Brief: Shurgard Self Storage Q3 EBITDA Up At EUR 53 Mln

Shurgard Self Storage

03/11/2022 05:57

Nov 3 (Reuters) - SHURGARD SELF STORAGE SA  SHUR.BR :
    * CONTINUED STRONG OPERATIONAL PERFORMANCE WITH REVENUE
GROWTH IN
ALL MARKETS
    * SOLID YTD PERFORMANCE: 12.0% ALL STORES REVENUE GROWTH (AT
CER)
    * DELIVERING A GROWTH STRATEGY: PIPELINE FOR 2022, 2023 AND
2024
REPRESENTS 7% OF OUR NET RENTABLE SQM
    * INTENTION TO BECOME A UNITED KINGDOM REAL ESTATE
INVESTMENT
TRUST IN MARCH 2023
    * 2023-2024: FIVE REDEVELOPMENTS PLANNED FOR 2023-24
(12,100SQM)
IN MUNICH, RANDSTAD, STOCKHOLM AND LONDON
    * DELIVERED €39.3 MILLION OF ADJUSTED EPRA EARNINGS IN Q3,
REPRESENTING A GROWTH OF 12.7%
    * END-Q3 91.1% SAME STORE AVERAGE OCCUPANCY RATE (0.6PP
DECREASE
VERSUS. SAME PERIOD LAST YEAR)
    * 2023-2024: EIGHT PROJECTS SIGNED (41,000SQM) IN RANDSTAD,
LONDON, BERLIN, PARIS, STUTTGART AND NRW OF WHICH PERMITS HAVE
BEEN RECEIVED FOR THREE PROJECTS
    * INTENDS TO CONTINUE ITS EXPANSION PLANS AND WILL CONTINUE
TO
DECLARE A DIVIDEND OF €1.17 PER SHARE
    * CASH POSITION: €134.4 MILLION AS OF SEPTEMBER 30, 2022
    * LTV: 17.8% AS OF SEPTEMBER 30, 2022
    * END-SEPT EPRA NET TANGIBLE ASSETS (NTA) PER SHARE: €37.98,
AN
INCREASE OF 24.2% VERSUS. SEPTEMBER 30, 2021
    * 2022 OUTLOOK: WE PLAN TO ADD C. 49,000 SQM VIA
REDEVELOPMENT,
NEW DEVELOPMENTS AND ACQUISITIONS
    * 2022 OUTLOOK: BASED ON OUR STRONG YTD 2022 RESULTS, WE
REITERATE
OUR ALL STORE REVENUE GROWTH GUIDANCE OF 10%- 12% FOR 2022
VERSUS 2021
    * 2022 OUTLOOK: OUR AVERAGE EFFECTIVE INCOME TAX RATE IS
EXPECTED
TO REMAIN BELOW 20% IN 2022 (BASED ON ADJUSTED EPRA EARNINGS
BEFORE TAX)
    * Q3 PROPERTY OPERATING REVENUE EUR 85.0 MILLION VERSUS EUR
76.8
MILLION YEAR AGO
    * Q3 EBITDA EUR 53.0 MILLION VERSUS EUR 48.1 MILLION YEAR
AGO
    * Q3 INCOME FROM PROPERTY EUR 58.5 MILLION VERSUS EUR 53.6
MILLION
YEAR AGO
    * NET DEBT/ EBITDA: 3.9X AS OF SEPTEMBER 30, 2022

Source text for Eikon:  ID:nNDL8cDyYX 
Further company coverage:  SHUR.BR 
 (Gdansk Newsroom)
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