Shurgard Self Storage (SHUR) Q1 2026 earnings summary

Executive summary

• Real estate operating revenue grew 2.7% year-over-year to €114.6 million in Q1 2026, with property operating revenue up 3.1% at constant exchange rates.

• Same store revenue growth stabilized at 1.2% after a deceleration in 2025, driven by in-place rent improvements and stable occupancy at 88.1%.

• Adjusted EPRA earnings declined 3.8% and adjusted EPRA EPS fell 6.2%, mainly due to the dilutive impact of the 2025 scrip dividend, which has now ceased.

• Portfolio expansion continued with 15 new stores added, increasing rentable sqm by 6.2% year-over-year.

Financial highlights

• Operating profit was €54.7 million, down 0.6% year-over-year; profit for the period was €32.6 million, down 4.3%.

• Underlying EBITDA decreased 2.1% to €56.2 million, reflecting higher real estate taxes and operating expenses.

• NOI margin declined by 2.2 percentage points to 55.8%.

• Average occupancy rate for all stores was 83.1%, down 2.5 percentage points year-over-year.

Outlook and guidance

• 2026 outlook maintained: all stores revenue growth expected between 6.0% and 8.0% at CER.

• Underlying EBITDA guidance for 2026 is €278–289 million; adjusted EPRA earnings per share expected between €1.70 and €1.81.

• Medium-term (2027–2030) guidance targets 6–8% CAGR for revenue, EBITDA, and adjusted EPRA earnings.

• Dividend per share maintained at €1.17; leverage expected at 6.5x–6.8x net debt/EBITDA for 2026.