Shurgard Self Storage LimitedEURONEXT: SHUR

Q3 2025 Results (Excel)

· Issued by Shurgard Self Storage Limited
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Financial information Q325
All store results Three months ended Nine months ended
(in € millions except where indicated) September, 30 % var. % var. September, 30 % var. % var.
2025 2024 CER 2025 2024 CER
All store - operational performance
Number of stores 323 315 2.5% 0.0253968254 323 315 2.5% 2.5%
Closing rentable sqm1 1,662 1,603 3.6% 3.6% 1,662 1,603 3.6% 3.6%
Closing rented sqm2 1,422 1,386 2.6% 2.6% 1,422 1,386 2.6% 2.6%
Closing occupancy rate3 85.6% 86.4% -0.8pp -0.8pp 85.6% 86.4% -0.8pp -0.8pp
Average rented sqm2 1,420 1,323 7.3% 7.3% 1,405 1,268 10.8% 10.8%
Average occupancy rate3 86.1% 87.3% -1.2pp -117.5% 85.7% 86.9% -1.3pp -125.4%
Average in-place rent (in € per sqm)4 280.6 281.3 -0.2% 0.0% 280.8 273.1 2.8% 2.5%
Average revPAM (in € per sqm)7 274.9 279.5 -1.6% -1.4% 273.6 269.9 1.4% 1.1%
All store - financial performance
Property operating revenue5 113.4 105.9 7.0% 7.3% 336.5 295.2 14.0% 13.6%
Income from property (NOI)6 77.4 72.6 6.7% 6.9% 217.4 191.7 13.4% 13.0%
NOI margin7 68.3% 68.6% -0.2pp -0.3pp 64.6% 64.9% -0.3pp -0.3pp
Underlying EBITDA8 70.6 65.7 7.4% 7.6% 195.7 171.5 14.1% 13.7%
Underlying EBITDA margin9 62.3% 62.0% 0.2pp 0.2pp 58.2% 58.1% 0.1pp 0.0pp
Adj. EPRA earnings10 47.1 45.3 4.1% 5.8% 128.0 123.5 3.7% 3.8%
Adj. EPRA earnings per share in € (basic)11 0.47 0.46 1.4% 3.1% 1.29 1.27 1.9% 2.0%
Same store results Three months ended Nine months ended
(in € millions except where indicated) September, 30 % var. % var. September, 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 1,288 1,283 0.4% 0.4% 1,288 1,283 0.4% 0.4%
Closing rented sqm2 1,148 1,155 -0.5% -0.5% 1,148 1,155 -0.5% -0.5%
Closing occupancy rate3 89.2% 90.0% -0.8pp -0.8pp 89.2% 90.0% -0.8pp -0.8pp
Average rented sqm2 1,151 1,156 -0.4% -0.4% 1,146 1,145 0.1% 0.1%
Average occupancy rate3 89.5% 90.1% -0.6pp -60.7% 89.2% 89.4% -0.3pp -26.0%
Average in-place rent (in € per sqm)4 288.2 280.8 2.6% 2.8% 287.4 275.4 4.3% 4.0%
Average revPAM (in € per sqm)7 291.7 286.6 1.8% 1.9% 289.8 279.0 3.9% 3.5%
Same store - financial performance
Property operating revenue5 93.8 92.0 2.0% 2.1% 279.4 268.0 4.2% 3.9%
Income from property (NOI)6 66.7 65.0 2.7% 2.7% 188.0 178.4 5.4% 5.0%
NOI margin7 71.2% 70.7% 0.5pp 0.4pp 67.3% 66.6% 0.7pp 0.7pp
Financial information Three months ended Nine months ended
(in € millions except where indicated) September, 30 % var. % var. September, 30 % var. % var.
