Investment Case

OUR VISION

OUR MISSION

To be the best self storage business in the world.

To rent space.

OUR CORE VALUES

Excellence • Sustainability • Relevance • Integrity

THE SOUTH AFRICAN SELF STORAGE LEADER
Leading and largest self storage property fund in South Africa, with a recent strategic entry into the UK
High-quality properties, with excellent visibility and easy access from arterial roads
Outstanding locations with high barriers to entry
Business model based on global best practice
Development capability and innovation
Market-leading operations and digital platform
Decade-long track record of developing, tenanting and operating self storage assets

	Listed Portfolio	South Africa	United Kingdom	Pipeline Portfolio
Number of properties	63	49	14	10
GLA m²	414 000	357 000	57 000	70 500
Value	R5.3bn	R3.8bn	R1.5bn	R1.0bn

OUR INVESTMENT CASE
Dynamic sector specialists, allowing for focused attention Track record of growing investor returns Recession-resilient sector: self storage is a niche asset class uncorrelated to traditional property drivers Attractive forecast distribution growth, underpinned by robust self storage metrics Secured pipeline of acquisition and development opportunities Proven ability to identify, close and integrate value-add acquisitions	Strong cash flow Favourable operating margins Attractive earnings growth Healthy balance sheet and conservative gearing Low bad debt record (< 0.5% of revenue) Low obsolescence and ongoing maintenance capex High barriers to entry in key target locations

is underpinned by
OUR SUCCESS DRIVERS
Diversified tenant risk (30 600+ tenants across South Africa and the UK) Presence in South Africa’s main metropolitan centres – Johannesburg, Tshwane, Cape Town and Durban Prominent locations on main roads or arterials, with high visibility to passing traffic Committed and passionate employees UK management team with significant self storage operations experience, proven local expertise and a well-located property portfolio	Average length of stay in South Africa – 24 months Growing demand and awareness among customers Strong customer satisfaction, with customer service rated as “world class” according to the global Net Promoter Score (NPS) standard In South Africa, 54% (2017: 53%) of customers store for more than one year In the UK, 51% of customers store for more than one year