Stor-age Property Reit Ltd. · JSE:SSS
Stor-age Property Reit — FY2026 Earnings Presentation
70 slides from Stor-age Property Reit's earnings presentation, March 2026
Slide 1: Annual Results Presentation
STOR-AGE PROPERTY REIT ANNUAL RESULTS PRESENTATION YEAR ENDED 31 MARCH 2026 STOR-AGE PROPERTY REIT LIMITED 1
Slide 2: Presentation Outline
PRESENTATION OUTLINE 4 Introduction 12 Financial review 26 The portfolio 29 Joint venture partnerships 33 Acquisitions and developments 40 Third-party platform 43 The market and operations 47 Environmental, social and governance 49 Outlook STOR-AGE PROPERTY REIT LIMITED 2
Slide 3: Annexures
ANNEXURES 52 UK and European market 55 Our customers 58 Property – individual slides STOR-AGE PROPERTY REIT LIMITED 3
Slide 4: Introduction
INTRODUCTION STOR-AGE PROPERTY REIT LIMITED 4
Slide 5: Highlights – Resilient Performance and Balance Sheet Discipline
HIGHLIGHTS – RESILIENT PERFORMANCE AND BALANCE SHEET DISCIPLINE FY26 delivered earnings growth, high occupancy and disciplined capital management, while strengthening capacity to fund future growth Financial performance and operational delivery A resilient FY26 across the dual-market platform — earn
Slide 6: Highlights – Significant Strategic Progress
HIGHLIGHTS – SIGNIFICANT STRATEGIC PROGRESS Accelerating platform growth across South Africa and the UK through acquisitions, developments and third-party management Multiple growth channels executing in parallel FY26 delivered trading property acquisitions, a new development site acquisition, an ac
Slide 7: Snapshot – A Leading Self Storage Platform
SNAPSHOT – A LEADING SELF STORAGE PLATFORM A highly specialised, low risk, income paying self storage REIT R19.0bn 109 Diversified income 57 000 Attractive cash flows 90.8% Compelling growth Investment property value Properties Tenants Group occupancy Across SA and the UK SA 63 | UK 46 SA 35 100 | U
Slide 8: Investment Case – A Proven Platform
INVESTMENT CASE – A PROVEN PLATFORM A differentiated self storage REIT combining resilient demand, dual-market scale, disciplined capital allocation and a proven track record of shareholder value creation CORE THESIS PROVEN VALUE CREATION SINCE LISTING (2015) Listed exposure to a needs-based, resili
Slide 9: More Than a Decade of Consistent Outperformance on the JSE
MORE THAN A DECADE OF CONSISTENT OUTPERFORMANCE ON THE JSE R100 invested at listing in November 2015, with the full pre-tax dividend reinvested, is worth R376 today – a 3.8x return over a decade 420 Stor-Age 376 3.8x Fwd yield 7.6% 370 ALSI 325 320 Nenegate COVID-19 Liz Truss 3.2x Fwd yield 3.2% 270
Slide 10: Outperformance of UK Peers Over the Last Months
OUTPERFORMANCE OF UK PEERS OVER THE LAST 24 MONTHS Share price performance in GBP – Stor-Age +39% vs peers down c.7% to c.31% Recent outperformance and at a 7.6% forward yield – the value proposition 160 150 140 Stor-Age 139 Forward yield: 7.6% 130 Indexed price 120 110 100 Safestore 93 Forward yiel
Slide 11: Strategy – A Clear Pathway to 160 Properties by 2030
