different time horizons, including at least a 2 °C or lower
scenario and a greater than 2 °C scenario (20). [Covers TCFD recommendation Strategy c)]
We believe our evolving ESG strategy, incorporating our net zero ambitions, is resilient to the range of
energy transition pathways and scenarios including those outlined at the UN Climate Change Conference in
Paris. Our strategy is validated annually by the Board to ensure it remains relevant and resilient, as part of
our standard governance processes. Elements of the strategy may be refreshed earlier if there are
significant changes in the external or internal environment. See Section 'Our Net Zero Carbon Ambition'.
We are developing net zero pathways for all of our individual investments to inform our approach on future
spending and investment decision-making. We expect provisioning for this work in the coming year: the
importance of doing so has been underscored by our TCFD reporting process. We will provide more detailed
disclosures on this topic in future reports.

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137
Table 2: Disclosure on Policies and Due Diligence Processes
Describe any company policies related to climate, including any climate change mitigation or
adaptation policy.
Shurgard’s goal is to conduct current and future business operations in a sustainable manner that helps
create a better future for the environment. We seek to ensure that environmental sustainability is managed
like any other critical business activity – in an integrated, systematic way. To this end, in 2021, Shurgard
adopted our latest ESG Policy, which formalizes Shurgard's commitment to managing climate-related risks.
The EMS framework is designed to ensure pollution prevention, carbon reduction, waste minimization,
responsible use of resources and compliance with legislation through good practice and continuous
improvement.
Describe any climate-related targets the company has set as part of its policies, especially any GHG
emissions targets, and how company targets relate to national and international targets and to the
Paris Agreement in particular.
See Section 'Our Net Zero Carbon Ambition'.
Describe the Board’s oversight of climate-related risks and opportunities. [Covers TCFD
recommendation Governance a)]
The role of the Board is to promote Shurgard’s sustainable success for the benefit of its shareholders while
having regard to the interests of our other stakeholders, the impact of our operations on the communities
where we operate and the environment. In performing this role, the Board is responsible for oversight of the
overall conduct of the group’s business, which extends to setting our ESG strategy and approach to
decarbonization. The Board and its associated committees, where appropriate, have oversight of climate-
related matters, which include climate risks and opportunities. They are updated on these matters quarterly,
a process which is managed by our ESG Management Group, which works to develop materials that assist
the Board or other committees to discharge their responsibilities, including those related to climate.
In 2021 these processes included formal analysis of Shurgard’s net zero ambition and aims, briefings with
subject matter experts, reviews of regulatory correspondence regarding climate disclosures, site visits and
the preparation and consideration of corporate reporting documents and other investor briefing materials.
During 2021, climate matters were included on the agenda at every board meeting.
The ESG Management Group provides oversight of the effectiveness of the implementation of Shurgard’s
sustainability framework. This includes reviewing that appropriate progress is being made against our ESG
aims. The committee will continue to cover existing sustainability-related activities, including the oversight
of climate-related risks and opportunities.
The role of the Audit Committee is to monitor the effectiveness of Shurgard’s financial reporting, systems of
internal control and risk management, and the integrity of Shurgard’s external and internal audit processes.
In fulfilling this purpose, the committee has oversight of financial disclosure, and this is being extended to
include TCFD reporting.
The role of the ESG Committee is to recommend to the Board the remuneration policy for employees. It also
reviews and monitors related policies, satisfying itself that incentives and rewards are aligned to Shurgard’s
strategy, culture and long-term sustainable success. This includes climate-related matters.
The role of the Real Estate Investment Committee is to oversee all acquisitions and disposals of assets,
properties or subsidiaries under €50 million. An essential component of their role is to ensure we have the
most appropriate portfolio to deliver our ESG strategy and net zero ambition.

SHURGARD ANNUAL REPORT 2021
138
Describe management’s role in assessing and managing climate-related risks and opportunities and
explain the rationale for the approach. [Covers TCFD recommendation Governance b)]
The assessment and management of climate-related matters is embedded across Shurgard at various levels
and delegated authority flows down from the Board.
The ESG Management Group provides internal oversight of Shurgard’s progress against the aims and
objectives in the sustainability framework, including net zero.
This Group is chaired by the CEO and comprises members of the Shurgard leadership team - covering all key
departments to ensure information is effectively disseminated. The Group meets on a quarterly basis (as a
minimum) to review progress against the sustainability framework and decide on critical strategic positions
related to climate change that present risks or opportunities to delivery. The ESG Management Group will
report to the main Board and other committees as required.
Table 3: Disclosure on Outcomes
Describe the outcomes of the company's policy on climate change, including the performance of the
company against the indicators used and targets set to manage climate-related risks and
opportunities. [Covers TCFD Metrics and targets c)].
Metrics reported against climate-related risks and climate-related opportunities are presented under section
'Climate Related Risks and Opportunities'.
Describe the development of GHG emissions against the targets set and the related risks over time.
[Covers TCFD Metrics and targets b)].
See GHG Emissions data in section 'EPRA Performance Measures'.
Table 4: Disclosure on Principal Risks and Their Management
Describe the company’s processes for identifying and assessing climate-related risks over the short,
medium, and long-term and disclose how the company defines short, medium, and long-term (21).
[Covers TCFD recommendation Risk management a)]
As part of our risk management system, our operating departments are responsible for identifying,
assessing, managing, and monitoring risks associated with their business area. Risks are assessed in line
with Shurgard’s risk management policy and this includes an impact and likelihood assessment which
supports relative prioritization.
Climate-related risks are classified in alignment with TCFD’s description of physical and transition risks:
Physical risks – risks related to the physical impacts of climate change including event-driven risks such as
changes in the severity and/or frequency of extreme weather events.
Transition risks – risks related to the transition to a lower carbon economy including policy and legal,
technology, markets and reputational risks.
An effective time horizon for short (1-3 years), medium (3-7 years) and long-term (over 7 years) is
integrated into the risk definition.

SHURGARD ANNUAL REPORT 2021
139
Describe the principal climate-related risks the company has identified over the short, medium, and
long-term throughout the value chain, and any assumptions that have been made when identifying
these risks. [Covers TCFD recommendation Strategy a)]. This description should include the principal
risks resulting from any dependencies on natural capitals threatened by climate change, such as water,
land, ecosystems or biodiversity.
The principal climate-related risks are described in Risk factors under section 'Climate Related Risks and
Opportunities'.
Describe processes for managing climate-related risks (if applicable how they make decisions to
mitigate, transfer, accept, or control those risks), and how the company is managing the particular
climate-related risks that it has identified. [Covers TCFD recommendation Risk management b)]
Climate change and the transition to a lower carbon economy has been identified as a principal risk. This
covers various aspects of how risks associated with the energy transition could manifest. Similarly, physical
climate-related risks such as extreme weather are covered in our principal risks related to safety and
operations.
We manage risks on a case-by-case basis, seeking to reduce our exposure to the risk followed by reducing
the vulnerability of the business or asset to any risk. This could include any number of risk-specific
adaptations or mitigation measures. If risks cannot be managed in this way, we actively seek to transfer the
risk or acknowledge that the risk must be accepted in line with our risk tolerances.
Describe how processes for identifying, assessing, and managing climate-related risks are integrated
into the company’s overall risk management. [Covers TCFD recommendation Risk management c)]. An
important aspect of this description is how the company determines the relative significance of
climate-related risks in relation to other risks.
Our processes for identifying, assessing, managing and monitoring climate-related risks are integrated into
Shurgard’s risk management policy and the associated risk management procedures.
Key Performance Indicators
GHG emissions
See Section 'EPRA Performance Measures'.
Energy
See Section 'EPRA Performance Measures'.
Physical risks
See Section 'EPRA Performance Measures'.
Products and services
Shurgard does not currently report on this metric - but will work towards this in accordance with the
required timeframe.

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140
Green Finance
Shurgard does not currently report on this metric - but will work towards this in accordance with the
required timeframe.

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141
REMUNERATION REPORT
PRELIMINARY NOTE
This Remuneration Report has been prepared in accordance with the principles provided for under the Company’s
Remuneration Policy as approved by the Annual Shareholders‘ Meeting held on April 29, 2020 and complies in
all aspects with such policy and its principles. There has been no derogation from the Remuneration Policy. The
Remuneration Policy can be found on the Company’s website (
https://shg-prd.azureedge.net/-
/media/shurgard/investor/docs/governance/governance-documents/remuneration-policy/20200805-
remuneration-policy.pdf ).
2021 PERFORMANCE HIGHLIGHTS
In 2021, the Company delivered another year of solid results and is further positioned to deliver long-term value
creation despite an unprecedented and challenging environment due to COVID-19. Under the leadership of our
Senior Management, and with our Board’s oversight, the Company achieved significant performance successes,
including:
Record Revenues of
€299.9mil
(+9.5%)
Dividend per share
€1.17
Dividend Per Share Growth
Record NOI
€194.4mil
Dividend Per Share Growth
+10.4%
Same store NOI margin
66.1%
(+2.5%)
( 11 3%)
Total Investment property value
€3.8billion
(+20.1%)
EBITDA Growth
+9.9%
+55K SQM
Added through acquisitions, developments, and
redevelopments
Record Adjusted EPRA earnings
€131.0mil
(+9.4%)
ESG
Record Adjusted EPRA earnings per share
€1.48
(+9.3%)
ESG
A GOLD MEDAL
at the EPRA Sustainability Best Practices
Recommendations (sBPR) awards
Achieved
5-STAR GRESB
rating out of a maximum of
five stars.

SHURGARD ANNUAL REPORT 2021
142
In addition, the Company’s stock and total return has consistently traded significantly higher than various indices
for the last three years.
Stock performance vs indices since IPO (Oct 2018)
2021 COMPENSATION FRAMEWORK AND TARGETS
We believe that the 2021 executive compensation was aligned with the Company’s strong performance, while
recognizing the impact of the significant challenges the Company faced. The following is a summary of the ESG
Committee’s decisions with respect to the key components of the 2021 compensation program for our Senior
Management. The compensation of the members of the Senior Management consists of a balance between fixed
and variable compensation components and fringe benefits aligned with market practice, such as Company cars
or allowances, insurance and standard pension benefits.
Framework of CEO Compensation
The annual base salary for Mr. Oursin is €500,000 which has remained unchanged since 2012. Additionally, an
annual cash bonus incentive award of €500,000, representing 100% of his base salary, was set assuming the
achievement of performance criteria established by the ESG Committee.
Framework of Short-Term Performance-Based Bonus Awards for all Senior Management
The annual performance-based cash bonus program provides an opportunity to reward Senior Management for
their performance during the fiscal year. Although the ESG Committee may set annual incentive award targets,
this bonus amount does not preclude the ESG Committee from approving higher or lower annual incentive awards
in the future.

SHURGARD ANNUAL REPORT 2021
143
The actual awards are determined by the ESG Committee after determining whether the targeted corporate
performance metrics have been achieved. The ESG Committee will consider the recommendations of the CEO
with respect to the performance of the other members of Senior Management and their achievement of individual
and other goals. In addition, the ESG Committee will solicit the views of the Chairman and the Board, particularly
with respect to the performance of the CEO.
For the year ended December 31, 2021, compensation targets were set as follows by the ESG Committee. They
can range from 0% to 100% of a Senior Manager’s short-term bonus potential target based on the performance
of the Company and the performance of each respective individual (taking into account both financial and non-
financial criteria). The potential target is equal to the Senior Manager’s annual base salary.
Executive position
CEO All other Executives
Potential annual cash bonus target €500,000 100% of annual base salary
Revenue performance
All store and Same store
30% 10%-60%
NOI growth and Adj. EPRA earnings
20% 10%-20%
Development (new sqm)
2021 M&A
2021 openings
2022 pipeline
30% 10%-70%
Other projects and performance
(
non-financial performance criteria
)
1
20% 10%-30%
1 More information about ESG targets is available in our ESG Report on https://corporate.shurgard.eu/corporate-responsibility/reports-and-publications.
2021 COMPENSATION DECISIONS
Based on the Company’s solid results achieved in 2021, the achievement of the short-term performance-based
targets set forth above, and after consideration of the individual performances of the members of Senior
Management, the decisions made by the ESG Committee are as follows:
2021 CEO COMPENSATION
In recognition of Mr. Oursin’s performance in 2021, the ESG Committee approved a cash bonus of €500,000, to
be paid in 2022. Mr. Oursin’s annual base salary remained at €500,000.
2021 COMPENSATION FOR EXECUTIVES OTHER THAN OUR CHIEF EXECUTIVE OFFICER
Base salaries for 2021 for Mr. Kreusch, Mr. Bell, Mr. Kharouf, and Ms. Neumann were €355,584, £250,000,
€250,000, and €320,000 respectively.
Annual Cash Incentives for 2021: After consideration of the 2021 short-term incentive targets and the individual
performances of the direct reports of Mr. Oursin, the ESG Committee awarded the following annual incentive
bonuses, to be paid in 2022, to the following executives: Mr. Kreusch, €350,000; Mr. Bell, £250,000; Mr. Kharouf
€250,000 and Ms. Neumann €107,000.
For comparative purposes, the following summarizes Senior Management compensation over the last two years:

SHURGARD ANNUAL REPORT 2021
144
Name
and
position
Year
Fixed remuneration Variable remuneration
Total
5
Proportion of
fixed and
variable
remuneration
Base Salary
All other
compensation
2
Short-term
performance-
based Bonus
3
Option
awards
Marc Oursin
CEO
2021 500,000 52,000 450,000 670,360 1,672,360
1 : 2.03
2020 500,000 52,000 450,000 260,797 1,262,797
1 : 1.29
Jean Kreusch
CFO
2021 355,584 32,796 300,000 426,000 1,114,380
1 : 1.87
2020 355,584 32,365 300,000 170,085 858,034
1 : 1.21
Duncan Bell
VP Operations
2021 290,729 26,398 186,067 329,560 832,754
1 : 1.63
2020 290,729
1
26,398 186,067 124,729 627,923 1 : 0.98
Ammar Kharouf
General Counsel
2021 250,000 11,699 150,000 318,320 730,019 1 : 1.79
2020 250,000 11,699 130,000 113,390 505,089 1 : 0.93
Isabel
Neumann
4
CIO
2021 320,000 36,841 0 205,920 562,761 1 : 0.58
2020 N/A N/A N/A N/A N/A N/A
1 The amounts for Mr. Bell are converted from pound Sterling. The original Sterling value was £250,000 for 2021. As a constant exchange rate, we took the
average exchange rate of 2021.
2 The amounts shown in this column for all named executives reflect contributions to their individual group insurance and includes also the amounts for their
car, being either a car allowance or the benefit in kind for using a company car. For Mr. Kreusch this amount also includes his representation allowance.
3 The amounts shown in this column reflect annual cash incentive awards paid to the executive management based on performance targets for the prior year.
The amounts for Mr. Bell are converted from pound Sterling. The original Sterling value was £160,000 paid in 2021. As a constant exchange rate, we took the
average exchange rate of 2021.
4 Isabel Neumann joined the company on September 1, 2021 but for completeness and comparative reasons, the amounts reflect a full year.
5 With respect to the option awards, the total value is spread over the vesting period and earned in the respective years as opposed to the full value of the stock
options attributed to the grant year. Additional information is available under Note 33 “Share-based Compensation Expense” in the notes to the consolidated
financial statements.
The total aggregate compensation paid to the members of the Senior Management in the year ended
December 31, 2021 amounted to €4,912,274.

SHURGARD ANNUAL REPORT 2021
145
2022 COMPENSATION TARGETS
For the year ending December 31, 2022, compensation targets have been set as follows by the ESG Committee.
They can range from 0% to 100% of a Senior Manager's potential target based on the performance of the
Company and each respective individual. The potential target is equal to the Senior Manager’s annual base salary.
Executive position
CEO All other Executives
Amount of potential target €500,000 100% of base salary
Revenue performance
All store >6%
0%-30% 0%-40%
NOI growth and Adj. EPRA earnings
2% medium-term
Adj. EPRA earnings growth
0%-20% 0%-25%
Development and M&A (new sqm)
2022 openings (11 properties)
2023 pipeline (13 properties)
0%-15% 0%-45%
TSR benchmark with peers
O%-20% O%-20%
Other projects and ESG
(non-financial performance criteria)
1
0%-15% 0%-20%
1 More information about ESG targets is in our ESG Report available at https://corporate.shurgard.eu/corporate-responsibility/reports-and-publications.
EMPLOYEE STOCK OPTION PLAN (2015 -2017)
The Company granted stock options under two incentive plans in 2015 and 2017 which are still outstanding. No
new grants may be made under those plans. The total number of stock options granted under these two plans
was 685,000.
The key features of the stock options outstanding under the 2015 and 2017 plans are as follows:
• upon exercise, each stock option gives the right to one ordinary share;
• the stock options were granted for free;
• the stock options may be exercised in tranches of 25% per year from the first anniversary of the
date of the grant, so that each grant is fully vested after four years;
• the stock options have a term of 10 years; and
• the stock options vest subject to customary service rules;
• the exercise price of each stock option is as follows:
o 2015 Plan: €8.77
o 2017 Plan: €21.51

SHURGARD ANNUAL REPORT 2021
146
EQUITY COMPENSATION PLAN (2018)
On September 26, 2018, the Company approved a new equity compensation plan to incentivize certain members
of the Senior Management and employees of the Group as well as to support retention and further strengthen
the link between compensation and our stock price development. This plan enables the Company to grant stock
options and, possibly, restricted stock units in 2018 and following years. The first grant of stock options under
this plan took place at the closing of the IPO at an exercise price equal to the offering price of €23 per share. A
total of 680,000 stock options were granted at the time to Senior Management. No restricted stock units were
granted and no new grants can be made under this stock option plan.
The key features of the stock options granted under the 2018 equity compensation plan are as follows:
• Upon exercise, each stock option gives the right to one ordinary share;
• The stock options are granted for free;
• The exercise price of each stock option is equal to the stock exchange price of the underlying share
at the time of the grant;
• The stock options only vest three years after their grant;
• The stock options have a term of ten years;
• The exercise date can occur any time as of the vesting and before the term; and
• The stock options vest subject to customary service rules.
EQUITY COMPENSATION PLAN (2021)
The Company approved a new equity compensation plan in 2021. Initial grants took place on August 2. The intent
of this grant was to incentivize certain members of the Senior Management and a number of existing or future
employees of the Group as well as to support retention and further strengthen the link between compensation
and our stock price development. This plan enables the Company to grant stock options and, possibly, restricted
stock units in 2021 and following years. The options have a two-stage vesting period with (i) 60% of the stock
options vesting three years after the date of grant; and (ii) the remaining 40% of the stock options vesting five
years after the date of grant.
The maximum number of stock options and restricted stock units intended to be granted under the plan is
2,000,000.
An initial grant of 1,658,000 stock options under this plan took place on August 2, at an exercise price equal to
€43.05. Another grant of 200,000 stock options under this plan took place on September 1, at an exercise price
equal to €47.75. A total of 1,250,000 stock options were granted to Senior Management.
For additional information regarding the Company’s stock option plans please refer to Notes 24 and 33 “Share-
based payment reserve” and “Share-based compensation expense” in the Notes to the consolidated financial
statements.
The table below shows the grant of stock options held by each member of the Senior Management since 2015,
as of December 31, 2021.

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Position Main conditions Info re reported financial year 2021
Opening balance During the year Closing balance
Plan Award date Vesting date(s) Expiration
date
Shares awarded
at the beginning
of the year
Awarded Vested Awarded
shares but
unvested at
year end
CEO
2015
plan
10/03/2015 10/03/2016
10/03/2017
10/03/2018
10/03/2019
09/03/2025 120,000 - - -
2017
plan
03/07/2017 03/07/2018
03/07/2019
03/07/2020
03/07/2021
02/07/2027 60,000 - 15,000 -
2018
plan
16/10/2018 16/10/2021 15/10/2028 230,000 - 230,000 -
2021
plan
02/08/2021 02/08/2024
02/08/2026
01/08/2031 - 400,000 - 400,000
Total
410,000 400,000 245,000 400,000
CFO
2015
plan
10/03/2015 10/03/2016
10/03/2017
10/03/2018
10/03/2019
09/03/2025 80,000 - - -
2017
plan
03/07/2017 03/07/2018
03/07/2019
03/07/2020
03/07/2021
02/07/2027 40,000 - 10,000 -
2018
plan
16/10/2018 16/10/2021 15/10/2028 150,000 - 150,000 -
2021
plan
02/08/2021 02/08/2024
02/08/2026
01/08/2031 - 250,000 - 250,000
Total
270,000 250,000 160,000 250,000
VP Ops
2015
plan
10/03/2015 10/03/2016
10/03/2017
10/03/2018
10/03/2019
09/03/2025 60,000 - - -
2017
plan
03/07/2017 03/07/2018
03/07/2019
03/07/2020
03/07/2021
02/07/2027 35,000 - 8,750 -
2018
plan
16/10/2018 16/10/2021 15/10/2028 110,000 - 110,000 -
2021
plan
02/08/2021 02/08/2024
02/08/2026
01/08/2031 - 200,000 - 200,000
Total
205,000 200,000 118,750 200,000

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148
General
Counsel
2015
plan
10/03/2015 10/03/2016
10/03/2017
10/03/2018
10/03/2019
09/03/2025 40,000 - - -
2017
plan
03/07/2017 03/07/2018
03/07/2019
03/07/2020
03/07/2021
02/07/2027 30,000 - 7,500 -
2018
plan
16/10/2018 16/10/2021 15/10/2028 100,000 - 100,000 -
2021
plan
02/08/2021 02/08/2024
02/08/2026
01/08/2031 - 200,000 - 200,000
Total
170,000 200,000 107,500 200,000
CIO
2021
plan
01/09/2021 01/09/2024
01/09/2026
31/08/2031 - 200,000 - 200,000
Total
- 200,000 - 200,000
COMPARATIVE INFORMATION ON THE CHANGE OF REMUNERATION AND COMPANY PERFORMANCE
For comparison purposes, the figures of: (i) Senior Management total aggregate compensation, (ii) Company
performance and (iii) the average remuneration on a full-time equivalent basis of the other employees of the
Company over the five most recent financial years are shown in the table:

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Annual change
2017 2018 2019 2020 2021
Senior Management remuneration
1
CEO 1,143,000 1,558,444 1,193,325 1,262,797 1,672,360
CFO 781,769 1,057,093 811,565 858,034 1,114,380
VP Operations² 442,139 468,943 626,419 627,923 832,754
General Counsel 432,164 533,377 446,449 505,089 730,019
Chief Investment Officer N/A N/A N/A N/A 562,761
Company Performance
Property Operating Revenue Growth
3
2.9% 2.7% 5.0% 5.5% 10.7%
Adj. EPRA earnings growth
9.1% -1.3% 8.1% 9.9% 11.0%
Average share price per year (€) N/A 25.49 29.88 33.30 44.62
Directors
4
N/A 165,000 690,000 700,000 700,000
Employees Average remuneration
(full-time equivalent basis)
40,039 40,487 40,732 41,537 44,598
1 For detailed breakdown of Senior Management remuneration see the comparative table 2020-2021 above. With respect to the option awards included in the
remuneration, the total value is spread over the vesting period and earned in the respective years as opposed to the full value of the stock options attributed
to the grant year.
2 The amounts for the VP Operations are converted from pound Sterling at constant exchange rate.
3 At actual exchange rates. Same for Adj. EPRA earnings growth.
4 Amount paid in 2018 represents only the quarter following the Company’s public offering.
REMUNERATION PAID OUT BY OTHER GROUP COMPANIES
For the year ended December 31, 2021, there was no remuneration paid out by other group companies.
MALUS AND CLAWBACK MECHANISMS
Under the Equity Compensation Plans of 2018 and 2021, unvested equity awards will be canceled if the
Company’s financial statements are restated as a result of errors, omission, or fraud, or if a grantee has engaged
in conduct that resulted in substantial losses for the Company or is responsible for such losses.
EXCEPTION TO THE REMUNERATION POLICY
For the year ended December 31, 2021, there is no departure from or exception to the remuneration policy.
NON-EXECUTIVE DIRECTOR COMPENSATION POLICY
Non-Executive Directors receive cash retainers for serving on the Board, chairing a committee and/or serving on
a committee. The retainers are paid quarterly and pro-rated when a Non-Executive Director (1) joins the Board
or a committee or (2) changes his or her position on a committee or no longer serves on the Board. The ESG
Committee is tasked with evaluating Directors’ compensation and recommends any changes. After considering
the recommendations of the ESG Committee, the Board will present any such changes at the Annual General
Meeting of Shareholders for approval.
COMPENSATION OF MEMBERS OF THE BOARD OF DIRECTORS IN 2021
From the time of their appointment, each Non-Executive Director of the Company receives €50,000 per year.
Each member who serves on a committee receives an additional €10,000 in compensation. Each member who
serves as the chair of the committee receives an additional €5,000 per year. The Lead Independent Director
receives an additional €10,000 per year. The Chairman of the Board of Directors receives a flat fee €75,000 per
year. An Executive Director of the Company will not receive any additional compensation for their mandate as
Director.
The total compensation of the Board of Directors in fiscal year 2021 amounted to €700,000.

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Name Position Committee membership Year Compensation in €
1
Ronald L. Havner, Jr. Chairman
2021 75,000
2020 75,000
Marc Oursin Chief Executive Officer N/A
Z. Jamie Behar Director Real Estate (Chair), Audit
2021
75,000
2020 75,000
Daniel C. Staton Director Real Estate
2021 60,000
2020 60,000
Ian Marcus
Lead Independent
Director
ESG, Real Estate
2021 80,000
2020 80,000
Muriel De Lathouwer Independent Director Audit, ESG
2021 70,000
2020 70,000
Olivier Faujour Independent Director Real Estate, ESG
2021
70,000
2020 70,000
Frank Fiskers Independent Director
ESG (Chair),
Real Estate
2021
75,000
2020 75,000
Padraig McCarthy Independent Director Audit (Chair), ESG
2021
75,000
2020 75,000
Isabelle Moins Independent Director Audit
2021
60,000
2020 60,000
Everett B. Miller Director Real Estate
2021
60,000
2020
60,000
Total
2021
700,000
2020 700,000
1 The compensation amounts listed above are gross amounts and do not include any applicable VAT or the deduction of any applicable withholding tax.
DIRECTORS’ AND OFFICERS’ INSURANCE
We maintain a Directors and Officers insurance policy covering claims that might be made against members of
the Board of Directors and Senior Management of the Company in relation to their functions. The Company
entered into indemnification agreements with its Directors and Senior Management supplementing this policy.

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PRINCIPAL RISKS AND UNCERTAINTIES
OVERALL STATEMENT ON THE RISK POSITION
As set out in the Market Overview and Growth Strategy sections of this report, our business activities are
supported by favorable market conditions. We see a variety of opportunities to continue our growth through
optimization of our existing operations, including leveraging our platform across planned redevelopment and
development activities and bolt-on acquisitions. Besides these opportunities, Shurgard regularly faces risks that
can have negative effects on the operating results, financial position and net assets of the Group.
The risks set out below represent the principal risks and uncertainties that may adversely impact the Group’s
performance and the execution of our strategy.
To identify risks at an early stage and manage them adequately, Shurgard deploys effective risk management
and control systems which are also described below. Accordingly, we continuously assess the risks and conclude
at the time of the preparation of the management report the risks identified herein are limited, and in our opinion
the overall risk is manageable. No identifiable risks currently exist that either individually or together would lead
to a significant or sustainable impairment of the Shurgard Group's operating results, financial position and net
assets.
RISK MANAGEMENT SYSTEM
The Group’s risk management is carried out by the Senior Management, under policies approved by the Board of
Directors. The Board provides principles for the overall risk management, as well as policies covering specific
areas, such as foreign exchange risk, real estate risk and credit risk, the use of derivative and non-derivative
financial instruments and investment of excess liquidity. The Group’s risk exposure is regularly reported to the
Company’s Executive Committee, which comprises the CEO, CFO, VP Operations, General Counsel, and Chief
Investment Officer. The Company’s Audit Committee is responsible for monitoring the effectiveness of our risk
management system. It receives a report about the Group’s risk situation every quarter.
We classify our risks into the following risk areas:
• Operational risks
• Strategic risks
• Legal risks
• Financial risks
• IT risks
• HR risks
• PR risks
• Real estate risks
• Pandemic diseases
The Group’s risk management process is designed to systematically record and assess risks. We aim to identify
unfavorable developments at an early stage and promptly take counteractive measures and monitor them. All
risks are recorded in a risk register and are assigned to specific risk owners. Risk owners are responsible for
providing periodically updated risk fact sheets. The assessment of the risks is carried out, as much as possible,
according to quantitative parameters, likelihood of occurrence and the potential financial impact. According to
the results of this assessment, risks are qualified in a risk map as low, medium, high or very high. Risks that are
categorized as high or very high on the risk map receive special attention and are monitored very closely. The
risk register and the resulting risk map are updated every year based on risk owners’ input (new risks, closed
risks, change of positioning).

