U.K. Self-Storage Operator Safestore Releases 1Q 2012 Financial Report, Grows Revenue
Copyright 2014 by Virgo Publishing.
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Posted on: 02/24/2012



 

U.K. self-storage operator Safestore Holdings PLC released an unaudited report on its trading progress for the first quarter of its fiscal year, which ended Jan. 31, 2012. The report indicates Safestore has experienced growth in residential and business rentals. Highlights include:

  • Revenue was about £24.6 million ($39 million), a 6.7 percent year-over-year increase.
  • Total revenue per available foot was about £19.24 ($30.40), a 3.4 percent increase over the previous year.
  • Closing occupancy on Jan. 31 was approximately 3.2 million square feet. This represents an overall occupancy level of 62.7 percent, a 4.5 percent year-over-year increase.
  • Average rental rate for the quarter was about £25.59 ($40.43) per square foot, a 2.7 percent decrease over the previous year.
  • The company opened two new stores in the quarter, one in London's New Southgate and the other in Gonesse in the Paris area. Safestore now claims 121 trading stores in its portfolio—97 in the United Kingdom and 24 in Paris.
  • Paris continues to be the company's strongest performing market, with a year-over-year revenue increase of 9.6 percent, followed by London and South East at 6.5 percent, and the rest of the United Kingdom at 4.4 percent.
  • In a period traditionally characterized by a high number of self-storage move-outs, Safestore’s first-quarter 2012 occupancy decreased by 24,000 square feet from the fourth quarter of the previous year, compared with a 77,000-square-foot drop-off at that beginning of 2011. The company attributes this to a higher number of move-ins to offset the loss.

Safestore has nearly 41,000 customers and employs approximately 500 people. Excluding the 12 Space Maker facilities under its management, Safestore boasts 5.2 million rentable square feet of storage, including 10 expansion pipeline stores.