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 first six months of its 2022 fiscal year, which ended June 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 12.3% for the six months. Same-store revenue grew 9.1% using CER. All stores’ NOI increased 16%. Same-store NOI margin grew 2.5% to 64.6%. Adjusted earnings on the European Public Real Estate Association Index were €64.5 million for the period, up 15.3% 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 26.9% using CER. Germany was second at 13%, followed by Denmark at 9.7%. Same-store locations in Sweden performed the weakest, with revenue up 7.2%.

Shurgard has 18 development projects in its pipeline for 2022-23 including six 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., all 14 developments will add approximately 73,300 square meters to the company’s portfolio.

“At the end of 2021, we were poised to accelerate our expansion plans, and the first half of 2022 has confirmed the sustainability of this growth plan,” said CEO Marc Oursin. “Revenue and earnings are growing above our expectations. Despite the uncertainties that are affecting global markets and local communities, demand for self-storage in Shurgard’s highly urbanized locations remains strong. The resilience of the sector has been proved through the many unprecedented events of the last decade, which gives us confidence despite the uncertain global outlook.”

Shurgard operates 257 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 2,797 self-storage facilities in 38 states, with approximately 199 million net rentable square feet. It holds a 35% interest in Shurgard.