Shurgard Self Storage (SHUR) Q3 2025 earnings summary

Executive summary

• Revenue grew 13.6% year-over-year for the first nine months of 2025, driven by network expansion and solid rate increases.

• Same store revenue increased 3.9% year-over-year, with NOI margin up 0.7pp, reflecting cost management and synergies.

• UK acquisition fully integrated, delivering synergies and on track for targeted occupancy and rate increases.

• Platform expanded to 323 stores (+3.6% rentable sqm), with a secured pipeline for further growth through 2027.

Financial highlights

• All store property operating revenue reached €336.5 million, up 13.6% year-over-year.

• Underlying EBITDA grew 13.7% to €195.7 million, with margin stable at 64.6%.

• Adjusted EPRA earnings rose 3.8% to €128.0 million; EPS up 2.0% to €1.29, reflecting scrip dividend dilution.

• Net debt/underlying EBITDA improved to 5.9x (from 6.4x), LTV reduced to 23.0% (from 24.1%).

Outlook and guidance

• Revenue growth expected to normalize in line with long-term guidance for the remainder of 2025.

• Pipeline of 192,900 sqm secured for 2025-2027, supporting continued expansion.

• On track to deliver 2025 outlook, with further growth from organic development and bolt-on acquisitions.