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 quarter that ended March 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 7.1% for the first quarter. Same-store revenue grew 4% using CER. All stores’ NOI increased 5.2%. Same-store NOI margin grew .3% to 57.6%. Adjusted earnings on the European Public Real Estate Association Index were €25.4 million for the quarter, up 4.5% using CER.
Of the seven European markets in which Shurgard operates, The Netherlands showed the largest same-store, year-over-year revenue gain at 8.3% using CER. Denmark was second at 5.1%, followed by the United Kingdom at 4.8%. Same-store locations in Sweden and Germany performed the weakest, with revenue up 1% and 1.2%, respectively.
Shurgard has 11 development projects in its pipeline scheduled to open this year and another five slated for 2022. The projects, spread across France, Germany, Netherlands and U.K., will add 68,585 square meters to its portfolio.
“The first quarter of 2021 continues to show a strong performance for Shurgard,” said CEO Marc Oursin. “We are experiencing different restrictions per country due to various measures imposed by the respective governments; however, whether via our staff or our new e-rental process, all prospects can become Shurgard customers.”
Shurgard operates 244 self-storage facilities comprising 1.2 million net rentable square meters in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom.
Based in Glendale, Calif., Public Storage has interests in 2,563 self-storage facilities in 38 states, with approximately 176 million net rentable square feet. It holds a 35% interest in Shurgard.