Stor-Age REIT Reports 14.7% Revenue Growth and Declares 56.81 Cents Dividend for FY2024

  • Stor-Age Property REIT reported a 14.7% increase in revenue for FY2024.
  • The company declared a final dividend of 56.81 cents per share.
  • Strategic progress included 12 property acquisitions and a third-party management agreement with Hines.

Stor-Age Property REIT Limited (JSE: SSS), the largest self-storage property fund in South Africa, has announced robust financial results for the fiscal year ending 31 March 2024.

Financial Highlights

The company delivered impressive performance metrics, marked by a significant increase in rental income and operating income.

Key Financial Metrics

MetricFY2024FY2023Change (%)
Property Revenue (R’000)1,228,3461,070,78814.7%
Distributable Earnings (R’000)562,680560,7040.4%
Headline Earnings per Share (cents)89.15105.38-15.4%
Earnings per Share (cents)148.55152.67-2.7%
Dividend per Share (cents)118.17118.14
Net Tangible Asset Value per Share (cents)1,562.051,483.025.3%

Dividend Announcement

Stor-Age declared a final cash dividend of 56.81 cents per share for the six months ending 31 March 2024.

Dividend Timetable

Last Day to Trade cum-dividendTuesday, 2 July 2024
Shares Trade ex-dividendWednesday, 3 July 2024
Record DateFriday, 5 July 2024
Payment DateMonday, 8 July 2024

Operational Performance

Stor-Age experienced significant growth in both its South African (SA) and United Kingdom (UK) markets.

Rental and Occupancy Metrics

MetricSouth Africa (SA)United Kingdom (UK)
Rental Income Growth12.7%3.0%
Net Property Operating Income Growth13.9%1.1%
Achieved Rental Rate Increase9.5%4.7%
Portfolio Occupancy Increase (m²)8,7002,000
Closing Occupancy92.1%83.5%

Strategic Progress

Stor-Age made significant strategic advances, opening or acquiring 12 properties during the year. These properties add 72,500 square meters of gross lettable area (GLA).

Joint Ventures and Management Agreements

The company entered a third-party management agreement with Hines, a global real estate investor, to manage three self-storage properties in Kent. This expands Stor-Age’s managed properties portfolio to 23, including six in South Africa and 17 in the UK.

Debt and Investment

Stor-Age successfully concluded a debt auction in April 2024, raising R500 million through three-year and five-year listed notes. The company also reported an 8.8% increase in net investment property value, reaching R11.3 billion.

Development Pipeline

The company has a robust development pipeline, with 60,000 square meters of GLA across 13 projects at various stages of planning and completion.

Future Outlook

Stor-Age remains optimistic despite high interest rates and geopolitical uncertainties. The company expects distributable income per share to range between 122 and 126 cents for FY2025.

Assumptions for FY2025 Guidance

  • Stable demand for self-storage
  • Growth in occupancy and rental rates
  • Increase in third-party management revenue streams
  • No significant deterioration in macroeconomic conditions
  • Stable energy supply and no further interest rate hikes


Stor-Age’s FY2024 results highlight its resilience and strategic growth in both South African and UK markets. The company’s strong financial performance, strategic acquisitions, and robust development pipeline position it well for future growth.