Cash flow Shurgard Self-Storage Ltd.

Equities

SHUR

GG00BQZCBZ44

Specialized REITs

Market Closed - Euronext Bruxelles Other stock markets 16:55:00 14/05/2026 BST			After hours 20:59:40
23.65 ^EUR	-6.34%		23.70	+0.21%

02:57pm	Berenberg Maintains Shurgard's Estimates After Q1 Results; Price Target, Rating Kept	MT
05-13	Shurgard self storage Q1 underlying EBITDA EUR 56.2 mln	RE

277.QtZ7ZQOYTv10UXawhimgsEzN47QnnOq7OLr4YhzrumE.EaMsA2TuKLcSJhXvx1DExC_-0JlorqzdVeqqKi-siSUusSoyQdwkygI4AQ

Published financial data: SHURGARD SELF-STORAGE LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Rental Revenues	300M	335M	358M	407M	451M
Total Revenues	300M	335M	358M	407M	451M
Property Expenses	100M	108M	114M	131M	146M
Selling General & Admin Expenses, Total	28.5M	31.68M	35.85M	39.46M	45.37M
Other Operating Expenses	-	-	926K	6.93M	1.11M
Total Operating Expenses	129M	140M	151M	177M	193M
Operating Income (REIT / Utility Template)	172M	196M	207M	229M	258M
Interest Expense, Total	-19.98M	-20.75M	-23.25M	-	-52.28M
Interest and Investment Income	-	54K	3.12M	-	2.56M
Net Interest Expenses	-19.98M	-20.7M	-20.13M	-	-49.72M
Currency Exchange Gains (Loss)	15K	-89K	-143K	-	-33K
Other Non Operating Income (Expenses)	-	-	-	-34.63M	3K
EBT, Excl. Unusual Items	152M	175M	187M	194M	208M
Restructuring Charges	-	-	-	-	-
Total Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	-
Asset Writedown	467M	586M	294M	331M	520M
Insurance Settlements	6.52M	-	-	-	-
Other Unusual Items	-	775K	5K	-	-1.01M
EBT, Incl. Unusual Items	625M	762M	481M	525M	727M
Income Tax Expense	177M	186M	-53.28M	122M	128M
Earnings From Continuing Operations	448M	576M	534M	404M	599M
Net Income to Company	448M	576M	534M	404M	599M
Minority Interest	-738K	-1.32M	-1.09M	-827K	-1.52M
Net Income - (IS)	447M	574M	533M	403M	598M
Net Income to Common Incl Extra Items	447M	574M	533M	403M	598M
Net Income to Common Excl. Extra Items	447M	574M	533M	403M	598M
Per Share Items
Net EPS - Basic	5.03	6.45	5.91	4.13	6
Basic EPS - Continuing Operations	5.03	6.45	5.91	4.13	6
Basic Weighted Average Shares Outstanding	88.84M	89.1M	90.21M	97.64M	99.55M
Net EPS - Diluted	5	6.4	5.89	4.11	5.99
Diluted EPS - Continuing Operations	5	6.4	5.89	4.11	5.99
Diluted Weighted Average Shares Outstanding	89.4M	89.71M	90.53M	97.94M	99.77M
Normalized Basic EPS	1.06	1.21	1.28	1.24	1.29
Normalized Diluted EPS	1.05	1.2	1.28	1.23	1.29
Dividend Per Share	1.17	1.17	1.17	1.17	1.17
Payout Ratio	22.27	18.62	19.56	17.5	5.38
Supplemental Items
EBITDA	172M	196M	207M	232M	264M
EBITA	172M	196M	207M	232M	263M
EBIT	172M	196M	207M	229M	258M
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	28.35	24.45	-11.07	23.18	17.59
Total Current Taxes	26.02M	30.31M	29.42M	34.87M	38.81M
Total Deferred Taxes	151M	156M	-82.7M	86.95M	89.12M
Normalized Net Income	94.03M	108M	116M	121M	129M
Interest Capitalized	1.72M	1.32M	2.16M	2.61M	5.42M
Interest on Long-Term Debt	21.08M	22.07M	22.81M	38.86M	57.7M
Supplemental Operating Expense Items
