Portfolio Summary
Portfolio Summary – Big Yellow Stores
| 2015 | 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Mature(1) | Established | Developing | Total | Mature | Established | Developing | Total | ||
| Number of stores(2) | 56 | 11 | 3 | 70 | 55 | 11 | 2 | 68 | |
| At 30 September: | |||||||||
| Total capacity (sq ft) | 3,495,000 | 704,000 | 205,000 | 4,404,000 | 3,426,000 | 704,000 | 145,000 | 4,275,000 | |
| Occupied space (sq ft) | 2,737,000 | 520,000 | 121,000 | 3,378,000 | 2,568,000 | 498,000 | 78,000 | 3,144,000 | |
| Percentage occupied | 78.3% | 73.9% | 59.0% | 76.7% | 75.0% | 70.7% | 53.8% | 73.5% | |
| Net rent per sq ft | £26.43 | £21.84 | £24.22 | £25.64 | £25.79 | £20.76 | £22.28 | £24.91 | |
| For the period: | |||||||||
| REVPAF(3) | £23.63 | £19.15 | £14.12 | £22.47 | £22.24 | £16.81 | £11.68 | £20.98 | |
| Average occupancy | 76.4% | 73.1% | 51.4% | 74.7% | 72.6% | 66.2% | 42.5% | 70.5% | |
| Average annual rent psf | £26.21 | £21.75 | £23.51 | £25.43 | £25.92 | £20.87 | £22.93 | £25.08 | |
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | ||
| Self storage income | 35,110 | 5,613 | 1,242 | 41,965 | 32,187 | 4,876 | 708 | 37,771 | |
| Other storage related income (4) | 6,102 | 1,079 | 193 | 7,374 | 5,645 | 989 | 127 | 6,761 | |
| Ancillary store rental Income | 82 | 47 | 12 | 141 | 92 | 53 | 12 | 157 | |
| Total store revenue | 41,294 | 6,739 | 1,447 | 49,480 | 37,924 | 5,918 | 847 | 44,689 | |
| Direct store operating costs (excluding depreciation) |
(12,476) | (2,218) | (717) | (15,411) | (11,408) | (2,141) | (488) | (14,037) | |
| Short and long leasehold rent (5) | (937) | – | – | (937) | (1,011) | – | – | (1,011) | |
| Store EBITDA (6) | 27,881 | 4,521 | 730 | 33,132 | 25,505 | 3,777 | 359 | 29,641 | |
| Store EBITDA margin | 67.5% | 67.1% | 50.4% | 67.0% | 67.3% | 63.8% | 42.4% | 66.3% | |
| Deemed cost | £m | £m | £m | £m |
|---|---|---|---|---|
| To 30 September 2015 | 362.4 | 130.7 | 46.4 | 539.5 |
| Capex to complete | 0.7 | 0.4 | 0.3 | 1.4 |
| Total | 363.1 | 131.1 | 46.7 | 540.9 |
- (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 than three years at 1 April 2015. The Group acquired two stores during the prior year in Chester and Oxford. These are shown within mature stores as they have been open for more than six years (Chester was acquired in January 2015, so is not in the comparative figures).
- (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 for the prior period excluding the period when the stores were not wholly owned.
| 2014 | |||
|---|---|---|---|
Per above £000 |
Partnership results as an associate £000 |
Statutory £000 |
|
| Store revenue | 44,689 | (5,566) | 39,123 |
| Store EBITDA | 29,641 | (3,431) | 26,210 |
- (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 mature 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
| 2015 | 2014 | |
|---|---|---|
| Number of stores (1) | 14 | 14 |
| At 30 September: | ||
| Total capacity (sq ft) | 673,000 | 673,000 |
| Occupied space (sq ft) | 486,000 | 475,000 |
| Percentage occupied | 72.2% | 70.6% |
| Net rent per sq ft | £15.46 | £15.01 |
| For the period: | ||
| REVPAF | £13.29 | £12.75 |
| Average occupancy | 71.2% | 68.8% |
| Average annual rent psf | £15.33 | £15.46 |
| £000 | £000 | |
|---|---|---|
| Self storage income | 3,685 | 3,585 |
| Other storage related income | 783 | 699 |
| Ancillary store rental income | 4 | 6 |
| Total store revenue | 4,472 | 4,290 |
| Direct store operating costs (excluding depreciation) | (1,819) | (1,791) |
| Short leasehold rent | (205) | (205) |
| Store EBITDA | 2,448 | 2,294 |
| Store EBITDA margin | 54.7% | 53.5% |
| Cumulative capital expenditure | £m | |
| To 30 September 2015 | 43.1 | |
| To complete | 0.8 | |
| Total capital expenditure | 43.9 |
- (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 9d for further details.