| Item | 2015 result | Rise |
|---|---|---|
| Portfolio value | £83.1m | 10.20% |
| Occupancy rate | 72.60% | 3.8pp |
| Avg lease length | 13.9 years | 1.8pp |
| NAV per share | 254p | 17.60% |
Safestore has increased its revenue by 50% over the past two years, with 2015’s total hitting £104.8m, according to its end-of-year results.
The self-storage company boosted its results through leasing re-gears and a rise in occupancy, helping push the portfolio’s value up by 10.2% to £83.1m.
Over the year the firm’s occupancy rate rose by 3.8 percentage points to 72.6%, with analysts predicting a rise to 75% by the end of 2016 and as high as 80% by the end of 2018.
Lease re-gears were managed on 17 properties over 2015, while lease lengths across the portfolio reached 13.9 years, a rise of 1.8 percentage points year on year.
This asset management and the purchase of a single freehold helped to increase NAV by 17.6% year-on-year to 254p per share.
Safestore also worked to reduce debt costs by extending debt on the UK and French operations by two years, thus reducing the overall margin by 75bps to 1.5% over Libor.
The company now has a loan to portfolio value of 32%.
The strong results have allowed the company to declare a dividend of 9.65p per share, a 29.5% year-on-year rise.
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