U.K. self-storage operator Lok'nStore Group PLC has released interim financial results for the first half of its 2019 fiscal year, which ended Jan. 31. Self-storage revenue increased 10.4 percent year over year to £8.08 million, with revenue for same-store facilities growing 4.7 percent. Overall occupancy was up 8 percent compared to the previous year, while same-store occupancy increased 2.4 percent. The average price per square foot increased 1.4 percent across the company’s portfolio compared to the same period last year.
During the six months, Lok’nStore opened a new location in Dover, England. It also acquired an existing facility in Southampton, England, and two development sites. It has eight contracted facilities in its pipeline.
“Lok’nStore’s trading is strong and our outlook remains confident. With low gearing helped by capital recycling, we will continue to build more landmark stores in a structurally undersupplied market,” said CEO Andrew Jacobs. “Our objective is to open more landmark stores while remaining conservatively geared, delivering sustainable growth and consistently increasing dividends.”
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 31 self-storage facilities in Southern England. The self-storage portfolio is comprised of 14 freehold or long-leasehold properties, eight leasehold sites and nine locations under management.