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FINANCIAL INTERNAL CONTROLS
While the Board of Directors is responsible for the preparation and fair presentation of the Group’s consolidated
financial statements, the goal of our internal control system is to ensure the reliability of external and internal
accounting and the timely provision of information. Besides the risk management system, the Company’s Audit
Committee is also responsible for monitoring the effectiveness of our internal control system.
The monitoring is supported by our integrated operating platform and information system, which is designed to
centralize real-time information on properties and customers, as well as financial information for all our
properties.
KEY RISKS SPECIFIC TO THE GROUP AND ITS INDUSTRY
The risks set out below represent the principal risks and uncertainties that may adversely impact the Group’s
performance and the execution of our strategy. Other factors could also adversely affect the Group’s performance.
Accordingly, the risks described below should not be considered a comprehensive list of all potential risks and
uncertainties. The principal risks are not listed in order of significance. In addition to the principal risks described
below, we are exposed to certain specific market risks such as foreign exchange risk, credit risk and liquidity risk.
A detailed discussion of these risks is included in Note 35 to the consolidated financial statements.
OPERATIONAL RISKS
Self-storage misuse
Our customers are required to confirm that their items stored are not perishable and do not include any
hazardous or toxic substances or living creatures. Each customer agrees to inform us of any special storage
requirements and agrees not to store any items which are illegal to possess or store, or would require us to
comply with any additional rules.
It is possible that our customers will violate their lease agreements. We do not generally have access to our
customers’ storage units and cannot prevent our customers from storing hazardous materials, stolen goods,
counterfeit goods, drugs or other illegal substances in our properties. Although the terms of our standard lease
contracts for customers prohibit the storage of illegal and certain other goods on our premises, it is not possible
to monitor goods stored by customers at our properties. We cannot exclude the possibility that we may be held
ultimately liable with respect to the goods stored by our customers. This also includes a potential close-down by
local authorities. If a customer stores an item that is contrary to our customer terms and conditions, any

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subsequent damage to a third party caused by the item may not be covered by our insurance. In addition,
unfavorable publicity from illegal contents stored at one of our properties, or items that have been used or are
planned to be used in crimes or for other illegal purposes, including terrorist attacks, could have a material
adverse effect on our business, financial condition and results of operations.
STRATEGIC RISKS
Housing market development
Our business is dependent on residential and commercial demand for self-storage areas, and our operating
results are driven by our ability to maximize occupancy levels and rental rates at our properties. As a result, we
are exposed to local, national and international economic conditions and other events and factors that affect
customer demand for self storage in the European markets in which we operate properties. In our markets, we
have high concentrations of self-storage properties in urban areas. In recent years, our operating results have
been supported by structural trends, including increased migration and mobility, growth in urban areas and
increased population density. However, demand for self storage could decrease if these or other growth trends
declined or reversed in the future.
Moreover, we own substantially all the properties on which our stores are located. Property investments are
subject to varying degrees of risks. The value of these properties can fluctuate significantly when economic
conditions are unfavorable or could be adversely affected by a downturn in the property market in terms of
capital and/or rental values. In particular, rents and values are affected (among other things) by changing
demand for self storage, changes in general economic conditions, changing supply within a particular area of
competing space and attractiveness of real estate relative to other investment choices.
Price war
Our competitors are local, national and international operators present in our markets. While no individual
operator competes with us in all the markets in which we operate, certain competitors have attained significant
size within specific markets. Our competitors also include smaller self-storage providers and providers of other
storage alternatives such as removal companies, peer-to-peer alternatives and offsite storage. Certain of these
competitors may offer lower prices, better locations, better services or other attractive features in any given
property’s catchment area, which may heighten competition for customers. Local market conditions have a
significant impact on our business. In particular this impacts the prices we are able to set, and from time to time
additional competition has lowered occupancy levels and rental revenue of our properties in specific markets.
Aggressive price discounting measures by our competitors (i.e. a price war) can have a significantly negative
impact on our property operating revenue from activities at affected properties. Also, increased pricing
transparency, including as a result of the increasing prevalence of online pricing, may increase pricing pressure
in our markets.
In addition, there are limited barriers to entry into the self-storage business due to relatively limited amounts of
capital needed to acquire existing properties or build new facilities. Therefore, any of our existing properties
could face additional competition from new market entrants at relatively short notice. Such a new entrant could
create pricing pressure in a specific market or otherwise seek to win customers from us.
Finally, over the last few years, digital innovation and transformation has also become an increasingly important
element in the self-storage industry in order to remain competitive. If we do not keep pace with digital innovation
and transformation and better tailor our products, interactions and communications to fit customers’ specific
needs, our operating results could be adversely affected.

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Competition for suitable properties
Property location is important for our business because of the signage and promotional opportunities such
locations provide and the importance of convenient access in attracting and retaining customers. A well-located
property allows us to reduce our operating costs as the visibility of the location by potential customers may
substitute for other forms of store promotion, such as online or print advertising.
We primarily operate in capital and major cities, where undeveloped or available sites are generally in short
supply and where real estate prices have historically been at a premium. As a result, there is generally a limited
number of prime sites available for new self-storage properties, and competition for these sites can be intense
and may constrain our growth. At times of economic growth, this competition can lead to significant inflation of
property prices. This can contribute to higher purchase prices or rents for prime properties, or result in the
selection of less suitable properties, either of which could result in a material adverse effect on our business,
financial condition and results of operations.
Legislation changes
We operate our business and our properties in compliance with laws, regulations or government policies which
may be adopted or changed from time to time. These include laws and regulations relating to health, safety and
environmental compliance, numerous building codes and regulations, other land-use regulations, labor codes
and other regulatory requirements. Changes in such laws and regulations may increase the costs of complying
with these provisions, increase construction, operating and maintenance costs, increase liabilities or lower the
value of our properties.
Moreover, new regulations might develop in the United Kingdom as a result of a change in its relationship
with the European Union. The regulatory regimes might also evolve, including in relation to data privacy and
our ability to share customer data within our organization. This could result in a material adverse effect on our
future business, financial condition and results of operations.
Tax increases
Historically, increases in costs due to changes in real estate tax rates or increases in income, service and other
taxes, including VAT, generally have not been passed through to customers directly. As a result, our earnings
have historically been adversely impacted during periods immediately following such increases, in particular as
compared to those of our competitors that pass a portion of such increased costs on to their customers. We
carefully examine such tax increases against projected demand in the relevant market, however there can be no
assurance that we will be successful in aligning any decision, whether to increase prices or not, with customer
demand.
Acquisitions
One aspect of our growth strategy includes possible future acquisitions of properties, either as individual sites
or existing businesses. If we acquire any properties, we will be required to integrate them into our existing
portfolio and management platform. The process of integration may divert management’s attention away from
our other operations, especially if the acquired properties are outside of our existing markets. This may present
different competitive or regulatory dynamics than those we are familiar with.
Additionally, demand for storage services at an acquired site may not be as strong as we had projected prior to
the acquisition. We may fail to realize the occupancy levels or rental rates that were expected, either at the levels
or within the timeframe anticipated. We may also experience stabilization of rental and occupancy rates of
acquired properties that differs from our expectations. The costs of achieving and maintaining high occupancy
levels and rental rates at acquired sites may be higher than expected.

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The integration of newly acquired properties could also result in unanticipated operating costs and exposure to
undisclosed or previously unknown potential liabilities, such as liabilities for clean-up of undisclosed
environmental contamination, claims by persons dealing with the former owners of the properties and claims for
indemnification by general partners, directors, officers and others indemnified by the former owners of the
properties. If we fail to successfully integrate any acquired sites, or if doing so requires investments beyond
budgeted amounts or other liabilities, it could have a material adverse effect on our business, financial condition
and results of operations.
Finally, we may face significant competition from other real estate investors to acquire suitable properties, which
might prevent Shurgard from acquiring as many properties as it intends to.
Shurgard trademarks and logos
We believe that the Shurgard brand is a critical marketing tool and we use a variety of channels to increase
customer awareness of our name, including highly visible store locations, site signage and architectural features.
However, we do not own the trademarks for the Shurgard name and the Shurgard logos, which are held by Public
Storage. We have a license agreement with Public Storage (the “Relationship Agreement”). This states that Public
Storage owns the rights to the Shurgard name and licenses these rights to us in a number of European countries
for a fixed term of 25 years from the date of Shurgard’s admission to trading on a regulated market. This term
can be extended for two consecutive 25-year periods. Certain standards of quality must be met and there are
certain restrictions on the use of any other trademarks. We pay Public Storage monthly fees of 1.0% of the
Group’s gross revenues for the right to use the trademarks.
The Relationship Agreement will terminate after 75 years or earlier, if we do not extend the license after each
25-year term. We would then be required to purchase the ownership rights to the trademarks in the jurisdictions
covered by the license. Public Storage may terminate the Relationship Agreement if we fail to make payments
or if we are in material breach of the agreement. If this happens, we will no longer be able to use the Shurgard
trademarks, which would materially adversely affect our ability to run our business.
We are also responsible for all costs and expenses in relation to the filing, registration, and defense of the
trademarks within the territories covered by the license. If we fail to protect the trademarks against
infringements or misappropriation, our competitive position could suffer, and we could suffer a decrease in
demand for storage units, which could materially adversely affect our results of operations.
LEGAL RISKS
Compliance and regulatory risks
We must operate our properties in compliance with numerous building codes and regulations and other land-
use regulations. These include fire and Health and Safety regulations, labor codes and other regulatory
requirements which may be adopted or changed from time to time. Failure to comply with the applicable
regulations could result in the imposition of substantial fines or require us to incur significant additional costs,
or to limit or cease part of our operations. This could have a material adverse effect on our business, financial
condition and results of operations.
We are subject to a number of laws relating to privacy and data protection, including General Data Protection
Regulation (Regulation (EU) 2016/679) (the “GDPR”) and certain other data protection and privacy laws. Such
laws govern our ability to collect, use and transfer personal data relating to customers, as well as any such data
relating to our employees and others. We strive to comply with all applicable laws and regulations relating to
privacy and data protection. However, it is possible that such requirements may be interpreted and applied in a
manner that is inconsistent from one jurisdiction to another or may conflict with other rules or our practices.
Additionally, we rely on third parties and our employees for the collection and processing of personal data, and

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as a result are exposed to the risk that such data could be wrongfully appropriated, lost or disclosed, damaged
or processed in breach of privacy or data protection laws.
We are subject from time to time to disputes with tax or other governmental or regulatory bodies. Whether or
not any dispute actually proceeds to litigation, we may be required to devote significant management time and
attention to its successful resolution (through litigation, settlement or otherwise). This would detract from our
management’s ability to focus on our business. Any such resolution could involve the payment of damages or
expenses by us, which may be significant. In addition, any such resolution could involve our agreement to terms
that restrict the operation of our business.
As we are a publicly listed Company, we also have to comply with a large amount of ongoing reporting and
disclosure requirements. Any failure in meeting these requirements could result in significant penalty fees.
Regulation compliance
Some jurisdictions have regulations or permit requirements that apply to storage companies or operators of
storage activities, but it is not always clear to what extent these apply to us. We cannot exclude the possibility
that regulations that we currently view as inapplicable might be applied to us in the future. The burdens of
regulatory compliance are exacerbated since we operate in seven different countries and numerous different
jurisdictions and municipalities.
We must continually assess our compliance with numerous local fire and safety regulations, building codes and
other land-use regulations in order to operate. Failure to comply could result in the imposition of substantial
fines or require us to incur significant additional costs, or to limit or stop part of our operations, which could
have a material adverse effect on our business, financial condition and results of operations.
FINANCIAL RISKS
Access to capital market
We may face risks in relation to financing future development, redevelopment or acquisition activities. Although
we have financed most growth activity in recent years through our existing financial resources, including
operating cash flows and retained earnings, there can be no assurance that we will be able to do so in the future.
Our ability to undertake future development, redevelopment or acquisition activities may depend on our ability
to arrange necessary (or desired) financing, and we may not have access to capital markets or sufficient
availability under existing or future credit facilities when such opportunities arise. As a result, we may be unable
to finance future acquisition activity, on favorable terms or at all. If financing is available, but only on unfavorable
terms (i.e. only expensive lending options available), this could have a significant impact on our interest expense,
impose additional or more restrictive covenants or reduce cash available for distribution or for other investments
in the business. We could also be restrained from raising significant debt for future acquisition activity due to
covenants in our existing debt agreements. Also, significant systemic political, economic or financial crises or
sustained periods of slow growth may restrict our ability to access the capital markets and generate sufficient
financing due to cautious investor attitudes.
We also face risks related to the outstanding U.S. Private Placement Notes and our entry into the €250 million
revolving facility. Under the terms of these financings, we may not incur financial indebtedness unless it is
incurred in certain permitted circumstances. Additionally, we are subject to certain customary affirmative,
financial and negative covenants, which could affect, limit or prohibit our ability to undertake certain activities.
These include limitations on mergers, changes of business, disposal of assets and certain specific acquisitions
and joint ventures. The financial covenants imposed on us under the U.S. Private Placement Notes are tested
quarterly, and those under the new revolving facility are tested semi-annually. Although we do not currently
believe there is a risk of our breaching any of the covenants contained in those financings, if we were to fail to

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comply with any of the financial or non-financial covenants in the longer term (due, for example, to deterioration
in financial performance), it could result in an event of default and the acceleration of our obligations to repay
those borrowings, increased borrowing costs or cancellation of certain credit facilities.
Unfavorable foreign currency exchange movements
We publish our financial statements in euros as we conduct a significant portion of our business in euros.
However, we record revenue, expenses, assets and liabilities in a number of different currencies other than the
euro, specifically, the UK Pound Sterling, the Swedish Krona and the Danish Krone. As of December 31, 2021,
60.8% of our assets were denominated in euros, while 20.4%, 14.5% and 4.3% were denominated in UK Pound
Sterling, Swedish Krona and Danish Krone, respectively. Assets and liabilities denominated in local currencies are
translated into euros at exchange rates prevailing at the balance sheet date, and revenues and expenses are
translated at average exchange rates over the relevant period. Fluctuations in the exchange rate of the euro
versus these other currencies will affect the amount of these items in our consolidated financial statements,
even if their value remains unchanged in their original currency. We implement policies to protect against
exchange rate risk only when required to do so by covenants contained in our debt agreements. These translation
effects have resulted in the past, and could result in the future, in changes to our results of operations and
balance sheet from period to period.
IT RISKS
Cyber security
An increasing proportion of our business operations is conducted over the internet, increasing the risk of viruses
that could cause system failures and disruption of operations. Experienced computer programmers may be able
to penetrate our network security and misappropriate our confidential information, create system disruptions or
cause shutdowns. Cyber incidents could also cause disruption and impact our operations, which could require
substantial restoration costs or investment in new systems to protect against future cyber incidents.
As a larger proportion of our customer interactions and bookings move online, the secure processing,
maintenance and transmission of this information is an inherent part of our operations and business strategy.
In the ordinary course of our business, we collect and may store sensitive data, including intellectual property,
our proprietary business information and that of our customers, suppliers and business partners, and personally
identifiable information of our customers and employees. Despite our security measures, including securing our
systems and applications, designing and implementing an IT control framework, maintaining policies on the
handling of customer information, conducting training programs for our employees, regularly reviewing
assessments of the effectiveness of controls, and maintaining a security committee, our information technology
and infrastructure may be vulnerable to attacks by hackers or breached due to employee error, malfeasance or
other disruptions. Any such breach could compromise our networks and the information stored there could be
accessed, publicly disclosed, lost or stolen.
While we have established business continuity plans, strategies, and cyber risk insurance, there are inherent
limitations in such plans, strategies, systems, policies and procedures. These include the possibility that certain
risks have not been identified or that new cyber security threats emerge.
Business interruptions
Any network interruptions or problems with our websites that could prevent customers from accessing our
website could have a negative impact on potential new rentals or damage our brand and reputation.

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HR RISKS
Recruitment and personnel leakage
We depend in significant part on the contribution of our Senior Management and Directors. Our Senior
Management and Directors make significant contributions to our strategy and operations. In addition, our ability
to continue to identify and develop properties depends on Senior Management’s knowledge and expertise in the
property market. There is no guarantee that any member of the Senior Management team will remain employed
with us. The failure to retain these individuals in key management positions could have a material adverse effect
on our business. We do not have key man insurance on any of our Directors or Senior Managers.
We also depend on our store personnel responsible for the management and operation of our properties. Our
store managers’ customer service, marketing skills and knowledge of local market demand and competitive
dynamics are significant contributing factors to our ability to maximize customer satisfaction and rental,
insurance and ancillary revenue. Difficulties in hiring, training and retaining skilled store personnel may adversely
affect our occupancy and rental revenues.
We may face risks related to relations with our employees. Across our network, turnover of our personnel in
recent years has been approximately 35% per year, which has historically been moderately higher in certain
markets from year to year. Additionally, in certain markets, our employees have formed works or other advisory
councils, or are party to collective bargaining agreements, including in Belgium, Sweden and France. There can
be no assurance that we will not face work stoppages or other labor disputes with our employees in the future
or face significant changes in turnover in a given year at a particular store.
PR RISKS
As a listed company, Shurgard is a transparent company for its investors. It is a legal requirement with potential
significant impacts of the price share and the placing on the market of the Shurgard’s shares. The group shall
also be reactive regarding its public relations (PR), in case of any event. The main risks could be :
• Failure to quickly response to PR issues,
• Public communication and response plan;
• Monitoring of new media;
• Negative press on/from competitors affecting company image.
The Group has nominated a dedicated Investors Relations director, surrounded by external advisors to
communicate with investors and the market. The Investor Relations director and the executive team conducted
every-year a roadshow to meet investors and to promote good communication on the Group.
Finally, the Group is part of the professional associations of the self-storage industry, in the markets where we
operate. It allows the Group to have a global consideration of the market, to exchange good practices with peers
and to have, when needed, a global response to the challenges faced by the self-storage industry.
REAL ESTATE RISKS
Property damage
We face risks relating to potential catastrophic property damage due to fires or other disasters. Any catastrophic
events that cause significant property damage or affect the areas where a store operates could limit our ability
to continue operations at a store, or in a portion of a store, after such an event, while restoration or rebuilding
works are undertaken. Property damage could be caused by a variety of factors, including external events such
as natural disasters, earthquakes, hurricanes or other severe weather events. Property damage could also be
caused by catastrophic events inside a store, such as power outages, fires, flooding, plumbing problems, or other
issues, such as infestation.

SHURGARD ANNUAL REPORT 2021
159
Moreover, our properties can be damaged or destroyed by acts of violence, civil unrest or terrorist attacks or
accidents, including accidents linked to the goods stored.
We are also subject to potential liability relating to damage to customer goods. Such damage can arise from a
variety of factors, such as fire, flooding, pest infestations and moisture infiltration, which can result in mold or
other damage to our customers’ property, as well as potential health concerns.
Although we maintain reasonable liability cover where possible, certain types of losses may be either uninsurable
or not economically insurable in some countries, such as losses due to hurricanes, tornadoes, riots, acts of war
or terrorism. In such circumstances, we would remain liable for any debt or other financial obligation related to
that property. Our business, financial condition and results of operations could be materially and adversely
affected in such circumstances.
Constructions and developments
We consider strategic acquisitions of existing properties and sites for development, as well as redevelopment
and remix activities at specific properties in our network, to be a significant part of our growth strategy. Our
redevelopment activities often entail significant building works at an existing site, requiring material levels of
investment and, at times, severe disruption to ongoing operations. Historically, occupancy levels and rental rates
at newly acquired or developed properties have not been as high as of properties we have operated for a longer
period of time. New and recently developed properties require start-up capital and generally take a significant
amount of time to reach stabilized occupancy. As a result, during the early stage of this rent-up period, new
properties or newly developed properties may not be as profitable as established properties, or at all.
We undertake many of our development activities through service contracts where specific builders and other
personnel tender for particular roles in the construction process, rather than comprehensive design-and-build
agreements. Construction delays due to adverse weather conditions, unforeseen site conditions, personnel
problems, or cost overruns could prevent us from commencing operations at these locations on the timing or
scale anticipated at the time we commenced development activities. If we experience significant cost increases
after acquiring or commencing construction at a particular site, we could be required to alter, or in severe
circumstances, curtail development plans. In future periods, construction costs may also increase due to
increases in the cost of local contractors, in particular in high demand markets, as well as changes in the cost of
raw materials, whether due to market forces or other events, such as changes in tariff regimes or trade policy.
Other risks arising from developing new properties may arise from any unfamiliarity with local development
regulations or delays in obtaining construction permits or risks in relation to the quality of available contractors.
Before we acquired, developed or operated them, some of our properties may have been used for commercial
and industrial activities including activities regulated under environmental laws. We obtain environmental
assessment reports on the properties we acquire, develop and operate to evaluate their environmental condition
and potential environmental liability associated with them. However, the environmental assessments that we
have undertaken might not have revealed all potential environmental liabilities. It is possible that the remedial
measures subsequently prove to have been inadequate, or that former owners are found not to be liable or, even
in situations where they are found to be liable, they are otherwise unable to compensate us fully for such
liabilities.
PANDEMIC DISEASES
The COVID-19 outbreak has impacted our overall risk profile. The main risks areas are to (i) the Health and Safety
of our employees and customers, (ii) business disruptions based on government restrictions and (iii) development
schedules. Shurgard is monitoring these identified risks and is taking mitigation actions, with a focus on
protecting our employees and customers, and ensuring the continuity of our operations. Overall and based on its
performance during the height of the current pandemic, the Group did not identify any uncertainties that would
cast any doubt on Shurgard’s ability to continue as a going concern.

SHURGARD ANNUAL REPORT 2021
160
LUXEMBOURG TAKEOVER LAW DISCLOSURE
Shurgard Self Storage S.A. is required to make the following disclosures in compliance with article 11 of the
Luxembourg Law of May 19, 2006, transposing Directive 2004/25/EC of the European Parliament and of the
Council of April 21, 2004, on takeover bids (the “Transparency Law”):
a) Capital Structure
The Company has issued a single category of shares (ordinary shares). As of December 31, 2021, the share capital
was set at €63,592,365.48 divided into 89,106,202 shares, with no nominal value. The share capital has been
fully paid up. The shares exist in dematerialized form (titres dématérialisés) and have been issued pursuant to
the Luxembourg law dated April 6, 2013 on dematerialized shares. According to Article 7.1. of the Company’s
Articles of Association each share is entitled to one vote. The shareholder structure as of December 31, 2021 is
set out in the Share Capital section of this management report.
b) Restrictions on the transfer of securities
The Shurgard shares are freely transferable in accordance with the legal requirements for dematerialized shares.
The Board of Directors may, however, impose transfer restrictions for shares that are registered, listed and
admitted to trading, quoted, dealt in or have been placed in certain jurisdictions in compliance with the
requirements applicable therein. The transfer of a dematerialized share occurs by book-entry.
c) Direct and indirect shareholdings
The ownership in the Company by each shareholder who is known to be the (direct or indirect) holder of shares
of the Company representing 5% or more of the Company's voting rights is set out in the Share Capital section
of this management report.
d) Special control rights
All the issued and outstanding ordinary shares in the Company have equal voting rights and there are no special
control rights attached to the ordinary shares. As per article 7.1 of the Articles of Association of the Company
each share is entitled to one vote.
e) Control system of employee share schemes
There is no system of control of any employee stock option plan where the control rights are not exercised
directly by the employees.
f) Restrictions on voting rights
In general, there are no restrictions on the voting rights of the Shurgard shares. However, the sanction of
suspension of voting rights automatically applies to any shareholder (or group of shareholders) who has (or have)
crossed the thresholds set out in articles 8 to 15 of the Transparency Law but have not notified the Company
accordingly. The sanction of suspension of voting rights will apply until the notification has been properly made
by the relevant shareholder(s).
g) Restrictions on the transfer of securities
and/or voting rights provided in agreements between
shareholders
The Company is not aware of any agreements between shareholders which may result in restriction on the
transfer of securities and/or voting rights.

SHURGARD ANNUAL REPORT 2021
161
h) Appointment / replacement of Board members and Amendments of the Articles of Association
According to Articles 9.1 to 9.3 of our Articles of Association, the Company shall be managed by a Board of
Directors. Each Director will be appointed by the General Meeting. The General Meeting shall determine the
number of Directors, and the duration of their mandate is set at one year. Each Director is eligible for re-
appointment and may be removed at any time, with or without cause by a resolution of the General Meeting. In
the event of a vacancy on the Board of Directors, the remaining Directors may elect by co-optation a new Director
to fill such vacancy until the next General Meeting, which shall ratify such co-optation or elect a new Director
instead.
An amendment of our Articles of Association must be adopted by an extraordinary resolution at a General
Meeting in front of a Luxembourg public notary. A two-thirds majority of the votes cast by the shareholders
present or represented is required (with a quorum of 50% upon the initial convening and no quorum upon a
reconvened General Meeting). Our Articles of Association do not provide for any specific conditions that are
stricter than required by Luxembourg law.
i) Powers of Board Members
According to Article 10 of our Articles of Association, the Board of Directors is vested with the broadest powers
to perform all acts necessary or useful to accomplish the Company's object. All powers not expressly reserved by
the Articles of Association or by applicable laws to the General Meeting or to the Auditor(s) shall be within the
competence of the Board of Directors.
Authorized Capital
According to Article 6.1 of our Articles of Association, the authorized capital of the Company (including the issued
share capital) was set at €95,800,729.98 divided into 134,236,856 shares (the Authorized Capital) without
nominal value. According to Article 6.2 of our Articles of Association, the Board of Directors is authorized, up to
the maximum amount of the Authorized Capital, to:
• increase the issued share capital in one or several tranches with or without share premium, against
payment in cash or in kind, by conversion of claims on the Company or in any other manner;
• issue subscription and/or conversion rights in relation to new shares or instruments under the
terms and conditions of warrants (which may be separate or linked to shares, bonds, notes or
similar instruments issued by the Company), convertible bonds, notes or similar instruments;
• determine the place and date of the issue or successive issues, the issue price, the terms and
conditions of the subscription of and paying up on the new shares and instruments; and
• remove or limit the statutory preferential subscription right of the shareholders.
The above authorizations are valid until September 26, 2023, which corresponds to a period ending five years
after the date of the General Meeting creating the Authorized Capital. The above authorizations may be renewed,
increased or reduced by a resolution of the General Meeting with a two-thirds majority of the votes cast by the
shareholders present or represented (with a quorum of 50% upon the initial convening and no quorum upon a
reconvened General Meeting).
The Company’s share capital was increased several times during this financial year (through the use and within
the limits of the Authorized Capital) further to the exercise of certain stock options granted by the Company (the
Capital Increases). Please refer to Note 21 to the consolidated financial statements of the Company for further
details about such Capital Increases.

SHURGARD ANNUAL REPORT 2021
162
j) Change of control agreements
If a change of control occurs, each individual lender under the €250 million revolving facility entered into in 2018,
may cancel its commitment by not less than a 30 days’ notice and require repayment of its share in all
outstanding loans. The outstanding U.S. Private Placement Notes requires us to make an offer to prepay all
outstanding U.S. Private Placement Notes if, within a period of 90 days following the occurrence of a change of
control, the rating assigned to the U.S. Private Placement Notes (or any other of our unsecured and
unsubordinated indebtedness having an initial maturity of five years or more) immediately prior to the change
of control is lowered below investment grade and/or withdrawn (or, in absence of any rated U.S. Private
Placement Notes, we fail to obtain an investment grade rating of such rated debt instruments).
k) End of employment compensation
There are no agreements between the Company and its Board members or employees providing for
compensation if they resign or are made redundant without valid reason or if their employment ceases because
of a takeover bid.
RELATED PARTY TRANSACTIONS
We are engaged in certain commercial and financial transactions with related parties. Please refer to Note 34 to
the consolidated financial statements for further details.

SHURGARD ANNUAL REPORT 2021
163
RESPONSIBILITY STATEMENT
We confirm to the best of our knowledge that:
the consolidated financial statements of Shurgard presented in this annual report and established in conformity
with International Financial Reporting Standards as adopted by the European Union give a true and fair view of
the assets, liabilities, financial position and results of Shurgard and its subsidiaries included within the
consolidation taken as a whole; and the management report presented in this annual report includes a fair review
of the position and performance, business model and strategy of Shurgard and the subsidiaries included within
the consolidation taken as a whole, together with a description of the principal risks and uncertainties they face.
Luxembourg, February 22, 2022
Marc Oursin
Chief Executive Officer
Jean Kreusch
Chief Financial Officer

SHURGARD ANNUAL REPORT 2018
164
CONSOLIDATED FINANCIAL
STATEMENTS AS OF AND
FOR THE YEARS ENDED
DECEMBER 31, 2021 AND
2020

SHURGARD CONSOLIDATED FINANCIAL STATEMENTS 2021
165
CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED DECEMBER 31
(in € thousands) Notes FY 2021 FY 2020
Real estate operating revenue 6, 11 300,375 271,383
Real estate operating expense 7 (105,566) (98,211)
Net income from real estate operations 11 19 4,809 173,1 72
General, administrative and other expenses 8 (19,440) (16 ,953)
Of which depreciation and amortization expense 16 (2,624) (2,047)
Royalty fee expense 34 (2 ,971) (2,673)
Operating profit before property related adjustments 172,398 153,546
Valuation gain from investment property and investment property
under construction
14, 15 466,575 256,889
Proceeds from property insurance recovery and gain on disposal of
investment property and, property, plant and equipment
5,717 7,370
Operating profit 6 44,690 417,805
Finance cost, net 9 (19,970) (18,709)
Profit before tax 624,720 399,096
Income tax expense 10 (177,134) (109 ,250)
Attributable profit for the period 447,586 289,846
Profit attributable to non-controlling interests 26 (738) (3 71)
Profit attributable to ordinary equity holders of the parent 446,848 289, 475
Earnings per share in €, attributable to ordinary equity holders of
the parent:
Basic, profit for the period 13 5.03 3.26
Diluted, profit for the period 13 5.00 3.25

SHURGARD CONSOLIDATED FINANCIAL STATEMENTS 2021
166
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31
(in € thousands) Notes FY 2021 FY 2020
Profit for the year 447,586 289,84 6
Other comprehensive income
Items to be reclassified to profit or loss in subsequent periods:
Foreign currency translation reserve 29,891 (7,419)
Net other comprehensive income (loss), net of tax, to be reclassified
to profit or loss in subsequent periods
29,891 (7,419)
Net other comprehensive loss, net of tax,
not to be reclassified to profit or loss in subsequent periods
(79) (74)
Total comprehensive income for the year, net of tax 477,398 28 2,353
Attributable to non-controlling interests 26 (738) (371)
Attributable to ordinary equity holders of the parent 476,660 281,982

SHURGARD CONSOLIDATED FINANCIAL STATEMENTS 2021
167
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31
(in € thousands) Notes FY 2021 FY 2020
Assets
Non-current assets:
Investment property 14,15 3,817,235 3,138,894
Investment property under construction 14,15 29,832 65,631
Property, plant and equipment 16 3,196 3,402
Intangible assets 16 5, 926 5, 666
Deferred tax assets 10 1,723 1,787
Other non-current assets 17 1 ,067 981
Total non-current assets 3,858,979 3,216,361
Current assets:
Trade and other receivables 18 16,370 12,338
Other current assets 19 7,9 50 7,744
Cash and cash equivalents 20 219,170 102,998
Total current assets 243,490 123,08 0
Total assets 4,102,46 9 3,339,441
Equity and liabilities
Equity:
Issued share capital 21,22 61,383 56,51 2
Share premium 23 539,712 538,229
Share-based payment reserve 24 4,691 3,037
Distributable reserves 25 253,195 352,701
Other comprehensive loss (53,033) (82,845)
Retained earnings 1,666,595 1,219,747
Total equity attributable to equity holders of the parent 2,472,543 2,087,38 1
Non-controlling interests 26 5,498 4,76 0
Total equity 2,478,041 2,092,141
Non-current liabilities:
Interest-bearing loans and borrowings 27,29 797,579 498,502
Deferred tax liabilities 10 642,174 487,947
Lease obligations 28,29 84,475 76,215
Other non-current liabilities 30 140 128
Total non-current liabilities 1,524,368 1,06 2,792
Current liabilities:
Interest-bearing loans and borrowings 27,29 - 99,926
Lease obligations 28,29 3,893 5, 502
Trade and other payables and deferred revenue 31 91,925 74,9 23
Income tax payable 4 ,242 4,157
Total current liabilities 100,060 184,508
Total liabilities 1,624,428 1,247,300
Total equity and liabilities 4,102,469 3,339,441

SHURGARD CONSOLIDATED FINANCIAL STATEMENTS 2021
168
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(in € thousands)
Notes
Issued
share
capital
Treasury
shares
1
Share
premium
Share-
based
payment
reserve
Distri-
butable
reserves
Other
Compre-
hensive
loss
2
Retained
Earnings
Total
Non-con-
trolling
interests
Total
equity
As of January 1, 2020
63,470
(7,196)
537,421
809
440,544
(75,352)
930,272
1,889, 968
4,389
1,894,357
Proceeds from issuance of equity (Note 21, 23) 36 - 918 - - - - 954 - 954
Transaction costs incurred in connection with
issuance of equity (Note 23)
- - (110) - - - - (110) - (110)
Cash dividends on ordinary shares declared and paid
(Note 25)
25 - - - - (87,843) - - (87,843) - (87,843)
Share-based compensation expense
3
24,33
-
-
-
2,361
-
-
-
2,361
-
2,361
Sale of treasury shares to option holders 22,24 - 202 - (133) - - - 69 - 69
Net profit - - - - - - 289,475 289,475 371 289,846
Other comprehensive loss - - - - - (7,493) - (7,493) - (7,493)
As of December 31, 2020
63,506
(6,994)
538,229
3,037
352,701
(82,845)
1,219,747
2,087,381
4,760
2,092,141
Proceeds from issuance of equity (Note 21, 23)
86
-
1,510
-
-
-
-
1,596
-
1,596
Transaction costs incurred in connection with
issuance of equity (Note 23)
- - (27) - - - - (27) - (27)
Cash dividends on ordinary shares declared and paid
(Note 25)
25 - - - - (99,5 06) - - (99, 506) - (99,506)
Share-based compensation expense
3
24,33
-
-
-
2,946
-
-
-
2,946
-
2,946
Sale of treasury shares to option holders 22,24 - 4,785 - (1,292) - - - 3,49 3 - 3,493
Net profit
-
-
-
-
-
-
446,848
446,848
738
447,586
Other comprehensive income
-
-
-
-
-
29,812
-
29,812
-
29,812
As of December 31, 2021
63,592
(2,209)
539,712
4,691
253,195
(53,033)
1,666,5 95
2,472,543
5,498
2,478,041
1 In the Statement of Financial Position, the value of our treasury shares is deducted from issued share capital (Notes 21 and 22)
2 Other comprehensive income for all periods as of January 1, 2020 and December 31, 2021 includes €4.9 million comprehensive income the Company earned in connection with net investment hedges the Company entered into.
3 Share-based compensation expense for the year ended December 31, 2021 and December 31, 2020 includes €0.2 million and €1.3 million in deferred tax liabilities, respectively.

