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Audited Consolidated Financial Statements for the year ended 31 March 2026 and Declaration of a Cash Dividend
Stor-Age Property REIT Limited
Registration number: 2015/168454/06
Approved as a REIT by the JSE
Share code: SSS ISIN: ZAE000208963
Alpha code: SSSI
("Stor-Age" or the "group" or the "company")
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 AND DECLARATION OF A CASH DIVIDEND
The board of Stor-Age is pleased to present a strong set of results for the year ended 31 March 2026.
HIGHLIGHTS
- Final dividend declared of 56.62 cents per share
- Distributable income per share of 129.29 cents for the year, up 5.1%
- SA rental income and net property operating income up 10.5% and 11.1% respectively
- UK rental income and net property operating income up 1.1% and down 0.8% respectively
- Closing occupancy 90.8% (SA 93.4%; UK 81.6%)
- JV portfolio occupancy increased by 10 100m² (SA 8 100m²; UK 2 000m²)
- SA REIT loan-to-value ratio of 26.7%
- SA REIT NAV per share up 3.7% year-on-year
- Successful R500 million equity capital raise at premium to NAV in December 2025
- Significant strategic progress during the period – acquisitions, developments and third-party
management
SA acquisitions:
Lock-Up Storage – R95.0 million 11 400m² GLA across two properties, secured October 2025
Execustore – R59.0 million 5 700m² GLA and 6 500m² developable land, acquired April 2026
West Coast Storage – R46.5 million 6 950m² GLA, secured May 2026
Maitland – R15.0 million New development site with prominent M5 motorway exposure
secured in May 2026
SA developments in progress:
Melrose – c. R91.0 million 5 600m² GLA, targeted completion Q4 FY27
De Waterkant – c. R260.0 million 6 500m² GLA, demolition started in January 2026
Sunningdale – c. R82.0 million 4 500m² GLA expansion in JV, construction started in April 2026
UK developments and third-party management contracts:
Acton – £24.7 million 5 800m² GLA, development in Moorfield JV opened June 2025
Exeter 4 100m² GLA, management contract with Time Investments
began September 2025
Chelmsford 6 500m² GLA, development of Hines-owned property and
management contract, scheduled opening Q2 FY27
Aylesbury 4 200m² GLA, development of Hines-owned property and
management contract, scheduled opening Q4 FY27
Sale-and-manage-back Heads of Terms agreed in principle, expected to conclude
development in FY27 following which development will commence
GROUP SNAPSHOT
Stor-Age is the largest self storage property fund and most recognisable brand in SA. The portfolio
consists of 110 properties across SA (64) and the UK (46) providing storage to more than 57 000
customers. The combined value of the portfolio, including properties managed in our JV partnerships,
was R19.0 billion (SA – R7.3 billion; UK – £520 million) at March 2026. The maximum lettable area,
including the development pipeline and ongoing projects, exceeds 750 000m². The group employs more
than 500 staff across SA and the UK. Stor-Age has been listed on the Johannesburg Stock Exchange
since November 2015.
KEY FINANCIAL RESULTS
Year ended Year ended Change
31 March 2026 31 March 2025 %
Property revenue (R'000) 1 391 045 1 319 278 5.4
Distributable earnings (R'000) 578 125 533 289 8.4
Headline earnings per share (cents) 117.11 100.97 16.0
Earnings per share (cents) 227.90 294.64 (22.7)
Dividend per share (cents) 116.36 110.72 5.1
Net tangible asset value per share (cents) 1 792.68 1 724.62 3.9
In the determination of dividend per share for the year ended 31 March 2026, the board elected to
apply a payout ratio of 90% (2025: 90%).
DECLARATION OF A CASH DIVIDEND
Notice is hereby given of the declaration of the gross final dividend (number 21) of 56.62 cents per
share for the six months ended 31 March 2026 ("Cash Dividend"). The Cash Dividend has been
declared from income reserves.
The salient dates and times in relation to the Cash Dividend are as follows:
Salient dates and times 2026
Last day to trade ("LDT") cum-dividend Tuesday, 7 July
Shares to trade ex-dividend Wednesday, 8 July
Record date Friday, 10 July
Payments to Certificated Shareholders and accounts credited by Monday, 13 July
CSDP or broker of dematerialised Shareholders
Notes:
- Shares may not be dematerialised or rematerialised between commencement of trade on Wednesday, 8 July
2026 and the close of trade on Friday, 10 July 2026, both days inclusive.
- The above dates and times are subject to change. Any changes will be released on SENS.
TAX IMPLICATIONS
As the company has REIT status, Shareholders are advised that the dividend meets the requirements
of a "qualifying distribution" for the purposes of section 25BB of the Income Tax Act (No. 58 of 1962),
as amended ("Income Tax Act"). The dividend on the shares will be deemed to be a dividend, for South
African tax purposes, in terms of section 25BB of the Income Tax Act.
South African tax residents
The dividend received by or accrued to South African tax residents must be included in the gross income
of such Shareholders and will not be exempt from income tax (in terms of the exclusion to the general
dividend exception, contained in paragraph (aa) of section 10(1)(k)(i) of the Income Tax Act) because
it is a dividend distributed by a REIT.
