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Integrated Annual report
2018

This is our third integrated annual report and our second for a full 12-month trading period. 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. During the period, we made a strategic entry into the UK market with the acquisition of Storage King – the sixth largest self storage brand in the UK. Our Listed Portfolio comprises 50 properties across South Africa and the UK, with a combined value of over R3.9 billion.

CEO Report

Stor-Age is the market leader in South Africa and one of only nine publicly-traded self storage REITs globally. Our business model is based on global best practice and strong networks with leading first-world market peers. Since listing, our shareholders have enjoyed increasing earnings and dividend flows, supported by consistent growth net asset value.

The value of our portfolio has increased from R2.05 billion to R3.85 billion, and market capitalisation has doubled from R1.9 billion to R3.9 billion as at 31 March 2018. At the same time, the number of properties in the REIT has increased from 24 at listing to 50, all of which provides compelling evidence of business scalability.

 
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Highlights

More highlights
Total dividend
97.83 cents
Growth in rental income
86%
Trading portfolio size
405 000 m2 | Up 105 000 m2
Total number of tenants in Trading Portfolio
29 500+

 

 
59
Our portfolio of stores is unrivalled in South Africa,
and comprises 59 properties across an
extensive national network.

TRADING PORTFOLIO:
49 properties
R3.5 billion
348 000 m² GLA
23 500+ tenants

LISTED PORTFOLIO:
36 properties1
R2.5 billion
264 000 m² GLA
17 000+ tenants

MANAGED PORTFOLIO:
13 properties
c. R1.050 billion
84 000 m² GLA
6 500+ tenants

PIPELINE:
10 properties
c. R1.0 billion
70 000 m² GLA

 Trading portfolio  Pipeline
17
3
2
7
1
1
11
11
6

Western Cape

Listed Property Portfolio

Address: Cnr of Peter Barlow and
Kasselsvlei Road, Bellville, Cape Town
GLA m2: 5 874
Value R’000: 63 900

Listed Property Portfolio

Address: 255 Voortrekker Road,
Maitland, Cape Town
GLA m2: 1 556
Value R’000: 18 507

Managed Property Portfolio

Address: Cnr of Main Road & Brooke Street, Claremont, Cape Town
GLA m2: 8 134
GLA (full capacity) m2: 8 091

Listed Property Portfolio

Address: Cnr of Pinehurst Drive
and Okavango Road, Pinehurst,
Cape Town
GLA m2: 10 649
Value R’000: 120 000

Listed Property Portfolio

Address: 4 Plein Street,
Durbanville, Cape Town
GLA m2: 7 811
Value R’000: 88 000

Listed Property Portfolio

Address: 1 Southdale Road
Edgemead, Cape Town
GLA m2: 6 719
Value R’000: 54 376

Listed Property Portfolio

Address: 121 Roeland Street,
Gardens, Cape Town
GLA m2: 11 090
Value R’000: 238 750

Listed Property Portfolio

Address: Cnr Bloemhof Avenue and
Springfield Street, Ottery,
Cape Town
GLA m2: 5 356
Value R’000: 44 700

Listed Property Portfolio

Address: 67 Regent Road,
Sea Point, Cape Town
GLA m2: 2 756
Value R’000: 59 000

Listed Property Portfolio

Address: 42 Delson Circle,
Somerset West, Cape Town
GLA m2: 5 001
Value R’000: 46 700

Managed Property Portfolio

Address: Cnr Forsyth Road & De Beers Avenue, Somerset West, Cape town
GLA m2: 5 507
GLA (full capacity) m2: 5 507

Listed Property Portfolio

Address: 24 Ou Paardevlei Road,
Somerset West, Cape Town
GLA m2: 7 720
Value R’000: 96 000

Listed Property Portfolio

Address: 7 George Blake Street
and 6 Stoffel Smit Street,
Stellenbosch
GLA m2: 6 247
Value R’000: 80 000

Listed Property Portfolio

Address: 121 Koeberg Road,
Corner of Koeberg and Blaauwberg
Road, Table View, Cape Town
GLA m2: 10 114
Value R’000: 127 000

Listed Property Portfolio

Address: 64-74 White Road,
Retreat, Cape Town
GLA m2: 8 129
Value R’000: 113 000

Managed Property Portfolio

Address: 37 Informal Road, Westlake, Cape Town
GLA m2: 2 249
GLA (full capacity) m2: 2 249

Gauteng

Listed Property Portfolio

Address: 37 View Point Road, Bartlett, Boksburg, Johannesburg
GLA m2: 7 229
Value R’000: 71 000

Managed Property Portfolio

Address: Cnr of Jan Shoba & Justice Mohamed Street, Brooklyn, Pretoria
GLA m2: 7 022
GLA (full capacity) m2: 7 582

Listed Property Portfolio

Address: Cnr of Hendrik Potgieter and 14th Avenue, Constantia Kloof, Johannesburg
GLA m2: 5 375
Value R’000: 79 167

