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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.
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Q3 2025 earnings summary6 Nov, 2025

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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Frequently asked questions

Shurgard Self Storage Ltd is a provider of self-storage solutions in Europe, and is one of the largest owner and operator in the sector. The company owns and operates over 250 self-storage centers across several European countries, including the Netherlands, France, Sweden, the United Kingdom, and more. Shurgard caters to a diverse clientele, offering a variety of storage options for both personal and business use. The company's offerings extend beyond just space rental, including the sale of storage products and packaging materials, as well as providing insurance coverage for stored goods. Shurgard operates through two segments: Same Store Facilities and Non-same Store Facilities. The company is headquartered in Saint Peter Port, Guernsey, and its shares are listed on Euronext Brussels.

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