Business
Confirmation of REIT status
Confirmation of REIT status.
About this update from Safestore Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 3359B Safestore Holdings plc 02 April 2013 \n \n\n2 April 2013\n \nSafestore Holdings plc\n(\"Safestore\" or \"the Company\")\n \nConfirmation of REIT status\n \nFurther to the resolution passed at the Company's general meeting on 20 March 2013, which amended the Company's Articles of Association, Safestore today confirms that it has elected for REIT status from 1 April 2013.\n \nThe REIT regime enables Safestore to benefit from a zero corporation tax rate on its UK self storage rental income. It continues to be liable to corporation tax on the residual UK business comprising primarily ancillary revenues, derived from the sale of contents insurance, storage accessories and miscellaneous items. The election for REIT status does not affect the liability of the business in Paris to local French taxation.\n \nEND\n \n \nFor further information, please contact:\n \nCollege Hill T: 020 7457 2020\nMatthew Smallwood\nJustine Warren\nMark Reed\n \n \nNotes to editors:\n\n\n\n\n· \n\n\nSafestore is the UK's largest self storage group with 135 stores. They include 98 wholly owned stores in the UK and 25 wholly owned stores in the Paris region together with 12 stores under management in the UK.\n\n\n\n\n· \n\n\nThe Company provides storage to around 44,200 personal and business customers.\n\n\n\n\n· \n\n\nSafestore (excluding Space Maker) has a maximum lettable area (\"MLA\") of 5.24 million sq ft (including the expansion pipeline stores) of which 3.18 million sq ft is currently occupied.\n\n\n\n\n· \n\n\nA strong balance sheet and operational cash flow allow Safestore to invest in continual improvements in the operational performance of its stores, in new store development and acquisitions where appropriate.\n\n\n\n\n· \n\n\nSafestore employs around 550 people.\n\n\...