Lok’nStore posts NAV uptick as sales grow
Self-storage provider Lok’nStore Group has grown its NAV per share in the six months to 31 January, on the back of higher interest rates and robust sales growth.
Adjusted NAV per share rose by 8.6% to £9.15 compared with the same period last year but was down by 5.9% on the equivalent recorded on 31 July 2022. Lok’nStore said the valuation reflected “increased interest rates, buoyant sales and robust margins”.
Group revenue inched up by 1.5% to £13.6m during the six-month period. Same-store revenue grew by 11.2% to £13.2m.
Self-storage provider Lok’nStore Group has grown its NAV per share in the six months to 31 January, on the back of higher interest rates and robust sales growth.
Adjusted NAV per share rose by 8.6% to £9.15 compared with the same period last year but was down by 5.9% on the equivalent recorded on 31 July 2022. Lok’nStore said the valuation reflected “increased interest rates, buoyant sales and robust margins”.
Group revenue inched up by 1.5% to £13.6m during the six-month period. Same-store revenue grew by 11.2% to £13.2m.
The average price per sq ft on occupied space was up by 9.2%, to £26.45 per sq ft.
Adjusted EBITDA across the group fell by 2.3% to £7.9m, with operating profit down 9.3% to £5.2m. However, same-store group adjusted EBITDA was up 8.9% to £7.8m.
Lok’nStore said that it sold four stores after the period, generating around £37.9m in cash for the group.
Store openings in the coming year include a location in Peterborough, scheduled for H2 this year.
Andrew Jacobs, chair of Lok’nStore Group, said the group has been operating “against the background of a more challenging business environment with increased costs of energy, local rates and interest”.
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