Stor-Age REIT Limited has posted a strong set of results for its financial year ended 31^st March 2025, marking a decade of consistent performance and portfolio growth.

“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. 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,” said Stor-Age CEO, Gavin Lucas.

Stor-Age has significantly outperformed both the economic cycle and sector indices over the past decade.

“Assuming R100 was invested on the date of our listing in November 2015 and provided that the full pre-tax dividend was reinvested, an investment in Stor-Age would be worth R329 at the end of May 2025. The same investment in the JSE All Share Index and in the JSE All Property Index would be worth R255 and R112 respectively. The underpin to this stellar performance has been our same-store rental income growth in both South Africa since 2016 and the UK since 2017, with the compound annual growth rate over the periods in excess of 9% and 8% in South Africa and the UK respectively, well ahead of the corresponding GDP figure of less than 1% in each market.”

During the past year, Stor-Age’s South African portfolio delivered another strong performance with same-store rental income and net property operating income increasing by 10.2% and 11.1% respectively compared to FY2024.

Its UK portfolio also delivered with same-store rental income and net property operating income increasing by 6.5% and 5% respectively.

Over the past two years, the REIT has completed 12 new developments, six in South Africa and six the UK, each completed in JV structures where Stor-Age has partnered with institutional or private equity capital.

During FY2025, the Company opened two new developments in South Africa, one in Century City in Cape Town and another in Kramerville in Johannesburg, with another development in the UK, located in Leyton in East London. In addition, Stor-Age added four new third-party managed properties in the UK and acquired an existing operator in South Africa, Extra Attic, located near Cape Town Airport.

Post yearend (June 2025), Stor-Age opened a new £25 million property in Acton, West London in its JV with Moorfield. In addition, following Stor-Age entering into a third-party management agreement with Hines earlier in the year to manage the acquisition of a three-property portfolio in the UK, the two companies have now also partnered on five additional development projects. Hines is a privately owned global real estate investment manager overseeing c. US$90 billion in assets across multiple property sectors.

The Company’s development pipeline at year-end consisted of 18 active projects at various stages of planning and completion, amounting to over 83 000m² gross lettable area (GLA).

Stor-Age is forecasting distributable income per share growth of 5% to 6% in FY2026.