Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Belgium
  4. Euronext Bruxelles
  5. Shurgard Self-Storage S.A.
  6. News
  7. Summary
    SHUR   LU1883301340

SHURGARD SELF-STORAGE S.A.

(SHUR)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Shurgard Self Storage S A : Strong H1 results performance with revenue growth in all markets

08/19/2021 | 12:24am EDT

H1 2021 RESULTS PRESS RELEASE

Luxembourg, August 19, 2021

"Regulated Information"

Shurgard Self Storage SA

("Shurgard" or the "Company")

Interim H1 2021 results

January 1, 2021 to June 30, 2021

Strong H1 results performance with revenue growth in all markets

Solid organic development pipeline

Highlights:

H1 performance with strong results (at CER)*

  1. 7.7% Property operating revenue growth; o 7.3% Income from property (NOI) growth;
    o 5.1% Same store property operating revenue growth;
    o 89.7% Same store average occupancy rate (growth for the first six months of 2.1pp,); o 62.4% Same store NOI margin, up 0.6pp versus H1 2020;
    o Rental collection in June is in line with historical pattern at 98.4%;
    o Delivery of €61.4 million adjusted EPRA earnings, which represents a growth of 10.5%;
    o Our pipeline for 2021 2022 and 2023 represents 7% (or 86,911 sqm) of our total net rentable sqm.

Exceptional Q2 performance (at CER)*

  1. 8.4% Property operating revenue growth; o 9.1% Income from property (NOI) growth;
    o 6.2% Same store property operating revenue growth;
    o 91.7% Same store closing occupancy rate (growth for the quarter of 2.6pp,); o 67.1% Same store NOI margin, up 0.7pp versus Q2 2020.

(*) Constant Exchange Rate

1

H1 2021 RESULTS PRESS RELEASE

Resilient business model with very robust balance sheet

  1. Cash position: €77.4 million as of June 30, 2021;
  1. Undrawn revolving credit facility of €250 million - maturity extended by two years to 2025; o €100 million 2021 USPP maturity refinanced with a green USPP (€300 million Senior Notes) at
    1.24% with a maturity in 2031;
    o Long-term funding with next maturity in 2024; o LTV: 17.6% as of June 30, 2021;
    o Net debt/ EBITDA: 3.8x as of June 30, 2021;
    o EPRA NTA (net tangible assets) at €2,756.4 million, which represents a growth of 9.5% versus December 31, 2020;
    o 94% of our portfolio (excluding stores under management contract) is freehold;
    o 93% of our portfolio (excluding stores under management contract) is in capital cities and primary cities.

Interim dividend H1-2021

  1. €0.55 per share;
  1. Payment on or about October 1, 2021.

COVID-19 update

  1. Our stores operate normally with full observation of the rules to ensure protection of our

customers and employees;

  1. A fully digital end-to-end conversion process (e-RENTAL) is available for our customers in our seven markets;
  1. Continued positive growth versus 2020 in website traffic due to marketing optimization and

customer behavior;

  1. Same store move-ins went up by 2.8% year on year during H1 combined with a stable move- out volume (+0.2% year on year for H1);
  1. The net impact of this activity resulted in an increase in same store occupancy from 89.2% at June 30, 2020 to 91.7% at June 30, 2021;

July and August 2021 trend

  1. Same store property operating revenue growth of July and August 2021 is above the second quarter 2021.

Outlook 2021

  1. Based on our strong results, the guidance of All store revenue growth of 4-6% p.a. for 2021 versus 2020 will be exceeded and is raised to 8-10% p.a. for the year 2021.

2

H1 2021 RESULTS PRESS RELEASE

Marc Oursin, Shurgard's Chief Executive Officer, commented:

"Against the backdrop of a post-pandemic 'new normal', Shurgard has delivered a very strong first half year, with surging occupancy and solid revenue and earnings.

