U.K. self-storage operator Big Yellow Group PLC released operating-performance results for the first quarter of its 2015 fiscal year, which ended June 30. The company reported revenue of £18.6 million for its 55 wholly owned self-storage locations, up 11 percent from the same quarter a year ago and 5 percent from the previous quarter.
Occupancy for Big Yellow’s 54 wholly owned facilities that were open as of April 1, 2013, was 73 percent, compared to 68.7 percent year over year and 69.8 percent the previous quarter. Move-ins were up 6 percent during the quarter.
Net rent per square foot at its 55 locations was £26.37 for the quarter, an increase of 5.2 percent from the same period a year ago. Revenue per available square foot was £21.36, a 2.3 percent increase year over year.
"We continue to see improving demand and have delivered a solid performance in the quarter,” said James Gibson, CEO. “The first quarter is historically our strongest quarter, but we would expect to deliver further occupancy gains in the second quarter.”
In April, the company opened a 70,000-square-foot Big Yellow facility in West London and acquired a 10-property portfolio from Armadillo Self Storage through a joint venture with an Australian consortium. It has also started construction on a 60,000-square-foot facility in North London that is scheduled to open next April.
Big Yellow Group operates 78 self-storage locations in the United Kingdom under the Big Yellow Self Storage and Armadillo Self Storage brand names, with most concentrated in Greater London. Its total portfolio comprises 4.9 million square feet.
Sources:
- Big Yellow Group PLC: Interim Management Statement
