Portfolio Summaries
Portfolio Summary – Big Yellow Stores
| 2017 | 2016 | |||||||
|---|---|---|---|---|---|---|---|---|
| Mature(1) | Established | Developing | Total | Mature | Established | Developing | Total | |
| Number of stores | 64 | 6 | 3 | 73 | 62 | 6 | 3 | 71 |
| At 31 March: | ||||||||
| Total capacity (sq ft) | 3,955,000 | 406,000 | 190,000 | 4,551,000 | 3,868,000 | 406,000 | 190,000 | 4,464,000 |
| Occupied space (sq ft) | 3,111,000 | 315,000 | 125,000 | 3,551,000 | 2,988,000 | 290,000 | 85,000 | 3,363,000 |
| Percentage occupied | 78.7% | 77.6% | 65.8% | 78.0% | 77.2% | 71.4% | 44.7% | 75.3% |
| Net rent per sq ft | £26.32 | £24.50 | £22.40 | £26.03 | £26.12 | £24.35 | £22.54 | £25.90 |
| For the year: | ||||||||
| REVPAF(2) | £24.23 | £21.82 | £14.67 | £23.62 | £23.30 | £19.76 | £11.57 | £22.59 |
| Average occupancy | 78.3% | 74.4% | 56.3% | 77.1% | 76.4% | 68.0% | 45.4% | 74.7% |
| Average annual rent psf | £26.43 | £24.83 | £22.33 | £26.16 | £25.92 | £24.58 | £22.07 | £25.73 |
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | |
|---|---|---|---|---|---|---|---|---|
| Self storage income | 81,712 | 7,499 | 2,389 | 91,600 | 76,662 | 6,786 | 1,452 | 84,900 |
| Other storage related income(3) | 13,543 | 1,259 | 387 | 15,189 | 13,197 | 1,154 | 217 | 14,568 |
| Ancillary store rental income | 412 | 102 | 12 | 526 | 261 | 84 | 9 | 354 |
| Total store revenue | 95,667 | 8,860 | 2,788 | 107,315 | 90,120 | 8,024 | 1,678 | 99,822 |
| Direct store operating costs (excluding depreciation) |
(27,929) | (2,510) | (1,278) | (31,717) | (26,592) | (2,508) | (986) | (30,086) |
| Short and long leasehold rent(4) | (2,126) | – | – | (2,126) | (1,893) | – | – | (1,893) |
| Store EBITDA (5) | 65,612 | 6,350 | 1,510 | 73,472 | 61,635 | 5,516 | 692 | 67,843 |
| Store EBITDA margin | 68.6% | 71.7% | 54.2% | 68.5% | 68.4% | 68.7% | 41.2% | 68.0% |
| Deemed cost | £m | £m | £m | £m |
|---|---|---|---|---|
| To 31 March 2017 | 477.2 | 80.9 | 34.2 | 592.3 |
| Capex to complete | – | – | 0.2 | 0.2 |
| Total | 477.2 | 80.9 | 34.4 | 592.5 |
- (1)
- The mature stores have been open for more than six years at 1 April 2016. The established stores have been open for between three and six years at 1 April 2016 and the developing stores have been open for fewer three years at 1 April 2016. The Group acquired two stores during the year in Nine Elms and Twickenham. These are shown within mature stores as they have been open for more than six years. Like-for-like measures presented within this statement exclude these two stores.
- (2)
- Total store revenue divided by the average maximum lettable area in the year.
- (3)
- Packing materials, insurance and other storage related fees.
- (4)
- Rent for seven mature short leasehold properties accounted for as investment properties and finance leases under IFRS with total self storage capacity of 420,000 sq ft, and a long leasehold lease-up store with a capacity of 64,000 sq ft. The EBITDA margin for the 57 freehold mature stores is 70.5%, and 49.8% for the seven leasehold mature stores.
- (5)
- Store earnings before interest, tax, depreciation and amortisation. See the financial review for a reconciliation of Store EBITDA to gross profit.
Portfolio Summary – Armadillo Stores
| 2017 | 2016 | |
|---|---|---|
| Number of stores(1) | 16 | 14 |
| At 31 March: | ||
| Total capacity (sq ft) | 738,000 | 673,000 |
| Occupied space (sq ft) | 551,000 | 477,000 |
| Percentage occupied | 74.7% | 70.9% |
| Net rent per sq ft | £16.51 | £15.59 |
| For the year: | ||
| REVPAF | £14.31 | £13.33 |
| Average occupancy | 73.3% | 70.7% |
| Average annual rent psf | £16.36 | £15.64 |
| £000 | £000 | |
|---|---|---|
| Self storage income | 8,781 | 7,428 |
| Other storage related income | 1,659 | 1,531 |
| Ancillary store rental income | 43 | 9 |
| Total store revenue | 10,483 | 8,968 |
| Direct store operating costs (excluding depreciation) | (4,222) | (3,681) |
| Leasehold rent | (411) | (411) |
| Store EBITDA(2) | 5,850 | 4,876 |
| Store EBITDA margin | 55.8% | 54.4% |
| Cumulative capital expenditure | £m |
|---|---|
| To 31 March 2017 | 51.0 |
| To complete | 0.5 |
| Total capital expenditure | 51.5 |
- (1)
- Armadillo acquired two stores in April 2016 in Canterbury and West Molesey.
- (2)
- Store earnings before interest, tax, depreciation, amortisation, and management fees charged by Big Yellow to the Armadillo portfolios (see note 26).