Portfolio Summaries
Portfolio Summary – Big Yellow Stores
| 2018 | 2017 | |||||||
|---|---|---|---|---|---|---|---|---|
| Mature (1) | Established | Developing | Total | Mature | Established | Developing | Total | |
| Number of stores | 67 | 4 | 3 | 74 | 67 | 4 | 2 | 73 |
| At 31 March: | ||||||||
| Total capacity (sq ft) | 4,157,000 | 271,000 | 178,000 | 4,606,000 | 4,157,000 | 271,000 | 123,000 | 4,551,000 |
| Occupied space (sq ft) | 3,417,000 | 223,000 | 90,000 | 3,730,000 | 3,271,000 | 213,000 | 67,000 | 3,551,000 |
| Percentage occupied | 82.2% | 82.3% | 50.6% | 81.0% | 78.7% | 78.6% | 54.5% | 78.0% |
| Net rent per sq ft | £26.96 | £26.08 | £19.88 | £26.74 | £26.16 | £25.29 | £18.63 | £26.03 |
| For the year: | ||||||||
| REVPAF(2) | £25.55 | £24.71 | £14.51 | £25.19 | £24.11 | £22.47 | £9.45 | £23.62 |
| Average occupancy | 82.0% | 80.8% | 43.6% | 81.4% | 78.2% | 75.6% | 40.7% | 77.1% |
| Average annual rent psf | £26.55 | £26.00 | £19.59 | £26.37 | £26.33 | £25.27 | £19.03 | £26.16 |
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | |
|---|---|---|---|---|---|---|---|---|
| Self storage income | 90,495 | 5,694 | 1,528 | 97,717 | 85,469 | 5,179 | 952 | 91,600 |
| Other storage related income(3) | 15,243 | 918 | 333 | 16,494 | 14,162 | 822 | 205 | 15,189 |
| Ancillary store rental Income | 435 | 84 | 5 | 524 | 432 | 88 | 6 | 526 |
| Total store revenue | 106,173 | 6,696 | 1,866 | 114,735 | 100,063 | 6,089 | 1,163 | 107,315 |
| Direct store operating costs (excluding depreciation) | (30,451) | (1,948) | (760) | (33,159) | (29,088) | (1,885) | (744) | (31,717) |
| Short and long leasehold rent(4) | (2,101) | – | – | (2,101) | (2,126) | – | – | (2,126) |
| Store EBITDA (5) | 73,621 | 4,748 | 1,106 | 79,475 | 68,849 | 4,204 | 419 | 73,472 |
| Store EBITDA margin | 69.3% | 70.9% | 59.3% | 69.3% | 68.8% | 69.0% | 36.0% | 68.5% |
| Deemed cost | £000 | £000 | £000 | £000 |
|---|---|---|---|---|
| To 31 March 2018 | 531,198 | 55,300 | 32,919 | 619,417 |
| Capex to complete | 1,700 | – | 800 | 2,500 |
| Total | 532,898 | 55,300 | 33,719 | 621,917 |
- (1)
- The mature stores have been open for more than six years at 1 April 2017. The established stores have been open for between three and six years at 1 April 2017 and the developing stores have been open for fewer than three years at 1 April 2017.
- (2)
- See glossary in note 37.
- (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 60 freehold mature stores is 72%, and 49% for the seven leasehold mature stores.
- (5)
- The table below reconciles Store EBITDA to gross profit in the income statement.
| Year ended 31 March 2018 £000 |
Year ended 31 March 2017 £000 |
|||||
|---|---|---|---|---|---|---|
| Store EBITDA |
Reconciling items |
Gross profit per income statement |
Store EBITDA |
Reconciling items |
Gross profit per income statement |
|
| Store revenue/Revenue(1) | 114,735 | 1,925 | 116,660 | 107,315 | 1,755 | 109,070 |
| Cost of sales(2) | (33,159) | (2,515) | (35,674) | (31,717) | (2,358) | (34,075) |
| Rent(3) | (2,101) | 2,101 | – | (2,126) | 2,126 | – |
| 79,475 | 1,511 | 80,986 | 73,472 | 1,523 | 74,995 | |
- (1)
- See note 3 of the financial statements, reconciling items are management fees and non-storage income.
- (2)
- See reconciliation in cost of sales section in Financial Review on page 30.
- (3)
- The rent shown above is the cost associated with leasehold stores, only part of which is recognised within gross profit in line with finance lease accounting principles. The amount included in gross profit is shown in the reconciling items in cost of sales.
Portfolio Summary – Armadillo Stores
| 2018 | 2017 | |
|---|---|---|
| Number of stores(1) | 22 | 16 |
| At 31 March: | ||
| Total capacity (sq ft) | 963,000 | 738,000 |
| Occupied space (sq ft) | 712,000 | 551,000 |
| Percentage occupied | 73.9% | 74.7% |
| Net rent per sq ft | £16.97 | £16.51 |
| For the year: | ||
| REVPAF | £15.09 | £14.31 |
| Average occupancy | 76.0% | 73.3% |
| Average annual rent psf | £16.61 | £16.36 |
| £000 | £000 | |
|---|---|---|
| Self storage income | 10,677 | 8,781 |
| Other storage related income | 2,015 | 1,659 |
| Ancillary store rental income | 72 | 43 |
| Total store revenue | 12,764 | 10,483 |
| Direct store operating costs (excluding depreciation) | (5,003) | (4,222) |
| Leasehold rent | (497) | (411) |
| Store EBITDA(2) | 7,264 | 5,850 |
| Store EBITDA margin | 56.9% | 55.8% |
| Cumulative capital expenditure | £m |
|---|---|
| To 31 March 2018 | 69.1 |
| To complete | 0.5 |
| Total capital expenditure | 69.6 |
- (1)
- Armadillo acquired three stores in April 2017 from Quickstore in Exeter, Torquay and Plymouth, one store in December 2017 from Store it 4U in Stockton, and two stores in March 2018 from 1st Storage Centres in Newcastle and Gateshead.
- (2)
- Store earnings before interest, tax, depreciation, amortisation, and management fees charged by Big Yellow to the Armadillo portfolios (see note 27).