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17Jun

Stor-Age delivers resilient FY26 earning growth

Stor-Age delivers resilient FY26 earnings growth, strengthens balance sheet and advances growth pipeline.

JSE-listed Stor-Age Property REIT Limited reported a resilient performance for the year ended 31 March 2026, with distributable income per share increasing by 5.1% to 129.29 cents and a final dividend of 56.62 cents per share declared. The result was underpinned by excellent trading in South Africa, disciplined cost and balance sheet management, and continued progress across the group’s acquisition, development and third-party management platforms. While the UK portfolio experienced tougher cyclical conditions, the group maintained high occupancy, strengthened liquidity and expects distributable income per share growth of 5.0% in FY27.

FY26 KEY HIGHLIGHTS

·    Distributable income per share increased 5.1% to 129.29 cents; annual dividend per share increased 5.1% to 116.36 cents

·    SA rental income increased 10.5% and net property operating income increased 11.1%, with closing occupancy of 93.4%

·    UK rental income increased 1.1%, while net property operating income was down 0.8%

·    Owned portfolio occupancy closed at 90.8%, with the JV portfolio adding 10 100m² of occupancy across SA and the UK

·    SA REIT loan-to-value reduced to 26.7%, supported by a R500 million equity raise completed at a premium to NAV

·    Strategic progress continued across acquisitions, developments, joint ventures and third-party management

“FY26 again demonstrated the resilience of our operating model and the depth of the platform we have built across South Africa and the UK,” said Gavin Lucas, CEO of Stor-Age. “The South African business delivered an excellent performance, our balance sheet remains conservatively positioned, and we made meaningful strategic progress across acquisitions, developments, joint ventures and third-party management. While the UK trading environment was tougher, the long-term fundamentals of the market remain attractive.”

The South African portfolio was the standout performer. Rental income increased by 10.5% and net property operating income increased by 11.1%, supported by high occupancy, strong customer demand and continued pricing momentum. On a same-store basis, rental income increased by 9.6%, driven by an 8.6% increase in average rental rates and a 0.9% increase in average occupancy. Occupancy closed the year at 93.4%, while the SA joint venture portfolio increased occupancy by 8 100m².

Stor-Age said the SA market remains attractive, supported by strong demand, the scale and visibility of the Stor-Age brand, a fragmented competitive landscape and a growing pipeline of acquisition and development opportunities.

The UK portfolio experienced a more challenging year after a strong FY25. UK rental income increased by 1.1%, while net property operating income was down 0.8% and occupancy closed at 81.6%. Management said the result reflected macroeconomic pressure and cyclical normalisation after the exceptionally strong post-pandemic trading period from 2021 to 2023, rather than a weakening of the sector’s long-term fundamentals. The UK joint venture and managed portfolios performed better, with occupancy increasing by 2 000m² across the JV properties and by 1 200m² across the five managed properties operational at the start of the year.

Strategic progress was a key feature of the year. Stor-Age secured R200 million of trading store acquisitions across Lock-Up Storage and Execustore in Kwa-Zulu Natal, and West Coast Storage in the Western Cape, representing 24 050m² of gross lettable area. It also secured a new development opportunity with prime M5 highway exposure in Maitland in Cape Town.

The group’s South African development activity includes a new flagship property in the sought after De Waterkant area, which sits at the entrance to the Cape Town CBD, Atlantic Seaboard and V&A Waterfront, as well as Melrose in Johannesburg, and the expansion of its Sunningdale property in partnership with Garden Cities.

In the UK, Stor-Age continues to build out its capital-light growth model through joint venture and third-party management structures. Acton, co-developed with Moorfield, opened for trading in June 2025. The group also secured a management contract in Exeter with Time Investments and is progressing with developments at Chelmsford and Aylesbury with Hines, where Stor-Age acts as turnkey developer and operator. A new sale-and-manage-back development in the South East of England is also expected to conclude in FY27, subject to final planning approval.

Third-party management remains an increasingly strategic component of the growth model. Although total management fees were lower at R61.8 million due to reduced non-recurring development and acquisition fees, recurring management fees increased by 15.6% to R60.7 million, reflecting the improving quality and durability of the fee base. The platform enables Stor-Age to leverage its operating infrastructure and sector expertise with limited capital outlay.

