U.K. self-storage operator Big Yellow Group PLC released financial results for the third quarter of its 2020 fiscal year, which ended Dec. 31. The company reported same-store revenue of £32 million, up 2.9 percent year over year. Total revenue for the period was £32.3 million, a 1.9 percent increase from the previous year. Same-store occupancy was 80.7 percent, down from 81.1 percent. Average rent per square foot was £28.03, up 2.8 percent.
"The economic and political uncertainty that we referred to in our interim results continued during the lead-up to the December election. Following the election, however, trading in the quarter improved,” said James Gibson, CEO. “Despite this uncertainty, the business continued to deliver revenue and rate growth over the quarter.”
The company expects to open three new facilities this year, which are currently under construction. Another development project in Uxbridge, England, is scheduled to open early next year. During the quarter, Big Yellow received planning approval for two additional sites. It has approximately 890,000 square feet in its development pipeline.
Under its 25-facility Armadillo Self Storage portfolio, the company increased revenue 11.6 percent to £4.3 million year over year. Same-store revenue grew 4 percent during the period.
Big Yellow Group operates 100 self-storage locations in the United Kingdom under the Big Yellow Self Storage and Armadillo brand names, with most concentrated in Greater London and Southeast England. Its total portfolio comprises 5.7 million square feet.
Big Yellow, Trading Statement
Morningstar, Big Yellow Reports Third-Quarter Revenue Growth Amid Higher Rent