Big Yellow Q3 occupancy levels fall

Self-storage firm Big Yellow said occupancy levels at its 52 wholly-owned stores fell by 1.7% of capacity in its typically quiet December quarter compared to a 2.3% decline a year ago but it made a positive start to January.

The 250-listed storage company said closing occupancy was 2,034,000 sq ft at 31 December, representing 61.7% of their 3,297,000 sq ft total capacity. This is an increase from 1,874,000 sq ft occupied at the same time a year ago and down from 2,091,000 sq ft occupied at 30 September.

Total store revenue for the 52 stores rose 8% to £16.2m for the quarter but was down 2% on the previous three months. Occupancy at the group's 12 partnership stores grew by 7,000 sq ft in the quarter to 296,000 sq ft.

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Chief executive officer James Gibson commented, "Given the current uncertain economic and consumer environment, the reported year-on-year improvement in revenue and occupancy performance is a pleasing result."

Gibson added, "We typically see a return to occupancy and revenue growth in the quarter to March. January has started positively, both in terms of reservation numbers and occupancy growth."

cj