STRATEGY – A CLEAR PATHWAY TO 160 PROPERTIES BY 2030 Growth is expected to be delivered through a balanced mix of acquisitions, developments and capital light management contracts South Africa United Kingdom Targeting 160 properties by 2030 90 70 A balanced pipeline of selective acquisitions, new de
Slide 12: Financial Review
FINANCIAL REVIEW STOR-AGE PROPERTY REIT LIMITED 12
Slide 13: Key Financial Metrics
KEY FINANCIAL METRICS Solid FY26 performance and improved balance sheet capacity 129.29 cents 8.6% SA | 1.0% UK 93.4% SA | 81.6% UK 10.4% SA | 0.8% UK Distributable income per share Achieved rental rate growth Closing occupancy Property operating revenue Same-store year-on-year Group closing occupan
Slide 14: Operational KPI Dashboard
OPERATIONAL KPI DASHBOARD Portfolio scale, occupancy metrics, rate performance and customer base at a glance Group SA UK Comment Owned properties 81 55 26 Unchanged from FY25 Owned and managed properties 109 63 46 +2 properties (Acton and Exeter in the UK) Owned portfolio occupancy: GLA 514 100 401
Slide 15: SA Performance
SA PERFORMANCE Excellent trading performance driven by high occupancy, strong customer demand and continued pricing momentum R706.1m +7.5% R582.7m 93.4% R164.0/m² Net property Closing average Rental income Same-store opex Closing occupancy operating income rental rate growth +10.5% +11.1% +8.5% FY26
Slide 16: UK Performance
UK PERFORMANCE A more challenging year following a strong FY25 with softer move-in activity and more measured sector conditions £24.1m +4.5% £18.8m 81.6% £27.6/sq. ft Rental income Opex growth Net property Closing occupancy Closing average operating income rental rate +1.1% -0.8% +1.5% FY26 same-sto
Slide 17: Same-Store Rental Income Growth
SAME-STORE RENTAL INCOME GROWTH Strong SA growth while UK growth moderated following exceptional post-pandemic trading period 25% 21.2% 20% 15% Percentage 12.7% 10.2% 10.0% 9.8% 9.6% 10% 8.6% 8.9% 6.5% 6.3% 6.5% 5.0% 5% 3.0% 1.1% SA 0% UK FY20 FY21 FY22 FY23 FY24 FY25 FY26 Years STOR-AGE PROPERTY RE
Slide 18: Churn and Length of Stay – SA
CHURN AND LENGTH OF STAY – SA Length of stay continues to increase and churn trending lower 6.0% 28 5.8% 5.7% 27.0 27 5.6% 26.3 5.4% 5.4% 26 5.2% 5.2% 25.5 5.1% Percentage Months 5.0% 25 5.0% 4.8% 4.9% 24.5 4.8% 24 4.6% 23.7 4.4% 23 23.1 4.2% 22.7 4.0% 22 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Years Chu
Slide 19: Churn and Length of Stay – UK
CHURN AND LENGTH OF STAY – UK Churn in line with pre-pandemic levels and length of stay continues to increase 9.0% 35 34.0 8.8% 34 8.7% 32.8 8.6% 31.8 33 32.1 31.3 8.4% 32 8.2% 8.4% 8.2% 8.2% 8.2% 30.8 31 Percentage 8.1% Months 8.0% 30 7.8% 7.9% 29 7.6% 28 7.4% 27 26.2 7.2% 26 7.0% 25 FY20 FY21 FY22
Slide 20: Trading Results
TRADING RESULTS Earnings growth supported by strong SA performance, disciplined cost control and stable UK contribution FY26 FY26 FY26 FY25 FY25 FY25 Total Total SA UK SA UK Total SA UK Total +/- +/- +/- +/- Rm £m Rm Rm £m Rm Rm % % % Rental income - self storage 706.1 24.1 1 265.7 639.2 23.8 1 192.
