Shurgard 9m24 Conference Call Feedback, confident on LnS execution

The Conference call gave a short overview of the performance that beat our expectations, mainly on the re-financing conditions. Also the LnS integration is going smoothly as SHUR expects ex-LnS occupancy to increase by 1% every month to reach 90% by FY26-end. Most Q&A focussed on Capex and the need for equity raises. The answer was clear : “ no need at this moment”. The LTV% and Net debt/EBITDA allow for some bolt-on acquisitions as the low dividend pay-out and scrip dividend leave enough headroom.

Operations