Marketing Expenses	8.26M	9.16M	9.89M	11.89M	14.59M
Selling and Marketing Expenses	8.26M	9.16M	9.89M	11.89M	14.59M
General and Administrative Expenses	20.24M	22.52M	25.96M	27.57M	30.78M
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Maintenance & Repair Expenses, Total	9.89M	10.91M	13.28M	13.94M	15.12M
Stock-Based Comp., G&A Exp. (Total)	-	3.9M	4.18M	4.43M	4.99M
Stock-Based Comp., Other (Total)	2.78M	531K	103K	-	-
Total Stock-Based Compensation	2.78M	4.43M	4.29M	4.43M	4.99M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Gross Property Plant And Equipment	3.86B	4.53B	5.05B	6.42B	7.14B
Accumulated Depreciation	-7.24M	-8.12M	-8.93M	-8.8M	-9.55M
Net Property Plant And Equipment	3.85B	4.53B	5.04B	6.41B	7.13B
Total Real Estate Assets	3.85B	4.53B	5.04B	6.41B	7.13B
Cash And Equivalents	219M	87.34M	258M	143M	55.96M
Accounts Receivable, Total	16.37M	18.67M	19.73M	29.57M	51.76M
Other Receivables	1.53M	1.32M	3.16M	-	1.46M
Other Intangibles, Total	5.93M	6.73M	7.66M	13.84M	11.76M
Other Current Assets, Total	6.42M	6.94M	17.09M	16.36M	16.06M
Deferred Tax Assets Long-Term (Collected)	1.72M	972K	891K	147K	3.54M
Other Long-Term Assets, Total	1.07M	11.33M	8.98M	6.69M	7.82M
Total Assets	4.1B	4.66B	5.35B	6.62B	7.28B
Liabilities
Current Portion of Long-Term Debt	-	-	99.95M	130M	99.95M
Current Portion of Leases	3.89M	4.16M	4.43M	6.01M	6.9M
Long-Term Debt	798M	798M	698M	1.35B	1.46B
Long-Term Leases	84.48M	95.66M	106M	140M	134M
Accounts Payable, Total	43.68M	56.07M	61.73M	115M	78.56M
Accrued Expenses, Total	11.01M	12.28M	12.9M	27.56M	35.38M
Current Income Taxes Payable	4.24M	6.6M	5.54M	10.85M	9.18M
Unearned Revenue, Current	30.23M	32.46M	34.83M	40.31M	40.93M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	7.01M	5.72M	8.71M	1.14M	685K
Deferred Tax Liability Non-Current	642M	781M	699M	782M	881M
Other Non Current Liabilities	140K	-	-	-	4.16M
Total Liabilities	1.62B	1.79B	1.73B	2.6B	2.75B
Common Stock, Total	61.38M	63.61M	69.45M	70.29M	72.06M
Additional Paid In Capital	540M	540M	832M	876M	958M
Retained Earnings	1.92B	2.39B	2.82B	3.11B	3.59B
Comprehensive Income and Other	-48.34M	-130M	-103M	-40.06M	-102M
Total Common Equity	2.47B	2.86B	3.61B	4.01B	4.51B
Minority Interest	5.5M	6.82M	7.9M	8.73M	10.26M
Total Equity	2.48B	2.87B	3.62B	4.02B	4.53B
Total Liabilities And Equity	4.1B	4.66B	5.35B	6.62B	7.28B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	89.04M	89.13M	97.31M	98.49M	101M
ECS Total Common Shares Outstanding	89.04M	89.13M	97.31M	98.49M	101M
Book Value / Share	27.77	32.1	37.14	40.73	44.71
Tangible Book Value	2.47B	2.85B	3.61B	4B	4.5B
Tangible Book Value Per Share	27.7	32.02	37.06	40.59	44.6
Total Debt	886M	898M	909M	1.63B	1.7B
Net Debt	667M	810M	651M	1.48B	1.64B
Debt Equivalent of Unfunded Proj. Benefit Obligation	100K	-200K	-300K	-500K	-600K
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	5.5M	6.82M	7.9M	8.73M	10.26M
Account Code - Inventory Valuation	3	3	3	3	3
Buildings, Total	1.59M	1.58M	1.58M	1.99M	1.98M
