Europe/UK Self-Storage Operator Safestore Releases 4Q 2024 Results

Self-storage operator Safestore Holdings PLC, which has locations in Europe and the United Kingdom, has released its interim financial statement for the fourth quarter of its 2024 fiscal year, which ended Oct. 31. Overall, the company reported slight increases in revenue and occupancy, according to a source.

Safestore reported a 0.5% rise in revenue to £57.9 million compared to £57.6 million during the same period last year. Closing occupancy increased by 2.9% to 6.4 million net square feet. The average rental rate fell by 1.9% to £29.64 per square foot, sources reported.

The company’s sites in Belgium, the Netherlands and Spain showed 29% year-on-year growth in revenue for the fiscal year. Safestore opened two facilities during the quarter and expects five more to open next month, adding a total of 327,000 square feet. Its development pipeline includes 26 sites comprising 1.3 million square feet.

“We have delivered improved revenue performance in Q4, led by the U.K., and have returned to growth overall for the financial year. In the U.K., we are encouraged by the continued improvements in domestic-customer occupancy with increasingly positive levels of occupied space vs. prior year through the second half of the year. However, business customer demand, particularly from smaller business customers, remains softer than in 2023,” said CEO Frederic Vecchioli.

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Safestore operates 203 self-storage facilities in Belgium, France, the Netherlands, Spain and the U.K. Its storage properties comprise more than 8 million square feet of storage space and serve approximately 90,000 customers.

Sources:
Safestore, Safestore Holdings
Investing.com, Safestore Reports Marginal Revenue Growth in Q4