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Audited Consolidated Financial Statements for the year ended 31 March 2025 and Declaration of a Cash Dividend
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")
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 AND DECLARATION OF A CASH DIVIDEND
The board of Stor-Age is pleased to present strong trading results for the year ending 31 March 2025.
HIGHLIGHTS
- Final dividend of 53.56 cents
- Distributable income per share for the year of 123.01 cents, up 4.1%
- Rental income and net property operating income up 8.3% and 8.0% respectively
- Same-store operating metrics:
- Rental income up 10.2% SA and 6.5% UK
- Net property operating income up 11.1% SA and 5.0% UK
- Achieved rental rate up 7.9% SA and 2.9% UK
- Portfolio occupancy up 16 000m² (SA 14 300m²; UK 1 700m²)
- Closing occupancy 91.8% (SA 94.0%; UK 83.9%)
- Third-party management fees up 12.6% to R71.0 million
- Net investment property value up 6.0% to R12.0 billion
- Acquisition of Extra Attic in SA in September 2024
- Three new properties (SA – Century City and Kramerville; UK – Leyton) completed in our JV
structures during the year
- New Acton store in West London (co-developed with Moorfield at a cost of £25 million) commenced
trading in June 2025 bringing the total number of trading properties (owned, JV and third-party
managed) in the portfolio to 108
- Third-party management agreement entered into with Hines (one of the largest privately held real
estate investors and managers globally) to manage their acquisition of a three-property portfolio in
the UK
- Working with Hines on five development projects in the UK where we contribute our development
and operational expertise and are remunerated through a fee-based structure
- Development pipeline of 83 000m² GLA across 18 projects at various stages of planning and
completion
GROUP SNAPSHOT
Stor-Age is the largest self storage property fund and most recognisable brand in SA. The portfolio
consists of 108 properties across SA (63) and the UK (45) as at June 2025, providing storage to more
than 55 000 customers. The combined value of the portfolio, including properties managed in our JV
partnerships, was R18.5 billion (SA – R6.6 billion; UK – £500 million) at 31 March 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
Year ended Year ended Change
31 March 2025 31 March 2024 %
Property revenue (R'000) 1 319 278 1 228 346 7.4%
Distributable earnings (R'000) 533 289 562 680 (5.2%)
Headline earnings per share (cents) 100.97 89.15 13.3%
Earnings per share (cents) 294.64 148.55 98.3%
Dividend per share (cents) 110.72 118.17 (6.3%)
Net tangible asset value per share (cents) 1 724.62 1 548.49 11.4%
In the determination of dividend per share for the year ending 31 March 2025, the board elected to
apply a payout ratio of 90% (2024: 100%).
DECLARATION OF A CASH DIVIDEND
Notice is hereby given of the declaration of the gross final dividend (number 19) of 53.56 cents per
share for the six months ended 31 March 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 ("LDT") cum-dividend Tuesday, 1 July
Shares to trade ex-dividend Wednesday, 2 July
Record date Friday, 4 July
Payments to Certificated Shareholders and accounts credited by Monday, 7 July
CSDP or broker of dematerialised Shareholders
Notes:
- Shares may not be dematerialised or rematerialised between commencement of trade on Wednesday, 2 July
2025 and the close of trade on Friday, 4 July 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 42.84800 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.
Other information
The company's tax reference number is: 9027205245
Issued shares as at the declaration date: 481 663 273 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 audited consolidated annual
financial results ("full announcement"), which may be downloaded from:
https://senspdf.jse.co.za/documents/2025/jse/isse/SSSE/Finals.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.
The audited consolidated financial statements for the year ended 31 March 2025 were audited by BDO
South Africa Incorporated, who expressed an unmodified opinion thereon.
OUTLOOK
The group delivered strong results in FY25, demonstrating the resilience of its business, with key
operating metrics showing growth despite a challenging environment. We remain focused on enhancing
operational performance and driving growth across both SA and the UK, supported by a strong and
flexible balance sheet, disciplined capital allocation, moderate leverage, and robust operating margins.
In SA, an improved inflation outlook, a stabilising political climate, and recent interest rate cuts have
created a favourable environment for further growth. We expect the UK self storage sector to remain
resilient, with moderate revenue growth supported by operational efficiencies, disciplined cost
management and a strong focus on customer retention to protect operating margins.
We are also well-positioned to expand through our third-party management platform, particularly on the
development front. Our proven track record in development and operational performance over the past
three years has strengthened our credentials, enabling us to continue growing the portfolio by partnering
with institutional and private equity capital.
The board expects distributable income per share for FY26 to be approximately 5 – 6% higher than
FY25. The payout ratio is expected to remain at 90% of distributable income.
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 further 25 basis points reduction in interest rates in SA and the UK in the remainder 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
17 June 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: 17-06-2025 08:00:00
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