U.K. self storage operator Lok’nStore Group PLC has released pre-close financial results for its 2021 fiscal year, which ended July 31. Self storage revenue increased 20.9% year over year, while physical occupancy across the portfolio grew from 69.6 percent to 85.8 percent. Total occupied space at year-end was up 35.3%, while leased price per square foot grew 8.7%, signaling expectations for continued revenue and profit growth, officials said.
Lok’nStore has also remained active with development and believes new supply will contribute to future growth. “We have made significant progress on our new-store pipeline whilst remaining conservatively geared, with three stores currently under construction opening by early 2022 and three more about to go on site,” said Andrew Jacobs, executive chairman. “This pipeline of new stores, delivering 38% more space, will add considerable momentum to sales and earnings growth in the future.”
The earnings update didn’t include monetary figures or net profit. The company will release its full interim results for the 2021 fiscal year on Nov. 1.
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.