1
Brad Soultz, Chief Executive Officer of WillScot Mobile Mini Holdings, commented, our first quarter results surpassed my expectations, with solid performance across our segments. Leasing revenue and Adjusted EBITDA increased year over year on a pro forma basis, driven by strength across all of our key leasing metrics and end markets. Our NA Modular segment saw average monthly rental rate growth of 12.9% year over year, the 14th consecutive quarter of double-digit rate growth. VAPS penetration continued to progress, producing an average monthly rate per unit delivered over the last twelve months of $337, a 22.1% year over year increase and a 8.4% sequential increase. Our pricing strategy drove improvement in our other segments as well, with increases of 5.0% and 25.5% year over year in average monthly rental rate for NA Storage and UK Storage, respectively. And we saw modest unit on rent growth sequentially from December to March, which is consistent with a normal seasonal acceler
Operator
Welcome to the Fourth Quarter 2020 WillScot Mobile Mini Earnings Conference Call. My name is Sia and I will be the operator for today s call. [Operator Instructions]
I will now turn the call over to Nick Girardi Director of Treasury and Investor Relations. Nick you may begin.
Nick Girardi
Investor Relations
Good morning and welcome to the WillScot Mobile Mini fourth quarter earnings call. Participants on today s call include Brad Soultz Chief Executive Officer; Kelly Williams President and Chief Operating Officer; and Tim Boswell Chief Financial Officer. Today s presentation material may be found on the Investor Relations section of the WillScot Mobile Mini website. slide two contains our safe harbor statement. We will be making forward-looking statements during the presentation and our Q&A session.
1 Our WillScot Mobile Mini team concluded a transformational year and set the foundation for an exciting new chapter of growth and value creation, despite unprecedented operating challenges, said Brad Soultz, Chief Executive Officer of WillScot Mobile Mini Holdings. Our portfolio continued to demonstrate its resilience in the fourth quarter as we grew our leasing and services revenue both sequentially and versus prior year, driven by 12.9% average rental rate growth in our NA Modular segment, and impressive rates and volumes in our Storage segments. New order rates, pricing, and value-added products penetration are all trending positively heading into 2021 across our diversified segments and end markets.
1 Our WillScot Mobile Mini team concluded a transformational year and set the foundation for an exciting new chapter of growth and value creation, despite unprecedented operating challenges, said Brad Soultz, Chief Executive Officer of WillScot Mobile Mini Holdings. Our portfolio continued to demonstrate its resilience in the fourth quarter as we grew our leasing and services revenue both sequentially and versus prior year, driven by 12.9% average rental rate growth in our NA Modular segment, and impressive rates and volumes in our Storage segments. New order rates, pricing, and value-added products penetration are all trending positively heading into 2021 across our diversified segments and end markets.
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