Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust Public Storage Inc., has released financial results for the third quarter that ended Sept. 30. 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 5.4 percent for the quarter. Same-store revenue grew 2.8 percent using CER. The growth was attributed to rental rate increases. All stores’ NOI margin increased by just under 1 percentage point to 67.5 percent for the quarter, while same-store NOI margin grew .5 percent to 67.9 percent. Adjusted earnings on the European Public Real Estate Association Index were €29.1 million for the quarter.
Of the seven European markets in which Shurgard operates, the U.K. showed the largest same-store year-over-year revenue gain at 5.1 percent using CER. The Netherlands was second at 3.2 percent, followed by Sweden at 3.1 percent. Same-store locations in Denmark performed the weakest, with revenue falling 1 percent compared to the same period a year ago, while same-store revenue in Belgium was equal.
Shurgard operates 231 self-storage facilities comprising 1.2 million net rentable square meters in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom. Its network serves 150,000 customers and employs more than 700 people. Shurgard is listed on Euronext Brussels under the symbol “Shur.”
Based in Glendale, Calif., Public Storage has interests in 2,456 self-storage facilities in 38 states, with approximately 166 million net rentable square feet.