U.K. self-storage company Lok'nStore Group PLC released the financial results of its fiscal year, which ended July 31 and closed on a strong note, according to a media release. The company increased facility occupancy by 10 percent year over year and was propelled by a record number of move-ins across its portfolio in July. Pricing was 0.5 percent lower than the previous year, officials said.
Occupancy increased to 64.5 percent for the year, and the number of move-ins was up 17.9 percent during the six-month period compared to the same period the previous year. "In the second half of our financial year, occupancy levels across the portfolio have continued to increase, and this creates significant momentum to carry the growth into the next financial year,” said Andrew Jacobs, CEO.
Revenue and occupancy growth from existing locations, combined with the opening of one new facility later this year and another scheduled for next year, will help spur sales growth, Jacobs said. The two new locations, both joint ventures, will increase the company’s portfolio to 13 freehold sites, nine leasehold sites and three managed facilities in southern England.
Lok’nStore builds, buys or leases large warehouses or industrial buildings and rents storage units to customers on a weekly basis. Around 60 percent of the company's 7,000 customers are residential and 40 percent commercial. Lok’nStore has more than 920,000 square feet of net rentable space, which is evenly split between freehold and leasehold.