Safestore控股公司：2025年上半年中期业绩，同店入住率上升0.6个百分点，同店每可用平方英尺收入上升2.3%

First View: 1H25 interims, LFL Occupancy+0.6 ppt with LFL Revpaf +2.3% Conclusion SAFE HY25, Group rev at constant exchange rates (CER) +4.0%; & groupLFL rev of £111.5m +2.8% driven by: LFL +1.6 in UK, +0.8% in Paris and+17.0% in Expansion Markets. REVPAF on a lfl basis was up 2.3% withclosing occupancy on a lfl basis improving to 78.2%. Underlying Occupancyis 74.4% (-1.8ppt), but that is because new stores are occupancy dilutive.EPRA EPS declined 11.0% to £43.6m and 10.4% to 19.0p. But NAV was +vewith NTA +2.3% from FY24 to 1,117p. Admin costs increased 25% or £1.9m due to normalisation of head officestaff incentives with interest expense up £3.3m (guidance for interestcharge in full year to be £5-6m higher yoy). In H2 2025 there were 4 new stores opening, adding c.201k sq ft.Dev pipeline and recently opened (non-LFL) stores on track to deliverincremental EBITDA of £35-£40m on stabilisation. B/sheet group LTV at 27.4% & and ICR at 3.9x with £36.1m of free cashbefore capex of new stores dev of £58m and EasyBox JV of £36.8m withNet debt of £1,010.5m. Detail Balance sheet remains strong · Strong operating cash flows; £36.1 million H1 2025 (H1 2024: £41.0million) of free cash flow before capex on new store development of£58.0 million and the EasyBox JV investment of £36.8 million · Net debt £1,010.5 million (H1 2024: £862.7 million); increased proportionof Euro denominated debt, leading to closing cost of debt falling from4.0% to 3.6% · Group loan-to-value ratio ("LTV"14) at 27.4% (H1 2024: 25.7%) andinterest cover ratio ("ICR"15) at 3.9x (H1 2024: 5.0x) Related Research Sarim Chaudhry * | Equity Analyst+44 (0)20 7029 8423 | schaudhry1@jefferies.com Company Description Safestore Holdings Plc Safestore is a UK REIT operating in the self-storage market throughout the UK and Paris from a portfolio consisting of both freehold and leaseholdassets. Company Valuation/Risks Safestore Holdings Plc PT based on DCF valuation. Downside risks include slowdown in European growth, including the UK. Upside risk: Business Customer demandfor self storage recovers at an accelerated rate. Analyst Certification: I, Sarim Chaudhry, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. I, Mike Prew, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. Registration of non-US analysts:Sarim Chaudhry is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst. Registration of non-US analysts:Mike Prew is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement. Investment Recommendation Record (Article 3(1)e and Article 7 of MAR) Recommendation PublishedJune 10, 2025 2:49 A.M.Recommendation DistributedJune 10, 2025 2:49 A.M. Company Specific Disclosures Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Safestore Holdings Plc. Explanation of Jefferies Ratings Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period. Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total