Safestore Holdings Plc · LSE:SAFE
Safestore — FY2022 Earnings Presentation
69 slides from Safestore's earnings presentation, Jan 17, 2023
Slide 1: Full Year Presentation 17 January 2023
Full Year Presentation 17 January 2023
Slide 2: Highlights & Operational delivery
2 Highlights & Operational delivery Frederic Vecchioli
Slide 3: Continued strong record of value creation
3 Continued strong record of value creation Group Revenue (£m) Group Underlying EBITDA (£m) 160 200 +121% +165% 140 +9.2% CAGR +11.4% CAGR 120 150 100 212.5 80 100 186.8 135.1 162.3 60 118.0 143.9 151.8 129.9 87.5 93.9 104.8 115.4 40 82.9 50 96.1 97.9 74.4 58.6 65.7 51.0 54.3 20 0 0 FY 2013 FY 2014
Slide 4: Highlights
4 Highlights Strong Financial Performance • Group revenue up 13.8% and in CER up 14.3% • Group LFL storage revenue in CER up 12.2% and LFL total revenue in CER up 10.7% • Adjusted Diluted EPRA EPS, up 17.3% at 47.5p (2021: 40.5p) • Cash Inflow from Operating Activities up 14.2% to £132.4m • 18.7% in
Slide 5: Highlights
5 Highlights Strategic Progress • Store openings, acquisitions and extensions adding 263,000 sq.ft. of MLA in 2022: o London Bow, London Wimbledon, London Paddington Marble Arch, Southend, Winchester, Christchurch, Nijmegen (NL), Barcelona, and further two Madrid stores opened after year end (Nov) •
Slide 6: Balanced Revenue Management approach
6 Balanced Revenue Management approach Target is revenue growth with optimal combination of occupancy and rate: Total Group performance Closing Occupancy Sq Rate variance Revenue variance Year Ft variance (YOY) (YoY) (YoY) FY2016 +10.9% +5.3% +10.1% FY2017 +4.3% +1.9% +12.6% FY2018 +13.3% -2.9% +10.
Slide 7: Very resilient trading YTD
7 Very resilient trading YTD FY23 Year to Date trading: UK and FR Enquiries (YTD) Group Total revenue in CER +8.7% over prior year • UK Revenue +4.6% • FR Revenue +2.5% • ES Revenue +11.5% • Benelux +100% (*acquisition Mar-22) Group LFL revenue in CER +3.5% FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY
Slide 8: Financials
8 Financials Andy AndyJones Jones
Slide 9: Financial Highlights
9 Financial Highlights Income Statement and Cash Flow Change FY 2021 FY 2022 Absolute CER² Revenue (£’m) like-for-like1 204.3 10.1% 10.7% Underlying EBITDA (£’m) like-for-like1 131.6 12.5% 13.0% Revenue (£’m) 212.5 13.8% 14.3% Underlying EBITDA (£’m) 135.1 14.5% 15.1% Underlying EBITDA (post leaseho
Slide 10: Solid revenue growth across the portfolio
10 Solid revenue growth across the portfolio London / Rest of Group UK Total Paris Spain SE UK Total Act 2.368 2.169 4.537 1.092 0.094 5.723 Average Occupancy LFL1 (sq ft 'm) YOY 1.1% - 0.6% 1.4% -2.1% 0.7% Act 83.9% 81.9% 83.0% 83.4% 85.9% 83.1% Closing Occupancy LFL1 % YOY -2.2% ppt -3.1% ppt -2.6
Slide 11: Group P&L
11 Group P&L FY 2022 FY 2021 Total Total UK Paris Spain Benelux UK Paris Spain (CER) (CER) (£’m) (€’m) (€’m) (€’m) (£’m) (£’m) (€’m) (€’m) (£’m) Revenue 163.0 48.8 3.6 5.9 213.5 144.1 46.0 3.3 186.8 Underlying cost of sales (48.2) (12.2) (1.2) (2.5) (61.9) (45.2) (11.2) (0.7) (55.5) Store EBITDA 114
Slide 12: Strong revenue growth drives improved EBITDA (after leasehold rent)
12 Strong revenue growth drives improved EBITDA (after leasehold rent) FY2021 to FY2022 EBITDA 140 Facilities and rates: (2.0) Volume related/remuneration: (1.2) Enquiry generation: (0.3) 130 New stores: (2.9) 6.9 6.4 2.1 0.7 120 19.8 6.1% LFL CER cost increase 110 100 LFL +10.7% 90 80 122.0 104.5 7
Slide 13: Excellent cash conversion
13 Excellent cash conversion FY 2022 FY 2021 (£'m) (£'m) Underlying EBITDA 135.1 118.0 Working Capital/ Exceptionals/ Other (2.7) (2.1) Adjusted operating cash inflow 132.4 115.9 Interest payments (11.8) (8.0) Leasehold rent payments (13.6) (13.0) Tax payments (5.6) (5.4) Free cash flow (before inve
Slide 14: Strong and flexible Balance Sheet
14 Strong and flexible Balance Sheet Capital Structure Oct 22 Oct 21 Variance Property valuation (£’m)1 2,552.3 1,949.2 30.9% UK (£’m) 1 1,815.5 1,474.8 23.1% FR (€’m) 1 625.9 521.6 20.0% ES (€’m) 1 67.1 40.2 66.9% NL/BE (€’m) 1 163.2 - - Gross Debt (£’m) 623.8 484.7 28.7% Net Debt (£’m) 2 602.9 441
Slide 15: Impact of new RCF on Capital Structure
15 Impact of new RCF on Capital Structure RCF Item New Terms Quantum £400m multi-currency facility increasing RCF capacity by £90m Accordion £100m uncommitted in addition to the above. Margin 125bps in line with previous facility Non-utilisation fee 43.75bps reduced from 50bps Tenor 4 years plus 2 o
Slide 16: Consistent store margin progression over last 9 years
16 Consistent store margin progression over last 9 years Group Store EBITDA Margin % in CER – Same 113 stores open at October 2013 78.0% 180 76.0% 160 75.1% 74.0% 140 72.0% 120 70.0% 100 68.0% 80 66.0% 60 64.0% 40 64.3% 62.0% 20 60.0% 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Store EBITDA
Slide 17: Guidance – non trading and one-off items
17 Guidance – non trading and one-off items Item Guidance Foreign exchange impact Weakening of the Euro (1.178 in FY2022, 1.152 in FY2021) contributed a £0.6m loss of EBITDA after leasehold costs In the year, each 10c fluctuation from the FY2022 FX rate of 1.178 would equate to c. £2.5m of Group EBI
Slide 18: Strategic development
18 Strategic development Frederic Vecchioli Frederic Vecchioli
Slide 19: Proven scalable European platform
19 Proven scalable European platform Customer journey begins online - Scalable digital platform benefits all territories • 90% of UK enquiries are online – of which c. 65% on a smartphone • Group marketing cost 3.6% of revenue (3.7% prior year) – lowest percentage in the last 8 years • All geographi
Slide 20: Proven scalable European platform
20 Proven scalable European platform Benelux: • 6 stores acquired in a JV in 2019 – 9 stores added subsequently • JV with Carlyle purchased in March 2022 • Additional pipeline of 5 stores bringing total to 20 • Total investment to date €157m + €36.8m outstanding pipeline capex Spain: • Portfolio: •
Slide 21: Trading delivery and MLA extension
21 Trading delivery and MLA extension Closing Occupancy and Maximum Lettable Area 10.00 20% 9.00 9% 10% 1.40 7% 7% 8% 8.00 6% 0.09 2% 7.00 0% -1% 1.38 Total MLA (m’ Sq Ft) 1.08 6.00 1.41 1.68 1.49 5.00 1.16 1.62 1.77 1.66 1.35 4.00 3.00 6.32 5.88 5.45 4.69 4.98 4.54 2.00 3.97 3.31 3.38 3.58 1.00 - 2
Slide 22: Portfolio development
22 Portfolio development Continued self-funded expansion: • 2016 to 2022: MLA average increase of c. 400,000 sq ft per year through development and acquisitions • Pipeline of development for the next 2 years average c. 600,000 sq.ft. per year. • Current pipeline: c. 1.40m sq ft – 18% of current MLA
Slide 23: Cash Yield in 2022
23 Cash Yield in 2022 Cash on Cash Yield of total portfolio split by financial year of opening or 25.0% acquisition 20.0% Portfolio average 15.0% 20.4% Investment hurdle (*) 10.0% 18.9% 12.5% 11.1% 10.6% 5.0% 8.6% 1.6% 2.2% 0.0% Pre-2016 2016 2017 2018 2019 2020 2021 2022 Non-mature recent investmen
Slide 24: Further growth opportunities
24 Further growth opportunities As at 31 Oct 2022 Group London & UK Paris Spain Benelux SE Regions Current Maximum lettable area (MLA) (m sq ft) 7.70 2.92 2.70 1.36 0.12 0.60 Let Square Feet (m sq ft) 6.32 2.42 2.22 1.11 0.10 0.47 Current Available space (m sq ft) 1.38 0.50 0.48 0.25 0.02 0.13 Futur
Slide 25: Flexible investment model
25 Flexible investment model Average Unexpired Lease Term (Yrs) 16 14 12 10 8 13.9 13.7 13.3 13.1 6 12.4 11.9 12.7 12.1 12.5 12.5 11.8 12.7 4 2 0 Oct 11 Oct 12 Oct 13 Oct 14 Oct 15 Oct 16 Oct 17 Oct 18 Oct 19 Oct 20 Oct 21 Oct 22 UK Lease regears – demonstrable track record • c. 70% of UK leases reg
Slide 26: Significant progress on GHG
