The company operates 31 self-storage facilities in Southern England
May 6, 2019: The self-storage operator in UK, Lok’nStore Group has released interim financial results for the first half of its 2019 fiscal year, which ended in January 31. Self-storage revenue increased 10.4 percent year over year to 8.08 million Euro, with revenue for same-store facilities growing 4.7 percent. Overall occupancy increased to 8 percent compared to the previous year, while same-store occupancy increased 2.4 percent. Compared to the last year average price per square foot increased to 1.4 percent across the company’s portfolio.
Lok’nStore opened a new location in Dover, England in the last six months. The company 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. Our objective is to open more landmark stores while remaining conservatively geared, delivering sustainable growth and consistently increasing dividends.” Said by CEO Andrew Jacobs.
Lok’nStore founded in 1995, operates 31 self-storage facilities in Southern England. The company builds, buys or leases large warehouses or industrial buildings and rents storage units to customers on a weekly basis. It has a portfolio of 14 freehold or long-leasehold properties, eight leasehold sites and nine locations under management.