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 confirm...
After the LnS acquisition, the consensus EPRA EPS declined significantly. In this note, we argue that the market focus on the EPRA EPS comparison with UK peers ignores their continuous operational gains. Since 2019, Shurgard created huge fair value appreciation, even during the steep yield expansion periods. This indicates they create value, independent of cap rate moves. A lot of REITS lost 5-10% on their standing assets (FY22-23), while Shurgard added €880m in FV gains, >20% on FV. Partly than...
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