26 Significant progress on GHG Total operational GHG* 54% below 2013 baseline Intensity of GHG emission 70% below 2013 level despite 50% growth in Group floor space (newer stores, energy mix, efficiency initiatives) -2.7% -12% YoY YoY Baseline year Baseline year Annualised run-rate 0.32 including fu
Slide 27: Strategy for operational net zero
27 Strategy for operational net zero We will achieve operational carbon net zero by 2035, through: a) reducing & optimising what we use & b) using only zero carbon energy • Completion of lighting efficiency • Installation of solar PV on new-build programme (external signage and stores where viable c
Slide 28: FY22 progress towards operational net zero
28 FY22 progress towards operational net zero: We will achieve operational net zero by 2035, through: a) reducing & optimising what we use & b) using only zero carbon energy • Continued progress on lighting • UK, Spain on 100% renewable efficiency (customer unit lighting) electricity supply; France
Slide 29: Sector leading total shareholder return
29 Sector leading total shareholder return Indexed TSR Performance since Safestore Indexed TSR Performance since Oct-2013 1200 IPO (2007) 1200 1000 1000 800 800 600 600 400 400 200 200 0 0 01/10/2013 01/10/2016 01/10/2019 01/10/2007 01/10/2008 01/10/2009 01/10/2010 01/10/2011 01/10/2012 01/10/2014 0
Slide 30: Well positioned for further growth
30 Well positioned for further growth Attractive market • Immature and growing industry • Very constrained supply growth Unique portfolio • Leading presence in London, Paris and key markets • 70% of revenue from London, South East England, Paris, Amsterdam and the Randstad area, Brussels and Barcelo
Slide 31: Appendices
31 Appendices
Slide 32: Index
32 Index: CSR • 56 London and Paris market position • 33 CSR Update • 58 UK regional market position Financial • 59 Paris development characteristics • 36 Detailed P&L • 60 French leases • 37 Non-underlying items • 38 Detailed Balance Sheet Portfolio summary: • 39 Underlying to Statutory Adjustments
Slide 33: Sustainability @ Safestore
33 Sustainability @ Safestore
Slide 34: We have aligned to relevant Sustainable Development Goals
34 We have aligned to relevant Sustainable Development Goals
Slide 35: Safestore ESG commitments
35 Safestore ESG commitments Target for Net Zero (MB) from operations by 2035 Safestore operational emissions include scope 1, 2 and selected scope 3 categories (electricity transmission, waste, water and business travel) LB = Location-based emissions, calculated using average emission factors relat
Slide 36: Detailed P&L
36 Detailed P&L Group FY 2022 FY 2021 (£’m) (£’m) Revenue 212.5 186.8 Cost of sales (63.0) (56.9) Gross profit 149.5 129.9 Administrative expenses (27.1) (34.0) Underlying EBITDA * 135.1 118.0 Exceptional Items (0.1) (1.9) Depreciation and variable lease payments (1.3) (1.4) Share based payments (11
Slide 37: Non-underlying items
37 Non-underlying items FY 2022 FY 2021 (£'m) (£'m) Underlying EBITDA 135.1 118.0 Gain on investment properties and investment properties under 381.6 321.1 construction Depreciation (1.0) (1.0) Variable lease payments (0.3) (0.4) Share-based payments (11.2) (18.3) Exceptional items 10.7 (1.9) Share
Slide 38: Detailed Balance Sheet
38 Detailed Balance Sheet Group FY 2022 FY 2021 (£’m) (£’m) Assets Non-current assets Investment properties 2,457.8 1,881.8 Investment properties under construction 94.5 67.4 Other non-current assets 101.1 94.2 Non-current assets 2,653.4 2,043.4 Current assets 54.1 73.9 Liabilities Non-current liabi
Slide 39: FY 2022 Underlying to Statutory adjustments
39 FY 2022 Underlying to Statutory adjustments Variable Share Underlying Derivative lease Valuation Finance Dep'n LH Share of Tax / CGS / Statutory Underlying Headings Exceptional based Statutory Headings P&L Movements payments/ Movement Lease Int properties Associate FX P&L payments Dep'n Sales 212
