Stor-Age Property REIT Past Earnings Performance

Past criteria checks 4/6

Stor-Age Property REIT has been growing earnings at an average annual rate of 12.9%, while the Specialized REITs industry saw earnings growing at 14.8% annually. Revenues have been growing at an average rate of 15.1% per year. Stor-Age Property REIT's return on equity is 15%, and it has net margins of 90.3%.

Key information

12.9%

Earnings growth rate

9.2%

EPS growth rate

Specialized REITs Industry Growth	20.0%
Revenue growth rate	15.1%
Return on equity	15.0%
Net Margin	90.3%
Last Earnings Update	30 Sep 2024

Recent past performance updates

Recent updates

Revenue & Expenses Breakdown

How Stor-Age Property REIT makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

JSE:SSS Revenue, expenses and earnings (ZAR Millions)
Date	Revenue	Earnings	G+A Expenses
30 Sep 24	1,337	1,208	194
30 Jun 24	1,314	957	192
31 Mar 24	1,291	706	190
31 Dec 23	1,253	621	186
30 Sep 23	1,215	537	182
30 Jun 23	1,161	631	170
31 Mar 23	1,107	725	159
31 Dec 22	1,065	949	141
30 Sep 22	1,023	1,174	123
30 Jun 22	974	1,097	115
31 Mar 22	925	1,020	107
31 Dec 21	885	995	107
30 Sep 21	845	970	106
30 Jun 21	825	1,081	101
31 Mar 21	805	1,192	96
31 Dec 20	784	838	84
30 Sep 20	762	484	72
30 Jun 20	733	294	66
31 Mar 20	704	105	59
31 Dec 19	669	246	54
30 Sep 19	635	387	48
30 Jun 19	585	322	48
31 Mar 19	535	258	47
31 Dec 18	489	405	49
30 Sep 18	443	552	51
30 Jun 18	388	564	44
31 Mar 18	332	577	37
31 Dec 17	275	450	32
30 Sep 17	218	323	27
30 Jun 17	199	282	26
31 Mar 17	180	241	25
31 Mar 16	186	170	27
31 Mar 15	102	108	28

Quality Earnings: SSS has a large one-off gain of ZAR331.5M impacting its last 12 months of financial results to 30th September, 2024.

Growing Profit Margin: SSS's current net profit margins (90.3%) are higher than last year (44.2%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: SSS's earnings have grown by 12.9% per year over the past 5 years.

Accelerating Growth: SSS's earnings growth over the past year (125%) exceeds its 5-year average (12.9% per year).

Earnings vs Industry: SSS earnings growth over the past year (125%) exceeded the Specialized REITs industry 4.1%.

Stor-Age Property REIT Past Earnings Performance

Past criteria checks 4/6

Key information

Recent past performance updates

Full year 2024 earnings released: EPS: R1.49 (vs R1.53 in FY 2023)

Stor-Age Property REIT Limited to Report First Half, 2025 Results on Nov 12, 2024

First half 2024 earnings released: EPS: R0.76 (vs R1.16 in 1H 2023)

Stor-Age Property REIT Limited to Report Fiscal Year 2024 Final Results on Jun 18, 2024

Full year 2023 earnings released: EPS: R1.53 (vs R2.32 in FY 2022)

First half 2023 earnings released: EPS: R1.16 (vs R0.92 in 1H 2022)

Recent updates

First half dividend reduced to R0.57

Head of Property & Executive Director exercised options to buy R8.3m worth of stock.

