Stor-Age reports strong growth in 2025 driven by gains in occupancy and rental rates

STOR-AGE Property REIT, the largest self-storage company in South Africa, continued to deliver a strong performance in the year ended March 31, 2025 driven by gains in occupancy and rental rates, lifting distributable income per share by 4.1% and a dividend of 53.56c was declared.

- PHILIPPA LARKIN

Rental income and net property operating income increased by 8.3% and 8.0%, respectively. Same-store rental income increased 10.2% in South Africa SA and by 6.5% in the UK. Net property operating income up 11.1% SA and 5.0% UK.

Closing occupancy was 91.8% higher in South Africa up 94.0%and the UK 83.9%.

The investment property value was up 6.0% to R12 billion. The number of trading properties increased from 99 to 108, with the total portfolio including developments now exceeding 700 000m² gross leasable area. The loan-to-value ratio was at 31.3% and 84.2% of net debt was subject to interest rate hedging

"In 2015 we brought to market a highly specialised self storage REIT, 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 JSE," Stor-Age CEO Gavin Lucas said.

"After a decade of consistent performance, we are pleased to have delivered another strong set of trading results, driven by gains in occupancy and rental rates. While continuing to maintain a conservative balance sheet, we've also grown the number of trading properties in our portfolio from 99 to 108."