Shurgard - Another year, another estimates beat
Operating revenue up 9% YoY. Occupancy remains stable (-20bps).All store NOI margin is up 50bps YoY to 63.3% at EUR 237.2m (+9.9% YoY CER). Same store NOI margin is up 80bps at 67.6%. EPRA earnings grew by 12.3%, 4% above DPe and 2% above CSS. DPS is confirmed at EUR 1.17.EPRA NTA comes in at EUR 44.07 per share (+8.4% YoY). This is 10% above DPe as we expect some EUR 190m portfolio revaluation in 2023, which has not occurred.Outlook 2024. SHUR guides for a CER revenue growth of 7.5% in 2024 and a stable NOI margin (after gaining +270bps over theShurgard Self Storage SA, formerly known as Shurgard Self Storage Europe SARL, is a Luxembourg-based company, which serves as a provider of warehousing and self-storage services. The Company operates a number of self-storage facilities in Europe with over 200 self-storage centers. Shurgard's activity is organized around two areas: leasing of storage spaces for companies and individuals and other related services. Additionally, the Company also offers self-storage insurance specially designed for its clients. Apart from the Luxembourg, the Company also operates in the Netherlands, France, Sweden, the United Kingdom, Belgium, Germany and Denmark. The company is partly owned by Public Storage, an owner and operator of self-storage facilities with a range of stores in the United States.
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