Report
Shurgard 1Q25 Results, organic growth continues in all regions
Shurgard 1Q25 EPRA net came slightly ahead of our estimates as rental income performed better. The net EPRA amounted to 35.7m vs. 35.1m expected, and the property result beat with 111.6m vs. 108.4m exp.. Also Net Property result beat our expectation by 2%. The 1Q25 same store operating revenue growth of 6.2% beat our expectation by 0.8%. France showed 5.5% lfl growth after years of low single digits. The overall occupancy declined only 0.6%. This a strong performance and indicates the LnS integration is running smoothly. The FY25 NOI growth is guided to 11%, in line with our model. The balance sheet offers ample headroom with LTV at 23.3%. We believe they will continue add-on acquisitions in their 4 core regions as scale drives profitability. SHUR is trading at a 30% discount to NTA of 49.4, we believe that should be a premium.
Underlying
SHURGARD SELF STORAGE LIMITED
Provider
KBC Securities
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Wim Lewi
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