The strong results are in comparison to the lockdown-affected growth of last year but were additionally underscored by a very active property market which has spurred demand and occupancy. People are finally feeling able to make the life decisions that had been put on hold last year, and the result is rising demand for storage. Growth accelerated from the first to the second quarter, and we ended the first half of 2021 with demand even ahead of 2019, before the pandemic changed the social and economic landscape.

With a relative return to normalcy, our development pipeline is on track to add new stores and expand existing properties to meet growing storage demand.

We look forward to building on the strong momentum of the first half through the remainder of the year."

Half-yearreport 2021 published on our website today at 7:00 a.m. (CET): Click here for the Half-yearreport 2021

H1 2021 Results Presentation published on our website today at 7:00 a.m. (CET): Click here for the H1 2021 Results

Presentation

A conference call is scheduled this Thursday, August 19, 2021, at 10:00 a.m. (CET) to discuss these interim results.

Conference call

A conference call is scheduled this Thursday, August 19, 2021, at 10:00 a.m. (CET) to discuss these interim results.

Live conference

Please note that participants must register for this call. Upon registering, each will be provided with call details and a registrant ID used to track attendance on the conference call (conference ID number: 81921)

Online registration: to register click here

We will host an Investor Day, which is anticipated to be held virtually, on September 9, 2021 from 4pm to 6pm CET. During the Investor Day Shurgard's CEO and experienced management team will detail business update, including discussions of the Company's long-term strategy, growth initiatives, capital allocation priorities and sustainability.

A live webcast of the presentations will be available on the Investor Relations section of the Shurgard website at

https://corporate.shurgard.eu/

Would you like to register to the event, please connect to: https://corporate.shurgard.eu/investors/investor- day/2021/registration

3

H1 2021 RESULTS PRESS RELEASE

Unaudited financial information

Three months ended

Six months ended

(in € millions except where indicated)

June, 30

June, 30

% var.

% var.

June, 30

June, 30

% var.

% var.

2021

2020

CER (*)

2021

2020

CER (*)

All store

Number of stores

243

238

2.1%

243

238

2.1%

Closing rentable sqm (1)

1,236

1,202

2.8%

1,236

1,202

2.8%

Closing rented sqm (2)

1,122

1,065

5.3%

1,122

1,065

5.3%

Closing occupancy rate (3)

90.8%

88.6%

2.2pp

90.8%

88.6%

2.2pp

Average rented sqm (4)

1,099

1,040

5.6%

1,090

1,035

5.3%

Average occupancy rate (5)

89.0%

87.2%

1.8pp

88.4%

86.9%

1.4pp

Average in-place rent (in € per sqm) (6)

226.8

218.9

3.6%

2.2%

226.9

219.8

3.2%

2.2%

Average revPAM (in € per sqm) (7)

235.2

221.7

6.0%

4.7%

233.2

222.1

5.0%

4.0%

Property operating revenue (8)

72.6

66.1

9.8%

8.4%

143.8

132.2

8.8%

7.7%

Income from property (NOI) (9)

48.0

43.5

10.5%

9.1%

87.8

81.0

8.4%

7.3%

NOI margin (10)

66.2%

65.8%

0.4pp

0.4pp

61.1%

61.3%

-0.2pp

-0.3pp

EBITDA (11)

43.2

40.1

7.5%

6.1%

79.1

74.6

6.0%

4.8%

Adjusted EPRA earnings (12)

36.0

30.6

17.9%

15.3%

61.4

54.7

12.4%

10.5%

Adjusted EPRA earnings per share in € (basic) (13)

0.41

0.34

17.8%

15.1%

0.69

0.62

12.3%

10.4%

Same store

Number of stores

228

228

0.0%

228

228

0.0%

Closing rentable sqm (1)

1,159

1,157

0.1%

1,159

1,157

0.1%

Closing rented sqm (2)

1,063

1,032

3.0%

1,063

1,032

3.0%

Closing occupancy rate (3)

