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UK-Based Safestore Reports 1Q 2011 Financial Results, Year-Over-Year Gains


U.K.-based self-storage operator Safestore Holdings PLC reported year-over-year gains in revenue, occupancy and ancillary sales during the first quarter of 2011, which ended Jan. 31.

Revenue for first quarter 2011 increased by 7.6 percent year over year to £23.1 million (about $37.5 million). Closing occupancy as of Jan. 31 was 2,864,000 square feet, a year-over-year increase of 4.3 percent.

The average self-storage rate per square foot was £26.28 (about $43), a year-over-year increase of 2.1 percent and an increase of 1.3 percent compared to the fourth quarter of 2010. Ancillary sales increased by 10.9 percent year over year to £3.1 million (more than $5 million).

The unadjusted overall occupancy loss in the first quarter was 77,000 square feet, which includes the impact of the previously announced relocation of two stores to new facilities in the United Kingdom and the closing of a store in Paris because of a fire. The occupancy loss, adjusted for these items, is 40,000 square feet, compared to a loss of 26,000 square feet for the same period last year.

Company representatives stated in a news release that the first quarter is traditionally a weak quarter for occupancy. They account for the decline by pointing to a stronger new renters trend last year. They also emphasize added inquiries and new rents have remained strong during the first quarter, growing especially fast in January.

Safestore operates 118 self-storage facilities, 22 of which are in Paris. With nearly 41,000 customers, the company 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.

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