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Stor-Age Property REIT Limited
Incorporated in the Republic of South Africa
Registration number 2015/168454/06
Share Code: SSS ISIN: ZAE000208963
Approved as a REIT by the JSE
("Stor-Age" or the "group")
TRADING UPDATE
Stor-Age is pleased to provide an update on trading and development activity in respect for the four month
period ending 31 January 2024 ("the period").
OCCUPANCY SUMMARY
Owned portfolio
Occupancy growth since
31 January 2024 30 September 2023
GLA m' Occupied m' % occupied m' % increase
SA 391 900 360 900 92.1% 9 700 2.8%
UK 111 100 92 200 83.0% 300 0.4%
Total 503 000 453 100 90.1% 10 000 2.3%
JV portfolio
Occupancy growth since
SA 31 January 2024 30 September 2023
GLA m' Occupied m' % occupied m' % increase
Same-store 17 700 10 600 60.0% 2 800 37.0%
Non same-store 2 700 1 200 43.5% 1 200 +100%
Total 20 400 11 800 57.8% 4 000 52.0%
Occupancy growth since
UK 31 January 2024 30 September 2023
GLA m' Occupied m' % occupied m' % increase
Same-store 54 200 35 200 64.9% 1 600 4.5%
Non same-store 11 900 1 600 13.7% 1 600 +100%
Total 66 100 36 800 55.7% 3 200 9.4%
GLA and occupied space rounded to the nearest hundred.
We delivered a strong trading performance in SA in the quarter ending 31 December 2023 ("Q3") which
continued in January 2024. Occupancy in the owned portfolio increased by 9 700m' compared to 30
September 2023 (up 2.8%) to close at 92.1% at 31 January 2024 with the achieved average rental rate up
9.4% year-on-year.
Our performance in the UK was resilient with occupancy in the owned portfolio increasing by 300m' (up 0.4%)
bringing the total year-to-date occupancy gain to 1 400m' (up 1.6%). This was a pleasing result considering
that Q3 is seasonally the weakest trading quarter in the UK self storage sector. The achieved average rental
rate increased by 4.8% year-on-year.
Our new JV properties performed well in both markets with occupancy gains of 4 000m' and 3 200m' in SA
and the UK respectively, ahead of expectations.
DEVELOPMENT ACTIVITY
In SA we completed the development of our Paarden Eiland property in October 2023 (4 700m' GLA on full
fit-out), developed in a JV partnership with Nedbank Property Partners ("NPP"). This brings the number of
completed properties trading in our JV with NPP to four with total GLA of over 24 000m' on full fit-out.
We also completed the development of our Canterbury (5 000m' GLA on full fit-out) and West Bromwich
properties (6 300m' GLA on full fit-out) in the UK in our JV partnership with Moorfield Property Group
("Moorfield"). The Moorfield JV now comprises eight trading properties across the UK with total GLA of
49 000m' on full fit-out.
The table below summarises developments in progress:
Estimated
Property Status JV partner GLA
SA
Century City Greenfield development. Superstructure substantially Rabie
complete, with the fit-out of the lower floors in progress. Property 6 100m'
Scheduled to open for trading in the second quarter of FY25. Group
Kramerville Brownfield conversion. Vertical extension of the building (one
additional floor) is currently underway, with the fit-out of the NPP 5 400m'
lower floors in progress. Scheduled to open for trading in the
second quarter of FY25.
UK
Acton Brownfield conversion. Vertical extension of the building (two
additional floors). Planning approval granted in January 2023. Moorfield 63 000 sqf
Construction is scheduled to start in the first quarter of FY25. (5 850m')
Leyton Brownfield conversion. Under construction. Scheduled to Nuveen Real 42 000 sqf
open in the third quarter of FY25. Estate (3 900m')
There remains an undersupply of high quality self storage properties across both SA and the UK providing the
group with an excellent opportunity to expand its presence in both markets. The outlook for development
activity remains positive and the group is well positioned to pursue these opportunities with our JV partners as
they arise.
In the owned portfolio, we completed the following extensions in the UK during the period:
- Milton Keynes ' three-floor extension to the existing property, including the conversion of a portion of
existing office space to self storage, providing an additional 21 000 sqf (2 000m') GLA; and
- Crewe ' conversion of building adjacent to the existing property (acquired in August 2022) adding an
additional 19 000 sqf (1 800m') GLA (including office space of 2 700 sqf (250m')).
THIRD-PARTY MANAGEMENT
During the period the group also entered into a third-party management agreement to manage a new self
storage property being developed in Queensway, located in Bayswater (west London). The development, a
conversion of an underground carpark over two levels, will offer 17 700 sqf GLA (1 600m'). The property is
expected to commence trading in April 2024 and will be branded and managed by Storage King under our
third-party management platform ' Management 1st. The expansion of our Management 1st programme
remains an integral part of our strategy allowing the group to generate additional revenue with minimal capital
investment by leveraging our existing operating platform.
Definitions
SA ' South Africa
UK ' United Kingdom
GLA ' gross lettable area
JV ' joint venture
FY ' Financial Year
m' ' square metres
sqf ' square feet
Same-store ' refers to properties trading at both 31 January 2024 and 30 September 2023
Non same-store ' includes all properties not classified as same-store
Cape Town, 21 February 2024
Sponsor
Investec Bank Limited
Date: 21-02-2024 08:00:00
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