Self-storage operator Safestore Holdings PLC, which has locations in Europe and the United Kingdom, has released its interim financial statement for the first half of its 2022 fiscal year, which ended April 30. The company experienced growth in revenue and occupancy for most of its operating portfolio, according to the official report.
Total revenue for the period was up 15.9% to £101 million, with “like-for-like” growth for the group also up 14.5%, using the constant exchange rate (CER). Same-store revenue grew 16.4% using CER. Profit before income tax was £285.2 million, up from £167.3 million during the same period in 2021.
Occupancy across the Safestore portfolio was 80.7% at the end of the period, which was equal to a year ago. U.K. same-store occupancy was 82.1%, up from 81.8% a year ago. Average rental rates across the portfolio were up 12.1% using CER.
Safestore opened a 74,000-square-foot facility in London in the first half of the fiscal year, and a 40,000-square-foot location in Nijmegen, Netherlands. It also expanded three London properties. It also acquired the remaining 80% equity in its joint venture with global private-equity firm The Carlyle Group for €67 million. The portfolio of 15 self-storage facilities in Belgium and the Netherlands comprises 592,000 square feet.
The company also acquired three development sites in Paris and one in The Netherlands. In addition, it purchased a building in Wigan, England, that it intends to convert to self-storage. The group’s development and expansion pipeline spans 23 properties and about 983,000 square feet.
“I am pleased to report a continuing excellent performance in the period with strong average storage rates driving the results of our UK, French and Spanish businesses,” said CEO Frederic Vecchioli. “Our performance in this period has demonstrated the strength of our market-leading platform and its ability to drive new lets and revenue in multiple geographies. We continue to focus on the significant upside from filling the 2.5 million square feet of space in our existing and pipeline stores.”
Safestore operates 178 self-storage facilities in Belgium, France, the Netherlands, Spain and the United Kingdom. Its storage properties comprise nearly 7.7 million square feet of storage space and serve approximately 90,000 customers.
