Portfolio Summaries
Proforma Portfolio Summary – Big Yellow Stores
| 2015 | 2014 | |||||||
|---|---|---|---|---|---|---|---|---|
| Mature(1) | Established | Developing | Total | Mature | Established | Developing | Total | |
| Number of stores(2) | 50 | 14 | 5 | 69 | 48 | 14 | 4 | 66 |
| At 31 March | ||||||||
| Total capacity (sq ft) | 3,121,000 | 883,000 | 340,000 | 4,344,000 | 3,017,000 | 883,000 | 270,000 | 4,170,000 |
| Occupied space (sq ft) | 2,350,000 | 613,000 | 215,000 | 3,178,000 | 2,146,000 | 536,000 | 150,000 | 2,832,000 |
| Percentage occupied | 75.3% | 69.4% | 63.2% | 73.2% | 71.1% | 60.7% | 55.6% | 67.9% |
| Net rent per sq ft | £25.89 | £22.73 | £25.05 | £25.23 | £25.62 | £22.09 | £23.83 | £24.85 |
| For the year | ||||||||
| REVPAF(3) | £22.49 | £18.04 | £16.40 | £21.09 | £21.03 | £15.43 | £14.37 | £19.41 |
| Average occupancy | 74.7% | 67.7% | 58.1% | 71.9% | 70.6% | 58.7% | 51.1% | 66.8% |
| Average annual rent psf | £25.73 | £22.33 | £23.80 | £24.95 | £25.05 | £21.63 | £22.85 | £24.32 |
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | |
|---|---|---|---|---|---|---|---|---|
| Self storage income | 58,695 | 13,355 | 4,701 | 76,751 | 53,367 | 11,211 | 3,153 | 67,731 |
| Other storage related income(4) | 9,871 | 2,519 | 790 | 13,180 | 9,272 | 2,329 | 632 | 12,233 |
| Ancillary store rental Income | 136 | 54 | 86 | 276 | 91 | 85 | 95 | 271 |
| Total store revenue | 68,702 | 15,928 | 5,577 | 90,207 | 62,730 | 13,625 | 3,880 | 80,235 |
| Direct store operating costs (excluding depreciation) |
(20,596) | (5,573) | (2,187) | (28,356) | (19,973) | (5,373) | (1,732) | (27,078) |
| Short and long leasehold rent(5) | (1,941) | – | – | (1,941) | (2,005) | – | – | (2,005) |
| Store EBITDA(6) | 46,165 | 10,355 | 3,390 | 59,910 | 40,752 | 8,252 | 2,148 | 51,152 |
| Store EBITDA margin | 67.2% | 65.0% | 60.8% | 66.4% | 65.0% | 60.6% | 55.4% | 63.8% |
| Deemed cost | £m | £m | £m | £m |
|---|---|---|---|---|
| To 31 March 2015 | 311.0 | 145.4 | 74.0 | 530.4 |
| Capex to complete | – | 1.7 | 0.2 | 1.9 |
| Total | 311.0 | 147.1 | 74.2 | 532.3 |
- (1)
- The mature stores have been open for more than six years at 1 April 2014. The established stores have been open for between three and six years at 1 April 2014 and the developing stores have been open for fewer than three years at 1 April 2014. The Group acquired two stores during the year in Chester and Oxford. These are shown within mature stores in the current year as they have been open for more than six years.
- (2)
- The Group acquired the 66.7% of Big Yellow Limited Partnership that it did not previously own on 1 December 2014. The results of the stores in the Partnership have been included in the results above for both years to give a clearer understanding of the underlying performance of all Big Yellow stores. The table below shows the results excluding the period when the stores were not wholly owned.
| Per above £000 |
2015 Partnership results as an associate £000 |
Statutory £000 |
Per above £000 |
2014 Partnership results as an associate £000 |
Statutory £000 |
|
|---|---|---|---|---|---|---|
| Store revenue | 90,207 | (7,476) | 82,731 | 80,235 | (9,529) | 70,706 |
| Store EBITDA | 59,910 | (4,659) | 55,251 | 51,152 | (5,480) | 45,672 |
- (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 six mature short leasehold properties accounted for as investment properties and finance leases under IFRS with total self storage capacity of 398,000 sq ft, and a long leasehold lease-up store with a capacity of 64,000 sq ft. The Group acquired the freehold of its Battersea store in December 2014.
- (6)
- Store earnings before interest, tax, depreciation, amortisation, and an allocation of central overhead.
Portfolio Summary – Armadillo Stores
| Armadillo 1(1) | ||
|---|---|---|
| March 2015 |
March 2014 |
|
| Number of stores | 12 | 12 |
| At 30 September | ||
| Total capacity (sq ft) | 401,000 | 401,000 |
| Occupied space (sq ft) | 253,000 | 240,000 |
| Percentage occupied | 63.1% | 59.9% |
| Net rent per sq ft | £14.66 | £14.31 |
| For the 6 month period | ||
| REVPAF | £11.20 | £10.03 |
| Average occupancy | 62.9% | 58.9% |
| Average annual rent psf | £14.53 | £13.84 |
| £000 | £000 | |
|---|---|---|
| Self storage income | 3,665 | 3,273 |
| Other storage related income | 817 | 738 |
| Ancillary store rental income | 10 | 12 |
| Total store revenue | 4,492 | 4,023 |
| Direct store operating costs (excluding depreciation) | (2,035) | (2,016) |
| Store EBITDA | 2,457 | 2,007 |
| Store EBITDA margin | 54.7% | 49.9% |
| Cumulative capital expenditure | £m |
|---|---|
| To 31 March 2015 | 19.8 |
| To complete | 0.2 |
| Total capital expenditure | 20.0 |
- (1)
- The Group acquired an interest in Armadillo 1 on 16 April 2014. The results shown here are to provide readers with a clearer understanding of the performance of the portfolio. Please see note 13d for the Group’s share of Armadillo 1’s results since ownership.
- (2)
- The Group acquired an interest in Armadillo 2, a portfolio of four stores in the North West on 3 February 2015. The four stores were 77.8% occupied of their 270,000 sq ft capacity at 31 March 2015. The trading figures for this portfolio will be presented from next year. Please see note 13d for the Group’s share of Armadillo 2’s results since ownership.