Shurgard Self Storage Releases Earnings Report for 2022 Fiscal Year

February 21, 2023

2 Min Read
Shurgard Self Storage Releases Earnings Report for 2022 Fiscal Year

Update 2/21/23 – Shurgard has released financial results for its 2022 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 11.7% for the 12 months. Same-store revenue grew 8.6% using CER. All stores’ NOI increased 13.6%. Same-store NOI margin grew 1.3% to 67.2%. Adjusted earnings on the European Public Real Estate Association Index were €143.6 million for the year, up 15% 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 11.7% using CER. Germany was second at 11.4%, followed by Belgium and the Netherlands at 9.4%. Same-store locations in Sweden performed the weakest, with revenue up 6.1%.

Shurgard has 20 new developments, conversions and expansions in its pipeline for 2023-24. Spread across France, Germany, the Netherlands, Sweden and the U.K., the projects will add approximately 32,500 square meters to the company’s portfolio.

“Shurgard has been preparing the foundations for growth for many years, and 2022 was the year we put our foot on the accelerator,” said CEO Marc Oursin. “As part of the ramp-up to building and acquiring 90,000 square meters annually by 2024, we have delivered accelerated revenue, margin and pipeline growth while also improving our leading ESG (environmental, social and governance) results.

“This exceptional performance is a consequence of a strategic focus on transformational change,” Oursin continued. “We are doing things faster and smarter, executed by our dedicated and committed teams that have once again delivered, and exceeded, our stretch targets. The inflationary environment across Europe looks set to continue into 2023, and we expect to manage these effects through a combination of operational efficiencies, digitization and cost optimization.”

1/13/23 – 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 earnings for the period ending Dec. 31 at 7 a.m. CET on Feb. 20. The company will conduct a management presentation to review financial results at noon CET that same day.

A link to the live webcast will be available at The webcast ID is 84805802397. Participants who wish to attend the London meeting in person must register via email at [email protected]. Following the presentation, attendees are invited to join the Shurgard management team for a “walking lunch.”

A video replay of the presentation will be accessible on Feb. 21 via the corporate-events page of

Shurgard operates 267 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 2,836 self-storage facilities in 40 states, with approximately 202 million net rentable square feet. It holds a 35% interest in Shurgard.

Subscribe to Our Weekly Newsletter
ISS is the most comprehensive source for self-storage news, feature stories, videos and more.

You May Also Like