Slide 40: FY 2021 Underlying to Statutory adjustments
40 FY 2021 Underlying to Statutory adjustments Variable Share Underlying Derivative lease Valuation Finance Dep'n LH Share of Tax / CGS / Statutory Underlying Headings Exceptional based Statutory Headings P&L Movements payments/ Movement Lease Int properties Associate FX P&L payments Dep'n Sales 186
Slide 41: Movement in Cost Base
41 Movement in Cost Base Cost of Sales Administrative Expenses FY 2022 FY 2021 FY 2022 FY 2021 (£'m) (£'m) (£'m) (£'m) Reported cost of sales (63.0) (56.9) Reported administrative expenses (27.1) (34.0) Adjusted for: Adjusted for: Depreciation 1.0 1.0 Share based payments 11.2 18.3 Variable lease pa
Slide 42: Group Banking Covenants – Oct -22
42 Group Banking Covenants – Oct -22 Covenants Interest Cover Ratio Loan to Value Consolidated level Not less than 2.40:1 Sterling Loan to Value Not more than 0.60:1 Euro Loan to Value Not more than 0.60:1
Slide 43: Group Debt position at October 2022
43 Group Debt position at 31 October 2022 Bank Term Facility Drawn Hedged Hedged Margin Hedged Floating Total £/€'m £'m £'m % % Rate Rate Rate UK Revolver Jun-23 £250.0 £76.0 £55.0 72% 1.25% 0.6885% 2.19% 2.35% UK Revolver- non-utilisation Jun-23 £174.0 - - - 0.50% - - 0.50% Euro Revolver Jun-23 €70
Slide 44: Hedging of Euro Earnings – FX Forwards
44 Hedging of Euro Earnings – FX Forwards Value Date Cover Forward Rate (€’000) (€) H2 FY20 6,500 1.0751 H1 FY21 7,000 1.0751 H2 FY21 7,500 1.0751 H1 FY22 8,000 1.0751 H2 FY22 8,000 1.0751 H1 FY23 8,500 1.0751 TOTAL €45,500 1.0751 • The group has hedged a proportion of its Euro denominated earnings,
Slide 45: Diversified customer base
45 Diversified customer base • UK Mix of Business / Personal customers showing consistent movement each year towards Personal customers now 58% of sq ft occupied (58% c. 8% - 13% FY2021 – 53% in 2015) owner occupier 7.0 Group Business and Personal Closing SqFt Let 6.0 5.0 2.5 2.4 4.0 2.2 2.1 2.1 3.0
Slide 46: Diversified drivers and business geography generate resilient revenue and profits
46 Diversified drivers and business geography generate resilient revenue and profits 2016 2017 2018 2019 2020 2021 2022 Personal Customers Numbers (% of total) 75% 75% 76% 77% 78% 78% 79% Square feet occupied (% of total) 54% 55% 56% 58% 59% 59% 61% Square feet occupied (‘m) 2.05 2.25 2.59 2.85 3.23
Slide 47: Revenue predictability and resilience
47 Revenue predictability and resilience Store square feet occupancy- split by year of customer move-in date: • 71.4% of FY 2022 revenue from Customers that moved-in before 31/10/2021 • Typically the customers moved in during the year make up 40% to 50% of the year end occupancy, but only between 20
Slide 48: National Accounts and Customer Support Centre
48 National Accounts and Customer Support Centre National Accounts: • Leverage UK platform further and accounts for 13% of all occupancy in the UK as at 31 October 2022 • Two-thirds of customers outside London Customer Support Centre: • CSC handled 17% of all enquiries in FY 2022 • Supports the sale
Slide 49: Portfolio strength with further potential
49 Portfolio strength with further potential • 179 store portfolio (As at Oct-22) • 7.7m maximum lettable area • 1.4m sq ft available – 0.7m London, South East and Paris • 49 stores within the M25 • 29 stores in Paris • 15 stores in Benelux countries UK • 5 stores in Barcelona (130 stores) • 23 stor
Slide 50: Densest network of stores in London and Paris
50 Densest network of stores in London and Paris Paris and London combined represent 78 stores – £113.2m of revenue, £82.3m of Store EBITDA
Slide 51: Paris unique competitive market position
51 Paris unique competitive market position Very solid market fundamentals: • 24 years of uninterrupted growth • Closing occupancy up 1.1% • Unique and densest network of stores in central Paris • Opportunity to leverage digital platform • Density of population in central Paris five times central Lo
