Safestore Holdings, the self-storage operator, said group revenue rose 4.1% year on year at constant exchange rates in the third quarter, covering the three months to 31 July.
Like-for-like group revenue grew a more modest 1.9% over the same period, with UK like-for-like revenue up 1.9% on continued domestic demand and unit partitioning gains.
Paris told a different story: like-for-like revenue there fell 2.5% as enquiries shifted toward new, non-like-for-like stores and occupancy in large units declined amid a subdued economic backdrop, leaving total French revenue up just 1.4%.
Expansion Markets, comprising Spain, the Netherlands and Belgium plus associate income from Germany and Italy, delivered like-for-like revenue growth of 11.6%, driven by both occupancy and rate.
"Non-LFL stores contributed €500,000 of revenue growth in the quarter", said chief executive Frederic Vecchioli, adding that the Paris performance reflects the expected overlap with the company's own new stores.
Like-for-like closing occupancy stood at 79.6% of current lettable area, down from 80.4% in the same quarter of 2025.
One new store opened in the period, in Watford, adding 57,500 square feet of maximum lettable area, with the remaining 167,100 square feet of the 2026 pipeline proceeding as planned.
Safestore is reviewing the phasing of its 2027-28 UK pipeline under its capital allocation policy, though the pipeline itself remains unchanged.
The company now expects full-year Adjusted Diluted EPRA EPS in the lower half of the analyst consensus range of 39.6p to 42.4p, against a compiled consensus of 41.4p.