Machinery, Total	5.43M	5.66M	5.78M	6.09M	6.27M
Full Time Employees	771	716	709	836	813
Accumulated Allowance for Doubtful Accounts (Supple)	7.78M	5.22M	6.48M	8.09M	8.1M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	447M	574M	533M	403M	598M
Depreciation, Depletion & Amortization	1.01M	1.02M	1M	1.04M	1.12M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	3.08M	5.18M
Total Depreciation, Depletion & Amortization	1.01M	1.02M	1M	4.12M	6.3M
Amortization of Deferred Charges, Total	1.61M	1.85M	2.38M	-	-
(Gain) Loss On Sale of Asset - (CF)	-	-	-	-	-
Total Asset Writedown	-467M	-586M	-294M	-331M	-520M
Stock-Based Compensation (CF)	2.78M	4.43M	4.29M	4.08M	4.38M
Change in Accounts Receivable	-9.44M	-5.08M	-6.28M	8.23M	-21.56M
Change in Other Net Operating Assets (Collected)	13.63M	16.74M	11.34M	-4.76M	7.62M
Other Operating Activities	172M	179M	-64.33M	125M	141M
Cash from Operations	162M	187M	187M	209M	216M
Acquisition of Real Estate Assets, Total	-129M	-188M	-180M	-915M	-299M
Sale of Real Estate Assets, Total	5.72M	4.7M	-	9.57M	1.03M
Net Sale / Acquisition of Real Estate Assets	-123M	-183M	-180M	-905M	-298M
Cash Acquisitions	-	-	-	-	-
Purchase / Sale of Intangible Assets	-1.87M	-2.65M	-3.3M	-4.12M	-3.27M
Other Investing Activities, Total	-	2M	3.12M	6.02M	2.3M
Cash from Investing	-125M	-184M	-180M	-903M	-299M
Long-Term Debt Issued, Total	300M	-	160M	1.32B	500M
Total Debt Issued	300M	-	160M	1.32B	500M
Long-Term Debt Repaid, Total	-106M	-4.59M	-164M	-630M	-424M
Total Debt Repaid	-106M	-4.59M	-164M	-630M	-424M
Issuance of Common Stock	5.09M	2M	300M	1.34M	-
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-99.51M	-107M	-104M	-70.51M	-32.14M
Common & Preferred Stock Dividends Paid	-99.51M	-107M	-104M	-70.51M	-32.14M
Other Financing Activities, Total	-20.71M	-21.87M	-29.39M	-47.86M	-47.07M
Cash from Financing	79.1M	-131M	162M	568M	-3.66M
Foreign Exchange Rate Adjustments	814K	-2.97M	1.41M	10.83M	-27K
Net Change in Cash	116M	-132M	171M	-116M	-86.62M
Supplemental Items
Cash Interest Paid	19.2M	21.84M	24.1M	31.87M	43.31M
Cash Income Tax Paid (Refund)	26.12M	28.86M	32.41M	32.13M	39.14M
Net Debt Issued / Repaid	194M	-4.59M	-4.34M	685M	75.55M
Levered Free Cash Flow	111M	128M	117M	212M	83.11M
Unlevered Free Cash Flow	124M	141M	131M	212M	116M
Change In Net Working Capital	-12.85M	-14.35M	2.46M	-65.19M	53.46M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	2.88	2.79	2.58	2.39	2.32
Return on Total Capital	3.5	3.43	3.12	2.81	2.72
Return On Equity %	19.59	21.53	16.47	10.56	14.03
Return on Common Equity	19.6	21.53	16.47	10.57	14.02
Margin Analysis
Gross Profit Margin %	66.62	67.8	68.12	67.76	67.58
SG&A Margin	9.49	9.45	10.02	9.71	10.06
EBITDA Margin %	57.22	58.44	57.93	57.18	58.5
EBITA Margin %	57.13	58.36	57.84	57.11	58.42
EBIT Margin %	57.13	58.36	57.84	56.35	57.28
Income From Continuing Operations Margin %	149.01	171.67	149.31	99.3	132.92
Net Income Margin %	148.76	171.28	149	99.1	132.58
