Shurgard Self Storage (SHUR) Q4 2025 earnings summary

Executive summary

• Ended 2025 with 348 properties and nearly 1.8 million sqm in Europe, maintaining a BBB+ rating and a leverage of 23% (6.2x net debt/EBITDA).

• Real estate operating revenue grew 10.9% year-over-year to €450.9 million, with EBITDA up 10.4% and EPS rising 1.7% despite Q4 competition and scrip dividend dilution.

• Net income attributable to equity holders reached €597.8 million, with EPS at €6.0, driven by operating profits and fair value gains.

• Portfolio expanded by 23% in rentable sqm since 2023, with 12 new developments, 4 acquisitions, and 9 redevelopments adding c. 90,000 sqm.

• Lok'nStore acquisition integration progressing, with occupancy rising from 67% to 80% and synergies at the high end of guidance.

Financial highlights

• Real estate operating revenue increased by 10.9% to €450.9 million, with underlying EBITDA up 10.4% to €265.7 million and margin at 58.9%.

• Adjusted EPRA EPS reached €1.74, up 1.7% year-over-year.

• NOI same-store margin expanded by 40 bps to 68.1%; all store NOI margin at 65.3%.

• Net debt to EBITDA at 6.2x; LTV at 23.2%, with €56m cash and €500m undrawn RCF.

• EPRA NTA per share at €53.3; property value reached €6.93 billion.

Outlook and guidance

• 2026 revenue growth expected at 6%-8%, with EBITDA of €278m-€289m and adjusted EPRA EPS guidance of €1.70-€1.81.

• CapEx planned at €250m-€315m, adding 100,000-125,000 sqm; annual portfolio expansion of ~90,000 sqm.

• Medium-term (2027-2030) CAGR for revenue, EBITDA, and EPS guided at 6%-8%.

• Dividend to remain at €1.17 per share, paid in cash; scrip dividend discontinued.

• Investment hurdle rate for new projects raised to 9%-10% from 2026.