The balance sheet remains conservatively positioned. Stor-Age ended the year with SA REIT NAV per share growth of 3.7%, a SA REIT loan-to-value ratio of 26.7% and meaningful available liquidity. The R500 million equity capital raise completed in December 2025 at a premium to NAV was used to reduce debt and strengthen capacity for growth.

Looking ahead, Stor-Age expects distributable income per share for FY27 to grow by 5.0%, with the payout ratio expected to remain at 90% of distributable income.

“What is important about FY26 is not only the earnings growth, but the quality of the platform we are building for the next phase of growth,” Lucas said. “We strengthened the balance sheet, advanced our pipeline, continued to mature our third-party management capability and maintained disciplined capital allocation. As a result, Stor-Age is well positioned to continue creating sustainable long-term value.”

The share closed on Monday at R17.39.

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BCom in Marketing, Advertising and Business Administration (University of KwaZulu-Natal)In his current role, Doug leads a world-class team, responsible for marketing the Redefine Properties brand, mall brands, and all other sub-brands. His role includes managing alternative income and driving stakeholder engagement across the company’s key stakeholders.

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Partner – Fasken

Janke Strydom

Janke Strydom is a Corporate and Commercial Real Estate Partner at Fasken with eight years post qualification experience.Her practice comprises commercial real estate agreements and conveyancing transactions, including bond registrations, transfers, subdivisions, consolidations, township establishment and the opening of sectional title schemes for a range of clients, including REITs, financial institutions and property developers.

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Jodie Ellinor-Dreyer

Jodie Ellinor-Dreyer FCA CA(SA)

Financial Manager and Head of Corporate Social Investment & Transformation
Fortress Real Estate Investments Limited
Jodie, an ordinary person with extraordinary determination, has been working within the Fortress group structures for over 20 years doing what she loves.
“Start by doing what is necessary, then what is possible, and suddenly you are doing the impossible.” St Francis of Assisi

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Funding Officer – Attacq

Pierre Le Roux

Pierre Le Roux is a Chartered Accountant with over 15 years of expertise in the financial services sector, with Commercial Property Finance and Treasury specialisation. He joined Attacq in 2018 as the Funding Officer, with overall responsibility for Attacq’s debt funding and interest rate risk management.

Before joining Attacq, Pierre spent seven years with First National Bank as a Dealmaker in New Business Acquisitions and Commercial Property Finance in South Africa and sub-Saharan Africa. In addition to originating new commercial property finance business, he assisted the FNB African subsidiaries in designing solutions for clients, obtaining approval from the relevant credit committees, and drafting and implementing their commercial property finance risk management policies.

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General Manager (Inland) – Property Management, Redefine Properties

Poovendran Reddy

Poovendran Reddy is the General Manager (Inland) of Property Management at Redefine Properties, where he oversees the property management of the inland property portfolio across office, retail, and industrial sectors. With a background in BCom Accounting and PGDA from the University of KZN, Poovendran joined Redefine Properties in 2020 as Head of Operational Finance, bringing with him over a decade of experience in the hospitality sector.

In his previous role, Poovendran managed the day-to-day operational finance functions, including taxation, before being promoted to his current position in March 2023. In addition to managing the property portfolio, he also provides oversight of BBBEE initiatives and their monitoring.

Poovendran’s expertise lies in combining financial acumen with operational excellence, making him a valuable member of the Redefine team. He is actively involved in the Management Committee and the Management Risk Committee, contributing his insights and leadership to drive the company’s success.

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HR & Transformation Manager, Vukile Property Fund

Nomsa Kole

Nomsa is the HR & Transformation Manager at Vukile Property Fund Ltd. In her current role, she manages the human resources processes, drives the B-BBEE goals and superintends the skills development initiatives. She is a Professional Accountant (SA) with degrees in Financial Accounting and Accounting Sciences. She is currently enrolled for a post-graduate degree in HR and Business Management with the University of Witwatersrand. She is passionate about people management and fostering transformative change in the workplace.

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Associate Professor at the University of Pretoria

Dr Douw Boshoff

BSc Construction Management, MSc Real Estate, PhD Real Estate, Business Leadership Certificate, Project Management Professional Certification

Douw has close on 30 years of experience in the property and construction sectors. He started his career in project management with Barrow Projects and Property Finance with Rand Merchant Bank. Also, he spent about 10 years in academia with the University of Pretoria. During that time, he supervised 20 research students at the master’s and doctoral levels and published more than 50 papers in academic journals, conference proceedings and other trade publications. He is a Professional Valuer (SACPVP) and Chartered Valuation Surveyor (RICS).

