Shurgard Self Storage LimitedEURONEXT: SHUR

Q2 2025 Results (Excel)

· Issued by Shurgard Self Storage Limited
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Financial information Q225
All store results Three months ended Six months ended
(in € millions except where indicated) June, 30 June, 30 % var. % var. June, 30 June, 30 % var. % var.
2025 2024 CER* 2025 2024 CER*
All store - operational performance
Number of stores 321 281 14.2% 0.1423487544 321 281 14.2% 14.2%
Closing rentable sqm1 1,643 1,446 13.7% 13.7% 1,643 1,446 13.7% 13.7%
Closing rented sqm2 1,413 1,268 11.5% 11.5% 1,413 1,268 11.5% 11.5%
Closing occupancy rate3 86.0% 87.7% -1.7pp -1.7pp 86.0% 87.7% -1.7pp -1.7pp
Average rented sqm2 1,402 1,254 11.8% 11.8% 1,397 1,236 13.0% 13.0%
Average occupancy rate3 85.5% 86.9% -1.4pp -142.3% 85.5% 86.8% -1.4pp -135.3%
Average in-place rent (in € per sqm)4 279.8 269.5 3.8% 3.1% 280.9 269.5 4.2% 3.6%
Average revPAM (in € per sqm)7 272.1 265.9 2.3% 1.6% 273.0 265.9 2.7% 2.0%
All store - financial performance
Property operating revenue5 111.5 95.9 16.3% 15.5% 223.1 189.3 17.9% 17.1%
Income from property (NOI)6 75.4 65.4 15.2% 14.4% 140.0 119.1 17.6% 16.8%
NOI margin7 67.6% 68.2% -0.6pp -0.6pp 62.7% 62.9% -0.2pp -0.2pp
Underlying EBITDA8 67.6 58.4 15.7% 14.8% 125.1 105.8 18.3% 17.4%
Underlying EBITDA margin9 60.6% 60.9% -0.3pp -0.4pp 56.1% 55.9% 0.2pp 0.1pp
Adj. EPRA earnings10 45.1 43.9 2.7% 1.9% 80.9 78.2 3.4% 2.7%
Adj. EPRA earnings per share in € (basic)11 0.46 0.45 1.2% 0.4% 0.82 0.80 2.1% 1.3%
Same store results Three months ended Six months ended
(in € millions except where indicated) June, 30 June, 30 % var. % var. June, 30 June, 30 % var. % var.
2025 2024 CER* 2025 2024 CER*
Same store - operational performance
Number of stores 251 251 0.0% 251 251 0.0%
Closing rentable sqm1 1,285 1,283 0.1% 0.1% 1,285 1,283 0.1% 0.1%
Closing rented sqm2 1,151 1,157 -0.5% -0.5% 1,151 1,157 -0.5% -0.5%
Closing occupancy rate3 89.6% 90.1% -0.5pp -0.5pp 89.6% 90.1% -0.5pp -0.5pp
Average rented sqm2 1,145 1,148 -0.3% -0.3% 1,144 1,141 0.3% 0.3%
Average occupancy rate3 89.1% 89.5% -0.4pp -39.8% 89.0% 89.1% -0.1pp -10.0%
Average in-place rent (in € per sqm)4 286.4 272.8 5.0% 4.2% 286.8 272.4 5.3% 4.6%
Average revPAM (in € per sqm)7 288.6 276.3 4.5% 3.7% 288.9 275.1 5.0% 4.3%
Same store - financial performance
Property operating revenue5 92.7 88.6 4.6% 3.8% 185.6 176.1 5.4% 4.7%
Income from property (NOI)6 65.3 61.5 6.2% 5.3% 121.3 113.4 7.0% 6.2%
NOI margin7 70.4% 69.4% 1.0pp 1.0pp 65.3% 64.4% 0.9pp 0.9pp
Financial information Three months ended Six months ended
(in € millions except where indicated) June, 30 June, 30 % var. % var. June, 30 June, 30 % var. % var.
