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Stor-Age Property REIT Limited
Incorporated in the Republic of South Africa
Registration number 2015/168454/06
Share code: SSS ISIN: ZAE000208963
Alpha code: SSSI
Approved as a REIT by the JSE
("Stor-Age")
TRADING UPDATE
Stor-Age is pleased to provide an update on trading and development activity in respect of the four-
month period ending 31 January 2025 (the "period").
OCCUPANCY SUMMARY
Owned portfolio
Occupancy growth/(loss)
31 January 2025 since
30 September 2024
GLA m' Occupied m' % occupied m' % increase
SA 398 800 372 800 93.5% 5 400 1.5%
UK 112 400 94 100 83.7% (1 000) (1.1%)
Total 511 200 466 900 91.3% 4 400 1.0%
JV portfolio
Occupancy growth since
31 January 2025
30 September 2024
GLA m' Occupied m' % occupied m' % increase
SA 31 400 22 100 70.4% 4 100 22.8%
UK
Same-store 68 200 43 300 63.5% 1 900 4.6%
Non same-store 3 800 800 21.1% 800 N/A
Total 72 000 44 100 61.3% 2 700 6.5%
GLA and occupied space rounded to the nearest hundred.
We delivered a pleasing trading performance in SA in the quarter ending 31 December 2024 ("Q3")
which continued in January 2025. Occupancy in the owned portfolio increased by 5 400m' compared
to 30 September 2024 (up 1.5%) to close at 93.5% as at 31 January 2025 with the achieved average
rental rate up 7.8% year-on-year.
In the context of a subdued economic environment and relative to our publicly traded peers, our
performance in the UK was resilient with occupancy in the owned portfolio decreasing by 1 000m' (down
1.1%) bringing the total year-to-date occupancy gain to 1 400m' (up 1.5%). This was a pleasing result
considering that Q3 is seasonally the weakest trading quarter in the UK self storage sector. The
achieved average rental rate increased by 4.1% year-on-year.
Our new JV properties performed well in both markets with occupancy gains since 30 September 2024
of 4 100m' and 2 700m' in SA and the UK respectively.
DEVELOPMENT ACTIVITY
In SA we continued with the expansion of our Parklands property. At an estimated development cost of
R50.3 million, construction began in April 2024 and is scheduled to complete in Q1 FY26. On completion
the property will comprise 6 900m' GLA.
In our JV with Garden Cities, the purchase agreement has been finalised to acquire a parcel of land
adjacent to our Sunningdale property. The property will be expanded to 10 500m' GLA.
We also completed the development of our Leyton property (3 900m' GLA on full fit-out) in January
2025 in the UK in our JV partnership with Nuveen. The estimated completion cost is #13.9 million.
In our JV with Moorfield we continued to make good development progress at our Acton property in
west London. Construction commenced in May 2024 on the 5 800m' GLA property at an estimated
development cost #24.7 million. The targeted completion date is Q1 FY26.
There remains an undersupply of high-quality self storage properties across both SA and the UK
providing the group with an excellent opportunity to expand its presence in both markets.
THIRD-PARTY MANAGEMENT
In the UK we continue to make good progress in assisting Hines' with growing their exposure to the self
storage sector. In addition to the three property Kent Space portfolio which closed in May 2024, the
development pipeline now consists of an additional six properties.
Within the pipeline, two development sites have recently been acquired in Chelmsford and
Buckinghamshire. Construction at the first site in Chelmsford, Essex is scheduled to begin in Q1 FY26
and work is underway to submit a detailed planning application for the second site in Buckinghamshire
by the end of March.
Hines hold exclusivity over the four remaining properties in the pipeline, all of which are in various
stages of planning.
Definitions
SA ' South Africa
UK ' United Kingdom
GLA ' gross lettable area
JV ' joint venture
FY ' Financial Year
m' ' square metres
sqf ' square feet
Same-store ' refers to properties trading at both 31 January 2025 and 30 September 2024
Non same-store ' includes all properties not classified as same-store
' Hines, a privately owned global real estate investment, development and management firm with a
presence in 30 countries and $93.0 billion of assets under management. Includes both the global Hines
organisation and Registered Investment Advisor assets under management, as of 30 June 2024.
Cape Town
24 February 2025
Equity Sponsor
Investec Bank Limited
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 24-02-2025 07:35:00
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