Big Yellow sees occupancy losses during lockdown
Big Yellow lost 23,000 sq ft in occupancy in the last two weeks of March as a result of lockdown during the coronavirus pandemic.
This compares to an overall gain of 25,000 sq ft for the same two weeks last year.
In a fourth quarter trading update, the self storage company said the period typically delivers strong occupancy gains.
Big Yellow lost 23,000 sq ft in occupancy in the last two weeks of March as a result of lockdown during the coronavirus pandemic.
This compares to an overall gain of 25,000 sq ft for the same two weeks last year.
In a fourth quarter trading update, the self storage company said the period typically delivers strong occupancy gains.
Big Yellow reported overall gains of 36,000 sq ft in the quarter, up 13% on the same period last year. It reported 80.7% occupancy, compared with 82.4% a year earlier.
Its closing occupancy at 31 March was 3.78m sq ft, down marginally from 3.81m sq ft a year earlier, with average net rent of £28.29 per sq ft.
In the first two weeks of April it said there had been 32,000 sq ft in losses, compared with losses of 12,000 sq ft for the same time the previous year.
Chief executive James Gibson said: “Given the levels of distress in the economy it is not possible to make accurate judgements about future trading until we have improved visibility.
“We are self-evidently not immune from this very challenging environment. However, we believe our business model will provide the group with a good deal of resilience.”
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