CHRIS GILMOUR: Stor-Age shows why self-storage is proving resilient in the pandemic era
Consumerism, densification, a mobile population and more people working from home enable it to do its normal business unscathed
It is an understatement to say that most JSE-listed property stocks have fallen badly out of favour since the Covid-19 pandemic changed the world’s working practices. Many are scurrying around, trying to repurpose themselves in the “new normal”, attempting to make themselves somehow more relevant as people work more from home and order more goods online.
But a very few have managed to carry on with their normal business unscathed. Right at the top of this list is Stor-Age Self Storage, a highly niched real estate investment trust (Reit) uncorrelated to traditional property drivers. However, while revenue has grown rapidly over the past four years, dividend growth has been much more restrained. The share now offers a very attractive dividend yield...