Big Yellow’s interims for the six months ended 30 September 2015 show its EPRA net assets per share rising from 481.1p to 505.9p. EPRA earnings per share (adjusted and diluted) rose by 16% to 15.1p. The interim dividend is being hiked by the same amount from 10.4p to 12.1p.
Earnings were boosted by higher occupancy – up from 73.5% to 77.3% and a 4% increase in like for like rent per square foot to £25.79.
They opened a new store in Enfield in April and bought sites for potential new stores in Camberwell and on York Way in Kings Cross. Kings Cross is a one acre site on which they intend to develop a new build store of 85,000 to 90,000 sq ft, subject to planning. Camberwell is in Zone 2 to the south of London Bridge, and we intend to develop a new build store of 55,000 to 60,000 sq ft, subject to planning.
These sites, together with Enfield, (which opened in April 2015), Cambridge (opening in January 2016), Guildford Central (opening in April 2017), extensions at our existing Battersea and Wandsworth stores, and development sites in Newcastle and Manchester (the last four all subject to planning) will provide in total approximately 500,000 to 520,000 sq ft of additional capacity.
BGY : Big Yellow boosted by higher occupancy and rent per square foot