Portfolio Summary

Portfolio Summary – Big Yellow Stores

	2017				2016
	Mature⁽¹⁾	Established	Developing	Total	Mature	Established	Developing	Total
Number of stores	67	4	2	73	67	4	2	73
At 30 September:
Total capacity (sq ft)	4,157,000	271,000	123,000	4,551,000	4,157,000	271,000	123,000	4,551,000
Occupied space (sq ft)	3,503,000	228,000	85,000	3,816,000	3,307,000	211,000	55,000	3,573,000
Percentage occupied	84.3%	84.1%	69.1%	83.8%	79.6%	77.9%	44.7%	78.5%
Net rent per sq ft	£26.46	£25.92	£19.32	£26.29	£26.45	£25.27	£18.15	£26.26
For the period:
REVPAF⁽²⁾	£25.38	£24.50	£14.23	£25.03	£24.34	£22.09	£8.11	£23.77
Average occupancy	82.2%	81.2%	61.0%	81.5%	78.8%	74.9%	35.0%	77.4%
Average annual rent psf	£26.20	£25.69	£18.95	£26.02	£26.21	£24.93	£18.67	£26.05

	£000	£000	£000	£000	£000	£000	£000	£000
Self storage income	44,861	2,834	713	48,408	42,917	2,537	402	45,856
Other storage related income⁽³⁾	7,809	470	164	8,443	7,282	423	95	7,800
Ancillary store rental income	236	25	1	262	220	33	2	255
Total store revenue	52,906	3,329	878	57,113	50,419	2,993	499	53,911
Direct store operating costs (excluding depreciation)	(15,026)	(966)	(395)	(16,387)	(14,652)	(942)	(377)	(15,971)
Short and long leasehold rent ⁽⁴⁾	(1,002)	–	–	(1,002)	(1,027)	–	–	(1,027)
Store EBITDA⁽⁵⁾	36,878	2,363	483	39,724	34,740	2,051	122	36,913
Store EBITDA margin	69.7%	71.0%	55.0%	69.6%	68.9%	68.5%	24.4%	68.5%

Deemed cost	£m	£m	£m	£m
To 30 September 2017	517.8	55.2	21.0	594.0
Capex to complete	–	–	0.1	0.1
Total	517.8	55.2	21.1	594.1

(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): 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 60 freehold mature stores is 71.5%, and 52.0% for the seven leasehold mature stores.
(5): Store earnings before interest, tax, depreciation and amortisation. The table below reconciles Store EBITDA to gross profit in the income statement.

	Period ended 30 September 2017 £000			Period ended 30 September 2016 £000
	Store EBITDA	Reconciling items	Gross profit per income statement	Store EBITDA	Reconciling items	Gross profit per income statement
Store revenue/Revenue ⁽¹⁾	57,113	962	58,075	53,911	882	54,793
Cost of sales⁽²⁾	(16,387)	(1,201)	(17,588)	(15,971)	(1,052)	(17,023)
Rent⁽³⁾	(1,002)	1,002	–	(1,027)	1,027	–
	39,724	763	40,487	36,913	857	37,770

(1): See note 2 of the interim statement, reconciling items are management fees and non-storage income.
(2): See reconciliation in cost of sales section in Business and Financial Review on page 8.
(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.

	£000	£000
Self storage income	5,237	4,333
Other storage related income	1,022	834
Ancillary store rental income	23	20
Total store revenue	6,282	5,187
Direct store operating costs (excluding depreciation)	(2,397)	(2,042)
Short leasehold rent	(247)	(206)
Store EBITDA	3,638	2,939
Store EBITDA margin	57.9%	56.7%
Cumulative capital expenditure	£m
To 30 September 2017	56.3
To complete	0.4
Total capital expenditure	56.7

(1): Armadillo acquired three stores in April 2017 from Quickstore in Exeter, Torquay and Plymouth.