Non-GAAP earnings measure what a company earns after stripping out depreciation and similar non-cash accounting charges from the standard result. The short form stands for non-generally accepted accounting principles, and the number Shurgard Self Storage put forward on that basis was €0.77 per share. Revenue came in at €229.6 million.
Why depreciation changes what gets reported
A self-storage company owns physical buildings. Accounting rules require it to book a portion of each building's original cost as an expense each year, as if the property were gradually wearing down. That depreciation charge reduces reported profit whether or not the property is actually losing value. For operators with large portfolios of physical assets, the annual charge can push the standard profit figure well below what the business collects in rent. Non-GAAP earnings take that charge back out.
Earnings per share, EPS for short, divides a company's total profit by the number of shares outstanding. It converts the aggregate result into a per-unit figure that investors can compare across periods. Shurgard's non-GAAP EPS was €0.77.
Revenue as the simpler count
Revenue of €229.6 million is the rent Shurgard collected during the reported period. It is a straight count, separate from any earnings adjustment. The release paired it with non-GAAP earnings per share of €0.77.