Trading Statement
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The Board of Big Yellow Group PLC, the UK's brand leader in self storage, is pleased to provide the following update on trading for the third quarter ended 31 December 2023.
| Financial metrics | Quarter ended 31 December 2023 | Quarter ended 31 December 2022 | Change |
|---|---|---|---|
| Total revenue for the quarter | £50.5 million | £48.1 million | 5% |
| Like-for-like store revenue for the quarter (1) | £48.8 million | £47.1 million | 4% |
| Total revenue for the year to date | £150.1 million | £142.0 million | 6% |
| Like-for-like store revenue for the year to date (1) | £145.6 million | £139.6 million | 4% |
| Store metrics - all 109 stores | |||
| Store Maximum Lettable Area ("MLA") | 6,419,000 | 6,295,000 | 2% |
| Closing occupancy (sq ft) | 4,979,000 | 5,060,000 | (2%) |
| Closing occupancy | 77.6% | 80.4% | (2.8 ppts) |
| Closing occupancy - Big Yellow like-for-like stores (2) | 80.4% | 82.7% | (2.3 ppts) |
| Average achieved net rent per sq ft for the quarter | £34.00 | £31.85 | 7% |
| Closing net rent per sq ft | £34.65 | £32.31 | 7% |
- Excluding Aberdeen (acquired June 2022), Harrow and Kingston North (both opened September 2022) and Kings Cross (opened June 2023)
- As per (1), additionally excluding the Armadillo stores
In our seasonally weaker third quarter, occupancy across all 109 stores decreased by 249,000 sq ft (3.9% of the MLA at 31 December 2023) compared to a similar loss of 240,000 sq ft in the same quarter last year (3.8% of the MLA at 31 December 2022).
Closing occupancy, reflecting the additional capacity from five recently opened stores, for all stores was 77.6%, a decrease of 2.8 ppts from 80.4% last year. Like-for-like closing occupancy for the Big Yellow stores was 80.4%, a decrease of 2.3 ppts from the same time last year.
Closing net achieved rent per sq ft for all stores was £34.65, an increase of 7% from the same time last year, with average rate up 7% on the same quarter last year.
The Group's revenue increased by 5% in the quarter, with like-for-like store revenue up 4%. Revenue for the year to date is up 6%, with like-for-like store revenue growth of 4%.
Refinancing of Revolving Credit Facility ("RCF")
As announced in December, the Group has put in place a new £300 million ESG-linked facility for an initial term of three years, with the option to extend the facility by two additional one-year terms through to December 2028, subject to lender approval. The facility has been provided by Lloyds Bank plc, HSBC UK Bank plc, Bank of Ireland, and Barclays Bank plc, with Barclays joining the existing three bank syndicate. The margin of 1.25% over SONIA is unchanged from the existing facility. At 31 December 2023, our net debt was £372 million, of which approximately 50% is fixed, with the balance variable.
Jim Gibson, Chief Executive Officer, commented:
"The occupancy performance in the third quarter has been similar to last year and although it is too early in the quarter to judge whether it is sustainable, we have seen a pick-up in our book of reservations.
We are gearing up to commence construction on all the sites on which we have planning consent, and where vacant possession is available, which we expect will add significantly to earnings over the next few years. The refinancing of the RCF, and with net debt to EBITDA of approximately three times, means we can execute this expansion without taking undue risk."
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