Shurgard Self Storage Limited
SHUR
ISIN GG00BQZCBZ44 / Valor 125589302
Shurgard Self Storage Limited
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About company
Shurgard Self Storage Limited is a leading provider in the self-storage industry, operating an extensive network of over 270 stores across seven European countries, including the Netherlands, France, Sweden, the United Kingdom, Belgium, Germany, and Denmark. The company offers approximately 1.4 million rentable square meters of space, catering to the needs of more than 190,000 customers. Shurgard's business model is focused on providing flexible storage solutions to both individual and business customers, accommodating a wide range of needs from temporary storage during moves or renovations to long-term solutions for businesses requiring additional inventory space. The company's presence in key European markets and its substantial customer base underscore its significant role in the self-storage sector.
Summarized from source with an LLMView SourceSector: FinanceLatest Results (20.08.2024):
Revenue Growth
Shurgard Self Storage Limited reported a 7.1% increase in property operating revenue for the first quarter of 2024, reaching €93.4 million. This growth was driven by the company's expansion efforts, including the addition of 13 new stores, and robust performance in key markets such as Germany, the Netherlands, the UK, and Belgium.
Net Operating Income
The company's net operating income (NOI) grew by 5.9% in the first quarter of 2024. Despite a slight decrease in the NOI margin to 57.5% due to elevated real estate taxes, Shurgard managed to maintain a stable same store NOI margin of 59.9% compared to the prior year.
Adjusted EPRA Earnings
Shurgard Self Storage Limited achieved a 12.6% growth in adjusted EPRA earnings, amounting to €34.2 million for the first quarter of 2024. This translates to an adjusted EPRA earnings per share of €0.35, representing a 3.1% increase from the previous year.
Cash Position and Debt Metrics
As of March 31, 2024, Shurgard reported a cash position of €151.8 million. The company's loan-to-value (LTV) ratio stood at 14.6%, with a net debt to underlying EBITDA ratio of 3.5x and an interest coverage ratio (ICR) of 13.4x, indicating strong financial health and liquidity.
Expansion Pipeline
Shurgard's expansion pipeline for 2024-2026 includes 175,600 sqm of new rentable space, representing 12.6% of its 2023 net rentable sqm. The company plans to invest over €300 million in new developments, redevelopments, and acquisitions, with significant projects scheduled in Berlin, Randstad, and London.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
3665 M
Market cap (USD)
35,812
Daily traded volume (Shares)
35.95 / 35.45
1 day high/low (USD)
52 weeks high/low (USD)
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