SSS Results Bullish
STOR-AGE PROPERTY REIT LIMITED - Audited Consolidated Financial Statements for the year ended 31 March 2026 and Declaration of a Cash Dividend
Stor-Age Property REIT Limited
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What this filing means
Stor-Age's full-year results demonstrate robust South African operational growth and exceptionally conservative gearing, overshadowing slight UK margin compression and driving a 5.1% dividend increase.
Bull case
- Distributable income per share grew by 5.1% to 129.29 cents, paired with positive executive guidance forecasting a further 5.0% increase for FY27.
- The balance sheet demonstrates significant defensive capacity with a conservative SA REIT loan-to-value ratio of 26.7% and a successful R500 million equity raise executed at a premium to NAV.
Bear case
- Basic earnings per share (EPS) declined by 22.7% to 227.90 cents, highlighting a stark divergence from HEPS caused by the non-recurrence of prior fair value adjustments or capital items.
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