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Safestore Q4 Revenue Rises; Sees Annual Earnings Better Than Earlier View

Self storage operator Safestore Holdings plc (SAFE.L) on Wednesday said its revenue in the fourth quarter increased 21 percent at constant exchange rates to 51.1 million pounds from 42.8 million pounds during the same period a year ago, driven by strong performance through out all businesses.

Year-to-date revenue increased 15.5 percent at constant exchange rates to 186.8 million pounds from 162.3 million pounds last year.

Like-for-like revenue for the quarter rose to 48.9 million pounds from 41.4 million pounds a year ago.

Like-for-like revenue for the year-to-date period was 178.7 million pounds, higher than 157.6 million pounds during the comparable period last year.

Looking forward, the company expects its full-year adjusted EPRA earnings per share to be slightly ahead of the prior guidance of 39.5p to 40p.

"The Company has weathered the pandemic well and continues to be in a very strong position. Despite the current high levels of occupancy, the business still has 1.1m square feet of currently unlet space in its existing fully invested estate in addition to 0.8m square feet in its pipeline," commented Frederic Vecchioli, Chief Executive Officer.

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