U.K. self-storage operator Lok’nStore Group PLC released financial results for its 2023 fiscal year, which ended on July 31. The company reported an increase in self-storage revenue of 5.3% compared to the previous year. Same-store revenue grew 12.1%, 11.2% of which occurred in the last six months, according to a press release.
The company’s price per square foot of occupied space increased by 6.8%. Unit occupancy at facilities more than three years old declined 2.3% during the period to close at 80.6%, while occupancy across the total portfolio was equal to the previous year.
Lok’nStore opened two new locations during the period. It has three development projects underway that are expected to be complete in the next 12 months and eight others in its pipeline. At the end of January, it projected various expansion projects would add 162,100 square feet of rental space. In July, the company raised about £20.5 million to help fund its portfolio growth.
“We continue to deliver on our strategy of opening more new stores in the undersupplied self-storage market, adding 9.7% to our owned available space in the last 12 months,” said Andrew Jacobs, chairman.
Preliminary results for the 2023 fiscal year are scheduled to be released on Oct. 30.
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, Trading Update