Highlights

Highlights/ Strong Organic Growth & Further Investment in New Capacity

Financial metrics	Six months ended 30 September 2015	Six months ended 30 September 2014	%
Revenue	£50.2 million	£39.9 million	26
Like-for-like Revenue ⁽¹⁾	£43.2 million	£39.6 million	9
Adjusted profit before tax ⁽²⁾	£23.9 million	£18.4 million	30
Adjusted EPRA diluted earnings per share ⁽³⁾	15.1 pence	13.0 pence	16
Interim dividend per share	12.1 pence	10.4 pence	16
Cash flow from operating activities (after finance costs)	£25.7 million	£17.8 million	44
Store metrics
Occupancy growth – all stores (sq ft) ⁽⁴⁾	200,000	288,000	(31)
Occupancy – like-for-like stores ⁽⁵⁾	77.3%	73.5%	5
Like-for-like closing net rent per sq ft ⁽⁵⁾	£25.79	£24.91	4
Statutory metrics
Profit before tax	£59.6 million	£35.3 million	69
Basic earnings per share	38.2 pence	25.2 pence	52

¹ Like-for-like revenue excludes the 12 Partnership stores (acquired December 2014), Oxford 2 (acquired July 2014), Chester (acquired January 2015) and Enfield (opened April 2015), and management fees earned from the Partnership in the prior period.; ² see note 6; ³ see note 8; ⁴ see Portfolio Summary; ⁵ Like-for-like occupancy and net rent excludes Enfield and Chester

First Half Highlights

Good first half with increased occupancy and net rent per square foot
Strong revenue performance driving earnings and dividend growth
Adjusted profit before tax up 30% to £23.9 million
Cash flow from operating activities (after finance costs) increased by 44% to £25.7 million
16% increase in interim dividend to 12.1 pence per share
Refinancing of bank loan reducing the Group’s average cost of debt and extending the average maturity of facilities
Further investment in new space
- –Enfield store on A10 in West London opened in April 2015 and early trading
  has been encouraging
- –Acquisition of landmark site in Kings Cross on York Way
- –Acquisition of prime site in Camberwell

We believe Big Yellow is well placed to benefit from growing awareness and improving self storage demand given our market leading brand and operating platform with a focus on London, the South East and large metropolitan cities where barriers to entry are at their highest.