SHURGARD CONSOLIDATED FINANCIAL STATEMENTS 2021
169
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31
(in € thousands) Notes FY 2021 FY 2020
Operating activities
Profit for the period before tax 624,720 399,096
Adjustments to reconcile profit before tax to net cash flows:
Valuation gain on investment property and investment
property under construction
15 (466,575) (256,889)
Loss on disposal of investment property - 1
Depreciation and amortization expense 16 2,624 2,04 7
Share-based compensation expense 24,33 2,777 1,042
Finance cost, net 9 1 9,970 1 8,709
Working capital movements:
Change in trade receivables, other current and non-current
assets
(9,436) (649)
Change in other current and non-current liabilities and
deferred revenue
13,632 (1,40 5)
Income tax paid (26,123) (1 6,057)
Cash flows from operating activities 161,589 145,895
Investing activities
Capital expenditures on investment property under construction and
completed investment property
14,15 (81,542) (78,711)
Capital expenditures on property, plant and equipment 16 (287) (181)
Acquisition of investment properties and other assets, net of liabilities 12 (47,346) (57, 491)
Proceeds from disposal of property, plant and equipment and
insurance recovery proceeds
5,717 7,398
Acquisition of intangible assets 16 (1,872) (2,021)
Cash flows from investing activities (125,330) (131,006)
Financing activities
Proceeds from the issuance of equity 21,23 1 ,596 9 54
Payment for equity issuance costs 23 (27) (110)
Proceeds from the issuance of debt 27 300, 000 -
Repayment of debt 27 (100,000) -
Payment for debt issuance costs 27 (1,491) -
Repayment of principal amount of lease obligations 28,29 (5,770) (3,769)
Cash dividends on ordinary shares paid to Company’s shareholders 25 (99,506) (87,843)
Proceeds from the sale of treasury shares 22,24,33 3,493 69
Interest paid 27,28,29 (19,196) (19,960)
Cash flows from financing activities 79,099 (110,6 59)
Net increase (decrease) in cash and cash equivalents 115,358 (95,770)
Effect of exchange rate fluctuation 81 4 194
Cash and cash equivalents as of January 1 102,998 19 8,574
Cash and cash equivalents as of December 31 219,170 102,998

SHURGARD ANNUAL REPORT 2018
170
NOTES TO THE
CONSOLIDATED
FINANCIAL STATEMENTS

SHURGARD CONSOLIDATED FINANCIAL STATEMENTS 2021
171
TABLE OF CONTENTS
1.
Corporate information .......................................................................................................................................................... 172
2. Changes in accounting policies and disclosures ........................................................................................................... 173
3. Summary of significant accounting policies .................................................................................................................. 174
4. Significant accounting judgements, estimates and assumptions ........................................................................... 184
5. Standards issued but not yet effective ........................................................................................................................... 185
6. Real estate operating revenue .......................................................................................................................................... 186
7. Real estate operating expense .......................................................................................................................................... 186
8. General, administrative and other expenses .................................................................................................................. 187
9. Finance cost, net .................................................................................................................................................................... 187
10. Income tax ........................................................................................................................................................................ 188
11. Segment information ...................................................................................................................................................... 191
12. Acquisition of properties ...............................................................................................................................................195
13. Earnings per share (EPS) ...............................................................................................................................................195
14. Investment property and investment property under construction .................................................................. 197
15. Fair value measurement – investment property .................................................................................................. 198
16. Property, plant and equipment and intangible assets ......................................................................................... 202
17. Other non-current assets ............................................................................................................................................. 202
18. Trade and other receivables ........................................................................................................................................ 202
19. Other current assets ...................................................................................................................................................... 203
20. Cash and cash equivalents ........................................................................................................................................... 203
21. Issued share capital ....................................................................................................................................................... 203
22. Treasury shares ............................................................................................................................................................... 203
23. Share premium ................................................................................................................................................................ 204
24. Share-based payment reserve .................................................................................................................................... 204
25. Distributable reserves and distributions made ...................................................................................................... 204
26. Non-controlling interests ............................................................................................................................................. 204
27. Interest-bearing loans and borrowings .................................................................................................................... 205
28. Leases ................................................................................................................................................................................ 207
29. Analysis of movements in interest-bearing loans and borrowings ................................................................. 208
30. Other non-current liabilities ........................................................................................................................................ 208
31. Trade and other payables and deferred revenue................................................................................................... 209
32. Pensions ............................................................................................................................................................................ 209
33. Share-based compensation expense ........................................................................................................................ 210
34. Related party disclosures .............................................................................................................................................. 213
35. Financial risk management objectives and policies .............................................................................................. 214
36. Capital management .......................................................................................................................................................218
37. Insurance and loss exposure ........................................................................................................................................ 219
38. Contingencies and commitments ............................................................................................................................... 220
39. List of consolidated entities ......................................................................................................................................... 221
40. Events after the reporting period ............................................................................................................................... 222

SHURGARD CONSOLIDATED FINANCIAL STATEMENTS 2021
172
1. CORPORATE INFORMATION
The Group has been listed on Euronext Brussels since October 15, 2018 (ticker “SHUR”).
Shurgard Self Storage S.A. (referred to collectively with its consolidated subsidiaries, as the “Group”, “Company”,
“we”, “our”, or “us”) is organized under the laws of the Grand Duchy of Luxembourg and has its registered office
and principal place of business at 11 Rue de l’Industrie, L-8399 Windhof.
Our principal business activities are the acquisition, development and operation of self-storage facilities
providing month-to-month leases for business and personal use. We also provide ancillary services at our
self-storage properties consisting primarily of sales of storage products (merchandise) and protection of
customers’ stored goods.
As of December 31, 2021, we operate 254 self-storage stores under the Shurgard brand name that we own or
lease in France, the Netherlands, Sweden, the United Kingdom (UK), Germany, Belgium, and Denmark. In addition,
we operate one facility in France that is owned by a third party.
BASIS OF PREPARATION
The consolidated financial statements of the Company have been prepared in accordance with International
Financial Reporting Standards (“IFRS”) as adopted by the European Union.
The Company’s financial statements have been prepared on a historical cost basis, except for the following:
• Investment property and investment property under construction, which are measured at fair value;
• Equity-settled share-based compensation plans, for which the share-based compensation expense
is measured at fair value; and
• Defined benefit pension plans, for which the assets are measured at fair value. Pension plan
liabilities are measured according to the projected unit credit method.
The consolidated financial statements are presented in euros and all values are rounded to the nearest thousand,
except where otherwise indicated.
The financial statements were authorized for issue by the Board of Directors on February 22, 2022. The Board of
Directors has the power to amend and reissue the financial statements.

SHURGARD CONSOLIDATED FINANCIAL STATEMENTS 2021
173
SIGNIFICANT EVENTS AND TRANSACTIONS
Events and/or transactions significant to an understanding of the changes since December 31, 2020 have been
included in the Notes of these consolidated financial statements and mainly relate to:
• On February 23, 2021, the Company approved a new equity compensation plan to incentivize certain
members of the senior management and a number of existing or future employees of the Group
as well as to support retention and further strengthen the link between compensation and our
stock price development. In the third quarter of 2021, 1,851,000 stock options were granted under
the plan.
• In May 2021, Shurgard became the full owner of its storage facility ‘Shurgard Brussels - Forest’.
This was the first building in which Shurgard offered self storage in Europe. It opened in 1995 and
the lease agreement included an option clause to acquire the site, which was executed by Shurgard.
• On July 23, 2021, the Company issued new ten-year Senior Notes for €300 million bearing fixed
interest of 1.24% per annum (effective interest rate of 1.28%), of which the proceeds have been
used to repay tranche A (€100 million) of its 2014 senior guaranteed notes maturing in July 2021,
to finance potential acquisitions and to finance or refinance, in whole or in part, recently completed
and future Eligible Green Projects.
• On September 9, 2021, the Group acquired four self-storage properties in the UK, adding 7,565 net
rentable sqm of storing space in total to its existing owned portfolio.
• On October 1, 2021, the Group acquired two self-storage facilities in the UK, adding 2,187 net
rentable sqm of storing space in total to its existing owned portfolio.
2. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The accounting policies adopted in the preparation of the 2021 consolidated financial statements are consistent
with those followed in the preparation of the Company’s annual consolidated financial statements for the year
ended December 31, 2020, except for the adoption of amended standards effective as of January 1, 2021. The
Group has not early adopted any other standard, interpretation or amendment that has been issued but is not
yet effective.
The following amendments and interpretations apply for the first time in 2021, but do not have a material impact
on the consolidated financial statements of the Company:
• Amendments to IFRS 4 Insurance Contracts – deferral of IFRS 9, effective January 1, 2021;
• Amendments to IFRS 9 Financial Instruments, IFRS 7 Financial Instruments: Disclosures, IAS 39
Financial Instruments: Recognition and measurement, IFRS 4 Insurance contracts and IFRS 16
Leases- Interest Rate Benchmark Reform – phase 2, effective January 1, 2021;
• Amendments to IFRS 16 Leases – COVID-19 related rent concessions beyond June 30, 2021,
effective April 1, 2021.

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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF CONSOLIDATION
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as
of and for the years ended December 31, 2021 and 2020. Specifically, the Group controls an investee if, and only
if, it has:
• Power over the investee (i.e., existing rights that give it the current ability to direct the relevant
activities of the investee);
• Exposure, or rights, to variable returns from its involvement with the investee; and
• The ability to use its power over the investee to affect its returns.
The Company re-assesses whether it controls an investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Company
obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Assets,
liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the
consolidated financial statements from the date the Company gains control until the date the Company ceases
to control the subsidiary.
Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the equity holders of
the parent of the Company and to the non-controlling interests. When necessary, adjustments are made to the
financial statements of subsidiaries to bring their accounting policies into line with the Company’s accounting
policies. All intra-company assets and liabilities, equity, income, expenses and cash flows relating to transactions
between members of the Company are eliminated in consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity
transaction.
If the Company loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities,
non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit
or loss. Any investment retained is recognized at fair value.
PROPERTY ACQUISITIONS
Where property is acquired, via corporate acquisitions or otherwise, management considers the substance of the
assets and activities of the acquired entity in determining whether the acquisition represents the acquisition of
a business.
Where such acquisitions are not judged to be an acquisition of a business, they are not treated as business
combinations. Rather, the cost to acquire the corporate entity or assets and liabilities, as well as directly
attributable acquisition costs, are allocated between the identifiable assets and liabilities (of the entity) based
on their relative values at the acquisition date.
BUSINESS COMBINATIONS AND GOODWILL
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured
as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any
non-controlling interests in the acquiree. For each business combination, the Company elects whether to

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measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s
identifiable net assets. Acquisition-related costs are expensed as incurred.
Any contingent consideration to be transferred by the acquirer is recognized at fair value at the acquisition date.
Contingent consideration classified as an asset or liability is measured at fair value with the changes in fair value
recognized in the statement of profit or loss.
Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the
amount recognized for non-controlling interests) and any previous interest held over the net identifiable assets
acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Company re-assesses whether it has correctly identified all of the assets acquired
and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at
the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over
the aggregate consideration transferred, then the gain is recognized in profit or loss.
FOREIGN CURRENCIES
The Company’s consolidated financial statements are presented in euros, which is also the parent company’s
functional currency. For each entity, the Company determines the functional currency and items included in the
financial statements of each entity are measured using that functional currency. The functional currencies used
by the Company’s main subsidiaries are the British pound, the Swedish krona and the Danish krone. The Company
uses the direct method of consolidation and on disposal of a foreign operation the gain or loss that is reclassified
to profit or loss reflects the amount that arises from using this method.
TRANSACTIONS AND BALANCES
Transactions in foreign currencies are initially recorded by the Company’s entities at their respective functional
currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities
denominated in foreign currencies are translated at the functional currency spot rates of exchange at the
reporting date.
Differences arising on settlement or translation of monetary items are recognized in finance cost on our
consolidated statement of profit or loss, except for monetary items that are considered to be part of the
Company’s net investment of a foreign operation. These are recognized in OCI until the net investment is disposed
of, at which time, the cumulative amount is reclassified to finance cost. Tax charges and credits attributable to
exchange differences on those monetary items are also recorded in OCI.
Non-monetary items that are measured in terms of historical cost in a foreign currency by the Company’s entities
are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured,
by the Company’s entities, at fair value in a foreign currency (e.g. investment properties) are translated using the
exchange rates at the date when the fair value is determined. The gain or loss arising on translation of such non-
monetary items measured at fair value is treated in line with the recognition of gain or loss on change in fair
value of the item (i.e., translation differences on items whose fair value gain or loss is recognized in OCI or profit
or loss are also recognized in OCI or profit or loss, respectively).
SUBSIDIARIES
On consolidation, the assets and liabilities of foreign operations are translated into euros at the rate of exchange
prevailing at the reporting date and their statements of profit or loss are translated at average exchange rates
prevailing at the dates of the transactions. The exchange differences arising on translation for consolidation are

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recognized in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign
operation is recognized in profit or loss.
SEGMENT REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker (“CODM”). The CODM is the Executive Committee and consist of Chief Executive Officer,
Chief Finance Officer, VP Operations, Chief Investment Officer and General Counsel (“the Executive Committee”).
INVESTMENT PROPERTY AND INVESTMENT PROPERTY UNDER CONSTRUCTION
Investment property comprises completed property and property under construction or re-development that is
held to earn rentals. Property held under a lease is classified as investment property when it is held to earn
rentals, rather for use in production or administrative functions.
Investment property is initially measured at cost, including transaction costs. Transaction costs include transfer
taxes, professional fees for legal services and initial leasing commissions to bring the property to the condition
necessary for it to be capable of operating.
Subsequent to initial recognition, investment property is measured at fair value, which reflects market conditions
at the reporting date. Gains or losses arising from changes in the fair values of investment property are included
in valuation gain and loss from investment property and investment property under construction on our
consolidated statement of profit and loss in the period in which they arise, including the corresponding tax effect.
Transfers are made to (or from) investment property only when there is a change in use which can be evidenced,
for example with the commencement or end of owner-occupation.
Investment property is derecognized either when it has been disposed of or when it is permanently withdrawn
from use and no future economic benefit is expected from its disposal. The difference between the net disposal
proceeds and the carrying amount of the asset is recognized in profit or loss in the period of derecognition.
LEASES
A lease is a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a
period of time in exchange for consideration.
The determination of whether an arrangement is (or contains) a lease is based on the substance of the
arrangement at the inception of the lease.
COMPANY AS A LESSEE
The Company leases various plots of land, self-storage facilities, equipment and company cars. Certain contracts
may contain both lease and non-lease components. The Group elected to apply the practical expedient of IFRS 16
to not separate lease and non-lease components and thus accounts for these as a single lease component.
Leases are recognized as a right-of-use asset, representing the right to use the underlying asset, and a
corresponding liability to make lease payments at the date at which the leased asset is available for use by the
Group.

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Assets and liabilities arising from a lease are initially measured at the present value of the lease payments to be
made over the lease term.
Lease liabilities include the net present value of the following lease payments:
• fixed payments (including in-substance fixed payments), less any lease incentives receivable;
• variable lease payments: the Company is exposed in all countries it operates to potential future
increases in variable lease payments based on an index or rate which are not included in the lease
liability until they take effect; when adjustments to lease payments based on an index or rate take
effect, the lease liability is reassessed and adjusted against the right-of-use asset;
• amounts expected to be payable by the Company under residual value guarantees;
• the exercise price of a purchase option if the group is reasonably certain to exercise that option;
and
• payments of penalties for terminating the lease, if the lease term reflects the Company exercising
that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement
of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case for leases in the Company, the lessee’s incremental borrowing rate
(“IBR”) is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to
obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms,
security and conditions. To determine IBR for leases denominated the various functional currencies, we are using
relevant swap rates increased by a credit spread to reflect the incremental borrowing rate for such an asset,
taking into account the payment pattern applicable under the leases. This credit spread is based on the credit
spreads observed on the Belgian retail mortgage market and is adjusted for LTV, local (non-Belgian) market
specifics and non-commercial character of the underlying asset.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss
over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability
for each period.
Right-of-use assets are measured at cost comprising the following:
• the amount of the initial measurement of lease liability;
• any lease payments made at or before the commencement date less any lease incentives received;
• any initial direct costs; and
• restoration costs.
Except for investment property held by the Company as a right-of-use asset, right-of-use assets are generally
depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Company
is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying
asset’s useful life.
For leased investment properties, IAS 40.50(d) requires recognizing both the fair value of the property, as
obtained by the external valuation expert, as well as the right-of-use assets (see Note 15), as the cash flows

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relating to the lease liability have also been considered when estimating the fair value of the investment property
and would otherwise be included twice in the financial statements. This add-back avoids thus a double-counting
of the same liability in the financial statements.
Payments associated with short term leases and all leases of low value assets are recognized on a straight-line
basis as an expense in profit or loss. Short term leases are leases with a lease term of 12 months or less.
COMPANY AS A LESSOR
Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset
are classified as operating leases. Initial direct costs incurred in negotiating and arranging an operating lease
are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as
rental income. Contingent rents are recognized as revenue in the period in which they are earned. We refer to
the accounting policy on revenue recognition for further information on the accounting policies on rental income.
PROPERTY, PLANT AND EQUIPMENT
Our property, plant and equipment mainly consist of building improvements and office equipment in use at the
local head offices in the countries in which we operate. Historical cost includes expenditure that is directly
attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Company and
the cost of the item can be measured reliably. The carrying amount of any asset is derecognized when replaced.
All other repairs and maintenance are charged to profit or loss during the reporting period in which they are
incurred.
Property, plant and equipment is depreciated on a straight-line basis over its estimated economic useful life. The
assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting
period.
When there is an impairment indicator, an asset’s carrying amount is written down immediately to its recoverable
amount if the asset’s carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included
in profit or loss.
INTANGIBLE ASSETS
The Company’s intangible assets mainly consist of internally developed computer software. Software
development costs that are directly attributable to the design and testing of identifiable and unique software
products controlled by the Company are recognized as intangible assets when the criteria, as defined in IAS 38,
are met.
Capitalized software development costs are recorded as intangible assets and amortized on a straight-line basis
over their economic useful lives (of three to five years) from the moment at which the asset is ready for use.
Costs associated with maintaining software programs are recognized as an expense as incurred.

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Research expenditure and development expenditure that do not meet the criteria for capitalization above are
recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized
as an asset in a subsequent period.
BORROWINGS
All borrowings are initially recognized at fair value less directly attributable transaction costs. After initial
recognition, borrowings are subsequently measured at amortized cost using the effective interest method.
Borrowings are derecognized when the obligation specified in the contract is discharged, canceled or expired.
The difference between the carrying amount of a financial liability that has been extinguished or transferred to
another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is
recognized in profit or loss as other income or finance costs.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement
of the liability for at least 12 months after the reporting period.
BORROWING COSTS
General borrowing costs attributable to the acquisition or construction of an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset.
All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and
other costs that an entity incurs in connection with the borrowing of funds.
The interest capitalized is calculated using the Group’s weighted average cost of borrowings. Interest is
capitalized as from the commencement of the development work until the date of practical completion, i.e., when
substantially all the development work is completed. The capitalization of finance costs is suspended if there are
prolonged periods when development activity is interrupted. Interest is also capitalized on the purchase cost of
a site of property acquired specifically for redevelopment, but only where activities necessary to prepare the
asset for redevelopment are in progress.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents in the statement of financial position comprise cash at bank and cash equivalents
with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and cash
equivalents, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the
Company’s cash management.
RENT AND OTHER RECEIVABLES
Rent and other receivables are recognized at their original invoiced value except where the time value of money
is material, in which case receivables are recognized at fair value and subsequently measured at amortized cost
and are subject to impairment. For rent and other receivables, the Group applies a simplified approach in
calculating expected credit losses. Therefore, the Company does not track changes in credit risk, but instead
recognizes a loss allowance based on lifetime expected credit losses at each reporting date. The Group has
established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking
factors specific to the debtors and the economic environment.

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TRADE AND OTHER PAYABLES
These amounts represent liabilities for goods and services provided to the Company prior to the end of the
financial year which are unpaid. The amounts are unsecured and are usually paid within thirty days of
recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12
months after the reporting period.
REVENUE RECOGNITION
The Company is in the business of operating self-storage facilities providing month-to-month rental agreements
for business and personal use in scope of IFRS 16. We also provide ancillary services at our self-storage facilities
consisting primarily of sales of storage products (included in “Ancillary revenue”) and protection of customers’
stored goods (referred to as “Insurance revenue”).
Revenue from contracts with customers is recognized when control of the goods or services are transferred to
the customer at an amount that reflects the consideration to which the Company expects to be entitled in
exchange for those goods or services. The Group concluded that it is the principal in all of its revenue
arrangements, because it controls the goods or services before transferring them to the customer.
RENTAL INCOME
In the rental agreements with its customers, the Company is acting as the lessor in operating lease agreement.
Rental income arising from such operating leases on investment property is accounted for on a straight-line
basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature,
except for contingent rental income which is recognized when it arises. Generally, the Group requires advance
payments from new contracts (customers), and the proceeds received are deferred on the balance sheet under
the caption “Deferred rent”.
Initial direct costs incurred in negotiating and arranging an operating lease are recognized as an expense over
the lease term on the same basis as the lease income.
Tenant lease incentives are recognized as a reduction of rental revenue on a straight-line basis over the term of
the lease. The lease term is the non-cancelable period of the lease together with any further term for which the
tenant has the option to continue the lease, where, at the inception of the lease, management is reasonably
certain that the tenant will exercise that option. Typically, this has been assessed to be one month.
Amounts received from tenants to terminate leases or to compensate for dilapidations are recognized in the
statement of profit or loss when the right to receive them arises.
INSURANCE REVENUE
Revenue from insurance is recognized on a straight-line basis over the period that a customer occupies its
storage unit.
SERVICE CHARGES, MANAGEMENT CHARGES AND OTHER EXPENSES RECOVERABLE FROM TENANTS
Income arising from expenses recharged to tenants is recognized in the period in which the compensation
becomes receivable. Service and management charges and other such receipts are included in real estate
operating revenue gross of the related costs, as management considers that the Company acts as principal in
this respect.

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181
EMPLOYEE BENEFITS
SHORT TERM EMPLOYEE BENEFITS
Liabilities for wages and salaries that are expected to be settled wholly within 12 months after the end of the
period in which the employees render the related service are recognized in respect of employees’ services up to
the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are
settled. The liabilities are presented as current employee benefit obligations in the balance sheet.
Bonuses received by company employees and management are based on pre-defined Company and individual
target achievements. The estimated amount of the bonus is recognized as an expense over the period the bonus
is earned.
PENSION BENEFITS
A defined contribution plan is a post-employment benefit plan under which the Group pays fixed contributions
and has no legal or constructive obligation to pay further contributions regardless of the performance of the
funds held to satisfy future benefit payments. A defined benefit plan is a post-employment benefit plan other
than a defined contribution plan.
The Company has defined contribution plans in various countries in which it operates, whereby contributions by
the Company are charged to real estate operating expense and general, administrative and other expense in our
consolidated statements of profit and loss in the period in which services are rendered by the covered employees.
The defined contribution plans in Belgium include a legally guaranteed minimum return, which has to be provided
by the Group (based on the so-called “Law Vandenbroucke”). The external insurance company that receives and
manages all plan contributions does also provide a different return guarantee, which may be higher (still the
case for the majority of contributions paid) or lower than the one that has to be provided by the Group. Therefore,
these plans also have defined benefit plan features, as the Group is exposed to the investment and funding risk
relating to the difference in returns, if any.
For these plans, the projected unit credit method has been used as the actuarial technique to measure the
defined benefit obligation, calculated by independent actuaries.
TERMINATION BENEFITS
Termination benefits are payable when employment is terminated by the Company before the normal retirement
date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes
termination benefits at the earlier of the following dates: (a) when it can no longer withdraw the offer of those
benefits; and (b) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and
involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy,
the termination benefits are measured based on the number of employees expected to accept the offer. Benefits
falling due more than 12 months after the end of the reporting period are discounted to present value.
SHARE-BASED COMPENSATION
The Group operates various equity-settled share-based compensation plans, under which the Company receives
services from employees and senior executives as consideration for equity instruments (options) of the Group.
The cost of equity-settled compensation plans is determined by the fair value at the grant date of the awards
using the Black-Scholes model. The cost is recognized, together with a corresponding increase in retained
earnings in equity, over the period in which the service conditions are fulfilled (the vesting period).

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The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date
reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity
instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period
represents the movement in cumulative expense recognized as of the beginning and end of that period and is
recognized in general administrative and other expenses. No expense is recognized for awards that do not
ultimately vest because non-market performance and/or service conditions have not been met.
INCOME TAX
Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that
it relates to a business combination, or items recognized directly in equity or in OCI. Interest and penalties related
to income taxes, including uncertain tax treatments, can be accounted for under IAS 12 Income taxes or under
IAS 37 Provisions, Contingent Liabilities and Contingent Assets depending on the specific nature of the particular
interest and penalties and whether the relevant law considered these interest and penalties as income taxes.
CURRENT INCOME TAX
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in
the consolidated statement of profit or loss and other comprehensive income because it excludes items of income
or expense that are taxable or deductible in other years and it further excludes items that are not taxable or tax
deductible.
The Group’s liability for current tax is calculated using tax rates (and tax laws) that have been enacted or
substantively enacted by the end of the reporting period.
DEFERRED TAX
Deferred tax is recognized for temporary differences between the carrying amounts of assets and liabilities in
the consolidated financial statements and their corresponding tax basis used in the computation of taxable
profit.
Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are
recognized to the extent that it is probable that taxable profit will be available against which deductible
temporary differences and tax losses carried forward can be utilized.
Deferred tax assets and liabilities are not recognized when the temporary difference arises from the initial
recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the
time of the transaction, affects neither accounting profit nor taxable profit or loss.
For taxable temporary differences associated with investments in subsidiaries and interests in joint
arrangements:
• Deferred tax liabilities are not recognized when the timing of the reversal of the temporary
differences can be controlled and it is probable that the temporary differences will not reverse in
the foreseeable future; and
• Deferred tax assets are recognized only to the extent that it is probable that the temporary
differences will reverse in the foreseeable future and taxable profit will be available against which
the temporary differences can be utilized.

