UK Self-Storage Operator Safestore Releases Financial Results for 2019 Fiscal Year

U.K. self-storage operator Safestore Holdings PLC has released its financial statement for its 2019 fiscal year, which ended Oct 31. The company experienced growth in revenue and occupancy for most of its operating portfolio in France and the United Kingdom, as well as modest increases in average rental rates within the group.

Total revenue for the year was up 5.6 percent to £151.8 million, with “like-for-like” growth for the group up 4.8 percent, using constant exchange rate, in both operating regions. Same-store revenue in the U.K. grew 4.7 percent, while the company’s Paris business increased 5.6 percent compared to 2018.

Occupancy across the company’s portfolio was 77 percent at the end of the period, an increase of 3.4 percent. Same-store occupancy was 78.5 percent, also an increase of 3.4 percent. U.K. occupancy was 76.9 percent, a 4 percent bump from a year ago. Rental rates across the U.K. portfolio increased 1.1 percent year over year, while same-store facilities increased rates 1.4 percent. In France, occupancy was 77.4 percent, up .9 percent from a year ago, while rental rates fell 1.3 percent.

"I am pleased to report another strong performance for the year, with solid trading and significant strategic progress,” said Frederic Vecchioli, CEO, citing the company’s acquisition activity and expansion into the Spain and Netherlands markets via a joint venture with The Carlyle Group as notable achievements.

Safestore intends to open three facilities in England and another in Paris during the 2020 fiscal year, which will add 175,000 square feet to its portfolio, Vecchioli said.

Safestore operates 150 self-storage facilities, including 122 facilities it owns in the U.K. and 28 in France. Its storage properties comprise 6.47 million square feet of storage space and serve approximately 60,000 customers.

Source:
Safestore, Results for the Year Ended 31 October 2019