Stor-Age REIT has posted its interim results for the six months ended 30 September 2025, achieving revenue and occupancy growth, whilst growing its distributable income per share by 4.5% to 65.87 cents per share.

November 2025 marks Stor-Age REIT’s ten-year anniversary since listing on the JSE 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 past decade Stor-Age has consistently delivered on its strategic objectives, expanding the portfolio across South Africa and the UK, and delivering consistent earnings growth,” comments Stor-Age CEO, Gavin Lucas.

“Since the listing in 2015, we have continued to outperform both the JSE All Share Index (ALSI) and the JSE All Property Index (ALPI), expanding our portfolio from a value of R1.3 billion to R13.6 billion and the number of properties from 24 to 109. Assuming R100 was invested on the date of our listing in November 2015 and provided that the full pretax dividend was reinvested, an investment in Stor-Age would be worth R360.88 at the end of October 2025. The same investment in the ALSI and in the ALPI would be worth R303.27 and R113.15 respectively. Over the past decade that we’ve been publicly traded, that translates into a significant 173% outperformance of our sector benchmark, the ALPI. A pleasing result and one that we are proud of.”

During the period, the REIT expanded its portfolio to 109 assets (SA: 63 and the UK: 46), increasing its combined portfolio value, including properties managed in JV partnerships, to R18.7 billion.

Its SA portfolio delivered year-on-year growth of 9.8% in rental income and 10.6% in net property operating income on a same-store basis while its UK assets recorded a 2.5% increase in same-store rental income, with occupancy closing at 85.2% when compared to 31^st March 2025.

Since listing on the JSE in 2015, the REIT’s SA portfolio, through a combination of acquisitions and developments, has grown at an average of 3.4 new trading properties per year and the UK portfolio four since its market entry into the UK in 2017.

The Group’s 2030 property strategy aims to expand its SA portfolio to 90 properties and the UK portfolio to 70 properties.

Locally, Stor-Age made progress with several acquisitions and new developments during the period with the latest acquisition in October 2025 – two properties operated by Lock Up Storage in KwaZulu-Natal for R95 million which will expand its portfolio by 11 400m².

In June 2025, construction started on a new property in Bramley, Johannesburg. Situated alongside the M1 highway, the development will comprise 5 600m² GLA with a total development cost of R91 million.

The Company also announced that it plans to imminently break ground on a new SA flagship store in Cape Town, a 6 500m² GLA property in De Waterkant on the foreshore. At a development cost of R155 million excluding land costs, it will be the most expensive self-storage property ever developed in the country, as well as the tallest at 13 storeys. Construction is expected to begin in early 2026.

In June 2025, the Company opened a new £25 million property in Acton, West London in its JV with Moorfield. Following Stor-Age entering into a third-party management agreement with Hines in FY2025 to manage the acquisition of a three-property portfolio in the UK, the two companies are now working closely on four additional development projects. The first of these properties, located in Chelmford, has commenced development with the store scheduled to open in Q2 FY27.

In September 2025, Stor-Age also entered into a third-party management agreement with Time Investments, a specialist investment manager focused on asset-backed, income-producing investments, to manage a property acquired in Exeter, Devon.

Stor-Age’s loan-to-value (LTV) ratio currently sits at 30.9% with its SA REIT NAV per share up 6.9% to R17.25.

Its Board declared an interim dividend of 59.74 cents per share, up 4.5% year-on-year and based on a 90% payout ratio.

The Company has reaffirmed its FY2026 full year forecast of distributable income per share growth of 5% to 6%.