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UK Self-Storage Operator Safestore Announces Financial Results for Quarter Ended July 31

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U.K. self-storage operator Safestore Holdings PLC has released its financial statement for the third quarter of its 2017 fiscal year, which ended July 31. The report indicates Safestore experienced growth in revenue, same-store rental rates and occupancy at its self-storage facilities in France and the United Kingdom.

Total revenue for the period was up 12.5 percent to £32.9 million, with “like-for-like” growth for the group up 3.2 percent, using constant exchange rate, in both operating regions. Same-store revenue in the U.K. grew 2.3 percent, while the company’s Paris business increased 5.7 percent compared to the same period in 2016.

Occupancy across the company’s portfolio was 73.1 percent at the end of the period, a decrease of 1.7 percent. Same-store occupancy was 76 percent, an increase of 1.2 percent. U.K. occupancy was 72.5 percent, down 0.5 percent from a year ago. Rental rates across the U.K. portfolio decreased 1.9 percent year over year, though same-store facilities were flat. In France, occupancy across the entire portfolio was 75.3 percent, down 6.7 percent from a year ago, while rental rates increased 1.6 percent.

"I am pleased to report continuing positive trading across the group in the third quarter with particularly strong momentum in our Paris business. As ever, our top priority remains the significant organic growth opportunity represented by the 1.5 million square feet of currently unlet space in our existing fully invested estate,” said CEO Frederic Vecchioli. “I am confident that our leading market positions in the U.K. and Paris will enable us to withstand any challenges presented by the current uncertain macroeconomic backdrop. The company is in a strong position and remains on course to meet the board's full-year expectations."

Safestore received city approvals in July for a new 37,000-square-foot leasehold property in Central London. The facility will operate under a 20-year lease, with an option to extend it by 10 years. The location is expected to open during the second quarter next year.

The company also sold a leasehold facility in the Deptford district of London for £4.8 million. The deal was agreed to in June and closed Aug. 31. The facility’s performance is included in same-store reporting for the quarter but will be excluded from full-year figures, officials said.

Safestore operates 134 self-storage sites, including 108 facilities it owns in the U.K. and 26 in France. Its wholly owned properties comprise more than 5.7 million square feet of storage space, while its entire portfolio serves approximately 55,000 customers.

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