Updates

Safestore - Property values stabilise

March 2010

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Safestore's final results were in line with expectations with revenues rising 2% to Â£84m and adjusted eps falling 3% to 9.5p. Adjusted net asset value encouragingly rose 1% to 196.1p and there are generally signs across the industry that valuations have now bottomed out.The market for self storage has obviously not been easy but Safestore has increased total occupied space by 2% to 2,773,000 sq. ft, helped by five new openings in the year which took the total number of stores to 117, of which 95 were in the UK and 22 in Paris. The group limited the overall decline in occupancy rates on its 97 mature stores (open more than two years) to 60% from 61%. Taking into account the remaining 20 immature stores, the overall occupancy rate ...

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Safestore - Property values stabilise

March 2010

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