Stor-Age, the JSE-listed self-storage property fund operating in South Africa and the UK, reported occupancy gains, rental rate and other expansions in the year to March 31, including the addition of 12 properties to its portfolio.
CEO Gavin Lucas said that while South Africa demonstrated exceptional growth, the UK performance was steady and resilient, after three strong years.
A final dividend of 56.81 cents was declared, bringing the total dividend to 118.17c, which although barely changed from 118.14c last year, brought the total return to 13.3 for the year considering distributions and net tangible asset value growth per share gains.
Looking ahead, we continue to focus on growth opportunities while maintaining a conservative capital structure, he said at the release of the results yesterday.
Since Stor-Age listed on the JSE in 2015, its portfolio has grown from 24 properties to 103, and the value, including properties in joint venture partnerships, increased to R17.3 billion from R1.3bn.
