Shurgard edges up on raised revenue guidance, strong H1

Shurgard Self Storage

19/08/2022 10:28

** Shares in Shurgard Self Storage  SHUR.BR  rise 2.1% after the
Luxembourg-based provider of warehousing and self-storage
services raised its 2022 revenue growth target on strong H1
results  urn:newsml:reuters.com:*:nFWN2ZU52R
    ** The stock is the top performer on the Euronext Brussels
mid-cap index  .BELM  which falls 0.88%
    ** The company reports all store property operating revenue
of 161.4 million euros ($162.7 million) in H1, up 12.3% YoY, and
a 15% rise in adjusted EPRA earnings to 64.5 million euros
    ** It raises 2022 guidance for all store revenue growth to
10%-12% vs previous forecast of above 7%
    ** "These figures confirm that growth momentum continues
into FY22," says KBC Securities
    ** "Shurgard has weathered the recent market turbulence very
well and we believe that will continue based on its long term
growth outlook," the broker adds
    ** Similarly, analysts at Stifel believe Shurgard's growing
strategy will continue upwards as the firm keeps opening new
stores and increase its occupancy with improving rents
    ** The group also proposes an interim dividend of 0.58 euros
per share, to be paid around end-September 
    ** Shares are down 8%​ YTD

($1 = 0.9921 euros)

 (Reporting by Dina Kartit)
 ((dina.kartit@thomsonreuters.com))