Shurgard Self Storage (SHUR) Q1 2025 earnings summary

Executive summary

• Portfolio expanded to 318 stores in Q1 2025, up 13.5% in rentable sqm year-over-year, driven by acquisitions and developments, notably in the UK and Germany.

• Underlying EBITDA grew 20.6% year-over-year in Q1 2025, with strong operational performance and scalable platform.

• All store property operating revenue grew 18.9% to €111.6 million in Q1 2025.

• Adjusted EPRA earnings increased 3.7% and EPS rose 2.4% year-over-year, reflecting higher debt and scrip dividend dilution.

• Lok'nStore and German acquisitions doubled UK presence, with integration on track and expected to be accretive in 2025.

Financial highlights

• All store occupancy stable at 86.0% (-0.6pp year-over-year); same store average occupancy at 89.0% (+0.3pp).

• NOI margin for same stores improved by 0.9pp year-over-year.

• EPRA NTA reached €4,837 million (+1.2% vs. Dec 2024); available cash €119.3 million.

• Net debt/Underlying EBITDA at 6.0x; LTV at 23.3%.

• €500 million undrawn credit facility; fully unencumbered portfolio; investment grade rating (BBB+, stable outlook).

Outlook and guidance

• 2025: All store revenue and NOI growth c. 11%; underlying EBITDA margin +0.5pp; effective tax rate c. 18.5%.

• Network expansion: c. 90,000 sqm, €200 million investment; dividend €1.17/share p.a. with optional scrip.

• Medium-term: All store revenue and NOI growth c. 8%; double-digit underlying EBITDA growth p.a. (except 2026); LTV c. 25% (up to 35% short- to mid-term); Net Debt/EBITDA below 5.0x by 2028.