Breaking Down Shurgard Self Storage S.A. Financial Health: Key Insights for Investors

From its first Brussels site in 1995 to becoming Europe's leading self‑storage network, Shurgard Self Storage has grown into a continent‑spanning operator with 338 stores across seven countries and roughly 1.7 million net rentable square meters as of June 30, 2025; backed by majority shareholder Public Storage and led by CEO Marc Oursin, the publicly traded SHUR leverages a customer‑centric mission-serving around 230,000 customers with flexible leases, online reservations, insurance options, retail packing sales and high‑security facilities-while pursuing urban growth (about 93% of stores in capitals and major cities), sustainability initiatives and digital innovation; financial and operational strength is visible in strategic acquisitions like Lok'nStore in 2024 and a reported 13.6% increase in property operating revenue in Q3 2025, all of which explain how Shurgard turns rentable space, ancillary sales and scale efficiencies into steady revenue and expansion potential.

Shurgard Self Storage S.A. (SHUR.BR): Intro

• Founded: 1995 - first self‑storage centre in Brussels, Belgium.
• Listed: Euronext Brussels (ticker SHUR.BR).
• Platform size (as of June 30, 2025): 338 stores (including 17 under management contracts), ~1.7 million net rentable square metres.
• Historic scale: 276 facilities and ~190,000 customers in 2014.

• Public listing: Shares traded on Euronext Brussels under SHUR.BR.
• Major strategic investor: The group has historically had a significant institutional shareholder relationship with Public Storage (a large U.S. self‑storage REIT), alongside other institutional and retail shareholders.
• Operating model: Combination of directly owned centres and management contracts (17 centres under management as of June 30, 2025).

• Mission: Provide secure, accessible and convenient self‑storage solutions across Europe, focusing on customer service, scale economics and urban locations.
• Strategic priorities: Grow rentable GLA (gross/leasable area), increase occupancy and rental rates, expand via acquisitions and development in high‑demand city and suburban locations, and leverage brand recognition and digital booking tools.

• Product: Short‑ and long‑term storage units in a range of sizes, ancillary sales (packing materials, insurance), and value‑added services (online reservations, customer support).
• Distribution: Urban and suburban centres near residential and SME catchments; online bookings and local on‑site teams.
• Operations: Centralised revenue management, marketing, and maintenance with local centre managers; some centres operated under third‑party management contracts.

• Primary revenue: Monthly rental income from storage units. Revenue scales with net rentable area (1.7 million m² total as of 30‑Jun‑2025), occupancy and achieved rates per m².
• Secondary revenue: Fees for insurance, packing materials, late payments, admin fees and ancillary services.
• Profitability levers: Improve occupancy, raise average revenue per occupied unit (via pricing and upsell), control operating costs (staff, utilities, maintenance), and optimize portfolio mix (high‑rent urban centres vs. lower‑rent suburban sites).

• Growth via development: Build new centres in undersupplied urban catchments to capture premium city pricing.
• M&A: Acquire existing local portfolios or single‑asset opportunities to scale quickly and realize synergies in operations and marketing.
• Asset recycling: Redeploy capital from lower‑return assets into higher‑growth markets or development projects.
• Management contracts: Expand fee‑based revenue and geographic reach with limited capital investment (17 managed centres reported by 30‑Jun‑2025).

• Demand sensitivity: Tied to housing turnover, SME storage needs and consumer mobility; macro and local housing markets influence occupancy and pricing.
• Competition and pricing pressure: Local supply increases can compress rates and lengthen lease‑up periods for new centres.
• Execution: Development timelines, local permitting, and effective revenue management drive returns on new projects.

Shurgard Self Storage S.A. (SHUR.BR): History

• Listing: Euronext Brussels - ticker SHUR
• Founded: 1998 (origins in UK/continental Europe expansion)
• CEO: Marc Oursin (executive management of daily operations)
• Geographic footprint: major markets across Northwestern Europe

• Majority owner: Public Storage (U.S.) holds a significant, controlling stake - approximately 42% of shares outstanding, providing strategic and financial backing.
• Remaining shares: held by institutional investors and retail shareholders, producing a diversified public float.
• Governance: Board of Directors oversees strategy and safeguards shareholder interests; management executes operational plans and growth initiatives.

• Strategic support from Public Storage: access to capital markets expertise, development know‑how, and global operating practices.
• Independent governance: Board committees (audit, nomination, remuneration) align incentives and monitor performance.
• Management execution: CEO and executive team manage day‑to‑day site operations, leasing, pricing and digital marketing.

Shurgard Self Storage S.A. (SHUR.BR): Ownership Structure

• Mission: Provide secure, accessible self-storage solutions that offer peace of mind during significant life changes.
• Customer-centricity: Tailor services to diverse residential and commercial needs through flexible unit sizes, digital bookings and supportive customer service.
• Operational excellence: Drive high occupancy and efficient cost management across a large, standardized estate.
• Sustainability: Reduce energy use and expand renewable energy (LED lighting, solar installations, building efficiency upgrades).
• Innovation: Invest in digital tools-online reservations, dynamic pricing, remote access and analytics-to improve conversion and retention.
• Inclusivity: Employ a multinational workforce across European operations and promote diversity in hiring and development.

• Public shareholders / Free float: majority of issued shares, ensuring liquidity on Euronext Brussels.
• Institutional investors: pensions, asset managers and REIT-focused funds holding the largest blocks within the free float.
• Management & directors: modest direct holdings aligned with long-term performance incentives.
• Governance: REIT-style distribution policies, independent board oversight and standardized reporting to investors.

