Big Yellow’s valuation bump spares its blushes

The valuation bump in Big Yellow’s (BYG) results for the six months to 30 September flatter it somewhat. The £67.2mn gain in the self-storage landlord’s properties reversed the valuation drop caused by last year’s interest rate spike. The result is a big swing in IFRS numbers. 

Meanwhile, on an EPRA basis, things are less spectacular. Earnings per share, which strips out valuation changes, fell slightly because of increased costs and more issued shares. The rise in empty units is also beginning to look questionable. Though 81.4 per cent occupancy is in line with its peers, investors should note that the figure has fallen gradually from 85.2 per cent on 31 March 2021 and that the story is similar for its rival Safestore (SAFE).