Self-storage group Safestore says it has seen increases in both its rates and occupancy levels, generating both revenue and profit growth.
In its half year results to 30 April, the company said revenue had grown to £42.4m, an increase of 2.8%.
The average rate per sq ft increased by 1.1% to £25.51 and the company said it expected to see further rental rate increases in the second half.
It added that occupancy was 122,000 sq ft higher that at the same time last year and 53,000 sq ft higher than at October 2009, at 2.83m sq ft.
Underlying pretax profits rose 2.3% to £22.9m, however adjusted net asset value per share fell 1.7% to 197.2p, driven by valuation movements and refinancing/hedging costs in the period.
Steve Williams, Safestore’s chief executive said the company’s property portfolio was valued at £655.4m at 30 April, an increase of £7.6m from October 2009, and despite incurring a £4m foreign exchange loss in translating the value of the French portfolio
“At the period end, the group’s portfolio of 116 stores comprised a self storage maximum lettable area of circa 5.1m sq ft of which 2.83m sq ft was occupied,” he said.
“As at 30 April 2010 our trading stores plus pipeline will deliver around 5.4m sq ft of self storage space. We plan to continue acquiring sites in priority locations, particularly in
nathan.cross@estatesgazette.com
