Stor-Age celebrates a decade of growth with 4.5% dividend increase

STORAGE, the JSE-listed self-storage focused REIT increased its interim dividend by 4.5%, locking in a decade of consistently strong operational and financial performance and growth in its portfolio of properties.

- EDWARD WEST

The interim dividend came to 59.74 cents per share, this after distributable income increased by 4.5% to 66.37 cents a share, year-on-year. The results mark the ten years since Stor-Age listed on the JSE in November 2015, where the company became the first self-storage REIT to be listed on an emerging market exchange globally, and the first, and still only, of the real estate “alternatives” to be listed on the local stock exchange.

During the interim period, rental income was up 8.7%, same-store occupancy up by 3 500 square metres, and net investment property value increased by 6.4% to R12.2 billion. The closing occupancy stood at 90.6% - 92.1% in SA and 85.2% in the UK.