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Condensed unaudited consolidated interim results for the six months ended 30 September 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”)
CONDENSED UNAUDITED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED
30 SEPTEMBER 2026 AND DECLARATION OF A CASH DIVIDEND
Stor-Age is pleased to present its trading results for the six months to 30 September 2026 (“the period”).
HIGHLIGHTS
• Interim dividend declared of 62.14 cents per share
• Distributable income per share of 69.04 cents up 4.0% year-on-year
• SA rental income and net property operating income up 9.5% and 9.3% respectively
• UK rental income and net property operating income up 0.9% and 1.7% respectively
• Closing occupancy owned portfolio 89.3% (SA 91.4%; UK 81.5%)
• JV occupancy up by 8 200m² year-on-year (SA 7 000m²; UK 1 200m²)
• SA REIT loan-to-value ratio of 27.3%
• SA REIT NAV per share R18.12, up 4.7% year-on-year
• Chelmsford (Essex, UK) opened in August 2026 bringing the total number of properties managed
by the group to 29
• SA acquisitions:
- Ballito (R59.0 million, KwaZulu-Natal) and Vredenburg (R46.5 million, Western Cape)
completed during the period adding 12 700m² GLA
- Lock-Up Storage, KwaZulu-Natal (two properties, R95.0 million, 11 400m² combined GLA)
expected to transfer in December 2026
• Xtraspace transaction agreed, subject to competition authority approval:
- Acquisition of ten properties (51 800m² GLA) for R387.0 million with a further R38.0 million of
capital improvements planned
- Management contract for a further six properties for an initial two-year term
• Development activity:
- Construction underway at Farnham and Aylesbury in the UK in partnership with Hines
- De Waterkant, Melrose and Sunningdale progressing as planned
- Ramsgate, Kent (UK) – planning permission received and Heads of Terms signed with an
institutional buyer for a sale-and-manage back transaction
GROUP SNAPSHOT
Stor-Age is the largest self storage property fund and brand in SA. The portfolio comprises 112
properties across SA (65) and the UK (47), serving more than 57 000 customers. At 30 September
2026, the portfolio was valued at R19.3 billion (SA: R7.9 billion; UK: £522.8 million), including JV
properties and excluding managed properties in which we have no financial interest. The maximum
lettable area, including the development pipeline and projects underway, exceeds 780 000m². The
group employs more than 500 people across SA and the UK and has been listed on the JSE as a REIT
since November 2015.
KEY FINANCIAL RESULTS
Unaudited Unaudited Change
6 months ended 6 months ended %
30 September 2026 30 September 2025
Property revenue (R’000) 707 908 699 101 1.3%
Distributable earnings (R’000) 318 610 288 695 10.4%
Headline earnings per share (cents) 64.00 58.95 8.6%
Earnings per share (cents) 136.12 107.8 26.3%
Dividend per share (cents) 62.14 59.74 4.0%
Net tangible asset value per share (cents) 18 359.16 17 441.67 5.3%
In the determination of dividend per share for the six months ending 30 September 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 22) of 62.14 cents per
share for the six months ended 30 September 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, 24 November
Shares to trade ex-dividend Wednesday, 25 November
Record date Friday, 27 November
Payments to Certificated Shareholders and accounts credited by Monday, 30 November
CSDP or broker of dematerialised Shareholders
Notes:
• Shares may not be dematerialised or rematerialised between commencement of trade on Wednesday, 25
November 2026 and the close of trade on Friday, 27 November 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 49.71200 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: 512 759 748 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 condensed unaudited consolidated interim results for the
year ended 30 September 2026 (“full announcement”). The full announcement can be accessed using
the following JSE link: https://senspdf.jse.co.za/documents/2026/jse/isse/SSSE/Interims.pdf
The full announcement is also available on the company’s website at https://investor-relations.stor-
age.co.za.
The short-form announcement has not been audited or reviewed by the company’s external auditors.
OUTLOOK
The board reaffirms its guidance for distributable income per share for FY27 to be approximately 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 expectations
• 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
10 November 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
Date: 10/11/2026 07:05:00
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