Slide 21: Distribution Analysis
DISTRIBUTION ANALYSIS Dividend per share up 5.1% FY26 FY25 Total Total Total Total +/- +/- Rm Rm Rm % Net earnings 657.9 616.7 41.2 +6.7% Realised FX gains 5.9 0.5 5.4 >100% Antecedent dividend adjustment 7.4 3.5 3.9 >100% Minorities (Storage King) (6.0) (5.4) (0.6) -11.1% Tax (22.8) (22.8) - - Dist
Slide 22: Property Valuation and NAV Movement
PROPERTY VALUATION AND NAV MOVEMENT Increase in property valuations supported by operating performance and primary driver of NAV growth Average values Owned Including JVs SA REIT NAV Including JVs Owned portfolio SA: R6.4bn SA SA: R7.275bn R7.3bn UK: £264m UK R520.8 UK: £520.8m SA: +8.1% R17.67 per
Slide 23: Treasury Dashboard
TREASURY DASHBOARD Low LTV and strong liquidity provides flexibility to support growth ZAR GBP GBP Total R millions £ millions R million R million Total debt facilities 2 375.0 113.5 2 558.7 4 933.7 Undrawn debt facilities 776.7 10.2 230.8 1 007.5 Gross debt 1 598.3 103.3 2 327.9 3 926.2 Secured 1 0
Slide 24: Treasury Dashboard (Continued)
TREASURY DASHBOARD (CONTINUED) Refinancing of UK club facility on improved terms Asset and debt ratios 31 March 2026 31 March 2025 LTV ratio 27.1% 31.3% Unencumbered assets R2.467 billion R2.269 billion Unencumbered asset ratio 19.9% 18.9% Unsecured debt ratio 18.1% 18.1% Ratio of secured borrowings
Slide 25: Loan-to-Value (LTV)
LOAN-TO-VALUE (LTV) LTV remains comfortably below listed property sector averages 50% Sector weighted 45% average 38.1%¹ Sector historic average 34.9%¹ 40% 35% 31.4% 31.3% Loan-to-Value (LTV) 30.1% 29.9% 30% 27.9% 27.1% 24.6% 24.1% 25% 20% 16.1% 15% 12% 8.7% 10% 5% 0% FY16 FY17 FY18 FY19 FY20 FY21 F
Slide 26: The Portfolio
THE PORTFOLIO STOR-AGE PROPERTY REIT LIMITED 26
Slide 27: The Portfolio – Scaled, Balanced and Dual Market
THE PORTFOLIO – SCALED, BALANCED AND DUAL MARKET Stor-Age combines South African operating scale with meaningful UK asset exposure, supported by a diversified tenant base across 109 properties 109 Diversified scale across two attractive self storage markets Balanced by value between South Africa and
Slide 28: A Portfolio with Multiple Avenues for Sustainable Growth
A PORTFOLIO WITH MULTIPLE AVENUES FOR SUSTAINABLE GROWTH A diversified growth model enables Stor-Age to continue expanding the platform across varying market conditions and capital cycles ACQUISITIONS DEVELOPMENTS JOINT VENTURES THIRD-PARTY MANAGEMENT • Scale through consolidation • Creating value t
Slide 29: Joint Venture Partnerships
JOINT VENTURE PARTNERSHIPS STOR-AGE PROPERTY REIT LIMITED 29
Slide 30: JVs – Capital Light Growth with Balance Sheet Flexibility
JVs – CAPITAL LIGHT GROWTH WITH BALANCE SHEET FLEXIBILITY Three ownership models – owned, joint venture and managed – provide pathways to grow the platform and enhance returns Stor-Age Storage King Ownership model Group total South Africa United Kingdom Wholly-owned 55 26 81 Joint venture 7 14 21 Ma
Slide 31: JVs – Strategic Partnerships
JVs – STRATEGIC PARTNERSHIPS Enhancing returns, creating recurring fee income and supporting faster growth, while deploying less capital – a competitive advantage R771.2m JV investments value 119 300m² Trading GLA SA 86.4% Same-store occupancy FY25 R711.4m vs FY25 +14 300m² SA – up from 82.7% 86.4%
Slide 32: JVs – Trusted by Leading Institutional Capital Partners
JVs – TRUSTED BY LEADING INSTITUTIONAL CAPITAL PARTNERS Five established JV partnerships across South Africa and the United Kingdom – a platform attracting institutional capital Trading Portfolio Stor-Age Partner Focus Est. GLA properties valuation¹ stake South Africa Nedbank Property Partners 5 pro
