UK Self-Storage Operator Lok’nStore Releases Financial Results for Fiscal Year Ending July 2023

U.K. self-storage operator Lok’nStore Group PLC has released preliminary financial results for the fiscal year that ended July 31. The company’s revenue was £27.1 million, a .9% increase over the previous year, while same-store revenue was £25.3 million, up 12.1% year over year. The result was driven by improvements in occupancy and pricing, according to a company press release.

Increases to revenue and profit for the 12 months helped drive a 1.4% increase in adjusted net asset value per share to £9.86. Group-adjusted earnings before interest, tax, depreciation and amortization (EBITDA) fell 7.9% to £15.1 million.

Total self-storage revenue was £25.4 million, a 5.3% increase, while adjusted store EBITDA decreased 4% to £14.3 million. The price per square foot of occupied space increased by 6.8% to £27.37, with occupancy across stabilized facilities averaging 80.6%.

Lok’nStore has three developments scheduled to open in the next 12 months that’ll add more than 162,000 rentable square feet to its portfolio. At the end of July, it had another 11 projects in its pipeline that are expected to increase total square footage by 29.4%.

“These results demonstrate Lok’nStore’s delivery of growth in long-term shareholder return through all stages of the economic cycle,” said Andrew Jacobs, executive chairman. “The significant and continued investor interest in the U.K. self-storage sector, demonstrated by market transactions, underpins the increased value of our assets and our strategy to open more landmark stores.”

Founded in 1995, Lok’nStore builds, buys or leases large warehouses or industrial buildings and rents storage units to customers on a weekly basis. It operates 42 self-storage facilities in Southern England.

Source: Lok’nStore, Preliminary Results for the Year Ended 31 July 2023