Report
Shurgard 9m25 Results, NTA runs away from share price
Shurgard 9m25 EPRA net came ahead of our estimates at €128.0m vs. 124.9m expected, a 3.8% increase yoy. Same store NOI margin increased 0.7pp to 67.3%. The NTA per share rose an impressive 11.0% yoy, driven by €617.2m FV gains in the portfolio. These are largely attributed to operational improvements (not cap rate). The 9m25 same store operating revenue growth of 3.9% beat our expectation by 0.2%. The FY25 NOI growth is confirmed at 11%, in line with our model. This is a strong performance and indicates the LnS integration is running smoothly. The balance sheet offers ample headroom with LTV down from 23.3% to 23.0% ytd. We believe they will continue add-on acquisitions in their 4 core regions as scale drives profitability. SHUR is trading at a 38% discount to its NTA ps of 50.8, we believe that should be closer to a premium.
Underlying
SHURGARD SELF STORAGE LIMITED
Provider
KBC Securities
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Wim Lewi
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