Big Yellow revenue rises

Self-storage company Big Yellow Group has reported a 7.1% increase in like-for-like revenue in the quarter to 31 December, to £31.7m. Occupancy reduced by 126,000 sq ft, compared to a loss of 170,000 sq ft during the same quarter last year. The company blamed this on a traditionally “seasonally weak” period. The average achieved net rent per sq ft for the quarter climbed by 3% compared to the same quarter in the previous year. Closing net achieved rent per sq ft was £27.64, 2.8% up from the same time last year and up 3.4% from 31 March 2018. Chief executive James Gibson said: “As with the first half, this growth is coming from both occupancy and rate, and we would expect to see this continuing in 2019 as we return to occupancy growth in our fourth quarter and seasonally stronger spring and summer trading period. “We remain focused on our core objective of 90% occupancy across the portfolio.” To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette