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Integrated Annual report
2019

This report explains our strategy, our operating environment, the key opportunities and risks in our South African and UK markets, our financial and non-financial performance, and our expectations for the year ahead.

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Who we are

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Stor-Age is the leading and largest self storage property fund and brand in South Africa, and the first and only self storage Real Estate Investment Trust (REIT) listed on any emerging market exchange. Our Listed Portfolio comprises 65 properties across South Africa and the UK, with a combined value of over R6.0 billion.

CEO Report

We remain sector leaders in South Africa, offering a property portfolio that is unmatched in value, lettable area, number of tenants, location and geographic footprint. Our strict focus on growing the portfolio with properties that display excellent fundamentals continues to be a hallmark underpinning our success.

Stor-Age’s performance is characterised by an attractive level of dividend growth since listing in 2015 and the ongoing and disciplined execution of our current five-year strategy. The acquisition of the Managed Portfolio cements our market-leading position in South Africa, while the conclusion of two high-quality acquisitions in the UK demonstrates our ability to supplement the attractive organic growth delivered by our existing business, Storage King.

 
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Highlights

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Total dividend
106.68 cents
Growth in rental income
63.2%
Portfolio size
423 700 m2 | Up 107 900 m2
Total number of tenants in Portfolio
32 000+

 

 
49
Our portfolio of stores is unrivalled in South Africa, and comprises 49 properties across an extensive national network.

PORTFOLIO:
49 properties
R4.0 billion
357 600 m² GLA
24 000+ tenants

PIPELINE:
9 properties
R850 million
62 000 m² GLA

 Portfolio  Pipeline
16
3
2
7
1
1
11
12
5

Western Cape

Address: Cnr of Peter Barlow and
Kasselsvlei Road, Bellville, Cape Town
GLA m2: 5 874
Value R’000: 65 800

Address: Cnr of Main Road & Brooke Street, Claremont, Cape Town
GLA m2: 9 015
Value R’000: 164 700

Address: Cnr of Pinehurst Drive
and Okavango Road, Pinehurst,
Cape Town
GLA m2: 10 649
Value R’000: 118 400

Address: 4 Plein Street,
Durbanville, Cape Town
GLA m2: 7 720
Value R’000: 90 200

Address: 1 Southdale Road
Edgemead, Cape Town
GLA m2: 6 764
Value R’000: 69 202

Address: 121 Roeland Street,
Gardens, Cape Town
GLA m2: 12 341
Value R’000: 263 400

Address: 42 Delson Circle, Heritage Park,
Somerset West, Cape Town
GLA m2: 5 006
Value R’000: 49 000

Address: 255 Voortrekker Road,
Maitland, Cape Town
GLA m2: 1 556
Value R’000: 19 500

Address: Cnr Bloemhof Avenue and
Springfield Street, Ottery,
Cape Town
GLA m2: 5 384
Value R’000: 47 700

Address: 67 Regent Road,
Sea Point, Cape Town
GLA m2: 2 756
Value R’000: 63 700

Address: Cnr Forsyth Road and De Beers Avenue,
Somerset West, Cape Town
GLA m2: 5 512
Value R’000: 66 811

Address: 24 Ou Paardevlei Road,
Somerset West, Cape Town
GLA m2: 7 720
Value R’000: 92 000

Address: 7 George Blake Street
and 6 Stoffel Smit Street,
Stellenbosch
GLA m2: 6 255
Value R’000: 83 400

Address: 11 Danie Uys Street,
Stikland, Cape Town
GLA m2: 6 103
Value R’000: 68 800

Address: 121 Koeberg Road,
Cnr Koeberg and Blaauwberg
Road, Table View, Cape Town
GLA m2: 10 114
Value R’000: 138 800

Address: 64-74 White Road,
Retreat, Cape Town
GLA m2: 8 124
Value R’000: 121 000

Gauteng

Address: 37 View Point Road, Bartlett, Boksburg, Johannesburg
GLA m2: 7 229
Value R’000: 82 200

Address: 1 Vlok Road,
Bryanston, Sandton
GLA m2: 4 619
Value R’000: 104 500

Address: Cnr of Jan Shoba & Justice Mohamed Street,
Brooklyn, Pretoria
GLA m2: 7 476
Value R’000: 95 700

Address: Cnr of Hendrik Potgieter and 14th Avenue, Constantia Kloof, Johannesburg
GLA m2: 5 373
Value R’000: 84 129

Address: 17 JG Strydom Drive, Weltevredenpark, Roodepoort
GLA m2: 7 977
Value R’000: 96 200

Address: 60 Civin Drive Germinston, Johannesburg
GLA m2: 8 655
Value R’000: 127 300

Address: Jakaranda Street, Hennopspark, Pretoria
GLA m2: 9 393
Value R’000: 75 100

Address: Cnr of 24th Street & 40th Avenue,
Irene, Pretoria
GLA m2: 5 034
Value R’000: 32 000

Address: 32 Rosettenville Road, Village Main, Jhb City, Johannesburg
GLA m2: 7 848
Value R’000: 55 400

Address: Cnr of Cheetah and Klipspringer Street, Kempton Park, Johannesburg
GLA m2: 9 202
Value R’000: 76 500

Address: 1250 Theron Street,
Pierre van Rhyneveld, Pretoria
GLA m2: 20 919
Value R’000: 139 700

Address: 492 Komondor Road, Glen Austin X3, Midrand, Johannesburg
GLA m2: 7 136
Value R’000: 56 100

Address: 65 Freight Road, Cnr of Old Johannesburg and Brakfontein, Louwlardia Ext 13, Centurion, Pretoria
GLA m2: 7 597
Value R’000: 82 500

Address: 39 Tulip Avenue, Raslow, Pretoria
GLA m2: 8 228
Value R’000: 41 600

Address: 738 Blesbok Street Pretoria East
GLA m2: 5 525
Value R’000: 40 100

Address: 1384 Malie Street, Pretoria West
GLA m2: 4 161
Value R’000: 12 800

Address: 225 Braam Fischer Drive, Randburg, Johannesburg
GLA m2: 5 809
Value R’000: 96 200

Address: 29 Rietspruit Rd, Samrand, Pretoria
GLA m2: 7 978
Value R’000: 55 000

Address: Six Fountains Boulevard off Hans Strijdom Drive,
Six Fountains, Pretoria
GLA m2: 8 690
Value R’000: 89 000

Address: 4 Kikuyu Road,
Sunninghill, Johannesburg
GLA m2: 7 711
Value R’000: 118 800

Address: Portion 610, St Antonios Road, Muldersdrift, Johannesburg
GLA m2: 5 824
Value R’000: 37 702

Address: 70 Migmatite Street, Zwartkop Ext 13, Pretoria
GLA m2: 9 293
Value R’000: 66 600

Free State

Address: Sand Du Plessis Avenue, Estoire, Bloemfontein
GLA m2: 6 679
Value R’000: 28 600

Kwa-Zulu Natal

Address: 23 Calder Road, Berea. Durban
GLA m2: 7 418
Value R’000: 91 200

Address: 33 Flanders Drive, Mount Edgecombe, Durban
GLA m2: 9 047
Value R’000: 109 900

Address: 200 Gale Steet, Durban
GLA m2: 3 903
Value R’000: 30 600

Address: 2014 Old North Coast Rd, Mt Edgecombe
GLA m2: 3 777
Value R’000: 28 900

Address: 166 Intersite Avenue, Umgeni Business Park, Durban
GLA m2: 5 516
Value R’000: 41 500

Address: 1 Nguni Way and
127 Brackenhill Road, Hillcrest
GLA m2: 15 110
Value R’000: 118 900

Eastern Cape

Address: Plot 136 Old Cape Road, Port Elizabeth
GLA m2: 11 032
Value R’000: 64 700

Address: 85 Warbler Road, Westering, Port Elizabeth
GLA m2: 6 825
Value R’000: 61 300

Our business

Stor-Age rents space to the public, both individuals and businesses, on a short-term flexible lease basis. Across our portfolio of 65 properties, we manage more than 32 000 individual leases. In South Africa, we experience a churn rate of approximately 6.0% per month and benefit from more than 1 439 new tenants moving in on average every month. In the UK, we experience a churn rate of approximately 7.8% per month and benefit from more than 644 new tenants moving in on average every month.

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Financial Review

Our strong balance sheet, reinforced by the debt restructuring and oversubscribed equity raises, continues to provide the flexibility to target select development and acquisition opportunities as they arise. In the year, in addition to completing the Bryanston development, we also successfully closed four acquisitions – the Managed Portfolio and three new trading properties – adding significant scale and value to the portfolio. An additional three properties were acquired in SA for future development. All three are in prime sought-after locations and together will offer an additional c. 20 000 m2+ GLA once developed.

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Accountability and sustainability

The board is ultimately responsible for guiding our strategy and for approving policies and practices that ensure we conduct business according to the company’s core values of Excellence, Sustainability, Relevance and Integrity. It does this within an appropriate framework of governance and oversight to ensure stakeholder interests are safeguarded.

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Financial statements
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STOR-AGE PROPERTY REIT LIMITED