Slide 33: Acquisitions and Developments
ACQUISITIONS AND DEVELOPMENTS STOR-AGE PROPERTY REIT LIMITED 33
Slide 34: Acquisitions and Developments
ACQUISITIONS AND DEVELOPMENTS A 103 000m² GLA development and acquisition led growth pipeline across 22 projects in both markets 103 000m² 22 3 6 Development pipeline GLA Pipeline projects Acquisitions secured Extensions & redevelopments Various stages of planning and Lock-Up, Execustore and West Ac
Slide 35: Acquisitions – Completed and in Progress
ACQUISITIONS – COMPLETED AND IN PROGRESS 24 050m² GLA secured across three acquisitions, adding scale across the greater Durban (KZN) and Western Cape markets Lock-Up Storage Execustore West Coast Storage Pinetown and New Germany, Durban Ballito, Durban Western Cape Transfer expected Q2 FY27 Transfe
Slide 36: Development Pipeline – Supporting Long-Term Growth
DEVELOPMENT PIPELINE – SUPPORTING LONG-TERM GROWTH New developments across both markets at various stages of planning and completion Property Region Country Status GLA¹ Completion² De Waterkant Cape Town SA Under construction 6 500m² TBC Melrose Johannesburg SA Under construction 5 600m² Q4 FY27 San
Slide 37: Flagship Developments – Driving Future Growth
FLAGSHIP DEVELOPMENTS – DRIVING FUTURE GROWTH Major on- and off-balance sheet developments anchoring the pipeline De Waterkant Melrose Cape Town CBD Johannesburg Development cost c. R260.0m Development cost c. R91.0m GLA c. 6 500m² over 13 levels GLA 5 600m² Construction start Q2 FY27 Construction s
Slide 38: Extensions and Redevelopments – Unlocking Value
EXTENSIONS AND REDEVELOPMENTS – UNLOCKING VALUE Adding lettable space across up to six established properties in both markets Property Country Status GLA¹ Completion Sunningdale – underway Cape Town, West Coast Sunningdale SA Under construction 4 500m² Q4 FY27 Additional GLA c. 4 500m² Huddersfield
Slide 39: Develop, Sale-and-Manage-Back Model – Capital Light Growth
DEVELOP, SALE-AND-MANAGE-BACK MODEL – CAPITAL LIGHT GROWTH A capital light, fee earning model for prime UK developments – designed to scale How the model works Live opportunity – South East 1. Develop Build newly constructed, fourth generation properties in prime UK locations on a • New 57 000 sqf d
Slide 40: Third-Party Platform
THIRD-PARTY PLATFORM STOR-AGE PROPERTY REIT LIMITED 40
Slide 41: Third-Party Management Platform
THIRD-PARTY MANAGEMENT PLATFORM Recurring, capital light fee income with expanding platform reach The platform Digital First Generating third-party fee income Self storage digital marketing agency Recurring fees R60.7m, +15.6% Operators 27 Total fees R61.8m (98%+ recurring) Properties 145 Managed 28
Slide 42: Hines Partnership – Capital Light UK Growth Platform
HINES PARTNERSHIP – CAPITAL LIGHT UK GROWTH PLATFORM Hines’ first European self storage investment validates Stor-Age’s operating platform and creates a growth channel Hines 4 projects Capital light Selected Stor-Age as operating partner UK development pipeline Third-party capital funds growth Manda
Slide 43: The Market and Operations
THE MARKET AND OPERATIONS STOR-AGE PROPERTY REIT LIMITED 43
Slide 44: The Market – Under Supplied and Fragmented
THE MARKET – UNDER SUPPLIED AND FRAGMENTED The UK market remains structurally attractive, while South Africa offers a less developed market with strong platform advantages Attractive sector fundamentals support long term growth Low penetration relative to developed peers, fragmented ownership and ba
