UK SELF STORAGE INDUSTRY REPORT 2023

SOURCE OF OPERATING COSTS

For smaller businesses there has been a drop in EBITDA. When smaller businesses add space or open stores this has a more significant impact on their EBITDA as they have less earnings to spread this over. This means their results can be more volatile. The 2022 results are still significantly higher than 2020.

SELF STORAGE

ANNUAL REPORT 2023

7 % ONLINE MARKETING

5 % UTILITIES 2 % MERCHANDISE 8 % REPAIR

AVERAGE EBITDA (EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION) AMONG COMPANIES WITH AN EBITDA OF BELOW £1M

& MAINTENANCE

400,000

2 % OTHER MARKETING

AVERAGE EBITDA

350,000

300,000

250,000

200,000

150,000

100,000

50,000

276,345

339,437

328,207

0

2020

2021

2022

£

10 % MANAGING COSTS

19 % RATES & TAXES

31 % STAFF COST

12 % OTHER EXPENSES

4 % INSURANCE

Operating cost data can vary materially, with operators taking differing approaches to the allocation of certain cost lines. Consequently, a certain amount of judgment is required when analysing operating costs. Staff costs, rates and taxes remain the largest expenses, totaling 50% of all costs. The long-term trends for this data are relatively stable. The biggest movement this year was a 2% point drop in management fees. The ongoing inflationary pressures and changes to business rates and other taxes may impact this in 2023. Most self storage businesses in the UK saw a circa 25% increase in business rates as of April 2023.

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