Shurgard Self Storage: Still Waiting For A Better Entry Point

Shurgard Self Storage remains a well-managed European REIT, but the current share price is still not attractive enough for a long position. SSSAF guides for 6-8% annual revenue growth and stable dividends through 2030, with expansion funded by retained earnings, scrip dividends, and moderate leverage. Earnings per share growth will lag revenue growth due to necessary share issuance to fund a €1.1B expansion, with dilution estimated at around 10% by 2030.