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Chief Investment Officer, Spear REIT Limited

Kim Pfaff-Karg

Kim is the first female member of the Spear Executive Committee. Kim has 18 years experience in the listed and non-listed real estate sector.

Kim’s qualifications include a BSc (Hons) Property Studies (UCT), a Certificate in Lease Negotiation (University of Pretoria), is a member of the Royal Institute of Chartered Surveyors (MRICS), a Registered Valuer of the Royal Institute of Chartered Surveyors (RICS) and a Professional Valuer (SACPVP).

Kim performs a strategic role across the business at Spear, focusing on acquisition, disposals, portfolio valuations and other corporate business requirements.

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Founder, Philbar Consulting; Director, Pooled Data Services (Pty) Ltd

 

Phil Barttram

A thought leader and independent consultant on real estate investment and ESG strategies, Phil Barttram has over 27 years of experience in the financial sector, having worked in the UK, South Africa and the Middle East.
He spent nearly a decade as an Executive Director at MSCI and is currently in the start-up stage of building a collaborative data business.

Phil’s interest lies in investment strategy and portfolio optimisation, and on utilising the value of data virtualisation to improve strategic investment decisions. Since going out on his own, Phil has taken an interest in the impact of ESG risk and opportunity factors on portfolio buy-sell-hold strategies.

As an established authority on South African real estate and ESG, Phil is a regularly invited conference speaker and frequent contributor to trade and mainstream media publications. He holds an MBA from UCT’s Graduate School of Business and currently serves as Deputy Chair of the Green Building Council South Africa (GBCSA), is a past Non-Executive Director of the SA Council of Shopping Centres (SACSC), and is a member of the SA REIT Association’s Research Committee.

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Head of Research – Sefikile Capital

Naeem Tilly

Naeem holds a qualification as a Chartered Accountant (CA SA) and is a Chartered Financial Analyst (CFA) charter holder. With 11 years of experience in the listed property sector, he embarked on his professional journey after earning a Bachelor of Accountancy degree from the University of Witwatersrand. Naeem’s career took off at PricewaterhouseCoopers.

Before joining Sesfikile Capital, Naeem was executive director and senior listed property analyst at Avior Capital Markets. His outstanding expertise was acknowledged by the Financial Mail, where he received the top-rated analyst award for three consecutive years, as recognised by industry peers.

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Economist – STANLIB

Ndivhuho Netshitenzhe

Ndivhuho Netshitenzhe obtained her undergraduate degree in Economics and Politics from Rhodes University and has two Masters’ degrees: one in Economics from University of Pretoria and a second in Finance from Cambridge University. Ndivhuho has 7 years’ experience in the property sector and began her career at the South African Reserve Bank, where she joined as a graduate in 2013 in the Financial Stability department. Since then she has worked on macroeconomic policy, helping develop South Africa’s macroprudential policy and financial stability monitoring framework.

In her current role at STANLIB which was effective in 2019, Ndivhuho is responsible for conducting macroeconomic research and forecasts with a focus on South Africa and China. As a research economist, she has authored a number of research papers which have been presented at The Economic Society of South Africa conferences.

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Associate Professor – University of the Witwatersrand

Kola Akinsomi

Professor Kola Akinsomi has over 15 years’ experience in the property sector and holds a PhD in Real Estate Finance and MSc in Real Estate from the National University of Singapore as well as a BSc in Real Estate Management with Honours from Oxford Brookes University, England. He has been a visiting researcher at the National University of Singapore, University of Tokyo, Japan and the University of Western Sydney, Australia. Kola is the Vice-President and board member of the African Real Estate Society and on the board of directors of the International Real Estate Society. He is on the Advisory Forum of the South African Council for Property Valuer and Profession (SACPVP). In addition, Kola is the Chair of the future leaders of the American Real Estate Society (FLARES). He has served on the program committees for the African Real Estate Society, American Real Estate Society and European Real Estate Society conferences.

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Partner – Fasken

Jacques Marais

Advisory Member

Jacques Marais is a Senior Associate at Fasken and works in the Real Estate team in Johannesburg, advising clients on commercial property transactions, renewable energy project developments (infrastructure and development) and all related real estate law matters. He has a proven track record of being a part of legal teams advising some of the largest commercial and residential property developers and REITs in South Africa over the last few years.

