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| Wholly owned stores |
Sept 2008
Same store(1) |
Sept 2008
Lease-up |
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Sept 2008
Total |
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Sept 2007
Same store |
Sept 2007
Lease-up |
Sept 2007
Total |
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| Number of stores(2) |
32 |
16 |
|
48 |
|
32 |
10 |
42 |
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| At 30 September 2008 |
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| Total capacity (sq ft) |
1,944,000 |
1,073,000 |
|
3,017,000 |
|
1,949,000 |
589,000 |
2,538,000 |
| Occupied space (sq ft) |
1,471,000 |
336,000 |
|
1,807,000 |
|
1,625,000 |
263,000 |
1,888,000 |
| Percentage occupied |
76% |
31% |
|
60% |
|
83% |
45% |
74% |
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| For the 6 month period: |
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| Average Occupancy |
78% |
28% |
|
60% |
|
84% |
45% |
74% |
| Average annual rent psf |
£26.53 |
£27.83 |
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£26.84 |
|
£24.68 |
£23.87 |
£24.90 |
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£'000 |
£'000 |
|
£'000 |
|
£'000 |
£'000 |
£'000 |
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| Self storage income |
20,115 |
4,181 |
|
24,296 |
|
20,203 |
2,953 |
23,156 |
| Other storage related income(3) |
3,184
|
923
|
|
4,107
|
|
3,379
|
749
|
4,128
|
| Ancillary store rental income |
36 |
19 |
|
55 |
|
41 |
7 |
48 |
| Total storage revenue |
23,335 |
5,123 |
|
28,458 |
|
23,623 |
3,709 |
27,332 |
| Direct store operating costs (excluding depreciation) |
(7,147) |
(3,341) |
|
(10,488) |
|
(7,704) |
(2,011) |
(9,715) |
| Short and long leasehold rent(4) |
(990) |
(21) |
|
(1,011) |
|
(1,134) |
(21) |
(1,155) |
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| Store EBITDA(5) |
15,198 |
1,761 |
|
16,959 |
|
14,785 |
1,677 |
16,462 |
| EBITDA Margin(6) |
65%
|
34%
|
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60%
|
|
63%
|
45%
|
60%
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| Central overhead(7) |
(1,400) |
(307) |
|
(1,707) |
|
(1,418) |
(223) |
(1,641) |
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| Store Net Operating Income |
13,798 |
1,454 |
|
15,252 |
|
13,367 |
1,454 |
14,821 |
| NOI margin |
59% |
28% |
|
54% |
|
57% |
39% |
54% |
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| Cumulative capital expenditure |
£m |
£m |
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£m |
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| To 30 September 2008 |
160.0 |
139.9 |
|
299.9 |
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| To complete |
- |
3.9 |
|
3.9 |
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| Total cost |
160.0 |
143.8 |
|
303.8 |
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| (1) |
Same stores are those that the group manages on a mature basis; lease-up stores have yet to trade at their mature occupancy levels. |
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| (2) |
The results for the six month period to 30 September 2007 exclude the trading and occupancy of Leeds (sold to Big Yellow Limited Partnership in November 2007) and Sheen (closed for refurbishment in July 2007). The revenue earned from these two stores is shown in Note 2 of the financial statements. |
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| (3) |
Packing materials, insurance and other storage related fees. |
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| (4) |
Rent for seven short leasehold properties accounted for as investment properties and finance leases under IFRS with total self storage capacity of 431,000 sq ft, plus rent for Chelmsford and Cheltenham until the dates that their freeholds were acquired (29 August 2007 and 15 January 2008 respectively). |
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| (5) |
Earnings before interest, tax, depreciation and amortisation. |
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| (6) |
Of the same stores, the seven leasehold stores achieved a store EBITDA of £2.7 million and EBITDA margin of 47%. The freehold stores achieved a store EBITDA of £12.5 million and EBITDA margin of 71%. |
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| (7) |
Allocation of overhead based on 6% of store revenue. |
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Responsibility Statement
We confirm to the best of our knowledge: |
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| (a) |
the condensed set of financial statements has been prepared in accordance with IAS 34 “Interim Financial Reporting”, gives a true and fair view of assets, liabilities, financial position and the loss of the issuer and the undertakings included in the consolidation as a whole as required by DTR 4.2.4R; |
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| (b) |
the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and |
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| (c) |
the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related party transactions and changes therein). |
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By order of the Board
James Gibson
Chief Executive Officer
17 November 2008 |
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