Portfolio Summary
Portfolio Summary – Wholly Owned Stores
| Established(1) | 2014 Lease-up |
Total | Established | 2013 Lease-up |
Total | |
|---|---|---|---|---|---|---|
| Number of stores | 32 | 22 | 54 | 32 | 22 | 54 |
| At 31 March | ||||||
| Total capacity (sq ft)(2) | 1,930,000 | 1,491,000 | 3,421,000 | 1,941,000 | 1,491,000 | 3,432,000 |
| Occupied space (sq ft) | 1,452,000 | 936,000 | 2,388,000 | 1,413,000 | 810,000 | 2,223,000 |
| Percentage occupied | 75.2% | 62.8% | 69.8% | 72.8% | 54.3% | 64.8% |
| Net rent per sq ft | £26.23 | £26.02 | £26.15 | £24.72 | £24.51 | £24.65 |
| For the year | ||||||
| REVPAF(3) | £22.54 | £18.16 | £20.64 | £22.74 | £16.29 | £19.94 |
| Average occupancy | 75.5% | 59.8% | 68.7% | 74.9% | 51.8% | 64.8% |
| Average annual rent per sq ft | £25.59 | £25.46 | £25.54 | £26.10 | £26.16 | £26.12 |
| £000 | £000 | £000 | £000 | £000 | £000 | |
|---|---|---|---|---|---|---|
| Self storage income | 37,280 | 22,714 | 59,994 | 37,926 | 20,186 | 58,112 |
| Other storage related income(4) | 6,244 | 4,231 | 10,475 | 6,123 | 3,873 | 9,996 |
| Ancillary store rental income | 95 | 142 | 237 | 86 | 140 | 226 |
| Total store revenue | 43,619 | 27,087 | 70,706 | 44,135 | 24,199 | 68,334 |
| Direct store operating costs (excluding depreciation) |
(13,087) | (9,942) | (23,029) | (12,835) | (9,520) | (22,355) |
| Short and long leasehold rent(5) | (1,961) | (44) | (2,005) | (1,803) | (44) | (1,847) |
| Store EBITDA(6) | 28,571 | 17,101 | 45,672 | 29,497 | 14,635 | 44,132 |
| Store EBITDA margin(7) | 65.5% | 63.1% | 64.6% | 66.8% | 60.5% | 64.6% |
| Deemed cost | £m | £m | £m |
|---|---|---|---|
| To 31 March 2014 | 162.7 | 234.3 | 397.0 |
| Capex to complete | – | 1.6 | 1.6 |
| Total | 162.7 | 235.9 | 398.6 |
- (1)
- The 32 established stores are those that had reached stabilisation as a portfolio in 2007 prior to the economic downturn. Of the 22 lease-up stores, three stores opened before 31 March 2006, six stores opened in the year ended 31 March 2007, six stores opened in the year ended 31 March 2008 and seven have opened since 1 April 2008.
- (2)
- The capacity of the established stores has fallen as space at one store has been earmarked for redevelopment.
- (3)
- Total store revenue divided by the average maximum lettable area in the year.
- (4)
- Packing materials, insurance and other storage related fees.
- (5)
- Rent for seven established short leasehold properties accounted for as investment properties and finance leases under IFRS with total self storage capacity of 431,000 sq ft, and a long leasehold lease-up store with a capacity of 64,000 sq ft.
- (6)
- Store earnings before interest, tax, depreciation and amortisation.
- (7)
- Of the established stores, the seven leasehold stores achieved a store EBITDA of £5.1 million and EBITDA margin of 50%. The 25 freehold stores achieved a store EBITDA of £23.5 million and EBITDA margin of 70%.
Portfolio Summary – Big Yellow Limited Partnership stores
| March 2014 |
March 2013 |
|
|---|---|---|
| Number of stores | 12 | 12 |
| At 31 March | ||
| Total capacity (sq ft) | 749,000 | 749,000 |
| Occupied space (sq ft) | 444,000 | 409,000 |
| Percentage occupied | 59.3% | 54.6% |
| Net rent per sq ft | £18.01 | £16.72 |
| For the year | ||
| REVPAF | £12.72 | £11.14 |
| Average occupancy | 58.4% | 49.0% |
| Average annual rent per sq ft | £17.70 | £18.29 |
| £000 | £000 | |
|---|---|---|
| Self storage income | 7,737 | 6,704 |
| Other storage related income | 1,758 | 1,556 |
| Ancillary store rental income | 34 | 29 |
| Total store revenue | 9,529 | 8,289 |
| Direct store operating costs (excluding depreciation) | (4,049) | (4,023) |
| Store EBITDA | 5,480 | 4,266 |
| Store EBITDA margin | 57.5% | 51.5% |
| Deemed cost | £m |
|---|---|
| To 31 March 2014 | 99.5 |
| Capex to complete | 0.7 |
| Total | 100.2 |