Shurgard jumps on FY revenue growth, guidance hike

Shurgard Self Storage

23/02/2022 09:18

** Shares in Shurgard Self Storage  SHUR.BR  are up 3% after
the company reported FY revenue growth and hiked 2022 outlook
 urn:newsml:reuters.com:*:nFWN2UX1PW
    ** The Luxembourg-based provider of warehousing and
self-storage services says FY all-store revenue rose 9.5% vs.
guidance of 8-10%, with income from property increasing to 194.4
million euros ($220.53 million)
    ** "Revenue growth largely achieved by pricing with in place
rent up 9.1% and revPAM up 8.7% yoy," says JP Morgan in a note
    ** The broker sees the 2022-2023 development pipeline as
"much improved", calling the balance sheet "very strong"
    ** "These figures confirm that growth momentum has
accelerated into 4Q21," says KBC Securities, noting also the
updated 2022 revenue growth to above 7% from 6% previously
    ** KBC says overall profitability is mainly driven by higher
rents per sqm on the back of rising occupancy levels 
    ** Including today's move, the stock is down 11.7%
year-to-date

($1 = 0.8815 euros)

 (Reporting by Clement Martinot)
 ((Clement.martinot@tr.com))