Listed Property Portfolio

Address: 17 JG Strydom Drive, Constantia Kloof, Johannesburg
GLA m2: 7 977
Value R’000: 95 000

Listed Property Portfolio

Address: Plot 13 Garsfontein Road, Grootfontein, Pretoria
GLA m2: 9 711
Value R’000: 44 500

Managed Property Portfolio

Address: 60 Civin Drive Germinston, Johannesburg
GLA m2: 8 517
GLA (full capacity) m2: 8 596

Listed Property Portfolio

Address: Jakaranda Street, Hennopspark, Pretoria
GLA m2: 9 387
Value R’000: 70 500

Managed Property Portfolio

Address: Cnr of 40th Avenue & 24th Street, Irene, Pretoria
GLA m2: 5 033
GLA (full capacity) m2: 6 000

Listed Property Portfolio

Address: 32 Rosettenville Road, Village Main, Jhb City, Johannesburg
GLA m2: 7 848
Value R’000: 56 500

Listed Property Portfolio

Address: Cnr of Cheetah and Klipspringer Street, Kempton Park, Johannesburg
GLA m2: 9 214
Value R’000: 75 000

Listed Property Portfolio

Address: 1250 Theron Street, Pierre van Rhyneveld, Pretoria
GLA m2: 20 919
Value R’000: 133 500

Listed Property Portfolio

Address: 492 Komondor Road, Glen Austin X3, Midrand, Johannesburg
GLA m2: 7 248
Value R’000: 53 000

Listed Property Portfolio

Address: 65 Freight Road, Cnr of Old Johannesburg and Brakfontein, Louwlardia Ext 13, Centurion, Pretoria
GLA m2: 7 597
Value R’000: 83 000

Listed Property Portfolio

Address: 39 Tulip Avenue, Raslow, Pretoria
GLA m2: 8 248
Value R’000: 42 000

Managed Property Portfolio

Address: 738 Blesbok Street Pretoria East
GLA m2: 5 525
GLA (full capacity) m2: 7 500

Listed Property Portfolio

Address: 1384 Malie Street, Pretoria West
GLA m2: 4 161
Value R’000: 11 550

Listed Property Portfolio

Address: 225 Braam Fischer Drive, Randburg, Johannesburg
GLA m2: 7 332
Value R’000: XX

Listed Property Portfolio

Address: 29 Rietspruit Rd, Samrand, Pretoria
GLA m2: 7 978
Value R’000: 53 900

Managed Property Portfolio

Address: Six Fountains Boulevard off Hans Strijdom Drive, Six Fountains, Pretoria
GLA m2: 7 687
GLA (full capacity) m2: 9 096

Managed Property Portfolio

Address: 4 Kikuyu Road, Sunninghill, Johannesburg
GLA m2: 7 781
GLA (full capacity) m2: 7 500

Listed Property Portfolio

Address: Portion 610, St Antonios Road, Muldersdrift, Johannesburg
GLA m2: 5 788
Value R’000: 20 107

Listed Property Portfolio

Address: 70 Migmatite Street, Zwartkop Ext 13, Pretoria
GLA m2: 9 319
Value R’000: 62 500

Free State

Listed Property Portfolio

Address: Sand Du Plessis Avenue, Estoire, Bloemfontein
GLA m2: 6 679
Value R’000: 25 700

Kwa-Zulu Natal

Managed Property Portfolio

Address: 23 Calder Road, Berea. Durban
GLA m2: 8 160
GLA (full capacity) m2: 8 354

Managed Property Portfolio

Address: 33 Flanders Drive, Mount Edgecombe, Durban
GLA m2: 8 632
GLA (full capacity) m2: 8 755

Managed Property Portfolio

Address: 200 Gale Steet, Durban
GLA m2: 3 469
Value R’000: 21 500

Managed Property Portfolio

Address: 2014 Old North Coast Rd, Mt Edgecombe
GLA m2: 3 782
Value R’000: 26 600

Listed Property Portfolio

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

Managed Property Portfolio

Address: 1 Nguni Way, Hillcrest
GLA m2: 15 115
Value R’000: 110 000

Eastern Cape

Listed Property Portfolio

Address: Plot 136 Old Cape Road, Port Elizabeth
GLA m2: 11 032
Value R’000: 59 000

Managed Property Portfolio

Address: 85 Warbler Road, Westering, Port Elizabeth
GLA m2: 6 826
GLA (full capacity) m2: 9 393

1 Includes All-Store – acquired 6 April 2018

Our business

Stor-Age owns and operates 50 of these properties, covering 321 000 m² GLA – our Listed Portfolio. Stor-Age’s other 13 properties cover 86 000 m² GLA and make up our Managed Portfolio, from which we receive property and asset management fees.

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Financial Review

The results for the year include the trading results for the full 12 months of Storage RSA and Unit Self Storage, while StorTown and Storage King have been included for part periods from their respective acquisition dates.

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Accountability and sustainability

Risk management is integral to the effective implementation of our strategy. We proactively manage risk to remain a competitive and sustainable business. This enhances our operational effectiveness and enables us to create continual value...

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