The dividend is exempt from dividend withholding tax in the hands of South African tax resident
Shareholders, provided that the South African resident Shareholders provide the following forms to the
CSDP or broker in respect of uncertificated shares, or to the company, in respect of certificated shares:
a) a declaration that the dividend is exempt from dividend tax; and
b) a written undertaking to inform the CSDP, broker or the company, should the circumstances affecting
the exemption change or the beneficial owner cease to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service.
Shareholders are advised to contact their CSDP, broker or the company to arrange for the
abovementioned documents to be submitted prior to payment of the dividend, if such documents have
not already been submitted.
Non-resident Shareholders
Dividends received by non-resident Shareholders will not be taxable as income and instead will be
treated as an ordinary dividend which is exempt from income tax in terms of the general dividend
exemption in section 10(1)(k)(i) of the Income Tax Act. It should be noted that up to 31 December 2013
dividends received by non-residents from a REIT were not subject to dividend withholding tax. Since 1
January 2014, any dividend received by a non-resident from a REIT will be subject to dividend
withholding tax at 20%, unless the rate is reduced in terms of any applicable agreement for the
avoidance of double taxation ("DTA") between South Africa and the country of residence of the
shareholder concerned. Assuming dividend withholding tax will be withheld at a rate of 20%, the net
dividend amount due to non-resident Shareholders is 45.29600 cents per share. A reduced dividend
withholding rate in terms of the applicable DTA may only be relied on if the non-resident shareholder
has provided the following form to their CSDP or broker in respect of uncertificated shares, or the
company, in respect of certificated shares:
a) a declaration that the dividend is subject to a reduced rate as a result of the application of DTA; and
b) a written undertaking to inform their CSDP, broker or the company, should the circumstances
affecting the reduced rate change or the beneficial owner cease to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service. Non-resident
Shareholders are advised to contact their CSDP, broker or the company to arrange for the
abovementioned documents to be submitted prior to payment of the dividend, if such documents have
not already been submitted.
The company's tax reference number is: 9027205245
Issued shares as at the declaration date: 511 174 418 ordinary shares of no par value
RESULTS ANNOUNCEMENT
This short-form announcement has been prepared in accordance with the JSE Listings Requirements
and is the responsibility of the Board and does not include full or complete details. Any investment
decision should be based as a whole on the audited consolidated annual financial statements for the
year ended 31 March 2026 ("the FY26 AFS"). The short-form announcement has not been audited or
reviewed by the company's external auditors.
The FY26 AFS were audited by BDO South Africa Incorporated, who expressed an unmodified opinion
thereon. This opinion is available, along with the FY26 AFS, on the company's website at
https://investor-relations.stor-age.co.za and can also be accessed using the following JSE link:
https://senspdf.jse.co.za/documents/2026/jse/isse/SSSE/Finals.pdf
The results commentary is available on the company's website at https://bit.ly/FY26-results-commentary.
OUTLOOK
FY26 demonstrated the strength and resilience of the group's operating model. The SA business
delivered excellent trading results, the UK platform remains well positioned despite a tougher cyclical
environment, the third-party management platform continued to mature and the balance sheet was
strengthened to support future growth. With high-quality assets, strong brands, disciplined capital
allocation and an active acquisition and development pipeline, the group remains well positioned to
continue creating long-term value for shareholders.
The board expects distributable income per share for FY27 to be 5.0% higher than FY26. The payout
ratio is expected to remain at 90% of distributable income.
This guidance is based on the following assumptions:
- Demand levels for self storage remain in line with expectation
- Occupancy and rental rate growth is in line with management's forecast
- Third-party management revenue streams increase in line with management's forecast
- There is no unforeseen and / or significant deterioration in the macroeconomic environment or other
factors that are beyond our control
This guidance is provided in good faith, however there is no guarantee that management's expectations,
projections or assumptions will be achieved. This guidance has not been reviewed or reported on by
the company's auditors.
By order of the Board
17 June 2026
GA Blackshaw (Chairman)$, GM Lucas (CEO)*, JAL Chapman#, KM de Kock#, SJ Horton*, AA
Koranteng#, SC Lucas*+, AC Menigo#, MPR Morojele#, A Varachhia#
$ Non-executive
# Independent non-executive
* Executive
+ British citizen
Company secretary
CorpStat Governance Services Proprietary Limited
Registered office and business address
216 Main Road, Claremont, 7708
Transfer secretaries
Computershare Investor Services Proprietary Limited
2nd Floor, Rosebank Towers
15 Biermann Avenue, Rosebank 2196
Equity Sponsor
Investec Bank Limited
100 Grayston Drive
Sandton 2196
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
135 Rivonia Road
Sandton 2196
____________________
SA – South Africa
UK – United Kingdom
GLA – gross lettable area
m² – square metres
JV – joint venture
FY26 – financial year ending 31 March 2026
FY27 – financial year ending 31 March 2027
Date: 17-06-2026 07:30:00
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