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The measurement of deferred tax reflects the tax consequences that would follow from the manner, in which
the Group expects, at the reporting date, to recover or settle the carrying amount of assets and liabilities, at the
tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax
rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
The Group concluded that its investment properties are held with the objective to consume substantially all of
the economic benefits embodied in the investment properties over time, rather than through sale, which is
reflected in the measurement of deferred tax assets and liabilities.
EARNINGS PER SHARE
BASIC EARNINGS PER SHARE
Basic earnings per share is calculated by dividing:
• The profit attributable to equity holders of the Company by
• The weighted average number of ordinary shares outstanding during the financial year, excluding
treasury shares.
DILUTED EARNINGS PER SHARE
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account:
• The after tax effect of interest and other financing costs associated with dilutive potential ordinary
shares, and
• The weighted average number of additional ordinary shares that would have been outstanding
assuming the conversion of all dilutive potential ordinary shares (including outstanding share
options).
FAIR VALUE MEASUREMENTS
The Group measures investment property and investment property under construction at fair value. Fair value
related disclosures for items measured at fair value or where fair values are disclosed, are summarized in
Notes 14 and 15: Investment property and investment property under construction.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer, the liability takes place either:
• In the principal market for the asset or liability, or
• In the absence of a principal market, in the most advantageous market for the asset or liability.
The Company must be able to access the principal or the most advantageous market at the measurement date.
The fair value of an asset or a liability is measured using the assumptions that market participants would use
when pricing the asset or liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a market participant's ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant

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that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate
in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of
relevant observable inputs and minimizing the use of unobservable inputs.
All assets and liabilities, for which fair value is measured or disclosed in the financial statements are categorized
within the fair value hierarchy (described as follows), based on the lowest level input that is significant to the
fair value measurement as a whole:
• Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
• Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable;
• Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable.
4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND
ASSUMPTIONS
The preparation of the Group’s consolidated financial statements in conformity with IFRS requires us to make
judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and
liabilities, and the accompanying disclosures and inherently contain some degree of uncertainty. These estimates
are based on experience and assumptions the Group believes to be reasonable under the circumstances. This
uncertainty could result in outcomes that require a material adjustment to the carrying amount of the assets or
liabilities affected in future periods.
The areas involving significant estimates or judgements are:
ASSET ACQUISITIONS AND BUSINESS COMBINATIONS (NOTE 12)
• From time to time, the Group acquires entities that own real estate. At the time of acquisition, the
Company considers whether such a transaction represents the acquisition of a business or the
acquisition of an asset (a group of assets) for IFRS purposes. The Company accounts for an
acquisition as a business combination when the integrated set which includes the property
contains processes that have the ability to create output (mainly in the form of rental income).
Judgement is required to make this determination and the Group applies the guidance included in
IFRS 3 (as amendment) to supports its judgement.
• When the acquisition does not represent a business combination, it is accounted for as an
acquisition of assets and liabilities. The cost of the acquisition is allocated to the assets and
liabilities acquired based upon their relative fair values, and no goodwill or deferred tax (see Note
3 above) is recognized.
FAIR VALUE OF INVESTMENT PROPERTY AND INVESTMENT PROPERTY UNDER CONSTRUCTION (NOTE 15)
• The fair value of investment property and investment property under construction is determined
by external real estate valuation experts using recognized valuation techniques and the principles
of IFRS 13 Fair Value Measurement. The significant methods and assumptions used by valuers in
estimating the fair value of investment property are set out in Note 15.

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185
Other disclosures relating to the Company’s exposure to risks and uncertainties include:
• Note 35: Financial risk management objectives and policies;
• Note 36: Capital management.
5. STANDARDS ISSUED BUT NOT YET EFFECTIVE
The most significant new and amended standards and interpretations that are issued, but not yet effective, up
to the date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt
these new and amended standards and interpretations, if applicable, when they become effective:
• IFRS 17 Insurance Contracts: In 2017, the IASB issued IFRS 17 Insurance Contracts (IFRS 17), a
comprehensive new accounting standard for insurance contracts covering recognition and
measurement, presentation and disclosure. Once effective, IFRS 17 will replace IFRS 4 Insurance
Contracts (IFRS 4) that was issued in 2005. IFRS 17 is effective for reporting periods beginning on
or after January 1, 2023, with comparative figures required.
• Amendments to IAS 1 - Classification of Liabilities as Current or Non-current: In early 2020, the
IASB issued amendments to IAS 1 to specify the requirements for classifying liabilities as current
or non-current. The amendments are effective for annual reporting periods beginning on or after
January 1, 2023 and must be applied retrospectively.
• Amendments to IFRS 3 - Reference to the Conceptual Framework: The amendments are
effective for annual reporting periods beginning on or after January 1, 2022 and apply prospectively.
• Amendments to IAS 16 - Property, Plant and Equipment: Proceeds before Intended Use: The
amendment is effective for annual reporting periods beginning on or after January 1, 2022 and
must be applied retrospectively to items of property, plant and equipment made available for use
on or after the beginning of the earliest period presented when the entity first applies the
amendment.
• Amendments to IAS 37 - Onerous Contracts – Costs of Fulfilling a Contract: The IASB issued
amendments to IAS 37 to specify which costs an entity needs to include when assessing whether
a contract is onerous or loss-making. The amendments are effective for annual reporting periods
beginning on or after January 1, 2022.
• IFRS 9 Financial Instruments – Fees in the "10 per cent" test for derecognition of financial
liabilities: The amendment clarifies the fees that an entity includes when assessing whether the
terms of a new or modified financial liability are substantially different from the terms of the
original financial liability. The amendment is effective for annual reporting periods beginning on or
after January 1, 2022 with earlier adoption permitted.
The Group is currently in the process of assessing the impact, if any, on its consolidated financial statements.
Shurgard intends to adopt these pronouncements when they become effective, but currently does not expect
any of them to have material impact.

SHURGARD CONSOLIDATED FINANCIAL STATEMENTS 2021
186
6. REAL ESTATE OPERATING REVENUE
(in € thousands) FY 2021 FY 2020
Rental revenue 258,626 232,286
Insurance revenue
1
30,282 28,134
Ancillary revenue
1,2
11,038 10,548
Property operating revenue 299,946 270,968
Other revenue
3
429 415
Real estate operating revenue 300,375 271,383
1 Revenue streams in the scope of IFRS 15 - Revenue from Contracts with Customers.
2 Ancillary and other operating revenue consists of merchandise sales and other revenue from real estate operations.
3 Other revenue mainly consists of management fee revenue and other, non-recurring, income resulting from operations.
7. REAL ESTATE OPERATING EXPENSE
Real estate operating expense of investment property which generates property operating revenue consists of
the following:
(in € thousands) FY 2021 FY 2020
Payroll expense 41,418 38,489
Real estate and other taxes 15,918 15,426
Repairs and maintenance 9,886 8,047
Marketing expense 8,258 7,949
Utility expense 3,754 3,870
Other operating expenses
1
17,526 15,767
Doubtful debt expense 3,397 4,265
Cost of insurance and merchandise sales 5,409 4,398
Real estate operating expense 105,566 98,211
1 Other operating expenses mainly include: travel expenses, legal and consultancy fees, insurance expenses, non-deductible VAT, information system expenses
and property lease expense.

SHURGARD CONSOLIDATED FINANCIAL STATEMENTS 2021
187
8. GENERAL, ADMINISTRATIVE AND OTHER EXPENSES
General, administrative and other expenses for the periods concerned consists of the following:
(in € thousands) FY 2021 FY 2020
Payroll expense 9,231 8,590
Share-based compensation expense
1
3,804 1,248
Capitalization of internal time spent on development of investment
property
(2,254) (1,931)
Depreciation and amortization expense 2,624 2,047
Other general and administrative expenses
2
6,035 6,999
General, administrative and other expenses 19,440 16,953
1 The increase in share-based compensation expense is explained by the cost incurred in connection with the share options granted in the third quarter of 2021
and increased employers’ social security cost resulting from the increase in the Shurgard share price (note 33).
2 Other general and administrative expenses mainly include legal, consultancy and audit fees and non-deductible VAT. For the year ended December 31, 2020,
other general and administrative expense includes €1.3 million of expense incurred in connection with fire incidents. During 2021, we recovered in that respect
€0.8 million from the insurance company. The remaining €1.2 million net increase mainly consists of increased irrecoverable VAT and legal and consultancy
fees.
9. FINANCE COST, NET
Finance cost comprises the following:
(in € thousands) FY 2021 FY 2020
Interest on revolving loan facility and revolving syndicated loan facility 496 483
Interest on senior guaranteed notes 18,140 17,609
Interest on lease obligations 2,448 2,351
Capitalized borrowing costs
1
(1,722) (1,412)
Other interest (income)/expense
2
623 (763)
Total interest expense 19,985 18,268
Foreign exchange (gain)/loss (15) 441
Finance cost, net 19,970 18,709
1 The capitalization rate of the borrowing costs was on average 2.70% and 2.98% in 2021 and 2020, respectively. We primarily capitalize these borrowing costs
as IPUC.
2 Other interest (income)/expense for the year ended December 31, 2020 included €0.9 million interest that was reimbursed on value added and on income
tax refunds regarding our German and Dutch subsidiaries
.

SHURGARD CONSOLIDATED FINANCIAL STATEMENTS 2021
188
10. INCOME TAX
INCOME TAX EXPENSE
(in € thousands) FY 2021 FY 2020
Current tax expense 26,019 18,898
Deferred tax expense 151,115 90,352
Income tax Expense 177,134 109,250
Profit before tax 624,720 399,096
Effective tax rate 28.3% 27.4%
The average effective current income tax rates based on adjusted EPRA earnings before tax are disclosed in
the Appendix on Alternative Performance Measures.
Tax expenses have been calculated in accordance with local and international tax laws. The tax expense on the
Group’s consolidated profit (loss) before tax differs from the theoretical amount that would arise using the
domestic rate in each individual jurisdiction (on the pretax profits/losses) of the consolidated companies as
follows:
(in € thousands) Dec. 31, 2021 % Dec. 31, 2020 %
Profit before tax 624,720 399,096
Expected tax based on local tax rates 146,131 23.4 99,822 25.0
Disallowed expenses 1,216 0.2 442 0.1
Non-taxable income (incl. notional interest deduction) (464) -0.1 (49) 0.0
Non recognition of deferred tax assets on current year
tax losses
2,489 0.4 (3) 0.0
Prior year adjustments and other changes to the deferred
tax balances
(3,081) -0.5 (3,428) -0.9
Impact of changes to substantively enacted tax rates 30,750 4.9 12,177 3.1
Other 93 0.0 289 0.1
Tax expense for the year 177,134 28.3 109,250 27.4
The theoretical tax expenses based on the domestic rates applicable to the different Group entities decreased
compared to prior year mainly as a result of reductions in corporate income tax rates in France and in Sweden
in 2021.
The impact of expected changes to tax rates in the United Kingdom and the Netherlands (see further details
below), can be observed in the line “Impact of changes to substantively enacted tax rates”. In 2020, it contained
expected changes in (future) corporate income tax rates in the United Kingdom (from 17% to 19%) and in the
Netherlands (from 21.7% to 25%).

SHURGARD CONSOLIDATED FINANCIAL STATEMENTS 2021
189
“Prior year adjustments and other changes to deferred tax balances” relate to events in the current reporting
period and reflects the effect of changes in rules, facts or other factors compared with those used in establishing
the current or deferred tax position in prior periods. For 2021, these adjustments reside mainly in the United
Kingdom (€0.9 million), the Netherlands (€0.8 million) and France (€0.8 million). For 2020, they mainly
concerned Germany (€4.6 million), offset by movements in France (€0.6 million), and revised deferred tax
balances in the Netherlands (€0.3 million) and in Sweden (€0.2 million).
DEFERRED TAXES
The movement in deferred tax assets and liabilities during the year ended December 31, 2021 is as follows:
(in € thousands)
Jan. 1, 2021
(Charged)/
credited to the
statement of
profit or loss
Charged to other
comprehensive
income
Credited to
equity Dec. 31, 2021
Deferred tax assets:
Tax loss carry-forwards 8,872 (2,157) 45 - 6,760
Deductible temporary
differences
1,387
(574) 4 - 817
Total Deferred tax assets 10,259 (2,731) 49 - 7,577
Deferred tax liabilities:
Investment property (495,009) (148,668) (3,393) - (647,070)
Other taxable temporary
differences
1
(1,410) 284 - 168 (958)
Total Deferred tax liabilities (496,419) (148,384) (3,393) 168 (648,028)
Total Deferred Tax
Asset/(Liabilities)
(486,160)
(151,115) (3,344) 168 (640,451)
Reflected in our statement of
financial position as follows:
Deferred tax assets 1,787 - - - 1,723
Deferred tax liabilities (487,947) - - - (642,174)
1 The amount recognized in equity relates to the share-based payment transaction which reflect the excess of the tax deductibility above the cumulative
expense recognized in accordance with IFRS 2.
Net deferred tax liabilities as of December 31, 2021 amount to €640.5 million, of which €6.8 million relates to
recognized tax losses carried forward and €647.1 million relates to deferred tax liabilities arisen from investment
property.
Main changes impacting the deferred tax liabilities on investment property are the increase in tax rates in the
United Kingdom and in the Netherlands in addition to a substantial increase of deferred tax liabilities related to
our investment property, due to changes in their fair values (see Notes 14 and 15).

SHURGARD CONSOLIDATED FINANCIAL STATEMENTS 2021
190
The movement in deferred tax assets and liabilities during the year ended December 31, 2020 was as follows:
(in € thousands)
Jan. 1, 2020
(Charged)/
credited to the
statement of profit
or loss
Charged to other
comprehensive
income
Credited to
equity Dec. 31, 2020
Deferred tax assets:
Tax loss carry-forwards 11,763 (2,891) - - 8,872
Deductible temporary
differences
6,208
(4,802) (19) - 1,387
Total Deferred tax assets 17,971 (7,693) (19) - 10,259
Deferred tax liabilities:
Investment property (411,136) (82,966) (907) - (495,009)
Other taxable temporary
differences
1
(3,037) 307 - 1,320 (1,410)
Total Deferred tax liabilities (414,173) (82,659) (907) 1,320 (496,419)
Total Deferred Tax
Asset/(Liabilities)
(396,202)
(90,352) (926) 1,320 (486,160)
Reflected in our statement of
financial position as follows:
Deferred tax assets 1,053 - - - 1,787
Deferred tax liabilities (397,255) - - - (487,947)
1 The amount recognized in equity relates to the share-based payment transaction which reflect the excess of the tax deductibility above the cumulative
expense recognized in accordance with IFRS 2.
Net deferred tax liabilities as of December 31, 2020 amount to €486.2 million, of which €8.9 million relates to
recognized tax losses carried forward and €495.0 million relates to deferred tax liabilities arisen from investment
property.
Main changes impacting the deferred tax liabilities on investment property are the increase in tax rates in the
Netherlands and in the United Kingdom in addition to a substantial increase of deferred tax liabilities related to
our investment property.
Deferred tax assets and liabilities expressed in euros were also influenced by the exchange rate variations for
the EUR/GBP and the EUR/SEK conversion rates.
For the year ended December 31, 2021, the Group has tax losses carried forward of €269.7 million (prior year:
€261.2 million), of which €77.4 million (prior year: €66.1 million) are subject to recapture rules. In total,
€192.3 million (prior year: €192.5 million) tax losses are available indefinitely for offsetting against future taxable
profits of the entities in which the losses arose. The remaining tax losses expire between 2034 and 2037.
No deferred tax assets have been recognized in respect of these losses, as currently it is not probable that
sufficient recurring future taxable profits will be available in the near future against which the Group can utilize
the losses.

SHURGARD CONSOLIDATED FINANCIAL STATEMENTS 2021
191
If the Group were to recognize all unrecognized deferred tax assets, the profit would increase by €52.3 million
(prior year: €53.2 million).
No deferred tax liability was recognized on the unremitted earnings of subsidiaries. Management had no
intention to pay dividends or repatriate from its subsidiaries, and no tax is expected to be payable on them in
the foreseeable future. If all earnings were remitted, tax of €0.7 million for the year ended December 31, 2021
would be payable.
As explained in Note 3, deferred tax assets and liabilities are measured at the tax rates that are expected to
apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that
have been enacted or substantively enacted by the end of the reporting period. The Group has therefore
considered the following amendments to the tax legislation for the year ended December 31, 2021:
• The UK Finance Bill 2021 has been published on March 11, 2021. The UK corporation tax main rate
will increase to 25% as from the financial year beginning April 1, 2023 (instead of 19% as from
April 1, 2021).
• On December 21, 2021 the Dutch Senate adopted the 2022 Tax Plan. The high rate of corporate
income tax will become 25.8% (instead of 25% as from January 1, 2021) as from January 1, 2022.
• On June 14, 2018, the Swedish government enacted significant changes to the country’s tax system,
including a reduction in the corporate income tax rate, from 22% to 21.4% in 2019 and then to
20.6% from 2021.
• Further to the Finance Bill 2017, it was announced that the corporate income tax rate in France will
be progressively reduced from corporate income tax rate of 33.33% to 26.5% over the period 2017
to 2021. Following the Finance Bill 2018, the French corporate income tax rate would be gradually
reduced to 25% by 2022.
Accordingly, these rates have been applied in the measurement of the Group’s deferred tax assets and liabilities
at reporting date.
11. SEGMENT INFORMATION
For earnings from investment property, discrete financial information is provided on an operating segment basis
to the CODM. The individual properties are aggregated into operating segments which are defined as the
individual countries where the Company owns or leases properties and split between same store facilities and
non-same store facilities.
The same store facilities segment for a given year comprises stores in operations since more than three full years
as of January 1 of that year in case of self-developed properties or stores in operations for one full year as of
January 1 of that year in case the properties have been acquired. The non-same store facilities segment
comprises any other self-storage facilities that we operate.
The operating segments (individual countries where the Company operates properties, split between same store
facilities and non-same store facilities) have been aggregated into two reportable segments which reflect the
significant components of our operations. Therefore, we present our self-storage operations in two reportable
segments: “the same store facilities” and “the non-same store facilities” because we believe that the individual
countries exhibit similar economic characteristics and the operations are similar with respect to their main
elements (e.g.: nature of products and services offered, the class of customers, the distribution method).

SHURGARD CONSOLIDATED FINANCIAL STATEMENTS 2021
192
As of December 31, 2021, the Company operated 254 self-storage properties (242 self-storage facilities as of
December 31, 2020) that it either owns or leases. Based on the aforementioned criteria, 228 self-storage stores
were classified as same store facilities when comparing 2020 with 2021.
Royalty fee expense, valuation gain and loss from investment property and investment property under
construction, depreciation expense, acquisition costs on business combinations, general, administrative and
other expenses, gain/loss on disposal of investment property and assets held for sale, finance costs and income
tax expense are not reported to the CODM on a segment basis.
The CODM does not receive or review assets or liabilities on a segment basis.
The below table sets forth segment data for the years ended December 31, 2021 and 2020 based on the 2021
same store/non-same store definition:
(in € thousands) FY 2021 FY 2020
Same store facilities
1
284,286 262,648
Non-same store facilities
1
15,660 8,320
Property operating revenue
2
299,946 270,968
Same store facilities 187,959 169,431
Non-same store facilities 6,421 3,326
Income from property 194,380 172,757
1 Property operating revenue from same store facilities for the years ended December 31, 2021 and 2020 includes insurance revenue, which falls under IFRS 15,
of €28.6 and €27.4, million, respectively. Property operating revenue from non-same store facilities for the years ended December 31, 2021 and 2020 includes
insurance revenue of €1.7 and €0.8 million, respectively.
2 Property operating revenue is the primary measure to assess the performance of the segments.
The following reconciles Income from property, including property lease expense as presented in the above
segment table, and Net income from real estate operations presented in the consolidated statement of profit
and loss:
(in € thousands) 2021 2020
Income from property 194,380 172,757
Add: Other revenue
1
429 415
Net income from real estate operations 194,809 173,172
1 Other revenue comprises management fee revenue from self storage and other income resulting from operations.

SHURGARD CONSOLIDATED FINANCIAL STATEMENTS 2021
193
SEGMENT INFORMATION BY COUNTRY FOR THE YEAR ENDED DECEMBER 31, 2021
(in € thousands) France The Netherlands Sweden UK Germany Belgium Denmark Total
Same store facilities 70,540 61,060 46,621 49,059 19,844 22,884 14,278 284,286
Non-same store facilities 2,898 1,124 1,093 4,212 6,333 - - 15,660
Property operating revenue 73,438 62,184 47,714 53,271 26,177 22,884 14,278 299,946
Same store facilities 43,502 42,161 33,734 31,352 12,490 15,108 9,612 187,959
Non-same store facilities 1,169 701 689 1,205 2,657 - - 6,421
Income from property 44,671 42,862 34,423 32,557 15,147 15,108 9,612 194,380
Investment property 887,248 763,746 589,887 828,604 337,767 234,612 175,371 3,817,235
Investment property under
construction
11,327 228 - 1,537 16,740 - - 29,832
Property, plant and equipment
and intangible assets
608 371 220 54 254 7,597 18 9,122
Deferred tax assets - - 446 - 393 884 - 1,723
Other non-current assets 376 86 10 98 - 485 12 1,067
Non-current assets 899,559 764,431 590,563 830,293 355,154 243,578 175,401 3,858,979

SHURGARD CONSOLIDATED FINANCIAL STATEMENTS 2021
194
SEGMENT INFORMATION BY COUNTRY FOR THE YEAR ENDED DECEMBER 31, 2020
(in € thousands) France The Netherlands Sweden UK Germany Belgium Denmark Total
Same store facilities 67,308 56,515 42,830 42,764 18,842 21,225 13,164 262,648
Non-same store facilities 2,038 853 874 550 4,005 - - 8,320
Property operating revenue 69,346 57,368 43,704 43,314 22,847 21,225 13,164 270,968
Same store facilities 42,008 37,940 29,283 25,617 12,253 13,779 8,551 169,431
Non-same store facilities 861 444 476 (223) 1,768 - - 3,326
Income from property 42,869 38,384 29,759 25,394 14,021 13,779 8,551 172,757
Investment property 794,373 655,063 521,663 555,260 266,789 200,778 144,968 3,138,894
Investment property under
construction
14,465 7,540 - 27,688 15,938 - - 65,631
Property, plant and equipment
and intangible assets
660 427 266 42 288 7,359 26 9,068
Deferred tax assets - - 343 - 1,107 337 - 1,787
Other non-current assets 372 308 9 129 - 151 12 981
Non-current assets 809,870 663,338 522,281 583,119 284,122 208,625 145,006 3,216,361

SHURGARD ANNUAL REPORT 2021
195
12. ACQUISITION OF PROPERTIES
2021 ACQUISITIONS
In September 2021, the Group acquired four self-storage facilities in the London area. As part of the transaction
the Group acquired other net current assets for €0.4 million. In October 2021, Shurgard acquired two self-storage
facilities in the London area, and assumed other net current liabilities of €0.1 million.
These acquisitions have been accounted for as acquisitions of assets, with the acquisition cost (total
€47.3 million) being allocated to the individual identifiable assets and liabilities (if any) based on their relative
fair values at the date of purchase.
2020 ACQUISITIONS
During the first quarter of 2020, the Group acquired two self-storage facilities in France, which were operated
under a management contract before (two more stores remaining). As part of the transaction the Group acquired
other assets for €0.4 million.
In May 2020, Shurgard acquired four investment properties in Germany, and assumed other net current liabilities
of €0.2 million.
These acquisitions have been accounted for as acquisitions of assets, with the acquisition cost (total
€57.5 million) being allocated to the individual identifiable assets and liabilities (if any) based on their relative
fair values at the date of purchase.
13. EARNINGS PER SHARE (EPS)
The table below provides a summarized overview of the Company’s Earnings per share:
(in € thousands, except for earnings per share) FY 2021 FY 2020
Earnings per share (basic) € 5.03 3.26
Earnings per share (diluted) € 5.00 3.25
The basis of calculation of each of the above measures set out above, are illustrated below.
EARNINGS PER SHARE
The following tables reflect the income and share data used in the basic and diluted EPS computations:
(in € thousands, except for shares and earnings per share) FY 2021 FY 2020
Profit attributable to ordinary equity holders of the parent for basic
earnings
446,848 289,475
Weighted average number of ordinary shares for basic EPS
1
88,838,483 88,722,865
Earnings per share (basic) € 5.03 3.26
1 The own shares the Company holds in treasury are excluded from the weighted average number of ordinary shares for the purpose of calculating basic and
diluted EPS as they are not outstanding.

SHURGARD ANNUAL REPORT 2021
196
Effect of dilution
(in € thousands, except for shares and earnings per share) FY 2021 FY 2020
Profit attributable to ordinary equity holders of the parent for
dilutive earnings
446,848 289,475
Weighted average number of ordinary shares for basic EPS 88,838,483 88,722,865
Dilutive effect from share options 560,167 422,861
Weighted average number of ordinary shares adjusted for the effect of
dilution
89,398,650 89,145,726
Earnings per share (diluted) € 5.00 3.25
There have been no other transactions involving ordinary shares or potential ordinary shares between the
reporting date and the date of authorization of these financial statements.

SHURGARD ANNUAL REPORT 2021
197
14. INVESTMENT PROPERTY AND INVESTMENT PROPERTY UNDER
CONSTRUCTION
The table below sets forth the movement in completed investment property and investment property under
construction.
(in € thousands)
Completed
investment
property
Level 3
Investment
property ROU
assets
Level 3
Total
completed
investment
property
Level 3
Investment
property under
construction
2
Level 3
Total
investment
property
Level 3
At January 1, 2020
2,706,968 66,345 2,773,313 33,622 2,806,935
Exchange rate differences
(6,419)
248
(6,171)
(684)
(6,855)
Addition of ROU assets
1
-
9,891
9,891
-
9,891
Remeasurement of ROU assets
- 357 357 - 357
Transfers for new development
26,178
-
26,178
(26,178)
-
Capital expenditure
21,312 -
21,312 58,811 80,123
Acquisition of investment property
57,212 -
57,212 - 57,212
Disposals
(27)
-
(27)
-
(27)
Net gain (loss) of fair value adjustment
3
259,423 (2,594) 256,829 60 256,889
At December 31, 2020
3,064,647
74,247
3,138,894
65,631
3,204,525
At January 1, 2021
3,064,647
74,247
3,138,894
65,631
3,204,525
Exchange rate differences
31,513 115 31,628 1,507 33,135
Addition of ROU assets
-
9,126
9,126
-
9,126
Remeasurement of ROU assets
-
2,629
2,629
-
2,629
Transfers for new development
80,958 - 80,958 (80,958) -
Capital expenditure
27,700
-
27,700
55,564
83,264
Acquisition of investment property
2
47,813
-
47,813
-
47,813
Net gain (loss) of fair value adjustment
3
481,564
3
(3,077) 478,487 (11,912)
4
466,575
At December 31, 2021
3,734,195
83,040
3,817,235
29,832
3,847,067
1 At initial recognition, the Right of Use (ROU) assets are recognized for an equal amount as the related lease liabilities.
2 In the second half of 2021, we paid €47.3 million for the acquisition of three freehold and three leasehold self-storge facilities located in the London area. This
acquisition has been accounted for as acquisition of assets, whereby the cost of the acquisition has been allocated to the individual identifiable assets and
liabilities (if any) based on their relative fair values at the date of purchase.
3 In accordance with IAS 40, the Group measures its investment property under construction at cost until such time as fair value becomes reliably measurable
on a continuing basis.
4 The valuation loss of investment properties under construction results mainly from the uncertainties surrounding the assumptions on future cash flows and
discount rates due to current trading uncertainties and is typically a temporary, technical valuation effect.

SHURGARD ANNUAL REPORT 2021
198
Reconciliation of completed investment property value calculated by our external valuer with value of completed
investment property disclosed for financial reporting purposes:
(in € thousands)
FY 2021 FY 2020
Market value of completed investment property estimated by the
external valuer
3,758,099 3,101,828
Projects under pre-development valued at historical cost 2,553 23,141
Addition of lease obligations recognized separately 3,375 5,309
Fair value for financial reporting purposes 3,764,027 3,130,278
Using the Discounted Cash Flows (“DCF”) method, fair value is estimated using assumptions regarding the
benefits and liabilities of ownership over the asset’s life including an exit or terminal value. This method involves
the projection of a series of cash flows on a real estate property interest. To this projected cash flow series, an
appropriate, market derived discount rate is applied to establish the present value of the income stream
associated with the asset. Finally, an exit yield is determined, which differs from the discount rate in order to
determine any terminal value, if any.
The duration of the cash flow and the specific timing of inflows and outflows are determined by events such as
rent reviews, lease renewal and related re-letting, redevelopment, or refurbishment. The appropriate duration is
typically driven by market behavior that is a characteristic of the class of real estate property. Periodic cash flow
is typically estimated as gross income less vacancy, non-recoverable expenses, collection losses, lease incentives,
maintenance cost, agent and commission costs and other operating and management expenses. The series of
periodic net operating income, along with an estimate of the terminal value anticipated at the end of the
projection period, if any, is then discounted.
Except for the valuation of the Investment Property right-of-use asset, the valuations were performed by
Cushman and Wakefield (”C&W”), an accredited independent valuer with a recognized and relevant professional
qualification and with recent experience in the locations and categories of the investment property being valued.
The valuation models in accordance with those recommended by the International Valuation Standards
Committee have been applied and are consistent with the principles in IFRS 13 for the year ended
December 31, 2021 as compared to the year ended December 31, 2020.
15. FAIR VALUE MEASUREMENT – INVESTMENT PROPERTY
C&W’s external valuation has been carried out in accordance with the RICS Valuation – Global Standards which
incorporate the International Valuation Standards (“IVS”), published by The Royal Institution of Chartered
Surveyors (“the RICS Red Book”). The valuation of each of the investment properties and the investment
properties under construction has been prepared on the basis of either Fair Value or Fair Value as a fully equipped
operational entity, having regard to trading potential (as appropriate) subject to the Special Assumption
referenced below in this note.
SPECIAL ASSUMPTION – MANAGEMENT COSTS
C&W was instructed to adopt the actual allocated management costs of the Group for each individual property,
rather than a market assumption in this regard. For this the Group provides C&W with a fixed amount per
property, based on Shurgard’ s best estimate of its cost of management. This fixed amount replaces the
percentage of revenue assumption (which is combined with a cap and a collar), usually applied by C&W in his

SHURGARD ANNUAL REPORT 2021
199
valuations. As such, there is no systematic valuation effect, as for some properties the fixed amount allocated
will be above what would have been estimated applying a percentage of revenue approach and in other cases
the amount would be below. The application of the special assumption increased the value of the total portfolio
by approximately €37.1 million.
VALUER DISCLOSURE REQUIREMENTS
C&W’s valuation has been provided for reporting purposes and as such, is a Regulated Purpose Valuation as
defined in the Red Book. In compliance with the disclosure requirements of the Red Book, C&W has confirmed
that:
• C&W has carried out bi-annual valuations for this purpose in an independent way since the
financial year ending December 31, 2015;
• In relation to the preceding financial year of C&W, the proportion of the total fees payable by the
Group to the total fee income of the firm is less than 5%; and
• The fee payable to C&W is a fixed amount per property and is not contingent on the appraised
value.
Outside of the subject portfolio, C&W has, and may continue to do so going forward, provided Shurgard with
valuation advice in relation to potential acquisitions.
MARKET CONDITIONS AND UNCERTAINTY
The COVID-19 pandemic and measures to tackle it continue to affect economies and real estate markets globally.
Nevertheless, as of the valuation date property markets are mostly functioning, with transaction volumes and
other relevant evidence at levels where enough market evidence exists upon which to base opinions of value.
Accordingly - and for the avoidance of doubt, our valuation is not reported as being subject to ‘material valuation
uncertainty’ as defined by VPS 3 and VPGA 10 of the RICS Valuation – Global Standards.
CURRENCY AND AGGREGATE VALUES REPORTED
C&W’s valuation report confirms that each property has been valued individually in local currency. C&W’s
valuation report then converts each property valuation to a euro amount at the spot exchange rates provided by
the Company. The total value reported in euro is the aggregate amount for each individual value reported in euro.
PORTFOLIO PREMIUM
C&W’s valuation report confirms that the properties have been valued individually but that if the portfolio was
to be sold as a single lot or in selected groups of properties, the total value could differ significantly. C&W states
that current market conditions dictate that there would likely be a premium value if the portfolio were to be sold
as a whole or broken down into smaller lot sizes.
In particular, C&W’s individual property valuations reflect full Stamp Duty (or its equivalent in each country
considered) on the sale of each property whereas a sale of the whole portfolio or selected groups of assets would
most likely be effected by way of a shares transaction, which would typically attract a lower level of stamp duty.

