U.K. self-storage operator Safestore Holdings PLC has released its financial statement for the third quarter of its 2018 fiscal year, which ended July 31. The company experienced growth in revenue and occupancy for most of its operating portfolio in France and the United Kingdom, but saw slight drops in average rental rates within the group.
Total revenue for the period was up 10.3 percent to £36.4 million, with “like-for-like” growth for the group up 5.6 percent, using constant exchange rate, in both operating regions. Same-store revenue in the U.K. grew 5.9 percent, while the company’s Paris business increased 4.3 percent compared to the same period in 2017.
Occupancy across the company’s portfolio was 70 percent at the end of the period, an increase of 1.4 percent. Same-store occupancy was 75.8 percent, an increase of 2.7 percent. U.K. occupancy was 74.7 percent, a 2.2 percent bump from a year ago. Rental rates across the U.K. portfolio fell 2.8 percent year over year, but same-store facilities increased rates 1 percent. In France, occupancy was 80.5 percent, up 5.2 percent from a year ago, while rental rates fell 1.9 percent.
"I am pleased to report a strong performance in the third quarter, with increasing momentum in our U.K. business. Our top priority remains the significant organic growth opportunity represented by the 1.5 million square feet of unlet space in our existing, fully invested estate,” said Frederic Vecchioli, CEO.
"I am confident that our leading market positions in the U.K. and Paris, and our resilient business model [will] continue to enable us to withstand any macro-economic uncertainty that may arise over the coming months,” Vecchioli continued. “The company is in a strong position and remains on course to meet the board's full-year expectations."
Safestore operates 145 self-storage facilities, including 119 facilities it owns in the U.K. and 26 in France. Its storage properties comprise 6.29 million square feet of storage space and serve approximately 60,000 customers.
Safestore, Third Quarter Trading Update for the Period 1 May 2018 to 31 July 2018