Stor-age Property Reit Ltd. · JSE:SSS
Stor-age Property Reit — Corporate Update (March 2022)
26 slides from Stor-age Property Reit's corporate update, March 2022
Slide 1: Pre-Close Presentation March 2022
STOR-AGE PROPERTY REIT PRE-CLOSE PRESENTATION MARCH 2022 STOR-AGE PROPERTY REIT LIMITED 1
Slide 2: Introduction
INTRODUCTION STOR-AGE PROPERTY REIT LIMITED 2
Slide 3: Overview
OVERVIEW • Stor-Age continues to deploy capital strategically, adding quality and scale to its high-quality portfolio • Consistently outperformed the listed property index and SA REITs since listing in 2015 – outperforming by c.189%¹ Track record of • Property portfolio grown from listing value of R
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 globally • Primary drivers of demand are life-changing events and / or disloc
Slide 5: Operational Performance
OPERATIONAL PERFORMANCE STOR-AGE PROPERTY REIT LIMITED 5
Slide 6: Operational Performance
OPERATIONAL PERFORMANCE SA performance to 31 December 2021 • YTD occupancy gains of 2 300m² on a LFL basis • Occupancy closed at 90.2% (LFL¹ portfolio), up 0.7% YTD • Occupancy up c. 6 700m² (2.1%) y-o-y on a LFL basis • Self storage rental income up 10.0% y-o-y on a LFL basis, driven by higher occu
Slide 7: Balance Sheet
BALANCE SHEET STOR-AGE PROPERTY REIT LIMITED 7
Slide 8: Balance Sheet
BALANCE SHEET Equity capital • Dividend reinvestment plan – R21.6 million conserved (December 2021), 1.52 million shares issued at R14.20 • Accelerated bookbuild – outstanding demand and multiple times oversubscribed › R575 million raised in January 2021 › 40.21 million shares issued at R14.30, repr
Slide 9: Property
PROPERTY STOR-AGE PROPERTY REIT LIMITED 9
Slide 10: South Africa
SOUTH AFRICA Acquisitions • Two acquisitions secured in Cape Town during the period • Silver Park Self Storage – 7 700m² GLA, R60.1 million, acquired in November 2021 › Rebrand and integration complete, trading in line with expectation • Green Cube Self Storage – 5 500m² GLA, R48 million, acquired i
Slide 11: South Africa – Development Pipeline
SOUTH AFRICA – DEVELOPMENT PIPELINE • 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 (subject to due diligence acceptance) › Johannesburg 2 (subject to planning
Slide 12: Storage King
STORAGE KING Overview • 6th largest UK self storage brand – operating 37¹ properties throughout England • Post UK market entry in 2017 – acquired six operators, comprising sixteen properties, portfolio of owned properties grown from 14 to 30¹ Portfolio expansion • Construction underway to bring onli
Slide 13: Storagebase Acquisition
STORAGEBASE ACQUISITION Salient terms McCarthy’s portfolio acquisition • High quality, four property freehold portfolio, predominantly modern, bespoke, purpose-built properties – Banbury, Wednesbury, Frome and Amesbury • Purchase consideration – £59.0 million • Acquired in the existing Moorfield JV,
Slide 14: McCarthy's Acquisition
MCCARTHY’S ACQUISITION Salient terms Harrogate • High quality, regionally dominant four property freehold portfolio York acquired in January 2022 • Purchase consideration – £37.5 million Wakefield • CLA – 132 200 sqf / 12 400m², with the potential to increase to an estimated 203 400 sqf / 18 900m² o
Slide 15: United Kingdom – Moorfield JV
UNITED KINGDOM – MOORFIELD JV • Development JV entered with Moorfield to develop and acquire a high-quality portfolio of self storage assets in the UK • Key terms › Equity capital contributions in the ratio 75.1:24.9 (Moorfield:Stor-Age) › Storage King will earn management fees for acquiring, develo
Slide 16: Outlook
OUTLOOK The self storage business model continues to prove its resilience through various economic cycles • On the back of continued strong operational performance, Stor-Age continues to make excellent progress in executing its portfolio growth strategies in SA and the UK in the form of: › Adding ad
Slide 17: Annexures
A. Wednesbury – Storagebase acquisition E. York – McCarthy’s acquisition ANNEXURES B. Banbury – Storagebase acquisition F. Harrogate – McCarthy’s acquisition C. Frome – Storagebase acquisition G. Huddersfield – McCarthy’s acquisition D. Amesbury – Storagebase acquisition H. Harrogate – McCarthy’s ac
Slide 18: Wednesbury – Storagebase Acquisition
WEDNESBURY – STORAGEBASE ACQUISITION Walsall The Wednesbury property is situated in a prime location next to Junction 9 of the major M6 motorway, allowing for significant visibility to passing commuters. With direct access to both the M6 and A461, the property is easily accessible from a wide catchm
Slide 19: Banbury – Storagebase Acquisition
BANBURY – STORAGEBASE ACQUISITION The Banbury property is easily accessible from Banbury town and the surrounding Birmingham catchment area, with good visibility to passing commuters on the A422 (Hennef Way), the main throughfare from the centre of Banbury to the M40 and A422. The property was a new
Slide 20: Frome – Storagebase Acquisition
FROME – STORAGEBASE ACQUISITION Bath The Frome property is easily accessible from Frome town, as well as from a wide regional catchment area. Directly accessed from the A361, the location is well known and convenient to the local population. The high-quality, modern, bespoke big box self storage pro
Slide 21: Amesbury – Storagebase Acquisition
AMESBURY – STORAGEBASE ACQUISITION The Amesbury property is currently under construction and is due to open in April 2022. Located directly off the A303, the property benefits from excellent visibility to passing Stonehenge Andover commuters and is ideally positioned to service a wide catchment area
Slide 22: York – McCarthy's Acquisition
YORK – MCCARTHY’S ACQUISITION The York property is located to the north of York city centre in the Clifton Moor area and Clifton Moor is easily accessible from the York Ring Road. Water Lane, where the property is situated, is often used as a ‘cut through’ road to avoid traffic on the ring road. The
Slide 23: Harrogate – McCarthy's Acquisition
HARROGATE – MCCARTHY’S ACQUISITION The Harrogate property is located on the A61, north of Harrogate town centre, providing Killinghall convenient access to Leeds, Ripon and the A1 motorway. The property benefits from excellent visibility to passing commuters and prominence from Harrogate via the A61
Slide 24: Huddersfield – McCarthy's Acquisition
HUDDERSFIELD – MCCARTHY’S ACQUISITION The Huddersfield property is located in a retail node and sits directly opposite the Great Northern Retail Park. The property benefits from a prominent position on the A62 (Leeds Brackenhall Road) to the north of the town centre, a key arterial road linking Leed
Slide 25: Wakefield – McCarthy's Acquisition
WAKEFIELD – MCCARTHY’S ACQUISITION The Wakefield property is located in the centre of Wakefield on the A61 and benefits Newton Hill from occupying a prominent corner site with significant visibility and exposure to daily commuters. In the immediate proximity of the site is Wakefield Kirkgate, a sign
Slide 26: 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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