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Investor Relations14 Oct 2025
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Shurgard Self Storage (SHUR) investor relations material
Shurgard Self Storage Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary14 Aug, 2025
Executive summary
Achieved 17.1% year-over-year property operating revenue growth to €223.1 million for H1 2025, driven by portfolio expansion, higher rental rates, and network growth across seven countries.
Underlying EBITDA rose 17.4% year-over-year, outpacing revenue growth, with adjusted EPRA earnings up 2.7% and net profit more than doubling due to operational performance and valuation gains.
Portfolio expanded to 338 properties and 1.7 million sqm, with 3 new stores opened and 5 redevelopments completed in H1 2025.
Successfully integrated UK acquisition, rebranding 28 stores and targeting 8% NOI yield within 5-6 years; synergies of €4–5M expected by 2025.
Maintained robust financial position with BBB+ credit rating and €500M bond issuance, confirming full-year 2025 outlook.
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%.
Same-store revenue grew 4.7% with stable 89% occupancy and in-place rent up 4.6%.
Adjusted EPRA earnings per share increased 1.3% to €0.82; basic EPS (IFRS) surged 84% to €3.57.
Net debt/underlying EBITDA at 6.0x; loan-to-value (LTV) at 22.8%; interest coverage ratio at 5.1x.
Cash reserves at €149M and undrawn revolving credit facility of €500M provide ample liquidity.
Outlook and guidance
Full-year 2025 guidance confirmed: revenue and NOI growth of 11% across all stores, with underlying EBITDA margin expected to improve by 50 bps.
Dividend guidance of €1.17 per share with optional scrip, implying 2% share dilution; effective tax rate estimated at 18.5%.
Pipeline secured for 225,850+ sqm of new capacity and €547.4M investment through 2027.
H2 expected to see lower same-store revenue growth due to competitive pricing in London and normalization in The Netherlands.
Targeting LTV of 25%, with a short- to mid-term maximum of 35%.
How will capacity growth impact scalability?
What's driving UK same store NOI margin decrease?
Detail solar strategy progress in the UK.
Assess Lok'nStore's pricing power post-integration.
Explain H2's anticipated same-store revenue slowdown.
Detail drivers behind the fair value uplift.
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Next Shurgard Self Storage earnings date
Q3 20256 Nov, 2025
Next Shurgard Self Storage earnings date
Q3 20256 Nov, 2025
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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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