UK's Safestore Releases Third-Quarter Self-Storage Operating Results


Safestore Holdings PLC, a U.K. self-storage operator, released operating results for the third quarter, noting an increase in total occupancy.

The company’s sales grew 5.4 percent to £24.1 ($39.2 million). Overall occupancy rose 3.8 percent points to 63.2 percent, and the average self-storage rental rate was 2.9 percent higher. Safestore opened one new facility in Paris, brining the company’s portfolio to 119 self-storage facilities.  

"We are pleased to report another solid quarter that demonstrates the continued underlying demand for self-storage and the benefits of our market leadership position in the United Kingdom and presence in France,” said CEO Peter Gowers. “Overall, we continue to perform in line with expectations and are confident that the business remains well positioned to continue to create value. However, we remain cautious about the fragile prevailing economic conditions and the potential impact on consumer confidence.”

Safestore operates about 118 self-storage facilities, 23 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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