Stor-Age's dividend growth outstrips that of JSE property sector
Stor-Age's UK portfolio — the Storage King business — also performed well during the reporting period
Stor-Age Property, a real-estate investment trust (Reit) offering self-storage space in SA and the UK, raised its interim dividend by 9% to 51.3c. "This performance outstripped the JSE property sector in which dividend growth has been severely curtailed by weak economic growth which has led to growing vacancies at a number of properties held by listed funds," Stor-Age CEO Gavin Lucas said. The reit's interim revenue nearly doubled to R226m, but net profit declined 17% to R112m, its results released on Tuesday morning showed. Stor-Age increased its space by 72,400m², boosted by the acquisition of Storage King. Occupancy slipped slightly to 83.5% from 84.3% at the end of September 2017. On a like-for-like basis, excluding acquisitions, rental income increased 9.4%, driven by a 0.7% increase in average occupancy levels and an 8.7% increase in the average rental rate. Excluding acquisitions, the closing rental rate grew 8.7% to R93.5 per square metre. Lucas said Stor-Age was outperformi...
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