Jacques’ work in the field of law consists of all aspects of real estate work, including conveyancing, property finance, commercial property developments, renewable energy project developments (infrastructure and development), sectional title schemes, retirement villages, mergers and acquisitions.

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Chief Executive Officer – Vukile Property Fund

Laurence Rapp

Chairman of the Investor Committee

He is a well-respected thought leader with over 12 years of experience in the property industry. As a forward-thinking and results-driven leader, he has successfully navigated the complexities of the corporate landscape and made significant contributions to the real estate sector. With a keen focus on general management, corporate finance, capital markets and real estate, Laurence has garnered a reputation as a dynamic and strategic visionary.

Previous roles include Head of Insurance and Asset Management at Standard Bank and Chairman of Synergy Income Fund Limited. Currently, Laurence serves as Chairman of Castellana Properties SOCIMI SA and holds directorships in various Vukile group entities. His dedication to innovation makes him a driving force in the real estate sector, and his leadership and passion inspire the next generation of property professionals.

He was appointed Chief Executive Officer at Vukile Properties on 1 August 2011.

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Portfolio Manager – M&G Investments

Yusuf Mowlana

Yusuf Mowlana holds a Bachelor of Business Science and is a qualified Chartered Accountant and Chartered Financial Analyst. He is currently responsible for all property funds at Prudential Investment Managers. Additionally, Yusuf co-manages the Prudential Equity Fund and the institutional general equity funds for South African and Namibian clients.

Mowlana spent the first five and half years of his investment career at Allan Gray, covering companies across various sectors, before joining Prudential in October 2018. Prior to that, he worked at Deloitte, where he completed his articles.

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Head of Investor Relations – Attacq Limited

Brenda Botha

Brenda started her career as a music teacher (BMUS HED, UP) and taught at Waterkloof Primary School, Pretoria. In 2004 she decided to change her career and joined Colenbrander Inc, Pietermaritzburg as an article clerk. Brenda has been the Financial Manager for PrivateProperty.co.za, Atterbury Property Holdings and Attacq Limited, before being appointed in the role of Head of Investor Relations in 2017. Brenda is a qualified CA (SA) and holds an MBA from the Graduate School of Business, UCT.

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Chief Executive Officer – Fairvest Limited

Darren Wilder

Darren Wilder is currently the CEO at Fairvest Property Holdings Limited and has over 30 years’ experience in all aspects of the property industry. His various portfolios include Asset Management, Property Management, Leasing, Property Development and Management. He worked for Seeff Properties in various positions from 1991 until 1997. In 1997 he was appointed to the board of the then JSE-listed company, Capital Alliance Properties, and was a participant in its management buy-out. Wilder was part of the team that listed Spearhead Property group on the JSE and was appointed COO in 1999. Darren’s work experience also includes National Leasing Director for Madison Properties, Business Development Director of the V&A Waterfront and a Consultant to the Chief Executive Officer of the V&A Waterfront.

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Head: ESG, Strategy & Investor Relations – Growthpoint Properties

Lauren Turner

With over two decades of experience in the financial sector, Lauren has an exceptional understanding of local and international financial markets, products and participants.

Starting her career in the financial services division at Deloitte and Touche, she went on to structure and sell interest rate products for institutional investors at the Fixed-Income Desk of Standard Bank. Coming from a third-generation stockbroking family and driven by her passion for the equity markets, Lauren then made strategic moves to the JSE and, gaining valuable insight into the offshore investment community, to BNY Mellon as Vice President of their American Depositary Receipt Business for Sub-Saharan Africa.

Today, as Head of ESG, Strategy & Investor Relations at Growthpoint, she applies her strong relationships and expertise to fostering a culture of excellence in the various aspects of her high-performance role. Lauren is a CA(SA), a member of the South African Institute of Chartered Accountants (SAICA) and sits on the Group Executive Committee of Growthpoint.

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Founder and Managing Partner – REdimension Capital

Peter Clark

Peter is the Founder and Managing Partner of REdimension Capital, an investment manager focused on technology and innovation companies solving challenges for the built environment. He also serves on the Africa Proptech Forum advisory board and the SAPOA Proptech committee.

Previously, Peter was Head of Property Investments for Ninety One, where he managed a range of portfolios in South Africa and globally valued more than $1bn. Peter is a CFA charter holder with an honours degree from the University of Cape Town and a master’s degree from the University of Cambridge.

