Big Yellow reports occupancy losses in weak period

Self-storage company Big Yellow reported significant occupancy losses of 165,000 sq ft for the quarter ended 31 December, during a “seasonally weaker third quarter”. This compares to losses of 126,000 sq ft last year, and 170,000 sq ft a year earlier. The company reported closing occupancy of 3.75m sq ft at the end of the period, against 3.78m sq ft last year. Revenue for the quarter was up by 1.9% to £32.3m, with like-for-like revenue up by 2.9% for the quarter. Closing net rent per sq ft was up by 2.8% to £28.42 per sq ft. Big Yellow chief executive James Gibson said: “The economic and political uncertainty that we referred to in our interim results continued during the lead-up to the December election. Following the election, however, trading in the quarter improved. “Since the start of the fourth quarter we are seeing a pick-up in demand, as represented by enquiries through our digital channels, and growing net reservations. Occupancy has also started to grow from its seasonally low point at the end of December.” To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette