Occupancy, Revenue Up in Third Quarter for U.K.'s Safestore
Copyright 2014 by Virgo Publishing.
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Posted on: 09/01/2010



 

Third-quarter revenue and occupancy is on the rise for Safestore Holdings Plc, a U.K.-based self-storage company with 117 stores in the United Kingdom and Paris.

Occupancy was up 26 percent for the quarter ending in July, 31, compared to the same period last year. Occupancy for the company is at its highest level at nearly 3 million square feet. Revenue increased by 9 percent to 22.9 million pounds ($35.43 million) for the quarter ending July 31, while the average rental rate was 25.17 pounds per square foot, up 3.5 percent from last year.

The company contributes the increase in occupancy to the rising number of homeowners selling their homes and a stable demand from business tenants. Safestore expects further improvement in its rental rate despite the fourth quarter typically being the weakest time for occupancy growth.

The company opened two stores during the third quarter, in Paris and Crystal Palace, which is south of London.