Shurgard Self Storage Releases Earnings Results for 2023 Fiscal Year

Update 3/1/24 – Shurgard has released financial results for its 2023 fiscal year, which ended Dec. 31. In general, the company showed gains in key areas, particularly in operating revenue and net operating income (NOI), according to a press release.

Highlights include an operating-revenue growth at constant exchange rate (CER) of 9% for the 12 months. Same-store revenue grew 6.3% using CER. All stores’ NOI increased 9.9%. Same-store NOI margin was 67.6%. Adjusted earnings on the European Public Real Estate Association Index were €158.4 million for the year, up 12% using CER.

Of the seven European markets in which Shurgard operates, Germany showed the largest same-store, year-over-year revenue gain at 11% using CER. The Netherlands was second at 8.4%, followed by Belgium at 7.4% and the United Kingdom at 7.2%. Same-store locations in Sweden performed the weakest, with revenue up 0.3%.

“By all measures, 2023 has been a very significant milestone year in the life of our company. Our growth strategy has strong momentum, we are benefiting from the digital transformation of both the customer journey and our operations, and we are supported by a robust financial structure and committed ESG strategy,” said CEO Marc Oursin. “Our shareholders have benefited from this performance since we became a public company in October 2018 with the best total shareholder return vs. major self-storage industry peers in Europe and the U.K.”

Shurgard became a U.K. real estate investment trust a year ago. The company added 695,348 square feet to its portfolio in 2023 through acquisitions, development and redevelopment.

“The focus for acquisitions this year was on our German market where Shurgard used 2023 to strengthen its offer in the ‘Big Seven’ cities. Expansion within these key cities is accelerating Shurgard toward a leadership position in the country, leveraging our platform approach that provides economies of scale,” Oursin said.

Shurgard has 28 new developments, conversions and expansions in its pipeline for this year. Spread across France, Germany, the Netherlands and the U.K., the projects will add nearly 1 million square feet to the company’s portfolio.

1/12/24 – Shurgard Self Storage Ltd., the European affiliate of U.S.-based real estate investment trust Public Storage Inc., will issue its full-year 2023 earnings for the period ending Dec. 31 at 7 a.m. CET on Feb. 29. The company will conduct a management presentation to review financial results at 1 p.m. CET that same day.

The event will be held at 65 Gresham St. in London. Participants who wish to attend in person may register via email at [email protected]. Following the presentations, attendees will be invited to join management for a buffet lunch.

The presentation will also be streamed live via video-webcast on Zoom. Interested parties may register to attend at https://bit.ly/3NVVscT, using the ID 841 0921 7264.

A replay of the conference call will also be accessible via the corporate-events page of shurgard.com.

Shurgard operates 276 self-storage facilities comprising 1.4 million net rentable square meters in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom.

Headquartered in Glendale, California, Public Storage has interests in 3,028 self-storage facilities in 40 states, with approximately 217 million net rentable square feet. It holds a 35% interest in Shurgard.

Source: Shurgard Self Storage, Full Year 2023 Results