Net Avail. For Common Margin %	148.76	171.28	149	99.1	132.58
Normalized Net Income Margin	31.3	32.21	32.31	29.69	28.56
Levered Free Cash Flow Margin	37	38.19	32.59	52.16	18.43
Unlevered Free Cash Flow Margin	41.16	42.06	36.65	52.16	25.68
Asset Turnover
Asset Turnover	0.08	0.08	0.07	0.07	0.06
Fixed Assets Turnover	0.09	0.08	0.07	0.07	0.07
Receivables Turnover (Average Receivables)	20.93	19.14	18.64	16.49	11.09
Short Term Liquidity
Current Ratio	2.43	0.97	1.31	0.57	0.46
Quick Ratio	2.37	0.92	1.23	0.52	0.4
Operating Cash Flow to Current Liabilities	1.61	1.59	0.82	0.63	0.79
Days Sales Outstanding (Average Receivables)	17.44	19.07	19.58	22.19	32.92
Average Days Payable Outstanding	146.81	168.64	188.4	246.76	241.89
Long Term Solvency
Total Debt/Equity	35.75	31.31	25.1	40.46	37.58
Total Debt / Total Capital	26.34	23.84	20.06	28.81	27.32
LT Debt/Equity	35.59	31.16	22.22	37.08	35.22
Long-Term Debt / Total Capital	26.22	23.73	17.76	26.4	25.6
Total Liabilities / Total Assets	39.6	38.46	32.35	39.31	37.81
EBIT / Interest Expense	8.59	9.43	8.91	-	4.94
EBITDA / Interest Expense	8.64	9.48	8.95	-	5.06
(EBITDA - Capex) / Interest Expense	8.64	9.47	8.94	-	5.06
Total Debt / EBITDA	5.13	4.56	4.37	6.98	6.43
Net Debt / EBITDA	3.86	4.12	3.13	6.36	6.22
Total Debt / (EBITDA - Capex)	5.13	4.57	4.37	7	6.43
Net Debt / (EBITDA - Capex)	3.86	4.13	3.13	6.38	6.22
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	10.68	11.62	6.75	13.57	10.91
Gross Profit, 1 Yr. Growth %	12.13	13.62	7.24	12.97	10.63
EBITDA, 1 Yr. Growth %	9.54	12.46	4.44	10.1	11.69
EBITA, 1 Yr. Growth %	10.82	14.03	5.81	11.74	11.69
EBIT, 1 Yr. Growth %	10.82	14.03	5.81	10.26	10.95
Earnings From Cont. Operations, 1 Yr. Growth %	54.42	28.6	-7.16	-24.46	48.46
Net Income, 1 Yr. Growth %	54.36	28.52	-7.13	-24.46	48.38
Diluted EPS Before Extra, 1 Yr. Growth %	53.85	28	-7.97	-30.22	45.74
Normalized Net Income, 1 Yr. Growth %	11	14.84	7.09	3.97	4.7
Net Property, Plant and Equip., 1 Yr. Growth %	20.02	17.56	11.3	27.31	11.13
Accounts Receivable, 1 Yr. Growth %	32.68	14.06	5.67	49.85	75.06
Total Assets, 1 Yr. Growth %	22.85	13.59	14.89	23.71	9.86
Common Equity, 1 Yr. Growth %	18.45	15.71	26.33	10.98	12.56
Tangible Book Value, 1 Yr. Growth %	18.49	15.72	26.36	10.83	12.66
Cash From Operations, 1 Yr. Growth %	10.76	15.44	0.44	11.33	3.47
Capital Expenditures, 1 Yr. Growth %	-	-	-	517.09	-76.87
Levered Free Cash Flow, 1 Yr. Growth %	21.61	14.18	-8.84	81.11	-56.65
Unlevered Free Cash Flow, 1 Yr. Growth %	19.6	13.14	-7.15	61.11	-45.99
Dividend Per Share, 1 Yr. Growth %	10.38	0	0	0	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	8.1	11.15	9.16	10.11	12.23
Gross Profit, 2 Yr. CAGR %	8.97	12.87	10.38	10.07	11.79
EBITDA, 2 Yr. CAGR %	8.93	11.75	9.09	8.21	11.77
EBITA, 2 Yr. CAGR %	9.47	12.41	9.84	8.92	12.6
EBIT, 2 Yr. CAGR %	9.47	12.41	9.84	8.2	11.49
Earnings From Cont. Operations, 2 Yr. CAGR %	72.74	40.92	9.27	-16.26	5.9
Net Income, 2 Yr. CAGR %	73.02	40.85	9.25	-16.25	5.87