Slide 45: A Differentiated Operating Platform – Difficult to Replicate
A DIFFERENTIATED OPERATING PLATFORM – DIFFICULT TO REPLICATE One integrated, data-led platform across owned, JV and managed assets – in South Africa and the UK THE OPERATING FLYWHEEL Generate demand Convert customers Optimise revenue Hyper-targeted digital marketing drives qualified Centralised Cont
Slide 46: A Broadly Diverse, Needs-Based Customer
A BROADLY DIVERSE, NEEDS-BASED CUSTOMER Demand is diversified by geography, customer type and length of stay, supporting resilient occupancy and recurring cash flows Diversified demand across markets and use cases 56 – 57% stay longer Stor-Age serves both event driven short stay demand and longer te
Slide 47: Environmental, Social and Governance
ENVIRONMENTAL, SOCIAL AND GOVERNANCE STOR-AGE PROPERTY REIT LIMITED 47
Slide 48: Sustainability in Action
SUSTAINABILITY IN ACTION Measurable environmental, community and economic outcomes supporting long-term value creation 83 R130.6m 10.1m kWh 25% 8 500 Solar powered properties Renewable energy investment Solar energy generated SA carbon reduction¹ Commercial tenants c. 75% of owned portfolio to date
Slide 49: Outlook
OUTLOOK STOR-AGE PROPERTY REIT LIMITED 49
Slide 50: Outlook – Well Positioned for Sustained Growth
OUTLOOK – WELL POSITIONED FOR SUSTAINED GROWTH FY26 demonstrated the resilience of the operating model; FY27 priorities are disciplined execution, growth and balance sheet strength Resilient trading platform FY27 DISTRIBUTABLE INCOME PER SHARE¹ Strong SA trading, a resilient UK platform and a streng
Slide 51: Annexures
ANNEXURES A. UK and European market B. Our customers C. Property – individual slides STOR-AGE PROPERTY REIT LIMITED 51
Slide 52: UK and European Market
UK AND EUROPEAN MARKET STOR-AGE PROPERTY REIT LIMITED 52
Slide 53: UK and Europe – Structural Growth Runway
UK AND EUROPE – STRUCTURAL GROWTH RUNWAY Annexure A Self storage remains materially underpenetrated versus mature markets – the UK is more developed than mainland Europe, but both sit well below the US and Australia Low penetration creates long-term market expansion potential The UK market has scale
Slide 54: UK Rate and Occupancy Data Support Targeted Growth
UK RATE AND OCCUPANCY DATA SUPPORT TARGETED GROWTH Annexure A Mature store occupancy remains resilient across regions, while rental rates vary materially by location £27.40 UK average MARKET I NSIGHT Occupancy resilience with regional pricing depth UK mature store occupancy clusters around 80%; the
Slide 55: Our Customers
OUR CUSTOMERS STOR-AGE PROPERTY REIT LIMITED 55
Slide 56: Our Customers
Annexure B OUR CUSTOMERS A granular, diversified customer base across South Africa and the UK Geographic Residential / commercial representation1 tenant mix by GLA2 30 34 30 1 70 6 3 26 Gauteng Western Cape Eastern Cape Residential Commercial KwaZulu-Natal Free State United Kingdom Geographic focus
Slide 57: Our Customers (Continued)
Annexure B OUR CUSTOMERS (CONTINUED) A balanced mix of short stay and long-term demand across both markets Average length of stay – SA Average length of stay – UK 24 28 32 29 12 16 10 14 20 15 < 6 Months 6 - 12 Months 1 - 2 years 2 - 3 Years > 3 Years < 6 Months 6 - 12 Months 1 - 2 years 2 - 3 Years
Slide 58: Property – Individual Slides
PROPERTY – INDIVIDUAL SLIDES STOR-AGE PROPERTY REIT LIMITED 58
Slide 59: Lock-Up – Acquisition
LOCK-UP – ACQUISITION Annexure C In October 2025 we acquired Lock-Up Storage in Pinetown and New To Kloof Germany, Durban for a purchase consideration of R95.0 million. King Cets hw ayo Pinetown, developed in 2007, is a single storey property with drive-up self Surprise Road Highway storage units an
