South African self-storage property fund Stor-Age reported a 3.6% rise in full-year distributable income to 118.14 cents per share.
- Stor-Age saw its share price dip 3.19% on Monday to a 12-month low of R13.05, despite the higher earnings.
- While Stor-Age holds a dominant market position in South Africa and the UK, analysts expect increasing competition in the self-storage sector.
- The company plans to invest up to R50 million over the next three years in alternative energy solutions to mitigate the impact of power cuts. This includes solar panels, batteries and generators.
- Stor-Age says demand for self-storage units is driven by “life-changing events” and remains resilient through economic cycles.
- The company spent R3 million running generators during load shedding but expects to spend at least R500,000 during the next financial year.
- Stor-Age has implemented solar power at 25 of its 57 self-storage locations and plans to integrate solar and batteries at new developments where feasible.