Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Self-storage company Big Yellow Group said like-for-like revenue increased by 4.4% in the first quarter of the year as 'more muted' occupancy performance during the final quarter of last year dented growth.
For the three months ended 30 June 2019, Big Yellow stores increased occupancy by 125,000 sq ft, resulting in a closing occupancy of 84.0%. Like-for-like closing occupancy was 85.1% for the quarter, an increase of 1.8% from a year earlier.
The like-for-like growth was held back somewhat by the 'more muted occupancy performance in the final quarter of last year, given the heightened uncertainty in the run-up to 29 March, the UK's original proposed exit date from the EU,' the company said.
The group's average achieved net rent per sq ft increased by 1.6% compared to the same quarter last year.
Looking ahead, the company said it remained focussed on its core objective of 90% like-for-like occupancy across the portfolio amid plans to continue its expansion strategy.
'As reported in our full year results in May we are continuing our expansion strategy and are pleased to have acquired an excellent development site in Harrow, North West London,' said James Gibson, Chief Executive Office.
'This acquisition takes the pipeline to 13 potential Big Yellow stores, approximately 900,000 sq ft (19% of the Group's current MLA), of which three have planning consents and are either currently under construction or will shortly be so.'