Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust (REIT) Public Storage Inc., has released financial results for the third quarter of its 2022 fiscal year, which 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 11.53% for the period. Same-store revenue grew 8% using CER. All stores’ NOI increased 10%. Same-store NOI margin fell about 1% to 69.8%. Adjusted earnings on the European Public Real Estate Association Index were €39.3 million for the quarter, up 12.7% using CER.

Of the seven European markets in which Shurgard operates, Germany showed the largest same-store, year-over-year revenue gain at 11.8% using CER. The United Kingdom was second at 10.9%, followed by the Netherlands at 9.9%. Same-store locations in France performed the weakest, with revenue up 4.8%.

Shurgard has 18 developments in its pipeline for 2022-23, including seven new projects in France, Germany and the Netherlands that are scheduled to be complete this year. Spread across France, Germany, The Netherlands, Sweden and the U.K., these new facilities combined will add approximately 70,800 square meters to the company’s portfolio.

The company also announced its intent to become a U.K. REIT in March 2023. A shareholder meeting to discuss the move is scheduled for Dec. 6. “The board’s recommendation to become a U.K. REIT makes us more attractive, enhances our shareholder returns and opens us up to a greater investor base,” said CEO Marc Oursin. “We adjust our tax guidance with an effective tax rate stable at 18% in the medium term. We will maintain our strong governance structure, and we will remain listed on Euronext Brussels in euros.”

Shurgard operates 261 self-storage facilities comprising 1.3 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 2,836 self-storage facilities in 40 states, with approximately 202 million net rentable square feet. It holds a 35% interest in Shurgard.