{"id":539,"date":"2021-07-26T14:10:58","date_gmt":"2021-07-26T14:10:58","guid":{"rendered":"https:\/\/listselfstorage.com\/uk\/industry-insights\/?p=539"},"modified":"2021-07-26T17:08:55","modified_gmt":"2021-07-26T17:08:55","slug":"big-yellow-occupancy-and-net-rent-improves-in-first-quarter","status":"publish","type":"post","link":"https:\/\/listselfstorage.com\/uk\/industry-insights\/big-yellow-occupancy-and-net-rent-improves-in-first-quarter\/","title":{"rendered":"Big Yellow Occupancy and Net Rent Improves in First Quarter"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\nSelf storage operator Big Yellow\u00a0reported a 14.6% improvement in closing occupancy for its first quarter on Thursday, to 4.49 million square feet, as the maximum lettable area across its store estate grew by 6.3% to 4.98 million square feet.<\/p>\n<div class=\"clearfix ads-parent defered-pub2\">\n<div class=\"banner\">\n<p>The FTSE 250 company said that as a result, its like-for-like closing occupancy was 9.3 percentage points higher year-on-year for the three months ended 30 June, at 92.9%.<\/p>\n<blockquote><p>We are pleased to have delivered a strong trading performance in the first quarter and we have now achieved our long-held goal of like-for-like occupancy of 90%.\u201d<\/p><\/blockquote>\n<p>Total revenue for the quarter was up 15.1% at \u00a336.6m, while like-for-like store revenue was ahead 13.8% at \u00a335.4m.<\/p>\n<p>Average net rent achieved per square foot advanced 2.7% to \u00a329.04 for the period, while the company\u2019s net achieved rent per square foot at the end of the period was 3.5% higher than the prior year, at \u00a328.91.<\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-540\" src=\"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-content\/uploads\/2021\/07\/big_yellow_group_2_opt_620x350-1.jpg\" alt=\"\" width=\"620\" height=\"350\" \/><\/p>\n<p>\u201cWe are pleased to have delivered a strong trading performance in the first quarter and we have now achieved our long-held goal of like-for-like occupancy of 90%,\u201d said chief executive officer Jim Gibson.<\/p>\n<p>\u201cHowever, we would caution that this is during our normally strong summer trading period, short term uncertainties remain, and we do expect a return to more normal seasonal trading patterns over the remainder of the year.\u201d<\/p>\n<p>Gibson noted that the company successfully raised \u00a3100m from shareholders by way of a placing in June, which allowed it to continue to invest in future growth through recent strategic acquisitions.<\/p>\n<p>\u201cThese, along with our existing development pipeline, have the potential to generate in excess of \u00a340m of net operating income over the short to medium term, and in so doing create significant value for our shareholders.\u201d<\/p>\n<p>At 1002 BST, shares in Big Yellow Group were up 1.36% at 1,411.97p.<\/p>\n<p><a href=\"https:\/\/www.sharecast.com\/news\/news-and-announcements\/big-yellow-occupancy-and-net-rent-improves-in-first-quarter--8043704.html\">Source<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Self storage operator Big Yellow\u00a0reported a 14.6% improvement in closing occupancy for its first quarter on Thursday, to 4.49 million square feet, as the maximum lettable area across its store estate grew by 6.3% to 4.98 million square feet. The FTSE 250 company said that as a result, its like-for-like closing occupancy was 9.3 percentage points higher year-on-year for the three months ended 30 June, at 92.9%. We are pleased to have delivered a strong trading performance in the first quarter and we have now achieved our long-held goal of&hellip;<\/p>\n","protected":false},"author":12,"featured_media":540,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/539"}],"collection":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/comments?post=539"}],"version-history":[{"count":1,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/539\/revisions"}],"predecessor-version":[{"id":541,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/539\/revisions\/541"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/media\/540"}],"wp:attachment":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/media?parent=539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/categories?post=539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/tags?post=539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}