Stor-Age REIT has reported a 10.8% increase in its SA same-store rental income for the six months ended 30 September 2024.
The REIT’s portfolio comprises 107 assets across SA (63) and the UK (44) with a combined value, including assets managed in its JV partnerships, of R17.4 billion (SA – R6.4 billion, UK – £478 million as at the end of September 2024 with a maximum lettable area, including its pipeline and ongoing developments, of more than 680 000m2.
Its local portfolio recorded a 12% increase in net property operating income, its achieved rental rate up by 8.2% and occupancy sitting at 8 900m2.
In the UK, its net operating income increased by 7.4% with its achieved rental rate up by 2.4%. Its occupancy currently sits at 3 300m².
Headline earnings per share increased by 174% to 139.85 cents from 51.04 cents in 2023’s comparable period with earnings per share increasing by 137.4% from 76.45 cents to 181.46 cents.
Stor-Age reported distributable income per share of 63.51 cents, a 3.5% increase year-on-year with its Board declaring a dividend of 57.16 cents per share based on a 90% payout ratio.
Its loan-to-value ratio (LTV) sits at 31.30%.
