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Condensed Unaudited Consolidated Interim Results six months ended 30 September 2025 and Cash Dividend Declaration
Stor-Age Property REIT Limited
Registration number: 2015/168454/06
Approved as a REIT by the JSE
Share code: SSS ISIN: ZAE000208963
Alpha code: SSSI
("Stor-Age" or the "group" or the "company")
CONDENSED UNAUDITED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025 AND
DECLARATION OF A CASH DIVIDEND
Stor-Age is pleased to present its trading results for the six months to 30 September 2025 ("the period").
HIGHLIGHTS
- Interim dividend of 59.74 cents per share, up 4.5% year-on-year
- Distributable income of 66.37 cents per share, up 4.5% year-on-year
- Same-store operating metrics:
- Rental income up 9.8% SA and 2.5% UK
- Achieved rental rate up 8.7% SA and 2.4% UK
- Occupancy up 3 500m² (SA 2 800m²; UK 700m²)
- Closing occupancy 90.6% (92.1% SA; 85.2% UK)
- JV portfolio occupancy up 15 800m² (SA 9 300m²; UK 6 500m²), including same-store growth of 9
200m² (SA 4 700m²; UK 4 500m²)
- Net investment property value up 6.4% to R12.2 billion
- SA REIT NAV per share up 6.9% year-on-year
- Property portfolio comprises 109 trading stores (SA 63; UK 46)
- 2030 Property Strategy targeting 90 properties in SA and 70 properties in the UK
- Acquired Lock-Up Storage in KZN in October 2025 for R95.0 million with 11 400m² GLA across
two properties
- New Storage King Exeter management contract secured in September 2025
- Parklands – 3 200 m² GLA extension completed
- Construction commenced at Bramley in June 2025 at a development cost of R91.0 million (5 600m²
GLA)
- Construction of new flagship property at De Waterkant to begin in 2026 – 6 500m² GLA, estimated
development cost R155.0 million (excluding land component)
- Sunningdale expansion planned in JV structure adding 4 700m² GLA at a development cost of
R82.0 million
- Acton property in West London, co-developed with Moorfield, opened for trading in June 2025
- Development of the new Hines-owned Storage King Chelmsford commenced (7 000m² GLA) –
third-party developer-operator model
- Two new properties secured for development in Cape Town taking the development pipeline to 19
properties
GROUP SNAPSHOT
Stor-Age is the largest self storage property fund and most recognisable brand in SA. The portfolio
consists of 109 properties across SA (63) and the UK (46) at September 2025, providing storage to
more than 56 000 customers. The combined value of the portfolio, including properties managed in our
JV partnerships, was R18.7 billion (SA – R7.0 billion; UK – £505 million) at September 2025. The
maximum lettable area, including the development pipeline and ongoing projects, exceeds 700 000m².
The group employs more than 500 staff across SA and the UK. Stor-Age has been listed on the
Johannesburg Stock Exchange since November 2015.
KEY FINANCIAL RESULTS
Unaudited Unaudited
6 months ended 6 months ended Change
30 September 2025 30 September 2024 %
Property revenue (R'000) 699 101 649 278 7.7
Distributable income (R'000) 320 722 305 891 4.9
Distributable income per share (cents) 66.37 63.51 4.5
Headline earnings per share (cents) 58.95 139.85 (57.8)
Earnings per share (cents) 107.8 181.46 (40.6)
Dividend declared (R'000) 288 695 275 302 4.9
Dividend per share (cents) 59.74 57.16 4.5
Net asset value per share (cents) 1 777.18 1 668.02 6.5
In the determination of dividend per share for the six months ending 30 September 2025, the board
elected to apply a payout ratio of 90% to distributable income (2024: 90%).
DECLARATION OF A CASH DIVIDEND
Notice is hereby given of the declaration of the gross interim dividend (number 20) of 59.74 cents per
share for the six months ended 30 September 2025 ("Cash Dividend"). The Cash Dividend has been
declared from income reserves.
The salient dates and times in relation to the Cash Dividend are as follows:
Salient dates and times 2025
Last day to trade cum-dividend Tuesday, 25 November
Shares to trade ex-dividend Wednesday, 26 November
Record date Friday, 28 November
Payments to Certificated Shareholders and accounts credited by Monday, 1 December
CSDP or broker of dematerialised Shareholders
Notes:
- Shares may not be dematerialised or rematerialised between commencement of trade on Wednesday, 26
November 2025 and the close of trade on Friday, 28 November 2025, both days inclusive.
- The above dates and times are subject to change. Any changes will be released on SENS.
TAX IMPLICATIONS
As the company has REIT status, Shareholders are advised that the dividend meets the requirements
of a "qualifying distribution" for the purposes of section 25BB of the Income Tax Act (No. 58 of 1962),
as amended, ("Income Tax Act"). The dividend on the shares will be deemed to be a dividend, for South
African tax purposes, in terms of section 25BB of the Income Tax Act.