Diluted EPS Before Extra, 2 Yr. CAGR %	73.03	40.33	8.54	-19.86	0.85
Normalized Net Income, 2 Yr. CAGR %	10.57	12.9	10.9	5.72	5.33
Net Property, Plant and Equip., 2 Yr. CAGR %	17.05	18.79	14.39	19.04	18.94
Accounts Receivable, 2 Yr. CAGR %	19.65	23.02	9.78	25.84	61.97
Total Assets, 2 Yr. CAGR %	16.16	18.13	14.24	19.22	16.58
Common Equity, 2 Yr. CAGR %	14.38	17.07	20.9	18.41	11.77
Tangible Book Value, 2 Yr. CAGR %	14.38	17.09	20.92	18.34	11.74
Cash From Operations, 2 Yr. CAGR %	15.3	13.07	7.68	5.75	7.33
Capital Expenditures, 2 Yr. CAGR %	-	-	-	-	19.47
Levered Free Cash Flow, 2 Yr. CAGR %	21.55	18.38	1.98	28.73	-15.75
Unlevered Free Cash Flow, 2 Yr. CAGR %	19.13	16.81	2.59	22.51	-6.21
Dividend Per Share, 2 Yr. CAGR %	10.98	5.06	0	0	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	7.05	9.26	9.67	10.61	10.38
Gross Profit, 3 Yr. CAGR %	8.28	10.5	10.96	11.24	10.26
EBITDA, 3 Yr. CAGR %	6.71	10.59	9.74	10.09	9.93
EBITA, 3 Yr. CAGR %	7.08	10.97	10.17	10.6	10.42
EBIT, 3 Yr. CAGR %	7.08	10.97	10.17	10.11	9.69
Earnings From Cont. Operations, 3 Yr. CAGR %	37.63	56.56	22.62	-3.38	1.35
Net Income, 3 Yr. CAGR %	37.68	56.69	22.59	-3.4	1.34
Diluted EPS Before Extra, 3 Yr. CAGR %	26.5	56.49	21.92	-6.32	-2.18
Normalized Net Income, 3 Yr. CAGR %	9.92	11.98	10.93	8.68	6.05
Net Property, Plant and Equip., 3 Yr. CAGR %	14.57	17.22	16.24	18.54	16.34
Accounts Receivable, 3 Yr. CAGR %	9.44	17.76	16.94	21.78	40.48
Total Assets, 3 Yr. CAGR %	13.09	15.3	17.04	17.31	16.01
Common Equity, 3 Yr. CAGR %	11.27	14.82	20.08	17.5	16.42
Tangible Book Value, 3 Yr. CAGR %	11.25	14.82	20.1	17.46	16.42
Cash From Operations, 3 Yr. CAGR %	10.25	15.34	8.7	8.88	4.98
Levered Free Cash Flow, 3 Yr. CAGR %	11.5	19.4	8.48	23.66	-13.4
Unlevered Free Cash Flow, 3 Yr. CAGR %	10.3	17.42	8.27	19.38	-6.42
Dividend Per Share, 3 Yr. CAGR %	74.55	7.19	3.35	0	0
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	5.29	7.04	7.89	9.6	10.69
Gross Profit, 5 Yr. CAGR %	6.76	8.47	9.11	10.33	11.29
EBITDA, 5 Yr. CAGR %	7.2	7.53	7.95	9.92	10.95
EBITA, 5 Yr. CAGR %	7.24	7.55	8.18	10.15	11.21
EBIT, 5 Yr. CAGR %	7.24	7.74	8.18	9.85	10.77
Earnings From Cont. Operations, 5 Yr. CAGR %	16.17	22.17	25.49	21.9	15.64
Net Income, 5 Yr. CAGR %	16.18	22.16	25.51	21.96	15.61
Diluted EPS Before Extra, 5 Yr. CAGR %	11.83	14.16	18.98	19.74	13.01
Normalized Net Income, 5 Yr. CAGR %	8.61	8.38	10.31	9.43	8.74
Net Property, Plant and Equip., 5 Yr. CAGR %	12.58	14.48	14.5	17.94	17.31
Accounts Receivable, 5 Yr. CAGR %	2.52	7.59	9.58	20.93	33.21
Total Assets, 5 Yr. CAGR %	13.6	14.65	13.55	16.85	16.85
Common Equity, 5 Yr. CAGR %	16.62	16.44	15.02	16.24	16.68
Tangible Book Value, 5 Yr. CAGR %	16.63	16.44	15.02	16.22	16.69
Cash From Operations, 5 Yr. CAGR %	5.8	9.37	9.21	11.4	8.15
Capital Expenditures, 5 Yr. CAGR %	-	-11.66	-	-	-
Levered Free Cash Flow, 5 Yr. CAGR %	6.6	11.36	7.79	23.03	-1.88
Unlevered Free Cash Flow, 5 Yr. CAGR %	5.71	10.35	7.32	19.47	2.29
Dividend Per Share, 5 Yr. CAGR %	-	-	39.69	4.25	1.99