Portfolio Summaries

Proforma Portfolio Summary – Big Yellow Stores

	£000	£000	£000	£000	£000	£000	£000	£000
Self storage income	70,853	11,302	2,745	84,900	65,017	10,068	1,666	76,751
Other storage related income⁽⁴⁾	12,036	2,116	416	14,568	10,990	1,923	267	13,180
Ancillary store rental income	228	102	24	354	153	102	21	276
Total store revenue	83,117	13,520	3,185	99,822	76,160	12,093	1,954	90,207
Direct store operating costs (excluding depreciation)	(24,202)	(4,353)	(1,531)	(30,086)	(23,041)	(4,269)	(1,046)	(28,356)
Short and long leasehold rent⁽⁵⁾	(1,893)	–	–	(1,893)	(1,941)	–	–	(1,941)
Store EBITDA⁽⁶⁾	57,022	9,167	1,654	67,843	51,178	7,824	908	59,910
Store EBITDA margin	68.6%	67.8%	51.9%	68.0%	67.2%	64.7%	46.5%	66.4%

Deemed cost	£m	£m	£m	£m
To 31 March 2016	364.0	130.9	56.6	551.5
Capex to complete	0.8	0.1	0.3	1.2
Total	364.8	131.0	56.9	552.7

(1): The mature stores have been open for more than six years at 1 April 2015. The established stores have been open for between three and six years at 1 April 2015 and the developing stores have been open for fewer three years at 1 April 2015.
(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 in full for the prior year to give a clearer understanding of the underlying performance of all Big Yellow stores. The table below shows the results for the prior year excluding the period when the stores were not wholly owned, reconciled with the reported statutory results for the year ended 31 March 2015.

	Proforma above £000	2015 Partnership results as an associate £000	Statutory £000
Store revenue	90,207	(7,476)	82,731
Store EBITDA	59,910	(4,659)	55,251

(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.
(6): Store earnings before interest, tax, depreciation, amortisation, and an allocation of central overhead.

	£000	£000
Self storage income	7,428	7,146
Other storage related income	1,531	1,408
Ancillary store rental income	9	10
Total store revenue	8,968	8,564
Direct store operating costs (excluding depreciation)	(3,681)	(3,616)
Leasehold rent	(411)	(411)
Store EBITDA ⁽²⁾	4,876	4,537
Store EBITDA margin	54.4%	53.0%

Cumulative capital expenditure	£m
To 31 March 2016	43.5
To complete	0.6
Total capital expenditure	44.1

(1): Please note the Group acquired an interest in Armadillo 1 on 16 April 2014 and in Armadillo 2 on 3 February 2015. The results shown for the comparative period are to provide readers with a clearer understanding of the performance of the portfolios. Please see Note 13d for further details.
(2): Store earnings before interest, tax, depreciation, amortisation, and management fees charged by Big Yellow to the Armadillo portfolios (see Note 26).