Shurgard Self Storage (SHUR) Q2 2025 earnings summary

Executive summary

• Achieved 17.1% year-over-year property operating revenue growth to €223.1 million for H1 2025, with underlying EBITDA up 17.4% and net profit more than doubling, driven by portfolio expansion, rate increases, and strong operational performance.

• Portfolio expanded to 338 properties totaling 1.7 million sqm across seven countries, with high occupancy at 89% in southern geographies and 40 new stores added year-over-year.

• Lok’nStore/UK acquisition integration on track, with 28 stores rebranded, occupancy rising to 77%, and €4–5 million in synergies targeted for 2025.

• Opened 3 new stores and completed 5 redevelopments in H1 2025, investing €55.2 million with expected property yields of 8-9%.

• Maintained robust financial position with BBB+ credit rating and successful €500 million bond issuance in H1 2025.

Financial highlights

• Property operating revenue increased 17.1% year-over-year to €223.1 million; NOI up 17.6% to €140.0 million with a margin of 62.7%.

• EBITDA increased 17.4%, outpacing revenue growth; adjusted EPRA earnings per share rose 1.3% to €0.82.

• Net profit attributable to shareholders more than doubled to €352.1 million, reflecting valuation gains.

• EPRA NAV per share at €51.4; net asset value per share (basic) at €43.15.

• Net debt to EBITDA at 6.0x; loan-to-value (LTV) at 22.8%.

Outlook and guidance

• 2025 guidance reconfirmed: ~11% all store revenue and NOI growth, with a 0.5pp underlying EBITDA margin improvement.

• Pipeline secured for 225,856 sqm of new capacity and €547.4 million in project costs through 2027.

• Dividend guidance of €1.17 per share with optional scrip, implying c.2% share dilution; effective tax rate on adjusted EPRA earnings estimated at 18.5%.

• Same-store revenue growth expected to decelerate in H2, especially in the UK and Netherlands, but remain 3–4% in other markets.

• Targeting loan-to-value ratio of 25%, with a short- to mid-term maximum of 35%.