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Chief Executive Officer of Attacq Ltd

Jackie van Niekerk

Chairperson of the Marketing and Conference Committee

Jackie joined Attacq as the Chief Operating Officer in June 2017 and was appointed to the board in June 2018. Jackie has over 14 years of experience in the property industry and prior to joining Attacq, was the Chief Executive Officer of Pivotal.

At the end of 2016, she successfully concluded the merger between Pivotal and Redefine Properties. Jackie joined Pivotal Property Fund in 2009 and became the youngest and only woman Chief Executive Officer in the property sector at the time, growing the fund to a R12 billion listed development fund.

She established Pivotal’s offshore strategy by successfully concluding the merger of Mara and Delta Africa to create the MaraDelta Africa fund and acquired an equity stake in Echo Property Polska based in Poland.

 

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Chief Operating Officer at Diversifi

Eric Ackroyd

Eric has 11 years' experience in B-BBEE and Transformation and before that 12 years' experience in Financial Auditing. Prior to joining Alternative Prosperity he was the Verification Director at a leading B-BBEE Verification Agency. He started his career as a Chartered Accountant and Auditor during which time he worked in the UK and Germany for 3 years. He is experienced in the Automotive, Advertising, Financial, Construction and ICT industries.

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Company Secretary & Legal Executive at Equites Property Fund

Thabo Vilakazi

Experienced Property and Development professional with a demonstrated history of delivering major Negotiation and developments for clients. Strong strategic capability, professional skilled in Asset Management Asset Management across the Due Diligence and development sectors including residential (including high-rise), commercial properties, industrial property, retail land, hotels and master planning. Significant experience in managing large scale complex multi-use projects. Broad understanding of urbanism and its impacts on people and property

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Research Analyst and Assistant Property Portfolio Manager at Truffle Asset Management (Pty) Ltd

Pranita Daya

Pranita is a qualified chartered accountant, having completed her undergraduate at WITS and honours at the University of Johannesburg. She has served three years of articles at KPMG, working in the consumer markets and technology sector where some of her biggest clients were Yum Restaurants and Business Connexion, to name a few. She joined the sell-side covering listed property at Anchor Stockbrokers in January 2018 where she served four years before joining Standard Bank Securities. Pranita has participated in the Financial Mail Analyst Awards since 2019 and was ranked third in 2019, second in 2020, 2021 and 2024 and first in 2022 and 2023. She has also served on the SA REIT Research Committee and is currently the vice chairman of the Women’s Property Network having served on the exco since 2020. Pranita joined Truffle in January 2025 as a Research Analyst and Assistant Property Portfolio Manager.

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Chief Financial Manager at Redefine Properties

Ntobeko Nyawo

Ntobeko is a qualified chartered accountant with more than two decades of experience across finance, investment management and executive leadership. After completing his articles, he began his corporate career within the mining sector before moving into financial services. He held several senior positions at Alexander Forbes, including Chief Operating Officer and Chief Financial Officer of Alexander Forbes Investments and Financial Director of Alexander Forbes Emerging Markets. During his time with the group, Ntobeko served on executive, audit and risk committees and was a key member of the finance team involved in Alexander Forbes’ relisting in 2014. He later joined STANLIB as Chief Operating Officer, where he gained further experience in investment management and operational leadership. Ntobeko joined Redefine Properties in 2021 as Chief Financial Officer, marking his move into the listed property sector. He continues to serve as Chief Financial Officer of Redefine Properties, playing a key role in the group’s financial and capital management strategy.

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Head of Transformation & CSR at Growthpoint Properties

Shawn Theunissen

Shawn is an experienced transformation and corporate social responsibility professional with more than 20 years of experience across the corporate and non-governmental sectors. His background includes organisational development, socioeconomic development, enterprise development and creating stronger links between small businesses and large corporate organisations. He holds a BCom in Industrial Psychology from the University of Johannesburg and has completed the People Centric Innovation Masters Programme at the 180° Academy in Denmark as well as the Senior Executive Programme Africa at Harvard Business School. Shawn is the founder of Property Point, an enterprise and supplier development initiative focused on helping SMMEs build sustainable businesses and access opportunities within South Africa’s property sector. He has also served as President of the Johannesburg Chamber of Commerce and Industry. Shawn currently serves as Head of Corporate Social Responsibility and Transformation at Growthpoint Properties, where his responsibilities span transformation, social impact and initiatives aimed at supporting greater participation and inclusion within the property sector.

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