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As we open new stores and build their occupancy, so their value increases significantly. The cash flow from these stores can then fund future growth and an increasing dividend to our shareholders,\u201d<\/span><\/span><\/span><\/p><\/blockquote>\n
\nU.K. self-storage operator Lok\u2019nStore Group PLC has released financial results for the half year that ended Jan. 31, 2023. The company\u2019s same-store revenue increased 10% over the same time the previous year. The growth was driven by improvements in occupancy and pricing but was tempered by heightened operating costs, according to a source.<\/span><\/span><\/span><\/p>\nCompany shares were down 2.7% to \u00a39.37. The price per square foot of occupied space increased by 9.2%, and unit occupancy was up 2.6% from a year ago. Move-ins for the period were up 14%.<\/span><\/span><\/span><\/p>\n
The company has several self-storage development projects underway, with four expected to open this year and one in early 2024. Once complete, the facilities will grow the operator\u2019s rentable square feet by 49%.<\/span><\/span><\/span><\/p>\n
\u201cAs we open new stores and build their occupancy, so their value increases significantly. The cash flow from these stores can then fund future growth and an increasing dividend to our shareholders,\u201d said Andrew Jacobs, executive chairman.<\/span><\/span><\/span><\/p>\n