U.K. self-storage operator Lok'nStore Group PLC has released pre-close financial results for its 2020 fiscal year, which ended July 31. Self-storage revenue increased 6.3 percent year over year. Overall occupancy was up 5.9 percent compared to the previous year, though leased price per square foot fell slightly at .3 percent.
“Following more subdued trading during the full [coronavirus] lockdown, May, June and July have been stronger with new inquiries and move-ins at an all-time high in July,” company officials said.
During the fiscal year, Lok’nStore opened two self-storage properties. Subsequent to year-end, it also opened a property in Leicester, England. An approved project in Salford, England, is expected to open early next year.
“Against the current unsettled economic circumstances, Lok'nStore's trading remains resilient,” said Andrew Jacobs, chair. “With our modest gearing, valuable property assets and strong and growing cash flow, the group will continue to execute its current growth strategy as the economy returns to normal. The strong pipeline of new stores will add considerable momentum to sales and earnings growth over the medium term allowing further increases in dividends.”
The earnings update didn’t include monetary figures or net profit. The company will release its full preliminary results for the 2020 fiscal year on Nov. 2.
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. The self-storage portfolio is comprised of 15 freehold properties, eight leasehold sites and 11 locations under management.