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Stor-Age's H1 net property income R59.70m from R39.78m

23 Nov 2016

Storage facility provider Stor-Age on Tuesday, 22 November, reported a dividend of 43.04c per share for the six months to end-September, exceeding management's prelisting forecast by 6.1%.

Stor-Age's H1 net property income R59.70m from R39.78m

The property fund, which debuted on the JSE in November 2015, has 34 self storage properties across SA.

The average rental rate was up 10% to R79.9/m² from the year-earlier period and net property operating income rose to R59.70m from R39.78m.

"Expansion of the Gardens and Durbanville properties will add 5,500m² GLA [gross lettable area] to the portfolio," the company said in a statement.

The first phase of additional GLA is expected to commence trading in December 2016.

"Our new flagship Big Box Sunninghill property opened in September 2016 and similar new developments at Gillooly's Interchange (Essexwold, Johannesburg) and Berea (Durban) are nearing completion."

Source: BDpro

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za