FINANCE: Big Yellow Group has reported an increase in like-for-like occupancy across its 3.4m sq ft self-storage portfolio of 54 stores to 73% from 69.8% over the quarter.
At the end of the period from 1 April to 30 June Big Yellow’s net rent per sq ft of its now 55-strong portfolio was £26.37, an increase of 0.8% from £26.15 at 31 March 2014, and an increase of 5.2% from £25.07 at 30 June 2013.
Total store revenue for the 55 stores was £18.6m for the quarter:
• up 5% from £17.7m for the quarter to 31 March 2014;
• up 11% from £16.7m for the same quarter last year.
This excludes management fees and non-storage rental income earned of £300,000 – the same as last quarter and the same time last year.
Revenue per available foot was £21.36 for the quarter, an increase of 2.3% from £20.87 for the quarter ended 31 March 2014 and an increase of 9.7% from £19.47 for the quarter ended 30 June 2013.
Its Big Yellow Partnership, which comprises 12 stores, also saw occupancy rise from 59.3% to 67.6%.
Chief executive James Gibson said: “We continue to see improving demand and have delivered a solid performance in the quarter.
“We have grown occupancy in our like-for-like wholly owned stores by 3.2 percentage points over the quarter and by 4.3 percentage points in the past 12 months. Revenue has increased by 11% from the same quarter last year.
“The first quarter is historically our strongest quarter, but we would expect to deliver further occupancy gains in the second quarter.
“The acquisition of the freehold Fort Box store in Oxford provides us well-needed additional space in that city and we are also looking forward to the opening of our new store in Enfield, north London, next spring.
“Our focus remains on earnings and cash flow growth through increasing occupancy and revenue by leveraging our market leading brand and operating platform.”
bridget.oconnell@estatesgazette.com
