U.K. self-storage operator Lok’nStore Group PLC has released financial results for the fiscal year that ended July 31, 2022. The company’s revenue was £26.9 million, a 22.9% increase over the previous year. The surge was driven by significant improvements in occupancy and pricing, according to a company press release.

Record revenue and profit for the 12 months helped drive a 33% increase in adjusted net asset value per share to £9.72. Group-adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose 37.5% to £16.4 million.

Total self-storage revenue was £24.1 million, a 17.3% increase, while adjusted store EBITDA grew 23.7% to £14.9 million. The price per square foot of occupied space increased by 13% to £25.60, with occupancy across 24 stabilized facilities averaging 88.23%.

Lok’nStore has four developments scheduled to open in the next 12 months that’ll add more than 218,000 rentable square feet to its portfolio. At the end of July, it had another 10 projects in its pipeline that are expected to increase its owned square footage by 44.1%.

“We aim to build more landmark stores in the undersupplied U.K. market,” said Andrew Jacobs, executive chairman. “We are growing the business from a strong financial platform that gives us great flexibility to respond to market circumstances. We have multiple levers to allocate our capital in ways which are most accretive to our shareholders through the economic cycle, and we are confident that we will continue to increase net assets, cash flows and 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 40 self-storage facilities in Southern England.

Sources:
Lok’nStore, Preliminary Results for the Year Ended 31 July 2022
Insider Media Limited, Self Storage Firm Eyes Growth After Record Year