91.7%

89.2%

2.6pp

91.7%

89.2%

2.6pp

Average rented sqm (4)

1,044

1,016

2.7%

1,039

1,014

2.5%

Average occupancy rate (5)

90.1%

87.8%

2.3pp

89.7%

87.6%

2.1pp

Average in-place rent (in € per sqm) (6)

228.2

218.1

4.6%

3.3%

227.9

219.7

3.7%

2.7%

Average revPAM (in € per sqm) (7)

238.8

222.1

7.5%

6.1%

237.0

223.5

6.0%

5.0%

Property operating revenue (8)

69.2

64.3

7.6%

6.2%

137.3

129.3

6.2%

5.1%

Income from property (NOI) (9)

46.4

42.7

8.8%

7.3%

85.7

79.9

7.3%

6.1%

NOI margin (10)

67.1%

66.4%

0.7pp

0.7pp

62.4%

61.8%

0.6pp

0.6pp

Same store property operating revenue by country

France

17.1

16.5

3.3%

3.3%

34.1

33.2

2.9%

2.9%

The Netherlands

14.9

13.8

7.8%

7.8%

29.8

27.5

8.1%

8.1%

Sweden

11.5

10.4

10.3%

4.9%

22.7

21.0

8.3%

2.9%

The United Kingdom

11.8

10.4

14.1%

10.9%

23.1

21.3

8.6%

7.8%

Germany

4.8

4.7

2.8%

2.8%

9.6

9.4

2.0%

2.0%

Belgium

5.6

5.2

6.9%

6.9%

11.1

10.5

5.8%

5.8%

Denmark

3.5

3.2

7.9%

7.6%

6.9

6.5

6.7%

6.3%

Total

69.2

64.3

7.6%

6.2%

137.3

129.3

6.2%

5.1%

Same store average occupancy by country

France

88.8%

87.0%

1.8pp

88.6%

87.1%

1.5pp

The Netherlands

89.6%

89.0%

0.6pp

89.7%

88.2%

1.5pp

Sweden

92.8%

90.7%

2.2pp

92.0%

90.6%

1.4pp

The United Kingdom

89.1%

82.7%

6.4pp

88.1%

83.1%

5.0pp

Germany

89.2%

89.0%

0.2pp

88.7%

88.9%

-0.2pp

Belgium

90.1%

87.5%

2.6pp

89.9%

87.4%

2.5pp

Denmark

94.6%

90.5%

4.1pp

93.7%

89.6%

4.1pp

Total

90.1%

87.8%

2.3pp

89.7%

87.6%

2.1pp

(*) Constant Exchange Rate

Strong revenue performance in all markets due to an increase in both occupancy and in-place rent (on a same store basis at constant exchange rates for the six months ended June 30, 2021 unless otherwise indicated):

  • Overall, Shurgard operations showed strong resilience in this economic environment, with average same store occupancy increasing by 2.1pp and average in-place rent increasing by 2.7% compared to the prior year. Both metrics show an accelerated increase versus the first quarter of the year.
  • Same store revenue growth in France for the quarter (+3.3% versus 2.5% in Q1 2021) is mainly driven by higher occupancy (+1.8pp). Shurgard managed to keep rental rates stable while increasing the sqm rented, leading to a 2.9% revenue outperformance for 2021 compared to prior year;

