Highlights

“We have delivered occupancy, cash flow and earnings growth for the fifth year in a row following the deep recession in 2008 and 2009.”

Another year of
cash flow, earnings
& dividend growth

Financial metrics		Year ended 31 March 2014	Year ended 31 March 2013	Growth %
Revenue		£72.2m	£69.7m	4
Adjusted profit before tax⁽¹⁾		£29.2m	£25.5m	15
Adjusted EPRA earnings per share⁽²⁾		20.5p	19.3p	6
Dividend	– final	8.4p	6.0p	40
	– total	16.4p	11.0p	49
Adjusted NAV per share⁽³⁾		446.5p	419.2p	7
Cash flow from operating activities (after net finance costs)		£32.8m	£30.2m	9
Store metrics
Occupancy growth – all stores		200,000 sq ft	174,000 sq ft	15
Occupancy growth – wholly owned stores		165,000 sq ft	90,000 sq ft	83
Occupancy – wholly owned stores		69.8%	64.8%	8
Net achieved rent per sq ft		£26.15	£24.65	6
Revenue per available foot (“REVPAF”)⁽⁴⁾		£20.64	£19.94	4
Statutory metrics
Profit before tax		£59.8m	£31.9m	87
Basic earnings per share		42.5p	24.4p	74

Growth in all our key store metrics
Year-on-year fourth quarter store revenue increased by 11% to £17.7 million
(same quarter last year: £16.0 million)
Cash flows from operating activities (after net finance costs) increased by
9% to £32.8 million
49% increase in the total dividend for the year to 16.4p
Reduction of Group net debt⁽⁵⁾ by £4.4 million to £226.1 million
Opening of our prominent store at Gypsy Corner, West London, on the A40 in April 2014
Acquisition of ten store Armadillo Self Storage portfolio through a joint venture
with an Australian consortium in April 2014
Big Yellow’s national brand leadership confirmed by 2014 YouGov survey

¹ See note 10 ² See note 12 ³ See notes 12 and 14 ⁴ See Portfolio Summary ⁵ See note 18

Occupancy (%)