Safestore (SAFE) Trading Update summary

Trading performance and revenue growth

• Group revenue rose 3.5% year-on-year at constant exchange rates, with like-for-like revenue up 2.9%.

• Expansion markets delivered 30.6% total revenue growth and 22.9% like-for-like growth, led by Spain, the Netherlands, and Belgium.

• UK like-for-like revenue increased 1.2%, driven by strong domestic demand and a 2.1% rise in occupancy.

• Paris saw 1.7% like-for-like revenue growth, with higher rental rates offsetting a 1.2% drop in occupancy.

• Group average storage rate was stable, with a 0.4% increase like-for-like at constant exchange rates.

Occupancy and portfolio expansion

• Group closing occupancy rose 4.1% to 6.36 million sq ft, with like-for-like occupancy at 75.9%, up 1.4ppt.

• Expansion markets saw a 16.8% increase in closing occupancy, while UK occupancy improved by 2.1%.

• Maximum lettable area (MLA) increased 8.2% to 8.90 million sq ft, with 304,100 sq ft added from six new stores and one extension.

• Pipeline includes 24 developments/extensions, with 1.30 million sq ft (14.6% of portfolio) to be added.

• Seven new stores (378,800 sq ft) are projected to open in the remainder of FY 2025.

Market and operational highlights

• Domestic demand in the UK drove a 7.3% year-on-year increase in space occupied by these customers.

• Business customer demand in the UK declined 4.4% but is stabilizing; unit partitioning continues to meet changing needs.

• Expansion markets benefited from maturing stores and higher rental rates, especially in Spain (+32.6%), Netherlands (+13.2%), and Belgium (+19.9%).

• New joint venture with Nuveen Real Estate acquired EasyBox in Italy, adding 780,000 sq ft across 12 sites.

• Group remains confident in growth opportunities despite macroeconomic uncertainties.