2025 2024 CER* 2025 2024 CER*
All store property operating revenue by country
The United Kingdom 27.7 19.0 45.5% 44.9% 55.9 37.7 48.4% 46.3%
The Netherlands 22.7 20.5 10.7% 10.7% 45.3 40.6 11.6% 11.6%
France 22.8 21.9 4.2% 4.2% 45.7 43.4 5.4% 5.4%
Germany 14.1 11.8 19.8% 19.8% 28.2 22.3 26.8% 26.8%
Sweden 12.6 11.5 9.5% 4.2% 24.8 23.1 7.2% 4.4%
Belgium 7.3 7.1 3.9% 3.9% 14.7 14.0 4.6% 4.6%
Denmark 4.2 4.1 3.1% 3.1% 8.5 8.2 3.5% 3.6%
Total 111.5 95.9 16.3% 15.5% 223.1 189.3 17.9% 17.1%
Same store property operating revenue by country
The United Kingdom 18.5 18.1 2.1% 1.7% 37.4 35.8 4.5% 3.0%
The Netherlands 19.8 18.6 6.4% 6.4% 39.6 37.0 7.0% 7.0%
France 21.5 20.8 3.5% 3.5% 43.0 41.2 4.5% 4.5%
Germany 8.8 8.5 3.5% 3.5% 17.6 16.7 5.4% 5.4%
Sweden 12.6 11.5 9.5% 4.2% 24.8 23.1 7.2% 4.4%
Belgium 7.3 7.1 3.9% 3.9% 14.7 14.0 4.6% 4.6%
Denmark 4.2 4.1 3.1% 3.1% 8.5 8.2 3.5% 3.6%
Total 92.7 88.6 4.6% 3.8% 185.6 176.1 5.4% 4.7%
Same store average occupancy by country
The United Kingdom 86.6% 86.9% -0.3pp 86.8% 86.4% 0.4pp
The Netherlands 90.1% 90.9% -0.8pp 90.1% 90.9% -0.7pp
France 88.0% 88.8% -0.8pp 87.8% 88.2% -0.5pp
Germany 86.8% 88.1% -1.3pp 87.0% 88.3% -1.3pp
Sweden 91.2% 90.1% 1.0pp 90.9% 89.4% 1.5pp
Belgium 91.4% 91.7% -0.4pp 91.1% 91.3% -0.3pp
Denmark 91.3% 90.6% 0.7pp 91.2% 90.7% 0.6pp
Total 89.1% 89.5% -0.4pp 89.0% 89.1% -0.1pp
Same store average in-place rent by country
The United Kingdom 393.4 382.7 2.8% 2.4% 397.5 381.2 4.3% 2.8%
The Netherlands 259.9 242.6 7.1% 7.1% 260.1 241.7 7.6% 7.6%
France 277.9 267.3 4.0% 4.0% 279.2 266.6 4.7% 4.7%
Germany 300.7 288.0 4.4% 4.4% 300.9 287.1 4.8% 4.8%
Sweden 250.4 231.3 8.3% 3.1% 246.6 234.1 5.3% 2.6%
Belgium 243.4 232.0 4.9% 4.9% 244.0 231.0 5.6% 5.6%
Denmark 306.9 301.7 1.7% 1.8% 306.8 301.0 1.9% 2.0%
Total 286.4 272.8 5.0% 4.2% 286.8 272.4 5.3% 4.6%
Expansion pipeline Q225
Portfolio expansion (in € millions except where indicated) At closing rate June 30, 2025 Property Region Country Number of projects Project status12 Completion date Net sqm ('000) Total project cost /Purchase price
Scheduled to open in 2025 22 76.8 175.0
Major redevelopments Heerenveen Randstad Netherlands 1 C Jan-25 0.6 0.8
Waterloo Brussels Belgium 1 C Apr-25 0.9 2.6
Southwark London UK 1 C May-25 2.6 8.1
Peterborough East of England UK 1 C May-25 2.0 0.8
Harlow East of England UK 1 C Jun-25 1.6 0.3
Eindhoven Acht Eindhoven Netherlands 1 UC Q4 2025 2.6 2.0
Mannheim Frankfurt area Germany 1 UC Q3 2025 1.4 0.9
Handen Stockholm Sweden 1 UC Q4 2025 1.6 4.4
Tonbridge South East UK 1 UC Q4 2025 0.6 0.1
New developments Loevenich13 NRW Germany 1 C Apr-25 6.2 16.2
Wangen Stuttgart Germany 1 C Apr-25 7.0 17.1
Beverwijk Randstad Netherlands 1 C Apr-25 4.4 9.3
Den Haag Kerketuinen Randstad Netherlands 1 C Jul-25 4.4 11.1
Bercy Saint Emilion Paris France 1 UC Q3 2025 2.8 4.5
Haussman Printemps Paris France 1 UC Q3 2025 3.8 6.4
Roedelheim Frankfurt Germany 1 UC Q4 2025 7.3 21.0
Dusseldorf Neuss NRW Germany 1 UC Q3 2025 5.8 16.7
Leinfelden Stuttgart Germany 1 UC Q4 2025 6.6 20.1
Zaandam Randstad Netherlands 1 UC Q4 2025 4.4 10.1
Rotterdam Oostzeedijk Randstad Netherlands 1 UC Q4 2025 3.3 9.1
Bolton Greater Manchester UK 1 UC Q4 2025 5.3 9.2
M&A / Asset Acquisitions Storage Share Randstad Netherlands 1 C Jul-25 1.7 4.2
Scheduled to open in 2026 22 107.6 263.7
