European self-storage operator Shurgard reported another year of growth in 2025, expanding its platform and increasing revenue despite inflationary pressures and a more competitive market environment late in the year.
The company ended 2025 with 1.7 million square meters of owned storage space, representing a 23% increase compared with 2023, according to CEO Marc Oursin. The expansion helped drive revenue growth of about 11% and underlying EBITDA growth of roughly 10% year over year, even as higher wages and real estate taxes weighed on operations.
“Shurgard delivered another solid year in 2025, continuing to outperform the European self-storage industry,” Oursin said.
Growth was supported by the company’s funding strategy, which included €300 million in capital raised in 2023 and about €1 billion in new debt issued during 2024 and 2025, allowing Shurgard to expand.
While overall demand remained stable, Oursin said the final quarter brought increased competition in markets such as the U.K., the Netherlands, France, and Germany, requiring pricing adjustments to maintain occupancy levels around 89%. Those measures pressured revenue and operating margins late in the year.
Looking ahead, Shurgard expects revenue growth of up to 8% in 2026 and adjusted EPRA earnings growth of as much as 6%, supported in part by new stores continuing to ramp up.
To strengthen long-term earnings growth, the company plans to raise its required NOI yield on cost for new developments to 9%–10% beginning in 2026, a 100-basis-point increase from its previous target.
“In summary, our strategy and focus are to deliver significant medium-term EPS growth,” Oursin said, citing platform scale, growth from newer facilities, and a disciplined capital structure.
In summary, the company's strategy and focus are to deliver a significant medium term EPS growth based on the following key elements: