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Interim Results for the six months ended 30 September 2019, Declaration of a Cash Dividend and Posting of Circular
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”)
CONDENSED UNAUDITED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED
30 SEPTEMBER 2019, DECLARATION OF A CASH DIVIDEND AND POSTING OF CIRCULAR
Stor-Age continued its uninterrupted growth trajectory since listing with a 7.0% increase in dividend per
share for the six months to 30 September 2019 (“the period”). In a still challenging macro and trading
environment in both SA and the UK, Stor-Age continues to outperform, reflecting the resilient nature of
our portfolio and specialist sector skill.
HIGHLIGHTS
• Dividend up 7.0% to 54.89 cps
• Rental income and net property income up 40.8% and 49.4%, respectively
• Like-for-like rental income up 7.0% SA; 3.0% UK
• SA closing rental rate up 9.3%
• Total GLA up 103 800m² to 429 400m²
• Closing total occupancy of 83.8% (record closing level in UK of 84.2%)
• Investment property value up 47.0% to R6.2 billion
• Gearing of 27.3% at period-end – 93.2% hedged on a net debt basis
• 8 properties secured in SA for future development
- estimated 53 000m² + GLA
- includes flagship De Waterkant property in Cape Town CBD
• Terms agreed for acquisition of Flexi Store post period-end – five property portfolio in the UK
• Craighall development completed and trading strongly
• Joint venture concluded with Garden Cities for development of a new property in Sunningdale,
Cape Town
• First-time inclusion in JSE SA Listed Property Index
• Launched “Management 1st”, a third party management offering to the UK self storage industry
GROUP SNAPSHOT
Stor-Age is the leading and largest self storage property fund and brand in South Africa. The portfolio
comprises 66 self storage properties across both SA (50) and the UK (16). The SA portfolio is valued
at R4.2 billion and the UK portfolio – under the brand Storage King – at R2.0 billion. In the UK a further
12 properties trade under the licence of the Storage King brand and generate licence and management
fee revenue. In total this represents 28 properties trading under the Storage King brand. On completion
of the Flexi Store acquisition (see Events After the Reporting Date), the portfolio will comprise 71 self
storage properties valued at R6.4 billion.
____________________
SA – South Africa GLA – gross lettable area
m² – square metres LFL – refers to properties trading for the full six months in the
UK – United Kingdom current and comparative reporting period
KEY FINANCIAL RESULTS
Unaudited Unaudited
6 months ended 6 months ended Change
30 September 2019 30 September 2018 %
Property revenue 330 856 225 769 46.6%
Distributable earnings 214 348 172 824 24.0%
Headline earnings per share (cents) 43.50 36.81 18.2%
Earnings per share (cents) 61.52 36.81 67.1%
Dividend per share (cents) 54.89 51.30 7.0%
Net tangible asset value per share (cents) 1 136.95 1 123.07 1.2%
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 interim dividend (number 8) of 54.89 cents per
share for the six months ended 30 September 2019 (“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 Tuesday, 19 November 2019.
The salient dates and times in relation to the Cash Dividend and Share Alternative are as follows:
Salient dates and times 2019
Record date for Shareholders to be registered in the Company’s Friday, 8 November
Securities Register in order to be entitled to receive the Circular
Circular and Form of Election posted to Shareholders and Tuesday, 19 November
announced on SENS
Finalisation announcement of Share Alternative issue price released Tuesday, 26 November
on SENS (“Finalisation Announcement”)
Finalisation Announcement published in the press Wednesday, 27 November
Last day to trade (“LDT”) cum-dividend and Share Alternative Tuesday, 3 December
Shares to trade ex-dividend Wednesday, 4 December
Listing of maximum possible Share Alternative Shares commences Friday, 6 December
on the JSE at 09:00
Last day to elect to receive the Share Alternative (no late Forms of Friday, 6 December
Election will be accepted) at 12:00
Record date to determine which Shareholders may participate in the Friday, 6 December
Share Alternative (“Record Date”)
Announcement of results of the Share Alternative on SENS Monday, 9 December
Cheques posted to Certificated Shareholders and accounts credited Monday, 9 December
by CSDPs or brokers of Dematerialised Shareholders who do not
elect to receive the Share Alternative
Share certificates posted to Certificated Shareholders and accounts Wednesday, 11 December
credited by CSDPs or brokers of Dematerialised Shareholders who
have elected the Share Alternative
Adjustment to number of Shares listed on or about Friday, 13 December
Notes:
- All times are South African times. The above dates and times are subject to change and any change will be
advised on SENS and in the press.
- Shareholders electing the Share Alternative are reminded that the new Shares will be listed on LDT+3 and that
these new Shares can only be traded on LDT+3 as a result of the settlement of Shares three days after the
Record Date, which differs from the conventional one day after the Record Date settlement process.
- Shares may not be dematerialised or rematerialised between the commencement of trade on Wednesday, 4
December 2019 and the close of trade on Friday, 6 December 2019 (both days inclusive).
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 (No. 58 of 1962), as amended. 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 43.912 cents per share.
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 condensed unaudited consolidated
interim results (“full announcement”), which may be downloaded from:
https://senspdf.jse.co.za/documents/2019/jse/isse/SSSE/Interims19.pdf.
The full announcement is available for inspection at the registered offices of the Company or its
Sponsor, 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.
By order of the Board
19 November 2019
Directors
PA Theodosiou (Chairman) #+, GA Blackshaw@, 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
Questco Corporate Advisory Proprietary Limited
1st Floor, Yellowwood House
Ballywoods Office Park
33 Ballyclare Drive, Bryanston
Date: 19/11/2019 07:24:00
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