Stor-Age Property REIT, South Africa’s largest self-storage property fund, reported robust trading results for the first four months of FY25, ending 31 July 2024.
The company reported a significant increase in total occupancy, with a year-on-year rise of 12 400m² across its owned portfolio in South Africa and the UK.
Additionally, Stor-Age achieved rental rate increases of 8.4% in South Africa and 1.9% in the UK during the period.
Occupancy growth was observed in both regions, with the UK owned portfolio growing by 4.7% year-on-year and the South African owned portfolio by 2.3%, closing at 86.5% and 91.4% occupancy,
respectively.
Stor-Age CEO Gavin Lucas said: “We are pleased to report positive trading results for the first four months of FY25, with our UK portfolio delivering a strong trading performance and our South African portfolio performing in line with expectations and seasonality trends.
"Joint venture properties performed well in both regions, meeting expectations and contributing to the overall portfolio’s growth.”
Stor-Age expanded its footprint with two new developments opened during the period in South Africa, in Century City and Kramerville, adding a combined 11 500m².
It also secured a self storage property in Cape Town’s Airport Industria for R72.5 million, currently trading under the brand Extra Attic.
In a joint venture with Garden Cities, the company also recently agreed terms to acquire an additional hectare of land adjacent to its successful Sunningdale property for further development.
This planned expansion will add approximately 5 000m² GLA, with a focus on drive-up units tailored for commercial clients.
In the UK, Stor-Age continued with the development of two significant properties in Greater London, one in Acton and the other in Leyton.
The Acton property, in a joint venture with Moorfield Group, is currently under construction and will add 5 850m² GLA. The property is scheduled to open in FY26.
Development of the Leyton property continued, which will add an additional 3 900m2 to the portfolio. The property is being developed in a joint venture with Nuveen Real Estate and is scheduled to open in the third quarter of FY25.
The share price is trading nearly 13% higher over the past year.
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