Portfolio Summary
Portfolio Summary – Big Yellow Stores
| 2018 | 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Mature(1) | Established | Developing | Total | Mature | Established | Developing | Total | ||
| Number of stores | 69 | 3 | 3 | 75 | 69 | 3 | 1 | 73 | |
| At 30 September: | |||||||||
| Total capacity (sq ft) | 4,308,000 | 206,000 | 142,000 | 4,656,000 | 4,308,000 | 206,000 | 62,000 | 4,576,000 | |
| Occupied space (sq ft) | 3,661,000 | 174,000 | 69,000 | 3,904,000 | 3,604,000 | 172,000 | 40,000 | 3,816,000 | |
| Percentage occupied | 85.0% | 84.5% | 48.6% | 83.8% | 83.7% | 83.5% | 64.5% | 83.4% | |
| Net rent per sq ft | £27.26 | £28.41 | £19.29 | £27.20 | £26.39 | £25.86 | £17.41 | £26.29 | |
| For the period: | |||||||||
| REVPAF(2) | £26.64 | £26.45 | £10.69 | £26.19 | £25.17 | £23.02 | £11.75 | £24.89 | |
| Average occupancy | 83.8% | 83.5% | 43.4% | 82.7% | 81.6% | 79.6% | 54.0% | 81.1% | |
| Average annual net rent psf | £27.07 | £27.38 | £18.92 | £26.97 | £26.15 | £25.09 | £17.02 | £26.02 | |
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | ||
| Self storage income | 49,002 | 2,361 | 532 | 51,895 | 46,055 | 2,063 | 290 | 48,408 | |
| Other storage related income(2) | 8,321 | 358 | 138 | 8,817 | 8,055 | 314 | 74 | 8,443 | |
| Ancillary store rental income | 223 | 12 | 23 | 258 | 260 | 1 | 1 | 262 | |
| Total store revenue | 57,546 | 2,731 | 693 | 60,970 | 54,370 | 2,378 | 365 | 57,113 | |
| Direct store operating costs (excluding depreciation) | (16,144) | (803) | (490) | (17,437) | (15,456) | (748) | (183) | (16,387) | |
| Short and long leasehold rent (3) | (1,048) | – | – | (1,048) | (1,002) | – | – | (1,002) | |
| Store EBITDA(2,4) | 40,354 | 1,928 | 203 | 42,485 | 37,912 | 1,630 | 182 | 39,724 | |
| Store EBITDA margin | 70.1% | 70.6% | 29.3% | 69.7% | 69.7% | 68.5% | 49.9% | 69.6% | |
| Deemed cost | £m | £m | £m | £m | |||||
| To 30 September 2018 | 528.9 | 46.4 | 40.3 | 615.6 | |||||
| Capex to complete | – | – | 0.4 | 0.4 | |||||
| Total | 528.9 | 46.4 | 40.7 | 616.0 | |||||
- 1.
- The mature stores have been open for more than six years at 1 April 2018. The established stores have been open for between three and six years at 1 April 2018 and the developing stores have been open for fewer than three years at 1 April 2018.
- 2.
- See glossary in note 19.
- 3.
- 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 62 freehold mature stores is 72.2%, and 51.3% for the seven short leasehold mature stores.
- 4.
- The table below reconciles Store EBITDA to gross profit in the income statement.
| Period ended 30 September 2018 £000 |
Period ended 30 September 2017 £000 |
|||||
|---|---|---|---|---|---|---|
| Store EBITDA |
Reconciling items |
Gross profit per income statement |
Store EBITDA |
Reconciling items |
Gross profit per income statement |
|
| Store revenue/Revenue (1) | 60,970 | 1,194 | 62,164 | 57,113 | 962 | 58,075 |
| Cost of sales(2) | (17,437) | (1,091) | (18,528) | (16,387) | (1,201) | (17,588) |
| Rent(3) | (1,048) | 1,048 | – | (1,002) | 1,002 | – |
| 42,485 | 1,151 | 43,636 | 39,724 | 763 | 40,487 | |
- 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.
- 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 | 22 | 19 |
| At 30 September: | ||
| Total capacity (sq ft) | 965,000 | 829,000 |
| Occupied space (sq ft) | 740,000 | 649,000 |
| Percentage occupied | 76.7% | 78.3% |
| Net rent per sq ft | £17.20 | £16.51 |
| For the period: | ||
| REVPAF | £15.69 | £15.11 |
| Average occupancy | 75.7% | 77.0% |
| Average annual rent psf | £17.26 | £16.35 |
| £000 | £000 | |
|---|---|---|
| Self storage income | 6,326 | 5,237 |
| Other storage related income | 1,197 | 1,022 |
| Ancillary store rental income | 67 | 23 |
| Total store revenue | 7,590 | 6,282 |
| Direct store operating costs (excluding depreciation) | (2,998) | (2,397) |
| Short leasehold rent | (247) | (247) |
| Store EBITDA | 4,345 | 3,638 |
| Store EBITDA margin | 57.2% | 57.9% |
| Cumulative capital expenditure | £m | |
| To 30 September 2018 | 69.8 | |
| To complete | 0.2 | |
| Total capital expenditure | 70.0 |