U.K. self-storage operator Safestore Holdings PLC has released its financial statement for the first half of its 2017 fiscal year, which ended April 30. 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 12.4 percent to £62.6 million, with “like-for-like” growth for the group up 3.7 percent, using constant exchange rate, in both operating regions. Same-store revenue in the U.K. grew 3.9 percent, while the company’s Paris business increased 2.9 percent compared to the same period in 2016.
Occupancy across the company’s portfolio was 69.8 percent at the end of the period, an increase of 1.1 percent. Same-store occupancy was 71.9 percent, an increase of 1.1 percent. U.K. occupancy was 68.1 percent, up 1.1 percent from a year ago. Rental rates across the U.K. portfolio increased 0.3 percent year over year, with same-store facilities increasing 1.7 percent. In France, occupancy across the entire portfolio was 77.3 percent, down 2.1 percent from a year ago, while rental rates increased 2.2 percent.
“Safestore has performed well in the first half of the year and continues to build on the strong earnings and dividend growth achieved over the last four years,” said Frederic Vecchioli, CEO. “Notwithstanding the uncertain macro-economic backdrop, the group continues to generate a record number of inquiries across its entire platform. In addition to solid growth in our existing business, our recently acquired Space Maker business and the five new stores opened during the last 12 months are trading well. I am delighted to announce the addition of another site in Paris, at Combs-la-Ville, which opened earlier this month.
“As we enter our peak trading period, we continue to see good levels of interest in self-storage in the U.K. and increasing momentum in Paris,” Vecchioli continued. “We are well-placed to meet this demand with our 1.7 million square feet of currently unlet, fully invested space.”
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.