Highlights Strong Full Year Results

Shurgard Self Storage

29/02/2024 06:00

Shurgard Self Storage Ltd  SHUR.BR :
    * SHURGARD SELF STORAGE LTD - HIGHLIGHTS: STRONG FULL YEAR
RESULTS
    * SHURGARD SELF STORAGE LTD - FY 9.0% PROPERTY OPERATING
REVENUE
INCREASE, SUPPORTED BY DOUBLE DIGIT GROWTH IN GERMANY, THE
NETHERLANDS AND THE UK
    * SHURGARD SELF STORAGE LTD - FY 9.9% INCOME FROM PROPERTY
(NOI)
GROWTH
    * SHURGARD SELF STORAGE LTD - FY 66.3% NOI MARGIN, AN
INCREASE OF
0.6PP COMPARED TO THE PRIOR YEAR
    * SHURGARD SELF STORAGE LTD - TOTAL DIVIDEND FOR THE YEAR OF
€1.17
PER SHARE (INCLUDING €0.59 PER SHARE FOR H2 2023)
    * SHURGARD SELF STORAGE LTD - END-FY EPRA NET TANGIBLE
ASSETS
(NTA) PER SHARE: €44.07, AN INCREASE OF 8.4% VERSUS. DECEMBER
31, 2022
    * SHURGARD SELF STORAGE LTD - END-FY CASH POSITION: €258.1
MILLION
    * SHURGARD SELF STORAGE LTD - END-FY NET DEBT/UNDERLYING
EBITDA:
3.1X(4)
    * SHURGARD SELF STORAGE LTD - WE EXPECT TO DELIVER A C. 7.5%
TOTAL
REVENUE GROWTH FOR THE YEAR 2024
    * SHURGARD SELF STORAGE LTD - IN 2024 WE PLAN TO HAVE A
STABLE NOI
MARGIN, AFTER BEING ABLE TO GAIN 2.7PP OVER THREE YEARS, WELL
AHEAD OF OUR GUIDANCE
    * SHURGARD SELF STORAGE LTD - IN 2024, WE PLAN TO ADD C.
90,000
SQM VIA REDEVELOPMENTS, NEW DEVELOPMENTS AND ACQUISITIONS
    * SHURGARD SELF STORAGE LTD - WE PLAN TO INVEST IN EXCESS OF
€300
MILLION IN 2024
    * SHURGARD SELF STORAGE LTD - OUR AVERAGE EFFECTIVE INCOME
TAX
RATE IS EXPECTED TO BE AT C. 17% IN 2024 (BASED ON ADJUSTED EPRA
EARNINGS BEFORE TAX)
    * SHURGARD SELF STORAGE LTD - SHURGARD INTENDS TO DECLARE A
DIVIDEND OF €1.17 PER SHARE FOR THE FISCAL YEAR

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