U.K. self-storage operator Lok'nStore Group PLC has released financial results for the half year that ended Jan. 31, 2022. The company’s revenue increased 34.1% over the same time the previous year. The surge was driven by significant improvements in occupancy and pricing, according to a company press release.
Company shares increased 1.5% to £10.28. The price per square foot of occupied space increased by 18.5%, and unit occupancy was up 6% over 12 months.
Lok’nStore recently sold four of its facilities but will continue to manage them. It’ll use the £37.2 million generated from the transaction to develop new properties. The company has 12 projects underway, with five expected to open in mid-2023. Once complete, the facilities will grow the operator’s rentable square feet by nearly 50%.
“This is a busy and exciting time for Lok'nStore. Our pipeline of new stores, increasing lettable space by 49.2%, will enable Lok'nStore to increase the rate of dividend growth for shareholders going forward,” said Andrew Jacobs, executive chairman.
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 38 self-storage facilities in Southern England.