U.K. self-storage operator Lok'nStore Group PLC has released pre-close financial results for the first six months of its 2021 fiscal year, which ended Jan. 31. Self-storage revenue increased 11 percent year over year, while physical occupancy across the portfolio grew from 67.1 percent to 81.6 percent. Leased price per square foot fell 2.6 percent compared to a year ago, though this is due in part to the company freezing rates during the coronavirus pandemic, officials said.
“Since the pandemic started, all of our teams have worked tirelessly to keep our stores open while keeping themselves and our customers safe,” said Andrew Jacobs, executive chairman. “As an essential part of the local communities in which we operate, our people have been helping new and existing customers through extremely difficult times. I am proud of, and often humbled, by their efforts.”
Lok’nStore has 11 new facilities in its project pipeline, with four scheduled to open by year-end or early 2022. “We have also made significant progress on our new-store pipeline, whilst remaining conservatively geared,” Jacobs said. “This pipeline of new stores will add considerable momentum to sales and earnings growth in the future.”
The earnings update didn’t include monetary figures or net profit. The company will release its full interim results for the six-month period on April 26.
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 34 self-storage facilities in Southern England.
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