Shurgard Self Storage Releases 2019 Earnings Report

February 27, 2020

2 Min Read
Shurgard Self Storage Releases 2019 Earnings Report

Update 2/27/20 – Shurgard has released financial results for the fourth quarter and full year that 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 4.3 percent for the quarter. Same-store revenue grew 3.6 percent using CER. All stores’ NOI increased 2.6 percent after accounting for real estate tax accrual. NOI margin for the entire portfolio fell 1 percent to 63.9 percent, while same-store NOI margin fell 2.1 percent to 64.5 percent. Adjusted earnings on the European Public Real Estate Association (EPRA) Index were €27.3 million for the quarter, up 7.6 percent using CER.

Of the seven European markets in which Shurgard operates, the U.K. showed the largest same-store, year-over-year quarterly revenue gain at 6.4 percent using CER. The Netherlands was second at 3.9 percent, followed by France at 3.7 percent. Same-store locations in Denmark performed the weakest, with revenue equal to the same period a year ago, while same-store revenue in Belgium was up 1.5 percent.

For the year, operating-revenue growth was 5.4 percent using CER. Same-store revenue grew 2.2 percent. NOI margin for the entire portfolio grew .7 percent to 63.4 percent, while same-store NOI margin rose .4 percent to 63.9 percent. Adjusted earnings on the EPRA Index were €107.3 million, up 8.7 percent using CER.

2/13/20 – Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust Public Storage Inc., will release its 2019 earnings report on Feb. 26 at 7a.m. Central European Time. It’ll host a conference call the same day at 10 a.m. to discuss the financial results.

The dial-in numbers for the live conference call are 786.815.8293 and 833.883.0370 for U.S. callers and +352 27866996 for international callers. Additional numbers are available for callers in Belgium, France, Luxembourg, Netherlands and the United Kingdom. The conference ID is 5575619. A digital recording of the call will be available for playback two hours after its conclusion. The number for the replay is +44 8009172646 and the conference ID is 5575619.

Shurgard operates 237 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 2,468 self-storage facilities in 38 states, with approximately 167 million net rentable square feet. It holds a 35 percent interest in Shurgard.

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