Stor-Age Property Reit, the only specialised owner of personal storage assets on the JSE, has tripled its market capitalisation to about R3.5bn over the past two years. Stor-Age grew its dividend per share 9.25% to 47.02c in the six months to September, financial results showed, one of the strongest performances from listed property funds invested primarily in SA. The group is expecting to achieve double-digit dividend growth of between 11% and 12% for its March 2018 financial year, having expanded into the UK personal storage market, said CEO Gavin Lucas. "Since listing Stor-Age has consistently hit all financial and strategic markers, in contrast to a property sector which over the same two-year period appears to be buckling under the pressure of a constrained economy," he said. Personal storage assets tended to do well during poor economic times when people had to downsize and keep goods in storage before selling them. Revenue increased year-on-year by 43% to R124m, while operati...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.