Report
Shurgard FIRST LOOK: 3Q23 Results, no signs of an economic impact
Shurgard 3Q23 results continue unabated on their stellar growth track, with a 5.1% lfl operating revenue growth (CER). The EPRA Earnings amounted to EUR 42.7m (+10.6% yoy). The outlook for 2023 confirmed the 8.0% property revenue growth. The company maintained its yield expectation for new projects at a 8-9% range. FY23 Capex estimated at EUR 150m or 70k sqm (Dev.+Acq.). Balance sheet remains strong with LTV at 17.5%. The current demographic trends support the growth of their business and the roll-out of the e-rental platform gains traction against smaller competitors. The overall profitability is also mainly driven by higher rents per sqm as occupancy remains at a high level. We believe the market is underestimating the growth potential of Shurgard against a tough economic background.
Underlying
SHURGARD SELF STORAGE LIMITED
Provider
KBC Securities
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Wim Lewi
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