Update 2/28/22 – Shurgard has released financial results for its 2021 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 9.5% for the 12 months. Same-store revenue grew 7% using CER. All stores’ NOI increased 11.3%. Same-store NOI margin grew 1.6% to 66.1%. Adjusted earnings on the European Public Real Estate Association Index were €131 million for the year, up 10.4% using CER.
Of the seven European markets in which Shurgard operates, the United Kingdom showed the largest same-store, year-over-year revenue gain at 10.9% using CER. Denmark was second at 8.2%, followed by The Netherlands at 8%. Same-store locations in France performed the weakest, with revenue up 4.8%.
Shurgard has 14 development projects in its pipeline for 2022-23 including three projects under construction in France and Germany. Spread across France, Germany, the Netherlands and the U.K., the new developments will add approximately 64,400 square meters to the company’s portfolio.
“Shurgard has not only proved further resilience amidst the uncertainty of 2021 but outperformed expectations by using the opportunities the recovering market has afforded us,” said CEO Marc Oursin. “With this new environment, we delivered record revenue, earnings and occupancy, helped by practical and safe alternatives like online e-rental. This consistent show of resilience has prompted Shurgard to take the business to the next level. We have laid out plans to accelerate our growth trajectory, doubling investment allocation and space growth over the next three years.”
2/10/21 – Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust Public Storage Inc., will issue its fourth-quarter and full-year 2021 earnings report at 7 a.m. CET on Feb. 23. The company will conduct a conference call to review financial results at 10 a.m. CET that same day.
A live webcast of the call will be available at shurgard.com/corporate/events. The dial-in numbers are +44.808.101.1183 for callers in Europe, 800.895.3361 for U.S. callers and 785.424.1062 for other international callers. The conference ID is “shurgard.” A replay of the call will be accessible after the completion of the call on the corporate-events page of shurgard.com.
Shurgard operates 255 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 2,678 self-storage facilities in 39 states, with approximately 186 million net rentable square feet. It holds a 35% interest in Shurgard.