Brief: Shurgard Self Storage Q1 EBITDA Rises To EUR 44.4 Million

Shurgard Self Storage

10/05/2023 06:21

May 10 (Reuters) - Shurgard Self Storage Ltd  SHUR.BR :
    * END-MARCH CASH POSITION: €105.3 MILLION
    * Q1 DELIVERED €30.2 MILLION OF ADJUSTED EPRA EARNINGS,
REPRESENTING A GROWTH OF 12.1%
    * END-Q1 LTV: 17.5%
    * WE EXPECT TO DELIVER ABOVE 8% TOTAL REVENUE GROWTH FOR THE
YEAR
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
    * 2023 OUTLOOK: WE PLAN TO ADD C. 70,000 SQM (OR C. €150
MILLION)
VIA REDEVELOPMENT, NEW DEVELOPMENTS AND ACQUISITIONS
    * 2023 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%)
    * 2023 OUTLOOK: SHURGARD INTENDS TO DECLARE A DIVIDEND OF
€1.17
PER SHARE FOR THE FISCAL YEAR
    * OUR AVERAGE EFFECTIVE INCOME TAX RATE IS EXPECTED TO BE AT
C.
18% IN 2023 (BASED ON ADJUSTED EPRA EARNINGS BEFORE TAX)
    * Q1 SAME STORE AVERAGE OCCUPANCY RATE AT 90.2% (0.2PP
GROWTH
VERSUS. SAME PERIOD LAST YEAR)
    * Q1 PROPERTY OPERATING REVENUE EUR 86.7 MILLION VERSUS EUR
80.0
MILLION YEAR AGO
    * Q1 EBITDA EUR 44.4 MILLION VERSUS EUR 41.3 MILLION YEAR
AGO

Source text for Eikon:  ID:nNDL54zSbL 
Further company coverage:  SHUR.BR 

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