South African tax residents
The dividend received by or accrued to South African tax residents must be included in the gross income
of such Shareholders and will not be exempt from income tax (in terms of the exclusion to the general
dividend exception, contained in paragraph (aa) of section 10(1)(k)(i) of the Income Tax Act) because
it is a dividend distributed by a REIT.
The dividend is exempt from dividend withholding tax in the hands of South African tax resident
Shareholders, provided that the South African resident Shareholders provide the following forms to the
CSDP or broker in respect of uncertificated shares, or to the company, in respect of certificated shares:
a) a declaration that the dividend is exempt from dividend tax; and
b) a written undertaking to inform the CSDP, broker or the company, should the circumstances affecting
the exemption change or the beneficial owner cease to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service.
Shareholders are advised to contact their CSDP, broker or the company to arrange for the
abovementioned documents to be submitted prior to payment of the dividend, if such documents have
not already been submitted.
Non-resident Shareholders
Dividends received by non-resident Shareholders will not be taxable as income and instead will be
treated as an ordinary dividend which is exempt from income tax in terms of the general dividend
exemption in section 10(1)(k)(i) of the Income Tax Act. It should be noted that up to 31 December 2013
dividends received by non-residents from a REIT were not subject to dividend withholding tax. Since 1
January 2014, any dividend received by a non-resident from a REIT will be subject to dividend
withholding tax at 20%, unless the rate is reduced in terms of any applicable agreement for the
avoidance of double taxation ("DTA") between South Africa and the country of residence of the
shareholder concerned. Assuming dividend withholding tax will be withheld at a rate of 20%, the net
dividend amount due to non-resident Shareholders is 47.79200 cents per share. A reduced dividend
withholding rate in terms of the applicable DTA may only be relied on if the non-resident shareholder
has provided the following form to their CSDP or broker in respect of uncertificated shares, or the
company, in respect of certificated shares:
a) a declaration that the dividend is subject to a reduced rate as a result of the application of DTA; and
b) a written undertaking to inform their CSDP, broker or the company, should the circumstances
affecting the reduced rate change or the beneficial owner cease to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service. Non-resident
Shareholders are advised to contact their CSDP, broker or the company to arrange for the
abovementioned documents to be submitted prior to payment of the dividend, if such documents have
not already been submitted.
The company's tax reference number is: 9027205245
Issued shares as at the declaration date: 483 241 457 ordinary shares of no par value
This short-form announcement is the responsibility of the Board and does not include full or complete
details. Any investment decision should be based as a whole on the condensed unaudited consolidated
interim results ("full announcement"), which may be downloaded from:
https://senspdf.jse.co.za/documents/2025/jse/isse/SSSE/Interims.pdf.
The full announcement is also available on the company's investor relations website at: https://investor-
relations.stor-age.co.za.
The short-form announcement has not been audited or reviewed by the company's external auditors.
OUTLOOK
The board reaffirms its guidance for FY26 distributable income per share to be approximately 5% to 6%
higher than FY25, with the payout ratio expected to remain at 90% of distributable income.
Our SA portfolio continues to deliver strong growth momentum supported by improving macroeconomic
conditions, including a more favourable inflation outlook, a stabilising political environment and the
prospect of interest rate cuts. These trends underpin a positive outlook for continued performance in
the second half of the year.
In the UK, trading conditions have been more challenging across the sector than anticipated. We remain
focused on driving operational efficiencies, disciplined cost management and further growth of our third-
party management platform to enhance long-term resilience and scale.
This guidance is based on the following assumptions:
Specific assumptions
- Demand levels for self storage remain in line with expectation
- Occupancy and rental rate growth is in line with management's forecast
- Third-party management revenue streams increase in line with management's forecast
Macroeconomic assumptions
- There is no unforeseen and / or significant deterioration in the macroeconomic environment or other
factors that are beyond our control
- A 25 basis points reduction in interest rates in SA and the UK in the second half of FY26
- The GBP/ZAR exchange rate remains materially unchanged
This guidance is provided in good faith, however there is no guarantee that management's expectations,
projections or assumptions will be achieved. This guidance has not been reviewed or reported on by
the company's auditors.
By order of the Board
11 November 2025
GA Blackshaw (Chairman)•, GM Lucas (CEO)*, JAL Chapman#, KM de Kock#, SJ Horton*, AA
Koranteng#, SC Lucas*+, AC Menigo#, MPR Morojele#, A Varachhia#
• Non-executive
# Independent non-executive
* Executive
+ British citizen
Company secretary
HH-O Steyn
Registered office and business address
216 Main Road, Claremont, 7708
Transfer secretaries
Computershare Investor Services Proprietary Limited
2nd Floor, Rosebank Towers
15 Biermann Avenue, Rosebank 2196
Equity Sponsor
Investec Bank Limited
100 Grayston Drive
Sandton 2196
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
135 Rivonia Road
Sandton 2196
____________________
SA – South Africa
UK – United Kingdom
GLA – gross lettable area
m² – square metres
JV – joint venture
FY25 – financial year ending 31 March 2025
FY26 – financial year ending 31 March 2026
Date: 11-11-2025 07:30:00
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