Nicholas Vetch, executive chairman of U.K. self-storage operator Big Yellow Group PLC, recently sold 50,000 shares of company stock for £250,000. On the same day, CEO James Gibson sold 45,910 shares for £229,550 in a share-option trade that analysts said was not a strong indicator as a signal for shareholders to sell. Big Yellow stock has improved 32 percent in the last year, according to the source.
The transactions come at a time when Big Yellow’s stock price was coming off an all-time high, the source reported. Vetch retains more than 9.16 million shares, 6.41 percent of available stock, worth approximately £45.8 million.
The company’s stock performance has reflected its operating success. For the third quarter of its fiscal year, which ended Dec. 31, the company reported revenue of £17.9 million for its 54 wholly owned self-storage facilities, up 6.5 percent from the same quarter a year ago. Revenue was down 2.7 percent from the previous quarter.
Occupancy for the wholly owned facilities was 67.7 percent during the quarter, up 4.4 percent year over year but falling from 70.5 percent the previous quarter. Company officials attributed the quarterly decline to the period being “seasonally weaker” than other times during the year. Move-ins were up 14 percent during the quarter.
Net rent per square foot was £25.73, an increase of 4.4 percent from the quarter ending March 31. Average net rent per square foot during the quarter was £25.61 compared to £25.43 for the same quarter last year. Revenue per available square foot was £20.78 during the quarter, a 7.2 percent increase year over year.
Big Yellow Group operates 66 self-storage locations in the United Kingdom under the Big Yellow Self Storage brand name, with most concentrated in Greater London. The portfolio comprises 4.2 million square feet.