Safestore Holdings

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aus www.safestore.co.uk/about/
Safestore is the UK’s largest and Europe’s second largest provider of self storage solutions. Our principal operations are located in the UK and include two Business Centres with a further 38 stores in Europe.

Third quarter trading update

www.investegate.co.uk/...-trading-update/202009100700035433Y/

Highlights

· All geographies operating normally post lockdown- health, safety and well-being of our employees and customers remains of paramount importance

· Group revenue in Q3 in CER2 grew by 5.0%

· Group like-for-like4 storage revenue in Q3 in CER2 increased 2.2%

· Group like-for-like closing occupancy of 4.944m sq ft up 0.2% on Q3 2019

· Record Q3 increase in like-for-like occupancy in the UK of 279,000 sq ft (2019: 247,000)

· Group like-for-like average storage rate in Q3 in CER2 grew 3.5%

· Barcelona acquisition performing strongly with Q3 closing occupancy increased to 93.5%

· Freehold interest of existing Basildon store acquired

· Joint venture with Carlyle- completed acquisition of Lokabox in Belgium

· New freehold 2.17 acre site acquired in Birmingham (Middleway)

Fourth quarter trading update

www.investegate.co.uk/...-trading-update/202011180700076347F/

 Highlights

· All stores in all geographies operating normally despite return to more stringent COVID-19 restrictions. Our priority remains the safety and well-being of our employees and customers.

· Group revenue for the year in CER 1 up 5.4%

· Like-for-like 3 Group storage revenue for the year in CER 1 up 4.3%

o  UK up 4.4%

o  Paris up 4.1%

· Strong occupancy performance with group like-for-like closing occupancy of 80.8% (up 3.2ppts on Q4 2019).

· Group like-for-like average occupancy for the year up 2.3%

· Record Q4 increase in like-for-like occupancy in the UK of 228,000 sq ft (2019: 5,000 sq ft). The Group has now recovered its pre-lockdown year-on-year position.

· Group like-for-like average storage rate for the year up 2.0% in CER 1

· Planning permission granted on Birmingham Middleway site

· Anticipate Adjusted Diluted EPRA earnings per share 6 will be in line the Board's expectations.

Results for the year ended 31 October 2020

www.investegate.co.uk/...s/final-results/202101140700066217L/

 Robust Financial Performance

Despite the challenges of operating within the pandemic and the effects of various lockdowns, the business has performed robustly. Specifically, the highlights were :

· Group revenue for the year up 6.9% (up 7.0% in CER1)

· Like-for-like8 Group revenue for the year in CER1 up 3.4%:

o  UK up 3.3%

o  Paris up 3.8%

· Underlying EBITDA2 up 7.4% in CER1 which, combined with an increased gain on investment properties of £126.5m (FY2019: £84.2m), resulted in statutory operating profit9 of £212.2m (FY2019: £163.7m)

· Adjusted Diluted EPRA Earnings per Share6 up 6.0% at 30.2 pence (FY2019: 28.5 pence). Diluted Earnings per Share was 84.0 pence (FY2019: 62.6 pence) largely due to the higher property valuation gain in FY2020

· 5.8% increase in the final dividend to 12.7 pence (FY2019: 12.0 pence) giving a total for the year of 18.6 pence (FY2019: 17.5 pence)

Annual Report 2020

www.safestore.co.uk/CMSPages/...1-7ebe-49ba-ae2b-0f362ceefd77

Robust financial performance
Despite the challenges of operating within the pandemic and the effects of various lockdowns, the business has performed robustly. Specifically, the highlights were:
•    Group revenue for the year up 6.9% (up 7.0% in CER1)
•    Like-for-like8 Group revenue for the year in CER1 up 3.4%:
•    UK up 3.3%
•    Paris up 3.8%
•    Underlying EBITDA2 up 7.4% in CER1which, combined with an increased gain on investment properties of £126.5 million (FY2019: £84.2 million), resulted in statutory operating profit9 of £212.2 million (FY2019: £163.7 million)
•    Adjusted Diluted EPRA Earnings per Share6up 6.0% at 30.2 pence (FY2019: 28.5 pence). Diluted Earnings per Share was 84.0 pence (FY2019: 62.6 pence) largely due to the higher property valuation gain in FY2020
•    5.8% increase in the final dividend to 12.7 pence (FY2019: 12.0 pence) giving a total for the year of 18.6 pence (FY2019: 17.5 pence

First quarter trading update for the period 1 November 2020 to 31 January 2021

www.investegate.co.uk/...-trading-update/202102160700021671P/

 Highlights

· Group revenue for the quarter in CER1 up 9.8% and 11.3% at actual exchange rates.