Final dividend reduced to R0.57

Full year 2024 earnings released: EPS: R1.49 (vs R1.53 in FY 2023)

Stor-Age Property REIT Limited Declares Gross Final Dividend for the Six Months Ended March 31, 2024, Payable July 8, 2024

New minor risk - Financial data availability

Stor-Age Property REIT Limited Appoints Akua Koranteng as an Independent Non- Executive Director, with Effect from 15 May 2024

Stor-Age Property REIT Limited Announces Board Changes

Non-Executive Chairman recently sold R126k worth of stock

Stor-Age Property REIT Limited Announces the Resignation of Phakama Mbikwana as Non-Executive Director and Member of the Audit and Risk Committee, Chair of the Social and Ethics Committee, Effective from 31 March 2024

Stor-Age Property REIT Limited to Report First Half, 2025 Results on Nov 12, 2024

Insufficient new directors

Key Executive recently sold R784k worth of stock

Upcoming dividend of R0.61 per share at 9.2% yield

First half 2024 earnings released: EPS: R0.76 (vs R1.16 in 1H 2023)

Stor-Age Property REIT Limited Announces Gross Interim Dividend for the Six Months Ended 30 September 2023, Payable on 4 December 2023

Stor-Age Property REIT Limited to Report Fiscal Year 2024 Final Results on Jun 18, 2024

Upcoming dividend of R0.58 per share at 9.6% yield

New minor risk - Profit margin trend

Full year 2023 earnings released: EPS: R1.53 (vs R2.32 in FY 2022)

Lead Independent Non-Executive Director recently bought R495k worth of stock

Now 21% undervalued after recent price drop

Company Secretary recently bought R549k worth of stock

Catalyst Fund Managers SA (Pty) Ltd on behalf of its client acquired an unknown stake in Stor-Age Property REIT Limited (JSE:SSS).

Stor-Age Property REIT Limited Appoints Alan Menigo as an Independent Non-Executive Director, Effective January 23, 2023

Key Executive recently sold R2.7m worth of stock

Independent Non Executive Director recently bought R116k worth of stock

Upcoming dividend of R0.60 per share

First half 2023 earnings released: EPS: R1.16 (vs R0.92 in 1H 2022)

Company Secretary recently bought R523k worth of stock

Stor-Age Property REIT Limited to Report Fiscal Year 2023 Results on Jun 19, 2023

Stor-Age Property REIT Limited, Annual General Meeting, Sep 01, 2022

Upcoming dividend of R0.55 per share

Stor-Age Property REIT Limited Declares Gross Final Dividend for the Six Months Ended March 31, 2022, Payable July 11, 2022

Full year 2022 earnings released: EPS: R2.32 (vs R2.83 in FY 2021)

m MandG Investment Managers (Pty) Limited on behalf of underlying clients acquired unknown minority stake in Stor-Age Property REIT Limited (JSE:SSS).

Stor-Age Property REIT Limited to Report Q2, 2023 Results on Nov 15, 2022

Stor-Age Property REIT Limited to Report Q2, 2023 Results on Nov 15, 2022

Stor-Age Property REIT Limited has completed a Follow-on Equity Offering in the amount of ZAR 574.999997 million.

Upcoming dividend of R0.57 per share

First half 2022 earnings released: EPS R0.92 (vs R1.49 in 1H 2021)

Stor-Age Property REIT Limited (JSE:SSS) agreed to acquire Two Trading Self Storage Properties in Cape Town for approximately ZAR 110 million.

Head of Property & Executive Director recently sold R2.4m worth of stock

Public Investment Corporation Limited acquired a 10.695% stake in Stor-Age Property REIT Limited (JSE:SSS).

Upcoming dividend of R0.54 per share

Full year 2021 earnings released: EPS R2.83 (vs R0.27 in FY 2020)

CEO & Executive Director recently sold R343m worth of stock

CEO & Executive Director recently sold R594k worth of stock

Key Executive recently sold R101k worth of stock

CEO & Executive Director recently sold R2.0m worth of stock

New 90-day high: R13.65

First half 2021 earnings released: EPS R1.49

New 90-day high: R13.01

Stor-Age Property REIT Limited Appoints M P R Morojele to the Remuneration Committee

New 90-day low: R11.90

Public Investment Corporation Limited acquired 5.41% stake in Stor-Age Property REIT Limited (JSE:SSS).

Revenue & Expenses Breakdown

Earnings and Revenue History

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Return on Equity

Return on Assets

Return on Capital Employed

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