U.K. self-storage operator Safestore Holdings PLC has released its financial statement for the first quarter of its 2017 fiscal year, which ended Jan. 31. The report indicates Safestore experienced growth in revenue, rental rates and occupancy at its self-storage facilities in France and the United Kingdom.
Total revenue for the period was up 13.3 percent to £31.8 million, with “like-for-like” growth for the group up 4.7 percent, using constant exchange rate, in both operating regions. Same-store revenue in the U.K. grew 4.9 percent, while the company’s Paris business increased 4.6 percent compared to the same period in 2016.
Occupancy across the company’s portfolio was 68.6 percent at the end of the period, a decrease of 1.1 percent. Same-store occupancy was 71.2 percent, an increase of 1.4 percent. U.K. occupancy was 67 percent, essentially equal to a year ago. Rental rates across the U.K. portfolio increased 0.4 percent year over year, with same-store facilities increasing 2.2 percent. In France, occupancy was 75.4 percent, down 4 percent from a year ago, while rental rates increased 4 percent.
"Trading momentum across the estate in the first quarter has been good against the strong comparative period in 2016, with inquiries and new lets at higher levels than in previous years,” said Frederic Vecchioli, CEO. “As a result, our revenue performance is tracking well and in line with our guidance for both the U.K. and Paris. We remain confident that the positive market dynamics, company fundamentals and trading momentum will allow us to deliver earnings in line with the board's expectations for the current financial year.”
Safestore operates 134 self-storage facilities, including 109 facilities it owns in the U.K. and 25 in France. Its wholly owned properties comprise more than 5.6 million square feet of storage space, while its entire portfolio serves approximately 55,000 customers.