Portfolio Summary

Portfolio Summary – Wholly Owned Stores

	September 2014 Established⁽¹⁾	September 2014 Lease-up⁽¹⁾	September 2014 Total	September 2013 Established	September 2013 Lease-up	September 2013 Total
Number of stores	32	24	56	32	22	54
At 30 September:
Total capacity (sq ft)	1,930,000	1,596,000	3,526,000	1,930,000	1,491,000	3,421,000
Occupied space(sq ft)	1,541,000	1,085,000	2,626,000	1,488,000	923,000	2,411,000
Percentage occupied	79.8%	68.0%	74.5%	77.1%	61.9%	70.5%
Net rent per sq ft	£26.45	£25.94	£26.25	£25.43	£25.25	£25.36
For the 6 month period:
REVPAF⁽²⁾	£24.09	£19.98	£22.24	£22.47	£17.70	£20.39
Average occupancy	77.7%	64.8%	71.7%	75.5%	58.6%	68.1%
Average annual rent psf	£26.50	£26.20	£26.38	£25.32	£25.14	£25.25

	£000	£000	£000	£000	£000	£000
Self storage income	19,912	13,324	33,236	18,583	11,007	29,590
Other storage related income ⁽³⁾	3,341	2,406	5,747	3,204	2,153	5,357
Ancillary store rental income	54	86	140	56	77	133
Total store revenue	23,307	15,816	39,123	21,843	13,237	35,080
Direct store operating costs(excluding depreciation)	(6,558)	(5,344)	(11,902)	(6,442)	(4,782)	(11,224)
Short and long leasehold rent⁽⁴⁾	(989)	(22)	(1,011)	(974)	(22)	(996)
Store EBITDA⁽⁵⁾	15,760	10,450	26,210	14,427	8,433	22,860
Store EBITDA margin⁽⁶⁾	67.6%	66.1%	67.0%	66.0%	63.7%	65.2%

Cumulative capital expenditure	£m	£m	£m
To 30 September 2014	163.6	253.9	417.5
To complete	–	1.6	1.6
Total capital expenditure	163.6	255.5	419.1

(1): The 32 established stores are those that had reached stabilisation as a portfolio in 2007 prior to the economic downturn. Of the 24 lease-up stores, three stores opened before 31 March 2006, six stores opened in the year ended 31 March 2007, seven stores opened in the year ended 31 March 2008 and eight have opened since 1 April 2008. Oxford 2, which was acquired in July 2014, has been included in the lease-up store portfolio, and its results from the date of acquisition have been incorporated.
(2): Total store revenue divided by the average maximum lettable area in the period.
(3): Packing materials, insurance and other storage related fees.
(4): 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 one long leasehold lease-up store with a capacity of 64,000 sq ft.
(5): Earnings before interest, tax, depreciation, amortisation and allocation of central overhead.
(6): Of the established stores, the seven leaseholds achieved a store EBITDA of £2.9 million and an EBITDA margin of 53%. The freehold stores achieved a store EBITDA of £12.9 million and an EBITDA margin of 72%.

	Big Yellow Limited Partnership		Armadillo Storage(1)
	September 2014	September 2013	September 2014	September 2013
Number of stores	12	12	10	10
At 30 September:
Total capacity (sq ft)	749,000	749,000	401,000	401,000
Occupied space (sq ft)	518,000	453,000	257,000	240,000
Percentage occupied	69.2%	60.5%	64.1%	59.9%
Net rent per sq ft	£18.15	£17.31	£14.38	£13.68
For the 6 month period:
REVPAF	£14.82	£12.63	£11.18	£10.03
Average occupancy	65.5%	58.1%	62.9%	58.3%
Average annual rent psf	£18.40	£17.45	£14.44	£13.82

	£000	£000	£000	£000
Self storage income	4,529	3,810	1,825	1,628
Other storage related income	1,014	913	418	381
Ancillary store rental income	23	23	6	7
Total store revenue	5,566	4,746	2,249	2,016
Direct store operating costs (excluding depreciation)	(2,135)	(2,031)	(1,037)	(1,014)
Store EBITDA	3,431	2,715	1,212	1,002
Store EBITDA margin	61.6%	57.2%	53.9%	49.7%
Cumulative capital expenditure	£m		£m
To 30 September 2014	99.6		19.8
To complete	0.6		–
Total capital expenditure	100.2		19.8

(1): Please note the Group acquired an interest in Armadillo 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 9d for the Group’s share of Armadillo’s results since ownership.