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Glossary

Average Annual Net Rental Rate (“AANRR”)
Annualized Rental revenue divided by the average rented area (expressed in sqm) over the same period

Adjusted EPRA earnings
EPRA earnings excluding deferred tax expenses on items other than the revaluation of investment property

Cost of debt
Ratio resulting from total expenses related to the Financial Debt of the Company, divided by the Financial Debt. Expressed as a percentage

EBITDA
Earnings before interest, tax, depreciation and amortization. EBITDA also excludes (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

EBITDA margin
EBITDA divided by Revenue

EPRA
European Public Real Estate Association. This organization has issued best practice recommendations with the intention of promoting the transparency, comparability and relevance of the published results of listed real estate companies in Europe

EPRA Earnings
Profit or loss for the period after income tax but excluding acquisition costs relating to business combinations (net of taxes and non-controlling interest), gains or losses on the revaluation of investment property (net of taxes and non-controlling interest), gains or losses on the sale of investment property, assets held for sale and property, plant and equipment (net of taxes and non-controlling interest)

EPRA Net Asset Value (EPRA NAV)
IFRS metric calculated based on Net Asset Value, but excludes the fair value of assets and liabilities measured at fair value that are not expected to crystallize in normal circumstances, such as the fair value of derivative financial instruments (if applicable) and deferred taxes

Fair value of investment properties
Corresponds to the total value as per the external valuations carried out by Cushman and Wakefield on each of the investment properties, investment properties under construction and pre-development costs not valued by Cushman and Wakefield

Financial Debt
Long-term and short-term interest-bearing loans and borrowings, including finance lease obligations and excluding debt issuance costs

G&A expense
General, administrative and other expenses minus depreciation and amortization expense

Loan-to-Value or LTV
Net financial debt divided by the fair value of investment properties, expressed as a percentage 

Long leasehold
Long term leases with at least 80 years remaining duration as of 30-Jun-2018

Maintenance capex
Includes health and safety, roofing, property, elevators, “heating, ventilation & air-conditioning” (HVAC) and signage capex (as per Management definition)

Major cities
Non-capital cities with certain level of population (as per Management view per country)

Move-ins
The number of new rent contracts in the period during which they start generating revenue 

NAV
Net Asset Value

Net Financial Debt (“NFD”)
Financial Debt minus cash and cash equivalents

Net Operating Income (“NOI”) or “Income from Property Operations”
Net income from real estate operations, excluding other revenue

NOI margin
NOI divided by Revenue

Non-same stores
Includes (i) Stores developed by Shurgard in operation for less than three full years as of January, 1st and (ii) Stores acquired by Shurgard in operation for less than one full year as of January, 1st

Occupancy
Ratio, expressed as a percentage, resulting from the rented area divided by the rentable area

Other revenue
It comprises management fee revenue, rental revenue derived from assets held for sale, partnership income from self-storage operations and rental revenue from stores under management contract

Insurance penetration ratio
Ratio, expressed as a percentage, resulting from number of new customers in a defined period choosing to be covered by Shurgard’s insurance divided by total new customers in such a period

Property yield
Expected stabilized NOI including ancillary revenue divided by project cost

Project cost
Defined as direct project cost (acquisition of land/building, development, construction) plus development fees, excluding absorption costs (i.e. capitalized interest and carry costs)

RCF
Refers to Revolving Credit Facility or revolving loan facility 

Redevelopments
Projects increasing the lettable area of stores by more than 10%

REIT
Real Estate Investment Trust

Revenue or “Property Operating Revenue”
Real Estate Operating Revenue excluding Other Revenue 

Revenue per Available Square Meter (“RevPAM”)
Annualized rental revenue divided by the average total lettable area in sqm over the same period

Same stores
Includes (i) Stores developed by Shurgard in operation for more than three full years as of January, 1st and (ii) Stores acquired by Shurgard in operation for more than one full year as of January, 1st

Sqm
Square meters
 


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