Big Yellow Group PLC
Half Year Report 2016

Portfolio Summary

Portfolio Summary – Big Yellow Stores

  2016   2015
  Mature (1) Established Developing Total   Mature Established Developing Total
Number of stores 64 6 3 73   62 6 2 70
At 30 September:                  
Total capacity (sq ft) 3,955,000 406,000 190,000 4,551,000   3,868,000 406,000 130,000 4,404,000
Occupied space (sq ft) 3,153,000 306,000 114,000 3,573,000   3,027,000 281,000 70,000 3,378,000
Percentage occupied 79.7% 75.4% 60.0% 78.5%   78.3% 69.2% 53.8% 76.7%
Net rent per sq ft £26.54 £24.96 £21.91 £26.26   £25.81 £24.51 £22.33 £25.64
For the period:                  
REVPAF (2) £24.48 £21.67 £13.52 £23.77   £23.26 £19.52 £11.04 £22.47
Average occupancy 79.0% 73.6% 52.1% 77.4%   76.5% 67.3% 44.5% 74.7%
Average annual rent psf £26.30 £24.83 £21.97 £26.05   £25.60 £24.42 £21.29 £25.43
                   
  £000 £000 £000 £000   £000 £000 £000 £000
Self storage income 41,044 3,722 1,090 45,856   38,003 3,345 617 41,965
Other storage related income (3) 6,973 636 191 7,800   6,700 577 97 7,374
Ancillary store rental Income 210 42 3 255   97 40 4 141
Total store revenue 48,227 4,400 1,284 53,911   44,800 3,962 718 49,480
Direct store operating costs
(excluding depreciation)
(14,027) (1,298) (646) (15,971)   (13,664) (1,292) (455) (15,411)
Short and long leasehold rent (4) (1,027) (1,027)   (937) (937)
Store EBITDA (5) 33,173 3,102 638 36,913   30,199 2,670 263 33,132
Store EBITDA margin 68.8% 70.5% 49.7% 68.5%   67.4% 67.4% 36.6% 67.0%
Deemed cost £m £m £m £m
To 30 September 2016 430.4 81.8 34.2 546.4
Capex to complete 0.4 0.5 0.9
Total 430.8 81.8 34.7 547.3
(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 than three years at 1 April 2016. The Group acquired two stores during the period 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 the two acquired stores, and also Cambridge which opened in January 2016.
(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 mature store with a capacity of 64,000 sq ft. The EBITDA margin for the 57 freehold mature stores is 71.0%, and 51.3% for the seven leasehold mature stores.
(5)
Store earnings before interest, tax, depreciation and amortisation.

Portfolio Summary – Armadillo Stores

  2016 2015
Number of stores (1) 16 14
At 30 September:    
Total capacity (sq ft) 736,000 673,000
Occupied space (sq ft) 536,000 486,000
Percentage occupied 72.8% 72.2%
Net rent per sq ft £16.59 £15.46
For the period:    
REVPAF £14.30 £13.29
Average occupancy 73.8% 71.2%
Average annual rent psf £16.14 £15.33
  £000 £000
Self storage income 4,333 3,685
Other storage related income 834 783
Ancillary store rental income 20 4
Total store revenue 5,187 4,472
Direct store operating costs (excluding depreciation) (2,042) (1,819)
Short leasehold rent (206) (205)
Store EBITDA 2,939 2,448
Store EBITDA margin 56.7% 54.7%
Cumulative capital expenditure £m  
To 30 September 2016 50.0  
To complete 0.6  
Total capital expenditure 50.6  
(1)
Armadillo acquired two stores in April 2016 in Canterbury and West Molesey.

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