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200
VALUATION METHODOLOGY AND ASSUMPTIONS
C&W has adopted different approaches for the valuation of the leasehold and freehold assets as follows:
FREEHOLD AND LONG LEASEHOLD
The valuation is based on a discounted cash flow of the net operating income over a 10-year period and a
notional sale of the asset at the end of the tenth year.
Assumptions:
The following assumptions have been applied by C&W for the valuation of our investment properties for the
periods concerned:
December 31, 2021 December 31, 2020
Stabilized occupancy 91.08% 90.73%
Average time to stabilization (months) 5.95 7.84
Exit capitalization rate 5.65% 5.97%
Net initial yield post administration expenses 5.51% 5.55%
Net stabilized yield post administration expenses 5.58% 5.94%
Weighted average annual discount rate 8.20% 8.66%
Average rental growth rate 2.58% 2.63%
At December 31, 2021, the increase in fair value of investment properties was mainly driven by a decrease in
discount and capitalization rates, combined with an increase of rental rate and additions during the year.
Purchaser’s costs in the range of approximately 0.6% to 12.5% have been assumed initially, reflecting the stamp
duty levels anticipated in each local market, and sales plus purchaser’s costs totaling approximately 0.6% to
12.5% are assumed on the notional sales in the tenth year in relation to freehold and long leasehold stores. Both
assumptions are unchanged compared to December 31, 2020.
SHORT LEASEHOLDS
The same methodology has been used as for freeholds, except that no sale of the assets in the tenth year is
assumed but the discounted cash flow continues until the expiry of the lease.
The Group operates a number of short leases where there is an assumption that the Group has the sole discretion
and will extend the current agreements for a significant number of years. These have been valued on the same
basis as the freehold and long leasehold assets due to their security of tenure arrangements and the potential
compensation provisions in the event of the landlord wishing to take possession at expiry. The capitalization
rates on these properties reflect the risk not extending the lease at expiration date.
INVESTMENT PROPERTIES UNDER CONSTRUCTION
When a reliable estimate is possible, C&W has valued the properties in development using the same methodology
as set out above but based on the cash flow projection expected for the property at opening and allowing for
the outstanding costs to take each property from its current state to completion and full fit out. C&W has allowed
for carry costs and construction contingency, as appropriate.

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201
CHANGES IN VALUATION TECHNIQUES
There were no other changes in valuation techniques during the periods concerned.
HIGHEST AND BEST USE
For all investment property that is measured at fair value, the current use of the property is considered the
highest and best use.
FAIR VALUE HIERARCHY
Based on the significant unobservable inputs to the DCF method used for determining the fair value of all our
investment property and investment property under construction that we recognized in our statement of
financial position as of December 31, 2021 and 2020, our investment property is a Level 3 fair market value
measurement, and for the periods concerned, there have been no transfers to or from Level 3.
The geographical split of our investment property and investment property under construction is set forth in
Note 11.
Unrealized gains and (losses) for recurring fair value measurements relating to investment property and
investment property under construction held at the end of the reporting period categorized within Level 3 of the
fair value hierarchy amount to €466.6 million in 2021 and €256.9 million in 2020 and are presented in the
consolidated statement of profit and loss in the line-item “Valuation (loss) gain from investment property and
investment property under construction”.
SENSITIVITY OF THE VALUATION TO ASSUMPTIONS
All other factors being equal, higher net operating income would lead to an increase in the valuation of a property
and an increase in the capitalization rate or discount rate would result in a lower valuation, and vice versa. Higher
assumptions for stabilized occupancy, absorption rate, rental rate and other revenue, and a lower assumption
for operating costs, would result in an increase in projected net operating income, and thus an increase in
valuation.
For the year ended December 31, 2021, all other factors being equal, the effect of changes in the following key
variables on the valuation of our property portfolio is as follows:
(in € thousands)
Amount increase
(decrease) valuation
% change
One hundred basis points increase in occupancy rates 53,591 1.4%
One hundred basis points decrease in occupancy rates (53,541) -1.4%
Twenty- five basis points increase (real) in both discount and capitalization rate (198,250) -4.1%
Twenty-five basis points decrease (real) in both discount and capitalization rate 168,830 4.5%
One hundred basis points increase in average rental growth rates 91,484 2.4%
One hundred basis points decrease in average rental growth rates (102,447) -2.7%

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202
16. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
Property, plant and equipment mainly consists of building improvements and office machinery and equipment
in use in the local head offices located in the countries in which we operate.
(in € thousands)
Building
1
Equipment
1
ROU assets
2
Total
property,
plant and
equipment
Intangible
assets
3
Historical cost
At January 1, 2021 1,741 5,662 3,222 10,625 13,517
Additions 1 286 540 827 1,872
Disposals (152) (525) (348) (1,025) (90)
Exchange differences 2 9 (1) 10 -
At December 31, 2021 1,592 5,432 3,413 10,437 15,299
Depreciation and impairment
At January 1, 2021 (762) (5,359) (1,102) (7,223) (7,851)
Depreciation and amortization
charge of the year
(58) (205) (749) (1,012) (1,612)
Disposals 152 525 329 1,006 90
Exchange differences (5) (7) - (12) -
At December 31, 2021 (673) (5,046) (1,522) (7,241) (9,373)
Net book value
At December 31, 2021 919 386 1,891 3,196 5,926
At December 31, 2020 979 303 2,120 3,402 5,666
1 Building and equipment mainly consists of building improvements and office machinery and equipment in use in the local head offices located in the countries in which
we operate.
2 Right-of-use assets mainly relates to company cars and offices we lease. These assets were recognized in exchange for an equal amount of additional lease liabilities.
3 Intangible assets consist of capitalized computer software.
17. OTHER NON-CURRENT ASSETS
Other non-current assets mainly consist of indemnification assets, deposits paid to vendors, capitalized pre-
acquisition expense and the unamortized non-current portion of capitalized debt financing cost in incurred in
connection with the revolving syndicated loan facility (see Note 27).
18. TRADE AND OTHER RECEIVABLES
(in € thousands) December 31, 2021 December 31, 2020
Gross amount 24,154 18,523
Provision for doubtful debt (7,784) (6,185)
Trade and other receivables 16,370 12,338
Rent and service charge receivables are non-interest-bearing and are typically due within thirty days (Note 35).
The receivables are due from local retail and business tenants.

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203
19. OTHER CURRENT ASSETS
(in € thousands) December 31, 2021 December 31, 2020
Prepayments 4,727 2,906
Receivables from tax authorities other than VAT
1
1,529 1,264
Other current assets
2
1,694 3,574
Other current assets 7,950 7,744
1 As of December 31, 2021 and 2020, Receivables from tax authorities other than VAT consists of prepaid income taxes for 2021 and 2020, respectively.
2. Other current assets mainly consist of VAT recoverable in less than one year, Inventory and insurance compensation proceeds and the unamortized current
portion of capitalized debt financing cost incurred in connection with the revolving syndicated loan facility (see Note 27).
20. CASH AND CASH EQUIVALENTS
Cash and cash equivalents primarily consist of cash. There are no cash and cash equivalents which are restricted
from withdrawal or general corporate use as of December 31, 2021 and 2020.
21. ISSUED SHARE CAPITAL
As of December 31, 2020, the share capital of the Company as presented in the statement of financial position
of €56,511,609, net of treasury shares held of €6,994,224 (224,021 treasury shares), was represented by
88,984,952 ordinary shares that all were fully paid up.
During 2021, the Company used 153,250 treasury shares for €4,784,662 in connection with the exercise of
21,250 share options granted under the 2017 plan and 132,000 share options under the 2018 plan, resulting in a
decrease of the share-based payments reserve in equity by €1,291,575. Further, the Group issued 121,250 new
shares to satisfy the exercise of stock options under the Group’s stock option plans. Of the €1,596,583
subscription price, €86,532 has been allocated to share capital and the remainder has been allocated to share
premium.
As of December 31, 2021, the share capital of the Company as presented in the statement of financial position
of €61,382,803, net of treasury shares held of €2,209,562 (70,771 treasury shares), is represented by
89,106,202 ordinary shares that all have been fully paid up.
22. TREASURY SHARES
As of December 31, 2020, the Company owned 224,021 treasury shares that are deducted from share capital for
an amount of €6,994,224.
As explained in Note 21, the Group used 21,250 treasury shares in connection with the exercise of the same
amount of options granted under the under the 2017 plan and 132,000 treasury shares in connection with the
exercise of the same amount of options granted under the under the 2018 plan.
As of December 31, 2021, the Company owned 70,771 treasury shares that are deducted from share capital for
an amount of €2,209,562.

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204
23. SHARE PREMIUM
As of December 31, 2020, the share premium of the Company was €538,229,372.
During 2021, in connection with the issuance of 121,250 new ordinary shares, the share premium was increased
by €1,510,050, representing the part of the subscription price of the issuance of new shares that has not been
allocated to share capital and reduced by €27,759 for equity issuance costs incurred.
As of December 31, 2021, the share premium of the Company amounts to €539,711,663.
24. SHARE-BASED PAYMENT RESERVE
As of December 31, 2020, the share-based payment reserve of the Company was €3,037,524.
During the year ended December 31, 2021, we recognized a share-based compensation expense of €2,776,817 in
connection with equity-settled share-based compensation expense in share-based payment reserve, and we
realized a loss of €1,291,575 on the sale of treasury shares based on the difference between the acquisition costs
of the treasury shares and the respective exercise prices of the share options. During the year ended
December 31, 2021, we allocated €168,171 in deferred income tax assets to our share-based payment reserve.
As of December 31, 2021, the share-based payment reserve of the Company amounts to €4,690,937.
25. DISTRIBUTABLE RESERVES AND DISTRIBUTIONS MADE
As of December 31, 2021, and December 31, 2020, the Company’s distributable reserves were €253,195,409 and
€352,700,896, respectively.
On May 5, 2021, the distributable reserves were reduced by €50,609,975 in connection with the distribution of a
final dividend on 2020 of €0.57 per outstanding share, paid on May 12, 2021.
On August 17, 2021, the distributable reserves were reduced by €48,895,512 in connection with the distribution
of the interim dividend for 2021 of €0.55 per ordinary share, paid on October 1, 2021.
26. NON-CONTROLLING INTERESTS
Non-controlling interests represent 5.2% ownership interests in our German subsidiaries First Shurgard
Deutschland GmbH and Second Shurgard Deutschland GmbH, which own in total 12 properties (11 properties at
the end of 2020) in Germany. We allocated €0.9 million and €0.4 million of net income to non-controlling
interests during the years ended December 31, 2021 and 2020, respectively, based upon their respective interests
in the net income of the subsidiaries.
During the period starting January 1, 2020 and ending December 31, 2021, there were no transactions with non-
controlling interests.

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205
27. INTEREST-BEARING LOANS AND BORROWINGS
(in € thousands)
Effective
interest rate
Maturity FY 2021 FY 2020
Non-current
Senior guaranteed notes – issued July 2014 2.83% July 24, 2021 - 100,000
Senior guaranteed notes – issued July 2014 3.24% July 24, 2024 100,000 100,000
Senior guaranteed notes – issued July 2014 3.38% July 24, 2026 100,000 100,000
Senior guaranteed notes – issued June 2015 2.67% June 25, 2025 130,000 130,000
Senior guaranteed notes – issued June 2015 2.86% June 25, 2027 110,000 110,000
Senior guaranteed notes – issued June 2015 3.03% June 25, 2030 60,000 60,000
Senior notes – issued July 2021 1.28% July 23, 2031 300,000 -
Nominal values 800,000 600,000
Less:
Unamortized balance of debt issuance cost on
notes issued
(2,421) (1,572)
Borrowings as reported on statement of
financial position
797,579 598,428
The reported borrowings are presented as follows in our statement of financial position:
(in € thousands) December 31, 2021 December 31,2020
Borrowings as reported on statement of financial position 797,579 598,428
Non-current portion 797,579 498,502
Current portion - 99,926
Weighted average cost of debt as of December 31 2.36% 2.98%
Set out below is a comparison of the carrying amounts and fair value of the Company’s senior guaranteed notes:
(in € thousands) December 31, 2021 December 31, 2020
Carrying value 797,579 598,428
Fair values 852,494 672,776
The fair values of the different senior guaranteed notes are a Level 3 fair market value measurement and for the
periods concerned, there have been no transfers to or from Level 1 or Level 2. The same methodology was used
to estimate the fair values for all reported periods.

SHURGARD ANNUAL REPORT 2021
206
NOTES ISSUED
On July 24, 2014, the Group, via its financing entity Shurgard Luxembourg S.à.r.l., issued to certain European and
U.S. investors three tranches of senior guaranteed notes. The proceeds from the issuance were mainly utilized
to repay, in full, a note payable to our shareholders in July 2014. The Company paid €2.3 million of placement
and legal fees and other expenses that are being amortized as interest expense using the effective interest
method. As of December 31, 2021, and 2020, the unamortized balances of the debt financing costs on the 2014
Issuance were €0.6 million and €0.8 million, respectively. At their maturity date of July 23, 2021, the Group repaid
Series A of these notes, totaling €100.0 million.
On June 25, 2015, the Group, via its financing entity Shurgard Luxembourg S.à.r.l., issued to certain European and
U.S. investors three tranches of senior guaranteed notes. The proceeds from the issuance were mainly utilized
to repay the 2014 Wells Fargo Loan, the Revolving Loan Facility and to fund the City Box Transaction. The
Company paid €1.4 million of placement and legal fees and other expenses that are being amortized as interest
expense using the effective interest method. As of December 31, 2021, and 2020, the unamortized balances of
the debt financing costs on the 2015 Issuance were €0.7 million and €0.8 million, respectively.
The senior guaranteed notes (both principal amount and interest payments) are denominated in euro.
On July 23, 2021, the Group, via its financing entity Shurgard Luxembourg S.à.r.l., issued new ten years Senior
Notes for €300.0 million bearing fixed interest of 1.24% per annum (effective interest rate of 1.28% per annum),
of which the proceeds were used to repay Tranche A (€100.0 million) of its 2014 senior guaranteed notes
maturing on July 24, 2021, to finance potential acquisitions and to finance or refinance, in whole or in part,
recently completed and future Eligible Green Projects.
The Company paid €1.2 million of placement and legal fees and other expenses that are being amortized as
interest expense using the effective interest method. As of December 31, 2021 the unamortized balances of the
debt financing costs on the 2021 Senior Notes 14 Issuance was €1.2 million.
REVOLVING SYNDICATED LOAN FACILITY
On September 26, 2018 and effective October 16, 2018, the Company, through its subsidiary Shurgard
Luxembourg S.à.r.l., entered into a €250.0 million syndicated revolving loan facility with BNP Paribas Fortis,
Société Générale and HSBC (with BNP Paribas Fortis as agent) with maturity of October 16, 2023, bearing interest
of Euribor plus a margin varying between 0.45% and 0.95% per annum dependent on the most recent loan-to-
value ratio (“the new RCF”). There are no mandatory repayments of principal debt due for this facility before its
maturity and a commitment fee of 35% of the applicable margin applies to undrawn amounts. The facility is
subject to certain customary covenants that were met as of December 31, 2021 and 2020. In connection with the
new RCF, the Company paid €0.4 million arrangement and legal fees. As of December 31, 2021, and December 31,
2020, we had no outstanding borrowings under this facility, and the €0.4 million commitment fee we incurred
for the year ended December 31, 2021 was equal to 80% of the applicable margin.
On February 24, 2021, Belfius Bank replaced HSBC bank as participant to the RCF Lenders’ Group. In that respect,
the Company paid to Belfius Bank 0.15% of the €62,500,000 commitment (or €93,750).
On March 8, 2021, the Company renegotiated the terms of its RCF with the existing lenders, consisting of
the extension of the RCF’s maturity with two years to October, 16 2025 and paid in this respect an extension fee
of €150,000. Other than the extended term, there were no modifications made to the initial (2018) conditions of
the RCF.

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207
SHELF NOTES FACILITY
On February 23, 2021, the Group entered into an uncommitted Shelf Note Facility for an amount of up to
€250,000,000, which can be drawn during a three-year period.
PARENT GUARANTOR AND COVENANTS
The full and prompt performance and observance by Shurgard Luxembourg S.à.r.l. of all its obligations under the
2014, 2015 and 2021 note purchase agreements and the revolving syndicated loan facility is unconditionally
guaranteed by Shurgard Self Storage S.A. as Parent Guarantor pursuant to the terms and conditions provided for
under the respective note purchase agreements.
The 2014, 2015 and 2021 Issuances and the revolving credit facility are subject to certain customary covenants,
including senior leverage, fixed charge cover or fixed interest cover and unencumbered asset value to total
unsecured liabilities (2014 and 2015 Notes Issuances only) that we test for compliance on a quarterly basis. As
of December 31, 2021, and 2020, we are in compliance with all such covenants.
28. LEASES
Shurgard leases various investment properties with an aggregate fair value of €607.5 million as of December
31, 2021 (€512.0 million as of December 31, 2020).
The Company repaid in 2021 €5.8 million in lease liabilities, paid €2.4 million in interest expense on lease
liabilities and €0.1 million in lease amounts for contracts with maturity of less than one year and low-value
leases, representing a total cash outflow of €7.3 million (a total cash outflow of €6.4 million in 2020). The expense
relating to short-term leases, low value leases and variable lease payments not included in the measurement of
the lease liabilities is not material for 2021 or any future years for us. There are no material lease commitments
for leases not commenced at year-end.
In May 2021, The Company exercised for €1.6 million the purchase option of its storage facility ‘Shurgard Brussels
- Forest’ and became the full owner of the property.
For the other relevant information regarding our leases, we refer to Notes 14 (for right-of-use assets classified
as investment property), 16 (for right-of-use assets classified as property, plant and equipment) and 29
(movement schedule of the lease liability).

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208
29. ANALYSIS OF MOVEMENTS IN INTEREST-BEARING LOANS AND
BORROWINGS
The below tables provide an analysis of financial debt and movements in financial debt for each of the periods
presented.
(in € thousands)
Interest-
bearing
loans and
borrowings
Lease obligations Total financial debt
January 1, 2021 598,428 81,717 680,145
Repayments of debt (100,000) (5,770) (105,770)
Interest payments (16,109) (2,416) (18,525)
Issuance of Notes 300,000 - 300,000
Debt financing cost paid for Senior Notes issued (1,248) - (1,248)
Addition of lease obligations (net) - 12,276 12,276
Non-cash movements
1
16,508 2,561 19,069
December 31, 2021 797,579 88,368 885,947
(in € thousands)
Interest-
bearing
loans and
borrowings
Lease obligations
1
Total financial debt
January 1, 2020 598,082 73,871 671,953
Repayments of debt - (3,769) (3,769)
Interest payments (17,698) (2,262) (19,960)
Addition of lease obligations (net) – IFRS 16 - 11,272 11,272
Non-cash movements
1
18,044 2,605 20,649
December 31, 2020 598,428 81,717 680,145
1 Non-cash movements for the years ended December 31, 2021 and December 31, 2020 mainly consist of accrued interest.
30. OTHER NON-CURRENT LIABILITIES
Other non-current liabilities consist of VAT due after more than one year and pension plan obligations (Note 32).

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209
31. TRADE AND OTHER PAYABLES AND DEFERRED REVENUE
Trade and other payables and deferred revenue
(in € thousands) December 31, 2021 December 31, 2020
Accrued compensation and employee benefits 9,838 8,363
Accrued share-based compensation expense 1,174 593
Accounts payable (including accrued expenses)
1
43,681 36,986
Payables to affiliated companies 789 702
Deferred rent 30,226 24,941
Other payables
2
6,217 3,338
Trade and other payables and deferred revenue 91,925 74,923
1 The increase in accounts payable is mainly due to increased accruals for construction costs and real estate taxes.
2 Other payables consists of VAT payable, accrued interest and deposits received from customers. The increase in other payables is mainly due to €1.7 m increased
accrued interest and €1,1 million increased VAT payable.
32. PENSIONS
DEFINED CONTRIBUTION PLANS
For the years ending December 31, 2021 and 2020, the Group incurred €1.2 million and €1.0 million expense,
respectively. These amounts are included in property operating expenses or general, administrative and other
expenses in our consolidated statements of profit and loss.
The Company operates a Belgian pension plan that while structured as a defined contribution plan requires to
be accounted for as a defined benefit plan in accordance with IAS 19.
During the years ended December 31, 2021 and 2020, we contributed €0.5 million and €0.4 million, respectively
to a third-party insurance company. We expect to contribute the same amount in 2021. The insurance company
invests the majority of its funds in sovereign and corporate bonds and provides a guaranteed investment return
on these funds. Investment decisions are based on strategic asset allocation studies and risk management best
practices.
As of December 31, 2021, the defined benefit obligation amounted to €5.7 million (€5.0 million as of December 31,
2020), offset by plan assets of €5.6 million as of December 31, 2020 (€4.9 million as of December 31, 2020).
For former plan participants with deferred pension rights, the defined benefit obligation equals plan assets. A
limited net liability could emerge in the future for such former participants, if the low interest rates environment
persists over the long-term.

SHURGARD ANNUAL REPORT 2021
210
The assumptions used in determining net benefit costs and benefit liabilities for our pension plans were as
follows:
(in € thousands) December 31, 2021 December 31, 2020
Discount rate 1.00% 0.45%
Inflation 2.00% 1.75%
Rate of salary increases 3.00% 2.75%
Mortality tables MR-5/FR-5 MR-5/FR-5
33. SHARE-BASED COMPENSATION EXPENSE
Under various share option plans, the Group granted to a number of employees stock options of the parent entity.
The exercise prices equal the fair values of the share at the respective grant dates. The terms of these grants
were established by our Board of Directors:
• Under the 2015 equity incentive plan and the 2017 long-term incentive plan, the stock options vest
ratably over a four-year period and expire ten years after the grant date. No further grants may be
made under those plans.
• Stock options granted under the 2018 equity compensation plan, which aimed at incentivizing
certain members of the senior management and a number of employees of the Group as well as
supporting retention and strengthening the link between compensation and the stock price
development of the Group, have a three-year cliff vesting period and expire ten years after the
grant date. The plan allows the Group to grant stock options and, possibly, restricted stock units in
2018 and the following years, with a maximum number of stock options and restructured stock
units intended to be granted under the plan being 1,915,000. No stock options were granted during
2019 and 2020.
The following weighted average assumptions were used to determine the fair value of the options that are
outstanding as of December 31, 2021 for the options granted under the 2015, 2017 and 2018 plans:
2015 grants 2017 grants 2018 grants
Estimated fair value of Shurgard Europe shares €23.00 €23.00 €26.50
Expected volatility 20.00% 20.00% 20.00%
Risk free interest rate -0.17% -0.08% 0.11%
Expected remaining term (in years) 3.5 6.0 7.0
Dividend yield - - 3.68%
Expected forfeiture rate per annum 3.00% 5.00% 5.00%
Fair value per option €11.19 €2.35 €3.45
In connection with a new equity compensation plan approved on February 23, 2021, the Group granted on
August 2, 2021, 1,651,000 share options at an exercise price of €43.05. On September 1, 2021, the Company
granted in addition 200,000 options under the 2021 share option plan at an exercise price of €47.75.

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211
These options have a two-stage vesting period with (i) 60% of the stock options vesting after three years after
the date they are being offered; and (ii) the remaining 40% of the stock options will vest after a period of five
years after the date they are being offered.
The following weighted average assumptions were used to determine the fair value of the options granted under
the 2021 plan that are outstanding as of December 31, 2021:
August 2021
3-yr vesting
August 2021
5-yr vesting
Sept. 2021
3-yr vesting
Sept. 2021
5-yr
vesting
Estimated fair value of Shurgard Europe
shares
€50.80 €50.80 €53.00 €53.00
Expected volatility 20.00% 20.00% 20.00% 20.00%
Risk free interest rate -0.58% -0.05% -0.23% -0.02%
Expected remaining term (in years) 6.8 7.8 6.9 7.9
Dividend yield 2.30% 2.30% 2.21% 2.21%
Expected forfeiture rate per annum 5.00% 5.00% 5.00% 5.00%
Fair value per option €8.42 €9.05 €8.33 €8.67
None of the share-based compensation plans have performance conditions and all plans are accounted for as
equity-settled awards and do not contain any cash settlement alternatives. Further details are described in the
Remuneration Report on pages 141 to 150.
For all plans, we incurred €3.8 million and €1.3 million in share-based compensation expense, including social
security charges in the years ended December 31, 2021 and 2020, respectively.
The year-on year increase is explained by €1.8 million cost incurred in connection with the options granted under
the 2021 share option plan and €0.8 million increased employers social security cost, resulting from the increase
of the Shurgard share price, partially offset by €0.1 million decreased gross cost for the 2017 and 2018 plans of
which the vesting periods terminated in 2021.
The €1.2 million and €0.6 million liabilities, respectively, for share-based compensation as of December 31, 2021
and 2020 consists of an accrual for employers’ share in social security.
As of December 31, 2021, and 2020, we had €12.6 million, and €1.0 million respectively of unrecognized share-
based compensation expense, net of estimated pre-vesting forfeitures, related to unvested option awards. For
the years ended December 31, 2021 and 2020, the weighted average remaining vesting period of our share
options was 2.3 and 0.7 years, respectively.
The following table sets forth the number of share options granted, forfeited, exercised and outstanding at
December 31, 2021 and 2020:

SHURGARD ANNUAL REPORT 2021
212
2021 2020
Number of
options
Weighted
average exercise
price
Number of
options
Weighted
average exercise
price (a)
Outstanding, January 1
1,151,000 €21.61 1,220,771 €21.48
Granted (a) 1,851,000 €43.56 - -
Forfeited (b) - - (14,000) €23.00
Exercised (c) (274,500) €18.54 (55,771) €18.29
Outstanding, December 31 2,727,500 €36.81 1,151,000 €21.61
Exercisable, December 31 876,500 €22.58 243,250 €16.82
The following table summarizes information about our share options outstanding at December 31, 2021 under
the 2015, 2017, 2018 and 2021 plans:
As of December 31, 2021
Options outstanding Options exercisable
Year of grant
Fair value
per option on
September
30, 2021
Number of
Options
Weighted
average
exercise
price
Weighted
average
remaining
contractual
life
Number
of
Options
Weighted
average
exercise
price
Weighted
average
remaining
contractual
life
2015 €11.19 10,000 €8.77 3.3 years 10,000 €8.77 3.3 years
2017 €2.35 154,500 €21.51 5.5 years 154,500 €21.51 5.5 years
2018 €3.45 712,000 €23.00 6.9 years 712,000 €23.00 6.9 years
2021-August-3 yr. €8.40 990,600 €43.05 9.6 years - - -
2021-August-5 yr. €8.44 660,400 €43.05 9.6 years - - -
2021-September-3 yr. €5.36 120,000 €47.75 9.7 years - - -
2021-September-5 yr. €5.52 80,000 €47.75 9.7 years - - -
2,727,500 €36.81 8.6 years 876,500 €22.58 6.6 years

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213
34. RELATED PARTY DISCLOSURES
SUBSIDIARIES
Interests in subsidiaries are set out in Note 39.
KEY MANAGEMENT PERSONNEL COMPENSATION
(in € thousands) FY 2021 FY 2020
Short term employee benefits 2,893 2,808
Post-employment benefits 108 100
Share-based payments 2,295 868
Total 5,296 3,776
Key management personnel consists of the members of the Executive Committee.
In addition, the Company incurred in the year ended December 31, 2021 €0.7 million expense for the provision of
services by non-executive board members that were provided by separate management entities (€0.7 million in
the year ended December 31, 2020).
TRANSACTIONS WITH OTHER RELATED PARTIES
At the end of 2021, the Group had two significant shareholders: Public Storage (“PS”), which owned directly and
indirectly in total 35.1% of the interest in Shurgard and the New York State Common Retirement Fund (“NYSCRF”),
which held directly and indirectly 36.5%.
We pay PS a royalty fee equal to 1.0% of our pro rata equity share of revenues in exchange for the rights to use
the “Shurgard” trade name and other services. During the years ended December 31, 2021 and 2020, we incurred
royalty fees of €3.0 million and €2.7 million, respectively.
During the years ending December 31, 2021 and 2020 there were no transactions with NYSCRF.
OUTSTANDING BALANCES ARISING FROM TRANSACTIONS WITH RELATED PARTIES
At December 31, 2021 and 2020, trade and other payables and deferred revenue include short-term cash
advances payable to Public Storage totaling €0.8 million and €0.7 million, respectively, comprised primarily of
royalty fees incurred during each of the three months ended December 31, 2021 and 2020.
We also refer to Note 26 in respect of the non-controlling interest held by the two main shareholders in certain
subsidiaries in Germany.
Several of the Group’s subsidiaries provide post-employment benefit plans for the benefit of employees of the
Group. Payments made to these plans and receivables from and payables to these plans have been disclosed, if
any, in Note 32.

