Portfolio Summary
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March
2009
Same store(1) |
March
2009
Lease-up |
March
2009
Total |
March
2008
Same store |
March
2008
Lease-up |
March
2008
Total |
 |
| Number of stores (2) |
32 |
18 |
50 |
32 |
15 |
47 |
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| As at 31 March 2009 |
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| Total capacity (sq ft) |
1,944,000 |
1,208,000 |
3,152,000 |
1,944,000 |
1,002,000 |
2,946,000 |
| Occupied space (sq ft) |
1,379,000 |
353,000 |
1,732,000 |
1,537,000 |
280,000 |
1,817,000 |
| Percentage occupied |
71% |
29% |
55% |
79% |
28% |
62% |
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| For the year: |
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| Average occupancy |
75% |
27% |
57% |
82% |
25% |
62% |
| Average annual rent psf |
£26.42 |
£27.00 |
£26.53 |
£25.07 |
£26.07 |
£25.38 |
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£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
| Self storage revenue |
38,422 |
8,784 |
47,206 |
39,956 |
6,530 |
46,486 |
| Other storage related revenue (3) |
6,066 |
1,898 |
7,964 |
6,445 |
1,424 |
7,869 |
| Ancillary store rental revenue |
67 |
29 |
96 |
93 |
21 |
114 |
|
| Store revenue |
44,555 |
10,711 |
55,266 |
46,494 |
7,975 |
54,469 |
| Direct store operating costs (excluding depreciation) |
(13,700) |
(6,601) |
(20,301) |
(14,088) |
(3,967) |
(18,055) |
| Leasehold rent (4) |
(1,968) |
(42) |
(2,010) |
(2,184) |
(43) |
(2,227) |
|
| Store EBITDA (5) |
28,887 |
4,068 |
32,955 |
30,222 |
3,965 |
34,187 |
| EBITDA Margin (6) |
65% |
38% |
60% |
65% |
50% |
63% |
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| Cumulative capital expenditure |
£m |
£m |
£m |
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| to 31 March 2009 |
160.1 |
169.9 |
330.0 |
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| to complete |
- |
4.9 |
4.9 |
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| Total cost |
160.1 |
174.8 |
334.9 |
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| (1) |
Same stores are those that the Group manages on a mature basis; lease-up stores have yet to trade at their mature occupancy levels. These are wholly owned stores. Stores owned by Big Yellow Limited Partnership are not included in this summary. |
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| (2) |
The results above for both years exclude the trading and occupancy of Leeds (sold to Big Yellow Limited Partnership in November 2007) and Sheen (closed for refurbishment in July 2007). The revenue earned from these two stores is shown in Note 3 of the financial statements, other than the revenue for Sheen from its date of reopening (December 2008), which in the current year is shown in lease up stores. |
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| (3) |
Packing materials, insurance and other storage related fees. |
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| (4) |
Rent for 7 short and one long leasehold property accounted for as investment properties and finance leases under IFRS with total self storage capacity of 496,000 sq ft, plus rent for Chelmsford and Cheltenham until the dates that their freeholds were acquired (29 August 2007 and 15 January 2008 respectively). |
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| (5) |
Earnings before interest, tax, depreciation and amortisation. |
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| (6) |
Of the same stores, the leaseholds achieved a store EBITDA of £5.2 million and EBITDA margin of 48%. The freeholds achieved a store EBITDA of £23.7 million and EBITDA margin of 70%. |
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