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Preliminary Summarised Consolidated Annual Financial Results for the year ended 31 March 2020
Stor-Age Property REIT Limited
Registration number: 2015/168454/06
Approved as a REIT by the JSE
Share code: SSS ISIN: ZAE000208963
(“Stor-Age” or “the group” or “the company”)
PRELIMINARY SUMMARISED CONSOLIDATED ANNUAL FINANCIAL RESULTS FOR THE YEAR
ENDED 31 MARCH 2020, DECLARATION OF A CASH DIVIDEND AND POSTING OF CIRCULAR
Stor-Age’s continued strong results for the year reflect a resilient trading performance against the
backdrop of challenging macro conditions in SA, and political and economic uncertainty for most of the
year in the UK. The group delivered a 5.03% increase in its annual dividend per share.
Despite the impacts of the COVID-19 pandemic and ensuing risk mitigation initiatives in our regions of
operation, Stor-Age collected over 93% and 98% of rental due in SA and the UK respectively in the two-
month period post year end. Further, in May 2020, the company raised R250 million in new equity in
an oversubscribed bookbuild.
HIGHLIGHTS
- Total dividend up 5.03% to 112.05 cps
- Rental income and net property operating income up 29.7% and 34.1% respectively
- Like-for-like rental income up 6.5% SA; 5.0% UK
- Total GLA up 24 500m² to 448 200m²
- Total portfolio occupancy up 22 100m² (SA 9 800m²; UK 12 300m²)
- Closing total occupancy of 83.8% (SA – 85.0%; UK – 78.8%)
- Gross investment property value up 13% to R7.0 billion
- Acquisition of Flexi Store in December 2019 – five-property portfolio in the UK
- LTV ratio of 30.1% at year end – 79.1% hedged on a net debt basis
- Development JV with UK-based private equity real estate group to co-develop new high-profile
properties in London and the South East
- First-time inclusion in JSE SA Listed Property Index (September 2019)
GROUP SNAPSHOT
Stor-Age is the leading and largest self storage property fund and brand in South Africa. The portfolio
comprises 71 self storage properties across both SA (50) and the UK (21). The SA portfolio is valued
at R4.1 billion and the UK portfolio – under the brand Storage King – at R2.9 billion. In the UK a further
seven properties trade under the licence of the Storage King brand and generate licence and
management fee revenue for the group. In total this represents 28 properties trading under the Storage
King brand.
____________________
SA – South Africa
m² – square metres
UK – United Kingdom
GLA – gross lettable area
KEY FINANCIAL RESULTS
Year ended Year ended Change
31 March 2020 31 March 2019 %
Property revenue (R’000) 698 822 524 351 33.3
Distributable earnings (R’000) 452 463 387 691 16.7
Headline earnings per share (cents) 53.09 54.66 (2.9)
Earnings per share (cents) 26.76 80.01 (66.6)
Dividend per share (cents) 112.05 106.68 5.0
Net tangible asset value per share (cents) 1 119.29 1 140.98 (1.9)
DECLARATION OF A CASH DIVIDEND WITH THE OPTION TO RE-INVEST THE CASH DIVIDEND
IN RETURN FOR STOR-AGE SHARES
Notice is hereby given of the declaration of the gross final dividend (number 9) of 57.16 cents per share
for the six months ended 31 March 2020 (“Cash Dividend”).
Shareholders of Stor-Age (“Shareholders”) will be entitled, in respect of all or part of their shareholdings,
to elect to re-invest the Cash Dividend in return for Stor-Age Shares (“Share Alternative”). Those
shareholders who do not elect the Share Alternative will receive the Cash Dividend. A circular providing
further information in respect of the Cash Dividend and Share Alternative (“the Circular”) will be posted
to Shareholders on Monday, 22 June 2020.
The salient dates and times in relation to the Cash Dividend and Share Alternative are as follows:
Salient dates and times 2020
Record date for Shareholders to be registered in the company’s Friday, 12 June
Securities Register in order to be entitled to receive the Circular
Circular and form of election posted to Shareholders Monday, 22 June
Last date for Stor-Age to withdraw the entitlement for Shareholders Friday, 3 July
to elect to participate in the Share Alternative before the publication
of the announcement of the Share Alternative issue price and
finalisation information on SENS
Announcement of Share Alternative issue price and finalisation Monday, 6 July
information published on SENS
Last day to trade (“LDT”) cum-dividend and Share Alternative Tuesday, 7 July
Shares to trade ex-dividend Wednesday, 8 July
Listing of maximum possible number of Share Alternative Shares Friday, 10 July
commences on the JSE
Last day to elect to receive the Share Alternative (no late forms of Friday, 10 July
election will be accepted) at 12:00 (South African time)
Record date Friday, 10 July
Announcement of results of Cash Dividend and Share Alternative Monday, 13 July
published on SENS
Cheques posted to Certificated Shareholders and accounts credited Monday, 13 July
by CSDP or brokers of Dematerialised Shareholders electing the
Cash Dividend
Share certificates posted to Certificated Shareholders and accounts Wednesday, 15 July
credited by CSDP or brokers of Dematerialised Shareholders
electing the Share Alternative
Adjustment to the maximum number of Shares listed on or about Thursday, 16 July
Notes:
- Shareholders electing the Share Alternative are alerted to the fact that the new Shares will be listed on LDT +
3 and that these new Shares can only be traded on LDT + 3, due to the fact that settlement of the Shares will
be three days after Record Date, which differs from the conventional one day after Record Date settlement
process.
- Shares may not be dematerialised or rematerialised between commencement of trade on Wednesday, 8 July
2020 and the close of trade on Friday, 10 July 2020.
- The above dates and times are subject to change. Any changes will be released on SENS.
The Cash Dividend and Share Alternative are regarded as taxable dividends for income tax purposes
in the hands of local tax residents and are taxable dividends for dividends tax purposes for foreign tax
residents.
The board of directors (“the Board”) in its discretion may withdraw the Share Alternative should market
conditions warrant such actions and such withdrawal will be communicated to shareholders via SENS.
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 preliminary summarised
consolidated annual financial results (“full announcement”), which may be downloaded from:
https://senspdf.jse.co.za/documents/2020/jse/isse/SSSE/Finals.pdf
The full announcement is available for inspection at the registered offices of the company at no charge,
during office hours for a period of 30 calendar days following the date of this announcement. The full
announcement is also available on the company’s website at: https://investor-relations.stor-
age.co.za/sens
The short-form announcement has not been audited or reviewed by the company’s external auditors.
The preliminary summarised consolidated annual financial results are extracted from the financial
statements, but is not itself audited. The consolidated financial statements for the year ended 31 March
2020 were audited by KPMG Inc., who expressed an unmodified opinion thereon. The audited
consolidated financial statements for the year ended 31 March 2020 and the auditor’s report includes
communication of key audit matters. Key audit matters are those matters that, in their professional
judgement, were of most significance in their audit of the consolidated financial statements of the current
period. The full report is available for inspection at the company’s registered office and on the
company’s website.
The directors take full responsibility for the preparation of these preliminary summarised consolidated
annual financial results and that the financial information has been correctly extracted from the
consolidated financial statements.
The auditor’s report does not necessarily report on all of the information contained in these preliminary
summarised consolidated annual financial results. Shareholders are therefore advised that in order to
obtain a full understanding of the nature of the auditor’s engagement they should obtain a copy of the
auditor’s report together with the accompanying financial information from the company’s registered
office or on the company’s website.
By order of the Board
22 June 2020
Directors
GA Blackshaw~ (Chairman), JAL Chapman#, GBH Fox#+, GM Lucas (CEO)*, KM de Kock#, MS
Moloko#, P Mbikwana#, SC Lucas*+, SJ Horton*
~ 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
Sponsor
Investec Bank Limited
100 Grayston Drive
Sandown, Sandton 2196
Date: 22-06-2020 07:30:00
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