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214
35. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
This note explains the Company’s exposure to financial risks and how these risks could affect the Company’s
future financial performance.
The Company has tenant and other receivables, trade and other payables, deferred revenue and cash and cash
equivalents that arise directly from its operations. The Company’s principal financial liabilities consist of loans
and borrowings, as well as trade and other payables. The main purpose of the Company’s loans and borrowings
is to finance the acquisition and development of the Company’s property portfolio.
The Group is exposed to market risk, credit risk and liquidity risks:
• Market risk is the risk that the fair value or future cash flows of a financial instrument fluctuates
due to change in market prices and can be broken down into interest rate, currency and other price
(e.g. equity or commodity) risks;
• Not all these risks are relevant to the Group, which is mainly exposed to foreign currency risks. The
Group is currently not exposed to significant interest rate risk, as it does not have any long-term
debt with variable interest rates;
• Credit risk is the risk that one party to an agreement will cause a financial loss to another party
by failing to discharge its obligation. For Shurgard, credit risk mainly covers its tenant receivables
and financing activities, which include cash and cash equivalents with banks and financial
institutions;
• Liquidity risks include the risk that the Group will encounter difficulties in raising financing and in
meeting payment obligations when they come due.
The Company’s risk management is carried out by senior management, under policies approved by the Board of
Directors. The Board of Directors provides written principles for overall risk management, as well as policies
covering specific areas, such as foreign exchange risk, real estate risk and credit risk, the use of derivative and
non-derivative financial instruments and investment of excess liquidity. The Board of Directors reviews and
agrees policies for managing each of these risks which are summarized below.
FOREIGN EXCHANGE RISK
We publish our financial statements in euros, however, we record revenue, expenses, assets and liabilities in a
number of different currencies other than the euro, more specifically, the UK Pound Sterling (GBP), the Swedish
Krona (SEK) and the Danish Krone (DKK). Assets and liabilities denominated in local currencies are translated
into euros at exchange rates prevailing at the balance sheet date and revenues and expenses are translated at
average exchange rates over the relevant period. Consequently, variations in the exchange rate of the euro versus
these other currencies will affect the amount of these items in our consolidated financial statements, even if
their value remains unchanged in their original currency. We implement policies to protect against exchange rate
risk only when required to do so by covenants contained in our debt agreements. These translations have resulted
in the past and could result in the future in changes to our results of operations, balance sheet and cash flows
from period to period.
Because our customer base in the United Kingdom is mainly local, we believe the consequence of the Brexit will
be limited to the effect of a possible significant depreciation of the UK Pound Sterling versus the euro which
would result in a decrease in net profit realized by our UK operations.

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215
A breakdown of the foreign exchange related amounts recognized in profit or loss and comprehensive income
can be found in Note 9 and in the Consolidated statements of changes in equity, respectively.
The main statement of financial position items exposed to foreign exchange risk are cash and cash equivalents,
trade and other receivables, assets held for sale, other current and non-current assets, trade and other payables
and deferred revenue, lease obligations and other non-current liabilities.
As of December 31, 2021, and 2020, the net assets (liabilities) exposure on our consolidated statement of
financial position is as follows:
(in € thousands) EUR GBP SEK DKK Total
As of December 31, 2021 173,616 (57,122) (342) 25,116 141,268
As of December 31, 2020 33,522 (15,311) (650) 18,414 35,975
The following table presents the sensitivity analysis of the year end statement of financial position balances in
EUR in case the euro would weaken by 10% versus the GBP, SEK and DKK, respectively.
(in € thousands) FY 2021 FY 2020
GBP denominated
Changes in carrying amount of monetary assets and liabilities
1
571 153
SEK denominated
Changes in carrying amount of monetary assets and liabilities
1
34 65
DKK denominated
Changes in carrying amount of monetary assets and liabilities
1
(251) (1,841)
1 These are increases in net liabilities.
The table below shows the sensitivity of profit or loss after tax to changes in the GBP/EUR, SEK/EUR and
DKK/EUR exchange rates:
IMPACT ON PROFIT AFTER TAX
(in € thousands) FY 2021 FY 2020
GBP/EUR exchange rate – increase 10% 10,622 6,017
SEK/EUR exchange rate – increase 10% 8,449 3,216
DKK/EUR exchange rate – increase 10% 2,996 793
Positive amounts represent an increase in profit after tax.
The table below shows the sensitivity of equity to changes in the GBP/EUR, SEK/EUR and DKK/EUR exchange
rates:
IMPACT ON EQUITY
(in € thousands) FY 2021 FY 2020
GBP/EUR exchange rate – increase 10% 64,574 50,246
SEK/EUR exchange rate – increase 10% 47,273 42,053
DKK/EUR exchange rate – increase 10% 17,043 14,039
Positive amounts represent an increase in equity.

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216
CREDIT RISK
Credit risk from balances with banks and financial institutions is managed by the Company’s senior management
in accordance with the Company’s policy. Investments of surplus funds are made only with approved
counterparties with a minimum investment grade credit rating. The Company’s maximum exposure to credit risk
for the balances with banks and financial institutions as of December 31, 2021 is the carrying value of the cash
and cash equivalents.
Credit risk is managed by requiring tenants to pay rentals in advance. The maximum exposure to credit risk at
the reporting date is the carrying value of each class of financial asset. There are no significant concentrations
of credit risk, whether through exposure to individual customers or regions.
The Group applies the IFRS 9 simplified approach to measure its expected credit losses, which uses a lifetime
expected loss allowance for all lease receivables.
Loss allowances are recognized in profit or loss within real estate operating expense. Subsequent recoveries of
amounts previously provided for are offset against the previously recognized loss on debtors within real estate
operating expense.
Set out below is the information about the credit risk exposure on our trade receivables using a provision matrix:
December 31, 2021
(in € thousands) Outstanding < 60 days Past due > 60 days Total
Expected credit loss rate 6.0% 89.6% 32.2%
Carrying amount 15,650 8,503 24,153
Expected credit loss (931) (6,952) (7,783)
Net amount 14,719 1,651 16,370
December 31, 2020
(in € thousands) Outstanding < 60 days Past due > 60 days Total
Expected credit loss rate 8.0% 85.8% 33.4%
Carrying amount 12,475 6,048 18,523
Expected credit loss (998) (5,187) (6,185)
Net amount 11,477 861 12,338
Lease receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no
reasonable expectation of recovery include among others:
• Significant financial difficulties of the debtor; and
• Probability that the debtor will enter bankruptcy or financial reorganization
The other classes within trade and other receivables and other current assets do not contain impaired assets
and are not past due. It is expected that these amounts will be received when due. The Company does not hold
any collateral in relation to these receivables.

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217
LIQUIDITY RISK
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the
availability of funding through an adequate amount of committed credit facilities to meet obligations when due.
The Company maintains flexibility in funding by maintaining availability under committed credit lines.
The operating activities of our subsidiaries and the resulting cash inflows are the main source of liquidity. Our
cash pooling system enables us to benefit from surplus funds of certain subsidiaries to cover the financial
requirements of other subsidiaries. We invest surplus cash in current accounts and short-term cash equivalents,
selecting instruments with appropriate maturities or sufficient liquidity.
Management monitors rolling forecasts of the Company’s liquidity reserve (comprising the undrawn credit
facilities listed below) and cash and cash equivalents (see Note 20) on the basis of expected cash flows.
The Company has access to the following undrawn borrowing facilities at the end of the reporting period:
(in € thousands) Dec. 31, 2021 Dec. 31, 2020
Expiring within one year (floating rate) - -
Expiring beyond one year (floating rate) 500,000
1
250,000
Total 550,000 250,000
1 The increase relates to the uncommitted Shelf Note Facility for an amount of up to €250,000,000, the Company entered into on February 23, 2021.
The tables below analyze the Company’s financial liabilities based on their contractual maturities.
The amounts disclosed in the table are the contractual undiscounted cash flows (including interest payments).
Balances due within 12 months equal their carrying balances as the impact of discounting is not material.
CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES AT DECEMBER 31, 2021
(in € thousands)
Less than one
year
Between one
and five years
Over five years
Total
contractual
cash flows
Interest-bearing loans and borrowings 18,707 391,585 496,252 906,544
Lease liabilities 6,453 23,663 694,650 724,766
Other non-current liabilities - - 140 140
Trade and other payables 91,925 - - 91,925
Total 117,085 415,248 1,191,042 1,723,375

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218
CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES AT DECEMBER 31, 2020
(in € thousands)
Less than one
year
Between one
and five years
Over five years
Total
contractual
cash flows
Interest-bearing loans and borrowings 116,500 389,537 178,537 684,574
Lease liabilities 7,477 19,354 613,121 639,952
Other non-current liabilities - 51 77 128
Trade and other payables 74,998 - - 74,998
Total 198,975 408,942 791,735 1,399,652
FAIR VALUES
Management has assessed that the fair values of cash and cash equivalents, trade and other receivables, trade
and other payables approximate their carrying amounts largely due to the short-term maturities of these
instruments.
Set out below is a comparison of the carrying amounts and fair value of the Company’s guaranteed notes, which
have a fixed interest rate:
(in € thousands) Dec. 31, 2021 Dec. 31, 2020
Carrying value 797,579 598,428
Fair values 852,494 672,776
The following methods and assumptions were used to estimate the fair values:
• The fair values of our senior guaranteed notes (level 3) consists of the discounted value of principal
amounts and any future interest payments;
• The discount rates used take into account the various maturities of the notes issued and are based
on risk free interest rates plus spreads that are in line with market spreads for private placements
as of the respective reporting dates.
36. CAPITAL MANAGEMENT
The Group’s Executive Committee reviews the capital structure on an ongoing basis. The primary objective of the
Group’s capital management is to ensure that it complies with its covenants. The Group targets a loan-to-value
ratio of around 25% with the flexibility to go up to a short- to mid-term maximum amount up to 35%. The
Company reviews each reporting period the appropriateness of the loan-to-value ratio. The Company is currently
satisfied with its current loan-to-value ratio and the applicable covenants. For all periods disclosed, we are in
compliance with the covenants.

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219
The table below provides an overview of the evolution of the loan-to-value ratio as of December 31, 2021 and
2020.
(in € thousands) Dec. 31, 2021 Dec. 31, 2020
Net financial debt 669,198 578,719
Investment property and investment property under construction (Note 14) 3,847,067 3,204,525
Loan-to-value ratio 17.4% 18.1%
Net financial debt is composed as follows:
(in € thousands) Dec. 31, 2021 Dec. 31, 2020
Carrying value of interest-bearing loans and borrowings (Note 27) 797,579 598,428
Unamortized portion of debt financing cost (Note 27) 2,421 1,572
Carrying value of lease obligations (Note 29) 88,368 81,717
Cash and cash equivalents (Note 20) (219,170) (102,998)
Net financial debt 669,198 578,719
37. INSURANCE AND LOSS EXPOSURE
We have historically obtained third-party insurance coverage for property/business interruption and general
liability, through internationally recognized insurance carriers, subject to deductibles. Additionally, we bind
coverage for our cyber and terrorism risk, as well as any local compulsory insurances, such as workers
compensation or strict liability in Belgium.
Except for the local insurance policies, coverage was searched for by means of international programs, insuring
all affiliates of the Company. When acquiring a new location, our aim is to integrate the cover as soon as possible
and economically justified in our insurance programs.
Our insurance deductible for general liability insurance is €2,500 per occurrence. Insurance carriers’ limit is
€5.0 million. In case claims exceed the policy limit, we benefit excess coverage up to $100.0 million, or
approximately €88.2 million at the December 31, 2021 exchange rate, under the Public Storage general liability
program. As such, our insurance limit is higher than estimates of maximum probable losses that could occur
from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of
multiple catastrophic events, these limits could be exceeded.
Besides insurance policies covering our own risks, we carry coverage for the risk of our tenants, via a tenant
insurance program. This program provides insurance to certificate holders (tenants) against claims for property
losses due to perils to goods stored by tenants at our self-storage facilities. Any advice and claims regarding
customer insurance are directly handled by our insurance broker/insurer.
As from January 1, 2021, the Group manages its insurable risks relating to property damage, business interruption
(“PDBI”) and customer goods-related claims through a combination of self-insurance and commercial insurance
coverage. For this, the Group uses a reinsurance undertaking.
In line with this assumption, no division for profitability is necessary. Where required, Shurgard registered as an
insurance intermediary for regulatory purposes.

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220
During the year ended December 31, 2021, the Company paid €0.2 million insurance acquisition expense to a
third-party insurance company in connection with its re-insurance undertaking.
CUSTOMER GOODS
The Group has entered into an agreement with external insurance companies, which in turn re-insure a certain
amount via the Group’s re-insurance captive entity. The re-insured risk provides insurance to customers.
Except for a deductible of €250 for certain perils, which are at charge of the tenant, our program includes a
deductible of €5.0 million per year at charge of Shurgard. This deductible is re-insured by Shurgard’s captive
entity. The remaining risks reside with the external insurer (with an annual limit of €7.5 million in excess of the
€5.0 million deductible).
During the year ended December 31, 2021, the Company incurred €1.8 million claims charges and €0.2 million in
consulting fees in connection with its customer goods insurance program.
PROPERTY DAMAGE AND BUSINESS INTERRUPTION
The Property Damage and Business Interruption (“PDBI”) insurance program consists of a combination of
reinsurance activities through the Company’s captive and insurance through a third-party insurer.
Our captive undertaking insures casualties up to an occurrence limit of €2.5 million and an annual aggregate of
€5.0 million. A deductible of €10,000 per claim applies.
Any claim in excess of the above limit per occurrence is up to a maximum amount of €25.0 million transferred
to the third-party insurer. In case the annual aggregate limit of the reinsurance captive (€5.0 million) is depleted,
the third-party insurer has the possibility to take over from captive claims that usually would have been covered
by the captive. In such case, the deductible is however, increased to €100,000 per occurrence for any PDBI claim,
and the third-party insurer will provide coverage in excess of the increased deductible.
38. CONTINGENCIES AND COMMITMENTS
CAPITAL EXPENDITURE COMMITMENTS
As of December 31, 2021, we had €13.4 million of outstanding capital expenditure commitments under contract
in regard to certain self-storage facilities under construction.
CONTINGENT LOSSES
We are a party to various legal proceedings and subject to various claims and complaints; however, we believe
that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in
the aggregate, is remote.
INCOME TAX
The Group operates in multiple jurisdictions with often complex legal and tax regulatory environments. Shurgard
considers the income tax positions to be supportable and are intended to withstand challenge from tax
authorities. However, the Group continues to be subject to tax audits in the various jurisdictions it conducts
business and the outcome of these audits and the conclusions drawn by the tax authorities are not certain and

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221
therefore it is inherent that some of the positions taken by the Group are uncertain and include interpretations
of complex tax laws which could be disputed by tax authorities.
Shurgard regularly assesses these positions individually on their technical merits with no offset or aggregation
between positions, using all the information available (legislation, case law, regulations, established practice and
authoritative tax guidance). The Group has established tax liabilities that it believes are adequate for the
exposures identified. These liabilities have been estimated by the Group as the best estimate of the current tax
it expects to pay using its best estimate of the likely outcomes of such examinations. These estimates are based
on facts and circumstances existing at the end of the reporting period and assume full access of the tax
authorities to all relevant facts and circumstances.
39. LIST OF CONSOLIDATED ENTITIES
1 Holding and/or financing company with no operating activities.
2 Re-insurance entity incorporated in December 2020.
3 These German entities make use of the exemption in accordance with §264 Paragraph 3 German Commercial Code (HGB), and consequently do not file
stand-alone annual accounts.
As of December 31, 2021 As of December 31, 2020
Country of
incorporation
Consoli-
dated
%
Ownership
Consoli-
dated
%
Ownership
Shurgard Self Storage S.A.
1
Luxembourg Yes 100 Yes 100
Shurgard Luxembourg S.à.r.l.
1
Luxembourg Yes 100 Yes 100
Shurgard Holding Luxembourg S.à.r.l.
1
Luxembourg Yes 100 Yes 100
Eirene RE S.A.
2
Luxembourg Yes 100 Yes 100
Shurgard Belgium NV Belgium Yes 100 Yes 100
Shurgard Europe VOF Belgium Yes 100 Yes 100
Second Shurgard Belgium BV Belgium Yes 100 Yes 100
Shurgard France SAS France Yes 100 Yes 100
Shurgard Nederland B.V. The Netherlands Yes 100 Yes 100
Shurgard Germany GmbH
3
Germany Yes 100 Yes 100
First Shurgard Deutschland GmbH
3
Germany Yes 94.8 Yes 94.8
Second Shurgard Deutschland GmbH
3
Germany Yes 94.8 Yes 94.8
Shurgard Germany ZL MU GmbH
3
Germany Yes 100 Yes 100
Shurgard Germany ZL LH GmbH
3
Germany Yes 100 Yes 100
Shurgard Germany ZL FER GmbH
3
Germany Yes 100 Yes 100
Shurgard Denmark ApS Denmark Yes 100 Yes 100
Shurgard UK Ltd UK Yes 100 Yes 100
Second Shurgard UK Ltd UK Yes 100 Yes 100
Second Shurgard UK Camberley Ltd UK Yes 100 Yes 100
Shurgard UK West-London Ltd UK Yes 100 Yes 100
Shurgard Sweden AB Sweden Yes 100 Yes 100
Shurgard Storage Centers Sweden KB Sweden Yes 100 Yes 100
Shurgard Sweden Årstaberg KB Sweden Yes 100 Yes 100
First Shurgard Sweden Invest KB Sweden Yes 100 Yes 100
Second Shurgard Sweden Invest KB Sweden Yes 100 Yes 100
Shurgard Sweden Stockholm Invest AB Sweden Yes 100 Yes 100

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222
40. EVENTS AFTER THE REPORTING PERIOD
We have evaluated subsequent events through February 22, 2022, which is the date the financial statements
were available for issuance.
• On January 3, 2022, Shurgard announced it has received one building permit for a new self-storage
facility and has been cleared to convert another building for self-storage use in Rotterdam
(Randstad). One of the properties is a future c. 4,500 sqm self-storage facility which will offer
approximately 700 clean and secure self-storage units to the nearby residential areas, business
customers and future expected housing developments. It is set to open by end 2022. The other
building is to be converted into a c. 2,000 sqm self-storage property offering more than 300 units.
It is located in a well-known, high-traffic business park – close to the residential neighborhoods
– and will help extend our existing footprint in that area (one current location). It is also set to
open by end 2022.
• On January 5, 2022, Shurgard announced it has signed a new purchase agreement for a building
located in the Paris region. The future c. 4,000 sqm self-storage property is set to open by end
2023 and will offer over 550 self-storage units to the area.
• On February 8, 2022, Shurgard announced it has received a building permit for a new self-storage
facility in Sartrouville (Paris region). The building located north-west of central Paris will be
converted into a c. 5,000 sqm self-storage property. It is set to open by end 2022 and will offer
approximately 800 self-storage units to the area.

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223
AUDITOR’S REPORT

SHURGARD ANNUAL REPORT 2021
224
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of
Shurgard Self Storage S.A.
11, rue de l’Industrie
L-8399 Windhof
REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS
OPINION
We have audited the consolidated financial statements of Shurgard Self Storage S.A. and its subsidiaries (the
“Group”), which comprise the consolidated statement of financial position as of December 31, 2021, and the
consolidated statement of comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the year then ended, and the notes to the consolidated financial
statements, including a summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements give a true and fair view of the consolidated
financial position of the Group as of December 31, 2021, and of its consolidated financial performance and
consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards
(“IFRS”) as adopted by the European Union.
BASIS FOR OPINION
We conducted our audit in accordance with EU Regulation N° 537/2014, the Law of 23 July 2016 on the audit
profession (the “Law of 23 July 2016”) and with International Standards on Auditing (“ISAs”) as adopted for
Luxembourg by the “Commission de Surveillance du Secteur Financier” (“CSSF”). Our responsibilities under the
EU Regulation Nº 537/2014, the Law of 23 July 2016 and ISAs are further described in the “Responsibilities of
the “réviseur d’entreprises agréé” for the audit of the consolidated financial statements” section of our report.
We are also independent of the Group in accordance with the International Ethics Standards Board for
Accountants’ Code of Ethics for Professional Accountants (“IESBA Code”) as adopted for Luxembourg by the CSSF
together with the ethical requirements that are relevant to our audit of the consolidated financial statements,
and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the consolidated financial statements of the current period. These matters were addressed in the context of
the audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.
Valuation of Investment Property including Investment Property under Construction
Description of the key audit matter
As per December 31, 2021, Shurgard Self Storage S.A. and its subsidiaries hold investment property and properties
under construction for a total amount of € 3.847 million, representing 94% of the consolidated statement of
financial position of the Group. In accordance with the Group’s accounting policies and IAS 40 “Investment
Property” and IFRS 13 “Fair Value Measurement”, investment property and investment property under
construction are measured at fair value, whereby the changes in fair value are recognized in the Group’s income
statement.

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225
The fair values of investment properties are assessed (by an independent external valuation firm) using a
discounted cash flow model (revenues-costs) over a period of 10 years per property. The management of the
Group and their external specialist use inputs such as store occupancy, net rent and operating expense per
square meter, based on historical data, as well as subjective assumptions such as growth rates in terms of rental
revenue and operating expenses, occupancy and discount rates.
The Group engaged an independent external valuation firm, having specific sector expertise in the markets in
which the Group operates. The third-party valuer assists the Group in the determination of the fair value of the
investment property and it performs its work in accordance with the Royal Institution of Chartered Surveyors
(“RICS”) Valuation Professional Standards.
Investment property valuation is considered a key audit matter, because the valuation process is a significant
estimate and is underpinned by a number of factual inputs and assumptions based on a complex calculation
model. The process is subjective and inherently judgmental in nature due to the use of key assumptions which
are based on unobservable data inputs such as discount rates, growth rates and future occupancy rates, as well
as the individual nature of each property and its location.
Auditor’s response
Our procedures over the valuation of investment properties and investment properties under construction include
the following:
We evaluated the competence, independence and capabilities of the independent external valuation firm. We
also read the terms of engagement of the valuer to determine whether there were any matters that might have
affected its objectivity or limited the scope of its work.
We assessed whether the valuation methods as applied by the independent valuer are appropriate for the
purpose of the valuation of the underlying investment properties. We tested the inputs used in the valuation
process to corresponding lease agreements and other relevant documentation. We considered the assumptions
used in the valuation models including the capitalization, discount and terminal yield rates by comparing them
against available market data. Therefore, we involved our real estate specialists as part of the audit team to
assess the assumptions made by the valuer as appropriate.
Finally, we performed analytical procedures to evaluate any unusual variations in the fair values determined
compared to prior year.
We have also assessed the appropriateness and completeness of Note 3 (Summary of significant accounting
policies) and note 14 (Investment property and investment property under construction) and note 15 (Fair value
measurement – investment property) of the consolidated financial statements in accordance with the
requirement of IAS 40 and IFRS 13.
Taxation
Description of the key audit matter
The Group has extensive international operations and in the normal course of business management makes
judgements and estimates in relation to direct and indirect tax issues and exposures. As a result of the
complexities of tax rules and other tax legislation, the accounting for tax exposures is a key judgement.
The Group is also calculating its deferred taxes in accordance with its Group accounting policies. Deferred taxes
arise due to temporary differences between the values in the tax accounts and the consolidated statement of

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226
financial position. The calculation of deferred taxes takes into account the expected point in time when, the
assets and liabilities are expected to be realized or settled. The applied tax rates correspond to those that are
enacted or substantially enacted at the respective location at the balance sheet date. Deferred taxes primarily
result from valuation differences between the fair values of properties and their values for tax purposes. In the
calculation of the deferred taxes, assumptions and estimates are made with regards to the fiscally relevant costs
and the fair values of the properties as well as the tax rates applicable at the time the tax differences are realized.
Auditor’s response
Our procedures included, but were not limited to, evaluating the controls the Group has in place to identify and
quantify its tax exposures. We used our own tax specialists to analyze and challenge the assumptions used to
determine provisions using our knowledge and experience of the application of international and local legislation
by the relevant authorities, and assessed whether the approach applied by the Group is supported by custom
and practice in the industry. We have examined the calculations prepared and agreed assumptions used to
underlying data, and considered the judgements applied including the maximum potential exposure and the
likelihood of a payment being required. We have inspected correspondence with relevant tax authorities to
identify tax risk areas and assessed third-party tax advice received to evaluate the conclusions drawn in the
advice.
In the course of our audit, we also assessed the calculation of deferred taxes on investment properties with the
support of our tax specialists.
Based on the overall portfolio, we performed, the following audit procedures:
• evaluating the calculation method used to determine deferred tax liabilities;
• assessing the assumed tax rates applicable to each country.
For a sample identified based on quantitative and qualitative factors, in relation to the deferred taxes arising
from investment properties and investment properties under construction, we performed the following audit
procedures:
• reconcile the fair value with the valuation report and the tax value of the relevant investment
property with the fixed asset accounting or the client’s detailed records;
• validate the mathematical accuracy of the deferred tax calculation.
We also considered the adequacy of the Group’s disclosures in Note 10 in respect of income tax.
OTHER INFORMATION
The Board of Directors is responsible for the other information. The other information comprises the information
included in the consolidated annual report and the corporate governance statement but does not include the
consolidated financial statements and our report of “réviseur d’entreprises agréé” thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report this fact. We have nothing to report in this regard.

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227
RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND OF THOSE CHARGED WITH GOVERNANCE FOR THE
CONSOLIDATED FINANCIAL STATEMENTS
The Board of Directors is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with IFRS as adopted by the European Union, and for such internal control as the Board
of Directors determines is necessary to enable the preparation of consolidated financial statements that are free
from material misstatement, whether due to fraud or error.
The Board of Directors is also responsible for presenting and marking up the consolidated financial statements
in compliance with the requirements set out in the Delegated Regulation 2019/815 on European Single Electronic
Format, as amended (“ESEF Regulation”).
In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Group
or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s financial reporting process.
RESPONSIBILITIES OF THE “RÉVISEUR D’ENTREPRISES AGRÉÉ” FOR THE AUDIT OF THE CONSOLIDATED
FINANCIAL STATEMENTS
The objectives of our audit are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report
of the “réviseur d’entreprises agréé” that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with EU Regulation N° 537/2014, the Law of 23
July 2016 and with the ISAs as adopted for Luxembourg by the CSSF 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 consolidated financial statements.
As part of an audit in accordance with EU Regulation N° 537/2014, the Law of 23 July 2016 and with ISAs as
adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of Board of Directors’ use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists

SHURGARD ANNUAL REPORT 2021
228
related to events or conditions that may cast significant doubt on the Company’s ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our report of the “réviseur d’entreprises agréé” to the related disclosures in the
consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our report of the “réviseur
d’entreprises agréé”. However, future events or conditions may cause the Group to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
• Assess whether the consolidated financial statements have been prepared, in all material respects,
in compliance with the requirements laid down in the ESEF Regulation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities and
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the Group audit. We remain
solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that
we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and communicate to them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the consolidated financial statements of the current period and are therefore
the key audit matters. We describe these matters in our report unless law or regulation precludes public
disclosure about the matter.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
We have been appointed as “réviseur d’entreprises agréé” by the General Meeting of the Shareholders on 22
February 2021 and the duration of our uninterrupted engagement, including previous renewals and
reappointments, is 5 years.
The consolidated management report is consistent with the consolidated financial statements and has been
prepared in accordance with applicable legal requirements.
The accompanying corporate governance statement on pages 95 to 111 is the responsibility of the Board of
Directors. The information required by article 68ter paragraph (1) letters c) and d) of the law of 19 December
2002 on the commercial and companies register and on the accounting records and annual accounts of
undertakings, as amended, is consistent with the consolidated financial statements and has been prepared in
accordance with applicable legal requirements.

SHURGARD ANNUAL REPORT 2021
229
We have checked the compliance of the consolidated financial statements of the Group as at December 31, 2021
with relevant statutory requirements set out in the ESEF Regulation that are applicable to the financial
statements. For the Group, it relates to:
The XBRL markup of the consolidated financial statements using the core taxonomy and the common rules on
markups specified in the ESEF Regulation.
In our opinion, the consolidated financial statements of the Group as at December 31, 2021, identified as
“Shurgard 2021 ESEF reporting”, have been prepared, in all material respects, in compliance with the
requirements laid down in the ESEF Regulation.
We confirm that the audit opinion is consistent with the additional report to the audit committee or equivalent.
We confirm that the prohibited non-audit services referred to in EU Regulation No 537/2014 were not provided
and that we remained independent of the Group in conducting the audit.
EY
Société anonyme
Cabinet de révision agréé
Bruno Di Bartolomeo
Luxembourg, February 22, 2022

230
STAND-ALONE FINANCIAL
STATEMENTS OF SHURGARD
SELF STORAGE S.A. AND
AUDITOR’S REPORT

SHURGARD ANNUAL REPORT 2021
231
BALANCE SHEET
ASSETS
(in € thousands) Note(s)
FY 2021 FY 2020
B. Formation expenses
1107 3 107 7,176 108 11,120
C. Fixed assets 1109 4-5 109 831,300 110 944,613
I. Intangible assets 1125 4 125 1,386 126 2,914
III. Financial assets 1135 5 135 829,914 136 941,699
D. Current assets 1151 6 151 3,550 152 204
II. Debtors becoming due and
payable within one year
1163 6 163 128 164 40
IV. Cash at bank and in hand 1197 197 3,422 198 164
E. Prepayments 1199 199 30 200 26
TOTAL (ASSETS) 201 842,056 202 955,963
CAPITAL, RESERVES AND
LIABILITIES
Note(s) FY 2021 FY 2020
A. Capital and reserves 1301 7-9 301 840,379 302 947,400
I. Subscribed capital 1303 7 303 63,592 304 63,506
II. Share premium account 1305 7 305 559,586 306 558,076
IV. Reserves 1309 8 309 253,196 310 352,701
Of which:
Reserve for own shares 1313 313 2,210 314 6,994
Other reserves, including
the fair value reserve
1429 429 250,986 430 345,707
Other available reserves 1431 431 250,986 432 345,707
V. Profit or loss brought forward 1319 9 319 (26,883) 320 (18,746)
VI. Profit or loss for the financial
1321 9 321 (9,112) 322 (8,137)
B. Provisions 1331 11 331 815 332 3,316
C. Creditors becoming due and
payable within one year
1435 12 435 862 436 5,247
TOTAL (CAPITAL, RESERVES AND LIABILITES) 405 842,056 406 955,963
The Notes in the annex form an integral part of the accounts.