Slide 60: Execustore – Acquisition
EXECUSTORE – ACQUISITION Annexure C The acquisition of Execustore Ballito was secured in April 2026 for a purchase consideration of R59.0 KwaDukuza million and with 5 700m² of GLA. The acquisition includes 6 500m² of vacant land with the potential to add Umhla li Golf and Salt Rock 1 500m² of self s
Slide 61: West Coast Storage – Acquisition
WEST COAST STORAGE – ACQUISITION Annexure C In May 2026 we secured the acquisition of West Coast Storage in Vredenburg for R46.5 million. The acquisition Main Street forms part of our 2030 property strategy to expand our presence in larger regional towns in the Western Cape Pat ernoster Velddrif and
Slide 62: Maitland – Acquisition
MAITLAND – ACQUISITION Annexure C In May 2026 we secured the acquisition of an existing building for redevelopment in Maitland. The property Northgate Estat e is located alongside the M5 motorway and will benefit from exposure to more than 40 000 vehicles per day, Paa rden E iland providing strong b
Slide 63: De Waterkant – Development
DE WATERKANT – DEVELOPMENT Annexure C The development will comprise c. 6 500m² GLA over 13 levels, with excellent visibility to commuters travelling both into and out of the Cape Town CBD along Buitengracht Street. Strand St ree t Prominently situated on the corner of Rose and Waterkant Streets, the
Slide 64: Melrose – Development
MELROSE – DEVELOPMENT Annexure C Positioned in a highly prominent location on Eden Road, with excellent visibility to the M1 highway, the new Atholl Melrose property sits in close proximity to the Corlette Drive offramp at Melrose Arch and also benefits from good access. The property will comprise a
Slide 65: Sunningdale – Expansion
SUNNINGDALE – EXPANSION Annexure C In April 2021, our Sunningdale property, developed in a 50:50 JV with Garden Cities, commenced trading. Since opening, the property has delivered an exceptionally strong trading performance, underpinned by To Melkbosstrand healthy levels of demand. Table Bay Mall I
Slide 66: Blackheath – Development
BLACKHEATH – DEVELOPMENT Annexure C Smaller-format properties Zevenwac ht • Acquisition forms part of our 2030 Property Strategy to develop smaller-format properties Kuilsrive r Mall Strand St ree t • Planned as a 1 800m² GLA property, comprising drive-up, ground-level units • Will serve as an infil
Slide 67: Chelmsford – Development
CHELMSFORD – DEVELOPMENT Annexure LocationC Hines-owned property Ess o Service Rox well Sta tion Storage King Chelmsford is a brownfield development (building conversion) located to the north east of Colcheste r Chelmsford city centre, at the intersection of the B1008 and Brook Street. The central l
Slide 68: Aylesbury – Development
AYLESBURY – DEVELOPMENT Annexure C Hines-owned property Sainsbury’s Storage King Aylesbury is a brownfield development (building conversion) located in Aylesbury city centre, Aylesbury Shopping Park Ring Road with access off Upper Hundreds Way. Benefiting from easy access to the Aylesbury ‘ring road
Slide 69: Exeter – Third-Party Management Contract
EXETER – THIRD-PARTY MANAGEMENT CONTRACT Annexure C In September 2025 we secured the management contract for a trading self storage property in Exeter, Exe ter Town Centre located in Devon, South West England. Located to the south of Exeter on Matford Park Road, opposite Westerly BMW and with good v
Slide 70: 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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