Slide 52: Limited UK Supply
52 Limited UK Supply Growing and fragmented industry: • 2,050 self storage sites (of which 621 are container sites) – 1,015 storage businesses • The top seven leading operators account for almost 21% of the UK store portfolio UK (130 stores) • 30 - 40 new stores expected in 2023 Immature industry: S
Slide 53: Property valuation movement
53 Property valuation movement (excluding investment properties under construction) Property Valuation Movement 2,400 394.1 2,200 16.5 2,000 128.2 31.8 6.2 11.6 1,800 2,457.8 1,600 1,881.8 1,400 1,200 1,000 Value at 31 Currency Additions Disposals Acquisition of Reclassifications Revaluation Value a
Slide 54: New, pipeline and extension stores
54 New, pipeline and extension stores Open 2023 (post year-end) FH/ LH Status MLA sq ft Other New Developments Northern Madrid FH C, O 53,000 Conversion Southern Madrid FH C, O 32,000 Conversion Opening 2023 Redevelopments and Extensions London- Crayford LH C, UC 9,400 Extension Paris- Pyrenees LH C
Slide 55: Development characteristics
55 Development characteristics Limited site High land Planning Long lead- availability price restrictions time London / SE ✓ ✓ ✓ ✓ Regional City Centres ✓ ✓ ✓ Secondary towns ✓ ✓ ✓ Central Paris ✓ ✓ ✓ ✓ Paris 2nd belt ✓ ✓ ✓ Barcelona ✓ ✓ ✓ ✓ Amsterdam ✓ ✓ ✓ ✓ Brussels ✓ ✓ ✓ ✓ • Six largest UK operat
Slide 56: Very strong position in the best European markets for storage
56 Very strong position in the best European Very strong position in the two best European markets for storage markets for storage Metropolitan GDP (£'bil) Population GDP (£'bil) Population GDP (£'bil) Population area (mil) (mil) (mil) London 587 14.3 Ruhr 123 5.1 Brussels 102 2.5 Paris 526 12.2 Bar
Slide 57: Une Pièce en Plus – strong market characteristics
57 Une Pièce en Plus – strong market characteristics Density of population Density of storage per square mile supply per inhab. 60,000 1.2 50,000 1 40,000 0.8 30,000 0.6 20,000 0.4 10,000 0.2 0 0 Paris London Paris London
Slide 58: Leading market positions in key UK regional conurbations
58 Leading market positions in key UK regional conurbations Data supplied by the UK Self Storage Association - 2015 Safestore also has strong market positions in Newcastle (Pop. Den. 6,343) and Stockport (Pop. Den. 11,937)
Slide 59: Paris Development Characteristics
59 Paris Development Characteristics Paris • Paris planning now prohibits mixed use with warehousing • Potential available sites reserved for social housing • First belt town reluctance to accept self storage London • Price of land • Long lead-time to open a store • Limited site availability
Slide 60: French Commercial Lease Statute Provides Security of Tenure
60 French Commercial Lease Statute Provides Security of Tenure French commercial lease laws highly protective: • Right of renewal • Rent increase normally based on state construction cost index • Compensation for any loss arising in case of Landlord's refusal to renew – equivalent to full business v
Slide 61: Portfolio summary split geographically
61 Portfolio summary split geographically London & Rest of UK UK Paris Spain Benelux * Group South East Number of stores 72 58 130 29 5 15 179 Let Square Feet (m sq ft) 2.421 2.216 4.637 1.112 0.095 0.473 6.317 Maximum Lettable Area (m sq ft) 2.920 2.700 5.620 1.360 0.120 0.600 7.700 Let Square Feet
Slide 62: Portfolio summary split between freehold and leasehold
62 Portfolio summary split between freehold and leasehold FY 2022 FY 2021 Freehold Leasehold Total Freehold Leasehold Total Number of stores 127 52 179 111 50 161 MLA self storage only (m) 5.702 1.997 7.698 5.036 1.924 6.960 Closing occupancy (m) 4.661 1.657 6.318 4.211 1.658 5.869 Occupancy (%) 81.