4

H1 2021 RESULTS PRESS RELEASE

  • The Netherlands revenue performance remains the strongest within our markets at +8.1% versus prior year. This was mainly fueled by rate increases (+7.1% versus the prior year) combined with higher occupancy versus the prior year (+1.5pp);
  • Sweden ended the quarter with revenue up 4.9% versus the prior year, therefore vastly improving versus its performance in the first quarter of 2021 (1.0% revenue growth). Shurgard had managed to increase the speed of rate growth (+2.4% in Q2 vs +0.3% in Q1) as well as the speed of its occupancy growth (+2.2pp in Q2 vs +0.7pp in Q1);
  • In the United Kingdom, we have been able to increase our revenue growth to +10.9% for the second quarter (versus +4.8% in the previous quarter). This outstanding growth was mainly driven by improved occupancy levels (+6.4pp growth in Q2 2021 vs. Q2 2020, and +3.8pp growth in Q1 2021 vs. Q1 2020);
  • In Germany, we have been able to push rental rates in the first six months of 2021, resulting in a rental rate growth of +2.0%. We have managed to turn around the occupancy loss in the first quarter of the year (+0.2pp in Q2 vs -0.5pp in Q1), leading to a 2.0% revenue growth for 2021 compared to 2020;
  • Belgium has performed better than the prior year due to our ability to push occupancy (+2.5pp) while at the same time increasing rental rates (+2.0%) resulting in a 5.8% increase in revenue (with Q2 growth accelerating versus Q1);
  • Quarterly revenue growth in Denmark (+7.6%, versus +5.1% in Q1 2021) is mainly driven by our ability to push the rental rates up (+3.8% in Q2 versus +0.3% in Q1), while maintaining strong occupancy growth (+4.1pp in Q2 versus +4.3pp in Q1);
  • Positive impact of SEK FX rates (+5%) as well as the GBP (+1%).

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Shurgard Self Storage SA published this content on 19 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 August 2021 04:23:08 UTC.


© Publicnow 2021
All news about SHURGARD SELF-STORAGE S.A.
10/08SHURGARD SELF STORAGE S A : Signs Lease For Future Self-Storage Facility In Rotterdam, Net..
MT
10/08SHURGARD SELF STORAGE S A : 20211007 Shurgard signs a long term lease in Randstad
PU
10/07SHURGARD SELF STORAGE S A : signs a long term lease in Randstad
PU
10/06SHURGARD SELF STORAGE S A : Belgium's Shurgard Buys Two Self Storage Properties In UK
MT
10/06SHURGARD SELF STORAGE S A : 20211005 Shurgard completes acquisition of CitySpace Self Stor..
PU
10/05SHURGARD SELF STORAGE S A : completes acquisition of CitySpace Self Storage in Central Lon..
PU
10/05SHURGARD SELF STORAGE S A : 20210929 Shurgard reaches milestone of 250 stores after latest..
PU
10/05SHURGARD SELF STORAGE S A : Expands Store Network to 250 with New Facility Near Paris
MT
09/29SHURGARD SELF STORAGE S A : reaches milestone of 250 stores after latest opening in Paris ..
PU
09/23SHURGARD SELF STORAGE S A : unveils its strategy to accelerate mid-term growth - Investor ..
PU
More news
Analyst Recommendations on SHURGARD SELF-STORAGE S.A.
More recommendations
Financials
Sales 2021 294 M 341 M 341 M
Net income 2021 368 M 427 M 427 M
Net Debt 2021 595 M 691 M 691 M
P/E ratio 2021 11,9x
Yield 2021 2,30%
Capitalization 4 497 M 5 217 M 5 219 M
EV / Sales 2021 17,3x
EV / Sales 2022 16,5x
Nbr of Employees 751
Free-Float 64,5%
Chart SHURGARD SELF-STORAGE S.A.
Duration : Period :
Shurgard Self-Storage S.A. Technical Analysis Chart | SHUR | LU1883301340 | MarketScreener
Technical analysis trends SHURGARD SELF-STORAGE S.A.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 9
Last Close Price 50,60 €
Average target price 50,67 €
Spread / Average Target 0,13%
EPS Revisions
Managers and Directors
Marc Pierre Francois Oursin Chief Executive Officer & Director
Jean L. H. Kreusch Chief Financial Officer
Ronald L. Havner Chairman
Duncan Bell Vice President-Operations
Frank Fiskers Independent Non-Executive Director
Sector and Competitors