• Primary: rental income from storage units billed monthly or pre-paid-pricing varies by unit size, location and demand.
• Ancillary: sales of packing materials, insurance products, administrative fees and value-added services (truck rental, movers partnerships).
• Yield management: dynamic pricing, occupancy optimization and cross-selling increase revenue per available square meter.
• Capital recycling: selective acquisitions, development of new facilities, and disposals to optimize portfolio returns and NAV growth.

Shurgard Self Storage S.A. (SHUR.BR): Mission and Values

• Network of facilities: Shurgard operates a portfolio of centers across multiple European countries, positioned to serve both residential and commercial demand.
• Unit mix and sizing: Facilities offer a wide range of unit sizes (from small lockers to multi‑room units) to accommodate one‑box moves, seasonal storage, and business inventory or archive needs.
• Flexible leasing: Customers can rent on daily, weekly, monthly or multi‑year terms, enabling short‑term moves, project storage or long‑term overflow solutions.
• Ancillary sales: Onsite and online sales of packing materials, boxes and moving products increase average revenue per customer and improve convenience.
• Insurance offerings: Optional insurance policies for stored goods reduce customer risk and can be bundled or sold separately.
• Security & access control: Facilities are equipped with CCTV, coded access gates, individual unit alarms and on‑site staff at many locations, underpinning customer trust.
• Digital customer experience: A user‑friendly website and customer portal allow customers to reserve, pay, upgrade/downgrade and manage contracts remotely.

• Rental income - the core revenue: recurring monthly rents from storage units across the portfolio.
• Ancillary product sales: boxes, locks, packaging materials and moving supplies sold in‑facility and online.
• Insurance commissions: fees or commissions from offering insurance on stored goods.
• Service fees: administrative fees, late payment charges, move‑in or move‑out handling fees where applicable.
• Occupancy uplift & yield management: dynamic pricing and unit mix optimization to maximize revenue per square metre/unit.

• Discover: Customers search online or visit a center; pricing and unit availability are visible via the website and booking portal.
• Reserve & pay: Reservations, payments and contract management are handled through the platform; many centers allow instant online move‑ins.
• Move in & secure: On arrival customers use secure access systems; staff assistance is available at staffed locations.
• Ongoing management: Customers can upgrade/downgrade, extend terms, buy packing materials or arrange insurance via the portal or in‑store.

• 24/7 CCTV and monitored alarms at most facilities.
• Electronic access control with individual codes and visit logs.
• Onsite managers or regional maintenance teams for facility upkeep and customer support.
• Optional insurance to cover contents; clear contract terms and lien rights for unpaid rents protect revenue.

Shurgard Self Storage S.A. (SHUR.BR): How It Works

• Core revenue source: lease contracts for storage units (short‑term and long‑term rentals) with dynamic pricing that responds to local market demand and competition.
• Ancillary sales: packing supplies, boxes, locks and moving products sold on‑site or online to captive customers.
• Insurance fees: optional insurance/coverage programs for customers' stored goods add recurring revenue and lower customer churn risk.
• Economies of scale: centralized marketing, group procurement, IT and property management reduce per‑facility operating costs as the portfolio grows.
• Growth via M&A and development: strategic acquisitions and greenfield/development projects expand capacity and local market share (e.g., acquisition of Lok'nStore in 2024).

• High occupancy rates: core urban assets commonly operate at high occupancies (often above 90%), supporting yield management and pricing power.
• Pricing strategy: location‑specific yields with frequent promo pricing for lease‑up of new facilities and dynamic rate increases in constrained markets.
• Cost control: centralized procurement and property management lower maintenance and marketing costs per square metre as portfolio grows.
• Capital recycling & development: selective disposals, redeployments, and on‑site expansions improve returns on invested capital.

• Cash inflows primarily from monthly rental payments and ancillary sales/fees.
• Operating cash flow funds maintenance, marketing and technology; surplus used for dividends, buybacks, development capex and acquisitions.
• Debt financing is used selectively for acquisitions and large developments to optimize weighted average cost of capital across the REIT‑style structure.

• Rate management: automated repricing and localized promotions to maximize revenue per available square metre.
• Upsell & cross‑sell: packaging, moving services, insurance and digital tools to increase ancillary revenue per customer.
• Portfolio optimization: convert underperforming assets, redevelop land for higher density self‑storage or divest to recycle capital.
• Acquisitions & roll‑outs: bolt‑on deals (like Lok'nStore 2024) and targeted new developments to capture underserved urban demand.

Shurgard Self Storage S.A. (SHUR.BR): How It Makes Money

• Network scale: 340 stores across seven countries
• Customer base: >230,000 customers
• Net rentable area: ~1.7 million m²
• Urban focus: ~93% of stores in capital and major cities

• Unit rentals - core recurring revenue from storage unit leases (short- and long-term)
• Ancillary sales - packing supplies, locks, insurance, transportation partnerships
• Revenue optimization - dynamic pricing, yield management and cross-selling to existing customers
• Development & redevelopment - adding new capacity and higher-yield stores through greenfield projects and redevelopments
• Property revaluation & asset management - value creation via operational improvements and selective disposals

• Pipeline expansion: ongoing openings and redevelopments to increase rentable area and market share
• Urban focus: high-demand locations support higher occupancy and ARPU (average rent per unit)
• Sustainability & operational excellence: energy-efficient buildings and process automation reduce costs and appeal to eco-conscious customers
• Digital customer experience: online bookings, yield-based pricing and CRM drive conversion and retention