Safestore has released its interim results covering the six months ended 30 April 2015. The EPRA earnings per share have risen from 5.3p to 7p and, on the back of that, the interim dividend has been increased from 2.15p to 3p. The EPRA diluted net assets per share rose from 201.5p to 232.2p.
Property valuation up 4.8% (the weak Euro caused the sterling value of the Paris portfolio to fall).
Group revenue increased 11.2% on a like-for-like basis with the UK growing by 13.4% and our Parisian business by 5.9% on a constant currency basis. The Group’s occupancy increased by 3.6 percentage points (ppts) to 68.9% with the average storage rate up 5.8%.
The loan to value ratio fell from 37% to 35% – interest is covered 3.9x by EBITDA.
They are building a new 43,000 sq ft store on their site in Chiswick (next to the A4) and extending their site in Wandsworth. The store in New Malden will close as the landlord wants to redevelop the site – they got a £1.5m premium related to this. They bought the freehold of their store in High Wycombe for £1.8m.
SAFE : Safestore shrugs off Euro weakness