Brief: Shurgard H1 Adj. EPRA Earnings Rise 13.9% To EUR 71.8 Mln

Shurgard Self Storage

18/08/2023 06:04

Aug 18 (Reuters) - Shurgard Self Storage Ltd  SHUR.BR :
    * INTERIM H1 2023 RESULTS
    * H1 LTV: 18.0%
    * HALF-YEAR DIVIDEND OF €0.58 PER SHARE – PAYMENT ON OR
ABOUT
OCTOBER 5, 2023
    * H1 EPRA NET TANGIBLE ASSETS (NTA) PER SHARE: €42.23, AN
INCREASE
OF 3.8% VERSUS. DECEMBER 31, 2022
    * OUTLOOK: EXPECT TO DELIVER ABOVE 8% TOTAL REVENUE GROWTH
FOR THE
YEAR 2023
    * HALF-YEAR DIVIDEND OF €0.58 PER SHARE – PAYMENT ON OR
ABOUT
OCTOBER 5, 2023
    * END-H1 CASH POSITION: €57.2 MILLION
    * H1 NET DEBT/EBITDA: 4.1X
    * IN H1 DELIVERED €71.8 MILLION OF ADJUSTED EPRA EARNINGS,
REPRESENTING A GROWTH OF 13.9%
    * OUTLOOK: TARGET OF C. 2PP GROWTH FOR ALL STORE NOI MARGIN
VERSUS. 2020 HAS BEEN ACHIEVED IN 2022, AHEAD OF OUR  MEDIUM
TERM GUIDANCE OF 2024. IN 2023, WE PLAN A 0.2PP NOI MARGIN
GROWTH FOR ALL STORES
    * SHURGARD INTENDS TO DECLARE A DIVIDEND OF €1.17 PER SHARE
FOR
THE FISCAL YEAR
    * OUTLOOK: WE PLAN TO ADD C. 70,000 SQM (OR C. €150 MILLION)
VIA
REDEVELOPMENTS, NEW DEVELOPMENTS AND  ACQUISITIONS
    * Q2 IN-PLACE RENT GREW 6.8% COMPARED TO Q2 2022
    * OUTLOOK: FOR ALL INVESTMENT DECISIONS TAKEN AS FROM 2023,
WE ARE
INCREASING OUR EXPECTED PROPERTY YIELD TO C. 8%  TO 9% AT
MATURITY (FROM C. 7% TO 8%
    * ACROSS WHOLE COMPANY,  MARGINS ROSE BY 0.4PP IN H1 2023
VERSUS
H1 2022

Source text for Eikon:  ID:nNDL1GYBHH 
Further company coverage:  SHUR.BR 

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