Self-storage property group Stor-Age Property REIT has reported a 4.6% rise in distributable income per share to 123.01c for the 2025 financial year and expects this to increase by 5%-6% for 2026.
For the year ended March, Stor-Age reported a 7.4% rise in property revenue to R1.3bn, while headline earnings per share were 13.3% higher at 100.97c. However, distributable earnings declined 5.2% to R533.3m.
The group, which owns a portfolio of 108 properties across SA (63) and the UK (45), provides storage to more than 55,000 customers.
Stor-Age declared a final dividend of 53.56c per share, bringing the total dividend for the year to 110.72c. The group said rental income and net property operating income were up 8.3% and 8%, respectively.
The combined value of the portfolio, including properties managed in the group’s joint venture partnerships, was R18.5bn at end-March. The maximum lettable area, including the development pipeline and ongoing projects, exceeds 700,000m².
During the year, Stor-Age acquired Extra Attic in SA in September, while three new properties — Century City and Kramerville in SA and Leyton in the UK — were completed in its joint venture structures.
The New Acton store in West London, which was co-developed with Moorfield at a cost of £25m, commenced trading in June 2025, bringing the total number of trading properties (owned, JV and third-party managed) in the portfolio to 108.
It has entered into a third-party management agreement 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. It is also working with Hines on five development projects in the UK where Stor-Age contributes its development and operational expertise and are remunerated through a fee-based structure.
The group has a development pipeline of 83,000m² gross lettable area across 18 projects at various stages of planning and completion, it said.
“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,” Stor-Age said.
In SA, an improved inflation outlook, a stabilising political climate and recent interest rate cuts have created a favourable environment for further growth.
The group said it expected 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,” it added.
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