Safestore Holdings Plc shares declined 1.7% to 565 pence in early trading on Thursday, underperforming the broadly flat FTSE 250 index.
Group revenue rose 4.1% on a constant-currency basis to £62.2 million for the three months ended July 31, while like-for-like revenue increased 1.9%. Year-to-date revenue climbed 5.1% to £182.8 million at constant exchange rates. Average storage rates advanced 3.4%, and revenue per available square foot rose 2.9%.
Closing group occupancy fell to 77.5% of current lettable space, down 0.9 percentage points year-over-year. Like-for-like occupancy declined 0.8 points to 79.6%. Expansion markets in Spain, the Netherlands, Belgium, Germany and Italy delivered 11.6% like-for-like revenue growth, driven by higher occupancy and rates. In contrast, Paris reported a 2.5% like-for-like revenue decline, attributed to new store openings diverting enquiries, occupancy declines in large units undergoing partitioning, and subdued economic conditions.
Domestic demand supported a 1.9% like-for-like revenue increase in the UK, supported by unit partitioning strategies. The company remains on track to open 167,100 square feet of new space in 2026. However, Safestore is reviewing the timing of its 2027–28 UK development pipeline amid current trading conditions.
Fiscal 2026 adjusted diluted EPRA earnings per share is expected to fall in the lower half of analyst forecasts, with a company-compiled consensus of 41.4 pence and a forecast range of 39.6 pence to 42.4 pence.