· Like-for-like5 Group revenue for the quarter in CER1 up 6.6%

o  UK up 8.3%

o  Paris up 1.6%

· Like-for-like5 occupancy up 6.9ppts at 80.6% (2020: 73.7%)

o  UK up 7.8ppts at 80.8% (2020: 73.0%)

o  Paris up 3.1ppts at 79.8% (2020 76.7%)

· Like-for-like 5 average rate down (0.9%) in CER1.

o  UK down (0.1%)

o  Paris down (1.8%)

·New 18-year lease agreed on Hayes store commencing in June 2027 on expiry of current lease

·In December 2020, the Group's joint venture with Carlyle acquired the three-store portfolio of Opslag XL in the Netherlands. Safestore's equity investment in the joint venture, relating to Opslag XL, was c.€0.9m funded from the Group's existing resources.

·Recent store openings and acquisitions (including owned through the Group's joint venture) performing in line with or ahead of business plans

Trading, Property Pipeline and Financing Update

www.investegate.co.uk/...inancing-update/202105100700070002Y/

Highlights
 
·Group revenue for the quarter in CER2 up 11.2%
·Group like-for-like4 storage revenue in Q2 in CER2 up 10.5% and like-for-like total revenue up 9.9%.
·Like-for-like4 occupancy up 10.8ppts at 82.3% (2020: 71.5%)
o  UK up 11.8ppts at 82.4% (2020: 70.6%)
o  Paris up 6.6ppts at 81.7% (2020 75.1%)

·Contracts exchanged for two new development sites and two store extensions in London as well as four new development sites in Spain in Madrid and Barcelona which will together add c. 280,000 sq ft of MLA
·£150m of new competitively priced US Private Placement financing secured with a further uncommitted Shelf debt facility of c. £80m equivalent
· COVID 19- stores operating normally with full observation of social distancing rules and protective personal equipment provided to employees
·Full year earnings guidance revised upwards. Adjusted Diluted EPRA Earnings per Share7 expected to be in the range of 37p to 38p.

Half-year Report

www.investegate.co.uk/...alf-year-report/202106170700071650C/

 Strong Financial Performance
· Group revenue up 11.1% and in CER2 up 10.5%
· Group like-for-like4 storage revenue in CER2 up 9.1% and like-for-like total revenue up 8.3%
· Strong operational gearing driving growth in Adjusted Diluted EPRA EPS7, up 24.8% at 18.1p (2020: 14.5p)
· 27.1% increase in the interim dividend to 7.5p (2020: 5.9p) reflecting improved profitability
· Profit before income tax up to £167.3m from £99.7m in 2020 driven by strong trading performance and increased gain on investment properties of £127.7m (2020: gain of £64.0m)
· Strong conversion of profitability to cash with Cash Inflow from Operating Activities up 23.0% to £43.9m
· Adjusted Diluted EPRA Earnings per Share7 expected to be at least 38p for the full year

Operational and Strategic Progress
· COVID-19; stores operating normally with full observation of social distancing rules and protective personal equipment provided to all colleagues
· Strong like-for-like operational performance
o  Like-for-like9 average occupancy for the period up 10.7%
o  Like-for-like4 occupancy up 10.8ppts at 82.3% (2020: 71.5%)
§ UK up 11.8ppts at 82.4% (2020: 70.6%)
§ Paris up 6.6ppts at 81.7% (2020: 75.1%)
o  Like-for-like9 average storage rate for the period down 1.0% in CER2
· Opened 58,500 sq ft freehold store at Birmingham Middleway and 50,000 sq ft leasehold store in Paris Magenta in the period
· Three new development sites and two store extensions in London as well as five new development sites in Spain in Madrid and Barcelona and new project in Paris which will together add c. 425,000 sq ft of MLA
· Total Group development and extension pipeline now fourteen stores and c. 575,000 sq ft of MLA
· Joint venture14 with Carlyle acquired three-store portfolio of Opslag XL in the Netherlands in December 2020 and a development site in Nijmegen in the Netherlands in June 2021
·   Industry leading digital marketing platform continues to support customer acquisition growth, with online enquiries rising to 89% of the total in the UK (2020: 87%) and 83% in France (2020: 77%)

 Strong and Flexible Balance Sheet
· Group loan-to-value ratio ("LTV"11) at 27% (H1 2020: 30%) and interest cover ratio ("ICR"12) at 10.0x (H1 2020: 8.6x)
· Unutilised bank facilities of £128m at April 2020 and no maturities before June 2023
· In May 2021 a further £150m of new competitively priced US Private Placement financing was secured and will be drawn in June and August 2021 with an additional available uncommitted Shelf debt facility of c. £80m equivalent available 