SHURGARD ANNUAL REPORT 2021
232
PROFIT AND LOSS ACCOUNT
(in € thousands) Note(s)
FY 2021 FY 2020
1. to 5. Gross profit or loss
1701 13 701 (1,028) 702 (9,564)
6. Staff costs 1605 14 605 (1,520) 606 (1,610)
Of which:
Wages and salaries 1607 607 (1,364) 608 (1,513)
Social security costs 1609 609 (54) 610 (29)
Other social security costs 1655 655 (54) 656 (29)
Other staff costs 1613 613 (102) 614 (68)
7. Value adjustments in respect of
formation expenses and of tangible
and intangible fixed assets
1657 3-4 657 (5,500) 658 (5,485)
8. Other operating expenses 1621 15 621 (2,132) 622 (2,534)
10. Income from other investments
and loans forming part of the fixed
assets
1721 16 721 2,501 722 11,328
11. Interest payable and similar
1627 17 627 (1,428) 628 (267)
15. Tax on profit or loss 1635 18 635 (5) 636 (5)
16. Profit or loss after taxation 1667 667 (9,112) 668 (8,137)
18. Profit or loss for the financial
year
1669 669 (9,112) 670 (8,137)
The Notes in the annex form an integral part of the accounts.

SHURGARD ANNUAL REPORT 2021
233
NOTES TO THE ANNUAL ACCOUNTS AS OF DECEMBER 31, 2021
NOTE 1 – GENERAL INFORMATION
Shurgard Self Storage S.A. (hereafter the “Company” or “SSS”) is organized under the laws of the Grand Duchy of
Luxembourg with registered office and principal place of business at 11 Rue de l’ Industrie, L-8399 Windhof and
has been listed on Euronext Brussels since October 15, 2018.
As of December 31, 2021, our shareholders are Shurgard European Holdings LLC (“SEH LLC”), a limited liability
company incorporated in 2008 in Delaware, United States (“U.S.”), which owns 40.58% of the interest in the
Company, Public Storage (“PS”), which owns 0.17% direct interest and 30.86% indirect in the Company through
its wholly owned subsidiary HABF 2017, Inc. The New York Common Retirement Fund (“NYCRF”) and Public Storage
(“PS”) own 90% and 10%, respectively, of the interest in SEH LLC. SSS holds 70,771 shares in treasury,
representing 0.08% of the issued share capital of the Company. The remaining 28.31% of the Company’s
ownership is held by the public.
The Company’s main activities include funding, guarantees and/or securities delivery, as well as any other form
of financing to the affiliated undertakings forming part of the group of the Company and the acquisition and
management of participations. It can borrow and lend under any form, even on a subordinated basis, and proceed
to bond issues or subscriptions. The Company delivers financial or investment services of any kind to the affiliated
undertakings of the group. As a rule, it can take all control or supervision measures and proceed to any financial,
estate or real estate, commercial or industrial transaction that will be useful for the achievement and the
development of its corporate objectives.
The Company prepares audited consolidated financial statements in accordance with International Financial
Reporting Standards (“IFRS”), as endorsed by the EU. These consolidated financial statements are filed at the
Luxemburg Chambre de Commerce (RCS).
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION AND GOING CONCERN
The annual accounts have been prepared in accordance with the Law of December 19, 2002, as subsequently
amended, on a going concern basis.
2.2 SIGNIFICANT ACCOUNTING POLICIES
The main valuation rules applied by the Company are the following:
2.2.1. FORMATION EXPENSES
Formation expenses are carried at purchase or acquisition price including the expenses incidental thereto, less
accumulated amortization. The Company amortizes its formation expenses on a straight-line
basis over the five
years estimated useful life of the assets.
2.2.2. GOODWILL
Goodwill is carried at purchase or acquisition price including the expenses incidental thereto, less accumulated
amortization. The Company amortizes its goodwill on a straight-line
basis over the five years estimated useful
life of the assets.
2.2.3. FINANCIAL ASSETS
Shares in affiliated undertakings are valued at acquisition cost including the expenses incidental thereto. In case

SHURGARD ANNUAL REPORT 2021
234
of a durable diminution in value according to the opinion of the Board of Managers, value adjustments are made,
so that they are valued at the lower figure to be attributed to them at the balance sheet date. These value
adjustments are not continued if the reasons for which they were made have ceased to apply.
Loans to affiliated undertakings are valued at nominal value. At the end of each financial year, a value adjustment
is made for any durable decrease in value, which is considered to be an impairment in value, based on an
evaluation of each individual loan. These value adjustments are not continued if the reasons for which they were
made have ceased to apply.
2.2.4. DEBTORS
Debtors are valued at their nominal value. They are subject to value adjustments where their recovery is partially
or fully compromised. These value adjustments are not continued if the reasons for which they were made have
ceased to apply.
2.2.5. FOREIGN CURRENCY TRANSLATION
The Company maintains its accounting records in euros (“€”) and its annual accounts are expressed in that
currency.
Balances denominated in foreign currencies are translated into € as follows:
• Assets and liabilities in other currencies are translated into € at the rate prevailing on the balance
sheet date except for intangible and financial assets which are recorded at the historical exchange
rate. Income and expense transactions are recorded at the rate prevailing on the dates of the
transactions;
• Realized gains and losses and unrealized losses are reflected in the profit and loss account.
Unrealized gains are not recognized in the profit and loss account, except for the reversal of
previously recognized unrealized losses.
2.2.6. CREDITORS
Creditors are valued at their nominal value.
2.2.7. PROVISIONS
Provisions for liabilities and charges are intended to cover losses or debts the nature of which is clearly defined
and which, at the date of the balance sheet, are either likely or certain to be incurred but uncertain as to their
amount or as to the date on which they will arise.
Provisions may also be created to cover charges which have their origin in the financial year under review or in a
previous financial year, the nature of which is clearly defined and which, at the date of the balance sheet, are
either likely to be incurred or certain to be incurred but uncertain as to their amount or as to the date on which
they will arise.
Provisions are assessed at year end. Provisions recorded in the previous years are reassessed each year and
reversed if the reasons for which they were made have ceased to apply.
2.2.8. PREPAYMENTS
This caption includes expenditures incurred during the financial year but relating to a subsequent financial year
and capitalized debt financing costs which are amortized according to the straight-line method until the maturity
of the debt.
2.2.9. DEFERRED INCOME
This caption includes income received during the financial year but relating to a subsequent financial year.
2.2.10. VALUE ADJUSTMENTS
Value adjustments are deducted directly from the related asset.

SHURGARD ANNUAL REPORT 2021
235
NOTE 3 – FORMATION EXPENSES
Formation expenses of €7.2 million (€11.1 million as of December 31, 2020) consist of costs incurred in connection
with the IPO and the issuance of new shares.
The movements for the periods ending December 31, 2021 and December 31, 2020 were as follows:
(in € thousands) FY 2021 FY 2020
Cost of capital increase
At the beginning of the year 19,847 19,737
Additions 28 110
At the end of the period 19,875 19,847
Accumulated amortization
At the beginning of the year 8,727 4,770
Amortization for the period 3,972 3,957
At the end of the period 12,699 8,727
Net book value
At the beginning of the year 11,120 14,967
At the end of the period 7,176 11,120
NOTE 4 – INTANGIBLE ASSETS
Intangible assets consist of goodwill recognised in connection with the November 27, 2017 merger of the Company
with its subsidiary SSC Luxembourg S.à r.l (€7.5 million) and the December 5, 2017 merger of the Company with
its subsidiary Shurgard Self Storage Luxembourg S.à r.l (€0.2 million).
The movements for the periods ending December 31, 2021 and December 31, 2020 were as follows:
(in € thousands) FY 2021 FY 2020
Cost of acquisition
At the beginning of the year 7,638 7,638
Additions - -
At the end of the period 7,638 7,638
Accumulated amortization
At the beginning of the year 4,724 3,197
Amortization for the period 1,528 1,527
At the end of the period 6,252 4,724
Net book value
At the beginning of the year 2,914 4,441
At the end of the period 1,386 2,914

SHURGARD ANNUAL REPORT 2021
236
NOTE 5 – FINANCIAL ASSETS
Shares in affiliated undertakings
Details of the shares in affiliated undertakings held and movements in the year ended December 31, 2021 are as follows :
(in € thousands)
Shares Country
Portion of capital
held as of
December
31, 2021
Net book value as
of December 31,
2020
Decrease during the
period
Net book value as
of December
31, 2021
Share-holders’
equity as of
December 31, 2021
Loss for the year
ended December 31
2021
Shurgard Self Storage S.A. treasury shares
1
Luxembourg N/A 6,994 (4,785) 2,209 N/A N/A
Shurgard Luxembourg S.à r.l. Luxembourg 100% 934,705 (107,000)
2
827,705 787,841 (1,484)
941,699 (111,785) 829,914
1 As of December 31, 2021 and December 31, 2020, the Company owned 70,771 and 224,021 treasury shares with a book value of €2.2 million and €7.0 million, respectively.
2 On December 14, 2021 the Board of Directors of Shurgard Luxembourg S.à.r.l. agreed on a reduction in kind of its share premium of €107 million in favor of the Company, consisting of a reduction of a payable in the same amount due by the Company to Shurgard Luxembourg
S.à.r.l.. In the accounts of the Company, the share premium reduction has been accounted for as a reduction of its investment in Shurgard Luxembourg S.à.r.l..
The Management assessed the financial position and performance of the affiliated undertakings owned and as a result thereof is of the opinion that no permanent impairment has been triggered
as of December 31, 2021.

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237
NOTE 6 – DEBTORS
Debtors becoming due and payable within one year typically represent receivables from affiliated undertakings and
prepayments of vendor invoices.
NOTE 7 – SUBSCRIBED CAPITAL AND SHARE PREMIUM
As of December 31, 2021, the Company’s share capital and share premium are €63,592,365 (€63,505,833 as of
December 31, 2020) and €559,586,298 (€558,076,248 as of December 31, 2020), respectively.
During 2021, in connection with the exercise of options under the Company’s share option plans, the Company issued
121,250 new shares to satisfy the exercise of stock options under various Group’s stock option plans. Of the
€1,596,582 subscription price, €86,532 has been allocated to share capital and the remainder, €1,510,050, has been
allocated to share premium.
NOTE 8 – RESERVES
As of December 31, 2020, the Company’s reserves of €352,700,896 consist of (i) €6,994,224 reserves for own shares
and (ii) €345,706,672 other available (distributable) reserves.
On May 5, 2021, the shareholders of the Company approved the distribution of a final cash dividend for 2020 for an
amount of fifty-seven eurocents (€0.57) per share, resulting in an aggregate dividend distribution for an amount of
€50,609,975 from the other available (distributable) reserves (the “Annual Dividend”). The payment of the Annual
Dividend occurred on May 12, 2021.
On August 17, 2021, the other available (distributable) reserves were reduced by €48,895,512 in connection with the
distribution of the interim dividend for 2021 of €0.55 per ordinary share, paid on October 1, 2021.
As of December 31, 2021, the Company’s reserves of €253,195,409 consist of (i) €2,209,562 reserves for own shares
and (ii) €250,985,847 other available (distributable) reserves.
NOTE 9 – PROFIT OR LOSS FOR THE FINANCIAL YEAR AND BROUGHT
FORWARD
The company recognized a loss of €9,111,861 during the year ended December 31, 2021 (a loss of €8,136,887 during
the year ended December 31, 2020), which has been brought forward.
NOTE 10 – SHARE OPTIONS GRANTED UNDER THE 2021 PLAN
In connection with a new equity compensation plan approved on February 23, 2021, the Group granted on August 2,
2021, 1,651,000 share options at an exercise price of €43.05. On September 1, 2021, the Company granted in addition
200,000 options under the 2021 share option plan at an exercise price of €47.75.
These options have a two-stage vesting period with (i) 60% of the stock options vesting three years from the option
grant date, and (ii) the remaining 40% of the stock options will vest after a period of five years after the date they
are being offered.

SHURGARD ANNUAL REPORT 2021
238
NOTE 11 - PROVISIONS
Under various share-based compensation plans, the Company has issued shares options in 2015, 2017 and 2018, of
which 89,500, 217,500 and 844,000 options, respectively, (or 1,151,000 options in total) were outstanding as of
December 31, 2020.
As of December 31, 2020, we had a provision for future loss on exercise of share options of €3.3 million.
The decrease in the provision of €11.3 million during the year ended December 31, 2020 was partially recharged to
affiliated entities accordingly (Note 13).
During 2021, 79,500 share options under the 2015 plan, 63,000 share options under the 2017 plan and 132,000 share
options under the 2018 plan have been exercised. These exercises have been settled through the issuance of 121,250
new ordinary shares (Note 7) and partially through the sale of 153,250 treasury shares held by the Company. Because
all exercised 2015 options and 41,750 of the exercised 2017 options have been settled by the issuance of new shares,
and all exercised 2018 options have been settled by the sale of treasury shares, the treasury shares remaining as of
December 31, 2021 (70,771 treasury shares) have been reallocated to the options outstanding under the 2015 and
2017 share option plans as of December 31, 2021.
Based on the total number of equity awards outstanding (2,727,500), the number of treasury shares held by the
Company (70,771) and the per share book value of the treasury shares (€31.22), the Company decreased during the
year ended December 31, 2021 its provision for future loss on exercise of share options by €2.5 million to €0.8 million,
allocated as follows:
(in € except for options outstanding)
Options
outstanding
Per share
book value
treasury
shares Share price
Exercise
price per
option
Future loss on
exercise
share options
Share options granted in 2015
1
10,000 31.22 N/A 8.77 224,513
Share options granted in 2017
1
60,771 31.22 N/A 21.51 590,165
70,771 814,678
1
For an amount of share options equal to the number of 70,771 treasury shares held by the Company as of December 31, 2021 at a weighted average purchase price
of €31.22, the Company will realize a loss of €0.8 million upon exercise of the vested options
The decrease in the provision of €2.5 million during 2021 has been partially recharged to affiliated entities (€2.5
million) entities (Note 13).

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239
NOTE 12 – CREDITORS
As of December 31, 2021 and December 31, 2020, creditors becoming due and payable within one year include the
following:
(in € thousands) FY 2021 FY 2020
Payable to Shurgard Luxembourg S.à.r.l - 4,199
Payable to other Shurgard affiliates 8 46
Accrued bonus and social security expense 204 239
Accounts payable - 2
Accrued consultancy fees 354 405
Invoices to receive 296 356
862 5,247
NOTE 13 – GROSS PROFIT OR LOSS
Gross loss of €9.6 million for the year ended December 31, 2020 consists of proceeds of the recharges of (i)
€9.8 million reversal of provision for loss on future exercise of share options that is attributable to other affiliated
entities (Note 10), (ii) €0.1 million loss from the sale of treasury shares (Note 17) and (iii) €0.1 million Director’s liability
insurance premiums that are partially recharged to affiliated entities (Note 15).
Gross loss of €1.0 million for the year ended December 31, 2021 consists of proceeds of the recharges of (i)
€2.5 million reversal of provision for loss on future exercise of share options that is attributable to other affiliated
entities (Note 10), (ii) €1.3 million loss from the sale of treasury shares (Note 17) and (iii) €0.2 million Director’s
liability insurance premiums that are partially recharged to affiliated entities (Note 15).
NOTE 14 – STAFF COSTS
During the year ended December 31, 2021, the Company employed one full time employee (two full time employees
in 2020) and five part-time employees (five part-time employees in 2020) for whom it incurred the following staff
costs:
(in € thousands) FY 2021 FY 2020
Gross payroll 565 509
Employers‘ social security 54 29
Bonus expense 123 263
Other staff costs
1
102 68
844 869
1
Other staff costs consist mainly of pension plan expenses, other social benefits.
In addition, wages and salaries include €0.7 million and €0.7 million for the years ended December 31, 2021 and 2020,
respectively, of gross director’s fees paid to the non-executive members of the Company’s Board.

SHURGARD ANNUAL REPORT 2021
240
NOTE 15 – OTHER OPERATING EXPENSES
Other operating expenses consist of the following:
(in € thousands) FY 2021 FY 2020
Lawyer’s, tax and other consultancy fees 454 767
Travel expense, irrecoverable VAT and other
expenses
474 381
Centralized support. service charges
recharged by affiliated undertakings
797 982
Auditor’s fees 63 96
Insurance expense – D&O
1
161 137
Public Relations 67 42
Membership (association) fees 116 129
2,132 2,534
1 Director’s liability insurance premiums are partially recharged to affiliated entities (€155). This recharge is disclosed in the caption “Gross profit or loss” in the profit
and loss account (Note 13).
NOTE 16 – INCOME FROM OTHER INVESTMENTS AND LOANS FORMING
PART OF THE FIXED ASSETS
Other income consists of the following:
• The Company decreased during the year ended December 31, 2021 its provision for future loss on
exercise of share options by €2.5 million to €0.8 million (Note 10);
• The Company decreased during the year ended December 31, 2020 its provision for future loss on
exercise of share options by €11.3 million to €3.3 million (Note 11).

SHURGARD ANNUAL REPORT 2021
241
NOTE 17 – INTEREST PAYABLE AND SIMILAR EXPENSES
Other interest and similar expenses consists of:
(in € thousands) FY 2021 FY 2020
Loss on sale of Treasury Shares
1
1,291 133
Bank charges 55 30
Fees paid to (share) liquidity providers 70 97
Bank interest 6 1
Realized exchange losses 6 6
1,428 267
1 In the year ended December 31, 2021, in connection with the exercise of 21,250 share options that were granted in 2017 and 132,000 share options that were
granted in 2018, the Company sold to the option holders an equal number of Treasury Shares for €3.5 million at a loss of €1.3 million.
In the year ended December 31, 2020, in connection with the exercise of 4,500 share options that were granted in 2015 and 2017, the Company sold to the option
holders an equal number of Treasury Shares for €0.1 million at a loss of €0.1 million.
NOTE 18 – TAX ON PROFIT OR LOSS
The Company is subject to the general tax regulations applicable to all commercial companies in Luxembourg.
NOTE 19 – EVENTS AFTER THE REPORTING PERIOD
No significant events occurred after balance sheet date.

SHURGARD ANNUAL REPORT 2021
242
SHURGARD SELF STORAGE
SOCIÉTÉ ANONYME
11
RUE DE L’ INDUSTRIE
L
– 8399 WINDHOF
R.C.S.
LUXEMBOURG B 218 238
(the « Company »)
ANNUAL REPORT BY THE BOARD OF DIRECTORS
TO THE ANNUAL GENERAL MEETING OF SHAREHOLDERS OF MAY 4, 2022
We are pleased to report on the operations of the Company for the year 2021 and to submit for your approval the
annual accounts for the financial year ended on December 31, 2021.
1. OVERVIEW
The Company is a public limited company ( “ s ociété anonyme” ) organized under the laws of the Grand Duchy of
Luxembourg with registered office and principal place of business of the Company at 11 Rue de l’ Industrie, L-8399
Windhof.
As of December 31, 2020, the subscribed capital of the Company was €63,505,833, divided into eighty-eight million
nine hundred eighty-four thousand nine hundred fifty-two (88,984,952) shares without nominal value, all of which
are fully paid up, including two hundred and twenty-four thousand and twenty-one (224,021) own shares held as
treasury shares.
During 2021, the Company issued 121,250 new shares to satisfy the exercise of stock options under the Group’s stock
option plans. Of the €1,596,582 subscription price, €86,532 has been allocated to share capital and the remainder,
€1,510,050 has been allocated to share premium.
As of December 31, 2021, the subscribed capital of the Company was €63,592,365, divided into eighty-nine million
one hundred and six thousand two hundred and two (89,106,202) shares without nominal value, all of which are fully
paid up, including seventy-thousand seven hundred and seventy-one (70,771) own shares held as treasury shares.
As of December 31, 2020, the distributable reserves of the Company were €345,706,672.
On May 5, 2021, the shareholders of the Company approved the distribution of a cash dividend for 2020 of fifty-
seven eurocents (€0.57) per share, resulting in an aggregate dividend distribution in an amount of €50,609,975 from
the other available (distributable) reserves (the “Annual Dividend”). The payment of the Annual Dividend occurred on
May 12, 2021.
On August 17, 2021, the Board of Directors resolved to declare and pay in respect of the first six months of 2021 an
interim dividend of €0.55 per share, resulting in an aggregate interim dividend distribution in an amount of
€48,895,512 (the “Interim Dividend”). The Interim Dividend was paid on October 1, 2021 from the other available
(distributable) reserves
.

SHURGARD ANNUAL REPORT 2021
243
During the year ended December 31, 2021, the other available (distributable) reserves have been increased by
€4,784,662 to €250,985,847 to decrease the unavailable reserve for own shares to €2,209,562.
As of December 31, 2021, the distributable reserves of the Company were €250,985,847.
2. THE RESULT OF THE YEAR
During the year ended December 31, 2021, the Company realized a loss of €9,111,861.
Taking into account the loss brought forward from the previous year amounting to €26,883,226, the loss to be
allocated amounts to €35,995,087, which we suggest to carry forward:
Loss of the year € 9,111,861
Losses brought forward € 26,883,226
Loss carried forward € 35,995,087
Considering that the other available (distributable) reserves amount to €250,985,847 as of December 31, 2021, the
amount available for distribution is €214,990,760. We suggest to submit to the Annual General Meeting of
shareholders a proposal to approve the distribution from the other available (distributable) reserves of a total
dividend amount of €55,201,962 (or €0.62 per share) taking into account the total number of outstanding shares as
per December 31, 2021. This amount corresponds to a dividend of €1.17 per share for 2021, less the interim dividend
of €0.55 per share that was paid on October 1, 2021.
As of December 31, 2021, the Company’s total assets amount to €842.1 million.
The assets of the Company comprise €7.2 million formation expenses, €1.4 million intangible assets, €829.9 million
of financial assets, consisting of €827.7 million in shares in its affiliated undertaking Shurgard Luxembourg S.à.r.l.
(“Shurgard Luxembourg”) and €2.2 million in own shares held as treasury shares and €3.6 million of current assets
(cash at bank as well as amounts owed by affiliated undertakings and in hand and prepaid expenses).
3. RESEARCH AND DEVELOPMENT
There were no research and development activities during the financial year.
4. OWN SHARES
As of December 31, 2020, the Company directly held 224,021 own shares with book value of €7.0 million, for which
the Company created an unavailable reserve for own shares of the same amount.
During the year ended December 31, 2021, the Company sold to certain employees 153,250 treasury shares for €3.5
million at a loss of €1.3 million in connection with the exercise of 21,250 share options granted under the 2017 plan
and 132,000 options granted under the 2018 plan.
On December 31, 2021, the Company owns 70,771 own shares with book value of €2.2 million, for which the Company
created an unavailable reserve for own shares of the same amount.

SHURGARD ANNUAL REPORT 2021
244
5. ALLOCATION OF FREE SHARES
During the year ended December 31, 2021, the Company did not grant any share options to employees and executives
of the Company and its subsidiaries.
6. SHARE OPTIONS GRANTED UNDER THE 2021 SHARE OPTION PLAN
In connection with a new equity compensation plan approved on February 23, 2021, the Company granted on
August 2, 2021, 1,651,000 stock options at an exercise price of €43.05 (the “2021 Equity Compensation Plan”). On
September 1, 2021, the Company granted in addition 200,000 options at an exercise price of €47.75 under the 2021
Equity Compensation Plan.
The maximum number of stock options and restricted stock units intended to be granted under the plan is 2,000,000.
The options have a two-stage vesting period with (i) 60% of the stock options vesting three years after the date
they are being offered; and (ii) the remaining 40% of the stock options will vest after a period of five years after the
date they are being offered.
7. AUDITOR’S FEES
During the year ended December 31, 2021, EY as “ Réviseur d’Entreprises agréé ” did not charge to the Company any
amounts for exceptional services or the performance of special assignments.
8. PRINCIPAL RISKS, UNCERTAINTIES, OUTLOOK AND NON-FINANCIAL STATEMENT
Principal risks and uncertainties, outlook and non-financial key performance indicators are disclosed in the
consolidated financial statements and the related management report.
9. INTRA-GROUP FACILITIES
In connection with and to finance the payment of the Annual Dividend and the Interim Dividend, the Company
received during the year ended December 31, 2021 cash advances from Shurgard Luxembourg totaling €107.0 million.
On December 15, 2021, the Board of Managers of Shurgard Luxembourg S.à.r.l. agreed on a share premium reduction
in kind of €107.0 million in favour of the Company. In the accounts of the Company, the share premium reduction
has been accounted for as a reduction of its investment in Shurgard Luxembourg S.à.r.l. and a reduction in the
amount of cash advances outstanding.
During the year ended December 31, 2021, there were no other loans granted to or by affiliated undertakings.
10. SHARES IN AFFILIATED UNDERTAKINGS
The net book value of the Company’s shareholdings in Shurgard Luxembourg S.à.r.l. as of December 31, 2021 and
2020 amounts to €827,704,747 and €934,704,747. During the year ended December 31, 2021, the shareholding in
Shurgard Luxembourg S.à.r.l. have been decreased in connection with a share premium reduction in kind conducted
by Shurgard Luxembourg S.à.r.l. for an amount of €107,000,000.
As of December 31, 2021, the Company did not recognize any impairment losses on its shareholdings in affiliated
undertakings.
11. COMPANY BRANCHES
During the financial year, the Company did not own or create any Company branches.

SHURGARD ANNUAL REPORT 2021
245
12. CORPORATE GOVERNANCE
The information on the corporate governance of the Company is disclosed in the consolidated financial statements
and the related management report.
More information on this topic can also be found in the “Corporate” section of the Company’s website
(www.shurgard.com ). It contains the Company’s corporate governance charter, and information such as the latest
version of the Company’s governance documents (articles of association), and information on the composition of the
Board of Directors. The “Corporate” section also contains the financial calendar and other information that may be
of interest to shareholders.
13. LUXEMBOURG TAKEOVER LAW DISCLOSURE
The Company is required to make the following disclosures in compliance with article 11 of the Luxembourg Law of
May 19, 2006, transposing Directive 2004/25/EC of the European Parliament and of the Council of April 21, 2004,
on takeover bids (the “Transparency Law”):
(a) Capital Structure
The Company has issued a single category of shares (ordinary shares). As of December 31, 2021, the share capital
was set at €63,592,365 divided into 89,106,202 shares, with no nominal value. The share capital has been fully paid
up. The shares exist in dematerialized form ( titres dématérialisés ) and have been issued pursuant to Luxembourg
law. According to Article 7.1 of the Company’s Articles of Association each share entitles to one vote. With the
Company’s IPO on October 15, 2018, all shares were admitted to trading on the regulated market of Euronext Brussels.
The shareholder structure as of December 31, 2021 is set out in the Share Capital section of this Management Report.
(b) Restrictions on the transfer of securities
The Company shares are freely transferable in accordance with the legal requirements for dematerialized shares.
The Board of Directors may, however, impose transfer restrictions for shares that are registered, listed and admitted
to trading, quoted, dealt in or have been placed in certain jurisdictions in compliance with the requirements
applicable therein. The transfer of a dematerialized share occurs by book-entry.
(c) Direct and indirect shareholdings
The ownership in the Company by each shareholder who is known to be the (direct or indirect) holder of shares of
the Company representing 5% or more of the Company's voting rights is as follows:
Shareholder Number %
NYSCRF 32,544,722 36.5
Public Storage 31,268,459 35.1
Public 25,222,250 28.3
Shurgard Self Storage S.A. (treasury shares) 70,771 0.1
Total 89,106,202 100.0
(d) Special control rights
All the issued and outstanding shares in the Company have equal voting rights and there are no special control rights
attached to the shares. As per article 7.1 of the Articles of Association of the Company each share is entitled to one
vote.

SHURGARD ANNUAL REPORT 2021
246
(e) Control system of employee share schemes
The Board of Directors is not aware of any system of control of any employee share scheme where the control rights
are not exercised directly by the employees.
(f) Restrictions on voting rights
In general, there are no restrictions on the voting rights of the Company shares. However, the sanction of suspension
of voting rights automatically applies to any shareholder (or group of shareholders) who has (or have) crossed the
thresholds set out in articles 8 to 15 of the Transparency Law but have not notified the Company accordingly. The
sanction of suspension of voting rights will apply until the notification has been properly made by the relevant
shareholder(s).
(g) Appointment/replacement of board members and Amendments of the Articles of Association
According to Articles 9.1 to 9.3 of our Articles of Association, the Company shall be managed by a Board of Directors.
Each Director will be appointed by the General Meeting. The General Meeting shall determine the number of Directors,
and the duration of their mandate is set at one year. Each Director is eligible for re-appointment and may be removed
at any time, with or without cause by a resolution of the General Meeting. In the event of a vacancy on the Board of
Directors, the remaining Directors may elect by co-optation a new Director to fill such vacancy until the next General
Meeting, which shall ratify such co-optation or elect a new Director instead.
An amendment of our Articles of Association must be adopted by an extraordinary resolution at a General Meeting
in front of a Luxembourg public notary. A two-thirds majority of the votes cast by the shareholders present or
represented is required. Our Articles of Association do not provide for any specific conditions that are stricter than
required by Luxembourg law.
(h) Powers of Board Members
According to Article 10 of our Articles of Association, the Board of Directors is vested with the broadest powers to
perform all acts necessary or useful to accomplish the Company's object. All powers not expressly reserved by the
Articles of Association or by the Laws to the General Meeting or to the Auditor(s) shall be within the competence of
the Board of Directors.
As of December 31, 2021, according to Article 6.1 of our Articles of Association, the authorized capital of the Company
(including the issued share capital) was set at €95,800,729.98 divided into 134,236,856 shares without nominal
value. According to Article 6.2 of our Articles of Association, the Board of Directors is authorized, up to the maximum
amount of the authorized capital, to:
• Increase the issued share capital in one or several tranches with or without share premium, against
payment in cash or in kind, by conversion of claims on the Company or in any other manner;
• Issue subscription and/or conversion rights in relation to new shares or instruments under the terms
and conditions of warrants (which may be separate or linked to shares, bonds, notes or similar
instruments issued by the Company), convertible bonds, notes or similar instruments;
• Determine the place and date of the issue or successive issues, the issue price, the terms and conditions
of the subscription of and paying up on the new shares and instruments and
• Remove or limit the statutory preferential subscription right of the shareholders.
The above authorizations are valid until September 26, 2023, which corresponds to a period ending five years after
the date of the General Meeting creating the authorized capital. The above authorizations may be renewed, increased
or reduced by a resolution of the General Meeting with a two-thirds majority of the votes cast by the shareholders
present or represented.

