Financial PerformanceSafestore has been a model REIT in many respects, doubling earnings per share in the six years to FY23 through a combination of organic rental growth and a significant development programme.
Operational StrengthOperationally the company remains in a strong position, and it has the depth of balance sheet (LTV 25.7%) to easily withstand a temporary blip.
Store ExpansionSafestore opened six new stores and extensions, adding 297,000 sq ft of new space, and has a further development pipeline of 28 stores comprising 1.4m sq ft.