Update 8/24/21 – Shurgard has released financial results for the quarter that 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 8.4% for the second quarter. Same-store revenue grew 6.2% using CER. All stores’ NOI increased 9.1%. Same-store NOI margin grew .7% to 67.1%. Adjusted earnings on the European Public Real Estate Association Index were €36 million for the quarter, 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 10.9% using CER. The Netherlands was second at 7.8%, followed by Denmark at 7.6%. Same-store locations in Germany and France performed the weakest, with revenue up 2.8% and 3.3%, respectively.
Shurgard has 12 development projects scheduled to open this year and another seven slated for 2022. Spread across France, Germany, the Netherlands and the U.K., the projects will add approximately 80,200 square meters to the company’s portfolio.
“The strong results are in comparison to the lockdown-affected growth of last year, but were additionally underscored by a very active property market, which has spurred demand and occupancy,” said CEO Marc Oursin. “People are finally feeling able to make the life decisions that had been put on hold last year, and the result is rising demand for storage. Growth accelerated from the first to the second quarter, and we ended the first half of 2021 with demand even ahead of 2019, before the pandemic changed the social and economic landscape.”
8/3/21 – Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust Public Storage Inc., will issue its quarterly and half-year earnings through June 30 at 7 a.m. CET on Aug. 19. The company will conduct a conference call to review financial results at 10 a.m. CET that same day.
Participants for the live call must sign up to receive a registrant ID at https://bit.ly/3ih9SVy. A digital replay will be accessible two hours after the completion of the call by clicking on the “Reports & Presentations” section of the Investors tab at corporate.shurgard.eu. The conference ID number is 81921.
Shurgard operates 245 self-storage facilities comprising 1.2 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 2,563 self-storage facilities in 38 states, with approximately 176 million net rentable square feet. It holds a 35% interest in Shurgard.
Shurgard, Interim H1 2021 Results