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Shurgard Self Storage (SHUR) investor relations material
Shurgard Self Storage Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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