2025 2024 CER 2025 2024 CER
All store property operating revenue by country
The United Kingdom 27.9 25.6 8.9% 11.7% 83.8 63.3 32.4% 32.6%
The Netherlands 23.2 21.8 6.6% 6.6% 68.5 62.4 9.8% 9.8%
France 23.3 22.7 2.4% 2.4% 69.0 66.1 4.3% 4.3%
Germany 14.4 12.4 16.2% 16.2% 42.7 34.7 23.0% 23.0%
Sweden 12.8 11.9 7.3% 4.2% 37.6 35.0 7.2% 4.3%
Belgium 7.4 7.3 2.5% 2.5% 22.1 21.3 3.9% 3.9%
Denmark 4.3 4.2 3.1% 3.1% 12.8 12.4 3.4% 3.4%
Total 113.4 105.9 7.0% 7.3% 336.5 295.2 14.0% 13.6%
Same store property operating revenue by country
The United Kingdom 18.4 18.9 -2.6% -0.1% 55.8 54.7 2.0% 1.9%
The Netherlands 20.1 19.6 2.7% 2.7% 59.7 56.6 5.6% 5.6%
France 21.9 21.5 1.9% 1.9% 64.9 62.7 3.6% 3.6%
Germany 8.9 8.7 2.3% 2.3% 26.5 25.4 4.3% 4.3%
Sweden 12.8 11.9 7.3% 4.2% 37.6 35.0 7.2% 4.3%
Belgium 7.4 7.3 2.5% 2.5% 22.1 21.3 3.9% 3.9%
Denmark 4.3 4.2 3.1% 3.1% 12.8 12.4 3.4% 3.4%
Total 93.8 92.0 2.0% 2.1% 279.4 268.0 4.2% 3.9%
Same store average occupancy by country
The United Kingdom 87.6% 88.6% -1.0pp 87.1% 87.1% 0.0pp
The Netherlands 90.3% 91.6% -1.3pp 90.2% 91.1% -0.9pp
France 88.7% 89.4% -0.7pp 88.0% 88.6% -0.5pp
Germany 87.0% 87.6% -0.7pp 87.0% 88.1% -1.1pp
Sweden 91.0% 90.8% 0.2pp 90.9% 89.8% 1.1pp
Belgium 91.8% 91.5% 0.2pp 91.3% 91.4% -0.1pp
Denmark 91.8% 91.4% 0.4pp 91.4% 90.8% 0.6pp
Total 89.5% 90.1% -0.6pp 89.2% 89.4% -0.3pp
Same store average in-place rent by country
The United Kingdom 386.0 390.6 -1.2% 1.4% 393.5 384.4 2.4% 2.3%
The Netherlands 263.0 253.7 3.7% 3.7% 261.0 245.8 6.2% 6.2%
France 282.0 275.1 2.5% 2.5% 280.3 269.7 4.0% 4.0%
Germany 302.0 294.6 2.5% 2.5% 301.2 289.7 4.0% 4.0%
Sweden 254.4 236.4 7.6% 4.5% 249.4 235.1 6.1% 3.2%
Belgium 245.0 239.0 2.5% 2.5% 244.4 233.7 4.6% 4.6%
Denmark 311.8 304.7 2.3% 2.4% 308.5 302.5 2.0% 2.0%
Total 288.2 280.8 2.6% 2.8% 287.4 275.4 4.3% 4.0%
Expansion pipeline Q325
Portfolio expansion (in € millions except where indicated) At closing rate September 30, 2025 Property Region Country Number of projects Project status13 Completion date Net sqm ('000) Total project cost /Purchase price
Scheduled to open in 2025 24 97.3 220.9
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 10.1
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
Mannheim Frankfurt area Germany 1 UC Q4 2025 1.4 0.9
Eindhoven Acht Eindhoven Netherlands 1 UC Q4 2025 2.6 2.0
Handen Stockholm Sweden 1 UC Q4 2025 1.6 4.5
New developments Loevenich14 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
Dusseldorf Neuss NRW Germany 1 C Aug-25 5.8 16.7
Bercy Saint Emilion Paris France 1 UC Q4 2025 2.8 4.5
Haussman Printemps Paris France 1 UC Q4 2025 3.8 6.4
Roedelheim Frankfurt Germany 1 UC Q4 2025 7.3 21.0
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 9.1
Barking - Dagenham London UK 1 UC Q4 2025 7.8 12.9
M&A / Asset Acquisitions Storage Share Randstad Netherlands 1 C Jul-25 1.7 4.2
Storage World15 Manchester UK 2 C Oct-25 13.2 31.2
Scheduled to open in 2026 19 86.9 208.9
Major redevelopments Forest Brussels Belgium 1 UC 2026 0.4 1.7
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
Tonbridge South East UK 1 UC 2026 0.6 0.1
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
Berlin Marzahn Berlin Germany 1 UC 2026 10.3 27.9
Bonn Bad Godesberg NRW Germany 1 UC 2026 7.2 16.6
Bad Cannstatt Stuttgart Germany 1 UC 2026 6.7 19.7
1 property Eindhoven Netherlands 1 PS 2026 5.5 10.4
Den Haag - Ypenburg Randstad Netherlands 1 UC 2026 6.5 15.7
Eltham London UK 1 UC 2026 5.8 21.3
Cheshunt East of England UK 1 UC 2026 5.6 8.4
Altrincham Greater Manchester UK 1 UC 2026 5.9 9.8
Bracknell South East UK 1 UC 2026 5.5 14.7
Eastbourne - Lottbridge Drove South East UK 1 UC 2026 5.9 10.2
Milton Keynes - Crownhill South East UK 1 UC 2026 8.6 19.8
Scheduled to open in 2027 9 45.9 117.9
New developments 1 property Paris France 1 PS 2027 2.4 3.7
Teltow Berlin Germany 1 UC 2027 6.7 17.2
Niederrad Frankfurt Germany 1 UC 2027 5.2 11.7
Offenbach Frankfurt Germany 1 UC 2027 5.9 13.3
Koln Nippes NRW Germany 1 UC 2027 4.1 10.0
1 property Randstad Netherlands 1 CPA 2027 3.5 6.7
1 property Randstad Netherlands 1 PS 2027 7.1 16.6
Sutton London UK 1 UC 2027 5.3 17.9
1 property London UK 1 PS 2027 5.8 20.8
Total portfolio expansion 52 230.1 547.6
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.