Brief: Shurgard Self Storage Sees All Store Revenue Growth Above 7% For 2022

Shurgard Self Storage

23/02/2022 06:42

Feb 23 (Reuters) - Shurgard Self Storage SA  SHUR.BR :
    * PROPOSED TOTAL DIVIDEND FOR THE YEAR IS €1.17 PER SHARE UP
10.4%
YEAR ON YEAR
    * CASH POSITION: €219.2 MILLION AS OF DECEMBER 31, 2021
    * DELIVERY OF €131.0 MILLION ADJUSTED EPRA EARNINGS,
REPRESENTING
A GROWTH OF 9.4%
    * NET DEBT/ EBITDA: 3.8X AS OF DECEMBER 31, 2021
    * 2022 OUTLOOK: WE ARE RAISING OUR ALL STORE REVENUE GROWTH
FROM
C. 6% P.A. TO ABOVE 7% FOR THE YEAR 2022
    * 2022 OUTLOOK: WE PLAN TO ADD 12 PROPERTIES OR C. 49,000
SQM: SIX
PROPERTIES OR C. 29,000 SQM AS NEW DEVELOPMENTS AND SIX
PROPERTIES OR C. 20,000 SQM AS ACQUISITIONS
    * 2022 OUTLOOK: OUR AVERAGE EFFECTIVE INCOME TAX RATE IS
EXPECTED
TO REMAIN BELOW 20% IN 2022 (BASED ON ADJUSTED EPRA EARNINGS
BEFORE TAX)
    * WE ARE TARGETING C. 6% GROWTH P.A. FOR ALL STORE REVENUE
IN THE
MEDIUM TERM
    * AS OF 2024, WE PLAN TO ADD 16 PROPERTIES OR C. 90,000 SQM
PER
YEAR: TEN PROPERTIES OR 70,000 SQM PER YEAR FROM NEW
DEVELOPMENTS AND SIX PROPERTIES OR C. 20,000 SQM FROM
ACQUISITIONS;
    * IN 2023, WE PLAN TO ADD 13 PROPERTIES: SEVEN PROPERTIES
FROM NEW
DEVELOPMENTS AND SIX PROPERTIES FROM ACQUISITIONS
    * WE REFINE OUR GUIDANCE ON EFFECTIVE INCOME TAX: IN THE
MID-TERM,
WE EXPECT OUR EFFECTIVE TAX RATE TO REACH APPROXIMATELY 22% IN
2025 (BASED ON ADJUSTED EPRA EARNINGS BEFORE TAX, BASED ON
CURRENT TAX LAWS)
    * AS FROM THE FISCAL YEAR 2022 ONWARDS, SHURGARD INTENDS TO
DECLARE A DIVIDEND OF EUR 1.17 PER SHARE FOR THE FISCAL YEAR
    * THE GROUP WILL CONTINUE PAYING AN INTERIM DIVIDEND AND
AIMS TO
PAY THIS IN OCTOBER OF THE SAME CALENDAR YEAR (EUR 0.58 PER
SHARE)
    * FY ALL STORE INCOME FROM PROPERTY (NOI) EUR 194.4 MILLION
VERSUS
EUR 174.7 MILLION YEAR AGO
    * FY PROPERTY OPERATING REVENUE EUR 284.3 MLN VS EUR 262.6
MLN
YEAR AGO
    * FY EBITDA EUR 174.9 MLN VS EUR 157.3 MLN YEAR AGO

Source text for Eikon:  ID:nNDL6nv6mn 
Further company coverage:  SHUR.BR 

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