Shurgard Self Storage (SHUR) Q4 2025 earnings summary

Executive summary

• Ended 2025 with nearly 350 properties and 1.8 million sqm in Europe, maintaining a solid BBB+ rating and a leverage of 23% (6.2x net debt/EBITDA).

• Delivered strong full-year 2025 results with double-digit topline growth, robust operational performance, and net income attributable to equity holders of €597.8 million, with EPS up to €6.0, driven by operating profits and fair value gains.

• Revenue grew by 10.8%-10.9% year-over-year, driven by portfolio expansion, higher rent-up, and increased in-place rent.

• Portfolio expanded by 23% in rentable sqm since 2023, ending 2025 with 1.7–1.8 million sqm across 332–350 stores.

• Lok'nStore acquisition integration on track, with occupancy rising from 67% to 80% and synergies progressing as planned.

Financial highlights

• NOI same-store margin expanded by 40 bps to 68.1%, with same-store NOI up 3.8% to EUR 254.2 million.

• Underlying EBITDA grew by 10.4% to €265.7 million, with a margin of 58.9%.

• Adjusted EPRA EPS reached €1.74, up 1.7% year-over-year, in line with expectations.

• Average cost of debt at 3.33%, with 7.2 years weighted average maturity.

• Liquidity strong: €56 million cash and €500 million undrawn RCF at year-end.

Outlook and guidance

• 2026 guidance: all-store revenue growth of 6%-8%, EBITDA €278–289 million, adjusted EPRA EPS €1.70–1.81.

• CapEx planned at €200–315 million, with 90,000–125,000 sqm to be added annually.

• Medium-term (2027–2030): 6%-8% CAGR for revenue, EBITDA, and adjusted EPRA earnings.

• Dividend to remain at €1.17 per share, paid in cash.

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