Major redevelopments Forest Brussels Belgium 1 UC 2026 0.3 1.6
Montigny-le-Bretonneux Paris France 1 UC 2026 3.3 5.5
Epinay Paris France 1 UC 2026 1.3 4.0
Porte de Clignancourt Paris France 1 UC 2026 1.4 12.2
New developments Lille Grand Place Lille France 1 UC 2026 2.7 4.3
Cité Internationale Lyon France 1 UC 2026 2.3 3.5
Marché Saint Honoré Paris France 1 UC 2026 1.4 2.8
1 property Paris France 1 PS 2026 2.4 3.7
Berlin Marzahn Berlin Germany 1 UC 2026 10.3 27.9
1 property Berlin Germany 1 PS 2026 6.7 17.3
Offenbach Frankfurt Germany 1 UC 2026 5.9 13.3
Koln Nippes NRW Germany 1 UC 2026 4.1 10.0
Bonn Bad Godesberg NRW Germany 1 UC 2026 7.2 16.6
Bad Cannstatt Stuttgart Germany 1 UC 2026 6.7 19.7
Den Haag - Ypenburg Randstad Netherlands 1 UC 2026 6.5 15.7
Eltham London UK 1 UC 2026 5.7 20.4
Cheshunt East of England UK 1 UC 2026 5.6 8.6
Altrincham Greater Manchester UK 1 UC 2026 5.9 9.9
Barking - Dagenham London UK 1 UC 2026 7.8 13.2
Bracknell South East UK 1 UC 2026 5.5 15.0
Eastbourne - Lottbridge Drove South East UK 1 UC 2026 5.9 17.6
Milton Keynes - Crownhill South East UK 1 UC 2026 8.6 20.8
Scheduled to open in 2027 7 41.4 108.7
New developments 1 property Frankfurt Germany 1 PS 2027 5.2 11.7
1 property Eindhoven Netherlands 1 CPA 2027 5.5 10.4
1 property Randstad Netherlands 1 CPA 2027 6.8 16.0
1 property London UK 1 PS 2027 6.1 21.4
1 property London UK 1 PS 2027 5.3 18.3
1 property London UK 1 CPA 2027 5.6 21.2
1 property South East UK 1 PS 2027 7.0 9.7
Total portfolio expansion 51 225.9 547.4
Footnotes
Notes
1 Closing rentable sqm is calculated as the sum of available sqm (in thousands) for customer storage use at our stores, as of the reporting date.
2 Average rented sqm is calculated as the sum of sqm (in thousands) rented by customers, for the reporting period.
3 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.
4 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.
5 Property operating revenue represents our revenue from operating our properties, and comprises our rental revenue, fee income from customer goods insurance and ancillary revenue.
6 Income from property (NOI) is calculated as property operating revenue less real estate operating expense for the reporting period.
7 NOI margin is calculated as income from property (NOI) divided by property operating revenue for the reporting period.
8 Underlying EBITDA is calculated as earnings before interest, tax, depreciation and amortization, excluding (i) valuation gain from investment property and investment property under construction and gain on disposal, (ii) acquisition and dead deals costs (iii) cease-use lease expense and (iv) ERP implementation fees and costs of capital raise.
9 Underlying EBITDA margin is calculated as underlying EBITDA divided by property operating revenue for the reporting period.
10 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.
11 Adjusted EPRA earnings per share in euros (basic) is calculated as adjusted EPRA earnings divided by the weighted average number of outstanding shares.
12 Net debt to underlying EBITDA ratio is calculated as the net financial debt (including leases) divided by trailing 12 months underlying EBITDA.
13 CPA = signed conditional purchase agreement and building permit process ongoing, PS = building permit submitted, UC = under construction and C = completed.
14 Acquisition of a turnkey property.