Third quarter trading update

www.investegate.co.uk/...-trading-update/202109070700029026K/

- Group revenue for the quarter in CER2 up 19.7%
UK total revenue +24.7%
Paris total revenue +5.6%
Spain total revenue +8.3%
- Group like-for-like4 storage revenue in Q3 in CER2 up 17.7% and like-for-like total revenue up 18.6%.
- Like-for-like4 occupancy up 10.6ppts at 87.0% (2020: 76.4%)
UK up 11.8ppts at 87.6% (2020: 75.8%)
Paris up 6.2ppts at 84.7% (2020 78.5%)
- Contracts exchanged for new freehold development sites in Shoreham, UK and Southern Paris, which will together add c. 109,000 sq ft of MLA
- Planning permission granted for previously announced Central Barcelona 1 and Southern Madrid sites
- Additional new leasehold site in Central Barcelona of 19,000 sq ft MLA secured
- Property Pipeline now at 702,000 sq ft of MLA
- Strong momentum into Q4 with August like-for-like4 revenue up 21.5% (UK +26%, Paris +7.9%)
- Full year earnings guidance further revised upwards. Adjusted Diluted EPRA Earnings per Share 7 expected to be in a range of 39.5p to 40p.

Fourth quarter trading update

www.investegate.co.uk/...-trading-update/202111170700055828S/

Excellent final quarter with accelerating growth completes a record breaking year

 Highlights
· Strong momentum in final quarter with Group revenue up 21.0% and for the full year up 15.5% in CER1
· Like-for-like3 Group revenue for the year in CER1 up 13.8%
o  UK up 16.8%
o  Paris up 4.3%
· Strong occupancy performance with Group like-for-like closing occupancy of 85.1% (up 5.0ppts on Q4 2020).
· Group like-for-like average occupancy for the year up 9.2%
· Group like-for-like average storage rate for final quarter up 10.8% and up 2.4% in CER1 for the year
· New freehold development site acquired at London- Old Kent Road which will add 76,500sq ft of MLA
· Planning permissions granted for previously announced 48,000 sq ft MLA Northern Madrid and 30,000 sq ft MLA Southern Barcelona sites
· Planning permission granted for extension of Winchester store adding 11,000 sq ft of MLA
· Property Pipeline now at 800,000 sq ft of MLA
· Full year earnings to 31 October 2021 anticipated to be slightly ahead of previous guidance of 39.5p to 40p of Adjusted Diluted EPRA Earnings per Share7

Results for the year ended 31 October 2021

www.investegate.co.uk/...s/final-results/202201130700042739Y/

 Record Financial Performance
· Group revenue for the year up 15.1% (up 15.5% in CER1)
· Like-for-like8 Group revenue for the year in CER1 up 13.8%:
· UK up 16.8%
· Paris up 4.3%
· Underlying EBITDA2 up 26.2% in CER1 which, combined with an increased gain on investment properties of £321.1m (FY2020: £126.5m), resulted in statutory operating profit9 of £417.0m (FY2020: £212.2m)
· Adjusted Diluted EPRA Earnings per Share6 up 34.1% at 40.5 pence (FY2020: 30.2 pence). Diluted Earnings per Share was 176.4 pence (FY2020: 84.0 pence) largely due to the higher property valuation gain in FY2021
· 38.6% increase in the final dividend to 17.6 pence (FY2020: 12.7 pence) giving a total for the year of 25.1 pence (FY2020: 18.6 pence)

 Operational Focus
· Continued balanced approach to revenue management together with an efficient marketing platform driving returns and record occupancy performance:
· Like-for-like8 closing occupancy of 85.1% up 5.0ppts on 2020 (FY2020: 80.1%)
· Like-for-like8 average occupancy for the year up 11.8%
· Like-for-like8 average storage rate5 for the year up 2.4% in CER1
· New and recently opened stores trading well and in line with business plans
· Investment in our digital marketing platform continuing to deliver for the business:
· Online enquiries in FY2021 rose to 89% of our total enquiries in the UK (FY2020: 88%) and 85% in France (FY2020: 79%)

First quarter trading update

www.investegate.co.uk/...-trading-update/202202170700079247B/

 Highlights

· Group revenue for the quarter in CER1 up 16.0% and 14.6% at actual exchange rates.
· Like-for-like5 Group revenue for the quarter in CER1 up 16.1%
o  UK up 19.0%
o  Paris up 7.8%
o  Spain up 10.4%
· Like-for-like5 occupancy up 1.9ppts at 82.1% (2021: 80.2%)
o  UK up 2.0ppts at 82.1% (2021: 80.1%)
o  Paris up 2.0ppts at 81.8% (2021 79.8%)
o  Spain down 2.9ppts at 85.7% (2021: 88.6%)
· Like-for-like 5 average rate up 13.5% in CER1.
o  UK up 16.9%
o  Paris up 4.6%
o  Spain up 7.7%
· Planning permission granted on London Lea Bridge site.
· 40,000 sq ft store in Nijmegen in the Netherlands opened in January 2022.