SHURGARD ANNUAL REPORT 2021
247
(i) Change of control agreements
If a change of control occurs, each individual lender under the €250 million revolving facility entered into in 2018,
may cancel its commitment by not less than a 30 days’ notice and require repayment of its share in all outstanding
loans. The outstanding U.S. Private Placement Notes requires us to make an offer to prepay all outstanding U.S.
Private Placement Notes if, within a period of 90 days following the occurrence of a change of control, the rating
assigned to the U.S. Private Placement Notes (or any other of our unsecured and unsubordinated indebtedness having
an initial maturity of five years or more) immediately prior to the change of control is lowered below investment
grade and/or withdrawn(or, in absence of any rated U.S. Private Placement Notes, we fail to obtain an investment
grade rating of such rated debt instruments).
(j) End of employment compensation
There are no agreements between the Company and its Board members or employees providing for compensation if
they resign or are made redundant without valid reason or if their employment ceases because of a takeover bid.
14. EVENTS AFTER THE CLOSING
After the accounts closing date, no other specific circumstances or facts occurred that would be likely to influence
the results substantially or the future development of the Company.
15. DISCHARGE OF LIABILITY TO THE DIRECTORS AND THE STATUTORY AUDITOR
We therefore propose you to approve the annual accounts as they have been presented in the pages to follow and
ask you to grant discharge to the directors and to EY as ‘
’Réviseur d’Entreprises agréé ’’ from any liability resulting
from the performance of their duties during the financial year ended on December 31, 2021.
Responsibility statement
We confirm to the best of our knowledge that the annual accounts of the Company presented in this annual report
and established in conformity with the Luxembourg legal and regulatory requirements relating to the preparation of
annual accounts give a true and fair view of the assets, liabilities, financial position and results of the Company.
February 22, 2022
Marc Oursin
Chief Executive Officer
Jean Kreusch
Chief Financial Officer

SHURGARD ANNUAL REPORT 2021
248
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of
Shurgard Self Storage S.A.
11, rue de l’Industrie
L-8399 Windhof
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
OPINION
We have audited the financial statements of Shurgard Self Storage S.A. the “Company”, which comprise the balance
sheet as at December 31, 2021, and the profit and loss account for the year then ended, and the notes to the financial
statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the
Company as at December 31, 2021, and of the results of its operations for the year then ended in accordance with
Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial
statements.
BASIS FOR OPINION
We conducted our audit in accordance with EU Regulation N° 537/2014, the Law of 23 July 2016 on the audit
profession (the “Law of 23 July 2016”) and with International Standards on Auditing (“ISAs”) as adopted for
Luxembourg by the “Commission de Surveillance du Secteur Financier” (“CSSF”). Our responsibilities under the EU
Regulation Nº 537/2014, the Law of 23 July 2016 and ISAs are further described in the “Responsibilities of the
“réviseur d’entreprises agréé” for the audit of the financial statements” section of our report. We are also
independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of
Ethics for Professional Accountants (“IESBA Code”) as adopted for Luxembourg by the CSSF together with the ethical
requirements that are relevant to our audit of the financial statements, and have fulfilled our other ethical
responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements of the current period. These matters were addressed in the context of the 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.
As at December 31, 2021, Company’s investment in financial assets amounted to KEUR 827.705 representing about
98 % of the total balance sheet. As the Company is the ultimate holding of the group, it holds indirectly shares in
and loans to affiliated undertakings which are operating in different European countries. These investments are
recognised and valued at historical acquisition cost and are subject to value adjustments in case of permanent
impairment in value. In assessing whether such permanent impairment exists, management considers factors that
could give rise to the impairment of its individual investments and evaluates whether the impairment is of permanent
nature when an eventual impairment loss is identified. We considered the valuation of financial assets to be a key
audit matter because it requires a high level of management judgement and due to the materiality of the amounts
involved.

SHURGARD ANNUAL REPORT 2021
249
Auditor’s response
We considered management’s impairment assessment based on our understanding of the investments and existing
market conditions. We compared the individual net carrying value of the direct and indirect investments to the
individual net assets of each of the entities in which the Company holds directly and indirectly the shares based on
their most recent available financial information. Where applicable, we assessed management’s adjustments to the
net assets of these entities representing mainly the adjustment for unrecognised fair value gains or losses on the
properties that these entities own. We assessed management’s conclusions of whether any identified potential
impairment losses were of permanent nature. We also assessed the adequacy of the Company’s disclosures in respect
of the accounting policies related to the valuation of financial assets.
OTHER INFORMATION
The Board of Directors is responsible for the other information. The other information comprises the information
included in the annual report and the corporate governance statement but does not include the financial statements
and our report of “réviseur d’entreprises agréé” thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are required to report
this fact. We have nothing to report in this regard.
RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND OF THOSE CHARGED WITH GOVERNANCE FOR THE
FINANCIAL STATEMENTS
The Board of Directors is responsible for the preparation and fair presentation of the financial statements in
accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the
financial statements, and for such internal control as the Board of Directors determines 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 Board of Directors is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
RESPONSIBILITIES OF THE “RÉVISEUR D’ENTREPRISES AGRÉÉ” FOR THE AUDIT OF THE FINANCIAL STATEMENTS
The objectives of our audit 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 a report of the “réviseur d’entreprises
agréé” that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with EU Regulation N° 537/2014, the Law of 23 July 2016 and with the ISAs as adopted
for Luxembourg by the CSSF 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.

SHURGARD ANNUAL REPORT 2021
250
As part of an audit in accordance with EU Regulation N° 537/2014, the Law of 23 July 2016 and with ISAs as adopted
for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout
the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of Board of Directors’ use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our report of the
“réviseur d’entreprises agréé” to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our report of the “réviseur d’entreprises agréé”. However, future events or
conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.
• Assess whether the financial statements have been prepared, in all material respects, in compliance
with the requirements laid down in the ESEF Regulation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and communicate to them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in our report unless law or regulation precludes public disclosure about the
matter.

SHURGARD ANNUAL REPORT 2021
251
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
We have been appointed as “réviseur d’entreprises agréé” by the General Meeting of the Shareholders on 22 February
2022 and the duration of our uninterrupted engagement, including previous renewals and reappointments, is 5 years.
The management report is consistent with the financial statements and has been prepared in accordance with
applicable legal requirements.
The accompanying corporate governance statement on pages 95 to 111 is the responsibility of the Board of Directors.
The information required by article 68ter paragraph (1) letters c) and d) of the law of 19 December 2002 on the
commercial and companies register and on the accounting records and annual accounts of undertakings, as
amended, is consistent with the financial statements and has been prepared in accordance with applicable legal
requirements.
We have checked the compliance of the financial statements of the Company as at December 31, 2021 with relevant
statutory requirements set out in the ESEF Regulation that are applicable to the financial statements. For the
Company, it relates to:
• Financial statements prepared in valid xHTML format;
In our opinion, the financial statements of the Company as at December 31, 2021, identified as “Shurgard 2021 ESEF
reporting” have been prepared, in all material respects, in compliance with the requirements laid down in the ESEF
Regulation.
We confirm that the audit opinion is consistent with the additional report to the audit committee or equivalent.
We confirm that the prohibited non-audit services referred to in EU Regulation No 537/2014 were not provided and
that we remained independent of the Company in conducting the audit.
EY
Société anonyme
Cabinet de révision agréé
Bruno Di Bartolomeo
Luxembourg, 22 February 2022

252
APPENDIX
ALTERNATIVE PERFORMANCE
MEASURES (APM)

SHURGARD ANNUAL REPORT 2021
253
ALTERNATIVE PERFORMANCE MEASURES (APM)
APM are defined by the European Securities and Markets Authority (‘ESMA’) as a financial measure of historical
or future financial performance, financial position, or cash flows, other than a financial measure defined or
specified by IFRS, as adopted by the EU.
SAME STORE AND NON-SAME STORE
The Group’s most important APM, as also apparent from the segment reporting, relates to same stores and non-
same stores. Shurgard classifies as ‘same stores’ (i) all developed stores that have been in operation for at least
three full years, and (ii) all acquired stores that we have owned for at least one full year, each measured as of
January 1 of the relevant year. Any stores that are not classified as same stores for a given year are presented
as ‘non-same stores’, comprising (i) all developed stores that have been in operation for less than three full years
(‘new stores’) and (ii) acquired stores that we have owned for less than one full year (‘acquired stores’), each
measured as of January 1 of the relevant year.
As a result, on a year-to-year basis, the size of our same store network changes based on the reclassification of
stores from non-same stores to same stores following the time periods described in the prior paragraph. Under
some circumstances, for purposes of these full-year metrics, this results in significant changes in financial and
operational metrics presented on a segmental basis from year to year.
In line with common practice in self-storage and other industries (e.g. retail), same store information is a crucial
factor to assess the performance of the organic business, while at the same time providing information on the
expansion activities of the Group. For this reason, the Chief Operating Decision Maker (‘CODM’) reviews the
performance of the Group based on this distinction (see Note 11 of the 2021 Annual Report) and same store
information represents part of the numeration for senior management, as can be seen in the Remuneration
report included in the 2021 Annual Report.
INCOME FROM PROPERTY (‘NOI’)
NOI is calculated as ‘Property operating revenue’ (A) less ‘Real estate operating expenses’ (B) for the relevant
period and can be reconciled to the closest line item in the financial statements as follows:
Income statement line item
Reference to 2021
annual report
2021
2020
Rental revenue
Note 6
258,626
232,286
Insurance revenue
Note 6
30,282
28,134
Ancillary revenue
Note 6
11,038
10,548
Property operating revenue (A)
299,946
270,968
Other revenue Note 6
429
415
Real estate operating revenue
Statement of Profit and
Loss
300,375
271,383
Income statement line item
Reference to 2021
annual report
2021
2020
Payroll expense
Note 7
41,418
38,489
Real estate and other taxes Note 7
15,918
15,426
Repairs and maintenance
Note 7
9,886
8,047
Marketing expenses
Note 7
8,258
7,949
Utility expenses
Note 7
3,754
3,870
Other operating expenses
Note 7
17,526
15,767
Doubtful debt expense
Note 7
3,397
4,265
Cost of insurance and merchandise sales
Note 7
5,409
4,398
Real estate operating expenses (B)
Statement of Profit and
Loss
105,566
98,211
Net Operating Income (NOI)
(A) – (B)
194,380
172,757

SHURGARD ANNUAL REPORT 2021
254
NOI measures the financial performance of our properties. It focuses on property operating revenue (generated
through the lease of storage units and related activities, including insurance referrals and the sale of storage
products and packaging) less real estate operating expense. As such it is a key performance indicator of the
performance of the Group’s core operating activity.
As explained in Note 11 to our 2021 financial statements, the Group’s CODM periodically receives and reviews NOI
when making capital allocation and operating decisions. Further, NOI represents a crucial input in the valuation
of the Group’s investment property, as described in Note 15 to our 2021 financial statements.
NOI MARGIN
The NOI margin is calculated as Income from property (‘NOI’) divided by Property operating revenue for the
relevant period and measures the operational performance and efficiencies of our properties as it shows in
percentage how much property operating revenue remains after deduction of the real estate operating expense.
As with all ratios, it also allows easier comparison within our industry, as it eliminates the need for size or
currency adjustments.
Item
Operator
2021
2020
Net Operating Income (NOI)
194,380
172,757
Property operating revenue ÷ 299,946 270,968
NOI Margin %
=
64.8%
63.8%
NET (FINANCIAL) DEBT
Net debt represents our long-term and short-term interest-bearing loans and borrowings, including lease
obligations and excluding debt issuance costs, less cash and cash equivalents. This liquidity metric is used to
evaluate the Group’s capability of repaying all its debts, were they due immediately.
The calculation of Net financial debt can also be found in Note 36 to the 2021 annual report:
(in € thousands) 2021 2020
Carrying value of interest-bearing loans and borrowings (Note 27) 797,579 598,428
Unamortized portion of debt financing cost (Note 27) 2,421 1,572
Carrying value of lease obligations (Note 29) 88,368 81,717
Cash and cash equivalents (Note 20) (219,170) (102,998)
Net financial debt 669,198 578,719
LOAN-TO-VALUE (‘LTV’)
LTV, which stands for loan-to-value, represents the Group’s Net Debt divided by the fair value of investment
properties, expressed as a percentage and is a commonly used leverage KPI in the real estate industry. The
calculation can be found in Note 36 to the 2021 annual report. The Group reviews its capital structure based on
this metric with the primary objective to ensure that it complies with its debt covenants. The Group targets a
loan-to-value ratio of 25% with a short- to mid-term maximum amount of 35%.

SHURGARD ANNUAL REPORT 2021
255
The calculation can also be found in Note 36 to the 2021 annual report:
(in € thousands) 2021 2020
Net financial debt 669,198 578,719
Investment property and investment property under construction (Note 14) 3,847,067 3,204,525
Loan-to-value ratio 17.4% 18.1%
INTEREST COVERAGE RATIO (‘ICR’)
ICR, which stands for interest coverage ratio, represents the Group’s earnings before interest, taxes, depreciation,
and amortization (EBITDA) divided by the total interest expense, expressed as a ratio. The ICR of 8.7x
demonstrates Shurgard’s capacity to meet its outstanding debt obligations on time.
(in € thousands) 2021 2020
EBIDTA 174,865 157,282
Total interest expense 19,985 18,268
Interest coverage ratio 8.7x 8.6x
OPERATING PROFIT BEFORE PROPERTY RELATED ADJUSTMENTS
This is a commonly reported KPI by real estate companies. We believe that this subtotal provides improved
structure to the profit and loss information and enables investors to better analyze and compare our earnings
with those of other companies.
EARNINGS BEFORE INTEREST, DEPRECIATION AND AMORTIZATION (EBITDA)
EBITDA, which represents reported operating earnings before interest, tax, depreciation and amortization,
excluding (i) valuation gains from investment property and investment property under construction and (ii) losses
or gains on disposal of investment property, plant and equipment and assets held for sale.
CONSTANT EXCHANGE RATE (‘CER’)
Certain of the above-mentioned non-GAAP measures, such as EBITDA, are also presented at constant exchange
rate (CER) vs actual exchange rate (AER), in order to highlight the underlying operating performance vs. the
impact of changes in exchange rate on the particular KPI.

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256
EUROPEAN PUBLIC REAL ESTATE ASSOCIATION (‘EPRA’) APM
In addition to the above, the Group mainly uses alternative performance measures that are issued and defined
by EPRA with the aim to align the various accounting and reporting methodologies for the public real estate
sector in Europe in order to increase the overall transparency of the sector by providing performance measures
that result meaningful information for the readers of the financial statements.
The EPRA KPIs used by Shurgard are based on the EPRA best practice guidelines dated October 2020.
The table below provides a summarized overview of the Company’s key APM, consisting of, (Adjusted) EPRA
earnings, NAV, EPRA NRV, EPRA NTA and EPRA NDV:
(in € thousands, except for earnings per share) 2021 2020
EPRA earnings 129,426 93,620
EPRA earnings per share (basic) € 1.46 1.06
EPRA earnings per share (diluted) € 1.45 1.05
Adjusted EPRA earnings 131,049 118,015
Adjusted EPRA earnings per share (basic) € 1.48 1.33
Adjusted EPRA earnings per share (diluted) € 1.47 1.32
NAV 2,472,543 2,087,381
NAV per share (basic) € 27.77 23.52
NAV per share (diluted) € 27.47 23.40
EPRA NRV 3,409,642 2,766,875
EPRA NRV per share (diluted) € 37.38 31.01
EPRA NTA 3,112,598 2,517,885
EPRA NTA per share (diluted) € 34.58 28.22
EPRA NDV 2,417,628 2,012,946
EPRA NDV per share (diluted) € 26.87 22.56
The basis of calculation of each of the above measures set out above, are illustrated below.

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257
EPRA EARNINGS AND EPRA EARNINGS PER SHARE
(in € thousands, except for earnings per share) 2021 2020
Profit attributable to ordinary equity holders of the parent for basic
earnings
446,848 289,475
Adjustments:
Gain on revaluation of investment properties (466,575) (256,889)
Profits or losses on disposal of investment properties, development
properties held for investment, right of use assets and other interests
- 1
Profits or losses on sales of trading properties including impairment
charges in respect of trading properties
- -
Tax on profits or losses on disposals
- -
Negative goodwill / goodwill impairment
- -
Changes in fair value of financial instruments and associated close-out
costs
- -
Acquisition costs of business combinations and non-controlling joint
venture interests
- 6
Current and deferred tax in respect of EPRA adjustments 148,668 61,112
Adjustments (i) to (viii) above in respect of joint ventures (unless
already included under proportional consolidation)
- -
Non-controlling interests in respect of the above 485 (85)
EPRA earnings 129,426 93,620
EPRA earnings per share (basic) € 1.46 1.06
EPRA earnings per share (diluted) € 1.45 1.05
ADJUSTED EPRA EARNINGS AND ADJUSTED EPRA EARNINGS PER SHARE
(in € thousands, except for earnings per share) FY 2021 FY 2020
EPRA earnings 129,426 93,620
Company specific adjustments:
Deferred tax expense on items other than the revaluation of
investment property
2,448 29,203
Insurance recovery on burnt down property to be rebuilt (967) -
Net impact of tax assessments 142 (5,036)
Non-controlling interests in respect of the above - 228
Adjusted EPRA Earnings 131,049 118,015
Adjusted EPRA earnings per share (basic) € 1.48 1.33
Adjusted EPRA earnings per share (diluted) € 1.47 1.32

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258
ADJUSTED EPRA EARNINGS AND FOREIGN EXCHANGE RATE RISK
The following table presents the sensitivity analysis of our adjusted EPRA earnings in EUR in case the euro would
weaken by 10% versus the GBP, SEK and DKK, respectively:
(in € thousands) 2021 2020
GBP/EUR exchange rate – increase 10% 2,526 2,139
SEK/EUR exchange rate – increase 10% 2,533 2,379
DKK/EUR exchange rate – increase 10% 759 747
Positive amounts represent an increase in adjusted EPRA earnings.
NAV (BASIC AND DILUTED)
Basic NAV per share amounts are calculated by dividing net assets in the statement of financial position
attributable to ordinary equity holders of the parent by the number of ordinary shares outstanding at the
reporting date.
The following reflects the net asset and share data used in the basic and diluted NAV per share computations:
(in € thousands, except for number of shares and NAV per share) 2021 2020
NAV attributable to ordinary equity holders of the parent 2,472,543 2,087,381
Number of ordinary shares at the reporting date 89,035,431 88,760,931
Number of diluted shares at the reporting date 981,195 450,286
NAV per share (basic) € 27.77 23.52
NAV per share (diluted) € 27.47 23.40

SHURGARD ANNUAL REPORT 2021
259
EPRA NRV (DILUTED)
The EPRA NRV scenario aims to represent the value required to rebuild the properties and assumes that no
selling of assets takes place.
(in € thousands, except for NRV per share) 2021 2020
Equity attributable to ordinary equity holders of the parent (diluted) 2,472,543 2,087,381
Include / Exclude:
Hybrid instruments
- -
Diluted NAV 2,472,543 2,087,381
Include:
Revaluation of investment properties
- -
Revaluation of investment properties under construction
- -
Revaluation of other non-current investments
- -
Revaluation of tenant leases held as finance leases
- -
Revaluation of trading properties
-
-
Diluted NAV at fair value 2,472,543 2,087,381
Exclude:
Deferred taxes in relation to fair value gains on investment property 645,981 436,170
Fair value of financial instruments - -
Goodwill as a result of deferred tax - -
Include:
Revaluation of intangibles to fair value - -
Real estate transfer tax 291,118 243,324
EPRA NRV 3,409,642 2,766,875
EPRA NRV per share (diluted) € 37.38 31.01
In the above EPRA NRV calculation, the fair value adjustment of our notes issued and deferred tax expense other
than on the fair value adjustment of investment property are not considered, and real estate transfer tax has
been considered.

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260
EPRA NTA (DILUTED)
The EPRA NTA scenario is focused on reflecting a company’s tangible assets and assumes that companies buy
and sell assets, thereby crystallizing certain levels of unavoidable deferred tax liability.
(in € thousands, except for NRV per share) 2021 2020
Equity attributable to ordinary equity holders of the parent (diluted) 2,472,543 2,087,381
Include / Exclude:
Hybrid instruments
- -
Diluted NAV 2,472,543 2,087,381
Include:
Revaluation of investment properties
- -
Revaluation of investment properties under construction
- -
Revaluation of other non-current investments
- -
Revaluation of tenant leases held as finance leases
- -
Revaluation of trading properties
-
-
Diluted NAV at fair value 2,472,543 2,087,381
Exclude:
Deferred taxes in relation to fair value gains on investment property 645,981 436,170
Fair value of financial instruments - -
Goodwill as a result of deferred tax - -
Goodwill recognized in the statement of financial position - -
Intangible assets recognized in the statement of financial position (5,926) (5,666)
Include:
Real estate transfer tax
1
- -
EPRA NTA 3,112,598 2,517,885
EPRA NTA per share (diluted) € 34.58 28.22
1 The Company did not opt for the “optimised net property value” approach, as we do not have a history that would indicate that we can achieve lower taxes
when buying and selling and as we have a buy and hold strategy, which would indicate limited relevance of the optimised EPRA NTA.
In the above EPRA NTA calculation, the fair value adjustment of our notes issued and deferred tax expense other
than on the fair value adjustment of investment property are not taken into account.

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261
EPRA NDV (DILUTED)
The EPRA NDV scenario aims to represent the shareholder’s value under an ordinary sale of business, where
deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability,
net of any resulting tax.
(in € thousands, except for NDV per share) 2021 2020
Equity attributable to ordinary equity holders of the parent (diluted) 2,472,543 2,087,381
Include / Exclude:
Hybrid instruments
- -
Diluted NAV 2,472,543 2,087,381
Include:
Revaluation of investment properties
- -
Revaluation of investment properties under construction
-
-
Revaluation of other non-current investments
- -
Revaluation of tenant leases held as finance leases
- -
Revaluation of trading properties
- -
Diluted NAV at fair value 2,472,543 2,087,381
Exclude:
Goodwill as a result of deferred tax - -
Goodwill recognized in the statement of financial position - -
Include:
Fair value of fixed interest rate debt: carrying value senior guaranteed notes
lower than fair value (Note 35)
(54,915) (74,436)
EPRA NDV 2,417,628 2,012,945
EPRA NDV per share (diluted) € 26.87 22.56

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262
CAPITAL EXPENDITURE
(in € thousands) 2021 2020 +/-
Acquisitions / Additions 47,813 57,212 -16.4%
Development 55,564 58,811 -5.5%
Other: completed properties 27,700 21,312 30.0%
Like-for-like portfolio - - N/A
Capital Expenditure 131,077 137,335 -4.6%
The Group currently holds no investments in joint ventures.
Capital expenditures disclosed in the table are categorized according to the EPRA recommendations and consist
of the items ‘Acquisition of businesses’ and ‘Capital expenditure’ presented in Note 14, Investment property and
investment property under construction.
Acquisitions/Additions relate to six stores acquired in London.
EPRA VACANCY RATE
(in € thousands, at CER, except where indicated) 2021 2020 +/-
Estimated rental revenue of vacant space 36,423 32,883 10.8%
Estimated rental revenue of the whole portfolio 295,048 267,751 10.2%
EPRA Vacancy Rate 12.3% 12.3% 0.1pp
The EPRA vacancy rate shows how much of the full potential rental revenue is not received because of vacancy.
The EPRA vacancy rate is calculated by dividing the estimated rental revenue of vacant space by the estimated
rental revenue of the whole property portfolio if all properties were fully rented, both based on the rental revenue
of the year and the occupancy rate at period end. The EPRA vacancy rate came to 12.3% at the end of 2021
remaining stable compared to 12.3% in 2020. A part of the vacancy rate is attributable to new stores opened
and major redevelopments that are still ramping up.

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263
EPRA LIKE-FOR-LIKE RENTAL GROWTH
LFL net rental growth compares the growth of the net rental income of the portfolio that has been consistently
in operation, and not under development, during the two full preceding periods that are described. Information
on the growth in net rental income, other than from acquisitions and disposals, allows stakeholders to arrive at
an estimate of organic growth. This can be used to measure whether the reversions feed through as anticipated,
and whether the vacancy rates are changing. This is presented on a segmented basis by geography. All properties
are stores, therefore a segment spread by business type is not included.
Shurgard classifies as ‘LFL’ (i) all developed stores that have been in operation for at least three full years; and
(ii) all acquired stores that we have owned for at least one full year, each measured as of January 1 of the relevant
year.
FY 2021 Whole portfolio FY 2021 LFL portfolio
(in € thousands, at CER,
except where indicated)
Total
market
value
Rental
revenue
2021
Total
market
value
Rental
revenue
2021
Rental
revenue
2020
Growth in LFL rental
revenue
€
%
France 872,980 62,302 801,070 59,864 57,083 2,780 4.9%
The Netherlands 724,700 53,275 700,140 52,369 47,885 4,484 9.4%
Sweden 574,274 41,908 561,765 40,985 38,647 2,339 6.1%
The United Kingdom 820,149 46,252 661,218 42,820 38,055 4,765 12.5%
Germany 328,940 22,712 231,340 17,633 16,702 931 5.6%
Belgium 234,460 19,660 234,460 19,660 18,242 1,417 7.8%
Denmark 175,317 12,517 175,317 12,517 11,482 1,035 9.0%
Total portfolio 3,730,819 258,625 3,365,310 245,848 228,097 17,751 7.8%
FY 2020 Whole portfolio FY 2020 LFL portfolio
(in € thousands, at CER,
except where indicated)
Total
market
value
Rental
revenue
2020
Total
market
value
Rental
revenue
2020
Rental
revenue
2019
Growth in LFL rental
revenue
€
%
France 779,620 58,842 742,630 57,083 55,511 1,573 2.8%
The Netherlands 621,060 48,559 602,530 47,438 44,853 2,586 5.8%
Sweden 497,381 39,396 487,472 38,647 37,738 908 2.4%
The United Kingdom 588,542 38,461 510,720 35,721 34,360 1,361 4.0%
Germany 265,900 19,886 198,300 16,702 16,152 550 3.4%
Belgium 198,970 18,242 198,970 18,242 17,771 472 2.7%
Denmark 144,977 11,482 144,977 11,482 11,385 97 0.9%
Total portfolio 3,096,450 234,868 2,885,599 225,316 217,770 7,547 3.5%

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264
EPRA COST RATIOS
The EPRA Cost Ratios are aimed at providing a meaningful measurement and comparison of the changes in a
company’s operating costs.
(in € thousands, except where indicated) 2021 2020 +/-
Administrative/operating expense line per IFRS income
statement
(125,007) (115,158) 8.6%
Net service charge costs/fees - - N/A
Management fees less actual/estimated profit element - - N/A
Other operating income/recharges intended to cover
overhead expenses less any related profits
- - N/A
Share of Joint Ventures expenses - - N/A
Exclude (if part of the above):
Investment Property depreciation - - N/A
Ground rent costs (383) (426) -10.1%
Service charge costs recovered through rents but not
separately invoiced
- - N/A
EPRA costs (including direct vacancy costs)
(124,624)
(114,732)
8.6%
Direct vacancy costs - - N/A
EPRA costs (excluding direct vacancy costs)
(124,624)
(114,732)
8.6%
Gross Rental Income less ground rent costs - per IFRS 259,008 232,711 11.3%
Less: service fee and service charge costs components of
Gross Rental Income (if relevant)
- - N/A
Add: share of Joint Ventures (Gross Rental Income less
ground rent costs)
- - N/A
Gross Rental Income
259,008
232,711
11.3%
EPRA Cost ratio (including direct vacancy costs) 48.1% 49.3% -1.2pp
EPRA Cost ratio (excluding direct vacancy costs) 48.1% 49.3% -1.2pp

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265
EPRA NET INITIAL YIELD (NIY) AND TOPPED-UP NIY
EPRA NIY is calculated as the annualized rental income based on the cash rents passing at the balance sheet
date, less non-recoverable property operating expenses, divided by the gross market value of the property.
(in € thousands, except where indicated) 2021 2020 +/-
Investment property – wholly owned 3,758,099 3,101,828 21.2%
Investment property – share of JVs/Funds - - N/A
Trading property (including share of JVs) - - N/A
Less: developments 27,280 102,221 -73.3%
Completed property portfolio 3,730,819 2,999,607 24.4%
Allowance for estimated purchasers’ costs 222,852 180,909 23.2%
Gross up completed property portfolio valuation 3,953,671 3,180,516 24.3%
Annualized cash passing rental income 258,626 232,286 11.3%
Property outgoings (383) (426) -10.1%
Annualized net rents 258,243 231,860 11.4%
Add: notional rent expiration of rent free periods or other lease
incentives
- - N/A
Topped-up net annualized rent 258,243 231,860 11.4%
EPRA Net Initial Yield (NIY) 6.5% 7.3% -0.8pp
EPRA 'topped-up' NIY 6.5% 7.3% -0.8pp

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266
PUBLISHER
Shurgard Self Storage S.A.
11 rue de l‘Industrie
L- 8399 Windhof
Grand Duchy of Luxembourg
www.shurgard.com
COPYWRITING AND DESIGN
Instinctif Partners
Berlin, Frankfurt, Cologne, München,
London
www.instinctif.de
www.creative.instinctif.com
PHOTOS
Shurgard Self Storage S.A.