Personal storage landlord Stor-Age Property Fund has upped its total dividend for its year to end-March, expressing optimism in its outlook as the Covid-19 pandemic results in dislocation and shakes up traditional business models.
Even as the economic environment remains constrained, the self-storage business model has a track record of resilience, the group said. Demand for space is driven by life-changing events and dislocation.
The group declared a total dividend of 112.05c per share for its year to end-March, after reporting it had collected 93% and 98% of rental due in SA and the UK respectively for April and May.
Stor-Age ups dividend as Covid-19 bodes well for storage spaces
Personal storage landlord Stor-Age Property Fund has upped its total dividend for its year to end-March, expressing optimism in its outlook as the Covid-19 pandemic results in dislocation and shakes up traditional business models.
Even as the economic environment remains constrained, the self-storage business model has a track record of resilience, the group said. Demand for space is driven by life-changing events and dislocation.
The group declared a total dividend of 112.05c per share for its year to end-March, after reporting it had collected 93% and 98% of rental due in SA and the UK respectively for April and May.
“Stor-Age is also well poised to benefit in the medium to long term from the rapid acceleration of change in the wake of the current crisis,” the group said.
“The impact on where and how people live and work, as well as the possibility of business models evolving to require less operational space will, in our view, give rise to further demand for our product in both SA and the UK.”
The group’s SA portfolio is valued at R4.1bn and the UK portfolio — under the brand Storage King — at R2.9bn.
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