Luxembourg-headquartered Shurgard Self Storage SA has announced a 7.6% growth on €54.7 million income for the first half of 2020, in figures just released.
H1 performance with strong results (at Constant Exchange Rate - CER)
- Property operating revenue growth for the first six months of 5.2%;
- Income from property (NOI) growth for the first six months of 5.5%;
- Same store property operating revenue growth for the first six months of 3.8%;
- Same store average occupancy rate at 88.1% (growth for the first six months of 0.9pp) and closing occupancy at 89.6%, up 1.3pp versus last year;
- Same store NOI margin of 61.9%, up 0.5pp;
- EBITDA growth of 8.8%;
- Delivery of €54.7 million adjusted EPRA earnings, which represents a growth of 7.6%;
- Its expansion portfolio of 24 projects which represent 8% (or 96,900 sqm) of its net rentable sqm for €199.4 million is in line with its last communication.
Solid Q2 performance (at CER)
- Property operating revenue growth for the quarter of 5.0%;
- Income from property (NOI) growth for the quarter of 4.6%;
- Successful acquisition of four properties from ZeitLager in Munich on 14 May 2020;
- Same store property operating revenue growth for the quarter of 3.0%;
- Same store average occupancy rate at 88.3% (growth for the quarter of 0.9pp, higher than the growth of Q1 at 0.7pp);
- Deceleration of growth of the in-place rent (+1.8% versus +3.0% in Q1) due to temporary additional discounts and postponed rate increases to existing customers due to COVID-19 crisis;
- Rental collection was never really impacted. June is in line with historical pattern at 96.9%.
Marc Oursin, Shurgard’s Chief Executive Officer, commented “The first half of the year has been a tale of two contrasting quarters as our customers and employees reacted to lockdowns of varying intensities. Yet, in the midst of the global pandemic, Shurgard delivered revenue and earnings growth, responding to the unique challenges of the COVID-19 crisis and ensuring the safety of our staff and customers. As each of our markets has reopened, we have restarted paused developments and are once again ramping up the sales trajectory. The challenges we faced during Q2 demonstrate Shurgard’s resilience.”
Headquartered in Luxembourg, Shurgard is the largest provider of self storage in Europe. The company owns and/or operates 241 self-storage centres and approximately 1.2 million net rentable square metres in seven countries: the Netherlands, France, Sweden, the United Kingdom, Belgium, Germany and Denmark. Shurgard’s European network currently serves 160,000 customers and employs approximately 700 people.
