Brief: Shurgard Self Storage End-Sept Cash Position At Hand Of EUR 82.8 Million

Shurgard Self Storage

03/11/2023 06:08

Nov 3 (Reuters) - Shurgard Self Storage Ltd  SHUR.BR :
    * END-SEPT CASH POSITION AT HAND: €82.8 MILLION
    * Q3 IN-PLACE RENT GROWTH (+6.8%) AND STABLE HIGH OCCUPANCY
(90.5%) FOR OUR SAME STORE POOL
    * OUTLOOK: RECONFIRMS TO DELIVER ABOVE 8% TOTAL REVENUE
GROWTH FOR
THE YEAR 2023
    * OUTLOOK 2023:  SHURGARD INTENDS TO DECLARE A DIVIDEND OF
€1.17
PER SHARE FOR THE FISCAL YEAR
    * OUTLOOK 2023: OUR AVERAGE EFFECTIVE INCOME TAX RATE IS
EXPECTED
TO BE AT C. 18% IN 2023 (BASED ON ADJUSTED EPRA  EARNINGS BEFORE
TAX)
    * Q3 TOTAL COMPANY ADJUSTED. EPRA EARNINGS GROWTH OF 12.6%
    * OUTLOOK 2023: FOR ALL PROPERTY 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%)
    * OUTLOOK 2023: WE PLAN TO ADD C. 70,000 SQM (OR C. €150
MILLION)
VIA REDEVELOPMENTS, NEW DEVELOPMENTS AND  ACQUISITIONS
    * OUTLOOK 2023: OUR 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
    * Q3 DELIVERED €42.7 MILLION OF ADJUSTED EPRA EARNINGS
    * Q3 +5.1% SAME STORE PROPERTY OPERATING REVENUE GROWTH
    * Q3 +90.8% SAME STORE AVERAGE OCCUPANCY RATE

Source text: https://tinyurl.com/3hnvv3ap
Further company coverage:  SHUR.BR 

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