Report
Shurgard 1H25 Results, strong NTA growth on operational improvement
Shurgard 1H25 EPRA net came ahead of our estimates at 80.9m vs. 79.1m expected. The NTA per share rose an impressive 11.7% yoy, driven by €338m FV gains in the portfolio. As we explained in our note from yesterday, Bloomberg Link , these are largely attributed to operational improvements (not cap rate). The 1H25 same store operating revenue growth of 4.7% beat our expectation by 0.2%. This a strong performance and indicates the LnS integration is running smoothly. The FY25 NOI growth is confirmed at 11%, in line with our model. The balance sheet offers ample headroom with LTV down from 23.3% to 22.8%. We believe they will continue add-on acquisitions in their 4 core regions as scale drives profitability. SHUR is trading at a 33% discount to NTA of 51.4, we believe that should be a premium. Analyst meeting at 10h00 CET, link.
Underlying
SHURGARD SELF STORAGE LIMITED
Provider
KBC Securities
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Wim Lewi
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