Slide 63: Portfolio summary split between freehold and leasehold (LFL CER)
63 Portfolio summary split between freehold and leasehold (LFL CER) FY 2022 FY 2021 Freehold Leasehold Total Freehold Leasehold Total Number of stores 108 50 158 108 50 158 MLA self storage only (m) 4.957 1.932 6.889 4.928 1.924 6.852 Closing occupancy (m) 4.102 1.623 5.725 4.173 1.666 5.839 Occupan
Slide 64: Portfolio summary split by maturity
64 Portfolio summary split by maturity FY 2022 FY 2021 Developing Established Mature Total Developing Established Mature Total Number of stores 6 13 160 179 12 8 141 161 MLA self storage only (m) 0.248 0.616 6.834 7.698 0.549 0.395 6.016 6.960 Closing occupancy (m) 0.133 0.483 5.702 6.318 0.405 0.34
Slide 65: Portfolio summary split by maturity (LFL CER)
65 Portfolio summary split by maturity (LFL CER) FY 2022 FY 2021 Developing Established Mature Total Developing Established Mature Total Number of stores - 12 146 158 - 12 146 158 MLA self storage only (m) - 0.540 6.350 6.889 - 0.531 6.321 6.852 Closing occupancy (m) - 0.433 5.292 5.725 - 0.434 5.40
Slide 66: Safestore UK historic performance
66 Safestore UK historic performance Sq Ft Occupied (m) Revenue (£m) 4.9 180 160 4.4 140 3.9 120 3.4 100 80 2.9 60 2.4 40 20 1.9 0 1.4 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 H1 H2 Rate (£) EBITDA (£m) 31 120 2
Slide 67: Average customer contract length
67 Average customer contract length UK Paris Spain Group FY 2022 FY 2021 FY 2022 FY 2021 FY 2022 FY 2021 FY 2022 FY 2021 (mths) (mths) (mths) (mths) (mths) (mths) (mths) (mths) Business Existing 26.4 28.0 32.0 31.9 31.2 25.1 28.0 28.7 Vacated 12.8 12.6 14.4 14.3 16.2 15.3 13.0 12.8 Total 13.8 13.8 1
Slide 68: Group customer split as at Oct 2022
68 Group customer split as at 31 Oct 2022 Share of Customers Share of Occupancy 100% 100% 90% 90% 80% 80% 70% 70% 59% 61% 60% 78% 79% 60% 50% 50% 40% 40% 30% 30% 20% 20% 41% 39% 10% 22% 21% 10% 0% 0% FY 21 FY 22 FY 21 FY 22 Business Personal Business Personal
Slide 69: Personal and business customers as at Oct 2022
69 Personal and business customers as at 31 Oct 2022 Personal and Business UK Paris Spain Benelux Customers Personal Customers Numbers (% of total) 77% 82% 89% 85% Square feet occupied (% of 58% 65% 83% 77% total) Average length of stay 17.4 28.7 23.2 28.4 (months) Business Customers Numbers (% of t