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 integr...
The ongoing tariff war continues to create uncertainty for investors, with a trade embargo between the US and China. Although Europe has received a temporary reprieve, the prolonged situation could result in significant economic damage. We are maintaining a defensive stance in our Benelux Dynamic Top Pick List, as the Federal Reserve holds steady and the European Central Bank may continue lowering rates. Pessimism regarding the European industry has increased, though some US-based European compa...
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