Safestore (LSE:SAFE) reported third-quarter group revenue of £62.2 million, an increase of 4.1% at constant exchange rates, reflecting like-for-like growth and contributions from newly opened stores.
The self-storage operator continued to expand its portfolio during the period, including the addition of a new site in Watford. Group closing occupancy stood at 77.5% of lettable area, with recently developed UK locations and new stores in Paris continuing to build occupancy.
Like-for-Like Revenue Rises 1.9%
Group like-for-like revenue increased 1.9% during the quarter.
In the UK, like-for-like revenue rose 1.9%, supported by domestic customer demand and changes to unit partitioning. Safestore’s expansion markets recorded an 11.6% increase in like-for-like revenue, reflecting higher occupancy and rental rates.
Paris like-for-like revenue declined 2.5%, which the company attributed to economic conditions and planned unit reconfiguration. Including non-like-for-like locations, total revenue in France increased 1.4%.
Safestore Updates Earnings Expectations and UK Development Timing
Management now expects full-year adjusted diluted EPRA earnings per share to be in the lower half of analyst forecasts.
Safestore is also reviewing the timing of its UK development pipeline for 2027 and 2028. The company has not changed the planned overall size of the pipeline.
Safestore Holdings Operations
Safestore Holdings plc operates self-storage facilities across the UK, Paris and other markets in continental Europe.
The group generates revenue by renting storage space to domestic and business customers and continues to invest in new facilities and unit partitioning across its portfolio.
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