Stor-age Property Reit Ltd. · JSE:SSS
Stor-age Property Reit — Investor Presentation (January 2022)
13 slides from Stor-age Property Reit's investor presentation, January 2022
Slide 1: Capital Raise Presentation
STOR-AGE PROPERTY REIT CAPITAL RAISE PRESENTATION JANUARY 2022 STOR-AGE PROPERTY REIT LIMITED 1
Slide 2: Presentation Outline
PRESENTATION OUTLINE Page Executive summary 3 Investment case 4 Share price performance 5 Proposed use of funds UK portfolio acquisition 7 South Africa – development pipeline 9 United Kingdom – Moorfield JV 11 Loan to value – flightpath 12 STOR-AGE PROPERTY REIT LIMITED 2
Slide 3: Executive Summary
EXECUTIVE SUMMARY • Accelerated bookbuild of approximately R550 million, in part, by way of a vendor consideration placing and the balance in terms of the existing general authority to issue shares for cash Capital raise • Pricing – to be determined on issue • Timing and final quantum of placement t
Slide 4: Investment Case
INVESTMENT CASE • Niche growth sector globally, driven by societal trends – consumerism, including the increase in e-commerce, Resilient sector with densification and an increasingly mobile population growth opportunities • Self storage business model – proven its resilience through various economic
Slide 5: Share Price Performance – Relative to SAPY
SHARE PRICE PERFORMANCE – RELATIVE TO SAPY Consistently outperformed the listed property index and SA REITs since listing in 2015, with ever improving liquidity 5+ year performance1: positive 170 divergence relative to SAPY, 45 outperforming by c.192% 40 150 145 35 130 Number of shares (Millions) 30
Slide 6: Proposed Use of Funds
PROPOSED USE OF FUNDS STOR-AGE PROPERTY REIT LIMITED 6
Slide 7: UK Portfolio Acquisition
UK PORTFOLIO ACQUISITION Salient features • High quality, regionally dominant four property freehold portfolio • Purchase consideration – c. £37.5 million • GLA – 133 500 sqf / 12 400m², with the potential to increase to an estimated 203 400 sqf / 18 900m² on a fully fitted-out basis • Initial acqui
Slide 8: UK Portfolio Acquisition (continued)
UK PORTFOLIO ACQUISITION (continued) Prior UK acquisitions – a track record of success • Post UK market entry in 2017 – acquired four operators, comprising eight properties • Portfolio of owned properties grown from 14 to 22, valued at R3.2 billion • First three¹ acquisitions concluded in March and
Slide 9: South Africa – Development Pipeline
SOUTH AFRICA – DEVELOPMENT PIPELINE • Dominated by high profile big box properties in outstanding locations • Ten properties offering an estimated 59 200m² GLA at an approximate total cost of R850 million • Five new properties secured in 2021 › Pinelands › Paarden Eiland › Kramerville › Durban 1 (su
Slide 10: Nedbank JV
NEDBANK JV Overview • Announced JV with Nedbank Corporate and Investment Bank, acting through Nedbank Property Partners – September 2021 • To develop two high profile properties in the existing Stor-Age pipeline at a total cost of approximately R200 million › Morningside – 7 400m² GLA, under constru
Slide 11: United Kingdom – Moorfield JV
UNITED KINGDOM – MOORFIELD JV • Development JV entered with Moorfield to develop a portfolio of self storage assets focused on London and the South East • The JV is now more than 90% committed in relation to the initial allocation of £50 million – with the potential to increase to £100 million • Key
Slide 12: Loan to Value – Flightpath
LOAN TO VALUE – FLIGHTPATH LTV 30 SA capex and UK capex and UK Post Target Forecast LTV September 2021 commitments commitments acquisition acquisition bookbuild post bookbuild 31 March 2022 25.0% c.29% 25% – 35% Last reported LTV – September 2021 LTV forecast – March 2022 Target LTV range 10 propert
Slide 13: Disclaimer and Confidentiality
DISCLAIMER AND CONFIDENTIALITY This document does not constitute or form part of any formal proposal or offer or solicitation to sell, or offer for sale or investment, or for the issue or sale of securities. This document does not (and nor does any part of it) constitute any contract, commitment or
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