KSS January eKourier

MESSAGE FROM SAM

Welcome to 2022! I am very excited that this will be another significant year for the business.

2021 was a very busy year across all our locations. We added 6,000 square metres in rentable area, taking us to 665, 827 square metres available - this was mostly with the addition of the long-awaited Wairau Valley centre in Auckland. Impressively, our occupied space grew by eight times the amount we added. Demand has been very strong as people emerged from the pandemic. They have reorgan- ised and changed their lives and businesses, causing them to need storage space. We are the fortunate beneficiaries of the upheaval. This extraordinary and unexpected level of demand has made the centres very busy, and presented some unique customer-facing challenges arising from scarcity of space.

At the time of writing, we have grown to 91.3% occupancy and added 47,000 square metres of occupied space in the business during 2021 - an increase of about 8%. We now have 608, 117 square metres occupied and with strong price growth, where we have grown Asking Rates by about 17% in the same time. Our very large development pipeline will see us bring a significant amount of space in to the system across all our markets this year. If we achieve our programmed completions, there should be nine new centres opening in 2022. This will be challenging for the Team as we set-up and open new centres at a record pace.

which revealed more impressive outcomes about the ‘vibe’ here. Strongly blue/constructive while also seeing some noticeable rises in the passive and aggressive styles. These are never ignored. Rising from the background of extraor- dinary exertions of authority from our governments on our private and work lives, along with some significant internal changes in the business, there is a bit to unpack. Finally, I hope that you have had an enjoyable Christmas and make the most of the summer. I am optimistic for another good year and importantly a year where we can actually retake control of our lives.

Sam Kennard Chief Executive Officer

Last year, we returned to our Culture Survey (Organisational Culture Inventory)

3 Kennards Kourier Jan 2022