Self-storage puts Stor-Age among top three property industry performers
Though it is 80% exposed to the SA market, the company is set to expand overseas
Stor-Age Property’s dividend growth in the six months to September makes it the third-best SA-focused property stock in the latest reporting season. The company, which is the only listed self-storage provider on the JSE, grew its dividend 9.1% to 51.3c per share in the period, as it was able to beat competitors when it came to signing up customers in this segment of the market. In terms of property funds with an asset base that is at least 80% exposed to SA, Stor-Age was beaten only by industrial warehouse owner Equites Property Fund and rural retail owner Fairvest. Equites Property Fund grew its dividend 11.7% in the six months to August while Fairvest grew its dividend 9.9% in the year to June. CEO Gavin Lucas said Stor-Age’s dividend growth was driven by various factors, notably its advanced operating platform, which had been successfully tested and implemented in the three years since Stor-Age listed in 2015. The platform was also being used in the UK, where Stor-Age first inves...
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