Big Yellow Q3 occupancy levels fall

11th Jan 2012 08:11

Self-storage firm Big Yellow said occupancy levels at its 52 wholly-owned stores fell by 1.7% of capacity in its typically quiet December quarter compared to a 2.3% decline a year ago but it made a positive start to January.The 250-listed storage company said closing occupancy was 2,034,000 sq ft at 31 December, representing 61.7% of their 3,297,000 sq ft total capacity. This is an increase from 1,874,000 sq ft occupied at the same time a year ago and down from 2,091,000 sq ft occupied at 30 September. Total store revenue for the 52 stores rose 8% to £16.2m for the quarter but was down 2% on the previous three months. Occupancy at the group's 12 partnership stores grew by 7,000 sq ft in the quarter to 296,000 sq ft.Chief executive officer James Gibson commented, "Given the current uncertain economic and consumer environment, the reported year-on-year improvement in revenue and occupancy performance is a pleasing result."Gibson added, "We typically see a return to occupancy and revenue growth in the quarter to March. January has started positively, both in terms of reservation numbers and occupancy growth."cj