Shurgard Self Storage FY Underlying EBITDA Growth +12.2%
Shurgard Self Storage Ltd 
SHUR:
FY UNDERLYING EBITDA GROWTH +12.2%
END FY ADJUSTED EPRA EARNINGS GREW BY 5.0% AND REACHED €167.4 MILLION
FY 12.2% GROWTH IN ALL STORE NET OPERATING INCOME (NOI)
EXPECT TO DELIVER AN ADDITIONAL NOI OF C. €100 MILLION PER YEAR AT MATURITY, BASED ON OUR 8-9% RETURN REQUIREMENT
FULL YEAR REVENUE GROWTH OF 13.0% IN 2024, REACHING €406.7 MILLION
FY INCOME FROM PROPERTY (NOI) EUR 267.7 MILLION
2025 OUTLOOK (AT CER): IMPROVEMENT OF UNDERLYING EBITDA MARGIN +0.5PP
SEES IN 2025 DIVIDEND €1.17 PER SHARE P.A. WITH OPTIONAL SCRIP DIVIDEND (C. 2% SHARES DILUTION)
2025 OUTLOOK (AT CER): ADJUSTED. EPRA EARNINGS EFFECTIVE TAX RATE C. 18.5%
2025 OUTLOOK (AT CER): NET INTEREST EXPENSES C. €50 MILLION
2025 OUTLOOK (AT CER): DIVIDEND €1.17 PER SHARE P.A. WITH AN OPTIONAL SCRIP DIVIDEND (C. 2% SHARES DILUTION)
MEDIUM-TERM GUIDANCE (AT CER): ALL STORE REVENUE AND NOI GROWTH ABOUT 8%
MEDIUM-TERM GUIDANCE (AT CER): DOUBLE-DIGIT GROWTH IMPROVEMENT OF UNDERLYING EBITDA
MEDIUM-TERM GUIDANCE (AT CER): NET DEBT INCREASE OF ABOUT 10% IN 2026, THEREAFTER ABOUT 2%
MEDIUM-TERM GUIDANCE (AT CER): DIVIDEND €1.17 PER SHARE P/A WITH OPTIONAL SCRIP (ABOUT 2% SHARES DILUTION)
EUR 142.6 MILLION CASH AVAILABLE AT YEAR-END, LTV OF 23.3%
